Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 12, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 655,083,378 | |
Virginia Electric and Power Company | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 274,723 | |
Dominion Energy Gas Holdings, LLC | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Operating Revenue | [1] | $ 3,451 | $ 3,179 | $ 10,005 | $ 9,376 |
Operating Expenses | |||||
Purchased (excess) electric capacity | 50 | 21 | 87 | (8) | |
Purchased (excess) gas | 5 | 24 | 409 | 441 | |
Other operations and maintenance | 782 | 697 | 2,585 | 2,308 | |
Depreciation and amortization | 526 | 485 | 1,487 | 1,421 | |
Other taxes | 177 | 162 | 542 | 519 | |
Total operating expenses | 2,301 | 2,027 | 7,238 | 6,392 | |
Income from operations | 1,150 | 1,152 | 2,767 | 2,984 | |
Other income | 373 | 121 | 658 | 391 | |
Interest and related charges | 378 | 305 | 1,053 | 905 | |
Income from operations before income tax expense | 1,145 | 968 | 2,372 | 2,470 | |
Income tax expense | 262 | 272 | 485 | 683 | |
Net Income Including Noncontrolling Interests | 883 | 696 | 1,887 | 1,787 | |
Noncontrolling Interests | 29 | 31 | 81 | 100 | |
Net Income | $ 854 | $ 665 | $ 1,806 | $ 1,687 | |
Earnings Per Common Share | |||||
Net income attributable to Dominion Energy - Basic | $ 1.31 | $ 1.03 | $ 2.77 | $ 2.66 | |
Net income attributable to Dominion Energy - Diluted | 1.30 | 1.03 | 2.77 | 2.66 | |
Dividends Declared Per Common Share | $ 0.8350 | $ 0.7700 | $ 2.505 | $ 2.280 | |
Virginia Electric and Power Company | |||||
Operating Revenue | [2] | $ 2,232 | $ 2,154 | $ 5,809 | $ 5,732 |
Operating Expenses | |||||
Purchased (excess) electric capacity | 50 | 21 | 87 | (8) | |
Affiliated suppliers | 72 | 76 | 229 | 229 | |
Other | 332 | 297 | 1,013 | 897 | |
Depreciation and amortization | 295 | 288 | 839 | 854 | |
Other taxes | 79 | 76 | 241 | 233 | |
Total operating expenses | 1,476 | 1,307 | 4,156 | 3,619 | |
Income from operations | 756 | 847 | 1,653 | 2,113 | |
Other income | 25 | 13 | 49 | 57 | |
Interest and related charges | [2] | 130 | 128 | 388 | 373 |
Income from operations before income tax expense | 651 | 732 | 1,314 | 1,797 | |
Income tax expense | 131 | 273 | 271 | 664 | |
Net Income | 520 | 459 | 1,043 | 1,133 | |
Dominion Energy Gas Holdings, LLC | |||||
Operating Revenue | [3] | 423 | 401 | 1,408 | 1,313 |
Operating Expenses | |||||
Purchased (excess) gas | [3] | (7) | 19 | 22 | 100 |
Other energy-related purchases | 26 | 4 | 88 | 11 | |
Affiliated suppliers | 21 | 20 | 70 | 65 | |
Other | 95 | 74 | 513 | 375 | |
Depreciation and amortization | 61 | 57 | 173 | 167 | |
Other taxes | 45 | 42 | 152 | 139 | |
Total operating expenses | 241 | 216 | 1,018 | 857 | |
Income from operations | 182 | 185 | 390 | 456 | |
Earnings from equity method investee | 4 | 4 | 18 | 15 | |
Other income | 34 | 27 | 99 | 79 | |
Interest and related charges | [3] | 28 | 25 | 79 | 72 |
Income from operations before income tax expense | 192 | 191 | 428 | 478 | |
Income tax expense | 56 | 74 | 111 | 176 | |
Net Income | 136 | 117 | 317 | 302 | |
Electric Fuel and Other Energy-Related Purchases | |||||
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 761 | 638 | 2,128 | 1,711 | |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | |||||
Operating Expenses | |||||
Electric fuel and other energy-related purchases | [2] | $ 648 | $ 549 | $ 1,747 | $ 1,414 |
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 18 for amounts attributable to affiliates. | ||||
[3] | See Note 18 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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net income including noncontrolling interests | $ 883 | $ 696 | $ 1,887 | $ 1,787 | |
Net income | 854 | 665 | 1,806 | 1,687 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | (27) | 11 | 51 | 82 |
Changes in unrealized net gains (losses) on investment securities | [2] | (6) | 48 | (24) | 141 |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [3] | 30 | (15) | 71 | (56) |
Net realized (gains) losses on investment securities | [4] | 3 | (4) | 4 | (36) |
Net pension and other postretirement benefit costs | [5] | 18 | 14 | 60 | 38 |
Changes in other comprehensive income from equity method investees | [6] | 1 | 2 | ||
Total other comprehensive income (loss) | 18 | 54 | 163 | 171 | |
Comprehensive income including noncontrolling interests | 901 | 750 | 2,050 | 1,958 | |
Comprehensive income attributable to noncontrolling interests | 29 | 31 | 82 | 100 | |
Comprehensive income | 872 | 719 | 1,968 | 1,858 | |
Virginia Electric and Power Company | |||||
Net income | 520 | 459 | 1,043 | 1,133 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [7] | 3 | (2) | 10 | (5) |
Changes in unrealized net gains (losses) on investment securities | [8] | 6 | (2) | 17 | |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [9] | 1 | |||
Net realized (gains) losses on nuclear decommissioning trust funds | [10] | (4) | |||
Total other comprehensive income (loss) | 3 | 4 | 8 | 9 | |
Comprehensive income | 523 | 463 | 1,051 | 1,142 | |
Dominion Energy Gas Holdings, LLC | |||||
Net income | 136 | 117 | 317 | 302 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [11] | 3 | 1 | (4) | 3 |
Amounts reclassified to net income: | |||||
Net derivative (gains) losses-hedging activities | [12] | 5 | (4) | 16 | (5) |
Net pension and other postretirement benefit costs | [13] | 2 | 1 | 4 | 3 |
Total other comprehensive income (loss) | 10 | (2) | 16 | 1 | |
Comprehensive income | $ 146 | $ 115 | $ 333 | $ 303 | |
[1] | Net of $9 million and $(5) million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(17) million and $(49) million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[2] | Net of $1 million and $(27) million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $7 million and $(80) million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[3] | Net of $(10) million and $10 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(24) million and $35 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[4] | Net of $— million and $2 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(1) million and $20 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[5] | Net of $(7) million tax for both the three months ended September 30, 2018 and 2017, and net of $(15) million and $(25) million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[6] | Net of $— million tax for both the three months ended September 30, 2018 and 2017, and net of $(1) million tax for both the nine months ended September 30, 2018 and 2017. | ||||
[7] | Net of $(1) million and $1 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(3) million and $3 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[8] | Net of $— million and $(4) million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $1 million and $(11) million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[9] | Net of $— million tax for both the three and nine months ended September 30, 2018 and 2017. | ||||
[10] | Net of $— million tax for both the three months ended September 30, 2018 and 2017, and net of $— million and $2 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[11] | Net of $(1) million tax for both the three months ended September 30, 2018 and 2017, and net of $2 million and $(2) million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[12] | Net of $(2) million and $3 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(6) million and $3 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[13] | Net of $— million and $(1) million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(1) million and $(2) million tax for the nine months ended September 30, 2018 and 2017, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net deferred gains (losses) on derivative-hedging activities, tax | $ 9 | $ (5) | $ (17) | $ (49) |
Changes in unrealized net gains (losses) on investment securities, tax | 1 | (27) | 7 | (80) |
Net derivative (gains) losses-hedging activities, tax | (10) | 10 | (24) | 35 |
Net realized gains on investment securities, tax | 2 | (1) | 20 | |
Net pension and other postretirement benefit costs, tax | (7) | (7) | (15) | (25) |
Changes in other comprehensive income (loss) from equity method investees, tax | (1) | (1) | ||
Virginia Electric and Power Company | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | (1) | 1 | (3) | 3 |
Changes in unrealized net gains (losses) on investment securities, tax | (4) | 1 | (11) | |
Net realized (gains) losses on nuclear decommissioning trust funds, tax | 2 | |||
Dominion Energy Gas Holdings, LLC | ||||
Net deferred gains (losses) on derivative-hedging activities, tax | (1) | (1) | 2 | (2) |
Net derivative (gains) losses-hedging activities, tax | $ (2) | 3 | (6) | 3 |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) | $ (2) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | ||
Current Assets | ||||
Cash and cash equivalents | $ 310 | $ 120 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 1,539 | 1,660 | [1] | |
Other receivables (less allowance for doubtful accounts) | 132 | 126 | [1] | |
Inventories | 1,455 | 1,477 | [1] | |
Regulatory assets | 540 | 294 | [1] | |
Assets held for sale | 1,029 | |||
Other | 697 | 657 | [1] | |
Total current assets | 5,702 | 4,334 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 5,424 | 5,093 | [1] | |
Investment in equity method affiliates | 1,858 | 1,544 | [1] | |
Other | 345 | 327 | [1] | |
Total investments | 7,627 | 6,964 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 76,190 | 74,823 | [1] | |
Accumulated depreciation, depletion and amortization | (22,005) | (21,065) | [1] | |
Total property, plant and equipment, net | 54,185 | 53,758 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 6,410 | 6,405 | [1] | |
Regulatory assets | 2,316 | 2,480 | [1] | |
Other | 2,842 | 2,644 | [1] | |
Total deferred charges and other assets | 11,568 | 11,529 | [1] | |
Total assets | 79,082 | 76,585 | [1] | |
Current Liabilities | ||||
Securities due within one year | 3,101 | 3,078 | [1] | |
Short-term debt | 2,935 | 3,298 | [1] | |
Accounts payable | 587 | 875 | [1] | |
Other | [2] | 2,589 | 2,385 | [1] |
Total current liabilities | 9,212 | 9,636 | [1] | |
Long-Term Debt | ||||
Long-term debt | 27,300 | 25,588 | [1] | |
Junior subordinated notes | 3,431 | 3,981 | [1] | |
Remarketable subordinated notes | 1,384 | 1,379 | [1] | |
Credit facility borrowings | 73 | |||
Total long-term debt | 32,188 | 30,948 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 5,079 | 4,523 | [1] | |
Regulatory liabilities | 7,146 | 6,916 | [1] | |
Other | [2] | 5,031 | 5,192 | [1] |
Total deferred credits and other liabilities | 17,256 | 16,631 | [1] | |
Total liabilities | 58,656 | 57,215 | [1] | |
Commitments and Contingencies | [1] | |||
Equity | ||||
Common stock - no par | [3] | 10,862 | 9,865 | [1] |
Retained earnings | 9,128 | 7,936 | [1] | |
Accumulated other comprehensive loss | (1,520) | (659) | [1] | |
Total common shareholders' equity | 18,470 | 17,142 | [1] | |
Noncontrolling interests | 1,956 | 2,228 | [1] | |
Total equity | 20,426 | 19,370 | [1] | |
Total liabilities and equity | 79,082 | 76,585 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 22 | 14 | [4] | |
Customer receivables (less allowance for doubtful accounts) | 1,077 | 951 | [4] | |
Other receivables (less allowance for doubtful accounts) | 51 | 64 | [4] | |
Affiliated receivables | 2 | 3 | [4] | |
Inventories | 810 | 850 | [4] | |
Regulatory assets | 479 | 205 | [4] | |
Other | [5] | 134 | 137 | [4] |
Total current assets | 2,575 | 2,224 | [4] | |
Investments | ||||
Nuclear decommissioning trust funds | 2,573 | 2,399 | [4] | |
Other | 3 | 3 | [4] | |
Total investments | 2,576 | 2,402 | [4] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 43,935 | 42,329 | [4] | |
Accumulated depreciation, depletion and amortization | (13,889) | (13,277) | [4] | |
Total property, plant and equipment, net | 30,046 | 29,052 | [4] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 636 | 810 | [4] | |
Other | [5] | 702 | 651 | [4] |
Total deferred charges and other assets | 1,338 | 1,461 | [4] | |
Total assets | 36,535 | 35,139 | [4] | |
Current Liabilities | ||||
Securities due within one year | 350 | 850 | [4] | |
Short-term debt | 934 | 542 | [4] | |
Accounts payable | 269 | 361 | [4] | |
Payables to affiliates | 116 | 125 | [4] | |
Affiliated current borrowings | 15 | 33 | [4] | |
Accrued interest, payroll and taxes | 306 | 256 | [4] | |
Asset retirement obligations | 149 | 216 | [4] | |
Other | [5] | 849 | 537 | [4] |
Total current liabilities | 2,988 | 2,920 | [4] | |
Long-Term Debt | ||||
Total long-term debt | 10,742 | 10,496 | [4] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,948 | 2,728 | [4] | |
Asset retirement obligations | 1,314 | 1,149 | [4] | |
Regulatory liabilities | 4,890 | 4,760 | [4] | |
Other | [5] | 736 | 862 | [4] |
Total deferred credits and other liabilities | 9,888 | 9,499 | [4] | |
Total liabilities | 23,618 | 22,915 | [4] | |
Commitments and Contingencies | [4] | |||
Equity | ||||
Common stock - no par | [6] | 5,738 | 5,738 | [4] |
Other paid-in capital | 1,113 | 1,113 | [4] | |
Retained earnings | 6,072 | 5,311 | [4] | |
Accumulated other comprehensive loss | (6) | 62 | [4] | |
Total common shareholders' equity | 12,917 | 12,224 | [4] | |
Total liabilities and equity | 36,535 | 35,139 | [4] | |
Dominion Energy Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | 4 | 4 | [7] | |
Customer receivables (less allowance for doubtful accounts) | [8] | 196 | 297 | [7] |
Other receivables (less allowance for doubtful accounts) | [8] | 18 | 15 | [7] |
Affiliated receivables | 6 | 10 | [7] | |
Inventories | 89 | 64 | [7] | |
Gas imbalances | [8] | 59 | 46 | [7] |
Prepayments | 66 | 112 | [7] | |
Regulatory assets | [9] | 25 | 26 | |
Other | 47 | 52 | [7] | |
Total current assets | 485 | 600 | [7] | |
Investments | ||||
Total investments | 95 | 97 | [7] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 11,577 | 11,173 | [7] | |
Accumulated depreciation, depletion and amortization | (3,159) | (3,018) | [7] | |
Total property, plant and equipment, net | 8,418 | 8,155 | [7] | |
Deferred Charges and Other Assets | ||||
Pension and other postretirement benefit assets | [8] | 1,946 | 1,828 | [7] |
Regulatory assets | [10] | 551 | 511 | |
Other | [8] | 1,311 | 1,260 | [7] |
Total deferred charges and other assets | 3,257 | 3,088 | [7] | |
Total assets | 12,255 | 11,940 | [7] | |
Current Liabilities | ||||
Short-term debt | 141 | 629 | [7] | |
Accounts payable | 81 | 193 | [7] | |
Payables to affiliates | 33 | 62 | [7] | |
Affiliated current borrowings | 24 | 18 | [7] | |
Other | [8] | 434 | 439 | [7] |
Total current liabilities | 713 | 1,341 | [7] | |
Long-Term Debt | ||||
Total long-term debt | 4,061 | 3,570 | [7] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 1,513 | 1,454 | [7] | |
Regulatory liabilities | 1,309 | 1,227 | [7] | |
Other | 185 | 185 | [7] | |
Total deferred credits and other liabilities | 3,007 | 2,866 | [7] | |
Total liabilities | 7,781 | 7,777 | [7] | |
Commitments and Contingencies | [7] | |||
Equity | ||||
Membership interests | 4,582 | 4,261 | [7] | |
Accumulated other comprehensive loss | (108) | (98) | [7] | |
Total equity | 4,474 | 4,163 | [7] | |
Total liabilities and equity | $ 12,255 | $ 11,940 | [7] | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | See Note 10 for amounts attributable to related parties. | |||
[3] | 1 billion shares authorized; 655 million shares and 645 million shares outstanding at September 30, 2018 and December 31, 2017, respectively. | |||
[4] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[5] | See Note 18 for amounts attributable to affiliates. | |||
[6] | 500,000 shares authorized; 274,723 shares outstanding at September 30, 2018 and December 31, 2017. | |||
[7] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[8] | See Note 18 for amounts attributable to related parties. | |||
[9] | Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[10] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | ||
Customer receivables, allowance for doubtful accounts | $ 17 | $ 17 | ||
Other receivables, allowance for doubtful accounts | [1] | $ 2 | $ 2 | |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | ||
Common stock, shares outstanding | 655,000,000 | 645,000,000 | ||
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 10 | $ 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 | [3],[4] | $ 1 | ||
Other receivables, allowance for doubtful accounts | [4] | $ 1 | $ 1 | [3] |
Dominion Energy Gas Holdings, LLC | Maximum | ||||
Customer receivables, allowance for doubtful accounts | [4] | $ 1 | ||
[1] | See Note 10 for amounts attributable to related parties. | |||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | See Note 18 for amounts attributable to related parties. |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Virginia Electric and Power Company | Dominion Energy Gas Holdings, LLC | Common Stock | Common StockVirginia Electric and Power Company | Retained Earnings | Retained EarningsVirginia Electric and Power Company | AOCI | AOCIVirginia Electric and Power Company | AOCIDominion Energy Gas Holdings, LLC | Total Common Shareholders' Equity | Noncontrolling Interests | Other Paid-In CapitalVirginia Electric and Power Company | Member UnitsDominion Energy Gas Holdings, LLC | |||
Beginning balance at Dec. 31, 2016 | $ 16,840 | $ 8,550 | $ 6,854 | $ (799) | $ 14,605 | $ 2,235 | |||||||||||
Beginning balance (in shares) at Dec. 31, 2016 | 628,000,000 | ||||||||||||||||
Beginning balance at Dec. 31, 2016 | (799) | $ 46 | $ (123) | ||||||||||||||
Net income including noncontrolling interests | 1,787 | 1,687 | 1,687 | 100 | |||||||||||||
Net income | 1,687 | $ 1,133 | $ 302 | ||||||||||||||
Contributions from NRG to Four Brothers and Three Cedars | 9 | 9 | |||||||||||||||
Issuance of common stock | 1,232 | $ 1,232 | 1,232 | ||||||||||||||
Issuance of common stock (in shares) | 0 | 16,000,000 | |||||||||||||||
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 | $ 9 | 1 | 171 | 9 | 1 | 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 | 644,000,000 | ||||||||||||||||
Ending balance at Sep. 30, 2017 | (628) | 55 | (122) | ||||||||||||||
Beginning balance at Jun. 30, 2017 | (682) | 51 | (120) | ||||||||||||||
Net income | 665 | $ 459 | 117 | ||||||||||||||
Issuance of common stock (in shares) | 0 | ||||||||||||||||
Other comprehensive income, net of tax | 54 | $ 4 | (2) | 4 | (2) | ||||||||||||
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 | 644,000,000 | ||||||||||||||||
Ending balance at Sep. 30, 2017 | (628) | 55 | (122) | ||||||||||||||
Beginning balance at Dec. 31, 2017 | 19,370 | [1] | $ 9,865 | 7,936 | (659) | 17,142 | 2,228 | ||||||||||
Beginning balance (in shares) at Dec. 31, 2017 | 645,000,000 | 275,000 | |||||||||||||||
Beginning balance at Dec. 31, 2017 | 17,142 | [1] | 12,224 | [2] | $ 5,738 | $ 5,311 | (659) | 62 | (98) | $ 1,113 | |||||||
Cumulative-effect of changes in accounting principles | 6 | 3 | 3 | $ (127) | 1,029 | 79 | (1,023) | (76) | (26) | (121) | 127 | $ 29 | |||||
Net income including noncontrolling interests | 1,887 | 1,806 | 1,806 | 81 | |||||||||||||
Net income | 1,806 | $ 1,043 | 317 | 1,043 | 317 | ||||||||||||
Issuance of common stock | 737 | $ 737 | 737 | ||||||||||||||
Issuance of common stock (in shares) | 0 | 10,000,000 | |||||||||||||||
Sale of Dominion Energy Midstream common units - net of offering costs | 4 | 4 | |||||||||||||||
Remeasurement of noncontrolling interest in Dominion Energy Midstream | $ 375 | 375 | (375) | ||||||||||||||
Stock awards (net of change in unearned compensation) | 17 | 17 | 17 | ||||||||||||||
Dividends and distributions | (1,745) | $ (361) | (1,635) | (361) | (1,635) | (110) | |||||||||||
Distributions | (25) | (25) | |||||||||||||||
Other comprehensive income, net of tax | 163 | 8 | 16 | 162 | 8 | 16 | 162 | 1 | |||||||||
Other | (13) | (5) | (8) | (13) | |||||||||||||
Ending balance at Sep. 30, 2018 | 20,426 | $ 10,862 | 9,128 | (1,520) | 18,470 | 1,956 | |||||||||||
Ending balance (in shares) at Sep. 30, 2018 | 655,000,000 | 275,000 | |||||||||||||||
Ending balance at Sep. 30, 2018 | 18,470 | 12,917 | $ 5,738 | 6,072 | (1,520) | (6) | (108) | 1,113 | |||||||||
Beginning balance at Dec. 31, 2017 | 4,163 | [3] | (98) | 4,261 | |||||||||||||
Ending balance at Sep. 30, 2018 | 4,474 | (108) | 4,582 | ||||||||||||||
Beginning balance at Jun. 30, 2018 | (1,538) | (9) | (118) | ||||||||||||||
Net income | 854 | $ 520 | 136 | ||||||||||||||
Issuance of common stock (in shares) | 0 | ||||||||||||||||
Other comprehensive income, net of tax | 18 | $ 3 | 10 | 3 | 10 | ||||||||||||
Ending balance at Sep. 30, 2018 | 20,426 | $ 10,862 | $ 9,128 | (1,520) | $ 18,470 | $ 1,956 | |||||||||||
Ending balance (in shares) at Sep. 30, 2018 | 655,000,000 | 275,000 | |||||||||||||||
Ending balance at Sep. 30, 2018 | $ 18,470 | $ 12,917 | $ 5,738 | $ 6,072 | $ (1,520) | $ (6) | (108) | $ 1,113 | |||||||||
Ending balance at Sep. 30, 2018 | $ 4,474 | $ (108) | $ 4,582 | ||||||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 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, 2018 | Sep. 30, 2017 | |
Operating Activities | ||
Net income including noncontrolling interests | $ 1,887 | $ 1,787 |
Net income | 1,806 | 1,687 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 1,706 | 1,649 |
Deferred income taxes and investment tax credits | 486 | 652 |
Proceeds from assignment of tower rental portfolio | 91 | |
Contribution to pension plan | (75) | |
Gains on sales of assets and equity method investments | (196) | (61) |
Provision for rate credits to electric utility customers | 77 | |
Charges associated with future ash pond and landfill closure costs | 81 | |
Charge associated with FERC-regulated plant disallowance | 129 | |
Net gains on nuclear decommissioning trusts funds and other investments | (208) | (101) |
Other adjustments | 10 | 14 |
Changes in: | ||
Accounts receivable | 129 | 247 |
Inventories | (37) | (34) |
Deferred fuel and purchased gas costs, net | (226) | (81) |
Prepayments | (81) | 34 |
Accounts payable | (167) | (158) |
Accrued interest, payroll and taxes | (14) | 61 |
Margin deposit assets and liabilities | (5) | 51 |
Net realized and unrealized changes related to derivative activities | 101 | 18 |
Pension and other postretirement benefits | (79) | (132) |
Other operating assets and liabilities | 118 | (290) |
Net cash provided by operating activities | 3,711 | 3,672 |
Investing Activities | ||
Plant construction and other property additions (including nuclear fuel) | (3,111) | (4,122) |
Acquisition of solar development projects | (108) | (343) |
Proceeds from sales of securities | 1,301 | 1,496 |
Purchases of securities | (1,364) | (1,555) |
Proceeds from assignments of shale development rights | 109 | 5 |
Proceeds from sale of certain merchant generation assets | 91 | |
Contributions to equity method affiliates | (282) | (343) |
Other | (5) | (6) |
Net cash used in investing activities | (3,369) | (4,868) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | (363) | (95) |
Issuance of short-term notes | 1,450 | |
Repayment of short-term notes | (1,450) | (250) |
Issuance of long-term debt | 4,400 | 3,480 |
Repayment of long-term debt | (3,154) | (1,529) |
Credit facility borrowings | 73 | |
Issuance of common stock | 737 | 1,233 |
Common dividend payments | (1,635) | (1,435) |
Other | (198) | (229) |
Net cash provided by (used in) financing activities | (140) | 1,175 |
Increase (decrease) in cash, restricted cash and equivalents | 202 | (21) |
Cash, restricted cash and equivalents at beginning of period | 185 | 322 |
Cash, restricted cash and equivalents at end of period | 387 | 301 |
Significant noncash investing and financing activities: | ||
Accrued capital expenditures | 197 | 355 |
Virginia Electric and Power Company | ||
Operating Activities | ||
Net income | 1,043 | 1,133 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 974 | 999 |
Deferred income taxes and investment tax credits | 175 | 262 |
Proceeds from assignment of tower rental portfolio | 91 | |
Charges associated with future ash pond and landfill closure costs | 81 | |
Provision for rate credits to customers | 77 | |
Other adjustments | (48) | (28) |
Changes in: | ||
Accounts receivable | (113) | 32 |
Affiliated receivables and payables | (8) | 159 |
Inventories | 40 | 1 |
Deferred fuel and purchased gas costs, net | (273) | (48) |
Prepayments | (1) | (3) |
Accounts payable | (28) | (33) |
Accrued interest, payroll and taxes | 50 | 67 |
Net realized and unrealized changes related to derivative activities | 69 | |
Asset retirement obligations | (29) | (63) |
Other operating assets and liabilities | 197 | (99) |
Net cash provided by operating activities | 2,206 | 2,470 |
Investing Activities | ||
Plant construction and other property additions (including nuclear fuel) | (1,696) | (1,901) |
Purchases of nuclear fuel | (82) | (133) |
Acquisition of solar development projects | (98) | (16) |
Proceeds from sales of securities | 651 | 654 |
Purchases of securities | (681) | (681) |
Other | (47) | (29) |
Net cash used in investing activities | (1,953) | (2,106) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | 392 | 255 |
Issuance of long-term debt | 700 | 1,500 |
Repayment of affiliated current borrowings, net | (18) | (226) |
Repayment of long-term debt | (951) | (679) |
Common dividend payments | (361) | (1,199) |
Other | (7) | (10) |
Net cash provided by (used in) financing activities | (245) | (359) |
Increase (decrease) in cash, restricted cash and equivalents | 8 | 5 |
Cash, restricted cash and equivalents at beginning of period | 24 | 11 |
Cash, restricted cash and equivalents at end of period | 32 | 16 |
Significant noncash investing and financing activities: | ||
Accrued capital expenditures | 96 | 158 |
Dominion Energy Gas Holdings, LLC | ||
Operating Activities | ||
Net income | 317 | 302 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 173 | 167 |
Deferred income taxes and investment tax credits | 86 | 176 |
Gains on sales of assets and equity method investments | (109) | (61) |
Charge associated with FERC-regulated plant disallowance | 129 | |
Other adjustments | 5 | (9) |
Changes in: | ||
Accounts receivable | 98 | 88 |
Inventories | (25) | (20) |
Deferred fuel and purchased gas costs, net | 8 | 11 |
Prepayments | 46 | 39 |
Accounts payable | (110) | (68) |
Accrued interest, payroll and taxes | (46) | (28) |
Pension and other postretirement benefits | (108) | (98) |
Other operating assets and liabilities | 23 | (13) |
Affiliated receivables and payables | (25) | (11) |
Net cash provided by operating activities | 462 | 475 |
Investing Activities | ||
Plant construction and other property additions (including nuclear fuel) | (550) | (535) |
Proceeds from assignments of shale development rights | 109 | 5 |
Other | (14) | (7) |
Net cash used in investing activities | (455) | (537) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | (488) | 160 |
Issuance of long-term debt | 500 | |
Repayment of affiliated current borrowings, net | 6 | (84) |
Distribution payments to parent | (25) | (15) |
Other | (4) | |
Net cash provided by (used in) financing activities | (11) | 61 |
Increase (decrease) in cash, restricted cash and equivalents | (4) | (1) |
Cash, restricted cash and equivalents at beginning of period | 30 | 43 |
Cash, restricted cash and equivalents at end of period | 26 | 42 |
Significant noncash investing and financing activities: | ||
Accrued capital expenditures | $ 43 | $ 54 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2018 | |
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. In addition, other Dominion Energy subsidiaries provide merchant generation, LNG terminalling services, natural gas transmission and distribution services primarily in the eastern and Rocky Mountain regions of the U.S. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position as of September 30, 2018, their results of operations for the three and nine months ended September 30, 2018 and 2017, their cash flows for the nine months ended September 30, 2018 and 2017, Dominion Energy’s changes in equity for the nine months ended September 30, 2018 and 2017 and Virginia Power and Dominion Energy Gas’ changes in equity for the nine months ended September 30, 2018. 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, 2018, Dominion Energy owns the general partner, 60.9% of the common 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, 2018, Dominion Energy owns 50% of the units in and consolidates Four Brothers and Three Cedars. In August 2018, NRG’s ownership interest in Four Brothers and Three Cedars was transferred to GIP. GIP’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. 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, 2018 nor are expected to occur in the remainder of 2018. 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’ 2017 Consolidated Financial Statements and Notes have been reclassified as a result of the adoption of revised accounting guidance pertaining to certain net periodic pension and other postretirement benefit costs, restricted cash and equivalents and certain distributions from equity method investees. In addition, certain other amounts have been reclassified to conform to the 2018 presentation for comparative purposes; however, such 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. The effects of the adoption of new accounting standards on the Consolidated Financial Statements are described below. With the exception of the property, plant and equipment item described below, there have been no other 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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. Operating Revenue Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. Dominion Energy and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Energy Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables include accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to utility customers. Virginia Power’s customer receivables include accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to customers. Dominion Energy Gas’ customer receivables include accrued unbilled revenue based on estimated amounts of natural gas delivered and services provided but not yet billed to customers. The primary types of sales and service activities reported as operating revenue for Dominion Energy, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows: Revenue from Contracts with Customers • Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; • Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated hedging activity; • Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services; • Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties and associated hedging activity; • Regulated gas transportation and storage sales consist of FERC-regulated sales of transmission and storage services and state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • Nonregulated gas transportation and storage sales consist primarily of LNG terminalling services; • Other regulated revenue consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and • Other nonregulated revenue consists primarily of NGL gathering and processing, sales of NGL production and condensate, extracted products and associated hedging activity. Other nonregulated revenue also includes services performed for Atlantic Coast Pipeline, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations, service concession arrangements and gas processing and handling revenue. Other Revenue • Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues. The primary types of sales and service activities reported as operating revenue for Dominion Energy, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows: • Regulated electric sales consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; • Nonregulated electric sales consisted primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity; • Regulated gas sales consisted primarily of state- and FERC-regulated natural gas sales and related distribution services and associated derivative activity; • Nonregulated gas sales consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity; • Gas transportation and storage sales consisted primarily of FERC-regulated sales of transmission and storage services. Also included were state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; and • Other revenue consisted primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also included miscellaneous service revenue from electric and gas distribution operations, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations and gas processing and handling revenue. The primary types of sales and service activities reported as operating revenue for Virginia Power, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows: Revenue from Contracts with Customers • Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; • Other regulated revenue consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and • Other nonregulated revenue consists primarily of sales to non-jurisdictional customers from certain solar facilities, revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements. Other Revenue • Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues. The primary types of sales and service activities reported as operating revenue for Virginia Power, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows: • Regulated electric sales consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; and • Other revenue consisted primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities. The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows: Revenue from Contracts with Customers • Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services; • Nonregulated gas sales consist primarily of sales of gas purchased from third parties and royalty revenues; • Regulated gas transportation and storage sales consist of FERC-regulated sales of transmission and storage services and state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • NGL revenue consists primarily of NGL gathering and processing, sales of NGL production and condensate, extracted products and associated hedging activity; • Management service revenue consists primarily of services performed for Atlantic Coast Pipeline; • Other regulated revenue consists primarily of miscellaneous regulated revenues; and • Other nonregulated revenue consists primarily of miscellaneous service revenue. Other Revenue • Other revenue consists primarily of gains and losses from derivative instruments not subject to hedge accounting. The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows: • Regulated gas sales consisted primarily of state- and FERC-regulated natural gas sales and related distribution services; • Nonregulated gas sales consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices and sales of gas purchased from third parties. Revenue from sales of gas production was recognized based on actual volumes of gas sold to purchasers and was reported net of royalties; • Gas transportation and storage sales consisted primarily of FERC-regulated sales of transmission and storage services. Also included were state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • NGL revenue consisted primarily of sales of NGL production and condensate, extracted products and associated derivative activity; and • Other revenue consisted primarily of miscellaneous service revenue, gas processing and handling revenue. Alternative revenue programs compensate Dominion Energy and Virginia Power for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above. Currently, Dominion Energy and Virginia Power account for the equity return for under-recovery of certain riders under the alternative revenue program guidance. Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Transportation and storage contracts are primarily stand-ready service contracts that include fixed reservation and variable usage fees. LNG terminalling services are also stand-ready service contracts, primarily consisting of fixed fees, offset by service credits associated with the start-up phase of the Liquefaction Project. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy and Dominion Energy Gas have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products, such as NGLs, typically transfer control and are recognized as revenue upon delivery of the product. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type, but is typically due within a month of billing. Dominion Energy and Dominion Energy Gas typically receive or retain NGLs and natural gas from customers when providing natural gas processing, transportation or storage services. The revised guidance for revenue from contracts with customers requires entities to include the fair value of the noncash consideration in the transaction price. Therefore, subsequent to the adoption of the revised guidance for revenue recognition from contracts with customers, Dominion Energy and Dominion Energy Gas record the fair value of NGLs received during natural gas processing as service revenue recognized over time, and continue to recognize revenue from the subsequent sale of the NGLs to customers upon delivery. Dominion Energy and Dominion Energy Gas typically retain natural gas under certain transportation service arrangements that are intended to facilitate performance of the service and allow for natural losses that occur. As the intent of the allowance is to enable fulfillment of the contract rather than to provide compensation for services, the fuel allowance is not included in revenue. Cash, Restricted Cash and Equivalents Restricted Cash and Equivalents The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for certain customer deposits, future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements and a distribution reserve at Cove Point. Upon adoption of revised accounting guidance in January 2018, restricted cash and equivalents are included within the Companies’ Consolidated Statements of Cash Flows, with the change in balance no longer considered a separate investing activity. The guidance required retrospective application which resulted in an adjustment to Dominion Energy and Dominion Energy Gas’ other cash used in investing activities for the nine months ended September 30, 2017, which had been previously reported as $6 million and $16 million, respectively. There was no impact to Virginia Power for the nine months ended September 30, 2017. The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period September 30, 2018 September 30, 2017 December 31, 2017 December 31, 2016 (millions) Dominion Energy Cash and cash equivalents $ 310 $ 227 $ 120 $ 261 Restricted cash and equivalents (1) 77 74 65 61 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 387 $ 301 $ 185 $ 322 Virginia Power Cash and cash equivalents $ 22 $ 16 $ 14 $ 11 Restricted cash and equivalents (1) 10 — 10 — Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 32 $ 16 $ 24 $ 11 Dominion Energy Gas Cash and cash equivalents $ 4 $ 13 $ 4 $ 23 Restricted cash and equivalents (1) 22 29 26 20 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 26 $ 42 $ 30 $ 43 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. Distributions from Equity Method Investees Dominion Energy and Dominion Energy Gas each hold investments that are accounted for under the equity method of accounting. Effective January 2018, Dominion Energy and Dominion Energy Gas classify distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy and Dominion Energy Gas. Previously, distributions were determined to be either a return on an investment or return of an investment based on a cumulative earnings approach whereby any distributions received in excess of earnings were considered to be a return of an investment. Dominion Energy and Dominion Energy Gas have applied this approach on a retrospective basis. As a result, distributions from equity method investees were reclassified within Dominion Energy’s Consolidated Statement of Cash Flows from other investing activities to other adjustments from operating activities, which were previously reported as ($95) million for the nine months ended September 30, 2017. There was no impact to Dominion Energy Gas for the nine months ended September 30, 2017. Property, Plant and Equipment In the second quarter of 2018, Virginia Power recorded an adjustment for the retroactive application of depreciation rates for regulated nuclear plants to comply with Virginia Commission requirements. This adjustment resulted in a decrease of $7 million ($5 million after-tax) and $53 million ($41 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income for the three and nine months ended September 30, 2018, respectively. This revision is expected to decrease annual depreciation expense by approximately $30 million ($23 million after-tax). Investments Debt and Equity Securities with Readily Determinable Fair Values Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities. • Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income. • Debt securities classified as available-for-sale securities include all other debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on investments held in Virginia Power’s nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax. In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method. Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by Dominion Energy and Virginia Power in the nuclear decommissioning trusts. Dominion Energy and Virginia Power record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, Dominion Energy and Virginia Power may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Dominion Energy and Virginia Power qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in Virginia Power’s nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income. Equity Securities without Readily Determinable Fair Values The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include: • Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy’s investments are included in investments in equity method affiliates and Dominion Energy Gas’ investments are included in investments in their Consolidated Balance Sheets. Dominion Energy and Dominion Energy Gas record equity method adjustments in other income and earnings from equity method investee, respectively, in their Consolidated Statements of Income, including their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. • Cost method investments when Dominion Energy and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion Energy’s and Virginia Power’s investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Other-Than-Temporary Impairment The Companies periodically review their investments in debt securities and equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period. Decommissioning Trust Investments – Special Considerations for Debt Securities • The recognition provisions of other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale or held-to-maturity. • Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. New Accounting Standards Revenue Recognition In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The Companies adopted this revised accounting guidance for interim and annual reporting periods beginning January 1, 2018 using the modified retrospective method. Upon the adoption of the standard, Dominion Energy and Dominion Energy Gas recorded the cumulative-effect of a change in accounting principle of $3 million to retained earnings and membership interests, respectively, and to establish a contract asset related to changes in the timing of revenue recognition for three existing contracts with customers at DETI. As a result of adopting this revised accounting guidance, Dominion Energy and Dominion Energy Gas record offsetting operating revenue and other energy-related purchases for non-cash consideration of performing processing and fractionation services related to NGLs. Such amounts at Dominion Energy were $24 million and $74 million, respectively, and at Dominion Energy Gas were $21 million and $71 million, respectively, recorded in the Consolidated Statements of Income for the three and nine months ended September 30, 2018. No such amounts were recorded during the three and nine months ended September 30, 2017. Dominion Energy and Dominion Energy Gas no longer record offsetting operating revenue and purchased gas for fuel retained to offset costs on certain transportation and storage arrangements. Such amounts at Dominion Energy were $20 million and $83 million, respectively, and at Dominion Energy Gas were $16 million and $64 million, respectively, recorded in the Consolidated Statements of Income for the three and nine months ended September 30, 2017. Financial Instruments In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2018 and the Companies adopted the standard using the modified retrospective method. Upon adoption of this guidance for equity securities held at January 1, 2018, Dominion Energy and Virginia Power recorded the cumulative-effect of a change in accounting principle to reclassify net unrealized gains from AOCI to retained earnings and to recognize equity securities previously categorized as cost method investments at fair value (using NAV) in nuclear decommissioning trust funds in the Consolidated Balance Sheets and a cumulative-effect adjustment to retained earnings. Dominion Energy and Virginia Power reclassified approximately $1.1 billion ($734 million after-tax) and $119 million ($73 million after-tax), respectively, of net unrealized gains from AOCI to retained earnings. Dominion Energy and Virginia Power also recorded approximately $36 million ($22 million after-tax) in net unrealized gains on equity securities previously classified as cost method investments, of which $3 million was recorded to retained earnings and $33 million was recorded to regulatory liabilities for net unrealized gains subject to cost-based regulation. As a result of adopting this revised accounting guidance, Dominion Energy recorded unrealized gains on equity securities, net of regulatory deferrals, of $148 million ($116 million after-tax) and $146 million ($116 million after-tax) in other income in the Consolidated Statements of Income for the three and nine months ended September 30, 2018, respectively, resulting in an $0.18 gain per share for both the three and nine months ended September 30, 2018. Virginia Power recorded unrealized gains on equity securities, net of regulatory deferrals, of $15 million ($12 million after-tax) and $13 million ($11 million after-tax), respectively, in other income in the Consolidated Statements of Income for the three and nine months ended September 30, 2018. Derecognition and Partial Sales of Nonfinancial Assets In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, and the Companies adopted the standard using the modified retrospective method. Upon adoption of the standard, Dominion Energy recorded the cumulative-effect of a change in accounting principle to reclassify $127 million from noncontrolling interests to common stock related to the sale of a noncontrolling interest in certain merchant solar projects completed in December 2015 and January 2016. Net Periodic Pension and Other Postretirement Benefit Costs In March 2017, the FASB 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 other components of net periodic pension and other postretirement costs are classified outside of income from operations. In addition, only the service cost component remains eligible for capitalization during construction. These changes do not impact the accounting by participants in a multi-employer plan. This guidance became effective for the Companies beginning January 1, 2018 with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. Dominion Energy’s and Dominion Energy Gas’ Consolidated Statements of Income for the nine months ended September 30, 2017 have been recast to reflect retrospective adoption f |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations Discontinued Operations And Disposal Groups [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Dominion Energy Proposed Acquisition of SCANA Under the terms of the SCANA Merger Agreement announced in January 2018, Dominion Energy has agreed to issue 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock upon closing. In addition, SCANA’s debt, which currently totals approximately $ 7.1 billion, is expected to remain outstanding. Under the original plan filed with the South Carolina Public Service Commission, Dominion Energy will provide the financial support for SCE&G to make a $1.3 billion up-front, one-time rate credit to all current electric service customers of SCE&G to be paid within 90 days of closing and a $575 million refund along with the benefit of the 2017 Tax Reform Act resulting in an approximate 7% reduction to SCE&G electric service customers’ bills over an eight-year period as well as the exclusions from rate recovery of approximately $1.7 billion of costs related to the V.C. Summer Units 2 and 3 new nuclear development project and approximately $180 million to purchase the Columbia Energy Center power station. In October 2018, in response to certain stakeholders desiring greater bill reductions over time in lieu of an up-front rate credit, Dominion Energy filed an alternative plan with the South Carolina Public Service Commission that would provide refunds of approximately $1.9 billion over twenty years that along with the benefit of the 2017 Tax Reform Act results in an approximate 14% reduction to SCE&G electric service customer’s bills as well as exclusions from rate recovery of approximately $2.3 billion of costs related to the V.C. Summer Units 2 and 3 new nuclear development project and approximately $180 million to purchase the Columbia Energy Center power station. Dominion Energy supports either of these plans subject to approval by the South Carolina Public Service Commission. The transaction requires approval of SCANA’s shareholders, FERC, applicable state commissions and the NRC and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. In January 2018, SCANA and Dominion Energy filed for review and approval from the South Carolina Public Service Commission, the North Carolina Utilities Commission, the Georgia Public Service Commission and the NRC. In February 2018, the Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Act. Also in February 2018, Dominion Energy and SCANA filed for review and approval by FERC. In March 2018, the Georgia Public Service Commission approved the proposed merger. In July 2018, FERC and SCANA’s shareholders approved the proposed merger. In September 2018, the NRC approved the proposed merger. Dominion Energy is not required to accept an order by the South Carolina Public Service Commission approving Dominion Energy’s merger with SCANA if such order contains any material change to the terms, conditions or undertakings set forth in the cost recovery plan related to the V.C. Summer Units 2 and 3 new nuclear development project or any significant changes to the economic value of the cost recovery plan. In addition, the SCANA Merger Agreement provides that Dominion Energy will have the right to refuse to close the merger if there shall have occurred any substantive change in the Base Load Review Act or other laws governing South Carolina public utilities which has or would reasonably be expected to have an adverse effect on SCE&G. The SCANA Merger Agreement contains certain termination rights for both Dominion Energy and SCANA, and provides that, upon termination of the SCANA Merger Agreement under specified circumstances, Dominion Energy would be required to pay a termination fee of $280 million to SCANA and SCANA would be required to pay Dominion Energy a termination fee of $240 million. Subject to receipt of required regulatory approvals and meeting closing conditions, Dominion Energy targets closing by the end of 2018. Wholly-Owned Merchant Solar Projects 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 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 facility commenced commercial operations in December 2017, at a cost of $205 million, including the initial acquisition cost, and generates approximately 100 MW. 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 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 and the facility commenced commercial operations in November 2017. The projects cost $57 million, including initial acquisition costs, and generate approximately 30 MW combined. 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 at a cost of $20 million. The final two acquisitions were completed in October 2017 for $20 million. The projects commenced commercial operations in November 2017 at a cost of $41 million, including the initial acquisition costs, and generate approximately 20 MW combined. 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 federal investment tax credits on these solar projects. |
Operating Revenue
Operating Revenue | 9 Months Ended |
Sep. 30, 2018 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 (millions) Dominion Energy Regulated electric sales: Residential $ 1,036 $ 2,641 Commercial 737 1,897 Industrial 143 371 Government and other retail 224 647 Wholesale 30 95 Nonregulated electric sales 322 1,022 Regulated gas sales: Residential 73 553 Commercial 15 152 Other 3 14 Nonregulated gas sales 42 139 Regulated gas transportation and storage: FERC-regulated 266 800 State-regulated 138 472 Nonregulated gas transportation and storage 162 286 Other regulated revenues 38 132 Other nonregulated revenues (1)(2) 133 410 Total operating revenue from contracts with customers 3,362 9,631 Other revenues (2) 89 374 Total operating revenue $ 3,451 $ 10,005 Virginia Power Regulated electric sales: Residential $ 1,036 $ 2,641 Commercial 737 1,897 Industrial 143 371 Government and other retail 224 647 Wholesale 30 95 Other regulated revenues 30 95 Other nonregulated revenues (1)(2) 10 41 Total operating revenue from contracts with customers 2,210 5,787 Other revenues (1)(2) 22 22 Total operating revenue $ 2,232 $ 5,809 Dominion Energy Gas Regulated gas sales: Residential $ 12 $ 54 Other — 9 Nonregulated gas sales (1) 2 5 Regulated gas transportation and storage: FERC-regulated (1) 179 561 State-regulated (1) 131 450 NGL revenue (1)(2) 42 146 Management service revenue (1) 50 157 Other regulated revenues (1) 4 16 Other nonregulated revenues (1) 3 9 Total operating revenue from contracts with customers 423 1,407 Other revenues — 1 Total operating revenue $ 423 $ 1,408 (1) See Notes 10 and 18 for amounts attributable to related parties and affiliates. (2) Amounts above include $108 million and $91 million for the three months ended September 30, 2018, and $170 million and $138 million for the nine months ended September 30, 2018 primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively, which are considered to be goods transferred at a point in time. In addition, the amounts include $10 million and $11 million of sales of renewable energy investment tax credits at both Dominion Energy and Virginia Power for the three and nine months ended September 30, 2018, respectively, which are considered to be goods transferred at a point in time. The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year contracts in place at September 30, 2018 2018 2019 2020 2021 2022 Thereafter Total (millions) Dominion Energy $ 430 $ 1,672 $ 1,568 $ 1,454 $ 1,324 $ 13,799 $ 20,247 Virginia Power 5 21 3 1 — — 30 Dominion Energy Gas 170 633 574 489 397 2,171 4,434 Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At September 30, 2018 and December 31, 2017, Dominion Energy’s contract asset balances were $44 million and $46 million, respectively. Dominion Energy Gas’ contract asset balances were $61 million and $66 million at September 30, 2018 and December 31, 2017, respectively. Dominion Energy and Dominion Energy Gas’ contract assets are recorded in other deferred charges and other assets in the Consolidated Balance Sheets. Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At September 30, 2018 and December 31, 2017, Dominion Energy’s contract liability balances were $102 million and $132 million, respectively. At September 30, 2018 and December 31, 2017, Virginia Power’s contract liability balances were $20 million and $50 million, respectively. At September 30, 2018 and December 31, 2017, Dominion Energy Gas’ contract liability balances were $38 million and $41 million, respectively. During the nine months ended September 30, 2018, Dominion Energy, Virginia Power and Dominion Energy Gas recognized revenue of $93 million, $25 million and $40 million, respectively, from the beginning contract liability balances as the Companies fulfilled their obligations to provide service to their customers. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. The Companies’ operating revenue, prior to the adoption of revised guidance for revenue recognition from contracts with customers, consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 (millions) Dominion Energy Electric sales: Regulated $ 2,108 $ 5,590 Nonregulated 380 1,114 Gas sales: Regulated 97 696 Nonregulated 69 323 Gas transportation and storage 406 1,328 Other 119 325 Total operating revenue $ 3,179 $ 9,376 Virginia Power Regulated electric sales $ 2,108 $ 5,590 Other 46 142 Total operating revenue $ 2,154 $ 5,732 Dominion Energy Gas Gas sales: Regulated $ 12 $ 59 Nonregulated 2 12 Gas transportation and storage 324 1,062 Other 63 180 Total operating revenue $ 401 $ 1,313 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2018 2017 2018 2017 U.S. statutory rate 21.0 % 35.0 % 21.0 % 35.0 % 21.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 3.3 2.9 4.6 3.7 3.9 2.7 Investment tax credits (0.9 ) (5.7 ) (1.4 ) (0.8 ) — — Production tax credits (0.7 ) (0.7 ) (0.7 ) (0.5 ) — — Reversal of excess deferred income taxes (1.5 ) — (1.9 ) — (1.3 ) — Federal legislative change 2.0 — (0.2 ) — 2.0 — State legislative change (0.8 ) — — — 0.1 — AFUDC - equity (0.9 ) (1.3 ) (0.5 ) (0.6 ) (0.4 ) (0.8 ) Other, net (1.0 ) (2.6 ) (0.3 ) 0.2 0.7 (0.1 ) Effective tax rate 20.5 % 27.6 % 20.6 % 37.0 % 26.0 % 36.8 % The 2017 Tax Reform Act reduced the statutory federal income tax rate to 21% beginning in January 2018. Accordingly, current income taxes, and deferred income taxes that originate in 2018, are being recorded at the new 21% rate. For the Companies’ rate-regulated entities, deferred taxes will reverse at the weighted average rate used to originate the deferred tax liability, which in some cases will be 35%. For the three and nine months ended September 30, 2018, the Companies have recorded an estimate of the portion of excess deferred income tax amortization expected to occur in 2018. The reversal of these excess deferred income taxes will impact the effective tax rate, and may ultimately impact rates charged to customers. As described in Note 13 to the Consolidated Financial Statements, the Companies decreased revenue and increased regulatory liabilities to offset these deferred tax impacts in accordance with applicable regulatory commission orders or formula rate mechanisms. In addition, Dominion Energy and Dominion Energy Gas’ effective tax rates reflect the impacts of a state legislative change enacted in the second quarter of 2018 that was retroactive to January 1, 2018. Beginning in 2018, the 2017 Tax Reform Act limits the deductibility of interest expense to 30% of adjusted taxable income for certain businesses, with any disallowed interest carried forward indefinitely. Subject to additional guidance in yet to be issued regulations, the Companies expect interest expense to be deductible in 2018. The Companies continue to evaluate the changes in accelerated depreciation for income tax purposes and state conformity to the provisions of the 2017 Tax Reform Act. As of September 30, 2018, the Companies have applied the provisions of recently proposed regulations addressing the availability of federal bonus depreciation for the period beginning after September 27, 2017 through December 31, 2017. The application of these changes decreased Dominion Energy’s net operating loss carryforward utilization on the 2017 tax return. As a result, Dominion Energy’s effective tax rate reflects a $23 million increase to deferred income tax expense associated with the remeasurement of this deferred tax asset as more federal net operating loss carryforwards will be utilized at the 21% rate. The application of these proposed regulations at Dominion Energy Gas had no impact on income tax expense as the changes in, and remeasurement of, deferred tax liabilities increased regulatory liabilities by $35 million. The effects of these changes at Virginia Power were immaterial. These amounts and adjustments represent the Companies’ best estimate based on available information, and could be subject to change based on additional guidance in yet to be finalized regulations. In addition, changes in estimates of amounts probable of return to customers increased income tax expense at Dominion Energy and Dominion Energy Gas by $8 million, and regulatory liabilities by $11 million. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018, for a discussion of the impacts of the 2017 Tax Reform Act. As of September 30, 2018, 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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018, for a discussion of these unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2018 2017 (millions, except EPS) Net income attributable to Dominion Energy $ 854 $ 665 $ 1,806 $ 1,687 Average shares of common stock outstanding – Basic 653.9 642.5 652.4 633.4 Net effect of dilutive securities 1.0 — 0.4 — Average shares of common stock outstanding – Diluted 654.9 642.5 652.8 633.4 Earnings Per Common Share – Basic $ 1.31 $ 1.03 $ 2.77 $ 2.66 Earnings Per Common Share – Diluted $ 1.30 $ 1.03 $ 2.77 $ 2.66 Dilutive securities consist primarily of forward sales agreements, effective April 2018. See Note 15 for more information regarding the forward sales agreements. In calculating the diluted EPS in connection with the forward sales agreements, Dominion Energy applies the treasury stock method. The 2014 Equity Units were potentially dilutive securities, but were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2017, as the diluted stock price threshold was not met. The 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, 2018 and 2017, 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, 2018 and 2017 . In calculating diluted EPS in connection with the Dominion Energy Midstream convertible preferred units, Dominion Energy applies the if-converted method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
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 gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive loss from equity method investees Total (millions) Three Months Ended September 30, 2018 Beginning balance $ (248 ) $ (2 ) $ (1,286 ) $ (2 ) $ (1,538 ) Other comprehensive income before reclassifications: gains (losses) (27 ) (6 ) — — (33 ) Amounts reclassified from AOCI: (gains) losses (1) 30 3 18 — 51 Net current period other comprehensive income (loss) 3 (3 ) 18 — 18 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) Three Months Ended September 30, 2017 Beginning balance $ (250 ) $ 630 $ (1,058 ) $ (4 ) $ (682 ) Other comprehensive income before reclassifications: gains (losses) 11 48 — — 59 Amounts reclassified from AOCI: (gains) losses (1) (15 ) (4 ) 14 — (5 ) Net current period other comprehensive income (loss) (4 ) 44 14 — 54 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) Nine Months Ended September 30, 2018 Beginning balance $ (302 ) $ 747 $ (1,101 ) $ (3 ) $ (659 ) Other comprehensive income before reclassifications: gains (losses) 51 (24 ) — 1 28 Amounts reclassified from AOCI: (gains) losses (1) 71 4 60 — 135 Net current period other comprehensive income (loss) 122 (20 ) 60 1 163 Cumulative-effect of changes in accounting principle (64 ) (732 ) (227 ) — (1,023 ) Less other comprehensive income attributable to noncontrolling interest 1 — — — 1 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) Nine Months Ended September 30, 2017 Beginning balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Other comprehensive income before reclassifications: gains (losses) 82 141 — 2 225 Amounts reclassified from AOCI: (gains) losses (1) (56 ) (36 ) 38 — (54 ) Net current period other comprehensive income (loss) 26 105 38 2 171 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) (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 reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 26 Operating revenue Interest rate contracts 12 Interest and related charges Foreign currency contracts 2 Other income Total 40 Tax (10 ) Income tax expense Total, net of tax $ 30 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 3 Other income Total 3 Tax — Income tax expense Total, net of tax $ 3 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 30 Other income Total 25 Tax (7 ) Income tax expense Total, net of tax $ 18 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 Total (25 ) Tax 10 Income tax expense Total, net of tax $ (15 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (10 ) Other income Impairment 4 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $ (4 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 26 Other income Total 21 Tax (7 ) Income tax expense Total, net of tax $ 14 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 55 Operating revenue 2 Purchased gas (8 ) Electric fuel and other energy-related purchases Interest rate contracts 36 Interest and related charges Foreign currency contracts 10 Other income Total 95 Tax (24 ) Income tax expense Total, net of tax $ 71 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 91 Other income Total 75 Tax (15 ) Income tax expense Total, net of tax $ 60 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 Total (91 ) Tax 35 Income tax expense Total, net of tax $ (56 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (74 ) Other income Impairment 18 Other income Total (56 ) Tax 20 Income tax expense Total, net of tax $ (36 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 79 Other income Total 63 Tax (25 ) Income tax expense Total, net of tax $ 38 Virginia Power The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended September 30, 2018 Beginning balance $ (8 ) $ (1 ) $ (9 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses — — — Net current period other comprehensive income (loss) 3 — 3 Ending balance $ (5 ) $ (1 ) $ (6 ) Three Months Ended September 30, 2017 Beginning balance $ (10 ) $ 61 $ 51 Other comprehensive income before reclassifications: gains (losses) (2 ) 6 4 Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) (2 ) 6 4 Ending balance $ (12 ) $ 67 $ 55 Nine Months Ended September 30, 2018 Beginning balance $ (12 ) $ 74 $ 62 Other comprehensive income before reclassifications: gains (losses) 10 (2 ) 8 Amounts reclassified from AOCI: (gains) losses — — — Net current period other comprehensive income (loss) 10 (2 ) 8 Cumulative-effect of changes in accounting principle (3 ) (73 ) (76 ) Ending balance $ (5 ) $ (1 ) $ (6 ) Nine Months Ended September 30, 2017 Beginning balance $ (8 ) $ 54 $ 46 Other comprehensive income before reclassifications: gains (losses) (5 ) 17 12 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (4 ) 13 9 Ending balance $ (12 ) $ 67 $ 55 (1) See table below for details about these reclassifications. The following table presents Virginia Power’s reclassifications out of AOCI by component. Reclassifications out of AOCI were immaterial for both the three months ended September 30, 2017 and 2018 and the nine months ended September 30, 2018. Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Nine Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (8 ) Other income Impairment 2 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $ (4 ) 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 costs Total (millions) Three Months Ended September 30, 2018 Beginning balance $ (24 ) $ (94 ) $ (118 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses (1) 5 2 7 Net current period other comprehensive income (loss) 8 2 10 Ending balance $ (16 ) $ (92 ) $ (108 ) Three Months Ended September 30, 2017 Beginning balance $ (23 ) $ (97 ) $ (120 ) Other comprehensive income before reclassifications: gains (losses) 1 — 1 Amounts reclassified from AOCI: (gains) losses (1) (4 ) 1 (3 ) Net current period other comprehensive income (loss) (3 ) 1 (2 ) Ending balance $ (26 ) $ (96 ) $ (122 ) Nine Months Ended September 30, 2018 Beginning balance $ (23 ) $ (75 ) $ (98 ) Other comprehensive income before reclassifications: gains (losses) (4 ) — (4 ) Amounts reclassified from AOCI: (gains) losses (1) 16 4 20 Net current period other comprehensive income (loss) 12 4 16 Cumulative-effect of changes in accounting principle (5 ) (21 ) (26 ) Ending balance $ (16 ) $ (92 ) $ (108 ) Nine Months Ended September 30, 2017 Beginning balance $ (24 ) $ (99 ) $ (123 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses (1) (5 ) 3 (2 ) Net current period other comprehensive income (loss) (2 ) 3 1 Ending balance $ (26 ) $ (96 ) $ (122 ) (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, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 3 Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts 2 Other income Total 7 Tax (2 ) Income tax expense Total, net of tax $ 5 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax — Income tax expense Total, net of tax $ 2 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 Total (7 ) Tax 3 Income tax expense Total, net of tax $ (4 ) Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Operating revenue Interest rate contracts 4 Interest and related charges Foreign currency contracts 10 Other income Total 22 Tax (6 ) Income tax expense Total, net of tax $ 16 Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 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 Total (8 ) Tax 3 Income tax expense Total, net of tax $ (5 ) Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (2 ) Income tax expense Total, net of tax $ 3 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Dominion Energy Gas Holdings, LLC | |
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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. 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 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, certain 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, 2018. 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) $ 65 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 12 Discounted cash flow Market price (per MWh) (3) (1) - 7 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 7 3 Price volatility (4) 13% - 44% 23 % Electricity 19 Option model Market price (per MWh) (3) 27 - 57 42 Price volatility (4) 4% - 61% 37 % Total assets $ 98 Liabilities Financial forwards: FTRs $ 6 Discounted cash flow Market price (per MWh) (3) (1) - 6 — Total liabilities $ 6 (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) At September 30, 2018 Assets Derivatives: Commodity $ — $ 50 $ 98 $ 148 Interest rate — 117 — 117 Foreign currency — 32 — 32 Investments (1) Equity securities: U.S. 3,785 — — 3,785 Fixed income securities: Corporate debt instruments — 437 — 437 Government securities 350 768 — 1,118 Cash equivalents and other 13 — — 13 Total assets $ 4,148 $ 1,404 $ 98 $ 5,650 Liabilities Derivatives: Commodity $ — $ 94 $ 6 $ 100 Interest rate — 42 — 42 Foreign currency — 3 — 3 Total liabilities $ — $ 139 $ 6 $ 145 At December 31, 2017 Assets Derivatives: Commodity $ — $ 101 $ 157 $ 258 Interest rate — 17 — 17 Foreign currency — 32 — 32 Investments (1) Equity securities: U.S. 3,493 — — 3,493 Fixed income securities: Corporate debt instruments — 444 — 444 Government securities 307 794 — 1,101 Cash equivalents and other 34 — — 34 Total assets $ 3,834 $ 1,388 $ 157 $ 5,379 Liabilities Derivatives: Commodity $ — $ 190 $ 7 $ 197 Interest rate — 85 — 85 Foreign currency — 2 — 2 Total liabilities $ — $ 277 $ 7 $ 284 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $217 million and $88 million of assets at September 30, 2018 and December 31, 2017, 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Beginning balance $ 119 $ 152 $ 150 $ 139 Total realized and unrealized gains (losses): Included in earnings (7 ) (11 ) (27 ) (36 ) Included in other comprehensive income — — 1 — Included in regulatory assets/liabilities (16 ) 11 (26 ) 34 Settlements (4 ) 1 (7 ) 13 Transfers out of Level 3 — — 1 3 Ending balance $ 92 $ 153 $ 92 $ 153 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, 2018 Total gains (losses) included in earnings $ — $ (7 ) $ (7 ) 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 Nine Months Ended September 30, 2018 Total gains (losses) included in earnings $ (2 ) $ (25 ) $ (27 ) 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 Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 2018. 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) $ 58 Discounted cash flow Market price (per Dth) (3) (2) - 7 (1 ) FTRs 12 Discounted cash flow Market price (per MWh) (3) (1) - 7 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 7 3 Price volatility (4) 13% - 44% 23 % Electricity 19 Option model Market price (per MWh) (3) 27 - 57 42 Price volatility (4) 4% - 61% 37 % Total assets $ 91 Liabilities Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (1) - 6 — Total liabilities $ 5 (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) At September 30, 2018 Assets Derivatives: Commodity $ — $ 14 $ 91 $ 105 Interest rate — 65 — 65 Investments (1) Equity securities: U.S. 1,699 — — 1,699 Fixed income securities: Corporate debt instruments — 218 — 218 Government securities 158 348 — 506 Total assets $ 1,857 $ 645 $ 91 $ 2,593 Liabilities Derivatives: Commodity $ — $ 3 $ 5 $ 8 Total liabilities $ — $ 3 $ 5 $ 8 At December 31, 2017 Assets Derivatives: Commodity $ — $ 14 $ 152 $ 166 Investments (1) Equity securities: U.S. 1,566 — — 1,566 Fixed income securities: Corporate debt instruments — 224 — 224 Government securities 168 326 — 494 Cash equivalents and other 16 — — 16 Total assets $ 1,750 $ 564 $ 152 $ 2,466 Liabilities Derivatives: Commodity $ — $ 4 $ 5 $ 9 Interest rate — 57 — 57 Total liabilities $ — $ 61 $ 5 $ 66 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $151 million and $27 million of assets at September 30, 2018 and December 31, 2017, 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Beginning balance $ 115 $ 152 $ 147 $ 143 Total realized and unrealized gains (losses): Included in earnings (6 ) (12 ) (25 ) (37 ) Included in regulatory assets/liabilities (19 ) 11 (30 ) 34 Settlements (4 ) 1 (6 ) 12 Ending balance $ 86 $ 152 $ 86 $ 152 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, 2018 and 2017. 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, 2018 and 2017. 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) At September 30, 2018 Assets Interest rate $ — $ 8 $ — $ 8 Foreign currency — 32 — 32 Total assets $ — $ 40 $ — $ 40 Liabilities Commodity $ — $ 9 $ — $ 9 Interest rate — 1 — 1 Foreign currency — 3 — 3 Total liabilities $ — $ 13 $ — $ 13 At December 31, 2017 Assets Foreign currency $ — $ 32 $ — $ 32 Total assets $ — $ 32 $ — $ 32 Liabilities Commodity $ — $ 4 $ 2 $ 6 Foreign currency — 2 — 2 Total liabilities $ — $ 6 $ 2 $ 8 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 measured at fair value on a recurring basis and included in the Level 3 fair value category for the three months ended September 30, 2018 and 2017. Nine Months Ended September 30, 2018 2017 (millions) Beginning balance $ (2 ) $ (2 ) Total realized and unrealized gains (losses): Included in other comprehensive income (loss) 1 (1 ) Transfers out of Level 3 1 3 Ending balance $ — $ — There were no gains or losses included in earnings in the Level 3 fair value category for the nine months ended September 30, 2018 and 2017. 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 nine months ended September 30, 2018 and 2017. 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 and equivalents, 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, 2018 December 31, 2017 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) $ 30,401 $ 31,488 $ 28,666 $ 31,233 Junior subordinated notes (3) 3,431 3,432 3,981 4,102 Remarketable subordinated notes (3) 1,384 1,324 1,379 1,446 Credit facility borrowings 73 73 — — Virginia Power Long-term debt, including securities due within one year (3) $ 11,092 $ 11,759 $ 11,346 $ 12,842 Dominion Energy Gas Long-term debt, including securities due within one year (4) $ 4,061 $ 4,061 $ 3,570 $ 3,719 (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, 2018 and December 31, 2017, includes the valuation of certain fair value hedges associated with fixed rate debt of $(65) million and $(22) 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, 2018 | |
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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. 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 and Dominion Energy Gas’ derivative contracts include over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 17 for further information regarding credit-related contingent features for the Companies’ derivative instruments. 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, 2018 December 31, 2017 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 $ 109 $ — $ 109 $ 174 $ — $ 174 Exchange 29 — 29 80 — 80 Interest rate contracts: Over-the-counter 117 — 117 17 — 17 Foreign currency contracts: Over-the-counter 32 — 32 32 — 32 Total derivatives, subject to a master netting or similar arrangement 287 — 287 303 — 303 Total derivatives, not subject to a master netting or similar arrangement 10 — 10 4 — 4 Total $ 297 $ — $ 297 $ 307 $ — $ 307 September 30, 2018 December 31, 2017 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 $ 109 $ 10 $ — $ 99 $ 174 $ 9 $ — $ 165 Exchange 29 29 — — 80 80 — — Interest rate contracts: Over-the-counter 117 9 — 108 17 8 — 9 Foreign currency contracts: Over-the-counter 32 3 — 29 32 2 — 30 Total $ 287 $ 51 $ — $ 236 $ 303 $ 99 $ — $ 204 September 30, 2018 December 31, 2017 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 $ 32 $ — $ 32 $ 76 $ — $ 76 Exchange 68 — 68 120 — 120 Interest rate contracts: Over-the-counter 42 — 42 85 — 85 Foreign currency contracts: Over-the-counter 3 — 3 2 — 2 Total derivatives, subject to a master netting or similar arrangement 145 — 145 283 — 283 Total derivatives, not subject to a master netting or similar arrangement — — — 1 — 1 Total $ 145 $ — $ 145 $ 284 $ — $ 284 September 30, 2018 December 31, 2017 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 $ 32 $ 10 $ — $ 22 $ 76 $ 9 $ 6 $ 61 Exchange 68 29 39 — 120 80 40 — Interest rate contracts: Over-the-counter 42 9 — 33 85 8 — 77 Foreign currency contracts: Over-the-counter 3 3 — — 2 2 — — Total $ 145 $ 51 $ 39 $ 55 $ 283 $ 99 $ 46 $ 138 Volumes The following table presents the volume of Dominion Energy’s derivative activity at September 30, 2018. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 71 29 Basis 261 607 Electricity (MWh): Fixed price (1) 9,770,320 957,820 FTRs 74,350,989 — Liquids (Gal) (2) 35,084,400 — Interest rate (3) $ 600,000,000 $ 5,023,819,541 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, 2018 and 2017, 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, 2018: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ 2 $ 2 37 months Electricity (34 ) (34 ) 15 months Other (7 ) (7 ) 6 months Interest rate (219 ) (29 ) 375 months Foreign currency 13 (3 ) 93 months Total $ (245 ) $ (71 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, 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, 2018 ASSETS Current Assets Commodity $ 8 $ 86 $ 94 Interest rate 58 — 58 Total current derivative assets (1) 66 86 152 Noncurrent Assets Commodity 3 51 54 Interest rate 59 — 59 Foreign currency 32 — 32 Total noncurrent derivative assets (2) 94 51 145 Total derivative assets $ 160 $ 137 $ 297 LIABILITIES Current Liabilities Commodity $ 64 $ 32 $ 96 Interest rate 10 — 10 Foreign currency 3 — 3 Total current derivative liabilities (3) 77 32 109 Noncurrent Liabilities Commodity 3 1 4 Interest rate 32 — 32 Total noncurrent derivative liabilities (4) 35 1 36 Total derivative liabilities $ 112 $ 33 $ 145 December 31, 2017 ASSETS Current Assets Commodity $ 5 $ 158 $ 163 Interest rate 6 — 6 Total current derivative assets (1) 11 158 169 Noncurrent Assets Commodity — 95 95 Interest rate 11 — 11 Foreign currency 32 — 32 Total noncurrent derivative assets (2) 43 95 138 Total derivative assets $ 54 $ 253 $ 307 LIABILITIES Current Liabilities Commodity $ 103 $ 92 $ 195 Interest rate 53 — 53 Foreign currency 2 — 2 Total current derivative liabilities (3) 158 92 250 Noncurrent Liabilities Commodity 1 1 2 Interest rate 32 — 32 Total noncurrent derivative liabilities (4) 33 1 34 Total derivative liabilities $ 191 $ 93 $ 284 (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, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (26 ) Total commodity $ (58 ) $ (26 ) $ — Interest rate (3) 23 (12 ) 48 Foreign currency (4) (1 ) (2 ) — Total $ (36 ) $ (40 ) $ 48 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 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (55 ) Purchased gas (2 ) Electric fuel and other energy-related purchases 8 Total commodity $ (1 ) $ (49 ) $ — Interest rate (3) 70 (36 ) 141 Foreign currency (4) (1 ) (10 ) — Total $ 68 $ (95 ) $ 141 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 ) (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. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ (5 ) $ 7 $ (8 ) $ 22 Purchased gas 1 (6 ) 5 2 Electric fuel and other energy-related purchases (7 ) (19 ) (23 ) (51 ) Other operations & maintenance — 1 — (1 ) Total $ (11 ) $ (17 ) $ (26 ) $ (28 ) (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, 2018 December 31, 2017 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 $ 89 $ — $ 89 $ 155 $ — $ 155 Interest rate contracts: Over-the-counter 65 — 65 — — — Total derivatives, subject to a master netting or similar arrangement 154 — 154 155 — 155 Total derivatives, not subject to a master netting or similar arrangement 16 — 16 11 — 11 Total $ 170 $ — $ 170 $ 166 $ — $ 166 September 30, 2018 December 31, 2017 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 $ 89 $ 5 $ — $ 84 $ 155 $ 4 $ — $ 151 Interest rate contracts: Over-the-counter 65 — — 65 — — — — Total $ 154 $ 5 $ — $ 149 $ 155 $ 4 $ — $ 151 September 30, 2018 December 31, 2017 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 $ 5 $ — $ 5 $ 4 $ — $ 4 Interest rate contracts: Over-the-counter — — — 57 — 57 Total derivatives, subject to a master netting or similar arrangement 5 — 5 61 — 61 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 5 — 5 Total $ 8 $ — $ 8 $ 66 $ — $ 66 September 30, 2018 December 31, 2017 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 $ 5 $ 5 $ — $ — $ 4 $ 4 $ — $ — Interest rate contracts: Over-the-counter — — — — 57 — — 57 Total $ 5 $ 5 $ — $ — $ 61 $ 4 $ — $ 57 Volumes The following table presents the volume of Virginia Power’s derivative activity at September 30, 2018. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 24 4 Basis 161 521 Electricity (MWh): Fixed price (1) 660,190 — FTRs 73,336,004 — Interest rate (2) $ 600,000,000 $ 1,000,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. Ineffectiveness and AOCI For the three and nine months ended September 30, 2018 and 2017, 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, 2018: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (5 ) $ (1 ) 375 months Total $ (5 ) $ (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 interest rates 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, 2018 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 28 — 28 Total current derivative assets (1) 28 60 88 Noncurrent Assets Commodity — 45 45 Interest rate 37 — 37 Total noncurrent derivative assets (2) 37 45 82 Total derivative assets $ 65 $ 105 $ 170 LIABILITIES Current Liabilities Commodity $ — $ 8 $ 8 Total current derivative liabilities (3) — 8 8 Total derivative liabilities $ — $ 8 $ 8 December 31, 2017 ASSETS Current Assets Commodity $ — $ 75 $ 75 Total current derivative assets (1) — 75 75 Noncurrent Assets Commodity — 91 91 Total noncurrent derivative assets (2) — 91 91 Total derivative assets $ — $ 166 $ 166 LIABILITIES Current Liabilities Commodity $ — $ 9 $ 9 Interest rate 44 — 44 Total current derivative liabilities (3) 44 9 53 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivatives liabilities (4) 13 — 13 Total derivative liabilities $ 57 $ 9 $ 66 (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, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 4 $ — $ 48 Total $ 4 $ — $ 48 Three Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (3 ) $ — $ (26 ) Total $ (3 ) $ — $ (26 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 13 $ — $ 141 Total $ 13 $ — $ 141 Nine Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (8 ) $ (1 ) $ (60 ) Total $ (8 ) $ (1 ) $ (60 ) (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. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Derivative type and location of gains (losses): Commodity (2) $ (9 ) $ (18 ) $ (12 ) $ (42 ) Total $ (9 ) $ (18 ) $ (12 ) $ (42 ) (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, 2018 December 31, 2017 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 8 $ — $ 8 $ — $ — $ — Foreign currency contracts: Over-the-counter 32 — 32 32 — 32 Total derivatives, subject to a master netting or similar arrangement $ 40 $ — $ 40 $ 32 $ — $ 32 September 30, 2018 December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Interest rate contracts: Over-the-counter $ 8 $ 1 $ — $ 7 $ — $ — $ — $ — Foreign currency contracts: Over-the-counter 32 3 — 29 32 2 — 30 Total $ 40 $ 4 $ — $ 36 $ 32 $ 2 $ — $ 30 September 30, 2018 December 31, 2017 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 $ 9 $ — $ 9 $ 6 $ — $ 6 Interest rate contracts: Over-the-counter 1 — 1 — — — Foreign currency contracts: Over-the-counter 3 — 3 2 — 2 Total derivatives, subject to a master netting or similar arrangement $ 13 $ — $ 13 $ 8 $ — $ 8 September 30, 2018 December 31, 2017 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 $ 9 $ — $ — $ 9 $ 6 $ — $ — $ 6 Interest rate contracts: Over-the-counter 1 1 — — — — — — Foreign currency contracts: Over-the-counter 3 3 — — 2 2 — — Total $ 13 $ 4 $ — $ 9 $ 8 $ 2 $ — $ 6 Volumes The following table presents the volume of Dominion Energy Gas’ derivative activity at September 30, 2018. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent NGLs (Gal) 29,708,400 — Interest rate (1) $ — $ 1,050,000,000 Foreign currency (1)(2) $ — $ 280,000,000 (1) Maturity is based on final settlement period. (2) Euro equivalent volumes are €250,000,000. Ineffectiveness and AOCI For the three and nine months ended September 30, 2018 and 2017, 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, 2018: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: NGLs $ (7 ) $ (7 ) 6 months Interest rate (22 ) (4 ) 315 months Foreign currency 13 (3 ) 93 months Total $ (16 ) $ (14 ) 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, 2018 ASSETS Noncurrent Assets Interest rate $ 8 $ — $ 8 Foreign currency 32 — 32 Total noncurrent derivative assets (1) 40 — 40 Total derivative assets $ 40 $ — $ 40 LIABILITIES Current Liabilities Commodity $ 9 $ — $ 9 Interest rate 1 — 1 Foreign currency 3 — 3 Total current derivative liabilities (2) 13 — 13 Total derivative liabilities $ 13 $ — $ 13 December 31, 2017 ASSETS Noncurrent Assets Foreign currency $ 32 $ — $ 32 Total noncurrent derivative assets (1) 32 — 32 Total derivative assets $ 32 $ — $ 32 LIABILITIES Current Liabilities Commodity $ 6 $ — $ 6 Foreign currency 2 — 2 Total current derivative liabilities (2) 8 — 8 Total derivative liabilities $ 8 $ — $ 8 (1) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current 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, 2018 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (3 ) Total commodity $ (5 ) $ (3 ) Interest rate (2) 10 (2 ) Foreign currency (3) (1 ) (2 ) Total $ 4 $ (7 ) 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 Nine Months Ended September 30, 2018 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (8 ) Total commodity $ (11 ) $ (8 ) Interest rate (2) 6 (4 ) Foreign currency (3) (1 ) (10 ) Total $ (6 ) $ (22 ) 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 (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. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 10. Investments Dominion Energy Equity and Debt Securities Rabbi Trust Securities Equity and debt securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $114 Decommissioning Trust Securities Dominion Energy holds equity and debt securities, 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 Total Unrealized Losses Fair Value (millions) September 30, 2018 Equity securities: (1) U.S. $ 1,710 $ 2,128 $ (10 ) $ 3,828 Fixed income securities: (2) Corporate debt instruments 438 6 (7 ) 437 Government securities 1,079 10 (19 ) 1,070 Common/collective trust funds 82 — — 82 Cash equivalents and other (3) 7 — — 7 Total $ 3,316 $ 2,144 $ (36 ) (4) $ 5,424 December 31, 2017 Equity securities: (2) U.S. $ 1,569 $ 1,857 $ — $ 3,426 Fixed income securities: (2) Corporate debt instruments 430 15 (1 ) 444 Government securities 1,039 27 (5 ) 1,061 Common/collective trust funds 60 — — 60 Cost method investments 68 — — 68 Cash equivalents and other (3) 34 — — 34 Total $ 3,200 $ 1,899 $ (6 ) (4) $ 5,093 (1) Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2 . (3) Includes pending sales of securities of $ (4) The fair value of securities in an unrealized loss position was $1.1 billion The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: (millions) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Net gains recognized during the period $ 243 $ 267 Less: Net gains recognized during the period on securities sold during the period (7 ) (42 ) Unrealized gains recognized during the period on securities still held at September 30, 2018 (1) $ 236 $ 225 (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. The fair value of Dominion Energy’s debt securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2018 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 199 Due after one year through five years 344 Due after five years through ten years 389 Due after ten years 657 Total $ 1,589 Presented below is selected information regarding Dominion Energy’s equity and debt securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (millions) Proceeds from sales $ 457 $ 377 $ 1,301 $ 1,496 Realized gains (1) 24 25 96 142 Realized losses (1) 18 16 60 52 (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, 2018 2017 2018 2017 (millions) Total other-than-temporary impairment losses (1) $ 8 $ 7 $ 25 $ 33 Losses recorded to the nuclear decommissioning trust regulatory liability — (2 ) — (13 ) Losses recognized in other comprehensive income (before taxes) (8 ) (1 ) (25 ) (2 ) Net impairment losses recognized in earnings $ — $ 4 $ — $ 18 (1) Amounts include other-than-temporary impairment losses for debt securities of less than $1 million and $2 million for the three and nine months ended September 30, 2017, respectively. Virginia Power Virginia Power holds equity and debt securities, 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 Total Unrealized Losses Fair Value (millions) September 30, 2018 Equity securities: (1) U.S. $ 842 $ 965 $ (6 ) $ 1,801 Fixed income securities: (2) Corporate debt instruments 220 2 (4 ) 218 Government securities 509 4 (8 ) 505 Common/collective trust funds 48 — — 48 Cash equivalents and other (3) 1 — — 1 Total $ 1,620 $ 971 $ (18 ) (4) $ 2,573 December 31, 2017 Equity securities: (2) U.S. $ 734 $ 831 $ — $ 1,565 Fixed income securities: (2) Corporate debt instruments 216 8 — 224 Government securities 482 13 (2 ) 493 Common/collective trust funds 27 — — 27 Cost method investments 68 — — 68 Cash equivalents and other (3) 22 — — 22 Total $ 1,549 $ 852 $ (2 ) (4) $ 2,399 (1) Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2 . (3) Includes pending sales of securities of $1 million and (4) The fair value of securities in an unrealized loss position was $539 million September 30, 2018 The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (millions) Net gains recognized during the period $ 106 $ 118 Less: Net gains recognized during the period on securities sold during the period (3 ) (26 ) Unrealized gains recognized during the period on securities still held at September 30, 2018 (1) $ 103 $ 92 (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. The fair value of Virginia Power’s debt securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2018 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 64 Due after one year through five years 139 Due after five years through ten years 221 Due after ten years 347 Total $ 771 Presented below is selected information regarding Virginia Power’s equity and debt securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (millions) Proceeds from sales $ 237 $ 156 $ 651 $ 654 Realized gains (1) 11 9 44 64 Realized losses (1) 5 6 17 24 (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, 2018 and 2017. Equity Method Investments Dominion Energy Blue Racer In October 2018, Dominion Energy entered into an agreement to sell its 50% limited partnership interest in Blue Racer. The transaction is expected to close in the fourth quarter of 2018, subject to clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act and the satisfaction of customary closing conditions, for up-front cash consideration of $1.05 billion. As a result, Dominion Energy expects to recognize a gain of approximately $380 million ($230 million after-tax) in the fourth quarter of 2018. In addition, the agreement contains additional deferred consideration of $150 million, subject to increase for interest costs effective March 2019, payable upon the purchaser’s availability of cash. This will result in a gain when realizable. Also, the purchaser agreed to pay additional consideration contingent upon the achievement of certain financial performance milestones of Blue Racer from 2019 through 2021. Pursuant to the purchase agreement, the aggregate will not exceed $300 million, which represents a gain contingency, and, as a result, Dominion Energy will not recognize any additional gain unless such consideration is realizable. Atlantic Coast Pipeline Dominion Energy recorded contributions of $147 million and $84 million during the three months ended September 30, 2018 and 2017, respectively, and $306 million and $286 million during the nine months ended September 30, 2018 and 2017, respectively, to Atlantic Coast Pipeline. At September 30, 2018, Dominion Energy had $37 million of contributions payable to Atlantic Coast Pipeline included within other current liabilities in the Consolidated Balance Sheets. DETI provides services to Atlantic Coast Pipeline which totaled $50 million and $32 million for the three months ended September 30, 2018 and 2017, respectively, and $156 million and $93 million for the nine months ended September 30, 2018 and 2017, respectively, included in operating revenue in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. Amounts receivable related to these services were $15 million and $12 million at September 30, 2018 and December 31, 2017, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy and Dominion Energy Gas’ Consolidated Balance Sheets. In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under its credit facility. See Note 16 for more information. NedPower At December 31, 2017, Dominion Energy had a liability of $17 million recorded to other deferred credits and other liabilities on the Consolidated Balance Sheets relating to its commitment to provide further financial support for NedPower. At September 30, 2018, Dominion Energy had no remaining liability. Other – Catalyst Old River Hydroelectric Limited Partnership In September 2018, Dominion Energy completed the sale of its 25% limited partnership interest in Catalyst Old River Hydroelectric Limited Partnership and received proceeds of $91 million. The sale resulted in a gain of $87 million ($63 million after-tax), which is included in other income in Dominion Energy’s Consolidated Statement of Income. Dominion Energy Gas Iroquois Dominion Energy Gas’ equity earnings totaled $18 million and $15 million for the nine months ended September 30, 2018 and 2017, respectively. Dominion Energy Gas received distributions of $20 million and $17 million for the nine months ended September 30, 2018 and 2017, respectively. At September 30, 2018 and December 31, 2017, the carrying amount of Dominion Energy Gas’ investment of $93 million and $95 million, respectively exceeded its share of underlying equity in net assets by $8 million. The difference reflects equity method goodwill and is not being amortized. |
Property Plant and Equipment
Property Plant and Equipment | 9 Months Ended |
Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property Plant and Equipment | Note 11. Property, Plant and Equipment Dominion Energy 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. In December 2017, the first phase of the agreement closed for $79 million. In October 2018, the second phase of the agreement closed for $63 million, which will result in the recognition of a $65 million ($49 million after-tax) benefit in the fourth quarter of 2018. Pursuant to the agreement, Dominion Energy entered into a commission agreement with the buyer upon the first closing in December 2017 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. Sale of Certain Merchant Generation Facilities In September 2018, Dominion Energy entered into an agreement to sell Fairless and Manchester for total consideration of $1.2 billion, subject to customary closing adjustments. The transaction is expected to close in the fourth quarter of 2018, subject to FERC and other approvals, and Dominion Energy expects to recognize a gain of approximately $210 million ($150 million after-tax). Upon the close of the transaction, Dominion Energy will have to assess whether it is more-likely-than-not that state tax incentives could be used to reduce tax expense associated with the sale of these facilities. It is possible that these incentives could reduce the tax expense of this sale by up to $50 million. In the third quarter of 2018, Fairless and Manchester’s assets and liabilities to be disposed were classified as held for sale. The carrying amounts of the major classes of assets and liabilities classified as held for sale in Dominion Energy’s Consolidated Balance Sheet are as follows: September 30, 2018 (millions) Assets: Current assets $ 37 Property, plant and equipment, net 940 Other assets 52 Total assets $ 1,029 Liabilities: Current liabilities $ 8 Asset retirement obligation 1 Total liabilities $ 9 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 closed in October 2018 and is expected to commence commercial operations during the fourth quarter 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. In June 2018, Virginia Power entered into an agreement to acquire a solar development project in Virginia. The acquisition is expected to close prior to the project commencing commercial operations, which is expected in the first quarter 2019, and cost approximately $37 million once constructed, including the initial acquisition cost. The project is expected to generate approximately 20 MW. Virginia Power anticipates claiming federal investment tax credits on this solar project upon its completion. In August 2018, Virginia Power entered into agreements to acquire two solar development projects in North Carolina and Virginia. The first acquisition is expected to close prior to the project commencing commercial operations, which is expected by the end of 2019, and cost approximately $120 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 2020, and cost approximately $130 million, 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 antennae 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 recorded $2 million in operating revenue and $2 million in other income for the three months ended September 30, 2018 and 2017, respectively, and recorded $5 million in operating revenue and $10 million in other income for the nine months ended September 30, 2018 and 2017, respectively, with $30 million remaining to be recognized ratably through 2023. Dominion Energy Gas Assignment of Shale Development Rights In December 2013, Dominion Energy Gas closed on agreements with natural gas producers to convey over time approximately 100,000 acres of Marcellus Shale development rights underneath several of its natural gas storage fields. The agreements 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 August 2017, Dominion Energy Gas and a 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 received total consideration of $130 million, with $65 million received in the fourth quarter of 2017 and $65 million received in September 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, in the fourth quarter of 2017, Dominion Energy recognized a $9 million ($5 million after-tax) gain included in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income associated with the elimination of its overriding royalty interest. In September 2018, Dominion Energy Gas recognized a $65 million ($47 million after-tax) gain included in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income associated with the final conveyance of acreage. In November 2014, Dominion Energy Gas closed 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 July 2017, 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 March 2018, Dominion Energy Gas closed an agreement with a natural gas producer to convey approximately 11,000 acres of Utica and Point Pleasant Shale development rights underneath one of its natural gas storage fields. The agreement provided for a payment to Dominion Energy Gas, subject to customary adjustments, of $16 million. In March 2018, Dominion Energy Gas received cash proceeds of $16 million associated with the conveyance of the acreage, resulting in a $16 million ($12 million after-tax) gain recorded in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income. In June 2018, Dominion Energy Gas closed an amendment to an agreement with a natural gas producer for the elimination of Dominion Energy Gas’ overriding royalty interest in gas produced from approximately 9,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields previously conveyed in December 2013. In June 2018, Dominion Energy Gas received proceeds of $6 million associated with the transaction, resulting in a $6 million ($4 million after-tax) gain recorded in other operations and maintenance expense in Dominion Energy Gas’ Consolidated Statements of Income. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Regulatory Assets And Liabilities Disclosure [Abstract] | |
Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: September 30, 2018 December 31, 2017 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 260 $ 23 Deferred rate adjustment clause costs (2) 124 70 Deferred nuclear refueling outage costs (3) 58 54 Unrecovered gas costs (4) 3 38 Other 95 109 Regulatory assets-current 540 294 Unrecognized pension and other postretirement benefit costs (5) 1,276 1,336 Deferred rate adjustment clause costs (2) 312 401 PJM transmission rates (6) 265 222 Utility reform legislation (7) 189 147 Derivatives (8) 83 223 Other 191 151 Regulatory assets-noncurrent 2,316 2,480 Total regulatory assets $ 2,856 $ 2,774 Regulatory liabilities: Provision for future cost of removal and AROs (9) $ 101 $ 101 Cost-of-service impact of 2017 Tax Reform Act (10) 80 — Reserve for rate credits to electric utility customers (11) 61 — Other 93 92 Regulatory liabilities-current (12) 335 193 Income taxes refundable through future rates (13) 4,088 4,058 Provision for future cost of removal and AROs (9) 1,414 1,384 Nuclear decommissioning trust (14) 1,241 1,121 Other 403 353 Regulatory liabilities-noncurrent 7,146 6,916 Total regulatory liabilities $ 7,481 $ 7,109 Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 260 $ 23 Deferred rate adjustment clause costs (2) 101 56 Deferred nuclear refueling outage costs (3) 58 54 Other 60 72 Regulatory assets-current 479 205 Deferred rate adjustment clause costs (2) 225 312 PJM transmission rates (6) 265 222 Derivatives (8) 50 190 Other 96 86 Regulatory assets-noncurrent 636 810 Total regulatory assets $ 1,115 $ 1,015 Regulatory liabilities: Provision for future cost of removal (9) $ 80 $ 80 Cost-of-service impact of 2017 Tax Reform Act (10) 67 — Reserve for rate credits to customers (11) 61 — Other 42 47 Regulatory liabilities-current (12) 250 127 Income taxes refundable through future rates (13) 2,561 2,581 Nuclear decommissioning trust (14) 1,241 1,121 Provision for future cost of removal (9) 938 915 Derivatives (8) 38 69 Other 112 74 Regulatory liabilities-noncurrent 4,890 4,760 Total regulatory liabilities $ 5,140 $ 4,887 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (2) $ 23 $ 14 Unrecovered gas costs (4) — 8 Other 2 4 Regulatory assets-current (15) 25 26 Unrecognized pension and other postretirement benefit costs (5) 248 258 Utility reform legislation (7) 189 147 Deferred rate adjustment clause costs (2) 87 89 Other 27 17 Regulatory assets-noncurrent (16) 551 511 Total regulatory assets $ 576 $ 537 Regulatory liabilities: Provision for future cost of removal and AROs (9) $ 13 $ 13 Overrecovered gas costs (4) 6 — PIPP (17) 4 20 Other 9 5 Regulatory liabilities-current (12) 32 38 Income taxes refundable through future rates (13) 1,038 998 Provision for future cost of removal and AROs (9) 164 160 Cost-of-service impact of 2017 Tax Reform Act (10) 15 — Other 92 69 Regulatory liabilities-noncurrent 1,309 1,227 Total regulatory liabilities $ 1,341 $ 1,265 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy and Virginia Power’s generation operations. (2) Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 for more information. (3) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (4) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (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) Reflects amounts related to the PJM transmission cost allocation matter. See Note 13 for more information. (7) 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. (8) 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. (9) 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. (10) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Note 13 for more information. (11) Charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers. See Note 13 for more information. (12) Current regulatory liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. (14) 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. (15) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (16) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (17) 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. At September 30, 2018, $447 million of Dominion Energy's and $364 million of Virginia Power's regulatory assets represented past expenditures on which they do not currently earn a return. With the exception of the $265 million PJM transmission cost allocation matter, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2018 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 13. 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, 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 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. In November 2017, Virginia Power, North Carolina Electric Membership Corporation and the wholesale transmission customers filed petitions for rehearing. In July 2018, FERC denied the rehearing requests related to the October 2017 order determining the calculation of the undergrounding costs. Several parties have appealed FERC’s decision to the U.S. Court of Appeals for the D.C. Circuit. This matter is pending. While Virginia Power cannot predict the outcome of the matter, it 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. In May 2018, FERC issued an order accepting the settlement agreement and directed PJM to make a compliance filing with revised tariff records. As a result, in August 2018, Virginia Power began to make payments to PJM, to continue for the next 10 years totaling $276 million, under the terms of revised tariff records, which is partially offset by a $265 million regulatory asset for the amount that will be recovered through retail rates in Virginia. At September 30, 2018, Virginia Power’s Consolidated Balance Sheet includes $170 million included in other current liabilities and $72 million included in other deferred credits and other liabilities. 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. In November 2017, the FERC audit staff issued its audit report, which could have the potential to result in adjustments which could be material to Dominion Energy’s and Dominion Energy Gas’ results of operations. In December 2017, DETI provided its response to the audit report. DETI requested FERC review of contested findings and submitted its plan for compliance with the uncontested portions of the report. In connection with one uncontested issue, DETI recognized 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 during the second quarter of 2017 to write-off the balance of a regulatory asset, originally established in 2008, that is no longer considered probable of recovery. DETI recognized a charge of $129 million ($94 million after-tax) recorded primarily within other operations and maintenance expense in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income during the second quarter of 2018 for a disallowance of plant, originally established beginning in 2012, in anticipation of resolution of one matter with FERC. Pending final resolution of the audit process and a determination by FERC, management is unable to estimate the potential impact of the remaining finding and no amounts have been recognized. 2017 Tax Reform Act Subsequent to the enactment of the 2017 Tax Reform Act, the Companies’ state regulators issued orders requesting that public utilities evaluate the total tax impact on the entity’s cost of service and accrue a regulatory liability attributable to the benefits of the reduction in the corporate income tax rate. Certain of the orders requested that the public utilities submit a response to the state regulatory commissions detailing the total tax impact on the utility’s cost of service. The Companies began to reserve the impacts of the cost-of-service reduction as regulatory liabilities in January 2018 and will continue until rates are reset pursuant to state regulators’ approvals. The Companies have recorded a reasonable estimate of net income taxes refundable through future rates in the jurisdictions in which they operate and are currently assessing these actions and decisions, which could have a material impact on the Companies’ results of operations, financial condition and/or cash flows. In September 2018, the Virginia Commission issued an order directing Virginia Power to submit a filing quantifying the impacts of the 2017 Tax Reform Act in advance of the April 1, 2019 implementation as required by legislation. In October 2018, Virginia Power filed an application with the Virginia Commission to implement final adjustments in its base rates reflecting actual annual reductions in corporate income taxes resulting from the 2017 Tax Reform Act. The proposed annual revenue reduction is approximately $151 million effective April 2019. Additionally, Virginia Power proposed to issue a one-time bill credit to customers within 90 days of this effective date, to true-up the difference between the final revenue reduction for the period January 1, 2018 through March 31, 2019 and the $125 million interim rate reduction implemented on July 1, 2018. Based on Virginia Power’s proposed annual revenue reduction, this one-time bill credit is estimated to total approximately $95 million. The actual credit will be based on actual billing data and customer usage during that 15-month period. This matter is pending. In August 2018, Virginia Power filed with FERC to waive protocols and begin reflecting projected tax reform benefits of approximately $100 million through the transmission formula rate prior to the normal formula rate process. FERC granted the waiver and the amounts will begin being reflected in customer billings in November 2018 and subsequently reflecting the adjustment effective January 1, 2018. In October 2018, the North Carolina Utilities Commission issued an order requesting companies file to reduce base rates expeditiously. Virginia Power made its compliance filing in October 2018 and submitted an annual base rate revenue decrease of approximately $14 million effective in early 2019. Virginia Power also proposed to issue a one-time bill credit in early 2019 for its 2018 tax savings collected provisionally from customers, which is estimated to be approximately $13 million. The order allowed for the disposition of excess deferred income taxes to be deferred for consideration until the utilities’ next base rate case, but no longer than 3 years, and initiated a quarterly reporting requirement for such deferred amounts. This matter is pending. In May 2018, the Utah Commission approved a stipulation submitted by Questar Gas proposing the cost-of-service component of customer rates be reduced by $15 million annually beginning in June 2018. In July 2018, the Utah Commission approved Questar Gas’ request to return an additional $9 million to Utah customers representing the amounts related to the corporate income tax reduction that had been deferred from January 1, 2018 to May 31, 2018. This additional reduction began amortizing on August 1, 2018 and will be amortized over a one-year period. In October 2018, the Wyoming Commission approved Questar Gas’ request to return deferred amounts through a surcredit beginning November 1, 2018. The surcredit will remain in effect until rates become effective in the next Wyoming general rate case. In October 2018, the Ohio Commission issued an order requiring rate-regulated utilities to file an application reflecting the impact of the 2017 Tax Reform Act on current rates by January 1, 2019. East Ohio is currently evaluating this order and plans to file an application in the fourth quarter of 2018. As directed by the Public Service Commission of West Virginia, Hope is utilizing regulatory accounting to track the effects of the 2017 Tax Reform Act beginning in January 2018 and submitted testimony in July 2018 detailing such effects. In August 2018, the Public Service Commission of West Virginia approved a settlement implementing base rate reductions effective September 1, 2018. These reductions are not expected to have a material impact on Hope’s financial condition. In March 2018, FERC announced actions to address the income tax allowance component of regulated entities’ cost-of-service rates as a result of the 2017 Tax Reform Act. FERC issued a notice of proposed rulemaking introducing a process for determining whether jurisdictional natural gas pipelines may be collecting unjust and unreasonable rates as a result of the reduction in the corporate income tax rate. The proposed rule would require all interstate natural gas pipelines to make a one-time informational filing with FERC to provide financial information to allow FERC and other interested parties to analyze the impacts of the changes in tax law. The actions also included the reversal of FERC’s policy allowing master limited partnerships to recover an income tax allowance in cost-of-service rates and requiring other pass-through entities to justify the inclusion of an income tax allowance. FERC also issued a notice of inquiry seeking comments on whether it should take any additional actions to address changes in federal corporate income taxes, the elimination of an income tax allowance for master limited partnerships, excess or deficient accumulated deferred income taxes and bonus depreciation, among other items. In July 2018, FERC issued a final rule adopting and modifying the procedures for determining whether jurisdictional natural gas pipelines may be collecting unjust and unreasonable rates in light of the reduction in the corporate income tax rate. These procedures are generally the same as the proposals issued in March; however the final rule modifies the treatment of the income tax allowance for master limited partnerships and other pass-through entities in the informational filing. Specifically, this final rule does not require master limited partnerships to eliminate their income tax allowances when completing the informational filing, and allows entities that are wholly-owned by corporations to include an income tax allowance. Although the informational filing does not require the elimination of the income tax allowance for master limited partnerships, and provides options to master limited partnerships to address the income tax allowance that were previously unavailable including providing evidence that a double recovery of income taxes does not exist, there can be no assurance that master limited partnerships would be allowed to include an income tax allowance in the future. Beginning in October 2018, Dominion Energy and Dominion Energy Gas have filed or expect to file the required informational reports with FERC indicating no changes to current rates charged to customers. Given the associated uncertainty, Dominion Energy and Dominion Energy Gas are currently unable to predict the outcome of these matters; however, any change in rates permitted to be charged to customers could have a material impact on results of operations, financial condition and/or cash flows. 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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018, and Note 13 to the Consolidated Financial Statements in the Companies’ Quarterly Report on Form 10-Q for the quarters ended March 31, 2018 and June 30, 2018. Virginia Regulation Virginia Fuel Expenses In May 2018, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $1.5 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2018. Virginia Power’s proposed fuel rate represents a fuel revenue increase of $222 million when applied to projected kilowatt-hour sales for the period July 1, 2018 to June 30, 2019. In August 2018, the Virginia Commission approved Virginia Power’s fuel rate with an increase of $209 million. Grid Transformation and Security Act of 2018 In March 2018, the Governor of Virginia signed into law legislation to reinstate base rate reviews on a triennial basis other than the first review, which will be a quadrennial review, occurring for Virginia Power in 2021 for the four successive 12-month test periods beginning January 1, 2017 and ending December 31, 2020. This review for Virginia Power will occur one year earlier than under the Regulation Act legislation enacted in February 2015. In the triennial review proceedings, earnings that are more than 70 basis points above the utility’s authorized return on equity that might have been refunded to customers may be reduced by approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects that Virginia Power elects to include in a customer credit reinvestment offset. The legislation declares that electric distribution grid transformation projects are in the public interest and provides that the costs of such projects may be recovered through a rate adjustment clause if not the subject of a customer credit reinvestment offset. Any costs that are the subject of a customer credit reinvestment offset may not be recovered in base rates for the service life of the projects and may not be included in base rates in future triennial review proceedings. The legislation also includes provisions requiring Virginia Power to provide current customers one-time rate credits totaling $200 million and to reduce base rates to reflect reductions in income tax expense resulting from the 2017 Tax Reform Act. As a result, Virginia Power incurred a $215 million ($160 million after-tax) charge in connection with this legislation, including the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology. In July 2018, Virginia Power credited $138 million to current customers’ bills. In addition, Virginia Power will reduce base rates on an annual basis by $125 million effective July 2018, to reflect the estimated effect of the 2017 Tax Reform Act, which is subject to adjustment in April 2019. In May and June 2018, Virginia Power submitted filings detailing the implementation plan for interim reductions in rates for generation and distribution services pursuant to the Grid Transformation and Security Act of 2018. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Riders C1A and C2A in connection with cost recovery for DSM programs. In October 2018, Virginia Power requested approval to implement ten new energy efficiency programs and one new demand-response DSM program for five years, subject to future extensions, with a $262 million cost cap, and proposed a total $49 million revenue requirement for the rate year beginning July 1, 2019, which represents an $18 million increase over the previous year. This matter is pending. • The Virginia Commission previously approved Rider BW in conjunction with Brunswick County. In October 2018, Virginia Power proposed a $123 million revenue requirement for the rate year beginning September 1, 2019, which represents a $7 million increase over the previous year. This matter is pending. • The Virginia Commission previously approved Rider US-2 in conjunction with Scott Solar, Whitehouse, and Woodland. In October 2018, Virginia Power proposed a $16 million revenue requirement for the rate year beginning September 1, 2019, which represents a $3 million increase over the previous year. This matter is pending. • The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2018, Virginia Power proposed a $755 million total revenue requirement consisting of $468 million for the transmission component of Virginia Power’s base rates and $287 million for Rider T1. This total revenue requirement represents a $146 million increase versus the revenues to be produced during the rate year under current rates. In August 2018, the Virginia Commission approved a total revenue requirement of $630 million, including Rider T1, subject to true-up, for the rate year beginning September 1, 2018. The Virginia Commission’s order required an adjustment to Rider T1 to begin providing projected benefits associated with the 2017 Tax Reform Act to customers in rates effective September 1, 2018. Such projected benefits were not included in the underlying transmission formula rates approved by FERC. Also in August 2018, Virginia Power filed a petition with the Virginia Commission seeking limited reconsideration and rehearing of this approval to adjust the total revenue requirement to $636 million. The reconsideration was granted and this matter is pending. Coastal Virginia Offshore Wind Project In August 2018, Virginia Power filed a petition with the Virginia Commission seeking a prudency determination as provided in the Grid Transformation and Security Act of 2018 with respect to the proposed Coastal Virginia Offshore Wind Project consisting of two 6 MW wind turbine generators located approximately 27 miles off the coast of Virginia Beach, Virginia in federal waters, and for a CPCN, if necessary, for the generation tie line connecting the generators to shore. This project is expected to cost approximately $300 million and to be installed by the end of 2020. This matter is pending. Electric Transmission Projects In August 2018, Virginia Power filed an application with the Virginia Commission for a CPCN for a partial rebuild of 138 kV overhead transmission lines in Alleghany County, Virginia and Covington, Virginia. The total estimated cost of the project is approximately $15 million. This matter is pending. In September 2018, the Virginia Commission granted Virginia Power a CPCN to rebuild and operate in Augusta County, Virginia approximately 18 miles of existing 500 kV transmission line between the Dooms substation and the Valley substation, along with associated substation work. The total estimated cost of the project is approximately $65 million. In September 2018, the Virginia Commission granted Virginia Power a CPCN to build and operate in Fairfax County, Virginia approximately 4 miles of 230 kV transmission line between the Idylwood and Tysons substations, along with associated substation work. The total estimated cost of the project is approximately $125 million. North Carolina Regulation In August 2018, 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 $24 million increase to the fuel component of its electric rates for the rate year beginning February 1, 2019. As a mitigation alternative, Virginia Power proposed recovering 50% in the February 1, 2019 to the January 31, 2020 rate period and the remaining 50% in the following rate period. This case is pending. Ohio Regulation 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 2018, 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 $11 million as of March 31, 2018, and recovery of prospective net bad debt expense projected to total $16 million for the twelve-month period from April 2018 to March 2019. Utah and Wyoming Regulation In October 2018, the Utah Commission denied Questar Gas’ request for pre-approval to construct an LNG peaking storage facility with a liquefaction rate of 8.2 million cubic feet per day. Questar Gas is reviewing the order and assessing its options, which include filing supplemental information with the Utah Commission for reconsideration. In October 2018, Questar Gas submitted filings with both the Utah Commission and the Wyoming Commission for an approximately $48 million gas cost decrease reflecting forecasted decreases in commodity costs. The Utah Commission and the Wyoming Commission both approved the filings in October 2018 with rates effective November 2018. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | Note 14. 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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. Dominion Energy Dominion Energy’s securities due within one year and long-term debt include $27 million and $326 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 in the third quarter 2017 leaving a remaining aggregate summer generation capacity of approximately 218 MW. Virginia Power is not subject to any risk of loss from this potential VIE other than its remaining purchase commitments which totaled $163 million as of September 30, 2018. Virginia Power paid $13 million and $17 million for electric capacity and $4 million and $5 million for electric energy to non-utility generators in the three months ended September 30, 2018 and 2017, respectively. Virginia Power paid $38 million and $73 million for electric capacity and $14 million and $20 million for electric energy to non-utility generators in the nine months ended September 30, 2018 and 2017, respectively. Virginia Power and Dominion Energy Gas Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $79 million and $31 million for the three months ended September 30, 2018, $83 million and $31 million for the three months ended September 30, 2017, $251 million and $94 million for the nine months ended September 30, 2018 and $251 million and $93 million for the nine months ended September 30, 2017, respectively. Virginia Power and Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DES of $23 million and $11 million, respectively, at September 30, 2018, and $36 million and $14 million, respectively, at December 31, 2017, recorded in payables to affiliates in the Consolidated Balance Sheets. |
Significant Financing Transacti
Significant Financing Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Note 15. 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 In March 2018, Dominion Energy replaced its two existing joint revolving credit facilities with a $6.0 billion joint revolving credit facility. At September 30, 2018, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 6,000 $ 2,928 $ 132 $ 2,940 (1) This credit facility matures in March 2023 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 joint revolving credit facility discussed above with Dominion Energy, Virginia Power and Dominion Energy Gas. At September 30, 2018, the sub-limit for Questar Gas was $250 million. In addition to the credit facility mentioned above, SBL Holdco has $30 million of credit facilities which had an original 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 had an original 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, 2018, no amounts were outstanding under either of these facilities. In October 2018, Dominion Energy entered into a credit agreement, which allows Dominion Energy to issue up to approximately $21 million in letters of credit. Additionally, in October 2018, Dominion Energy issued $16 million in letters of credit under this agreement. The facility terminates in June 2020. In February and June 2018, Dominion Energy borrowed $950 million and $500 million, respectively, under 364-Day Term Loan Agreements that bore interest at a variable rate. In September 2018, the principal outstanding plus accrued interest for both borrowings was repaid. In March 2018, Dominion Energy Midstream entered into a $500 million revolving credit facility. The credit facility matures in March 2021, bears interest at a variable rate, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $250 million of letters of credit. At September 30, 2018, Dominion Energy Midstream had $73 million outstanding under this credit facility. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility. This credit facility 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, 2018, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas and Questar Gas was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 6,000 $ 934 $ 61 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Virginia Power was $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. This credit facility matures in March 2023 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 had a $100 million credit facility with a maturity date of April 2020. In March 2018, Virginia Power redeemed its variable rate tax-exempt financings supported by this credit facility and terminated the facility. Dominion Energy Gas Dominion Energy Gas’ short-term financing is supported through its access as co-borrower to the joint revolving credit facility. This credit facility 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, 2018, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power and Questar Gas was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,500 $ 141 $ — (1) A maximum of $1.5 billion of the facility 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. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the Companies multiple times per year. At Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In January 2018, Dominion Energy Questar Pipeline issued, through private placement, $100 million of 3.53% senior notes and $150 million of 3.91% senior notes that mature in 2028 and 2038, respectively. The proceeds were used to repay maturing long-term debt. In March 2018, Virginia Power issued $700 million of 3.80% senior notes that mature in 2028. In March 2018, Virginia Power redeemed $100 million of its variable rate tax-exempt financings which would otherwise have matured in 2024, 2026 and 2027. In April 2018, Questar Gas issued through private placement $50 million of 3.30% senior notes and $100 million of 3.97% senior notes that mature in 2030 and 2047, respectively. In May 2018, Dominion Energy issued through private placement $500 million of variable rate senior notes that mature in 2020. In June 2018, Dominion Energy issued $300 million of 4.25% senior notes that mature in 2028. In June 2018, Dominion Energy Gas issued $500 million of variable rate senior notes that mature in 2021. In September 2018, Cove Point closed on an up to $3.0 billion term loan that is secured by Dominion Energy’s common equity interest in Cove Point, bears interest at a variable rate and matures in 2021. In accordance with the terms of the term loan, Cove Point borrowed $2.0 billion at closing and can borrow up to an additional $1.0 billion by the end of 2018. Under the terms of the term loan, Cove Point is restricted from issuing certain debt, selling the Cove Point LNG Facility, paying distributions to Dominion Energy or taking certain other actions without necessary approvals. In November 2018, Eagle Solar issued through private placement $362 million of 4.82% senior secured notes which mature in December 2042. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s interest in certain merchant solar facilities. The proceeds were used for the reimbursement of equity amounts previously invested by Dominion Energy in the acquisition, development, or construction of the projects in Eagle Solar. Noncontrolling Interest in Dominion Energy Midstream In May 2018, all of the subordinated units of Dominion Energy Midstream held by Dominion Energy were converted into common units on a 1:1 ratio following the payment of Dominion Energy Midstream’s distribution for the first quarter of 2018. In June 2018, Dominion Energy, as general partner, exercised an incentive distribution right reset as defined in Dominion Energy Midstream’s partnership agreement and received 27 million common units representing limited partner interests in Dominion Energy Midstream. As a result of the increase in its ownership interest in Dominion Energy Midstream, Dominion Energy recorded a decrease in noncontrolling interest, and a corresponding increase in shareholders’ equity, of $375 million reflecting the change in the carrying value of the interest in the net assets of Dominion Energy Midstream held by others. Issuance of Common Stock At-the-Market Programs In June 2017, Dominion Energy filed an SEC shelf registration statement 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 was able to offer up to $500 million aggregate amount of its common stock. In January 2018, Dominion Energy provided sales instructions to one of the sales agents and issued 6.6 million shares through at-the-market issuances and received cash proceeds of $495 million, net of fees and commissions paid of $5 million. Following these issuances, Dominion Energy had no remaining ability to issue stock under the 2017 sales agency agreements and completed the program. In February 2018, Dominion Energy entered into six separate sales agency agreements to effect sales under a new at-the-market program pursuant to which it may offer from time to time up to $1.0 billion aggregate amount of its common stock. These agreements replaced the sales agency agreements entered into by Dominion Energy in June 2017. 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 2018. Forward Sales Agreements Dominion Energy entered in March 2018, and closed in April 2018, separate forward sale agreements with Goldman Sachs & Co. LLC and Credit Suisse Capital LLC, as forward purchasers, and an underwriting agreement with Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, relating to an aggregate of 20 million shares of Dominion Energy common stock. The underwriting agreement granted the underwriters a 30-day option to purchase up to an additional three million shares of Dominion Energy common stock, which the underwriters exercised with respect to approximately 2.1 million shares in April 2018. Dominion Energy entered into separate forward sale agreements with the forward purchasers with respect to the additional shares. Except in certain specified circumstances that would require physical share settlement, Dominion Energy may elect physical, cash or net share settlement of the forward sale agreements on or before December 31, 2018. At the initial forward sale price of approximately $67.33 per share, Dominion Energy expects the net proceeds from full physical settlement of the forward sales agreements to be approximately $1.5 billion (after deducting underwriting discounts, but before deducting expenses, and subject to forward price adjustments under the forward sale agreements). Pursuant to a cash settlement of the forward sale agreements, Dominion Energy would expect to receive an amount of net proceeds that is significantly lower than estimated above in connection with the full physical settlement, and Dominion Energy may not receive any net proceeds (or may owe cash, which could be a significant amount, to the forward purchasers). If the forward sale agreements are net share settled in full, Dominion Energy would not receive any cash proceeds from the forward purchasers (and may be required to deliver shares of our common stock to the forward purchasers). The forward sale transactions will be classified as equity transactions, because they are indexed to Dominion Energy’s common stock and physical settlement is within Dominion Energy’s control. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 16. 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 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 Companies’ financial position, liquidity or results of operations. Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. Air 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 The MATS rule requires coal- and oil-fired electric utility steam generating units to meet strict emission limits for mercury, particulate matter as a surrogate for toxic metals and hydrogen chloride as a surrogate for acid gases. Following a one-year compliance extension granted by the VDEQ and an additional one-year extension under an EPA Administrative Order, Virginia Power ceased operating the coal units at Yorktown power station in April 2017 to comply with the rule. In June 2017, the 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. Beginning in August 2017, PJM filed requests for 90-day renewals of the DOE order, which the DOE has granted. The current renewal is effective until December 2018. The Sierra Club has challenged the DOE order and certain renewal requests, all of which have been denied by the DOE. In August 2018, the EPA announced that it will move ahead with a draft proposal to reconsider the MATS rule and determine whether it is appropriate and necessary to regulate toxic emissions from power plants. At this time, it is uncertain whether the EPA will repeal the rule in its entirety, establish new, less stringent emission standards or retain the standards at current levels. Although litigation of the MATS rule and the outcome of the EPA’s rulemaking are still pending, the regulation remains in effect and Virginia Power is complying with the applicable requirements of the rule and 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 X The EPA published final non-attainment designations for the October 2015 ozone standard in June 2018. States have until August 2021 to develop plans to address the new standard. Until the states have developed implementation plans for the standard, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations and cash flows. NO X In April 2016, the Pennsylvania Department of Environmental Protection issued final regulations, with an effective date of January 2017, to reduce NO X Oil and Gas NSPS In August 2012, the EPA issued an 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 new 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 the rule 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. In November 2017, the EPA solicited comments on the proposed two-year stay of the June 2016 NSPS rules and in October 2018, published a proposed rule reconsidering and amending portions of the 2016 rule, including but not limited to, the fugitive emissions requirements at well sites and compressor stations. Until the proposed rule is final, Dominion Energy and Dominion Energy Gas are implementing the 2016 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. GHG Regulation Carbon Regulations 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 addition, the EPA continues to evaluate its policy regarding the consideration of CO 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 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 13 and 11 facilities, respectively, that may be subject to the final regulations. Nine units at Virginia Power’s facilities that are subject to regulations under Section 316(b) of the CWA have been or will be placed into cold reserve. While in cold reserve, applicable requirements under Section 316(b) of the CWA continue to apply to these units. 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 subject to 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 for certain waste streams regulations in the Effluent Limitations Guidelines final rule 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. Waste Management and Remediation 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. 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 two 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. In addition, a Virginia Power site has been accepted into a state-based voluntary remediation program. In June 2018, Virginia Power submitted a proposed remedial action plan to remove material from this site at an estimated cost of $18 million. Pending VDEQ approval, Virginia Power expects to begin remedial work at this site in mid-2019. As a result, in June 2018, Virginia Power recorded a charge of $16 million ($12 million after-tax) in other operations and maintenance expense in the Consolidated Statements of Income. 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 2015, the contractor filed a complaint against DETI in U.S. District Court for the Western District of Pennsylvania. In March 2016, the Pennsylvania court granted DETI’s motion to transfer the case to the U.S. District Court for the Eastern District of Virginia. 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. In November 2017, DETI and the contractor entered into a partial settlement agreement for a release of certain claims. In August 2018, DETI paid $14 million in accordance with the terms of a settlement agreement reached between the parties, resolving this matter. Gas Producers Litigation In connection with the Appalachian Gateway project, Dominion Energy Field Services, Inc. entered into contracts for firm purchase rights with a group of small gas producers. In June 2016, 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. During the third quarter of 2016, Dominion Energy, DETI and Dominion Energy Field Services, Inc. were served with the complaint. Also 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. In January 2018, the court granted the motion to dismiss filed by the defendants on two counts. All other claims are pending in the Business Court Division of West Virginia. 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 March 2015, the Sierra Club filed a lawsuit alleging 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. 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 the 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. In September 2018, the U.S. Court of Appeals for the Fourth Circuit ruled that impacted groundwater associated with coal ash storage at the Chesapeake power station did not constitute point source pollution in violation of the CWA or the station’s water discharge permit. The Sierra Club subsequently filed a petition for rehearing with the U.S. Court of Appeals for the Fourth Circuit, which was denied. In April 2015, the EPA enacted a final rule regulating 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. This rule 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 December 2016, legislation was enacted that creates a framework for EPA-approved state CCR permit programs. 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. In March 2018, the EPA proposed certain changes to the CCR rule related to issues remanded as part of the pending litigation and other issues the EPA is reconsidering. Several of the proposed changes would allow states with approved CCR permit programs additional flexibilities in implementing their programs. In July 2018, the EPA promulgated the first phase of changes to the CCR rule. Any changes to the CCR rule would not be effective in Virginia unless and until the VDEQ adopts those changes. Until all phases of the CCR rule are promulgated, Virginia Power 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 August 2018, the U.S. Court of Appeals for the D.C. Circuit issued its decision in the pending challenges of the CCR rule, vacating and remanding to the EPA three provisions of the rule. Virginia Power does not expect the scope of the U.S. Court of Appeals for the D.C. Circuit’s decision to impact its closure plans, but cannot forecast incremental impacts associated with any future changes to the CCR rule in connection with the court’s remand. In April 2017, the Governor of Virginia signed legislation into law that placed 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. Virginia Power completed the assessments and provided the report on December 1, 2017. In April 2018, the Governor of Virginia signed legislation into law extending the existing permit moratorium until July 2019. The legislation also requires Virginia Power to solicit and compile by November 2018, information from third parties on the suitability, cost and market demand for beneficiation or recycling of coal ash from these units. The extended moratorium does not apply to a permit required for an impoundment where CCRs have already been removed and placed in another impoundment on-site, are being removed from an impoundment, or are being processed in connection with a recycling or beneficial use project. In connection with this legislation, in the second quarter of 2018 Virginia Power recorded an increase to its ARO and a related environmental liability related to future ash pond and landfill closure costs of $131 million, which resulted in an $81 million ($60 million after-tax) charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $46 million increase in property, plant and equipment associated with asset retirement costs and a $4 million increase in regulatory assets. The actual AROs related to the CCR rule may vary substantially from the estimates used to record the obligation. Cove Point In September 2014, FERC issued an order granting authorization for Cove Point to construct, modify and operate the Liquefaction Project at the Cove Point facility, which enables the facility to liquefy domestically-produced natural gas and export it as LNG. In March 2018, Cove Point received authorization from FERC to commence service of the Liquefaction Project, which commenced commercial operations in April 2018. 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 October 2017, the party filed a request for rehearing of the FERC order on remand. In August 2018, FERC issued its rehearing order affirming and clarifying its previous orders. 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. 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. Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactors, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion Energy requiring implementation of safety enhancements related to mitigation strategies to respond to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation have been implemented. The information requests issued by the NRC request each reactor to reevaluate the seismic and external flooding hazards at their site using present-day methods and information, conduct walkdowns of their facilities to ensure protection against the hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. The walkdowns of each unit have been completed, audited by the NRC and found to be adequate. Reevaluation of the emergency communications systems and staffing levels was completed as part of the effort to comply with the orders. Reevaluation of the seismic and external flooding hazards is expected to continue through 2018. Dominion Energy and Virginia Power do not currently expect that compliance with the NRC's information requests will materially impact their financial position, results of operations or cash flows during the implementation period. The NRC staff is evaluating the implementation of the longer-term Tier 2 and Tier 3 recommendations. Dominion Energy and Virginia Power do not expect material financial impacts related to compliance with Tier 2 and Tier 3 recommendations. Nuclear Operations Nuclear Insurance During the second quarter of 2018, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program decreased from $13.4 billion to $13.1 billion. This decrease does not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988. Spent Nuclear Fuel Dominion Energy and Virginia Power entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by Dominion Energy’s and Virginia Power’s contracts with the DOE. Dominion Energy and Virginia Power have previously received damages award payments and settlement payments related to these contracts. By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. The settlement agreements for the Surry, North Anna and Millstone nuclear power stations have been extended to provide for periodic payments for damages incurred through December 31, 2016, and have been extended to provide for periodic payment of damages through December 31, 2019. In June 2018, a lawsuit for Kewaunee was filed in the U.S. Court of Federal Claims for recovery of spent nuclear fuel storage costs incurred for the period January 1, 2014 through December 31, 2017. This matter is pending. Guarantees, Surety Bonds and Letters of Credit Dominion Energy In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility, also entered in October 2017, with a stated maturity date of October 2021. Dominion Energy’s maximum potential loss exposure under the terms of the guarantee is limited to 48% of the outstanding borrowings under the revolving credit facility, an equal percentage to Dominion Energy’s ownership in Atlantic Coast Pipeline. As of September 30, 2018, Atlantic Coast Pipeline had borrowed $1.0 billion against the revolving credit facility and borrowed an additional $132 million in October 2018. Dominion Energy’s Consolidated Balance Sheets include a liability of $23 million associated with this guarantee agreement at September 30, 2018. In addition, at September 3 |
Credit Risk
Credit Risk | 9 Months Ended |
Sep. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Credit Risk | Note 17. 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, 2017 At September 30, 2018, Dominion Energy’s gross credit exposure related to energy marketing and price risk management activities totaled $61 million. Of this amount, investment grade counterparties, including those internally rated, represented 41%. No single counterparty, whether investment grade or non-investment grade, exceeded $9 million of exposure. At September 30, 2018, Virginia Power’s exposure related to wholesale customers totaled $51 million. Of this amount, investment grade counterparties, including those internally rated, represented 48%. No single counterparty, whether investment grade or non-investment grade, exceeded $9 million of exposure. At September 30, 2018, Dominion Energy Gas’ exposure primarily related to wholesale customers totaled less than $1 million. Of this amount, investment grade counterparties, including those internally rated, represented 2%. No single counterparty, whether investment grade or non-investment grade, exceeded $1 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, 2018 and December 31, 2017, Dominion Energy would have been required to post $24 million and $62 million, respectively, of additional collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted no collateral at September 30, 2018 or December 31, 2017 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. 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 September 30, 2018 and December 31, 2017 was $22 million and $65 million, respectively, 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, 2018 and December 31, 2017. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 18. 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 forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At September 30, 2018, Virginia Power’s derivative assets and liabilities with affiliates were $16 million and $3 million, respectively. At December 31, 2017, Virginia Power’s derivative assets and liabilities with affiliates were $11 million and $5 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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. At September 30, 2018 and December 31, 2017, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $600 million and $505 million, respectively. At September 30, 2018 and December 31, 2017, Virginia Power's amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $241 million and $199 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, 2018 2017 2018 2017 (millions) Commodity purchases from affiliates $ 196 $ 170 $ 733 $ 519 Services provided by affiliates (1) 106 109 338 333 Services provided to affiliates 6 5 17 17 (1) Includes capitalized expenditures of Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $15 million and $33 million in short-term demand note borrowings from Dominion Energy as of September 30, 2018 and December 31, 2017, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of September 30, 2018 and December 31, 2017. Interest charges related to Virginia Power’s borrowings from Dominion Energy were less than $1 million for the three and nine months ended September 30, 2018 and 2017. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three and nine months ended September 30, 2018 and 2017. 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 and related parties, including construction services, which are presented separately from contracts involving commodities or services. As of September 30, 2018 and December 31, 2017, all of Dominion Energy Gas' commodity derivatives were with affiliates. See Notes 7 and 9 for more information. See Note 10 for information regarding transactions with Atlantic Coast Pipeline. 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, 2017, as updated in Current Report on Form 8-K, filed on June 6, 2018. At September 30, 2018 and December 31, 2017, amounts due from Dominion Energy associated with the Dominion Energy Pension Plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $763 million and $734 million, respectively. At September 30, 2018 and December 31, 2017, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan included in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $12 million and $7 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. Presented below are Dominion Energy Gas’ significant transactions with DES and other affiliates and related parties: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (millions) Sales of natural gas and transportation and storage services to affiliates $ 17 $ 15 $ 51 $ 51 Purchases of natural gas from affiliates 1 2 2 4 Services provided by related parties (1) 32 36 98 106 Services provided to related parties (2) 53 37 166 113 (1) Includes capitalized expenditures of $10 million and $13 million for the three months ended September 30, 2018 and 2017, respectively, and $27 million and $33 million for the nine months ended September 30, 2018 and 2017, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: September 30, 2018 December 31, 2017 (millions) Other receivables (1) $ 15 $ 12 Customer receivables from related parties 1 1 Imbalances receivable from affiliates — 1 Imbalances payable to affiliates (2) 7 — Affiliated notes receivable (3) 17 20 (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 $24 million and $18 million as of September 30, 2018 and December 31, 2017, respectively. Interest charges related to Dominion Energy Gas’ total borrowings from Dominion Energy were less than $1 million for the three and nine months ended September 30, 2018 and 2017. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 19. Employee Benefit Plans Dominion Energy The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (millions) Three Months Ended September 30, Service cost $ 39 $ 35 $ 7 $ 7 Interest cost 85 86 14 15 Expected return on plan assets (165 ) (160 ) (36 ) (32 ) Amortization of prior service cost (credit) — — (13 ) (13 ) Amortization of net actuarial loss 48 40 3 3 Settlements — 1 — — Net periodic benefit cost (credit) $ 7 $ 2 $ (25 ) $ (20 ) Nine Months Ended September 30, Service cost $ 118 $ 104 $ 20 $ 20 Interest cost 253 259 42 45 Expected return on plan assets (498 ) (480 ) (107 ) (95 ) Amortization of prior service cost (credit) 1 1 (39 ) (38 ) Amortization of net actuarial loss 145 121 8 9 Settlements — 2 — — Net periodic benefit cost (credit) $ 19 $ 7 $ (76 ) $ (59 ) Employer Contributions During the nine months ended September 30, 2018, Dominion Energy made no contributions to its defined benefit pension plans or other postretirement benefit plans. Dominion Energy expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2018. 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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. See Note 18 for more information. The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (millions) Three Months Ended September 30, Service cost $ 4 $ 3 $ 1 $ 1 Interest cost 7 7 3 3 Expected return on plan assets (36 ) (34 ) (7 ) (7 ) Amortization of prior service credit — — (1 ) (1 ) Amortization of net actuarial loss 4 4 — 1 Net periodic benefit credit $ (21 ) $ (20 ) $ (4 ) $ (3 ) Nine Months Ended September 30, Service cost $ 13 $ 11 $ 3 $ 3 Interest cost 21 22 8 9 Expected return on plan assets (111 ) (105 ) (21 ) (19 ) Amortization of prior service credit — — (3 ) (2 ) Amortization of net actuarial loss 14 12 2 2 Net periodic benefit credit $ (63 ) $ (60 ) $ (11 ) $ (7 ) Employer Contributions During the nine months ended September 30, 2018, 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 2018. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 20. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion 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 terminalling 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). 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, 2018, Dominion Energy reported after-tax net expenses of $253 million for specific items in the Corporate and Other segment, with $188 million of net expenses attributable to its operating segments. 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. The net expense for specific items attributable to Dominion Energy’s operating segments in 2018 primarily related to the impact of the following items: • A $215 million ($160 million after-tax) charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers, attributable to: • Power Generation ($109 million after-tax); and • Power Delivery ($51 million after-tax). • A $156 million ($121 million after-tax) increased net investment earnings on nuclear decommissioning trust funds attributable to Power Generation. • A $124 million ($88 million after tax) charge for disallowance of FERC-regulated plant attributable to Gas Infrastructure. • An $81 million ($60 million after-tax) charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018 attributable to Power 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, 2018 Total revenue from external customers $ 596 $ 2,021 $ 836 $ — $ (2 ) $ 3,451 Intersegment revenue 5 3 7 160 (175 ) — Total operating revenue 601 2,024 843 160 (177 ) 3,451 Net income attributable to Dominion Energy 163 414 264 13 — 854 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 Nine Months Ended September 30, 2018 Total revenue from external customers $ 1,687 $ 5,516 $ 2,972 $ (210 ) $ 40 $ 10,005 Intersegment revenue 17 8 21 505 (551 ) — Total operating revenue 1,704 5,524 2,993 295 (511 ) 10,005 Net income (loss) attributable to Dominion Energy 464 1,038 840 (536 ) — 1,806 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 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, 2018, Virginia Power reported after-tax net expenses of $229 million for specific items in the Corporate and Other segment, with $226 million of net expenses attributable to its operating segments. 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. The net expense for specific items attributable to Virginia Power’s operating segments in 2018 primarily related to the impact of the following items: • A $215 million ($160 million after-tax) charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers, attributable to: • Power Generation ($109 million after-tax); and • Power Delivery ($51 million after-tax). • An $81 million ($60 million after-tax) charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018 attributable to Power Generation. 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 proposed customer settlement. 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, 2018 Operating revenue $ 595 $ 1,637 $ — $ 2,232 Net income 163 347 10 520 Three Months Ended September 30, 2017 Operating revenue $ 580 $ 1,574 $ — $ 2,154 Net income 137 314 8 459 Nine Months Ended September 30, 2018 Operating revenue $ 1,686 $ 4,338 $ (215 ) $ 5,809 Net income (loss) 462 796 (215 ) 1,043 Nine Months Ended September 30, 2017 Operating revenue $ 1,670 $ 4,062 $ — $ 5,732 Net income 387 735 11 1,133 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, 2018, Dominion Energy Gas reported after-tax net expenses of $100 million for specific items in the Corporate and Other segment, with $99 million of net expenses attributable to its operating segment. 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. The net expense for specific items in 2018 was due to a $124 million ($88 million after-tax) charge for disallowance of FERC-regulated plant. 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 following table presents segment information pertaining to Dominion Energy Gas’ operations: Gas Infrastructure Corporate Other Consolidated Total (millions) Three Months Ended September 30, 2018 Operating revenue $ 423 $ — $ 423 Net income (loss) 146 (10 ) 136 Three Months Ended September 30, 2017 Operating revenue $ 401 $ — $ 401 Net income (loss) 121 (4 ) 117 Nine Months Ended September 30, 2018 Operating revenue $ 1,408 $ — $ 1,408 Net income (loss) 421 (104 ) 317 Nine Months Ended September 30, 2017 Operating revenue $ 1,313 $ — $ 1,313 Net income (loss) 318 (16 ) 302 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017, as updated in Current Report on Form 8-K, filed June 6, 2018. |
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, 2018, Dominion Energy owns the general partner, 60.9% of the common 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, 2018, Dominion Energy owns 50% of the units in and consolidates Four Brothers and Three Cedars. In August 2018, NRG’s ownership interest in Four Brothers and Three Cedars was transferred to GIP. GIP’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’ 2017 Consolidated Financial Statements and Notes have been reclassified as a result of the adoption of revised accounting guidance pertaining to certain net periodic pension and other postretirement benefit costs, restricted cash and equivalents and certain distributions from equity method investees. In addition, certain other amounts have been reclassified to conform to the 2018 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows |
Operating Revenue | Operating Revenue Operating revenue is recorded on the basis of services rendered, commodities delivered or contracts settled and includes amounts yet to be billed to customers. Dominion Energy and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Energy Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables include accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to utility customers. Virginia Power’s customer receivables include accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to customers. Dominion Energy Gas’ customer receivables include accrued unbilled revenue based on estimated amounts of natural gas delivered and services provided but not yet billed to customers. The primary types of sales and service activities reported as operating revenue for Dominion Energy, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows: Revenue from Contracts with Customers • Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; • Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated hedging activity; • Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services; • Nonregulated gas sales consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties and associated hedging activity; • Regulated gas transportation and storage sales consist of FERC-regulated sales of transmission and storage services and state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • Nonregulated gas transportation and storage sales consist primarily of LNG terminalling services; • Other regulated revenue consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and • Other nonregulated revenue consists primarily of NGL gathering and processing, sales of NGL production and condensate, extracted products and associated hedging activity. Other nonregulated revenue also includes services performed for Atlantic Coast Pipeline, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations, service concession arrangements and gas processing and handling revenue. Other Revenue • Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues. The primary types of sales and service activities reported as operating revenue for Dominion Energy, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows: • Regulated electric sales consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; • Nonregulated electric sales consisted primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity; • Regulated gas sales consisted primarily of state- and FERC-regulated natural gas sales and related distribution services and associated derivative activity; • Nonregulated gas sales consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity; • Gas transportation and storage sales consisted primarily of FERC-regulated sales of transmission and storage services. Also included were state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; and • Other revenue consisted primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also included miscellaneous service revenue from electric and gas distribution operations, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations and gas processing and handling revenue. The primary types of sales and service activities reported as operating revenue for Virginia Power, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows: Revenue from Contracts with Customers • Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; • Other regulated revenue consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and • Other nonregulated revenue consists primarily of sales to non-jurisdictional customers from certain solar facilities, revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements. Other Revenue • Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues. The primary types of sales and service activities reported as operating revenue for Virginia Power, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows: • Regulated electric sales consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; and • Other revenue consisted primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities. The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows: Revenue from Contracts with Customers • Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services; • Nonregulated gas sales consist primarily of sales of gas purchased from third parties and royalty revenues; • Regulated gas transportation and storage sales consist of FERC-regulated sales of transmission and storage services and state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • NGL revenue consists primarily of NGL gathering and processing, sales of NGL production and condensate, extracted products and associated hedging activity; • Management service revenue consists primarily of services performed for Atlantic Coast Pipeline; • Other regulated revenue consists primarily of miscellaneous regulated revenues; and • Other nonregulated revenue consists primarily of miscellaneous service revenue. Other Revenue • Other revenue consists primarily of gains and losses from derivative instruments not subject to hedge accounting. The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows: • Regulated gas sales consisted primarily of state- and FERC-regulated natural gas sales and related distribution services; • Nonregulated gas sales consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices and sales of gas purchased from third parties. Revenue from sales of gas production was recognized based on actual volumes of gas sold to purchasers and was reported net of royalties; • Gas transportation and storage sales consisted primarily of FERC-regulated sales of transmission and storage services. Also included were state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; • NGL revenue consisted primarily of sales of NGL production and condensate, extracted products and associated derivative activity; and • Other revenue consisted primarily of miscellaneous service revenue, gas processing and handling revenue. Alternative revenue programs compensate Dominion Energy and Virginia Power for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above. Currently, Dominion Energy and Virginia Power account for the equity return for under-recovery of certain riders under the alternative revenue program guidance. Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Transportation and storage contracts are primarily stand-ready service contracts that include fixed reservation and variable usage fees. LNG terminalling services are also stand-ready service contracts, primarily consisting of fixed fees, offset by service credits associated with the start-up phase of the Liquefaction Project. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy and Dominion Energy Gas have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products, such as NGLs, typically transfer control and are recognized as revenue upon delivery of the product. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type, but is typically due within a month of billing. Dominion Energy and Dominion Energy Gas typically receive or retain NGLs and natural gas from customers when providing natural gas processing, transportation or storage services. The revised guidance for revenue from contracts with customers requires entities to include the fair value of the noncash consideration in the transaction price. Therefore, subsequent to the adoption of the revised guidance for revenue recognition from contracts with customers, Dominion Energy and Dominion Energy Gas record the fair value of NGLs received during natural gas processing as service revenue recognized over time, and continue to recognize revenue from the subsequent sale of the NGLs to customers upon delivery. Dominion Energy and Dominion Energy Gas typically retain natural gas under certain transportation service arrangements that are intended to facilitate performance of the service and allow for natural losses that occur. As the intent of the allowance is to enable fulfillment of the contract rather than to provide compensation for services, the fuel allowance is not included in revenue. |
Cash, Restricted Cash and Equivalents | Cash, Restricted Cash and Equivalents Restricted Cash and Equivalents The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for certain customer deposits, future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements and a distribution reserve at Cove Point. Upon adoption of revised accounting guidance in January 2018, restricted cash and equivalents are included within the Companies’ Consolidated Statements of Cash Flows, with the change in balance no longer considered a separate investing activity. The guidance required retrospective application which resulted in an adjustment to Dominion Energy and Dominion Energy Gas’ other cash used in investing activities for the nine months ended September 30, 2017, which had been previously reported as $6 million and $16 million, respectively. There was no impact to Virginia Power for the nine months ended September 30, 2017. The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period September 30, 2018 September 30, 2017 December 31, 2017 December 31, 2016 (millions) Dominion Energy Cash and cash equivalents $ 310 $ 227 $ 120 $ 261 Restricted cash and equivalents (1) 77 74 65 61 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 387 $ 301 $ 185 $ 322 Virginia Power Cash and cash equivalents $ 22 $ 16 $ 14 $ 11 Restricted cash and equivalents (1) 10 — 10 — Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 32 $ 16 $ 24 $ 11 Dominion Energy Gas Cash and cash equivalents $ 4 $ 13 $ 4 $ 23 Restricted cash and equivalents (1) 22 29 26 20 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 26 $ 42 $ 30 $ 43 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
Investments | Distributions from Equity Method Investees Dominion Energy and Dominion Energy Gas each hold investments that are accounted for under the equity method of accounting. Effective January 2018, Dominion Energy and Dominion Energy Gas classify distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy and Dominion Energy Gas. Previously, distributions were determined to be either a return on an investment or return of an investment based on a cumulative earnings approach whereby any distributions received in excess of earnings were considered to be a return of an investment. Dominion Energy and Dominion Energy Gas have applied this approach on a retrospective basis. As a result, distributions from equity method investees were reclassified within Dominion Energy’s Consolidated Statement of Cash Flows from other investing activities to other adjustments from operating activities, which were previously reported as ($95) million for the nine months ended September 30, 2017. There was no impact to Dominion Energy Gas for the nine months ended September 30, 2017. Investments Debt and Equity Securities with Readily Determinable Fair Values Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities. • Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income. • Debt securities classified as available-for-sale securities include all other debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any other-than-temporary impairments) on investments held in Virginia Power’s nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts, net realized gains and losses (including any other-than-temporary impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax. In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method. Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by Dominion Energy and Virginia Power in the nuclear decommissioning trusts. Dominion Energy and Virginia Power record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, Dominion Energy and Virginia Power may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Dominion Energy and Virginia Power qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in Virginia Power’s nuclear decommissioning trusts are recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income. Equity Securities without Readily Determinable Fair Values The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include: • Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy’s investments are included in investments in equity method affiliates and Dominion Energy Gas’ investments are included in investments in their Consolidated Balance Sheets. Dominion Energy and Dominion Energy Gas record equity method adjustments in other income and earnings from equity method investee, respectively, in their Consolidated Statements of Income, including their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method. • Cost method investments when Dominion Energy and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion Energy’s and Virginia Power’s investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Other-Than-Temporary Impairment The Companies periodically review their investments in debt securities and equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period. Decommissioning Trust Investments – Special Considerations for Debt Securities • The recognition provisions of other-than-temporary impairment guidance apply only to debt securities classified as available-for-sale or held-to-maturity. • Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings and any remaining portion of the unrealized loss in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. |
Property, Plant and Equipment | Property, Plant and Equipment In the second quarter of 2018, Virginia Power recorded an adjustment for the retroactive application of depreciation rates for regulated nuclear plants to comply with Virginia Commission requirements. This adjustment resulted in a decrease of $7 million ($5 million after-tax) and $53 million ($41 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income for the three and nine months ended September 30, 2018, respectively. This revision is expected to decrease annual depreciation expense by approximately $30 million ($23 million after-tax). |
New Accounting Standards | New Accounting Standards Revenue Recognition In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The Companies adopted this revised accounting guidance for interim and annual reporting periods beginning January 1, 2018 using the modified retrospective method. Upon the adoption of the standard, Dominion Energy and Dominion Energy Gas recorded the cumulative-effect of a change in accounting principle of $3 million to retained earnings and membership interests, respectively, and to establish a contract asset related to changes in the timing of revenue recognition for three existing contracts with customers at DETI. As a result of adopting this revised accounting guidance, Dominion Energy and Dominion Energy Gas record offsetting operating revenue and other energy-related purchases for non-cash consideration of performing processing and fractionation services related to NGLs. Such amounts at Dominion Energy were $24 million and $74 million, respectively, and at Dominion Energy Gas were $21 million and $71 million, respectively, recorded in the Consolidated Statements of Income for the three and nine months ended September 30, 2018. No such amounts were recorded during the three and nine months ended September 30, 2017. Dominion Energy and Dominion Energy Gas no longer record offsetting operating revenue and purchased gas for fuel retained to offset costs on certain transportation and storage arrangements. Such amounts at Dominion Energy were $20 million and $83 million, respectively, and at Dominion Energy Gas were $16 million and $64 million, respectively, recorded in the Consolidated Statements of Income for the three and nine months ended September 30, 2017. Financial Instruments In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2018 and the Companies adopted the standard using the modified retrospective method. Upon adoption of this guidance for equity securities held at January 1, 2018, Dominion Energy and Virginia Power recorded the cumulative-effect of a change in accounting principle to reclassify net unrealized gains from AOCI to retained earnings and to recognize equity securities previously categorized as cost method investments at fair value (using NAV) in nuclear decommissioning trust funds in the Consolidated Balance Sheets and a cumulative-effect adjustment to retained earnings. Dominion Energy and Virginia Power reclassified approximately $1.1 billion ($734 million after-tax) and $119 million ($73 million after-tax), respectively, of net unrealized gains from AOCI to retained earnings. Dominion Energy and Virginia Power also recorded approximately $36 million ($22 million after-tax) in net unrealized gains on equity securities previously classified as cost method investments, of which $3 million was recorded to retained earnings and $33 million was recorded to regulatory liabilities for net unrealized gains subject to cost-based regulation. As a result of adopting this revised accounting guidance, Dominion Energy recorded unrealized gains on equity securities, net of regulatory deferrals, of $148 million ($116 million after-tax) and $146 million ($116 million after-tax) in other income in the Consolidated Statements of Income for the three and nine months ended September 30, 2018, respectively, resulting in an $0.18 gain per share for both the three and nine months ended September 30, 2018. Virginia Power recorded unrealized gains on equity securities, net of regulatory deferrals, of $15 million ($12 million after-tax) and $13 million ($11 million after-tax), respectively, in other income in the Consolidated Statements of Income for the three and nine months ended September 30, 2018. Derecognition and Partial Sales of Nonfinancial Assets In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, and the Companies adopted the standard using the modified retrospective method. Upon adoption of the standard, Dominion Energy recorded the cumulative-effect of a change in accounting principle to reclassify $127 million from noncontrolling interests to common stock related to the sale of a noncontrolling interest in certain merchant solar projects completed in December 2015 and January 2016. Net Periodic Pension and Other Postretirement Benefit Costs In March 2017, the FASB 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 other components of net periodic pension and other postretirement costs are classified outside of income from operations. In addition, only the service cost component remains eligible for capitalization during construction. These changes do not impact the accounting by participants in a multi-employer plan. This guidance became effective for the Companies beginning January 1, 2018 with a retrospective adoption for income statement presentation and a prospective adoption for capitalization. Dominion Energy’s and Dominion Energy Gas’ Consolidated Statements of Income for the nine months ended September 30, 2017 have been recast to reflect retrospective adoption for the presentation of the non-service cost component of net periodic pension and other postretirement benefit costs. Previously, the non-service cost component for Dominion Energy and Dominion Energy Gas was reflected in other operations and maintenance in the Consolidated Statements of Income, along with the service cost component of net periodic pension and other postretirement benefit costs. Subsequent to the adoption of this guidance, the non-service cost component of net periodic pension and other postretirement benefit costs is recorded in other income in the Consolidated Statements of Income. As previously reported, Dominion Energy’s other operations and maintenance expense and other income for the three months ended September 30, 2017 were $649 million and $73 million, respectively, and were $2.2 billion and $249 million for the nine months ended September 30, 2017, respectively. Dominion Energy Gas’ other operations and maintenance expense and other income for the three months ended September 30, 2017 were $53 million and $6 million, respectively, and were $312 million and $16 million for the nine months ended September 30, 2017, respectively. Tax Reform In February 2018, the FASB issued revised accounting guidance to provide clarification on the application of the 2017 Tax Reform Act for balances recorded within AOCI. The revised guidance provides for stranded amounts within AOCI from the impacts of the 2017 Tax Reform Act to be reclassified to retained earnings. The Companies adopted this guidance for interim and annual reporting periods beginning January 1, 2018 on a prospective basis. In connection with the adoption of this guidance, Dominion Energy reclassified a benefit of $289 million from AOCI to retained earnings, Virginia Power reclassified a benefit of $3 million from AOCI to retained earnings and Dominion Energy Gas reclassified a benefit of $26 million from AOCI to membership interests. The amounts reclassified reflect the reduction in the federal income tax rate, and the federal benefit of state income taxes, on the components of the Companies’ AOCI. |
Fair Value Measurements | 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 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, certain 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. |
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. |
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 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 Companies’ financial position, liquidity or results of operations. |
Guarantees, Surety Bonds and Letters of Credit | Dominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Reconciliation of Total Cash, Restricted Cash and Equivalents | The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2018 and 2017: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period September 30, 2018 September 30, 2017 December 31, 2017 December 31, 2016 (millions) Dominion Energy Cash and cash equivalents $ 310 $ 227 $ 120 $ 261 Restricted cash and equivalents (1) 77 74 65 61 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 387 $ 301 $ 185 $ 322 Virginia Power Cash and cash equivalents $ 22 $ 16 $ 14 $ 11 Restricted cash and equivalents (1) 10 — 10 — Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 32 $ 16 $ 24 $ 11 Dominion Energy Gas Cash and cash equivalents $ 4 $ 13 $ 4 $ 23 Restricted cash and equivalents (1) 22 29 26 20 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 26 $ 42 $ 30 $ 43 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Operating Revenue For Revised Guidance of Revenue Recognition From Contracts with Customers | The Companies’ operating revenue, prior to the adoption of revised guidance for revenue recognition from contracts with customers, consisted of the following: Three Months Ended September 30, Nine Months Ended September 30, 2017 2017 (millions) Dominion Energy Electric sales: Regulated $ 2,108 $ 5,590 Nonregulated 380 1,114 Gas sales: Regulated 97 696 Nonregulated 69 323 Gas transportation and storage 406 1,328 Other 119 325 Total operating revenue $ 3,179 $ 9,376 Virginia Power Regulated electric sales $ 2,108 $ 5,590 Other 46 142 Total operating revenue $ 2,154 $ 5,732 Dominion Energy Gas Gas sales: Regulated $ 12 $ 59 Nonregulated 2 12 Gas transportation and storage 324 1,062 Other 63 180 Total operating revenue $ 401 $ 1,313 |
Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized | The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year contracts in place at September 30, 2018 2018 2019 2020 2021 2022 Thereafter Total (millions) Dominion Energy $ 430 $ 1,672 $ 1,568 $ 1,454 $ 1,324 $ 13,799 $ 20,247 Virginia Power 5 21 3 1 — — 30 Dominion Energy Gas 170 633 574 489 397 2,171 4,434 |
Subsequent To Adoption of Revised Guidance | |
Operating Revenue For Revised Guidance of Revenue Recognition From Contracts with Customers | The Companies’ operating revenue, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2018 2018 (millions) Dominion Energy Regulated electric sales: Residential $ 1,036 $ 2,641 Commercial 737 1,897 Industrial 143 371 Government and other retail 224 647 Wholesale 30 95 Nonregulated electric sales 322 1,022 Regulated gas sales: Residential 73 553 Commercial 15 152 Other 3 14 Nonregulated gas sales 42 139 Regulated gas transportation and storage: FERC-regulated 266 800 State-regulated 138 472 Nonregulated gas transportation and storage 162 286 Other regulated revenues 38 132 Other nonregulated revenues (1)(2) 133 410 Total operating revenue from contracts with customers 3,362 9,631 Other revenues (2) 89 374 Total operating revenue $ 3,451 $ 10,005 Virginia Power Regulated electric sales: Residential $ 1,036 $ 2,641 Commercial 737 1,897 Industrial 143 371 Government and other retail 224 647 Wholesale 30 95 Other regulated revenues 30 95 Other nonregulated revenues (1)(2) 10 41 Total operating revenue from contracts with customers 2,210 5,787 Other revenues (1)(2) 22 22 Total operating revenue $ 2,232 $ 5,809 Dominion Energy Gas Regulated gas sales: Residential $ 12 $ 54 Other — 9 Nonregulated gas sales (1) 2 5 Regulated gas transportation and storage: FERC-regulated (1) 179 561 State-regulated (1) 131 450 NGL revenue (1)(2) 42 146 Management service revenue (1) 50 157 Other regulated revenues (1) 4 16 Other nonregulated revenues (1) 3 9 Total operating revenue from contracts with customers 423 1,407 Other revenues — 1 Total operating revenue $ 423 $ 1,408 (1) See Notes 10 and 18 for amounts attributable to related parties and affiliates. (2) Amounts above include $108 million and $91 million for the three months ended September 30, 2018, and $170 million and $138 million for the nine months ended September 30, 2018 primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively, which are considered to be goods transferred at a point in time. In addition, the amounts include $10 million and $11 million of sales of renewable energy investment tax credits at both Dominion Energy and Virginia Power for the three and nine months ended September 30, 2018, respectively, which are considered to be goods transferred at a point in time. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2018 2017 2018 2017 U.S. statutory rate 21.0 % 35.0 % 21.0 % 35.0 % 21.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 3.3 2.9 4.6 3.7 3.9 2.7 Investment tax credits (0.9 ) (5.7 ) (1.4 ) (0.8 ) — — Production tax credits (0.7 ) (0.7 ) (0.7 ) (0.5 ) — — Reversal of excess deferred income taxes (1.5 ) — (1.9 ) — (1.3 ) — Federal legislative change 2.0 — (0.2 ) — 2.0 — State legislative change (0.8 ) — — — 0.1 — AFUDC - equity (0.9 ) (1.3 ) (0.5 ) (0.6 ) (0.4 ) (0.8 ) Other, net (1.0 ) (2.6 ) (0.3 ) 0.2 0.7 (0.1 ) Effective tax rate 20.5 % 27.6 % 20.6 % 37.0 % 26.0 % 36.8 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2018 2017 (millions, except EPS) Net income attributable to Dominion Energy $ 854 $ 665 $ 1,806 $ 1,687 Average shares of common stock outstanding – Basic 653.9 642.5 652.4 633.4 Net effect of dilutive securities 1.0 — 0.4 — Average shares of common stock outstanding – Diluted 654.9 642.5 652.8 633.4 Earnings Per Common Share – Basic $ 1.31 $ 1.03 $ 2.77 $ 2.66 Earnings Per Common Share – Diluted $ 1.30 $ 1.03 $ 2.77 $ 2.66 Dilutive securities consist primarily of forward sales agreements, effective April 2018. See Note 15 for more information regarding the forward sales agreements. In calculating the diluted EPS in connection with the forward sales agreements, Dominion Energy applies the treasury stock method. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive loss from equity method investees Total (millions) Three Months Ended September 30, 2018 Beginning balance $ (248 ) $ (2 ) $ (1,286 ) $ (2 ) $ (1,538 ) Other comprehensive income before reclassifications: gains (losses) (27 ) (6 ) — — (33 ) Amounts reclassified from AOCI: (gains) losses (1) 30 3 18 — 51 Net current period other comprehensive income (loss) 3 (3 ) 18 — 18 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) Three Months Ended September 30, 2017 Beginning balance $ (250 ) $ 630 $ (1,058 ) $ (4 ) $ (682 ) Other comprehensive income before reclassifications: gains (losses) 11 48 — — 59 Amounts reclassified from AOCI: (gains) losses (1) (15 ) (4 ) 14 — (5 ) Net current period other comprehensive income (loss) (4 ) 44 14 — 54 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) Nine Months Ended September 30, 2018 Beginning balance $ (302 ) $ 747 $ (1,101 ) $ (3 ) $ (659 ) Other comprehensive income before reclassifications: gains (losses) 51 (24 ) — 1 28 Amounts reclassified from AOCI: (gains) losses (1) 71 4 60 — 135 Net current period other comprehensive income (loss) 122 (20 ) 60 1 163 Cumulative-effect of changes in accounting principle (64 ) (732 ) (227 ) — (1,023 ) Less other comprehensive income attributable to noncontrolling interest 1 — — — 1 Ending balance $ (245 ) $ (5 ) $ (1,268 ) $ (2 ) $ (1,520 ) Nine Months Ended September 30, 2017 Beginning balance $ (280 ) $ 569 $ (1,082 ) $ (6 ) $ (799 ) Other comprehensive income before reclassifications: gains (losses) 82 141 — 2 225 Amounts reclassified from AOCI: (gains) losses (1) (56 ) (36 ) 38 — (54 ) Net current period other comprehensive income (loss) 26 105 38 2 171 Ending balance $ (254 ) $ 674 $ (1,044 ) $ (4 ) $ (628 ) (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 reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 26 Operating revenue Interest rate contracts 12 Interest and related charges Foreign currency contracts 2 Other income Total 40 Tax (10 ) Income tax expense Total, net of tax $ 30 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 3 Other income Total 3 Tax — Income tax expense Total, net of tax $ 3 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 30 Other income Total 25 Tax (7 ) Income tax expense Total, net of tax $ 18 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 Total (25 ) Tax 10 Income tax expense Total, net of tax $ (15 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (10 ) Other income Impairment 4 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $ (4 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 26 Other income Total 21 Tax (7 ) Income tax expense Total, net of tax $ 14 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 55 Operating revenue 2 Purchased gas (8 ) Electric fuel and other energy-related purchases Interest rate contracts 36 Interest and related charges Foreign currency contracts 10 Other income Total 95 Tax (24 ) Income tax expense Total, net of tax $ 71 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 91 Other income Total 75 Tax (15 ) Income tax expense Total, net of tax $ 60 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 Total (91 ) Tax 35 Income tax expense Total, net of tax $ (56 ) Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (74 ) Other income Impairment 18 Other income Total (56 ) Tax 20 Income tax expense Total, net of tax $ (36 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 79 Other income Total 63 Tax (25 ) Income tax expense Total, net of tax $ 38 |
Virginia Electric and Power Company | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended September 30, 2018 Beginning balance $ (8 ) $ (1 ) $ (9 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses — — — Net current period other comprehensive income (loss) 3 — 3 Ending balance $ (5 ) $ (1 ) $ (6 ) Three Months Ended September 30, 2017 Beginning balance $ (10 ) $ 61 $ 51 Other comprehensive income before reclassifications: gains (losses) (2 ) 6 4 Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) (2 ) 6 4 Ending balance $ (12 ) $ 67 $ 55 Nine Months Ended September 30, 2018 Beginning balance $ (12 ) $ 74 $ 62 Other comprehensive income before reclassifications: gains (losses) 10 (2 ) 8 Amounts reclassified from AOCI: (gains) losses — — — Net current period other comprehensive income (loss) 10 (2 ) 8 Cumulative-effect of changes in accounting principle (3 ) (73 ) (76 ) Ending balance $ (5 ) $ (1 ) $ (6 ) Nine Months Ended September 30, 2017 Beginning balance $ (8 ) $ 54 $ 46 Other comprehensive income before reclassifications: gains (losses) (5 ) 17 12 Amounts reclassified from AOCI: (gains) losses (1) 1 (4 ) (3 ) Net current period other comprehensive income (loss) (4 ) 13 9 Ending balance $ (12 ) $ 67 $ 55 (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Virginia Power’s reclassifications out of AOCI by component. Reclassifications out of AOCI were immaterial for both the three months ended September 30, 2017 and 2018 and the nine months ended September 30, 2018. Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Nine Months Ended September 30, 2017 Deferred (gains) and losses on derivatives-hedging activities: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (8 ) Other income Impairment 2 Other income Total (6 ) Tax 2 Income tax expense Total, net of tax $ (4 ) |
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 costs Total (millions) Three Months Ended September 30, 2018 Beginning balance $ (24 ) $ (94 ) $ (118 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses (1) 5 2 7 Net current period other comprehensive income (loss) 8 2 10 Ending balance $ (16 ) $ (92 ) $ (108 ) Three Months Ended September 30, 2017 Beginning balance $ (23 ) $ (97 ) $ (120 ) Other comprehensive income before reclassifications: gains (losses) 1 — 1 Amounts reclassified from AOCI: (gains) losses (1) (4 ) 1 (3 ) Net current period other comprehensive income (loss) (3 ) 1 (2 ) Ending balance $ (26 ) $ (96 ) $ (122 ) Nine Months Ended September 30, 2018 Beginning balance $ (23 ) $ (75 ) $ (98 ) Other comprehensive income before reclassifications: gains (losses) (4 ) — (4 ) Amounts reclassified from AOCI: (gains) losses (1) 16 4 20 Net current period other comprehensive income (loss) 12 4 16 Cumulative-effect of changes in accounting principle (5 ) (21 ) (26 ) Ending balance $ (16 ) $ (92 ) $ (108 ) Nine Months Ended September 30, 2017 Beginning balance $ (24 ) $ (99 ) $ (123 ) Other comprehensive income before reclassifications: gains (losses) 3 — 3 Amounts reclassified from AOCI: (gains) losses (1) (5 ) 3 (2 ) Net current period other comprehensive income (loss) (2 ) 3 1 Ending balance $ (26 ) $ (96 ) $ (122 ) (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, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 3 Operating revenue Interest rate contracts 2 Interest and related charges Foreign currency contracts 2 Other income Total 7 Tax (2 ) Income tax expense Total, net of tax $ 5 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax — Income tax expense Total, net of tax $ 2 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 Total (7 ) Tax 3 Income tax expense Total, net of tax $ (4 ) Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 Nine Months Ended September 30, 2018 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ 8 Operating revenue Interest rate contracts 4 Interest and related charges Foreign currency contracts 10 Other income Total 22 Tax (6 ) Income tax expense Total, net of tax $ 16 Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (1 ) Income tax expense Total, net of tax $ 4 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 Total (8 ) Tax 3 Income tax expense Total, net of tax $ (5 ) Unrecognized pension costs: Actuarial losses $ 5 Other income Total 5 Tax (2 ) Income tax expense Total, net of tax $ 3 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at September 30, 2018. 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) $ 65 Discounted cash flow Market price (per Dth) (3) (2) - 7 — FTRs 12 Discounted cash flow Market price (per MWh) (3) (1) - 7 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 7 3 Price volatility (4) 13% - 44% 23 % Electricity 19 Option model Market price (per MWh) (3) 27 - 57 42 Price volatility (4) 4% - 61% 37 % Total assets $ 98 Liabilities Financial forwards: FTRs $ 6 Discounted cash flow Market price (per MWh) (3) (1) - 6 — Total liabilities $ 6 (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. |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion 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) At September 30, 2018 Assets Derivatives: Commodity $ — $ 50 $ 98 $ 148 Interest rate — 117 — 117 Foreign currency — 32 — 32 Investments (1) Equity securities: U.S. 3,785 — — 3,785 Fixed income securities: Corporate debt instruments — 437 — 437 Government securities 350 768 — 1,118 Cash equivalents and other 13 — — 13 Total assets $ 4,148 $ 1,404 $ 98 $ 5,650 Liabilities Derivatives: Commodity $ — $ 94 $ 6 $ 100 Interest rate — 42 — 42 Foreign currency — 3 — 3 Total liabilities $ — $ 139 $ 6 $ 145 At December 31, 2017 Assets Derivatives: Commodity $ — $ 101 $ 157 $ 258 Interest rate — 17 — 17 Foreign currency — 32 — 32 Investments (1) Equity securities: U.S. 3,493 — — 3,493 Fixed income securities: Corporate debt instruments — 444 — 444 Government securities 307 794 — 1,101 Cash equivalents and other 34 — — 34 Total assets $ 3,834 $ 1,388 $ 157 $ 5,379 Liabilities Derivatives: Commodity $ — $ 190 $ 7 $ 197 Interest rate — 85 — 85 Foreign currency — 2 — 2 Total liabilities $ — $ 277 $ 7 $ 284 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $217 million and $88 million of assets at September 30, 2018 and December 31, 2017, 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, Net Derivative Asset (Liability) 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Beginning balance $ 119 $ 152 $ 150 $ 139 Total realized and unrealized gains (losses): Included in earnings (7 ) (11 ) (27 ) (36 ) Included in other comprehensive income — — 1 — Included in regulatory assets/liabilities (16 ) 11 (26 ) 34 Settlements (4 ) 1 (7 ) 13 Transfers out of Level 3 — — 1 3 Ending balance $ 92 $ 153 $ 92 $ 153 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, 2018 Total gains (losses) included in earnings $ — $ (7 ) $ (7 ) 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 Nine Months Ended September 30, 2018 Total gains (losses) included in earnings $ (2 ) $ (25 ) $ (27 ) 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 |
Schedule of Carrying Values and Estimated Fair Values of Debt 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, 2018 December 31, 2017 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) $ 30,401 $ 31,488 $ 28,666 $ 31,233 Junior subordinated notes (3) 3,431 3,432 3,981 4,102 Remarketable subordinated notes (3) 1,384 1,324 1,379 1,446 Credit facility borrowings 73 73 — — Virginia Power Long-term debt, including securities due within one year (3) $ 11,092 $ 11,759 $ 11,346 $ 12,842 Dominion Energy Gas Long-term debt, including securities due within one year (4) $ 4,061 $ 4,061 $ 3,570 $ 3,719 (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, 2018 and December 31, 2017, includes the valuation of certain fair value hedges associated with fixed rate debt of $(65) million and $(22) 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 Inputs, Assets, Quantitative Information | The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 2018. 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) $ 58 Discounted cash flow Market price (per Dth) (3) (2) - 7 (1 ) FTRs 12 Discounted cash flow Market price (per MWh) (3) (1) - 7 1 Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 7 3 Price volatility (4) 13% - 44% 23 % Electricity 19 Option model Market price (per MWh) (3) 27 - 57 42 Price volatility (4) 4% - 61% 37 % Total assets $ 91 Liabilities Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (1) - 6 — Total liabilities $ 5 (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 . |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2018 Assets Derivatives: Commodity $ — $ 14 $ 91 $ 105 Interest rate — 65 — 65 Investments (1) Equity securities: U.S. 1,699 — — 1,699 Fixed income securities: Corporate debt instruments — 218 — 218 Government securities 158 348 — 506 Total assets $ 1,857 $ 645 $ 91 $ 2,593 Liabilities Derivatives: Commodity $ — $ 3 $ 5 $ 8 Total liabilities $ — $ 3 $ 5 $ 8 At December 31, 2017 Assets Derivatives: Commodity $ — $ 14 $ 152 $ 166 Investments (1) Equity securities: U.S. 1,566 — — 1,566 Fixed income securities: Corporate debt instruments — 224 — 224 Government securities 168 326 — 494 Cash equivalents and other 16 — — 16 Total assets $ 1,750 $ 564 $ 152 $ 2,466 Liabilities Derivatives: Commodity $ — $ 4 $ 5 $ 9 Interest rate — 57 — 57 Total liabilities $ — $ 61 $ 5 $ 66 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $151 million and $27 million of assets at September 30, 2018 and December 31, 2017, 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, Net Derivative Asset (Liability) 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Beginning balance $ 115 $ 152 $ 147 $ 143 Total realized and unrealized gains (losses): Included in earnings (6 ) (12 ) (25 ) (37 ) Included in regulatory assets/liabilities (19 ) 11 (30 ) 34 Settlements (4 ) 1 (6 ) 12 Ending balance $ 86 $ 152 $ 86 $ 152 |
Dominion Energy Gas Holdings, LLC | |
Fair Value, by Balance Sheet Grouping | 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) At September 30, 2018 Assets Interest rate $ — $ 8 $ — $ 8 Foreign currency — 32 — 32 Total assets $ — $ 40 $ — $ 40 Liabilities Commodity $ — $ 9 $ — $ 9 Interest rate — 1 — 1 Foreign currency — 3 — 3 Total liabilities $ — $ 13 $ — $ 13 At December 31, 2017 Assets Foreign currency $ — $ 32 $ — $ 32 Total assets $ — $ 32 $ — $ 32 Liabilities Commodity $ — $ 4 $ 2 $ 6 Foreign currency — 2 — 2 Total liabilities $ — $ 6 $ 2 $ 8 |
Fair Value, Net Derivative Asset (Liability) 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 measured at fair value on a recurring basis and included in the Level 3 fair value category for the three months ended September 30, 2018 and 2017. Nine Months Ended September 30, 2018 2017 (millions) Beginning balance $ (2 ) $ (2 ) Total realized and unrealized gains (losses): Included in other comprehensive income (loss) 1 (1 ) Transfers out of Level 3 1 3 Ending balance $ — $ — |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 December 31, 2017 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 $ 109 $ — $ 109 $ 174 $ — $ 174 Exchange 29 — 29 80 — 80 Interest rate contracts: Over-the-counter 117 — 117 17 — 17 Foreign currency contracts: Over-the-counter 32 — 32 32 — 32 Total derivatives, subject to a master netting or similar arrangement 287 — 287 303 — 303 Total derivatives, not subject to a master netting or similar arrangement 10 — 10 4 — 4 Total $ 297 $ — $ 297 $ 307 $ — $ 307 September 30, 2018 December 31, 2017 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 $ 109 $ 10 $ — $ 99 $ 174 $ 9 $ — $ 165 Exchange 29 29 — — 80 80 — — Interest rate contracts: Over-the-counter 117 9 — 108 17 8 — 9 Foreign currency contracts: Over-the-counter 32 3 — 29 32 2 — 30 Total $ 287 $ 51 $ — $ 236 $ 303 $ 99 $ — $ 204 |
Offsetting Liabilities | September 30, 2018 December 31, 2017 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 $ 32 $ — $ 32 $ 76 $ — $ 76 Exchange 68 — 68 120 — 120 Interest rate contracts: Over-the-counter 42 — 42 85 — 85 Foreign currency contracts: Over-the-counter 3 — 3 2 — 2 Total derivatives, subject to a master netting or similar arrangement 145 — 145 283 — 283 Total derivatives, not subject to a master netting or similar arrangement — — — 1 — 1 Total $ 145 $ — $ 145 $ 284 $ — $ 284 September 30, 2018 December 31, 2017 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 $ 32 $ 10 $ — $ 22 $ 76 $ 9 $ 6 $ 61 Exchange 68 29 39 — 120 80 40 — Interest rate contracts: Over-the-counter 42 9 — 33 85 8 — 77 Foreign currency contracts: Over-the-counter 3 3 — — 2 2 — — Total $ 145 $ 51 $ 39 $ 55 $ 283 $ 99 $ 46 $ 138 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at September 30, 2018. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 71 29 Basis 261 607 Electricity (MWh): Fixed price (1) 9,770,320 957,820 FTRs 74,350,989 — Liquids (Gal) (2) 35,084,400 — Interest rate (3) $ 600,000,000 $ 5,023,819,541 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, 2018: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ 2 $ 2 37 months Electricity (34 ) (34 ) 15 months Other (7 ) (7 ) 6 months Interest rate (219 ) (29 ) 375 months Foreign currency 13 (3 ) 93 months Total $ (245 ) $ (71 ) |
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, 2018 ASSETS Current Assets Commodity $ 8 $ 86 $ 94 Interest rate 58 — 58 Total current derivative assets (1) 66 86 152 Noncurrent Assets Commodity 3 51 54 Interest rate 59 — 59 Foreign currency 32 — 32 Total noncurrent derivative assets (2) 94 51 145 Total derivative assets $ 160 $ 137 $ 297 LIABILITIES Current Liabilities Commodity $ 64 $ 32 $ 96 Interest rate 10 — 10 Foreign currency 3 — 3 Total current derivative liabilities (3) 77 32 109 Noncurrent Liabilities Commodity 3 1 4 Interest rate 32 — 32 Total noncurrent derivative liabilities (4) 35 1 36 Total derivative liabilities $ 112 $ 33 $ 145 December 31, 2017 ASSETS Current Assets Commodity $ 5 $ 158 $ 163 Interest rate 6 — 6 Total current derivative assets (1) 11 158 169 Noncurrent Assets Commodity — 95 95 Interest rate 11 — 11 Foreign currency 32 — 32 Total noncurrent derivative assets (2) 43 95 138 Total derivative assets $ 54 $ 253 $ 307 LIABILITIES Current Liabilities Commodity $ 103 $ 92 $ 195 Interest rate 53 — 53 Foreign currency 2 — 2 Total current derivative liabilities (3) 158 92 250 Noncurrent Liabilities Commodity 1 1 2 Interest rate 32 — 32 Total noncurrent derivative liabilities (4) 33 1 34 Total derivative liabilities $ 191 $ 93 $ 284 (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, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (26 ) Total commodity $ (58 ) $ (26 ) $ — Interest rate (3) 23 (12 ) 48 Foreign currency (4) (1 ) (2 ) — Total $ (36 ) $ (40 ) $ 48 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 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (55 ) Purchased gas (2 ) Electric fuel and other energy-related purchases 8 Total commodity $ (1 ) $ (49 ) $ — Interest rate (3) 70 (36 ) 141 Foreign currency (4) (1 ) (10 ) — Total $ 68 $ (95 ) $ 141 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 ) (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 | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ (5 ) $ 7 $ (8 ) $ 22 Purchased gas 1 (6 ) 5 2 Electric fuel and other energy-related purchases (7 ) (19 ) (23 ) (51 ) Other operations & maintenance — 1 — (1 ) Total $ (11 ) $ (17 ) $ (26 ) $ (28 ) (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 | |
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, 2018 December 31, 2017 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 $ 89 $ — $ 89 $ 155 $ — $ 155 Interest rate contracts: Over-the-counter 65 — 65 — — — Total derivatives, subject to a master netting or similar arrangement 154 — 154 155 — 155 Total derivatives, not subject to a master netting or similar arrangement 16 — 16 11 — 11 Total $ 170 $ — $ 170 $ 166 $ — $ 166 September 30, 2018 December 31, 2017 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 $ 89 $ 5 $ — $ 84 $ 155 $ 4 $ — $ 151 Interest rate contracts: Over-the-counter 65 — — 65 — — — — Total $ 154 $ 5 $ — $ 149 $ 155 $ 4 $ — $ 151 |
Offsetting Liabilities | September 30, 2018 December 31, 2017 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 $ 5 $ — $ 5 $ 4 $ — $ 4 Interest rate contracts: Over-the-counter — — — 57 — 57 Total derivatives, subject to a master netting or similar arrangement 5 — 5 61 — 61 Total derivatives, not subject to a master netting or similar arrangement 3 — 3 5 — 5 Total $ 8 $ — $ 8 $ 66 $ — $ 66 September 30, 2018 December 31, 2017 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 $ 5 $ 5 $ — $ — $ 4 $ 4 $ — $ — Interest rate contracts: Over-the-counter — — — — 57 — — 57 Total $ 5 $ 5 $ — $ — $ 61 $ 4 $ — $ 57 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at September 30, 2018. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 24 4 Basis 161 521 Electricity (MWh): Fixed price (1) 660,190 — FTRs 73,336,004 — Interest rate (2) $ 600,000,000 $ 1,000,000,000 (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, 2018: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (5 ) $ (1 ) 375 months Total $ (5 ) $ (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, 2018 ASSETS Current Assets Commodity $ — $ 60 $ 60 Interest rate 28 — 28 Total current derivative assets (1) 28 60 88 Noncurrent Assets Commodity — 45 45 Interest rate 37 — 37 Total noncurrent derivative assets (2) 37 45 82 Total derivative assets $ 65 $ 105 $ 170 LIABILITIES Current Liabilities Commodity $ — $ 8 $ 8 Total current derivative liabilities (3) — 8 8 Total derivative liabilities $ — $ 8 $ 8 December 31, 2017 ASSETS Current Assets Commodity $ — $ 75 $ 75 Total current derivative assets (1) — 75 75 Noncurrent Assets Commodity — 91 91 Total noncurrent derivative assets (2) — 91 91 Total derivative assets $ — $ 166 $ 166 LIABILITIES Current Liabilities Commodity $ — $ 9 $ 9 Interest rate 44 — 44 Total current derivative liabilities (3) 44 9 53 Noncurrent Liabilities Interest rate 13 — 13 Total noncurrent derivatives liabilities (4) 13 — 13 Total derivative liabilities $ 57 $ 9 $ 66 (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, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 4 $ — $ 48 Total $ 4 $ — $ 48 Three Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (3 ) $ — $ (26 ) Total $ (3 ) $ — $ (26 ) Nine Months Ended September 30, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 13 $ — $ 141 Total $ 13 $ — $ 141 Nine Months Ended September 30, 2017 Derivative type and location of gains (losses): Interest rate (3) $ (8 ) $ (1 ) $ (60 ) Total $ (8 ) $ (1 ) $ (60 ) (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 | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 (millions) Derivative type and location of gains (losses): Commodity (2) $ (9 ) $ (18 ) $ (12 ) $ (42 ) Total $ (9 ) $ (18 ) $ (12 ) $ (42 ) (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 | |
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, 2018 December 31, 2017 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet (millions) Interest rate contracts: Over-the-counter $ 8 $ — $ 8 $ — $ — $ — Foreign currency contracts: Over-the-counter 32 — 32 32 — 32 Total derivatives, subject to a master netting or similar arrangement $ 40 $ — $ 40 $ 32 $ — $ 32 September 30, 2018 December 31, 2017 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Net Amounts of Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Interest rate contracts: Over-the-counter $ 8 $ 1 $ — $ 7 $ — $ — $ — $ — Foreign currency contracts: Over-the-counter 32 3 — 29 32 2 — 30 Total $ 40 $ 4 $ — $ 36 $ 32 $ 2 $ — $ 30 |
Offsetting Liabilities | September 30, 2018 December 31, 2017 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 $ 9 $ — $ 9 $ 6 $ — $ 6 Interest rate contracts: Over-the-counter 1 — 1 — — — Foreign currency contracts: Over-the-counter 3 — 3 2 — 2 Total derivatives, subject to a master netting or similar arrangement $ 13 $ — $ 13 $ 8 $ — $ 8 September 30, 2018 December 31, 2017 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 $ 9 $ — $ — $ 9 $ 6 $ — $ — $ 6 Interest rate contracts: Over-the-counter 1 1 — — — — — — Foreign currency contracts: Over-the-counter 3 3 — — 2 2 — — Total $ 13 $ 4 $ — $ 9 $ 8 $ 2 $ — $ 6 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy Gas’ derivative activity at September 30, 2018. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent NGLs (Gal) 29,708,400 — Interest rate (1) $ — $ 1,050,000,000 Foreign currency (1)(2) $ — $ 280,000,000 (1) Maturity is based on final settlement period. (2) 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, 2018: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: NGLs $ (7 ) $ (7 ) 6 months Interest rate (22 ) (4 ) 315 months Foreign currency 13 (3 ) 93 months Total $ (16 ) $ (14 ) |
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, 2018 ASSETS Noncurrent Assets Interest rate $ 8 $ — $ 8 Foreign currency 32 — 32 Total noncurrent derivative assets (1) 40 — 40 Total derivative assets $ 40 $ — $ 40 LIABILITIES Current Liabilities Commodity $ 9 $ — $ 9 Interest rate 1 — 1 Foreign currency 3 — 3 Total current derivative liabilities (2) 13 — 13 Total derivative liabilities $ 13 $ — $ 13 December 31, 2017 ASSETS Noncurrent Assets Foreign currency $ 32 $ — $ 32 Total noncurrent derivative assets (1) 32 — 32 Total derivative assets $ 32 $ — $ 32 LIABILITIES Current Liabilities Commodity $ 6 $ — $ 6 Foreign currency 2 — 2 Total current derivative liabilities (2) 8 — 8 Total derivative liabilities $ 8 $ — $ 8 (1) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (2) Current derivative liabilities are presented in other current 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, 2018 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (3 ) Total commodity $ (5 ) $ (3 ) Interest rate (2) 10 (2 ) Foreign currency (3) (1 ) (2 ) Total $ 4 $ (7 ) 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 Nine Months Ended September 30, 2018 Derivative Type and Location of Gains (Losses): Commodity: Operating revenue $ (8 ) Total commodity $ (11 ) $ (8 ) Interest rate (2) 6 (4 ) Foreign currency (3) (1 ) (10 ) Total $ (6 ) $ (22 ) 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 (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. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value (millions) September 30, 2018 Equity securities: (1) U.S. $ 1,710 $ 2,128 $ (10 ) $ 3,828 Fixed income securities: (2) Corporate debt instruments 438 6 (7 ) 437 Government securities 1,079 10 (19 ) 1,070 Common/collective trust funds 82 — — 82 Cash equivalents and other (3) 7 — — 7 Total $ 3,316 $ 2,144 $ (36 ) (4) $ 5,424 December 31, 2017 Equity securities: (2) U.S. $ 1,569 $ 1,857 $ — $ 3,426 Fixed income securities: (2) Corporate debt instruments 430 15 (1 ) 444 Government securities 1,039 27 (5 ) 1,061 Common/collective trust funds 60 — — 60 Cost method investments 68 — — 68 Cash equivalents and other (3) 34 — — 34 Total $ 3,200 $ 1,899 $ (6 ) (4) $ 5,093 (1) Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2 . (3) Includes pending sales of securities of $ (4) The fair value of securities in an unrealized loss position was $1.1 billion |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: (millions) Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Net gains recognized during the period $ 243 $ 267 Less: Net gains recognized during the period on securities sold during the period (7 ) (42 ) Unrealized gains recognized during the period on securities still held at September 30, 2018 (1) $ 236 $ 225 (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s debt securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2018 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 199 Due after one year through five years 344 Due after five years through ten years 389 Due after ten years 657 Total $ 1,589 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and debt securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (millions) Proceeds from sales $ 457 $ 377 $ 1,301 $ 1,496 Realized gains (1) 24 25 96 142 Realized losses (1) 18 16 60 52 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Other-Than-Temporary Impairment Losses | 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, 2018 2017 2018 2017 (millions) Total other-than-temporary impairment losses (1) $ 8 $ 7 $ 25 $ 33 Losses recorded to the nuclear decommissioning trust regulatory liability — (2 ) — (13 ) Losses recognized in other comprehensive income (before taxes) (8 ) (1 ) (25 ) (2 ) Net impairment losses recognized in earnings $ — $ 4 $ — $ 18 |
Virginia Electric and Power Company | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value (millions) September 30, 2018 Equity securities: (1) U.S. $ 842 $ 965 $ (6 ) $ 1,801 Fixed income securities: (2) Corporate debt instruments 220 2 (4 ) 218 Government securities 509 4 (8 ) 505 Common/collective trust funds 48 — — 48 Cash equivalents and other (3) 1 — — 1 Total $ 1,620 $ 971 $ (18 ) (4) $ 2,573 December 31, 2017 Equity securities: (2) U.S. $ 734 $ 831 $ — $ 1,565 Fixed income securities: (2) Corporate debt instruments 216 8 — 224 Government securities 482 13 (2 ) 493 Common/collective trust funds 27 — — 27 Cost method investments 68 — — 68 Cash equivalents and other (3) 22 — — 22 Total $ 1,549 $ 852 $ (2 ) (4) $ 2,399 (1) Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2 . (3) Includes pending sales of securities of $1 million and (4) The fair value of securities in an unrealized loss position was $539 million September 30, 2018 |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (millions) Net gains recognized during the period $ 106 $ 118 Less: Net gains recognized during the period on securities sold during the period (3 ) (26 ) Unrealized gains recognized during the period on securities still held at September 30, 2018 (1) $ 103 $ 92 (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s debt securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2018 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 64 Due after one year through five years 139 Due after five years through ten years 221 Due after ten years 347 Total $ 771 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and debt securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (millions) Proceeds from sales $ 237 $ 156 $ 651 $ 654 Realized gains (1) 11 9 44 64 Realized losses (1) 5 6 17 24 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale | The carrying amounts of the major classes of assets and liabilities classified as held for sale in Dominion Energy’s Consolidated Balance Sheet are as follows: September 30, 2018 (millions) Assets: Current assets $ 37 Property, plant and equipment, net 940 Other assets 52 Total assets $ 1,029 Liabilities: Current liabilities $ 8 Asset retirement obligation 1 Total liabilities $ 9 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Regulatory Assets And Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: September 30, 2018 December 31, 2017 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 260 $ 23 Deferred rate adjustment clause costs (2) 124 70 Deferred nuclear refueling outage costs (3) 58 54 Unrecovered gas costs (4) 3 38 Other 95 109 Regulatory assets-current 540 294 Unrecognized pension and other postretirement benefit costs (5) 1,276 1,336 Deferred rate adjustment clause costs (2) 312 401 PJM transmission rates (6) 265 222 Utility reform legislation (7) 189 147 Derivatives (8) 83 223 Other 191 151 Regulatory assets-noncurrent 2,316 2,480 Total regulatory assets $ 2,856 $ 2,774 Regulatory liabilities: Provision for future cost of removal and AROs (9) $ 101 $ 101 Cost-of-service impact of 2017 Tax Reform Act (10) 80 — Reserve for rate credits to electric utility customers (11) 61 — Other 93 92 Regulatory liabilities-current (12) 335 193 Income taxes refundable through future rates (13) 4,088 4,058 Provision for future cost of removal and AROs (9) 1,414 1,384 Nuclear decommissioning trust (14) 1,241 1,121 Other 403 353 Regulatory liabilities-noncurrent 7,146 6,916 Total regulatory liabilities $ 7,481 $ 7,109 Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 260 $ 23 Deferred rate adjustment clause costs (2) 101 56 Deferred nuclear refueling outage costs (3) 58 54 Other 60 72 Regulatory assets-current 479 205 Deferred rate adjustment clause costs (2) 225 312 PJM transmission rates (6) 265 222 Derivatives (8) 50 190 Other 96 86 Regulatory assets-noncurrent 636 810 Total regulatory assets $ 1,115 $ 1,015 Regulatory liabilities: Provision for future cost of removal (9) $ 80 $ 80 Cost-of-service impact of 2017 Tax Reform Act (10) 67 — Reserve for rate credits to customers (11) 61 — Other 42 47 Regulatory liabilities-current (12) 250 127 Income taxes refundable through future rates (13) 2,561 2,581 Nuclear decommissioning trust (14) 1,241 1,121 Provision for future cost of removal (9) 938 915 Derivatives (8) 38 69 Other 112 74 Regulatory liabilities-noncurrent 4,890 4,760 Total regulatory liabilities $ 5,140 $ 4,887 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (2) $ 23 $ 14 Unrecovered gas costs (4) — 8 Other 2 4 Regulatory assets-current (15) 25 26 Unrecognized pension and other postretirement benefit costs (5) 248 258 Utility reform legislation (7) 189 147 Deferred rate adjustment clause costs (2) 87 89 Other 27 17 Regulatory assets-noncurrent (16) 551 511 Total regulatory assets $ 576 $ 537 Regulatory liabilities: Provision for future cost of removal and AROs (9) $ 13 $ 13 Overrecovered gas costs (4) 6 — PIPP (17) 4 20 Other 9 5 Regulatory liabilities-current (12) 32 38 Income taxes refundable through future rates (13) 1,038 998 Provision for future cost of removal and AROs (9) 164 160 Cost-of-service impact of 2017 Tax Reform Act (10) 15 — Other 92 69 Regulatory liabilities-noncurrent 1,309 1,227 Total regulatory liabilities $ 1,341 $ 1,265 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy and Virginia Power’s generation operations. (2) Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 for more information. (3) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (4) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (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) Reflects amounts related to the PJM transmission cost allocation matter. See Note 13 for more information. (7) 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. (8) 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. (9) 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. (10) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Note 13 for more information. (11) Charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers. See Note 13 for more information. (12) Current regulatory liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. (14) 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. (15) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (16) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (17) 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. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: September 30, 2018 December 31, 2017 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 260 $ 23 Deferred rate adjustment clause costs (2) 124 70 Deferred nuclear refueling outage costs (3) 58 54 Unrecovered gas costs (4) 3 38 Other 95 109 Regulatory assets-current 540 294 Unrecognized pension and other postretirement benefit costs (5) 1,276 1,336 Deferred rate adjustment clause costs (2) 312 401 PJM transmission rates (6) 265 222 Utility reform legislation (7) 189 147 Derivatives (8) 83 223 Other 191 151 Regulatory assets-noncurrent 2,316 2,480 Total regulatory assets $ 2,856 $ 2,774 Regulatory liabilities: Provision for future cost of removal and AROs (9) $ 101 $ 101 Cost-of-service impact of 2017 Tax Reform Act (10) 80 — Reserve for rate credits to electric utility customers (11) 61 — Other 93 92 Regulatory liabilities-current (12) 335 193 Income taxes refundable through future rates (13) 4,088 4,058 Provision for future cost of removal and AROs (9) 1,414 1,384 Nuclear decommissioning trust (14) 1,241 1,121 Other 403 353 Regulatory liabilities-noncurrent 7,146 6,916 Total regulatory liabilities $ 7,481 $ 7,109 Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 260 $ 23 Deferred rate adjustment clause costs (2) 101 56 Deferred nuclear refueling outage costs (3) 58 54 Other 60 72 Regulatory assets-current 479 205 Deferred rate adjustment clause costs (2) 225 312 PJM transmission rates (6) 265 222 Derivatives (8) 50 190 Other 96 86 Regulatory assets-noncurrent 636 810 Total regulatory assets $ 1,115 $ 1,015 Regulatory liabilities: Provision for future cost of removal (9) $ 80 $ 80 Cost-of-service impact of 2017 Tax Reform Act (10) 67 — Reserve for rate credits to customers (11) 61 — Other 42 47 Regulatory liabilities-current (12) 250 127 Income taxes refundable through future rates (13) 2,561 2,581 Nuclear decommissioning trust (14) 1,241 1,121 Provision for future cost of removal (9) 938 915 Derivatives (8) 38 69 Other 112 74 Regulatory liabilities-noncurrent 4,890 4,760 Total regulatory liabilities $ 5,140 $ 4,887 Dominion Energy Gas Regulatory assets: Deferred rate adjustment clause costs (2) $ 23 $ 14 Unrecovered gas costs (4) — 8 Other 2 4 Regulatory assets-current (15) 25 26 Unrecognized pension and other postretirement benefit costs (5) 248 258 Utility reform legislation (7) 189 147 Deferred rate adjustment clause costs (2) 87 89 Other 27 17 Regulatory assets-noncurrent (16) 551 511 Total regulatory assets $ 576 $ 537 Regulatory liabilities: Provision for future cost of removal and AROs (9) $ 13 $ 13 Overrecovered gas costs (4) 6 — PIPP (17) 4 20 Other 9 5 Regulatory liabilities-current (12) 32 38 Income taxes refundable through future rates (13) 1,038 998 Provision for future cost of removal and AROs (9) 164 160 Cost-of-service impact of 2017 Tax Reform Act (10) 15 — Other 92 69 Regulatory liabilities-noncurrent 1,309 1,227 Total regulatory liabilities $ 1,341 $ 1,265 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Dominion Energy and Virginia Power’s generation operations. (2) Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 for more information. (3) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (4) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (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) Reflects amounts related to the PJM transmission cost allocation matter. See Note 13 for more information. (7) 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. (8) 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. (9) 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. (10) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Note 13 for more information. (11) Charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers. See Note 13 for more information. (12) Current regulatory liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets. (13) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. (14) 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. (15) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (16) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (17) 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. |
Significant Financing Transac_2
Significant Financing Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | In March 2018, Dominion Energy replaced its two existing joint revolving credit facilities with a $6.0 billion joint revolving credit facility. At September 30, 2018, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 6,000 $ 2,928 $ 132 $ 2,940 (1) This credit facility matures in March 2023 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, 2018, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas and Questar Gas was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 6,000 $ 934 $ 61 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Virginia Power was $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. This credit facility matures in March 2023 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, 2018, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power and Questar Gas was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,500 $ 141 $ — (1) A maximum of $1.5 billion of the facility 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. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the Companies multiple times per year. At |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At September 30, 2018, Dominion Energy had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 2,196 Nuclear obligations (2) 200 Cove Point (3) 1,900 Solar (4) 640 Other (5) 543 Total (6) $ 5,479 (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. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. (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, 2018, Dominion Energy's maximum remaining cumulative exposure under these equity funding agreements is $4 million through 2019 and its maximum annual future contribution is approximately $4 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, 2017. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 2017 2018 2017 (millions) Commodity purchases from affiliates $ 196 $ 170 $ 733 $ 519 Services provided by affiliates (1) 106 109 338 333 Services provided to affiliates 6 5 17 17 (1) Includes capitalized expenditures of |
Dominion Energy Gas Holdings, LLC | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | Presented below are Dominion Energy Gas’ significant transactions with DES and other affiliates and related parties: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 (millions) Sales of natural gas and transportation and storage services to affiliates $ 17 $ 15 $ 51 $ 51 Purchases of natural gas from affiliates 1 2 2 4 Services provided by related parties (1) 32 36 98 106 Services provided to related parties (2) 53 37 166 113 (1) Includes capitalized expenditures of $10 million and $13 million for the three months ended September 30, 2018 and 2017, respectively, and $27 million and $33 million for the nine months ended September 30, 2018 and 2017, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. |
Schedule of Related Party Transactions | The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: September 30, 2018 December 31, 2017 (millions) Other receivables (1) $ 15 $ 12 Customer receivables from related parties 1 1 Imbalances receivable from affiliates — 1 Imbalances payable to affiliates (2) 7 — Affiliated notes receivable (3) 17 20 (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, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost (Credit) | The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (millions) Three Months Ended September 30, Service cost $ 39 $ 35 $ 7 $ 7 Interest cost 85 86 14 15 Expected return on plan assets (165 ) (160 ) (36 ) (32 ) Amortization of prior service cost (credit) — — (13 ) (13 ) Amortization of net actuarial loss 48 40 3 3 Settlements — 1 — — Net periodic benefit cost (credit) $ 7 $ 2 $ (25 ) $ (20 ) Nine Months Ended September 30, Service cost $ 118 $ 104 $ 20 $ 20 Interest cost 253 259 42 45 Expected return on plan assets (498 ) (480 ) (107 ) (95 ) Amortization of prior service cost (credit) 1 1 (39 ) (38 ) Amortization of net actuarial loss 145 121 8 9 Settlements — 2 — — Net periodic benefit cost (credit) $ 19 $ 7 $ (76 ) $ (59 ) |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost (Credit) | The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows Pension Benefits Other Postretirement Benefits 2018 2017 2018 2017 (millions) Three Months Ended September 30, Service cost $ 4 $ 3 $ 1 $ 1 Interest cost 7 7 3 3 Expected return on plan assets (36 ) (34 ) (7 ) (7 ) Amortization of prior service credit — — (1 ) (1 ) Amortization of net actuarial loss 4 4 — 1 Net periodic benefit credit $ (21 ) $ (20 ) $ (4 ) $ (3 ) Nine Months Ended September 30, Service cost $ 13 $ 11 $ 3 $ 3 Interest cost 21 22 8 9 Expected return on plan assets (111 ) (105 ) (21 ) (19 ) Amortization of prior service credit — — (3 ) (2 ) Amortization of net actuarial loss 14 12 2 2 Net periodic benefit credit $ (63 ) $ (60 ) $ (11 ) $ (7 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 terminalling 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, 2018 Total revenue from external customers $ 596 $ 2,021 $ 836 $ — $ (2 ) $ 3,451 Intersegment revenue 5 3 7 160 (175 ) — Total operating revenue 601 2,024 843 160 (177 ) 3,451 Net income attributable to Dominion Energy 163 414 264 13 — 854 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 Nine Months Ended September 30, 2018 Total revenue from external customers $ 1,687 $ 5,516 $ 2,972 $ (210 ) $ 40 $ 10,005 Intersegment revenue 17 8 21 505 (551 ) — Total operating revenue 1,704 5,524 2,993 295 (511 ) 10,005 Net income (loss) attributable to Dominion Energy 464 1,038 840 (536 ) — 1,806 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 |
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, 2018 Operating revenue $ 595 $ 1,637 $ — $ 2,232 Net income 163 347 10 520 Three Months Ended September 30, 2017 Operating revenue $ 580 $ 1,574 $ — $ 2,154 Net income 137 314 8 459 Nine Months Ended September 30, 2018 Operating revenue $ 1,686 $ 4,338 $ (215 ) $ 5,809 Net income (loss) 462 796 (215 ) 1,043 Nine Months Ended September 30, 2017 Operating revenue $ 1,670 $ 4,062 $ — $ 5,732 Net income 387 735 11 1,133 |
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, 2018 Operating revenue $ 423 $ — $ 423 Net income (loss) 146 (10 ) 136 Three Months Ended September 30, 2017 Operating revenue $ 401 $ — $ 401 Net income (loss) 121 (4 ) 117 Nine Months Ended September 30, 2018 Operating revenue $ 1,408 $ — $ 1,408 Net income (loss) 421 (104 ) 317 Nine Months Ended September 30, 2017 Operating revenue $ 1,313 $ — $ 1,313 Net income (loss) 318 (16 ) 302 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Detail) $ / shares in Units, $ in Millions | Jan. 03, 2018USD ($) | Sep. 30, 2018USD ($)$ / shares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Contract$ / shares | Sep. 30, 2017USD ($) | Jan. 01, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||||||
Payments for sales and services due period | 1 month | ||||||
Cash provided by (used in) other investing activities | $ 5 | $ 6 | |||||
Other adjustments | (10) | (14) | |||||
Decrease in depreciation expense | 30 | ||||||
Decrease in depreciation expense, after tax | 23 | ||||||
Purchased gas | $ 5 | $ 24 | 409 | 441 | |||
Unrealized gains reclassified from AOCI to retained earnings | $ 1,100 | ||||||
Unrealized gains reclassified from AOCI to retained earnings after-tax | $ 734 | ||||||
Net unrealized gains on equity securities previously classified as cost method investments | 36 | 36 | |||||
Net unrealized gains on equity securities previously classified as cost method investments, after tax | 22 | 22 | |||||
Unrealized gain (loss) on securities recorded in other income, before tax | $ 236 | $ 225 | |||||
Gain per share from unrealized loss on securities | $ / shares | $ 0.18 | $ 0.18 | |||||
Other operations and maintenance | $ 782 | 697 | $ 2,585 | 2,308 | |||
Other income | 373 | 121 | 658 | 391 | |||
Tax reform, reclassification of tax expense (benefit) from AOCI to retained earnings | (289) | ||||||
Retained Earnings | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net unrealized gains on equity securities previously classified as cost method investments | 3 | 3 | |||||
Current Regulatory Liabilities [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net unrealized gains on equity securities previously classified as cost method investments | 33 | 33 | |||||
Accounting Standards Update 2014-09 [Member] | Performing Processing And Fractionation Services | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating revenue | 24 | 0 | 74 | 0 | |||
Other energy-related purchases | 24 | 0 | 74 | 0 | |||
Accounting Standards Update 2014-09 [Member] | Transportation And Storage Arrangements | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating revenue | 20 | 83 | |||||
Purchased gas | 20 | 83 | |||||
Accounting Standards Update 2016-01 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Unrealized gain (loss) on securities recorded in other income, before tax | 148 | 146 | |||||
Unrealized gain (loss) on securities recorded in other income, net of tax | 116 | 116 | |||||
Cumulative Effect Of Changes In Accounting Principle [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle to retained earnings and membership interest | 3 | 3 | |||||
Cumulative Effect Of Changes In Accounting Principle [Member] | Accounting Standards Update 2017-05 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle to retained earnings and membership interest | $ 127 | $ 127 | |||||
Previously Reported | |||||||
Significant Accounting Policies [Line Items] | |||||||
Cash provided by (used in) other investing activities | (6) | ||||||
Other adjustments | (95) | ||||||
Other operations and maintenance | 649 | 2,200 | |||||
Other income | 73 | 249 | |||||
Merchant Solar Projects | Terra Nova Renewable Partners | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | |||||
Merchant Solar Projects | Terra Nova Renewable Partners | Call Option | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage ownership in total units | 67.00% | 67.00% | |||||
Four Brothers and Three Cedars | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage ownership in total units | 50.00% | 50.00% | |||||
Dominion Energy Midstream Partners, LP | Common Units | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage of limited partner interests | 60.90% | ||||||
Dominion Energy Midstream Partners, LP | Convertible Preferred Interests | |||||||
Significant Accounting Policies [Line Items] | |||||||
Ownership interest percentage of limited partner interests | 37.50% | ||||||
GIP | Four Brothers and Three Cedars | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% | |||||
Dominion Energy Gas Holdings, LLC | |||||||
Significant Accounting Policies [Line Items] | |||||||
Cash provided by (used in) other investing activities | $ 14 | 7 | |||||
Other adjustments | (5) | 9 | |||||
Purchased gas | [1] | $ (7) | 19 | 22 | 100 | ||
Other income | 34 | 27 | 99 | 79 | |||
Tax reform, reclassification of tax expense (benefit) from AOCI to membership interests | (26) | ||||||
Dominion Energy Gas Holdings, LLC | Accounting Standards Update 2014-09 [Member] | Performing Processing And Fractionation Services | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating revenue | 21 | 0 | 71 | 0 | |||
Other energy-related purchases | 21 | 0 | 71 | 0 | |||
Dominion Energy Gas Holdings, LLC | Accounting Standards Update 2014-09 [Member] | Transportation And Storage Arrangements | |||||||
Significant Accounting Policies [Line Items] | |||||||
Operating revenue | 16 | 64 | |||||
Purchased gas | 16 | 64 | |||||
Dominion Energy Gas Holdings, LLC | Cumulative Effect Of Changes In Accounting Principle [Member] | Accounting Standards Update 2014-09 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Change in accounting principle to retained earnings and membership interest | 3 | 3 | |||||
Dominion Energy Gas Holdings, LLC | Previously Reported | |||||||
Significant Accounting Policies [Line Items] | |||||||
Cash provided by (used in) other investing activities | (16) | ||||||
Other operations and maintenance | 53 | 312 | |||||
Other income | 6 | 16 | |||||
Virginia Electric and Power Company | |||||||
Significant Accounting Policies [Line Items] | |||||||
Cash provided by (used in) other investing activities | 47 | 29 | |||||
Other adjustments | 48 | 28 | |||||
Decrease in depreciation expense | 7 | 53 | |||||
Decrease in depreciation expense, after tax | 5 | 41 | |||||
Unrealized gains reclassified from AOCI to retained earnings | $ 119 | ||||||
Unrealized gains reclassified from AOCI to retained earnings after-tax | $ 73 | ||||||
Net unrealized gains on equity securities previously classified as cost method investments | 36 | 36 | |||||
Net unrealized gains on equity securities previously classified as cost method investments, after tax | 22 | 22 | |||||
Unrealized gain (loss) on securities recorded in other income, before tax | 103 | 92 | |||||
Other income | 25 | $ 13 | 49 | 57 | |||
Tax reform, reclassification of tax expense (benefit) from AOCI to membership interests | (3) | ||||||
Virginia Electric and Power Company | Retained Earnings | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net unrealized gains on equity securities previously classified as cost method investments | 3 | 3 | |||||
Virginia Electric and Power Company | Current Regulatory Liabilities [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Net unrealized gains on equity securities previously classified as cost method investments | 33 | 33 | |||||
Virginia Electric and Power Company | Accounting Standards Update 2016-01 [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Unrealized gain (loss) on securities recorded in other income, before tax | 15 | 13 | |||||
Unrealized gain (loss) on securities recorded in other income, net of tax | $ 12 | $ 11 | |||||
Virginia Electric and Power Company | Previously Reported | |||||||
Significant Accounting Policies [Line Items] | |||||||
Cash provided by (used in) other investing activities | $ 0 | ||||||
DETI | Cumulative Effect Of Changes In Accounting Principle [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Number of existing contracts | Contract | 3 | ||||||
[1] | See Note 18 for amounts attributable to related parties. |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | $ 310 | $ 120 | [1] | $ 227 | $ 261 | |
Restricted cash and equivalents | [2] | 77 | 65 | 74 | 61 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 387 | 185 | 301 | 322 | ||
Virginia Electric and Power Company | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | 22 | 14 | [3] | 16 | 11 | |
Restricted cash and equivalents | [2] | 10 | 10 | |||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 32 | 24 | 16 | 11 | ||
Dominion Energy Gas Holdings, LLC | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | 4 | 4 | [4] | 13 | 23 | |
Restricted cash and equivalents | [2] | 22 | 26 | 29 | 20 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 26 | $ 30 | $ 42 | $ 43 | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[2] | Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. | |||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[4] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Proposed Acquisition Of SCANA) (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | |
Oct. 31, 2018 | Jan. 31, 2018 | |
SCANA | ||
Business Acquisition And Dispositions [Line Items] | ||
Common stock agreed to issue | 66.90% | |
Combination debt outstanding | $ 7,100 | |
One-time rate credit to electric service customers, period within closing | 90 days | |
Business combination, refund to customers | $ 575 | |
Discount on existing customers | 7.00% | |
Period to recognize reduction to SCE&G electric service customers bills | 8 years | |
SCANA | Termination Fee Paid By Dominion to SCANA | ||
Business Acquisition And Dispositions [Line Items] | ||
Contract termination fee | $ 280 | |
SCANA | Termination Fee Paid to Dominion | ||
Business Acquisition And Dispositions [Line Items] | ||
Contract termination fee | 240 | |
SCANA | Upfront Payment | Electric Service Customers | ||
Business Acquisition And Dispositions [Line Items] | ||
Business combination, liability incurred | 1,300 | |
SCANA | Subsequent Event | ||
Business Acquisition And Dispositions [Line Items] | ||
Business combination, refund to customers | $ 1,900 | |
Discount on existing customers | 14.00% | |
Period to provide refund to customer | 20 years | |
V.C. Summer Units | ||
Business Acquisition And Dispositions [Line Items] | ||
Business combination cost related to exclusion from rate recovery | 1,700 | |
V.C. Summer Units | Subsequent Event | ||
Business Acquisition And Dispositions [Line Items] | ||
Business combination cost related to exclusion from rate recovery | $ 2,300 | |
Columbia Energy | ||
Business Acquisition And Dispositions [Line Items] | ||
Business combination cost related to exclusion from rate recovery | $ 180 | |
Columbia Energy | Subsequent Event | ||
Business Acquisition And Dispositions [Line Items] | ||
Business combination cost related to exclusion from rate recovery | $ 180 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Merchant Solar Projects) (Narrative) (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | ||||||||||||
Dec. 31, 2017USD ($)MW | Nov. 30, 2017USD ($)MW | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($)projectMW | May 31, 2017USD ($)project | Apr. 30, 2017MW | Mar. 31, 2017USD ($)project | Feb. 28, 2017USD ($) | Aug. 31, 2016project | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jan. 31, 2017 | Sep. 30, 2016 | |
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Cost of project | $ 108 | $ 343 | ||||||||||||
Solar Frontier Americas Holding, LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||
Number of projects | project | 1 | 2 | ||||||||||||
Cash consideration | $ 77 | |||||||||||||
Cost of project | $ 78 | |||||||||||||
MW capacity | MW | 30 | |||||||||||||
Discontinued efforts on acquisition of additional MW capacity | MW | 20 | |||||||||||||
Community Energy Solar, LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||
Cash consideration | $ 29 | |||||||||||||
Cost of project | $ 205 | |||||||||||||
MW capacity | MW | 100 | |||||||||||||
Solar Projects from Cypress Creek Renewables, LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||
Cash consideration | $ 154 | |||||||||||||
Cost of project | $ 160 | |||||||||||||
MW capacity | MW | 79 | |||||||||||||
Solar Projects from Hecate Energy Virginia C&C LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||
Number of projects | project | 1 | 2 | ||||||||||||
Cash consideration | $ 40 | $ 16 | $ 56 | |||||||||||
Cost of project | $ 57 | |||||||||||||
MW capacity | MW | 30 | |||||||||||||
Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Percentage of equity interests acquired | 100.00% | |||||||||||||
Cost of project | $ 41 | |||||||||||||
MW capacity | MW | 20 | |||||||||||||
Four Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Number of projects | project | 4 | |||||||||||||
Cash consideration | $ 40 | |||||||||||||
Two Solar Projects from Strata Solar Development, LLC and Moorings Farm 2 Holdco, LLC | ||||||||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||||||||
Number of projects | project | 2 | |||||||||||||
Cash consideration | $ 20 | $ 20 |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue Recognition from Contracts with Customers) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Public Utilities General Disclosures [Line Items] | |||||
Operating Revenue | [1] | $ 3,451 | $ 3,179 | $ 10,005 | $ 9,376 |
Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating Revenue | [2] | 2,232 | 2,154 | 5,809 | 5,732 |
Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating Revenue | [3] | 423 | $ 401 | 1,408 | $ 1,313 |
Subsequent To Adoption of Revised Guidance | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 3,362 | 9,631 | |||
Nonregulated electric sales | 322 | 1,022 | |||
Nonregulated gas sales | 42 | 139 | |||
Nonregulated gas transportation and storage | 162 | 286 | |||
Other regulated revenues | 38 | 132 | |||
Other nonregulated revenues | [4],[5] | 133 | 410 | ||
Operating Revenue | 3,451 | 10,005 | |||
Subsequent To Adoption of Revised Guidance | FERC-regulated | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas transportation and storage | 266 | 800 | |||
Subsequent To Adoption of Revised Guidance | State-regulated | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas transportation and storage | 138 | 472 | |||
Subsequent To Adoption of Revised Guidance | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas sales | 73 | 553 | |||
Subsequent To Adoption of Revised Guidance | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas sales | 15 | 152 | |||
Subsequent To Adoption of Revised Guidance | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas sales | 3 | 14 | |||
Subsequent To Adoption of Revised Guidance | Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 2,210 | 5,787 | |||
Other regulated revenues | 30 | 95 | |||
Other nonregulated revenues | [4],[5] | 10 | 41 | ||
Operating Revenue | 2,232 | 5,809 | |||
Subsequent To Adoption of Revised Guidance | Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 423 | 1,407 | |||
Nonregulated gas sales | [5] | 2 | 5 | ||
Other regulated revenues | [5] | 4 | 16 | ||
Other nonregulated revenues | [5] | 3 | 9 | ||
Operating Revenue | 423 | 1,408 | |||
Management service revenue | [5] | 50 | 157 | ||
Subsequent To Adoption of Revised Guidance | Dominion Energy Gas Holdings, LLC | FERC-regulated | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas transportation and storage | [5] | 179 | 561 | ||
Subsequent To Adoption of Revised Guidance | Dominion Energy Gas Holdings, LLC | State-regulated | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas transportation and storage | [5] | 131 | 450 | ||
Subsequent To Adoption of Revised Guidance | Dominion Energy Gas Holdings, LLC | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas sales | 12 | 54 | |||
Subsequent To Adoption of Revised Guidance | Dominion Energy Gas Holdings, LLC | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated gas sales | 0 | 9 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 1,036 | 2,641 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 737 | 1,897 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Industrial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 143 | 371 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Government and Other Retail | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 224 | 647 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 30 | 95 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Virginia Electric and Power Company | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 1,036 | 2,641 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Virginia Electric and Power Company | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 737 | 1,897 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Virginia Electric and Power Company | Industrial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 143 | 371 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Virginia Electric and Power Company | Government and Other Retail | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 224 | 647 | |||
Subsequent To Adoption of Revised Guidance | Regulated Electric Sales | Virginia Electric and Power Company | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 30 | 95 | |||
Subsequent To Adoption of Revised Guidance | Other Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | [4] | 89 | 374 | ||
Subsequent To Adoption of Revised Guidance | Other Revenues | Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | [4],[5] | 22 | 22 | ||
Subsequent To Adoption of Revised Guidance | Other Revenues | Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | 0 | 1 | |||
Subsequent To Adoption of Revised Guidance | NGL Production | Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue | [4],[5] | $ 42 | $ 146 | ||
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 18 for amounts attributable to affiliates. | ||||
[3] | See Note 18 for amounts attributable to related parties. | ||||
[4] | Amounts above include $108 million and $91 million for the three months ended September 30, 2018, and $170 million and $138 million for the nine months ended September 30, 2018 primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively, which are considered to be goods transferred at a point in time. In addition, the amounts include $10 million and $11 million of sales of renewable energy investment tax credits at both Dominion Energy and Virginia Power for the three and nine months ended September 30, 2018, respectively, which are considered to be goods transferred at a point in time. | ||||
[5] | See Notes 10 and 18 for amounts attributable to related parties and affiliates. |
Operating Revenue (Schedule o_2
Operating Revenue (Schedule of Operating Revenue Recognition from Contracts with Customers) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
NGL Midstream | ||
Public Utilities General Disclosures [Line Items] | ||
Sales revenue | $ 108 | $ 170 |
NGL Midstream | Dominion Energy Gas Holdings, LLC | ||
Public Utilities General Disclosures [Line Items] | ||
Sales revenue | 91 | 138 |
Renewable Energy Investment Tax Credits | Dominion Energy and Virginia Electric and Power | ||
Public Utilities General Disclosures [Line Items] | ||
Sales revenue | $ 10 | $ 11 |
Operating Revenue (Schedule o_3
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 430 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,672 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,568 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,454 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,324 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 13,799 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil) | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | 20,247 |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 5 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 21 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 3 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil) | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 30 |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 170 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 633 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 574 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 489 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 397 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 2,171 |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: (nil) | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 4,434 |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Revenues From Contract With Customer [Line Items] | ||
Contract asset balances | $ 44 | $ 46 |
Contract liability balances | 102 | 132 |
Revenue recognized from contract liability balances | 93 | |
Dominion Energy Gas Holdings, LLC | ||
Revenues From Contract With Customer [Line Items] | ||
Contract asset balances | 61 | 66 |
Contract liability balances | 38 | 41 |
Revenue recognized from contract liability balances | 40 | |
Virginia Electric and Power Company | ||
Revenues From Contract With Customer [Line Items] | ||
Contract liability balances | 20 | $ 50 |
Revenue recognized from contract liability balances | $ 25 |
Operating Revenue (Schedule o_4
Operating Revenue (Schedule of Operating Revenue For Revised Guidance of Revenue Recognition From Contracts with Customers ) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Public Utilities General Disclosures [Line Items] | |||||
Total operating revenue | [1] | $ 3,451 | $ 3,179 | $ 10,005 | $ 9,376 |
Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Total operating revenue | [2] | 2,232 | 2,154 | 5,809 | 5,732 |
Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Total operating revenue | [3] | $ 423 | 401 | $ 1,408 | 1,313 |
Prior to adoption of revised guidance | |||||
Public Utilities General Disclosures [Line Items] | |||||
Nonregulated | 380 | 1,114 | |||
Regulated | 97 | 696 | |||
Nonregulated | 69 | 323 | |||
Total operating revenue | 3,179 | 9,376 | |||
Prior to adoption of revised guidance | Regulated Electric Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | 2,108 | 5,590 | |||
Prior to adoption of revised guidance | Gas Transportation and Storage | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | 406 | 1,328 | |||
Prior to adoption of revised guidance | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | 119 | 325 | |||
Prior to adoption of revised guidance | Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Total operating revenue | 2,154 | 5,732 | |||
Prior to adoption of revised guidance | Virginia Electric and Power Company | Regulated Electric Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | 2,108 | 5,590 | |||
Prior to adoption of revised guidance | Virginia Electric and Power Company | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | 46 | 142 | |||
Prior to adoption of revised guidance | Dominion Energy Gas Holdings, LLC | |||||
Public Utilities General Disclosures [Line Items] | |||||
Regulated | 12 | 59 | |||
Nonregulated | 2 | 12 | |||
Total operating revenue | 401 | 1,313 | |||
Prior to adoption of revised guidance | Dominion Energy Gas Holdings, LLC | Gas Transportation and Storage | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | 324 | 1,062 | |||
Prior to adoption of revised guidance | Dominion Energy Gas Holdings, LLC | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue | $ 63 | $ 180 | |||
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 18 for amounts attributable to affiliates. | ||||
[3] | See Note 18 for amounts attributable to related parties. |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Effective Income Tax Computation [Line Items] | |||
U.S. statutory rate | 21.00% | 35.00% | 35.00% |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit | 3.30% | 2.90% | |
Investment tax credits | (0.90%) | (5.70%) | |
Production tax credits | (0.70%) | (0.70%) | |
Reversal of excess deferred income taxes | (1.50%) | ||
Federal legislative change | 2.00% | ||
State legislative change | (0.80%) | ||
AFUDC - equity | (0.90%) | (1.30%) | |
Other, net | (1.00%) | (2.60%) | |
Effective tax rate | 20.50% | 27.60% | |
Virginia Electric and Power Company | |||
Effective Income Tax Computation [Line Items] | |||
U.S. statutory rate | 21.00% | 35.00% | |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit | 4.60% | 3.70% | |
Investment tax credits | (1.40%) | (0.80%) | |
Production tax credits | (0.70%) | (0.50%) | |
Reversal of excess deferred income taxes | (1.90%) | ||
Federal legislative change | (0.20%) | ||
AFUDC - equity | (0.50%) | (0.60%) | |
Other, net | (0.30%) | 0.20% | |
Effective tax rate | 20.60% | 37.00% | |
Dominion Energy Gas Holdings, LLC | |||
Effective Income Tax Computation [Line Items] | |||
U.S. statutory rate | 21.00% | 35.00% | |
Increases (reductions) resulting from: | |||
State taxes, net of federal benefit | 3.90% | 2.70% | |
Reversal of excess deferred income taxes | (1.30%) | ||
Federal legislative change | 2.00% | ||
State legislative change | 0.10% | ||
AFUDC - equity | (0.40%) | (0.80%) | |
Other, net | 0.70% | (0.10%) | |
Effective tax rate | 26.00% | 36.80% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Effective Income Tax Computation [Line Items] | |||
Federal statutory income tax rate | 21.00% | 35.00% | 35.00% |
Percentage of deductibility of interest expense | 30.00% | ||
Percentage of federal net operating loss carryforwards | 21.00% | ||
Income tax reconciliation increase in deferred income tax expense | $ 23 | ||
Dominion Energy Gas Holdings, LLC | |||
Effective Income Tax Computation [Line Items] | |||
Federal statutory income tax rate | 21.00% | 35.00% | |
Increase (decrease) in regulatory liabilities | $ 35 | ||
Increase in income tax expense returned to customers | 8 | ||
Increase in regulatory liabilities returned to customers | $ 11 |
Earnings Per Share (Calculation
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Dominion Energy | $ 854 | $ 665 | $ 1,806 | $ 1,687 |
Average shares of common stock outstanding – Basic | 653.9 | 642.5 | 652.4 | 633.4 |
Net effect of dilutive securities | 1 | 0.4 | ||
Average shares of common stock outstanding – Diluted | 654.9 | 642.5 | 652.8 | 633.4 |
Earnings Per Common Share – Basic | $ 1.31 | $ 1.03 | $ 2.77 | $ 2.66 |
Earnings Per Common Share – Diluted | $ 1.30 | $ 1.03 | $ 2.77 | $ 2.66 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [1] | $ 17,142 | |||
Total other comprehensive income (loss) | $ 18 | $ 54 | 163 | $ 171 | |
Cumulative-effect of changes in accounting principles | 6 | ||||
Ending balance | 18,470 | 18,470 | |||
Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [2] | 12,224 | |||
Total other comprehensive income (loss) | 3 | 4 | 8 | 9 | |
Cumulative-effect of changes in accounting principles | 3 | ||||
Ending balance | 12,917 | 12,917 | |||
Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Total other comprehensive income (loss) | 10 | (2) | 16 | 1 | |
Cumulative-effect of changes in accounting principles | 3 | ||||
Deferred Gains and Losses on Derivatives-Hedging Activities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (248) | (250) | (302) | (280) | |
Other comprehensive income before reclassifications: gains (losses) | (27) | 11 | 51 | 82 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 30 | (15) | 71 | (56) |
Net current period other comprehensive income (loss) | 3 | (4) | 122 | 26 | |
Cumulative-effect of changes in accounting principles | (64) | ||||
Less other comprehensive income attributable to noncontrolling interest | 1 | ||||
Ending balance | (245) | (254) | (245) | (254) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (8) | (10) | (12) | (8) | |
Other comprehensive income before reclassifications: gains (losses) | 3 | (2) | 10 | (5) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 1 | |||
Total other comprehensive income (loss) | 3 | (2) | 10 | (4) | |
Cumulative-effect of changes in accounting principles | (3) | ||||
Ending balance | (5) | (12) | (5) | (12) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (24) | (23) | (23) | (24) | |
Other comprehensive income before reclassifications: gains (losses) | 3 | 1 | (4) | 3 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 5 | (4) | 16 | (5) |
Total other comprehensive income (loss) | 8 | (3) | 12 | (2) | |
Cumulative-effect of changes in accounting principles | (5) | ||||
Ending balance | (16) | (26) | (16) | (26) | |
Unrealized Gains and Losses on Investment Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (2) | 630 | 747 | 569 | |
Other comprehensive income before reclassifications: gains (losses) | (6) | 48 | (24) | 141 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 3 | (4) | 4 | (36) |
Net current period other comprehensive income (loss) | (3) | 44 | (20) | 105 | |
Cumulative-effect of changes in accounting principles | (732) | ||||
Ending balance | (5) | 674 | (5) | 674 | |
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (1) | 61 | 74 | 54 | |
Other comprehensive income before reclassifications: gains (losses) | 6 | (2) | 17 | ||
Amounts reclassified from AOCI: (gains) losses | [3] | (4) | |||
Total other comprehensive income (loss) | 6 | (2) | 13 | ||
Cumulative-effect of changes in accounting principles | (73) | ||||
Ending balance | (1) | 67 | (1) | 67 | |
Unrecognized Pension and Other Postretirement Benefit Costs | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (1,286) | (1,058) | (1,101) | (1,082) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 18 | 14 | 60 | 38 |
Net current period other comprehensive income (loss) | 18 | 14 | 60 | 38 | |
Cumulative-effect of changes in accounting principles | (227) | ||||
Ending balance | (1,268) | (1,044) | (1,268) | (1,044) | |
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (94) | (97) | (75) | (99) | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 0 | 0 | 0 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 2 | 1 | 4 | 3 |
Total other comprehensive income (loss) | 2 | 1 | 4 | 3 | |
Cumulative-effect of changes in accounting principles | (21) | ||||
Ending balance | (92) | (96) | (92) | (96) | |
Other Comprehensive Loss From Equity Method Investee | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (2) | (4) | (3) | (6) | |
Other comprehensive income before reclassifications: gains (losses) | 1 | 2 | |||
Net current period other comprehensive income (loss) | 1 | 2 | |||
Ending balance | (2) | (4) | (2) | (4) | |
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (1,538) | (682) | (659) | (799) | |
Other comprehensive income before reclassifications: gains (losses) | (33) | 59 | 28 | 225 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 51 | (5) | 135 | (54) |
Total other comprehensive income (loss) | 162 | 171 | |||
Net current period other comprehensive income (loss) | 18 | 54 | 163 | 171 | |
Cumulative-effect of changes in accounting principles | (1,023) | ||||
Less other comprehensive income attributable to noncontrolling interest | 1 | ||||
Ending balance | (1,520) | (628) | (1,520) | (628) | |
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (9) | 51 | 62 | 46 | |
Other comprehensive income before reclassifications: gains (losses) | 3 | 4 | 8 | 12 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (3) | |||
Total other comprehensive income (loss) | 3 | 4 | 8 | 9 | |
Cumulative-effect of changes in accounting principles | (76) | ||||
Ending balance | (6) | 55 | (6) | 55 | |
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (118) | (120) | (98) | (123) | |
Other comprehensive income before reclassifications: gains (losses) | 3 | 1 | (4) | 3 | |
Amounts reclassified from AOCI: (gains) losses | [3] | 7 | (3) | 20 | (2) |
Total other comprehensive income (loss) | 10 | (2) | 16 | 1 | |
Cumulative-effect of changes in accounting principles | (26) | ||||
Ending balance | $ (108) | $ (122) | $ (108) | $ (122) | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[3] | See table below for details about these reclassifications. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Operating revenue | [1] | $ (3,451) | $ (3,179) | $ (10,005) | $ (9,376) |
Interest and related charges | 378 | 305 | 1,053 | 905 | |
Other income | (373) | (121) | (658) | (391) | |
Income from operations including noncontrolling interests before income tax expense | (1,145) | (968) | (2,372) | (2,470) | |
Income tax expense | 262 | 272 | 485 | 683 | |
Income tax expense | (10) | 10 | (24) | 35 | |
Income from continuing operations net of tax | [2] | 30 | (15) | 71 | (56) |
Income tax expense | 2 | (1) | 20 | ||
Income from continuing operations net of tax | [3] | 3 | (4) | 4 | (36) |
Virginia Electric and Power Company | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Operating revenue | [4] | (2,232) | (2,154) | (5,809) | (5,732) |
Interest and related charges | [4] | 130 | 128 | 388 | 373 |
Other income | (25) | (13) | (49) | (57) | |
Income from operations including noncontrolling interests before income tax expense | (651) | (732) | (1,314) | (1,797) | |
Income tax expense | 131 | 273 | 271 | 664 | |
Income from continuing operations net of tax | [5] | 1 | |||
Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Operating revenue | [6] | (423) | (401) | (1,408) | (1,313) |
Interest and related charges | [6] | 28 | 25 | 79 | 72 |
Other income | (34) | (27) | (99) | (79) | |
Income from operations including noncontrolling interests before income tax expense | (192) | (191) | (428) | (478) | |
Income tax expense | 56 | 74 | 111 | 176 | |
Income tax expense | (2) | 3 | (6) | 3 | |
Income from continuing operations net of tax | [7] | 5 | (4) | 16 | (5) |
Electric Fuel and Other Energy-Related Purchases | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Electric fuel and other energy-related purchases | 761 | 638 | 2,128 | 1,711 | |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Electric fuel and other energy-related purchases | [4] | 648 | 549 | 1,747 | 1,414 |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | 40 | (25) | 95 | (91) | |
Income tax expense | (10) | 10 | (24) | 35 | |
Income from continuing operations including noncontrolling interests | 30 | (15) | 71 | (56) | |
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Virginia Electric and Power Company | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Income from operations before income tax expense | 1 | ||||
Income from continuing operations net of tax | 1 | ||||
Deferred (gains) and losses on derivatives-hedging activities: | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Income from operations including noncontrolling interests before income tax expense | 7 | (7) | 22 | (8) | |
Income tax expense | (2) | 3 | (6) | 3 | |
Income from continuing operations including noncontrolling interests | 5 | (4) | 16 | (5) | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Operating revenue | 26 | (32) | 55 | (114) | |
Purchased gas | 2 | ||||
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Operating revenue | 3 | 2 | 8 | 4 | |
Deferred (gains) and losses on derivatives-hedging activities: | Commodity contracts | Amounts Reclassified From AOCI | Electric Fuel and Other Energy-Related Purchases | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Electric fuel and other energy-related purchases | 1 | (8) | (1) | ||
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Interest and related charges | 12 | 16 | 36 | 39 | |
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | Virginia Electric and Power Company | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Interest and related charges | 1 | ||||
Deferred (gains) and losses on derivatives-hedging activities: | Interest rate contracts | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Interest and related charges | 2 | 1 | 4 | 3 | |
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other income | 2 | (10) | 10 | (15) | |
Deferred (gains) and losses on derivatives-hedging activities: | Foreign currency | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other income | 2 | (10) | 10 | (15) | |
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Realized (gain) loss on sale of securities | 3 | (10) | 5 | (74) | |
Impairment | 4 | 18 | |||
Income from operations including noncontrolling interests before income tax expense | 3 | (6) | 5 | (56) | |
Income tax expense | 2 | (1) | 20 | ||
Income from continuing operations including noncontrolling interests | 3 | (4) | 4 | (36) | |
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | Virginia Electric and Power Company | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Realized (gain) loss on sale of securities | (8) | ||||
Impairment | 2 | ||||
Income from operations before income tax expense | (6) | ||||
Income tax expense | 2 | ||||
Income from continuing operations net of tax | (4) | ||||
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other income | (5) | (5) | (16) | (16) | |
Unrecognized pension and other postretirement benefit costs: | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 25 | 21 | 75 | 63 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (7) | (7) | (15) | (25) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 18 | 14 | 60 | 38 | |
Unrecognized pension and other postretirement benefit costs: | Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 2 | 2 | 5 | 5 | |
Unrecognized pension and other postretirement benefit costs, income tax expense | (1) | (1) | (2) | ||
Unrecognized pension and other postretirement benefit costs, net of tax | 2 | 1 | 4 | 3 | |
Amortization of actuarial losses | Amounts Reclassified From AOCI | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other income | 30 | 26 | 91 | 79 | |
Amortization of actuarial losses | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||
Other income | $ 2 | $ 2 | $ 5 | $ 5 | |
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | Net of $(10) million and $10 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(24) million and $35 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[3] | Net of $— million and $2 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(1) million and $20 million tax for the nine months ended September 30, 2018 and 2017, respectively. | ||||
[4] | See Note 18 for amounts attributable to affiliates. | ||||
[5] | Net of $— million tax for both the three and nine months ended September 30, 2018 and 2017. | ||||
[6] | See Note 18 for amounts attributable to related parties. | ||||
[7] | Net of $(2) million and $3 million tax for the three months ended September 30, 2018 and 2017, respectively, and net of $(6) million and $3 million tax for the nine months ended September 30, 2018 and 2017, respectively. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018USD ($)$ / MMBTU$ / MWh | Dec. 31, 2017USD ($) | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | $ 297 | $ 307 | ||
Fair Value of Derivative Liabilities | 145 | 284 | ||
Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 170 | [1] | 166 | |
Fair Value of Derivative Liabilities | 8 | 66 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total assets | [2] | 5,650 | 5,379 | |
Total liabilities | 145 | 284 | ||
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total assets | 2,593 | 2,466 | ||
Total liabilities | 8 | 66 | ||
Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 148 | 258 | ||
Fair Value of Derivative Liabilities | 100 | 197 | ||
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 105 | 166 | ||
Fair Value of Derivative Liabilities | 8 | 9 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total assets | [2] | 98 | 157 | |
Total liabilities | 6 | 7 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Total assets | 91 | 152 | ||
Total liabilities | 5 | 5 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 98 | 157 | ||
Fair Value of Derivative Liabilities | 6 | 7 | ||
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 91 | 152 | ||
Fair Value of Derivative Liabilities | 5 | $ 5 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 12 | |||
Fair Value of Derivative Liabilities | 6 | |||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | 12 | |||
Fair Value of Derivative Liabilities | $ 5 | |||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Minimum | Liabilities | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | (1) | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Minimum | Liabilities | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | (1) | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | (1) | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | (1) | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Maximum | Liabilities | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 6 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Maximum | Liabilities | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 6 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 7 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 7 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Weighted Average | Liabilities | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3],[4] | 0 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Weighted Average | Liabilities | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3],[4] | 0 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3],[4] | 1 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Level 3 | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3],[4] | 1 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | [5] | $ 65 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | [5] | $ 58 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Minimum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | (2) | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | (2) | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Maximum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | 7 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | 7 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Weighted Average | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3],[4] | 0 | ||
Discounted Cash Flow [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3],[4] | (1) | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Physical Options [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | $ 19 | |||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | $ 19 | |||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Minimum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 27 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 27 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Minimum | Assets | Price Volatility [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 4.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Minimum | Assets | Price Volatility [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 4.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Maximum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 57 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3] | 57 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Maximum | Assets | Price Volatility [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 61.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Maximum | Assets | Price Volatility [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 61.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Weighted Average | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3],[4] | 42 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MWh | [3],[4] | 42 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Weighted Average | Assets | Price Volatility [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [4],[6] | 37.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Level 3 | Electricity | Electricity | Weighted Average | Assets | Price Volatility [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [4],[6] | 37.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | $ 2 | |||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Fair Value of Derivative Assets | $ 2 | |||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Minimum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | 1 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | 1 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Minimum | Assets | Price Volatility [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 13.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Minimum | Assets | Price Volatility [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 13.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Maximum | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | 7 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3] | 7 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Maximum | Assets | Price Volatility [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 44.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Maximum | Assets | Price Volatility [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [6] | 44.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Weighted Average | Assets | Market Price [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3],[4] | 3 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Market price (per Dth, per MWh, per Gal) | $ / MMBTU | [3],[4] | 3 | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Weighted Average | Assets | Price Volatility [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [4],[6] | 23.00% | ||
Option Model [Member] | Fair Value, Measurements, Recurring | Natural Gas | Level 3 | Physical Options [Member] | Weighted Average | Assets | Price Volatility [Member] | Virginia Electric and Power Company | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Price volatility (percentage) | [4],[6] | 23.00% | ||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | |||
[2] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $217 million and $88 million of assets at September 30, 2018 and December 31, 2017, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | |||
[3] | Represents market prices beyond defined terms for Levels 1 and 2. | |||
[4] | Averages weighted by volume. | |||
[5] | Includes basis. | |||
[6] | Represents volatilities unrepresented in published markets. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | $ 297 | $ 307 | ||
Derivative Liabilities | 145 | 284 | ||
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 170 | [1] | 166 | |
Derivative Liabilities | 8 | 66 | ||
Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 40 | 32 | ||
Derivative Liabilities | 13 | 8 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | [2] | 5,650 | 5,379 | |
Total Liabilities | 145 | 284 | ||
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 2,593 | 2,466 | ||
Total Liabilities | 8 | 66 | ||
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 40 | 32 | ||
Total Liabilities | 13 | 8 | ||
Fair Value, Measurements, Recurring | Equity securities: | U.S. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 3,785 | 3,493 | |
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 | [3] | 1,699 | 1,566 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 437 | 444 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Corporate debt instruments | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 218 | 224 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 1,118 | 1,101 | |
Fair Value, Measurements, Recurring | Fixed Income [Member] | Government Securities [Member] | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 506 | 494 | |
Fair Value, Measurements, Recurring | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 13 | 34 | |
Fair Value, Measurements, Recurring | Cash equivalents and other | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 16 | ||
Fair Value, Measurements, Recurring | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 148 | 258 | ||
Derivative Liabilities | 100 | 197 | ||
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 | 105 | 166 | ||
Derivative Liabilities | 8 | 9 | ||
Fair Value, Measurements, Recurring | Commodity | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Liabilities | 9 | 6 | ||
Fair Value, Measurements, Recurring | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 117 | 17 | ||
Derivative Liabilities | 42 | 85 | ||
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 | 65 | |||
Derivative Liabilities | 57 | |||
Fair Value, Measurements, Recurring | Interest rate | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 8 | |||
Derivative Liabilities | 1 | |||
Fair Value, Measurements, Recurring | Foreign currency | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | 32 | ||
Derivative Liabilities | 3 | 2 | ||
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 | 32 | 32 | ||
Derivative Liabilities | 3 | 2 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | [2] | 4,148 | 3,834 | |
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 | 1,857 | 1,750 | ||
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 3,785 | 3,493 | |
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 | [3] | 1,699 | 1,566 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income [Member] | Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 350 | 307 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income [Member] | Government Securities [Member] | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 158 | 168 | |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 13 | 34 | |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 16 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | [2] | 1,404 | 1,388 | |
Total Liabilities | 139 | 277 | ||
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 | 645 | 564 | ||
Total Liabilities | 3 | 61 | ||
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 | 40 | 32 | ||
Total Liabilities | 13 | 6 | ||
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Corporate debt instruments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 437 | 444 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Corporate debt instruments | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 218 | 224 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [2] | 768 | 794 | |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income [Member] | Government Securities [Member] | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments | [3] | 348 | 326 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 50 | 101 | ||
Derivative Liabilities | 94 | 190 | ||
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 | 14 | 14 | ||
Derivative Liabilities | 3 | 4 | ||
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 Liabilities | 9 | 4 | ||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 117 | 17 | ||
Derivative Liabilities | 42 | 85 | ||
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 | 65 | |||
Derivative Liabilities | 57 | |||
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 8 | |||
Derivative Liabilities | 1 | |||
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 32 | 32 | ||
Derivative Liabilities | 3 | 2 | ||
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 | 32 | 32 | ||
Derivative Liabilities | 3 | 2 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | [2] | 98 | 157 | |
Total Liabilities | 6 | 7 | ||
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total assets | 91 | 152 | ||
Total Liabilities | 5 | 5 | ||
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 Liabilities | 2 | |||
Fair Value, Measurements, Recurring | Level 3 | Commodity | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | 98 | 157 | ||
Derivative Liabilities | 6 | 7 | ||
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 | 91 | 152 | ||
Derivative Liabilities | $ 5 | 5 | ||
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 Liabilities | $ 2 | |||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | |||
[2] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $217 million and $88 million of assets at September 30, 2018 and December 31, 2017, 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. | |||
[3] | Includes investments held in the nuclear decommissioning trusts. Excludes $151 million and $27 million of assets at September 30, 2018 and December 31, 2017, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 217 | $ 88 |
Alternative Investment, Fair Value by Fair Value Hierarchy Level and NAV [Extensible List] | us-gaap:Assets | us-gaap:Assets |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 151 | $ 27 |
Alternative Investment, Fair Value by Fair Value Hierarchy Level and NAV [Extensible List] | us-gaap:Assets | us-gaap:Assets |
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) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Total realized and unrealized gains/income (losses): | ||||
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 | ||
Commodity | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 119 | 152 | $ 150 | 139 |
Total realized and unrealized gains/income (losses): | ||||
Included in earnings | (7) | (11) | (27) | (36) |
Included in other comprehensive income (loss) | 1 | |||
Included in regulatory assets/liabilities | (16) | 11 | (26) | 34 |
Settlements | (4) | 1 | (7) | 13 |
Transfers out of Level 3 | 1 | 3 | ||
Ending balance | 92 | 153 | 92 | 153 |
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 | ||
Commodity | Virginia Electric and Power Company | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 115 | 152 | 147 | 143 |
Total realized and unrealized gains/income (losses): | ||||
Included in earnings | (6) | (12) | (25) | (37) |
Included in regulatory assets/liabilities | (19) | 11 | (30) | 34 |
Settlements | (4) | 1 | (6) | 12 |
Ending balance | 86 | 152 | 86 | 152 |
Commodity | Dominion Energy Gas Holdings, LLC | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | (2) | (2) | ||
Total realized and unrealized gains/income (losses): | ||||
Included in other comprehensive income (loss) | 1 | (1) | ||
Transfers out of Level 3 | 1 | 3 | ||
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Total gains (losses) included in earnings | $ (7) | $ (11) | $ (27) | $ (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 | ||
Operating Revenue | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Total gains (losses) included in earnings | 1 | (2) | 1 | |
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 | $ (7) | $ (12) | $ (25) | $ (37) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 measured at fair value on recurring basis | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1] | $ 30,401 | $ 28,666 |
Junior subordinated notes | [2] | 3,431 | 3,981 |
Remarketable subordinated notes | [2] | 1,384 | 1,379 |
Credit facility borrowings | 73 | ||
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [1],[3] | 31,488 | 31,233 |
Junior subordinated notes | [2],[3] | 3,432 | 4,102 |
Remarketable subordinated notes | [2],[3] | 1,324 | 1,446 |
Credit facility borrowings | [3] | 73 | |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [2] | 11,092 | 11,346 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [2],[3] | 11,759 | 12,842 |
Dominion Energy Gas Holdings, LLC | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [4] | 4,061 | 3,570 |
Dominion Energy Gas Holdings, LLC | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, including securities due within one year | [3],[4] | $ 4,061 | $ 3,719 |
[1] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At September 30, 2018 and December 31, 2017, includes the valuation of certain fair value hedges associated with fixed rate debt of $(65) million and $(22) million, respectively. | ||
[2] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issues with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ (65) | $ (22) |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | $ 287 | $ 303 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 287 | 303 | |
Total derivatives, not subject to a master netting or similar arrangement | 10 | 4 | |
Gross Amounts of Recognized Assets, Total | 297 | 307 | |
Derivative Asset | 297 | 307 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 51 | 99 | |
Net Amounts | 236 | 204 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 154 | 155 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 154 | 155 | |
Total derivatives, not subject to a master netting or similar arrangement | 16 | 11 | |
Gross Amounts of Recognized Assets, Total | 170 | 166 | |
Derivative Asset | 170 | [1] | 166 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 4 | |
Net Amounts | 149 | 151 | |
Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 40 | 32 | |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 40 | 32 | |
Derivative Asset | 40 | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 36 | 30 | |
Commodity contracts | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 109 | 174 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 109 | 174 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 9 | |
Net Amounts | 99 | 165 | |
Commodity contracts | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 29 | 80 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 29 | 80 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 29 | 80 | |
Commodity contracts | Virginia Electric and Power Company | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 89 | 155 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 89 | 155 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 4 | |
Net Amounts | 84 | 151 | |
Interest rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 117 | 17 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 117 | 17 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 8 | |
Net Amounts | 108 | 9 | |
Interest rate | Virginia Electric and Power Company | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 65 | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 65 | ||
Net Amounts | 65 | ||
Interest rate | Dominion Energy Gas Holdings, LLC | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 8 | 0 | |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 8 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 7 | 0 | |
Foreign currency | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 32 | 32 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 32 | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Net Amounts | 29 | 30 | |
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Amounts of Recognized Assets | 32 | 32 | |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 | |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 32 | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | $ 29 | $ 30 | |
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | $ 145 | $ 283 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 145 | 283 |
Total derivatives, not subject to a master netting or similar arrangement | 1 | |
Gross Amounts of Recognized Liabilities, Total | 145 | 284 |
Derivative Liabilities | 145 | 284 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 51 | 99 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 39 | 46 |
Net Amounts | 55 | 138 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 5 | 61 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 5 | 61 |
Total derivatives, not subject to a master netting or similar arrangement | 3 | 5 |
Gross Amounts of Recognized Liabilities, Total | 8 | 66 |
Derivative Liabilities | 8 | 66 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 4 |
Net Amounts | 57 | |
Dominion Energy Gas Holdings, LLC | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 13 | 8 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 13 | 8 |
Derivative Liabilities | 13 | 8 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 9 | 6 |
Commodity contracts | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 32 | 76 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 32 | 76 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 9 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 6 | |
Net Amounts | 22 | 61 |
Commodity contracts | Exchange | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 68 | 120 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 68 | 120 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 29 | 80 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 39 | 40 |
Commodity contracts | Virginia Electric and Power Company | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 5 | 4 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 5 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 5 | 4 |
Commodity contracts | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 9 | 6 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 9 | 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 | 0 | 0 |
Net Amounts | 9 | 6 |
Interest rate | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 42 | 85 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 42 | 85 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 8 |
Net Amounts | 33 | 77 |
Interest rate | Virginia Electric and Power Company | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 57 | |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 57 | |
Net Amounts | 57 | |
Interest rate | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 1 | 0 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | 0 | 0 |
Foreign currency | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 3 | 2 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 3 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 |
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter | ||
Offsetting Liabilities [Line Items] | ||
Gross Amounts of Recognized Liabilities | 3 | 2 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 3 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 |
Net Amounts | $ 0 | $ 0 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 9 months ended Sep. 30, 2018 | USD ($)MWhBcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 71 | |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 24 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 29 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 4 | |
Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | 261 | ||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | 161 | ||
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | 607 | ||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | 521 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | [1] | 9,770,320 | |
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | [1] | 660,190 | |
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | [1] | 957,820 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 74,350,989 | ||
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 73,336,004 | ||
Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | gal | [2] | 35,084,400 | |
Liquids - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Volume of derivative activity | gal | 29,708,400 | ||
Foreign currency | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | € 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 - 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) | $ | [3],[5] | 280,000,000 | |
Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [4] | 600,000,000 | |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [4] | 600,000,000 | |
Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [4] | 5,023,819,541 | |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [4] | 1,000,000,000 | |
Interest Rate - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [5] | $ 1,050,000,000 | |
[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 based on final settlement period. |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Parenthetical) (Detail) - Foreign currency | Sep. 30, 2018EUR (€) |
Derivative [Line Items] | |
Interest rate / Foreign currency (US Dollars, Euros) | € 250,000,000 |
Dominion Energy Gas Holdings, LLC | |
Derivative [Line Items] | |
Interest rate / Foreign currency (US Dollars, Euros) | € 250,000,000 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (245) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (71) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (5) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (1) |
Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (16) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (14) |
Commodity contracts | Gas | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | 2 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 2 |
Maximum Term | 37 months |
Commodity contracts | Electricity | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (34) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (34) |
Maximum Term | 15 months |
Commodity contracts | Other Energy Contract | |
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 | 6 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (219) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (29) |
Maximum Term | 375 months |
Interest rate | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (5) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 375 months |
Interest rate | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (22) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (4) |
Maximum Term | 315 months |
Foreign currency | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 13 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 93 months |
Foreign currency | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 13 |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (3) |
Maximum Term | 93 months |
NGLs | Dominion Energy Gas Holdings, LLC | |
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 | 6 months |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | $ 297 | $ 307 | |||
Derivative Liabilities | 145 | 284 | |||
Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 170 | [1] | 166 | ||
Derivative Liabilities | 8 | 66 | |||
Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 40 | 32 | |||
Derivative Liabilities | 13 | 8 | |||
Current Assets | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 152 | [2] | 169 | [3] | |
Current Assets | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [3] | 88 | 75 | ||
Current Assets | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 94 | 163 | |||
Current Assets | Commodity contracts | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 60 | 75 | |||
Current Assets | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 58 | 6 | |||
Current Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 28 | ||||
Noncurrent Assets | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [4] | 145 | 138 | ||
Noncurrent Assets | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 82 | 91 | [1] | ||
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [5] | 40 | 32 | ||
Noncurrent Assets | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 54 | 95 | |||
Noncurrent Assets | Commodity contracts | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 45 | 91 | |||
Noncurrent Assets | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 59 | 11 | |||
Noncurrent Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 37 | ||||
Noncurrent Assets | Interest rate | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 8 | ||||
Noncurrent Assets | Foreign currency | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 32 | 32 | |||
Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 32 | 32 | |||
Current Liabilities | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 109 | [6] | 250 | [7] | |
Current Liabilities | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [7] | 8 | 53 | ||
Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [8] | 13 | 8 | ||
Current Liabilities | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 96 | 195 | |||
Current Liabilities | Commodity contracts | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 8 | 9 | |||
Current Liabilities | Commodity contracts | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 9 | 6 | |||
Current Liabilities | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 10 | 53 | |||
Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 44 | ||||
Current Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 1 | ||||
Current Liabilities | Foreign currency | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | 2 | |||
Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | 2 | |||
Noncurrent Liabilities [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [9] | 36 | 34 | ||
Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [10] | 13 | |||
Noncurrent Liabilities [Member] | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 4 | 2 | |||
Noncurrent Liabilities [Member] | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 32 | 32 | |||
Noncurrent Liabilities [Member] | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 13 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 160 | 54 | |||
Derivative Liabilities | 112 | 191 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [1] | 65 | |||
Derivative Liabilities | 57 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 40 | 32 | |||
Derivative Liabilities | 13 | 8 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 66 | [2] | 11 | [3] | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [3] | 28 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 8 | 5 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 58 | 6 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 28 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [4] | 94 | 43 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 37 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [5] | 40 | 32 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 3 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 59 | 11 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 37 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Interest rate | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 8 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Foreign currency | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 32 | 32 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Assets | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 32 | 32 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 77 | [6] | 158 | [7] | |
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [7] | 44 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [8] | 13 | 8 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 64 | 103 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Commodity contracts | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 9 | 6 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 10 | 53 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 44 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Interest rate | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 1 | ||||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Foreign currency | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | 2 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Current Liabilities | Foreign currency | Dominion Energy Gas Holdings, LLC | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | 2 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [9] | 35 | 33 | ||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [10] | 13 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 3 | 1 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Interest rate | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 32 | 32 | |||
Fair Value - Derivatives under Hedge Accounting [Member] | Noncurrent Liabilities [Member] | Interest rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 13 | ||||
Fair Value - Derivatives not under Hedge Accounting | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 137 | 253 | |||
Derivative Liabilities | 33 | 93 | |||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 105 | [1] | 166 | ||
Derivative Liabilities | 8 | 9 | |||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 86 | [2] | 158 | [3] | |
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [3] | 60 | 75 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 86 | 158 | |||
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity contracts | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 60 | 75 | |||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | [4] | 51 | 95 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 45 | 91 | [1] | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 51 | 95 | |||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity contracts | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Asset | 45 | 91 | |||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 32 | [6] | 92 | [7] | |
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [7] | 8 | 9 | ||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 32 | 92 | |||
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity contracts | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | 8 | 9 | |||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | [9] | 1 | 1 | ||
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities [Member] | Commodity contracts | |||||
Derivatives Fair Value [Line Items] | |||||
Derivative Liabilities | $ 1 | $ 1 | |||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | ||||
[2] | Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[3] | Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | ||||
[4] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | ||||
[5] | Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[6] | Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||
[7] | Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. | ||||
[8] | Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[9] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. | ||||
[10] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | $ (36) | $ 16 | $ 68 | $ 131 | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (40) | 25 | (95) | 91 | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 48 | (26) | 141 | (60) | |||
Virginia Electric and Power Company | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [3] | 4 | (3) | 13 | (8) | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | |||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | 48 | (26) | 141 | (60) | |||
Dominion Energy Gas Holdings, LLC | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | 4 | 2 | (6) | 5 | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (7) | 7 | (22) | 8 | ||||
Electric fuel and other energy-related purchases | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | 8 | 1 | |||||
Commodity contracts | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | (58) | 8 | (1) | 139 | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (26) | 31 | (49) | 115 | ||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | |||||
Commodity contracts | Dominion Energy Gas Holdings, LLC | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [5] | (5) | (10) | (11) | (5) | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (3) | (2) | (8) | (4) | ||||
Commodity contracts | Operating Revenue | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (26) | 32 | (55) | 114 | ||||
Commodity contracts | Operating Revenue | Dominion Energy Gas Holdings, LLC | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (3) | (2) | (8) | (4) | ||||
Commodity contracts | Purchased Gas | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | |||||||
Interest rate | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | 23 | [6] | (4) | 70 | [6] | (18) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | (12) | [6] | (16) | (36) | [6] | (39) | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 48 | [6] | (26) | 141 | [6] | (60) | |
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] | 4 | [7] | (3) | [7] | 13 | (8) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | |||||||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | 48 | [7] | (26) | [7] | 141 | (60) | |
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] | 10 | [8] | 6 | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | [8] | (1) | [8] | (4) | (3) | ||
Foreign currency | ||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | [1] | (1) | [9] | 12 | (1) | [9] | 10 | |
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | [9] | 10 | (10) | [9] | 15 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[9] | 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] | (1) | [10] | 12 | [10] | (1) | 10 | |
Amount of Gain (Loss) Reclassified From AOCI to Income | $ (2) | [10] | $ 10 | [10] | $ (10) | $ 15 | ||
[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 Accoun_10
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (11) | $ (17) | $ (26) | $ (28) |
Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (9) | (18) | (12) | (42) |
Commodity contracts | Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (9) | (18) | (12) | (42) |
Commodity contracts | Operating Revenue | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (5) | 7 | (8) | 22 |
Commodity contracts | Purchased Gas | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 1 | (6) | 5 | 2 |
Commodity contracts | Electric fuel and other energy-related purchases | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (7) | (19) | $ (23) | (51) |
Commodity contracts | Other operations and maintenance | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 1 | $ (1) | ||
[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. |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) - USD ($) | Mar. 31, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Contributions to equity method affiliates | $ 282,000,000 | $ 343,000,000 | |||||||||
Investment in equity method affiliates | $ 1,858,000,000 | $ 1,858,000,000 | 1,858,000,000 | $ 1,544,000,000 | [1] | ||||||
Other receivables | 132,000,000 | 132,000,000 | 132,000,000 | 126,000,000 | [1] | ||||||
Liabilities, other deferred credits and other liabilities | 17,256,000,000 | 17,256,000,000 | 17,256,000,000 | 16,631,000,000 | [1] | ||||||
Dominion Energy Gas Holdings, LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Other receivables | [2] | 18,000,000 | 18,000,000 | 18,000,000 | 15,000,000 | [3] | |||||
Liabilities, other deferred credits and other liabilities | 3,007,000,000 | 3,007,000,000 | 3,007,000,000 | 2,866,000,000 | [3] | ||||||
Equity in earnings on investments | 4,000,000 | $ 4,000,000 | 18,000,000 | 15,000,000 | |||||||
Dominion Energy Gas Holdings, LLC | Partnership Interest | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in equity method affiliates | 93,000,000 | 93,000,000 | 93,000,000 | 95,000,000 | |||||||
Equity in earnings on investments | 18,000,000 | 15,000,000 | |||||||||
Distributions received from investment | 20,000,000 | 17,000,000 | |||||||||
Equity method investment, balance carrying value | 8,000,000 | 8,000,000 | $ 8,000,000 | 8,000,000 | |||||||
Blue Racer | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment contingent consideration, description | This will result in a gain when realizable. Also, the purchaser agreed to pay additional consideration contingent upon the achievement of certain financial performance milestones of Blue Racer from 2019 through 2021. Pursuant to the purchase agreement, the aggregate will not exceed $300 million, | ||||||||||
Blue Racer | Scenario, Forecast | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Up-front cash consideration | $ 1,050,000,000 | ||||||||||
Gain on sale of equity method investment | 380,000,000 | ||||||||||
Gain on sale of equity method investments, net of tax | $ 230,000,000 | ||||||||||
Additional deferred consideration, subject to increase for interest cost effective payable upon purchaser's availability of cash | $ 150,000,000 | ||||||||||
Aggregate amount of contingent consideration, maximum | $ 300,000,000 | ||||||||||
Blue Racer | Subsequent Event | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest percentage of limited partner interests | 50.00% | ||||||||||
Atlantic Coast Pipeline | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Contributions to equity method affiliates | 147,000,000 | 84,000,000 | $ 306,000,000 | 286,000,000 | |||||||
Atlantic Coast Pipeline | DETI | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 50,000,000 | $ 32,000,000 | 156,000,000 | $ 93,000,000 | |||||||
Other receivables | 15,000,000 | 15,000,000 | 15,000,000 | 12,000,000 | |||||||
Atlantic Coast Pipeline | Current Liabilities | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in equity method affiliates | 37,000,000 | 37,000,000 | 37,000,000 | ||||||||
NedPower Mount Storm LLC | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Liabilities, other deferred credits and other liabilities | $ 0 | 0 | 0 | 17,000,000 | |||||||
Catalyst Old River Hydroelectric Limited Partnership | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Ownership interest percentage of limited partner interests | 25.00% | ||||||||||
Limited partnership interest sale transaction, proceeds received | $ 91,000,000 | ||||||||||
Catalyst Old River Hydroelectric Limited Partnership | Other Income [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gain on sale of equity method investment | 87,000,000 | ||||||||||
Gain on sale of equity method investments, net of tax | 63,000,000 | ||||||||||
Trading Securities | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Rabbi trust securities | $ 114,000,000 | $ 114,000,000 | $ 114,000,000 | $ 112,000,000 | |||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||
[2] | See Note 18 for amounts attributable to related parties. | ||||||||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. |
Investments (Equity and Debt Se
Investments (Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | ||
Investment Holdings [Line Items] | ||||
Equity securities Total Unrealized Gains | $ 243 | $ 267 | ||
Fixed income securities Fair Value | 1,589 | 1,589 | ||
Amortized Cost, Total | 3,316 | 3,316 | $ 3,200 | |
Total Unrealized Gains | 2,144 | 2,144 | 1,899 | |
Total Unrealized Losses | [1] | (36) | (36) | (6) |
Fair Value, Total | 5,424 | 5,424 | 5,093 | |
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Equity securities Total Unrealized Gains | 106 | 118 | ||
Fixed income securities Fair Value | 771 | 771 | ||
Amortized Cost, Total | 1,620 | 1,620 | 1,549 | |
Total Unrealized Gains | 971 | 971 | 852 | |
Total Unrealized Losses | [2] | (18) | (18) | (2) |
Fair Value, Total | 2,573 | 2,573 | 2,399 | |
Fixed Income [Member] | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other Amorized Cost | [3] | 7 | 7 | 34 |
Cash equivalents and other Fair Value | [3] | 7 | 7 | 34 |
Cash Equivalents and Other [Member] | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other Amorized Cost | [4] | 1 | 1 | 22 |
Cash equivalents and other Fair Value | [4] | 1 | 1 | 22 |
Cost Method Investments [Member] | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | 68 | |||
Fair Value, Total | 68 | |||
Cost Method Investments [Member] | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Amortized Cost, Total | 68 | |||
Fair Value, Total | 68 | |||
Common/collective trust funds | Fixed Income [Member] | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 82 | 82 | 60 |
Fixed income securities Fair Value | [5] | 82 | 82 | 60 |
Common/collective trust funds | Fixed Income [Member] | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [6] | 48 | 48 | 27 |
Fixed income securities Fair Value | [6] | 48 | 48 | 27 |
Corporate debt instruments | Fixed Income [Member] | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 438 | 438 | 430 |
Fixed income securities Total Unrealized Gains | [5] | 6 | 15 | |
Fixed income securities Total Unrealized Losses | [5] | (7) | (1) | |
Fixed income securities Fair Value | [5] | 437 | 437 | 444 |
Corporate debt instruments | Fixed Income [Member] | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [6] | 220 | 220 | 216 |
Fixed income securities Total Unrealized Gains | [6] | 2 | 8 | |
Fixed income securities Total Unrealized Losses | [6] | (4) | ||
Fixed income securities Fair Value | [6] | 218 | 218 | 224 |
Government Securities [Member] | Fixed Income [Member] | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 1,079 | 1,079 | 1,039 |
Fixed income securities Total Unrealized Gains | [5] | 10 | 27 | |
Fixed income securities Total Unrealized Losses | [5] | (19) | (5) | |
Fixed income securities Fair Value | [5] | 1,070 | 1,070 | 1,061 |
Government Securities [Member] | Fixed Income [Member] | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [6] | 509 | 509 | 482 |
Fixed income securities Total Unrealized Gains | [6] | 4 | 13 | |
Fixed income securities Total Unrealized Losses | [6] | (8) | (2) | |
Fixed income securities Fair Value | [6] | 505 | 505 | 493 |
Equity securities: | U.S. | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost, | [7] | 1,710 | 1,710 | 1,569 |
Equity securities Total Unrealized Gains | [7] | 2,128 | 1,857 | |
Equity securities Total Unrealized Losses | [7] | (10) | ||
Equity securities Fair Value | [7] | 3,828 | 3,828 | 3,426 |
Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost, | [7] | 842 | 842 | 734 |
Equity securities Total Unrealized Gains | [7] | 965 | 831 | |
Equity securities Total Unrealized Losses | [7] | (6) | ||
Equity securities Fair Value | [7] | $ 1,801 | $ 1,801 | $ 1,565 |
[1] | The fair value of securities in an unrealized loss position was $1.1 billion and $565 million at September 30, 2018 and December 31, 2017, respectively. | |||
[2] | The fair value of securities in an unrealized loss position was $539 million and $234 million at September 30, 2018 and December 31, 2017, respectively. | |||
[3] | Includes pending sales of securities of $ — million and $5 million at September 30, 2018 and December 31, 2017, respectively. | |||
[4] | Includes pending sales of securities of $1 million and $6 million at September 30, 2018 and December 31, 2017, respectively. | |||
[5] | Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||
[6] | Unrealized gains and losses on equity securities (for 2017) and fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||
[7] | Effective January 2018, unrealized gains and losses on equity securities, including those previously classified as cost method investments, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments (Equity and Debt _2
Investments (Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||
Fair value of securities in an unrealized loss position | $ 1,100 | $ 565 |
Net assets related to pending sales and purchases of securities | 5 | |
Virginia Electric and Power Company | ||
Investment Holdings [Line Items] | ||
Fair value of securities in an unrealized loss position | 539 | 234 |
Net assets related to pending sales and purchases of securities | $ 1 | $ 6 |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Investment Holdings [Line Items] | ||
Net gains recognized during the period | $ 243 | $ 267 |
Less: Net gains recognized during the period on securities sold during the period | (7) | (42) |
Unrealized gains (losses) recognized during the period on securities still held at September 30, 2018 | 236 | 225 |
Virginia Electric and Power Company | ||
Investment Holdings [Line Items] | ||
Net gains recognized during the period | 106 | 118 |
Less: Net gains recognized during the period on securities sold during the period | (3) | (26) |
Unrealized gains (losses) recognized during the period on securities still held at September 30, 2018 | $ 103 | $ 92 |
Investments (Fair Value of our
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 199 |
Due after one year through five years | 344 |
Due after five years through ten years | 389 |
Due after ten years | 657 |
Total | 1,589 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 64 |
Due after one year through five years | 139 |
Due after five years through ten years | 221 |
Due after ten years | 347 |
Total | $ 771 |
Investments (Selected Informati
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities | $ 457 | $ 377 | $ 1,301 | $ 1,496 | |
Realized gains | [1] | 24 | 25 | 96 | 142 |
Realized losses | [1] | 18 | 16 | 60 | 52 |
Virginia Electric and Power Company | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales of securities | 237 | 156 | 651 | 654 | |
Realized gains | [1] | 11 | 9 | 44 | 64 |
Realized losses | [1] | $ 5 | $ 6 | $ 17 | $ 24 |
[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) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Investments Debt And Equity Securities [Abstract] | |||||
Total other-than-temporary impairment losses | [1] | $ 8 | $ 7 | $ 25 | $ 33 |
Losses recorded to the nuclear decommissioning trust regulatory liability | (2) | (13) | |||
Losses recognized in other comprehensive income (before taxes) | $ (8) | (1) | $ (25) | (2) | |
Net impairment losses recognized in earnings | $ 4 | $ 18 | |||
[1] | Amounts include other-than-temporary impairment losses for debt securities of less than $1 million and $2 million for the three and nine months ended September 30, 2017, respectively. |
Investments (Recorded Other-T_2
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | ||||
Other-than-temporary impairment losses for debt securities | $ 8 | $ 1 | $ 25 | $ 2 |
Property Plant and Equipment (N
Property Plant and Equipment (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2018USD ($) | Aug. 31, 2018project | Jun. 30, 2018USD ($)afield | Mar. 31, 2018USD ($)afield | Feb. 28, 2018USD ($) | Jan. 31, 2018a | Dec. 31, 2017USD ($) | Sep. 30, 2017project | Aug. 31, 2017USD ($)a | Jul. 31, 2017USD ($)a | Mar. 31, 2019USD ($)MW | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2020USD ($)MW | Dec. 31, 2019USD ($)MW | Dec. 31, 2013USD ($)a | Oct. 31, 2018USD ($) | Oct. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Nov. 30, 2014afield | |
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Cost of project | $ 108 | $ 343 | ||||||||||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Cost of project | 98 | 16 | ||||||||||||||||||||||
Virginia Electric and Power Company | Two Solar Development Projects | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Number of projects | project | 2 | 2 | ||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Utica and Point Pleasant Shale | Oil and Gas Properties | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 16 | |||||||||||||||||||||||
Development rights (number of acres) | a | 11,000 | |||||||||||||||||||||||
Number of natural gas storage fields | field | 1 | |||||||||||||||||||||||
Proceeds from assignment of Shale Development Rights | $ 16 | |||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Utica and Point Pleasant Shale | Oil and Gas Properties | Other operations and maintenance | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Gain on sale | 16 | |||||||||||||||||||||||
After tax gain on sale | $ 12 | |||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 6 | $ 28 | $ 5 | |||||||||||||||||||||
Development rights (number of acres) | a | 9,000 | 18,000 | 2,000 | 100,000 | 24,000 | |||||||||||||||||||
Period for payments related to conveyance of natural gas storage fields | 9 years | |||||||||||||||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 50.00% | |||||||||||||||||||||||
Number of natural gas storage fields | field | 1 | 1 | ||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties | Amended Agreement To Extend Conveyance Of Development Rights | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Gain on sale | $ 9 | $ 56 | ||||||||||||||||||||||
After tax gain on sale | 5 | 33 | ||||||||||||||||||||||
Development rights (number of acres) | a | 70,000 | |||||||||||||||||||||||
Gas and oil area developed net remaining interest conveyed percentage | 68.00% | |||||||||||||||||||||||
Total consideration | $ 65 | $ 130 | 65 | |||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties | Amended Agreement To Extend Conveyance Of Development Rights | Final Conveyance | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Gain on sale | 65 | |||||||||||||||||||||||
After tax gain on sale | 47 | |||||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties | Other operations and maintenance | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Gain on sale | $ 6 | 28 | $ 5 | |||||||||||||||||||||
After tax gain on sale | $ 4 | $ 20 | $ 3 | |||||||||||||||||||||
Maximum | Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 200 | |||||||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Cost of project | $ 37 | |||||||||||||||||||||||
MW capacity | MW | 20 | |||||||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | Two Solar Development Projects | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
MW capacity | MW | 155 | 155 | ||||||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | First Solar Development Project | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Cost of project | $ 140 | $ 120 | ||||||||||||||||||||||
Scenario, Forecast | Virginia Electric and Power Company | Second Solar Development Project | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Cost of project | $ 130 | $ 140 | ||||||||||||||||||||||
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 143 | |||||||||||||||||||||||
Contractual term of agreement to use brand | 10 years | |||||||||||||||||||||||
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Phase of Agreements to Sell Certain Assets | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 79 | $ 79 | ||||||||||||||||||||||
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Scenario, Forecast | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Gain on sale | 65 | |||||||||||||||||||||||
After tax gain on sale | 49 | |||||||||||||||||||||||
Fairless and Manchester | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | 1,200 | $ 1,200 | 1,200 | |||||||||||||||||||||
Fairless and Manchester | Maximum | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Sale of equity method investments, estimated decrease in tax expenses upon usage of tax incentives | 50 | |||||||||||||||||||||||
Fairless and Manchester | Scenario, Forecast | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Gain on sale of equity method investment | 210 | |||||||||||||||||||||||
Gain on sale of equity method investments, net of tax | $ 150 | |||||||||||||||||||||||
Assignment of Tower Rental Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Virginia Electric and Power Company | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 91 | |||||||||||||||||||||||
Amount recognized in operating revenue and other income from sale | 2 | $ 2 | 5 | $ 10 | ||||||||||||||||||||
Amount to be recognized in other income ratably through 2023 | $ 30 | $ 30 | $ 30 | |||||||||||||||||||||
Subsequent Event | Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Second Phase of Agreements to Sell Certain Assets | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||
Amount of consideration | $ 63 |
Property Plant and Equipment (S
Property Plant and Equipment (Summary of Carrying Amounts of Major Classes of Assets and Liabilities Classified as Held for Sale) (Detail) - Fairless and Manchester $ in Millions | Sep. 30, 2018USD ($) |
Assets: | |
Current assets | $ 37 |
Property, plant and equipment, net | 940 |
Other assets | 52 |
Total assets | 1,029 |
Liabilities: | |
Current liabilities | 8 |
Asset retirement obligation | 1 |
Total liabilities | $ 9 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | |||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | $ 540 | $ 294 | [1] | |
Regulatory assets-noncurrent | 2,316 | 2,480 | [1] | |
Total regulatory assets | 2,856 | 2,774 | ||
Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [2] | 260 | 23 | |
Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 124 | 70 | |
Regulatory assets-noncurrent | [3] | 312 | 401 | |
Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | $ 58 | 54 | |
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] | $ 3 | 38 | |
Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 95 | 109 | ||
Regulatory assets-noncurrent | 191 | 151 | ||
Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [6] | 1,276 | 1,336 | |
PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [7] | 265 | 222 | |
Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 83 | 223 | |
Utility reform legislation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [9] | 189 | 147 | |
Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 479 | 205 | [10] | |
Regulatory assets-noncurrent | 636 | 810 | [10] | |
Total regulatory assets | 1,115 | 1,015 | ||
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [2] | 260 | 23 | |
Virginia Electric and Power Company | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 101 | 56 | |
Regulatory assets-noncurrent | [3] | 225 | 312 | |
Virginia Electric and Power Company | Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | 58 | 54 | |
Virginia Electric and Power Company | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 60 | 72 | ||
Regulatory assets-noncurrent | 96 | 86 | ||
Virginia Electric and Power Company | PJM transmission rates | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [7] | 265 | 222 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [8] | 50 | 190 | |
Dominion Energy Gas Holdings, LLC | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [11] | 25 | 26 | |
Regulatory assets-noncurrent | [12] | 551 | 511 | |
Total regulatory assets | 576 | 537 | ||
Dominion Energy Gas Holdings, LLC | Deferred rate adjustment clause costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 23 | 14 | |
Regulatory assets-noncurrent | [3] | 87 | 89 | |
Dominion Energy Gas Holdings, LLC | Unrecovered gas costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [5] | 0 | 8 | |
Dominion Energy Gas Holdings, LLC | Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 2 | 4 | ||
Regulatory assets-noncurrent | 27 | 17 | ||
Dominion Energy Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [6] | 248 | 258 | |
Dominion Energy Gas Holdings, LLC | Utility reform legislation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [9] | $ 189 | $ 147 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 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 and Virginia Power’s generation operations. | |||
[3] | Primarily reflects deferrals under the electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power and deferrals of costs associated with certain current and prospective rider projects for Dominion Energy Gas. See Note 13 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 or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. | |||
[6] | 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. | |||
[7] | Reflects amounts related to the PJM transmission cost allocation matter. See Note 13 for more information. | |||
[8] | 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. | |||
[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] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[11] | Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[12] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | $ 335 | $ 193 | |
Regulatory liabilities-noncurrent | 7,146 | 6,916 | [2] | |
Total regulatory liabilities | 7,481 | 7,109 | ||
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 101 | 101 | |
Regulatory liabilities-noncurrent | [3] | 1,414 | 1,384 | |
Reserve for rate credits to customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 61 | ||
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 93 | 92 | ||
Regulatory liabilities-noncurrent | 403 | 353 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 1,241 | 1,121 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 4,088 | 4,058 | |
Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 80 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | 250 | 127 | |
Regulatory liabilities-noncurrent | 4,890 | 4,760 | [8] | |
Total regulatory liabilities | 5,140 | 4,887 | ||
Virginia Electric and Power Company | Reserve for rate credits to customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 61 | ||
Virginia Electric and Power Company | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 42 | 47 | ||
Regulatory liabilities-noncurrent | 112 | 74 | ||
Virginia Electric and Power Company | Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [5] | 1,241 | 1,121 | |
Virginia Electric and Power Company | Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 2,561 | 2,581 | |
Virginia Electric and Power Company | Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 67 | ||
Virginia Electric and Power Company | Provision for future cost of removal | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 80 | 80 | |
Regulatory liabilities-noncurrent | [3] | 938 | 915 | |
Virginia Electric and Power Company | Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [9] | 38 | 69 | |
Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | 32 | 38 | |
Regulatory liabilities-noncurrent | 1,309 | 1,227 | [10] | |
Total regulatory liabilities | 1,341 | 1,265 | ||
Dominion Energy Gas Holdings, LLC | Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 13 | 13 | |
Regulatory liabilities-noncurrent | [3] | 164 | 160 | |
Dominion Energy Gas Holdings, LLC | Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 9 | 5 | ||
Regulatory liabilities-noncurrent | 92 | 69 | ||
Dominion Energy Gas Holdings, LLC | Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [6] | 1,038 | 998 | |
Dominion Energy Gas Holdings, LLC | Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [7] | 15 | ||
Dominion Energy Gas Holdings, LLC | PIPP | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [11] | 4 | $ 20 | |
Dominion Energy Gas Holdings, LLC | Overrecovered gas costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [12] | $ 6 | ||
[1] | Current regulatory liabilities are presented in other current liabilities in the Companies’ Consolidated Balance Sheets. | |||
[2] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | 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. | |||
[4] | Charge associated with Virginia legislation enacted in March 2018 that requires one-time rate credits of certain amounts to utility customers. See Note 13 for more information. | |||
[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] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC-equity. | |||
[7] | Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Note 13 for more information. | |||
[8] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[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] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[11] | 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. | |||
[12] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | |||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets past expenditures not earning return | $ 447 | |||
Regulatory assets | $ 2,316 | $ 2,480 | [1] | |
Period for which expenditures are expected to be recovered | 2 years | |||
PJM transmission rates | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | [2] | $ 265 | 222 | |
Virginia Electric and Power Company | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets past expenditures not earning return | 364 | |||
Regulatory assets | 636 | 810 | [3] | |
Virginia Electric and Power Company | PJM transmission rates | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Regulatory assets | [2] | $ 265 | $ 222 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 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 13 for more information. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | Feb. 01, 2020 | Oct. 31, 2018USD ($)programMMcf | Sep. 30, 2018USD ($)kVmi | Aug. 31, 2018USD ($)projectMWkVmi | Jul. 31, 2018USD ($) | May 31, 2018USD ($) | Aug. 31, 2009kV | Apr. 30, 2007kV | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Jan. 31, 2020 | Dec. 31, 2017USD ($) | ||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Regulatory assets-noncurrent | $ 2,316 | $ 2,316 | $ 2,480 | [1] | |||||||||||
Regulatory asset recovered through retail rates | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Regulatory assets-noncurrent | [2] | 265 | 265 | 222 | |||||||||||
Virginia Regulation | Operating Segments | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Charge associated with legislation | 215 | ||||||||||||||
Charge associated with legislation, after tax | 160 | ||||||||||||||
Virginia Electric and Power Company | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Regulatory assets-noncurrent | 636 | 636 | 810 | [3] | |||||||||||
Tax reform benefit | $ 100 | ||||||||||||||
Virginia Electric and Power Company | Subsequent Event | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Reduction in regulatory liabilities | $ 14 | ||||||||||||||
Regulatory liabilities one time bill credit amount | 13 | ||||||||||||||
Virginia Electric and Power Company | Regulatory asset recovered through retail rates | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Regulatory assets-noncurrent | [2] | 265 | $ 265 | $ 222 | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Interim rate reduction amount | $ 125 | ||||||||||||||
Estimated recovery of fuel expenses | $ 1,500 | ||||||||||||||
Increase in fuel revenue | $ 209 | 222 | |||||||||||||
Earnings above authorized return on equity (basis points) | 70.00% | ||||||||||||||
One-time bill credit, provisions for current customers | $ 200 | ||||||||||||||
Charge associated with legislation | 215 | ||||||||||||||
Charge associated with legislation, after tax | 160 | ||||||||||||||
Legislation amount credited in customer bill | 138 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Coastal Virginia Offshore Wind Project | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Capacity of wind turbine generators (mV) | MW | 6 | ||||||||||||||
Public utilities length of wind project | mi | 27 | ||||||||||||||
Total estimated cost of project | $ 300 | ||||||||||||||
Number of wind projects | project | 2 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Lanexa and Dunnsville Substations | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Total estimated cost of project | $ 15 | ||||||||||||||
Capacity of transmission line (kV) | kV | 138 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Dooms Substation and Valley Substation | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Total estimated cost of project | $ 65 | 65 | |||||||||||||
Capacity of transmission line (kV) | kV | 500 | ||||||||||||||
Length of kV line (miles) | mi | 18 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Between Idylwood and Tysons Substations | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Total estimated cost of project | $ 125 | 125 | |||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||
Length of kV line (miles) | mi | 4 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Operating Segments | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Charge associated with legislation | 215 | ||||||||||||||
Charge associated with legislation, after tax | 160 | ||||||||||||||
Proposed revenue requirement | $ 636 | 755 | |||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Operating Segments | Transmission Component of Virginia Power's | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | 468 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed annual revenue reduction amount | 151 | ||||||||||||||
Estimated annual revenue reduction on one-time bill credit | $ 95 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1A and C2A | Subsequent Event | Operating Segments | Energy Efficiency Program | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Number of new energy efficiency programs | program | 10 | ||||||||||||||
Period for cost cap | 5 years | ||||||||||||||
Number of new demand response programs | program | 1 | ||||||||||||||
Amount of cost recovery | $ 262 | ||||||||||||||
Proposed revenue requirement | 49 | ||||||||||||||
Increase (decrease) in revenue requirement | 18 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider BW | Subsequent Event | Operating Segments | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | 123 | ||||||||||||||
Increase (decrease) in revenue requirement | 7 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider US-2 | Subsequent Event | Operating Segments | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | 16 | ||||||||||||||
Increase (decrease) in revenue requirement | 3 | ||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | Operating Segments | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed revenue requirement | 630 | 287 | |||||||||||||
Increase (decrease) in revenue requirement | 146 | ||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed cost increase (decrease) amount | $ 24 | ||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Scenario, Forecast | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Mitigation recoverable percentage | 50.00% | ||||||||||||||
Mitigation recoverable remaining percentage | 50.00% | ||||||||||||||
Virginia Electric and Power Company | Settled Litigation | Federal Energy Regulatory Commission | Order Regarding Transmission Rate Design For Allocation Of Costs Among P J M Interconnect L L C Transmission Customers | Unfavorable Regulatory Action | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Duration of payment under settlement agreement | 10 years | ||||||||||||||
Amount required to pay under settlement agreement | $ 276 | ||||||||||||||
Virginia Electric and Power Company | Settled Litigation | Federal Energy Regulatory Commission | Order Regarding Transmission Rate Design For Allocation Of Costs Among P J M Interconnect L L C Transmission Customers | Unfavorable Regulatory Action | Other Current Liabilities | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Amount of contingent liability | $ 170 | 170 | |||||||||||||
Virginia Electric and Power Company | Settled Litigation | Federal Energy Regulatory Commission | Order Regarding Transmission Rate Design For Allocation Of Costs Among P J M Interconnect L L C Transmission Customers | Unfavorable Regulatory Action | Other Deferred Credits and Other Liabilities | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Amount of contingent liability | 72 | $ 72 | |||||||||||||
Virginia Electric and Power Company | Settled Litigation | Federal Energy Regulatory Commission | Order Regarding Transmission Rate Design For Allocation Of Costs Among P J M Interconnect L L C Transmission Customers | Unfavorable Regulatory Action | Regulatory asset recovered through retail rates | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Regulatory assets-noncurrent | $ 265 | ||||||||||||||
Virginia Electric and Power Company | Minimum | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Facility operating capacity (kV) | kV | 500 | ||||||||||||||
Virginia Electric and Power Company | Minimum | Judicial Ruling [Member] | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Facility operating capacity (kV) | kV | 500 | ||||||||||||||
DETI | Federal Energy Regulatory Commission | Other operations and maintenance | Preliminary recommendation one | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Audit compliance charge recognized in connection with preliminary recommendation | $ 15 | ||||||||||||||
Audit compliance after-tax charge recognized in connection with preliminary recommendation | $ 9 | ||||||||||||||
DETI | Federal Energy Regulatory Commission | Other operations and maintenance | Other preliminary recommendation | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Audit compliance charge recognized in connection with preliminary recommendation | $ 129 | ||||||||||||||
Audit compliance after-tax charge recognized in connection with preliminary recommendation | $ 94 | ||||||||||||||
Questar Gas | Cost-of-service impact of 2017 Tax Reform Act | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Reduction in regulatory liabilities | $ 15 | ||||||||||||||
Corporate income tax reduction to customer | $ 9 | ||||||||||||||
Regulatory liability, amortization period | 1 year | ||||||||||||||
Questar Gas | Utah and Wyoming Regulation | Subsequent Event | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Proposed cost increase (decrease) amount | $ 48 | ||||||||||||||
LNG peaking storage facility, liquefaction rate per day | MMcf | 8.2 | ||||||||||||||
East Ohio | Ohio Regulation | UEX Rider | |||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||
Elimination of over-recovered balance of accumulated bad debt expense | 11 | ||||||||||||||
Prospective bad debt expense recovered | $ 16 | ||||||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 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 13 for more information. | ||||||||||||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($)generator | Sep. 30, 2018USD ($)MW | Sep. 30, 2017USD ($)generator | Dec. 31, 2017USD ($) | ||
Variable Interest Entity [Line Items] | ||||||
Securities due within one year | $ 3,101 | $ 3,101 | $ 3,078 | [1] | ||
Long term debt | 32,188 | 32,188 | 30,948 | [1] | ||
Virginia Electric and Power Company | ||||||
Variable Interest Entity [Line Items] | ||||||
Securities due within one year | 350 | 350 | 850 | [2] | ||
Long term debt | 10,742 | 10,742 | 10,496 | [2] | ||
Affiliated current borrowings | 15 | 15 | 33 | [2] | ||
Dominion Energy Gas Holdings, LLC | ||||||
Variable Interest Entity [Line Items] | ||||||
Long term debt | 4,061 | 4,061 | 3,570 | [3] | ||
Affiliated current borrowings | 24 | 24 | 18 | [3] | ||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||||
Variable Interest Entity [Line Items] | ||||||
Securities due within one year | 27 | 27 | ||||
Long term debt | 326 | $ 326 | ||||
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 | 2 | ||||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 218 | |||||
Remaining purchase commitments | 163 | $ 163 | ||||
Payment for electric capacity | 13 | $ 17 | 38 | $ 73 | ||
Other energy-related purchases | 4 | 5 | 14 | 20 | ||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | ||||||
Variable Interest Entity [Line Items] | ||||||
Shared services purchased | 79 | 83 | 251 | 251 | ||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | Payables to Affiliates | ||||||
Variable Interest Entity [Line Items] | ||||||
Affiliated current borrowings | 23 | 23 | 36 | |||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | ||||||
Variable Interest Entity [Line Items] | ||||||
Shared services purchased | 31 | $ 31 | 94 | $ 93 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | Payables to Affiliates | ||||||
Variable Interest Entity [Line Items] | ||||||
Affiliated current borrowings | $ 11 | $ 11 | $ 14 | |||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_3
Significant Financing Transactions (Narrative) (Detail) | Nov. 07, 2018USD ($) | Oct. 31, 2018USD ($) | Jun. 30, 2018USD ($) | May 31, 2018USD ($) | Apr. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)facility | Feb. 28, 2018USD ($)agreement | Jan. 31, 2018USD ($)shares | Jun. 30, 2017USD ($)agreement | Apr. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2018USD ($)shares | Mar. 31, 2018USD ($)facility | Sep. 30, 2017shares | Jun. 30, 2018USD ($)shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Dec. 31, 2017USD ($) | ||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of joint revolving credit facilities | facility | 2 | 2 | |||||||||||||||||||
Short-term debt | $ 2,935,000,000 | $ 2,935,000,000 | $ 3,298,000,000 | [1] | |||||||||||||||||
Guarantee recorded amount | 73,000,000 | 73,000,000 | |||||||||||||||||||
Issuance of common stock | 737,000,000 | $ 1,232,000,000 | |||||||||||||||||||
Aggregate proceeds from issuance of shares of common stock | $ 737,000,000 | $ 1,233,000,000 | |||||||||||||||||||
Common Stock | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 10,000,000 | 16,000,000 | |||||||||||||||||||
Issuance of common stock | $ 737,000,000 | $ 1,232,000,000 | |||||||||||||||||||
Common Stock | Forward Sale Agreements | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of shares of common stock under forward equity sale agreement | shares | 20,000,000 | ||||||||||||||||||||
Aggregate proceeds from issuance of shares of common stock | $ 1,500,000,000 | ||||||||||||||||||||
Maximum | Common Stock | Forward Sale Agreements | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Full physical settlement of forward sale agreements date | Dec. 31, 2018 | ||||||||||||||||||||
Shelf Registration For Sale Of Common Stock Through At Market Program | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of sales agency agreements | agreement | 6 | 3 | |||||||||||||||||||
Issuance of common stock (in shares) | shares | 6,600,000 | ||||||||||||||||||||
Issuance of common stock | $ 0 | $ 495,000,000 | |||||||||||||||||||
Fees and commissions paid | 5,000,000 | ||||||||||||||||||||
Shelf Registration For Sale Of Common Stock Through At Market Program | Maximum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Sale of stock authorized amount | 1,000,000,000 | $ 500,000,000 | |||||||||||||||||||
Underwriters Option to Purchase | Common Stock | Forward Sale Agreements | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of shares of common stock under option to purchase | shares | 2,100,000 | ||||||||||||||||||||
Issuance of shares of common stock under option to purchase, price per share | $ / shares | $ 67.33 | $ 67.33 | |||||||||||||||||||
Period to purchase common stock under option | 30 days | ||||||||||||||||||||
Underwriters Option to Purchase | Maximum | Common Stock | Forward Sale Agreements | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of shares of common stock under option to purchase | shares | 3,000,000 | ||||||||||||||||||||
Dominion Energy Midstream Partners, LP | Limited Partner | Dominion Midstream Limited Partner Common Unit Purchase Program | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Common units conversion basis | In May 2018, all of the subordinated units of Dominion Energy Midstream held by Dominion Energy were converted into common units on a 1:1 ratio following the payment of Dominion Energy Midstream’s distribution for the first quarter of 2018. | ||||||||||||||||||||
Common units conversion basis ratio | 100.00% | ||||||||||||||||||||
Number of common units received on incentive distribution right | shares | 27,000,000 | ||||||||||||||||||||
Change in noncontrolling interest | $ 375,000,000 | ||||||||||||||||||||
Dominion Energy Midstream Partners, LP | Letter of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 250,000,000 | $ 250,000,000 | |||||||||||||||||||
Dominion Energy Midstream Partners, LP | Letter of Credit | Subsequent Event | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 21,000,000 | ||||||||||||||||||||
Facility limit, current borrowing | $ 16,000,000 | ||||||||||||||||||||
Line of credit facility, termination date | Jun. 30, 2020 | ||||||||||||||||||||
Dominion Energy Midstream Partners, LP | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 500,000,000 | 500,000,000 | |||||||||||||||||||
Line of credit facility maturity date | Mar. 31, 2021 | ||||||||||||||||||||
Guarantee recorded amount | 73,000,000 | $ 73,000,000 | |||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Short-term debt | $ 934,000,000 | $ 934,000,000 | 542,000,000 | [2] | |||||||||||||||||
Credit facility | $ 100,000,000 | 100,000,000 | |||||||||||||||||||
Issuance of common stock (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Virginia Electric and Power Company | Tax Exempt Financing | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayment of variable rate tax-exempt financings | 100,000,000 | ||||||||||||||||||||
Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Short-term debt | $ 141,000,000 | $ 141,000,000 | $ 629,000,000 | [3] | |||||||||||||||||
$6 billion Joint Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 6,000,000,000 | 6,000,000,000 | [4] | 6,000,000,000 | 6,000,000,000 | [4] | |||||||||||||||
Facility Capacity Available | [4] | 2,940,000,000 | 2,940,000,000 | ||||||||||||||||||
$6 billion Joint Revolving Credit Facility | Letter of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 2,000,000,000 | 2,000,000,000 | |||||||||||||||||||
$6 billion Joint Revolving Credit Facility | Questar Gas | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 250,000,000 | 250,000,000 | |||||||||||||||||||
$6 billion Joint Revolving Credit Facility | Virginia Electric and Power Company | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | [5] | 6,000,000,000 | 6,000,000,000 | ||||||||||||||||||
$6 billion Joint Revolving Credit Facility | Virginia Electric and Power Company | Letter of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 2,000,000,000 | 2,000,000,000 | |||||||||||||||||||
$6 billion Joint Revolving Credit Facility | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | [6] | 1,500,000,000 | 1,500,000,000 | ||||||||||||||||||
$6 billion Joint Revolving Credit Facility | Dominion Energy Gas Holdings, LLC | Letter of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 1,500,000,000 | 1,500,000,000 | |||||||||||||||||||
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 30,000,000 | $ 30,000,000 | |||||||||||||||||||
Automatic renewal period | 1 year | ||||||||||||||||||||
Short-term debt | 0 | $ 0 | |||||||||||||||||||
Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Dominion Solar Projects III, Inc | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 25,000,000 | $ 25,000,000 | |||||||||||||||||||
Automatic renewal period | 1 year | ||||||||||||||||||||
Short-term debt | 0 | $ 0 | |||||||||||||||||||
Term Loan Credit Agreement [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Guarantee recorded amount | $ 500,000,000 | $ 950,000,000 | 500,000,000 | ||||||||||||||||||
Duration of credit facilities | 364 days | 364 days | |||||||||||||||||||
3.53% Due 2028 | Dominion Energy Midstream Partners, LP | Private Placement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 100,000,000 | ||||||||||||||||||||
Interest rate percentage | 3.53% | ||||||||||||||||||||
Debt maturity year | 2,028 | ||||||||||||||||||||
3.91% Due 2038 | Dominion Energy Midstream Partners, LP | Private Placement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 150,000,000 | ||||||||||||||||||||
Interest rate percentage | 3.91% | ||||||||||||||||||||
Debt maturity year | 2,038 | ||||||||||||||||||||
Senior Notes, Due in 2028 | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 300,000,000 | $ 300,000,000 | |||||||||||||||||||
Interest rate percentage | 4.25% | 4.25% | |||||||||||||||||||
Debt maturity year | 2,028 | ||||||||||||||||||||
Senior Notes, Due in 2028 | Virginia Electric and Power Company | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 700,000,000 | $ 700,000,000 | |||||||||||||||||||
Interest rate percentage | 3.80% | 3.80% | |||||||||||||||||||
Debt maturity year | 2,028 | ||||||||||||||||||||
3.30% Due 2030 | Questar Gas | Private Placement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 50,000,000 | $ 50,000,000 | |||||||||||||||||||
Interest rate percentage | 3.30% | 3.30% | |||||||||||||||||||
Debt maturity year | 2,030 | ||||||||||||||||||||
3.97% Due 2047 | Questar Gas | Private Placement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 100,000,000 | $ 100,000,000 | |||||||||||||||||||
Interest rate percentage | 3.97% | 3.97% | |||||||||||||||||||
Debt maturity year | 2,047 | ||||||||||||||||||||
Senior Notes, Due in 2020 | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 500,000,000 | ||||||||||||||||||||
Debt maturity year | 2,020 | ||||||||||||||||||||
Senior Notes, Due in 2021 | Dominion Energy Gas Holdings, LLC | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 500,000,000 | $ 500,000,000 | |||||||||||||||||||
Debt maturity year | 2,021 | ||||||||||||||||||||
Credit Facility Matures in 2021 | Cove Point | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 3,000,000,000 | 3,000,000,000 | |||||||||||||||||||
Guarantee recorded amount | 2,000,000,000 | 2,000,000,000 | |||||||||||||||||||
Facility Capacity Available | $ 1,000,000,000 | $ 1,000,000,000 | |||||||||||||||||||
Senior Notes Mature in December 2042 | Cove Point | Subsequent Event | Private Placement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 362,000,000 | ||||||||||||||||||||
Interest rate percentage | 4.82% | ||||||||||||||||||||
Debt instrument maturity month and year | 2042-12 | ||||||||||||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||||||
[4] | This credit facility matures in March 2023 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. | ||||||||||||||||||||
[5] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Virginia Power was $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. This credit facility matures in March 2023 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 $1.5 billion of the facility 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. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Dominion Energy Gas was $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. This credit facility matures in March 2023 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. |
Significant Financing Transac_4
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) - $6 billion Joint Revolving Credit Facility - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | ||
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 6,000,000,000 | [1] | $ 6,000,000,000 | |
Outstanding Commercial Paper | [1] | 2,928,000,000 | ||
Outstanding Letters of Credit | [1] | 132,000,000 | ||
Facility Capacity Available | [1] | 2,940,000,000 | ||
Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [2] | 6,000,000,000 | ||
Outstanding Commercial Paper | [2] | 934,000,000 | ||
Outstanding Letters of Credit | [2] | 61,000,000 | ||
Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [3] | 1,500,000,000 | ||
Outstanding Commercial Paper | [3] | 141,000,000 | ||
Outstanding Letters of Credit | [3] | $ 0 | ||
[1] | This credit facility matures in March 2023 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. | |||
[2] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Virginia Power was $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. This credit facility matures in March 2023 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] | A maximum of $1.5 billion of the facility 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. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Dominion Energy Gas was $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. This credit facility matures in March 2023 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. |
Significant Financing Transac_5
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - $6 billion Joint Revolving Credit Facility - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | ||
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 6,000,000,000 | [1] | $ 6,000,000,000 | |
Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [2] | 6,000,000,000 | ||
Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | [3] | 1,500,000,000 | ||
Letter of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 2,000,000,000 | |||
Letter of Credit | Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 2,000,000,000 | |||
Letter of Credit | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 1,500,000,000 | |||
Line of Credit | Virginia Electric and Power Company | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | 1,500,000,000 | |||
Line of Credit | Dominion Energy Gas Holdings, LLC | ||||
Line of Credit Facility [Line Items] | ||||
Facility Limit | $ 750,000,000 | |||
[1] | This credit facility matures in March 2023 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. | |||
[2] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas and Questar Gas. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Virginia Power was $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. This credit facility matures in March 2023 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] | A maximum of $1.5 billion of the facility 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. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the Companies multiple times per year. At September 30, 2018, the sub-limit for Dominion Energy Gas was $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. This credit facility matures in March 2023 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_2
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Aug. 31, 2018USD ($) | Sep. 30, 2017petition | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017count | Apr. 30, 2017petitionstation | Mar. 31, 2017count | Aug. 31, 2016T | Jul. 31, 2016party | Oct. 31, 2015ppb | Jun. 30, 2015party | Apr. 30, 2015facility | Oct. 31, 2014facilitygal | Jun. 30, 2014 | Jun. 30, 2018USD ($) | Sep. 30, 2018USD ($)facilitysiteparty | Dec. 31, 2018GasFiredUnit | Apr. 30, 2016USD ($) | Jul. 31, 2013count | |
Virginia Electric and Power Company | Future Ash Pond And Landfill Closure Costs | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
ARO incurred | $ 131 | ||||||||||||||||||
Virginia Electric and Power Company | Increase In Property Plant And Equipment | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
ARO incurred | 46 | ||||||||||||||||||
Virginia Electric and Power Company | Increase In Regulatory Assets | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
ARO incurred | 4 | ||||||||||||||||||
Virginia Electric and Power Company | Other operations and maintenance | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
ARO incurred | 81 | ||||||||||||||||||
ARO incurred after tax | $ 60 | ||||||||||||||||||
CWA | Virginia Electric and Power Company | Minimum | Possum Point Power Station | Judicial Ruling [Member] | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Additional specific sediment, water and aquatic life monitoring period | 2 years | ||||||||||||||||||
CWA | EPA | Virginia Electric and Power Company | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Compliance date | 2023-12 | ||||||||||||||||||
CWA | EPA | Virginia Electric and Power Company | 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 | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Public Utilities Electricity generating facilitties Minimum regulatory Threshold per day | gal | 2,000,000 | ||||||||||||||||||
Unfavorable Regulatory Action | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Significant emission rate per rear CO2 equivalent | T | 75,000 | ||||||||||||||||||
Unfavorable Regulatory Action | EPA | Minimum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | ||||||||||||||||||
Unfavorable Regulatory Action | MATS | EPA | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Requested compliance extension under EPA Administrative Order | 1 year | ||||||||||||||||||
Extension period for MATS compliance | 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 | 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 | Virginia Electric and Power Company | Scenario, Forecast | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of natural gas fired units to place at facility | GasFiredUnit | 2 | ||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Virginia Electric and Power Company | Minimum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 25 | ||||||||||||||||||
Unfavorable Regulatory Action | Ozone Standards | EPA | Virginia Electric and Power Company | Maximum | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 35 | ||||||||||||||||||
Unfavorable Regulatory Action | Regulations to Reduce Nitrogen Oxide and Volatile Organic Compounds Emissions [Member] | Pennsylvania Department Of Environmental Protection [Member] | Dominion Gas Holdings L L C | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 35 | ||||||||||||||||||
Unfavorable Regulatory Action | Oil And Gas New Source Performance Standards | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of period court appeals DC vacated stay | 90 days | ||||||||||||||||||
Unfavorable Regulatory Action | Oil And Gas 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 | 13 | ||||||||||||||||||
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 | Virginia Electric and Power Company | 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 | ||||||||||||||||||
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 | ||||||||||||||||||
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 | 2 | ||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Estimated compliance costs | $ 18 | ||||||||||||||||||
Number of former manufactured gas plant sites | site | 3 | ||||||||||||||||||
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | Other operations and maintenance | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Loss contingency loss in period | $ 16 | ||||||||||||||||||
Loss contingency loss in period after tax | $ 12 | ||||||||||||||||||
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 | ||||||||||||||||||
Unfavorable Regulatory Action | CCR | EPA | Virginia Electric and Power Company | Environmental Protection Agency Final Rule Regulating Management of CCRs | Facilities Subject to Coal Combustion Residual Final Rule | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of facilities with CCR | facility | 8 | ||||||||||||||||||
Number of stations | station | 4 | ||||||||||||||||||
Breach of Contract Lawsuit | DETI | Pending Litigation [Member] | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Total number of counts in complaint | count | 8 | ||||||||||||||||||
Amount paid for resolving legal matter | $ 14 | ||||||||||||||||||
Breach of Contract Lawsuit | DETI | Judicial Ruling [Member] | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of counts dismissed | count | 3 | ||||||||||||||||||
Breach of Contract Lawsuit | DETI | Settled Litigation | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of claims withdrew | count | 1 | ||||||||||||||||||
Liquefaction Project | Federal Energy Regulatory Commission | Cove Point | Pending Litigation [Member] | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 2 | ||||||||||||||||||
Liquefaction Project | Federal Energy Regulatory Commission | Cove Point | Judicial Ruling [Member] | |||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||
Number of parties | party | 1 | 1 |
Commitments and Contingencies_3
Commitments and Contingencies (Nuclear Operations) (Narrative) (Detail) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | |
Nuclear Obligations | ||
Loss Contingencies [Line Items] | ||
Maximum liability protection per nuclear incident amount | $ 13,100,000,000 | $ 13,400,000,000 |
Commitments and Contingencies_4
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Sep. 30, 2018 | ||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | [1] | $ 5,479,000,000 | ||
Commodity Transactions | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | [2] | 2,196,000,000 | ||
Nuclear Obligations | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | [3] | 200,000,000 | ||
Cove Point | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | [4] | 1,900,000,000 | ||
Financial Guarantee [Member] | Equity Method Investee [Member] | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | 48,000,000 | |||
Financial Guarantee [Member] | Affiliated Entity | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | 4,000,000 | |||
Financial Guarantee [Member] | Affiliated Entity | Minimum | ||||
Guarantee Obligations [Line Items] | ||||
Maximum annual future contributions | 4,000,000 | |||
Financial Guarantee [Member] | Atlantic Coast Pipeline | Revolving Credit Facility | ||||
Guarantee Obligations [Line Items] | ||||
Facility Limit | $ 3,400,000,000 | |||
Revolving credit facility stated maturity date | Oct. 31, 2021 | |||
Maximum potential loss exposure, limited guarantee percentage | 48.00% | |||
Guarantee liability | 23,000,000 | |||
Guarantee recorded amount | 1,000,000,000 | |||
Financial Guarantee [Member] | Subsequent Event | Atlantic Coast Pipeline | Revolving Credit Facility | ||||
Guarantee Obligations [Line Items] | ||||
Additional amount borrowed | $ 132,000,000 | |||
Solar | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | [5] | 640,000,000 | ||
Other | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | [6] | 543,000,000 | ||
Surety Bond [Member] | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | 169,000,000 | |||
Surety Bond [Member] | Virginia Electric and Power Company | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | 70,000,000 | |||
Surety Bond [Member] | Dominion Energy Gas Holdings, LLC | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | 26,000,000 | |||
Financial Standby Letter of Credit [Member] | ||||
Guarantee Obligations [Line Items] | ||||
Maximum Exposure | $ 132,000,000 | |||
[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, 2017. | |||
[2] | 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. | |||
[3] | Guarantees related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. | |||
[4] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. | |||
[5] | 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. | |||
[6] | 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, 2018, Dominion Energy's maximum remaining cumulative exposure under these equity funding agreements is $4 million through 2019 and its maximum annual future contribution is approximately $4 million. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($)counterparty | Dec. 31, 2017USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 61 | |
Additional collateral to be posted if the credit related contingent features were triggered | 24 | $ 62 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 22 | $ 65 |
Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Gross credit exposure | 51 | |
Wholesale Customers | Dominion Energy Gas Holdings, LLC | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 1 | |
Credit Concentration Risk | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | counterparty | 0 | |
Amount of exposure for single counterparty | $ 9 | |
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | counterparty | 0 | |
Amount of exposure for single counterparty | $ 1 | |
Credit Concentration Risk | Wholesale Customers | Sales Revenue, Net | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | counterparty | 0 | |
Amount of exposure related to sales to wholesale customers for single counterparty | $ 9 | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 41.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 48.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 2.00% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||||
Related Party Transaction [Line Items] | ||||||||
Derivative Asset | $ 297,000,000 | $ 297,000,000 | $ 307,000,000 | |||||
Derivative Liabilities | 145,000,000 | 145,000,000 | 284,000,000 | |||||
Virginia Electric and Power Company | ||||||||
Related Party Transaction [Line Items] | ||||||||
Derivative Asset | 170,000,000 | [1] | 170,000,000 | [1] | 166,000,000 | |||
Derivative Liabilities | 8,000,000 | 8,000,000 | 66,000,000 | |||||
Short term demand note | 15,000,000 | 15,000,000 | 33,000,000 | [2] | ||||
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 | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest charges on borrowings | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | ||||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amounts due to Dominion, noncurrent | 600,000,000 | 600,000,000 | 505,000,000 | |||||
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amounts due from Dominion, noncurrent | 241,000,000 | 241,000,000 | 199,000,000 | |||||
Virginia Electric and Power Company | Affiliated Entity | ||||||||
Related Party Transaction [Line Items] | ||||||||
Derivative Asset | 16,000,000 | 16,000,000 | 11,000,000 | |||||
Derivative Liabilities | 3,000,000 | 3,000,000 | 5,000,000 | |||||
Virginia Electric and Power Company | Principal Owner | ||||||||
Related Party Transaction [Line Items] | ||||||||
Short term demand note | 15,000,000 | 15,000,000 | 33,000,000 | |||||
Dominion Energy Gas Holdings, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Derivative Asset | 40,000,000 | 40,000,000 | 32,000,000 | |||||
Derivative Liabilities | 13,000,000 | 13,000,000 | 8,000,000 | |||||
Short term demand note | 24,000,000 | 24,000,000 | 18,000,000 | [3] | ||||
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | ||||||||
Related Party Transaction [Line Items] | ||||||||
Short term demand note | 24,000,000 | 24,000,000 | 18,000,000 | |||||
Dominion Energy Gas Holdings, LLC | Maximum | ||||||||
Related Party Transaction [Line Items] | ||||||||
Interest charges on borrowings | 1,000,000 | $ 1,000,000 | 1,000,000 | $ 1,000,000 | ||||
Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amounts due from Dominion, noncurrent | 763,000,000 | 763,000,000 | 734,000,000 | |||||
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amounts due from Dominion, noncurrent | $ 12,000,000 | $ 12,000,000 | $ 7,000,000 | |||||
[1] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | |||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||
[3] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date. |
Related-Party Transactions (Det
Related-Party Transactions (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Virginia Electric and Power Company | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | $ 196 | $ 170 | $ 733 | $ 519 | ||
Services provided by affiliates | [1] | 106 | 109 | 338 | 333 | |
Virginia Electric and Power Company | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided to related parties | 6 | 5 | 17 | 17 | ||
Dominion Energy Gas Holdings, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Commodity purchases from affiliates | 1 | 2 | 2 | 4 | ||
Services provided by affiliates | [2] | 32 | 36 | 98 | 106 | |
Services provided to related parties | [3] | 53 | 37 | 166 | 113 | |
Other receivables | [4] | 15 | 15 | $ 12 | ||
Customer receivables from related parties | 1 | 1 | 1 | |||
Affiliated notes receivable | [5] | 17 | 17 | 20 | ||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Services provided to related parties | 17 | $ 15 | 51 | $ 51 | ||
Imbalances receivable from affiliates | $ 1 | |||||
Imbalances payable to affiliates | [6] | $ 7 | $ 7 | |||
[1] | Includes capitalized expenditures of $34 million and $33 million for the three months ended September 30, 2018 and 2017, respectively, and $109 million and $104 million for the nine months ended September 30, 2018 and 2017, respectively. | |||||
[2] | Includes capitalized expenditures of $10 million and $13 million for the three months ended September 30, 2018 and 2017, respectively, and $27 million and $33 million for the nine months ended September 30, 2018 and 2017, respectively. | |||||
[3] | Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. | |||||
[4] | Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. | |||||
[5] | Amounts are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | |||||
[6] | Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 3,111 | $ 4,122 | ||
Virginia Electric and Power Company | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 1,696 | 1,901 | ||
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 34 | $ 33 | 109 | 104 |
Dominion Energy Gas Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | 550 | 535 | ||
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 10 | $ 13 | $ 27 | $ 33 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 39 | $ 35 | $ 118 | $ 104 |
Interest cost | 85 | 86 | 253 | 259 |
Expected return on plan assets | (165) | (160) | (498) | (480) |
Amortization of prior service cost (credit) | 1 | 1 | ||
Amortization of net actuarial loss | 48 | 40 | 145 | 121 |
Settlements | 1 | 0 | 2 | |
Net periodic benefit cost (credit) | 7 | 2 | 19 | 7 |
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 3 | 13 | 11 |
Interest cost | 7 | 7 | 21 | 22 |
Expected return on plan assets | (36) | (34) | (111) | (105) |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 4 | 4 | 14 | 12 |
Net periodic benefit cost (credit) | (21) | (20) | (63) | (60) |
Other Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 7 | 20 | 20 |
Interest cost | 14 | 15 | 42 | 45 |
Expected return on plan assets | (36) | (32) | (107) | (95) |
Amortization of prior service cost (credit) | (13) | (13) | (39) | (38) |
Amortization of net actuarial loss | 3 | 3 | 8 | 9 |
Settlements | 0 | 0 | ||
Net periodic benefit cost (credit) | (25) | (20) | (76) | (59) |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 3 | 3 |
Interest cost | 3 | 3 | 8 | 9 |
Expected return on plan assets | (7) | (7) | (21) | (19) |
Amortization of prior service cost (credit) | (1) | (1) | (3) | (2) |
Amortization of net actuarial loss | 0 | 1 | 2 | 2 |
Net periodic benefit cost (credit) | $ (4) | $ (3) | $ (11) | $ (7) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions to defined benefit pension plans and OPEB plans | $ 0 |
Expected contribution to voluntary employees' beneficiary association for the remainder of 2018 | 12,000,000 |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions to defined benefit pension plans and OPEB plans | 0 |
Expected contribution to voluntary employees' beneficiary association for the remainder of 2018 | $ 12,000,000 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Virginia Regulation | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted | $ 215 | |
Charge associated with legislation enacted, after tax | 160 | |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net expenses | (188) | $ (1) |
Operating Segments | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
After- tax net expenses | (226) | |
Operating Segments | Dominion Energy Gas Holdings, LLC | ||
Segment Reporting Information [Line Items] | ||
After- tax net expenses | (99) | |
Disallowance charge | 124 | |
Disallowance charge, after tax | 88 | |
Write off of regulatory asset | 15 | |
Write off of regulatory asset, after tax | 9 | |
Operating Segments | Virginia Regulation | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted | 215 | |
Charge associated with legislation enacted, after tax | 160 | |
Operating Segments | Virginia Regulation | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted | 215 | |
Charge associated with legislation enacted, after tax | 160 | |
Corporate and Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net expenses | (253) | (17) |
Corporate and Other | Operating Segments | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
After- tax net expenses | (229) | (7) |
Corporate and Other | Operating Segments | Dominion Energy Gas Holdings, LLC | ||
Segment Reporting Information [Line Items] | ||
After- tax net expenses | (100) | (9) |
Power Generation | Operating Segments | Virginia Regulation | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted, after tax | 109 | |
Power Generation | Operating Segments | Virginia Regulation | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted, after tax | 109 | |
Power Generation | Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Net investment earnings on nuclear decommissioning trust funds | 156 | |
Net investment earnings on nuclear decommissioning trust funds, after tax | 121 | |
Power Generation | Operating Segments | Virginia Legislation | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Asset retirement obligations | 81 | |
Asset retirement obligations, after tax | 60 | |
Power Generation | Operating Segments | Ash Ponds and Landfills Certain Utility Generation Facility | Virginia Legislation | ||
Segment Reporting Information [Line Items] | ||
Asset retirement obligations | 81 | |
Asset retirement obligations, after tax | 60 | |
Power Delivery | Operating Segments | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Customer settlement | 16 | |
Customer settlement, after tax | $ 10 | |
Power Delivery | Operating Segments | Virginia Regulation | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted, after tax | 51 | |
Power Delivery | Operating Segments | Virginia Regulation | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge associated with legislation enacted, after tax | 51 | |
Gas Infrastructure | Operating Segments | Federal Energy Regulatory Commission | ||
Segment Reporting Information [Line Items] | ||
Disallowance charge | 124 | |
Disallowance charge, after tax | $ 88 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Segment Reporting Information [Line Items] | |||||
Operating revenue | [1] | $ 3,451 | $ 3,179 | $ 10,005 | $ 9,376 |
Net income (loss) attributable to Dominion Energy | 854 | 665 | 1,806 | 1,687 | |
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | [2] | 2,232 | 2,154 | 5,809 | 5,732 |
Net income (loss) attributable to Dominion Energy | 520 | 459 | 1,043 | 1,133 | |
Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | [3] | 423 | 401 | 1,408 | 1,313 |
Net income (loss) attributable to Dominion Energy | 136 | 117 | 317 | 302 | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (175) | (361) | (551) | (1,120) | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 3,451 | 3,179 | 10,005 | 9,376 | |
Adjustments/Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (2) | 206 | 40 | 660 | |
Net income (loss) attributable to Dominion Energy | 0 | 0 | 0 | ||
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | (177) | (155) | (511) | (460) | |
Power Delivery | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 596 | 580 | 1,687 | 1,664 | |
Net income (loss) attributable to Dominion Energy | 163 | 138 | 464 | 390 | |
Power Delivery | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 5 | 4 | 17 | 16 | |
Power Delivery | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 601 | 584 | 1,704 | 1,680 | |
Power Delivery | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 595 | 580 | 1,686 | 1,670 | |
Net income (loss) attributable to Dominion Energy | 163 | 137 | 462 | 387 | |
Power Generation | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 2,021 | 1,931 | 5,516 | 5,091 | |
Net income (loss) attributable to Dominion Energy | 414 | 369 | 1,038 | 870 | |
Power Generation | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 3 | 3 | 8 | 8 | |
Power Generation | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 2,024 | 1,934 | 5,524 | 5,099 | |
Power Generation | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 1,637 | 1,574 | 4,338 | 4,062 | |
Net income (loss) attributable to Dominion Energy | 347 | 314 | 796 | 735 | |
Gas Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 836 | 459 | 2,972 | 1,949 | |
Net income (loss) attributable to Dominion Energy | 264 | 187 | 840 | 613 | |
Gas Infrastructure | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 7 | 204 | 21 | 645 | |
Gas Infrastructure | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 843 | 663 | 2,993 | 2,594 | |
Gas Infrastructure | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 423 | 401 | 1,408 | 1,313 | |
Net income (loss) attributable to Dominion Energy | 146 | 121 | 421 | 318 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 3 | (210) | 12 | ||
Net income (loss) attributable to Dominion Energy | 13 | (29) | (536) | (186) | |
Corporate and Other | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 160 | 150 | 505 | 451 | |
Corporate and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 160 | 153 | 295 | 463 | |
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 0 | (215) | 0 | ||
Net income (loss) attributable to Dominion Energy | 10 | 8 | (215) | 11 | |
Corporate and Other | Operating Segments | Dominion Energy Gas Holdings, LLC | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenue | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | $ (10) | $ (4) | $ (104) | $ (16) | |
[1] | See Note 10 for amounts attributable to related parties. | ||||
[2] | See Note 18 for amounts attributable to affiliates. | ||||
[3] | See Note 18 for amounts attributable to related parties. |