Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Entity Registrant Name | DOMINION ENERGY, INC. | ||
Entity Central Index Key | 0000715957 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 68 | ||
Entity File Number | 001-08489 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1229715 | ||
Entity Address, Address Line One | 120 TREDEGAR STREET | ||
Entity Address, City or Town | RICHMOND | ||
Entity Address, Postal Zip Code | 23219 | ||
City Area Code | 804 | ||
Local Phone Number | 819-2000 | ||
Entity Address, State or Province | VA | ||
Entity Common Stock, Shares Outstanding | 805,648,140 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of Dominion Energy’s 2021 Proxy Statement are incorporated by reference in Part III. | ||
Virginia Electric and Power Company | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Entity Registrant Name | Virginia ELECTRIC AND POWER COMPANY | ||
Entity Central Index Key | 0000103682 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity File Number | 000-55337 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-0418825 | ||
Entity Address, Address Line One | 120 TREDEGAR STREET | ||
Entity Address, City or Town | RICHMOND | ||
Entity Address, Postal Zip Code | 23219 | ||
City Area Code | 804 | ||
Local Phone Number | 819-2000 | ||
Entity Address, State or Province | VA | ||
Entity Common Stock, Shares Outstanding | 274,723 | ||
ICFR Auditor Attestation Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Trading Symbol | D | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NYSE | ||
2016 Series A 5.25% Enhanced Junior Subordinated Notes | |||
Document Information [Line Items] | |||
Trading Symbol | DRUA | ||
Title of 12(b) Security | 2016 Series A 5.25% Enhanced Junior Subordinated Notes | ||
Security Exchange Name | NYSE | ||
2019 Series A Corporate Units | |||
Document Information [Line Items] | |||
Trading Symbol | DCUE | ||
Title of 12(b) Security | 2019 Series A Corporate Units | ||
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Operating Revenue | $ 14,172 | $ 14,401 | $ 11,199 | |
Operating Expenses | ||||
Electric fuel and other energy-related purchases | 2,243 | 2,885 | 2,687 | |
Purchased (excess) capacity | 53 | 88 | 122 | |
Purchased gas | 889 | 1,560 | 604 | |
Other operations and maintenance | 3,685 | 3,790 | 2,786 | |
Depreciation, depletion and amortization | 2,332 | 2,283 | 1,660 | |
Other taxes | 871 | 883 | 580 | |
Impairment of assets and other charges | 2,105 | 1,520 | 12 | |
Gains on sales of assets | (61) | (152) | (265) | |
Total operating expenses | 12,117 | 12,857 | 8,186 | |
Income from operations | 2,055 | 1,544 | 3,013 | |
Other income | 733 | 811 | 885 | |
Interest and related charges | 1,377 | 1,486 | 1,279 | |
Income from continuing operations including noncontrolling interests before income tax expense | 1,411 | 869 | 2,619 | |
Income tax expense | 83 | 209 | 522 | |
Net Income From Continuing Operations Including Noncontrolling Interests | 1,328 | 660 | 2,097 | |
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | [1],[2] | (1,878) | 716 | 452 |
Net Income (Loss) Including Noncontrolling Interests | (550) | 1,376 | 2,549 | |
Noncontrolling Interests | (149) | 18 | 102 | |
Net Income (Loss) Attributable to Dominion Energy | (401) | 1,358 | 2,447 | |
Amounts attributable to Dominion Energy | ||||
Net Income (Loss) from discontinued operations | (1,984) | 705 | 360 | |
Net Income from continuing operations | $ 1,583 | $ 653 | $ 2,087 | |
EPS - Basic | ||||
Net income from continuing operations | $ 1.83 | $ 0.79 | $ 3.19 | |
Net income (loss) discontinued operations | (2.39) | 0.87 | 0.55 | |
Net income (loss) attributable to Dominion Energy | (0.56) | 1.66 | 3.74 | |
EPS - Diluted | ||||
Net income from continuing operations | 1.82 | 0.75 | 3.19 | |
Net income (loss) discontinued operations | (2.39) | 0.87 | 0.55 | |
Net income (loss) attributable to Dominion Energy | $ (0.57) | $ 1.62 | $ 3.74 | |
Virginia Electric and Power Company | ||||
Operating Revenue | [3] | $ 7,763 | $ 8,108 | $ 7,619 |
Operating Expenses | ||||
Electric fuel and other energy-related purchases | [3] | 1,636 | 2,178 | 2,318 |
Purchased (excess) capacity | (17) | 40 | 122 | |
Affiliated suppliers | 314 | 367 | 305 | |
Other operations and maintenance | 1,472 | 1,376 | 1,371 | |
Depreciation, depletion and amortization | 1,252 | 1,223 | 1,132 | |
Other taxes | 327 | 328 | 300 | |
Impairment of assets and other charges | 1,093 | 757 | ||
Total operating expenses | 6,077 | 6,269 | 5,548 | |
Income from operations | 1,686 | 1,839 | 2,071 | |
Other income | 80 | 98 | 22 | |
Interest and related charges | [3] | 516 | 524 | 511 |
Income from operations before income tax expense | 1,250 | 1,413 | 1,582 | |
Income tax expense | 229 | 264 | 300 | |
Net Income (Loss) Attributable to Dominion Energy | $ 1,021 | $ 1,149 | $ 1,282 | |
[1] | Includes income tax expense (benefit) of $(204) million, $142 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively | |||
[2] | See Note 9 for amounts attributable to related parties | |||
[3] | See Note 25 for amounts attributable to affiliates. |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Income tax expense (benefit) from discontinued operations | $ (204) | $ 142 | $ 58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income including noncontrolling interests | $ (550) | $ 1,376 | $ 2,549 |
Net income | (401) | 1,358 | 2,447 |
Other comprehensive loss, net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | (239) | (110) | 30 |
Changes in unrealized net gains (losses) on investment securities, net tax | 43 | 39 | (18) |
Changes in net unrecognized pension and other postretirement benefit costs, net of tax | 25 | (22) | (215) |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | 227 | (62) | 102 |
Net realized (gains) losses on investment securities | (18) | (4) | 5 |
Net pension and other postretirement benefit costs, net of tax | 37 | 66 | 78 |
Changes in other comprehensive income from equity method investees, net of tax | 1 | 1 | |
Total other comprehensive loss | 76 | (93) | (17) |
Comprehensive income (loss) including noncontrolling interests | (474) | 1,283 | 2,532 |
Comprehensive income (loss) attributable to noncontrolling interests | (149) | 18 | 103 |
Comprehensive income (loss) attributable to Dominion Energy | (325) | 1,265 | 2,429 |
Virginia Electric and Power Company | |||
Net income | 1,021 | 1,149 | 1,282 |
Other comprehensive loss, net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | (28) | (22) | 1 |
Changes in unrealized net gains (losses) on investment securities, net tax | 6 | 5 | |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities, net of tax | 2 | 1 | 1 |
Net realized (gains) losses on investment securities | (3) | (1) | |
Total other comprehensive loss | (23) | (17) | 2 |
Comprehensive income (loss) attributable to Dominion Energy | $ 998 | $ 1,132 | $ 1,284 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net deferred losses on derivative-hedging activities, tax | $ 81 | $ 35 | $ (10) |
Changes in unrealized net gains (losses) on investment securities, tax | (14) | (14) | 5 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | (2) | (4) | 75 |
Net derivative (gains) losses-hedging activities, tax | (75) | 21 | (35) |
Net realized (gains) losses on investment securities, tax | 6 | 1 | (2) |
Net pension and other postretirement benefit costs, tax | (13) | (23) | (21) |
Changes in other comprehensive income from equity method investees, tax | (1) | (1) | |
Virginia Electric and Power Company | |||
Net deferred losses on derivative-hedging activities, tax | 9 | 8 | $ (1) |
Changes in unrealized net gains (losses) on investment securities, tax | (3) | (2) | |
Net realized (gains) losses on investment securities, tax | $ 1 | $ 1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | ||
Current Assets | ||||
Cash and cash equivalents | $ 172 | $ 135 | ||
Customer receivables (less allowance for doubtful accounts of $42 and $18) | 2,295 | 2,085 | ||
Other receivables (less allowance for doubtful accounts of $3 at both dates) | 212 | 340 | ||
Inventories: | ||||
Materials and supplies | 1,105 | 1,071 | ||
Fossil fuel | 349 | 411 | ||
Gas stored | 96 | 134 | ||
Prepayments | 309 | 296 | ||
Regulatory assets | 699 | 871 | ||
Other | 167 | 218 | ||
Current assets held for sale | [1] | 1,482 | 535 | |
Total current assets | 6,886 | 6,096 | ||
Investments | ||||
Nuclear decommissioning trust funds | 6,900 | 6,192 | ||
Investment in equity method affiliates | 2,934 | [2] | 1,334 | |
Other | 404 | 379 | ||
Total investments | 10,238 | 7,905 | ||
Property, Plant and Equipment | ||||
Property, plant and equipment | 82,959 | 82,043 | ||
Accumulated depreciation, depletion and amortization | (25,111) | (24,843) | ||
Total property, plant and equipment, net | 57,848 | 57,200 | ||
Deferred Charges and Other Assets | ||||
Goodwill | [3] | 7,381 | 7,395 | |
Pension and other postretirement benefit assets | 1,704 | 1,707 | ||
Intangible assets, net | 765 | 685 | ||
Regulatory assets | 9,133 | 7,652 | ||
Other | 1,950 | 1,226 | ||
Total deferred charges and other assets | 20,933 | 18,665 | ||
Noncurrent assets held for sale | 13,957 | |||
Total assets | 95,905 | 103,823 | ||
Current Liabilities | ||||
Securities due within one year | 1,937 | 2,462 | ||
Supplemental 364-Day credit facility borrowings | 225 | |||
Short-term debt | 895 | 849 | ||
Accounts payable | 944 | 1,023 | ||
Accrued interest, payroll and taxes | 1,133 | 1,284 | ||
Regulatory liabilities | 809 | 455 | ||
Liability to Atlantic Coast Pipeline | 1,052 | |||
Q-Pipe Transaction deposit | 1,290 | |||
Other | [4] | 1,725 | 2,132 | |
Current liabilities held for sale | 625 | 1,039 | ||
Total current liabilities | 10,843 | 9,940 | ||
Long-Term Debt | ||||
Long-term debt | 30,915 | 25,492 | ||
Junior subordinated notes | 2,161 | 3,406 | ||
Other | 881 | 100 | ||
Total long-term debt | 33,957 | 28,998 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 5,953 | 6,277 | ||
Regulatory liabilities | 10,187 | 10,204 | ||
Asset retirement obligations | 5,404 | 4,790 | ||
Pension and other postretirement benefit liability | 1,706 | 2,364 | ||
Other | [4] | 1,394 | 1,463 | |
Total deferred credits and other liabilities | 24,644 | 25,098 | ||
Noncurrent liabilities held for sale | 5,754 | |||
Total liabilities | 69,444 | 69,790 | ||
Commitments and Contingencies (see Note 23) | ||||
Equity | ||||
Preferred stock (See Note 19) | 2,387 | 2,387 | ||
Common stock – no par | [5] | 21,258 | 23,824 | |
Retained earnings | 4,189 | 7,576 | ||
Accumulated other comprehensive loss | (1,717) | (1,793) | ||
Total shareholders' equity | 26,117 | 31,994 | ||
Noncontrolling interests | 344 | 2,039 | ||
Total equity | 26,461 | 34,033 | ||
Total liabilities and equity | 95,905 | 103,823 | ||
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 35 | 17 | ||
Customer receivables (less allowance for doubtful accounts of $42 and $18) | 1,315 | 1,163 | ||
Other receivables (less allowance for doubtful accounts of $3 at both dates) | 91 | 106 | ||
Affiliated receivables | 5 | 27 | ||
Inventories: | ||||
Materials and supplies | 581 | 549 | ||
Fossil fuel | 281 | 324 | ||
Prepayments | 32 | 27 | ||
Regulatory assets | 295 | 433 | ||
Other | [6] | 27 | 30 | |
Total current assets | 2,662 | 2,676 | ||
Investments | ||||
Nuclear decommissioning trust funds | 3,197 | 2,881 | ||
Other | 3 | 3 | ||
Total investments | 3,200 | 2,884 | ||
Property, Plant and Equipment | ||||
Property, plant and equipment | 46,736 | 47,038 | ||
Accumulated depreciation, depletion and amortization | (14,167) | (14,156) | ||
Total property, plant and equipment, net | 32,569 | 32,882 | ||
Deferred Charges and Other Assets | ||||
Pension and other postretirement benefit assets | [6] | 354 | 287 | |
Intangible assets, net | 334 | 271 | ||
Regulatory assets | 3,509 | 1,863 | ||
Other | [6] | 1,026 | 565 | |
Total deferred charges and other assets | 5,223 | 2,986 | ||
Total assets | 43,654 | 41,428 | ||
Current Liabilities | ||||
Securities due within one year | 8 | 4 | ||
Short-term debt | 45 | 243 | ||
Accounts payable | 332 | 334 | ||
Payables to affiliates | 266 | 210 | ||
Affiliated current borrowings | 380 | 107 | ||
Accrued interest, payroll and taxes | 253 | 253 | ||
Asset retirement obligations | 166 | 340 | ||
Regulatory liabilities | 425 | 167 | ||
Derivative liabilities | [6] | 390 | 243 | |
Customer deposits | 114 | 121 | ||
Other | 448 | 450 | ||
Total current liabilities | 2,827 | 2,472 | ||
Long-Term Debt | ||||
Long-term debt | 13,207 | 12,325 | ||
Other | 480 | 16 | ||
Total long-term debt | 13,687 | 12,341 | ||
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,779 | 2,962 | ||
Regulatory liabilities | 5,338 | 5,074 | ||
Asset retirement obligations | 3,654 | 3,241 | ||
Pension and other postretirement benefit liability | [6] | 436 | 782 | |
Other | [6] | 376 | 567 | |
Total deferred credits and other liabilities | 12,583 | 12,626 | ||
Total liabilities | 29,097 | 27,439 | ||
Commitments and Contingencies (see Note 23) | ||||
Equity | ||||
Common stock – no par | [7] | 5,738 | 5,738 | |
Other paid-in capital | 1,113 | 1,113 | ||
Retained earnings | 7,758 | 7,167 | ||
Accumulated other comprehensive loss | (52) | (29) | ||
Total shareholders' equity | 14,557 | 13,989 | ||
Total liabilities and equity | 43,654 | 41,428 | ||
SCANA | ||||
Deferred Charges and Other Assets | ||||
Goodwill | 2,609 | |||
Current Liabilities | ||||
Reserves for SCANA legal proceedings | $ 208 | 696 | ||
Deferred Credits and Other Liabilities | ||||
Pension and other postretirement benefit liability | $ 379 | |||
[1] | See Note 9 for amounts attributable to related parties . | |||
[2] | Excludes liability to Atlantic Coast Pipeline. | |||
[3] | Goodwill amounts do not contain any accumulated impairment losses. | |||
[4] | See Note 9 for amounts attributable to related parties. | |||
[5] | 1.8 billion shares authorized; 806 million shares and 838 million shares outstanding at December 31, 2020 and 2019, respectively. | |||
[6] | See Note 25 for amounts attributable to affiliates. | |||
[7] | 500,000 shares authorized; 274,723 shares outstanding at December 31, 2020 and 2019. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Customer receivables, allowance for doubtful accounts | $ 42 | $ 18 |
Other receivables, allowance for doubtful accounts | $ 3 | $ 3 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares outstanding | 806,000,000 | 838,000,000 |
Virginia Electric and Power Company | ||
Customer receivables, allowance for doubtful accounts | $ 23 | $ 9 |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares outstanding | 274,723 | 274,723 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative-effect of Changes in Accounting Principles | Common Units | Preferred Stock | Common Stock | Common StockCumulative-effect of Changes in Accounting Principles | Retained Earnings | Retained EarningsCumulative-effect of Changes in Accounting Principles | AOCI | AOCICumulative-effect of Changes in Accounting Principles | Total Shareholders' Equity | Total Shareholders' EquityCumulative-effect of Changes in Accounting Principles | Noncontrolling Interests | Noncontrolling InterestsCumulative-effect of Changes in Accounting Principles | Noncontrolling InterestsCommon Units |
Beginning balance at Dec. 31, 2017 | $ 19,370 | $ 6 | $ 9,865 | $ (127) | $ 7,936 | $ 1,029 | $ (659) | $ (1,023) | $ 17,142 | $ (121) | $ 2,228 | $ 127 | |||
Beginning balance (in shares) at Dec. 31, 2017 | 645,000,000 | ||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||||||||||||||
Net income (loss) including noncontrolling interests | $ 2,549 | 2,447 | 2,447 | 102 | |||||||||||
Issuance of stock | 2,461 | $ 2,461 | 2,461 | ||||||||||||
Issuance of stock (in shares) | 36,000,000 | ||||||||||||||
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 repurchases (in shares) | 0 | ||||||||||||||
Stock awards (net of change in unearned compensation) | 22 | $ 22 | 22 | ||||||||||||
Common dividends and distributions | (2,331) | (2,185) | (2,185) | (146) | |||||||||||
Other comprehensive income (loss), net of tax | (17) | (18) | (18) | 1 | |||||||||||
Other | (16) | (8) | (8) | (16) | |||||||||||
Ending balance at Dec. 31, 2018 | 22,048 | $ 12,588 | 9,219 | (1,700) | 20,107 | 1,941 | |||||||||
Ending Balance (in shares) at Dec. 31, 2018 | 681,000,000 | ||||||||||||||
Net income (loss) including noncontrolling interests | 1,376 | 1,358 | 1,358 | 18 | |||||||||||
Issuance of stock | $ 5,401 | $ 2,387 | $ 3,014 | 5,401 | |||||||||||
Issuance of stock (in shares) | 6,100,000 | 2,000,000 | 39,000,000 | ||||||||||||
Stock purchase contract component of 2019 Equity Units | $ (264) | $ (264) | (264) | ||||||||||||
Acquisition of SCANA | 6,818 | $ 6,818 | 6,818 | ||||||||||||
Acquisition of SCANA (in shares) | 96,000,000 | ||||||||||||||
Acquisition of public interest in Dominion Energy Midstream | (40) | $ 1,181 | 1,181 | (1,221) | |||||||||||
Acquisition of public interest in Dominion Energy Midstream (in shares) | 22,000,000 | ||||||||||||||
Sale of interest in Cove Point | 1,862 | $ 476 | 476 | 1,386 | |||||||||||
Stock repurchases (in shares) | 0 | ||||||||||||||
Stock awards (net of change in unearned compensation) | 24 | $ 24 | 24 | ||||||||||||
Preferred stock dividends (See Note 19) | (17) | (17) | (17) | ||||||||||||
Common dividends and distributions | (3,068) | (2,983) | (2,983) | (85) | |||||||||||
Other comprehensive income (loss), net of tax | (93) | (93) | (93) | ||||||||||||
Other | (14) | (13) | (1) | (14) | |||||||||||
Ending balance at Dec. 31, 2019 | $ 34,033 | $ (48) | $ 2,387 | $ 23,824 | 7,576 | $ (48) | (1,793) | 31,994 | $ (48) | 2,039 | |||||
Ending Balance (in shares) at Dec. 31, 2019 | 2,000,000 | 838,000,000 | |||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||||||||
Net income (loss) including noncontrolling interests | $ (550) | (401) | (401) | (149) | |||||||||||
Issuance of stock | 481 | $ 481 | 481 | ||||||||||||
Issuance of stock (in shares) | 7,000,000 | ||||||||||||||
Stock repurchases | (3,080) | $ (3,080) | (3,080) | ||||||||||||
Stock repurchases (in shares) | (38,900,000) | ||||||||||||||
Stock awards (net of change in unearned compensation) | 29 | $ 29 | 29 | ||||||||||||
Preferred stock dividends (See Note 19) | (65) | (65) | (65) | ||||||||||||
Common dividends and distributions | (3,037) | (2,873) | (2,873) | (164) | |||||||||||
Other comprehensive income (loss), net of tax | 76 | 76 | 76 | ||||||||||||
GT&S Transaction closing | (1,367) | 17 | 17 | (1,384) | |||||||||||
Other | (11) | (13) | (13) | 2 | |||||||||||
Ending balance at Dec. 31, 2020 | $ 26,461 | $ 2,387 | $ 21,258 | $ 4,189 | $ (1,717) | $ 26,117 | $ 344 | ||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 2,000,000 | 806,000,000 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||
Dividends declared per common share | $ 0.6300 | $ 0.9400 | $ 0.9400 | $ 0.9400 | $ 0.9175 | $ 0.9175 | $ 0.9175 | $ 0.9175 | $ 3.45 | $ 3.67 | $ 3.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income including noncontrolling interests | $ (550) | $ 1,376 | $ 2,549 |
Net income | (401) | 1,358 | 2,447 |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 2,836 | 2,977 | 2,280 |
Deferred income taxes and investment tax credits | (324) | 216 | 517 |
Gains on sales of assets and equity method investments | (63) | (167) | (1,006) |
Contribution to pension plan | (250) | (21) | |
Provision for refunds and rate credits to electric utility customers | 800 | 77 | |
Impairment of assets and other charges | 2,345 | 1,333 | 395 |
Loss for equity method investee | 2,405 | ||
Charges related to a voluntary retirement program | 320 | ||
Net (gains) losses on nuclear decommissioning trusts funds and other investments | (412) | (626) | 102 |
Charge (revision) for future ash pond and landfill closure costs | 11 | (113) | 81 |
Other adjustments | 159 | (5) | 19 |
Changes in: | |||
Accounts receivable | (238) | (71) | (110) |
Inventories | 39 | (90) | (29) |
Deferred fuel and purchased gas costs, net | 212 | 195 | (247) |
Prepayments | 7 | (225) | (51) |
Accounts payable | 35 | (225) | 67 |
Accrued interest, payroll and taxes | (53) | (78) | (12) |
Customer deposits | (13) | (101) | 54 |
Margin deposit assets and liabilities | 26 | 60 | |
Net realized and unrealized changes related to derivative activities | (36) | 43 | 181 |
Pension and other postretirement benefits | (319) | (148) | (114) |
Other operating assets and liabilities | (456) | (246) | 20 |
Net cash provided by operating activities | 5,227 | 5,204 | 4,773 |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (6,020) | (4,980) | (4,254) |
Cash and restricted cash acquired in the SCANA Combination | 389 | ||
Acquisition of solar development projects | (311) | (341) | (151) |
Proceeds from sales of assets and equity method investments | 143 | 447 | 2,542 |
Proceeds from sales of securities | 4,278 | 1,712 | 1,804 |
Purchases of securities | (4,379) | (1,749) | (1,894) |
Contributions to equity method affiliates | (148) | (209) | (428) |
Acquisition of equity method investments | (178) | ||
Other | 12 | 109 | 23 |
Net cash used in investing activities | (2,916) | (4,622) | (2,358) |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (16) | 404 | (2,964) |
Issuance of short-term notes | 1,125 | 3,000 | 1,450 |
Repayment and repurchase of short-term notes | (1,125) | (3,000) | (1,450) |
Supplemental 364-day credit facility borrowings | 225 | ||
Credit facility borrowings (repayments) | (113) | 73 | |
Issuance and remarketing of long-term debt | 6,577 | 4,374 | 6,362 |
Repayment and repurchase of long-term debt (including redemption premiums) | (2,879) | (9,116) | (5,682) |
Proceeds from sale of interest in Cove Point | 2,078 | ||
Issuance of 2019 Equity Units | 1,582 | ||
Issuance of Series B Preferred Stock | 791 | ||
Repurchase of common stock | (3,080) | ||
Issuance of common stock | 159 | 2,515 | 2,461 |
Common dividend payments | (2,873) | (2,983) | (2,185) |
Other | (446) | (236) | (274) |
Net cash used in financing activities | (2,333) | (704) | (2,209) |
Increase (decrease) in cash, restricted cash and equivalents | (22) | (122) | 206 |
Cash, restricted cash and equivalents at beginning of period | 269 | 391 | 185 |
Cash, restricted cash and equivalents at end of period | 247 | 269 | 391 |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income | 1,021 | 1,149 | 1,282 |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 1,421 | 1,392 | 1,309 |
Deferred income taxes and investment tax credits | (206) | (80) | 224 |
Impairment of assets and other charges | 1,079 | 624 | |
Provision for rate credits to customers | 77 | ||
Charges related to a voluntary retirement program | 116 | ||
Charge (revision) for future ash pond and landfill closure costs | 11 | (113) | 81 |
Other adjustments | (61) | (86) | (21) |
Changes in: | |||
Accounts receivable | (266) | (196) | (60) |
Affiliated receivables and payables | 78 | 75 | (14) |
Inventories | 10 | (56) | 13 |
Deferred fuel and purchased gas costs, net | 131 | 243 | (269) |
Prepayments | (5) | 1 | (1) |
Accounts payable | 6 | (31) | (26) |
Accrued interest, payroll and taxes | (4) | 5 | (8) |
Net realized and unrealized changes related to derivative activities | (6) | 21 | 119 |
Other operating assets and liabilities | (309) | (280) | 134 |
Net cash provided by operating activities | 2,900 | 2,784 | 2,840 |
Investing Activities | |||
Plant construction and other property additions | (3,138) | (2,642) | (2,228) |
Purchases of nuclear fuel | (199) | (157) | (173) |
Acquisition of solar development projects | (35) | (182) | (141) |
Proceeds from sales of securities | 884 | 858 | 887 |
Purchases of securities | (936) | (905) | (925) |
Other | 21 | (37) | (63) |
Net cash used in investing activities | (3,403) | (3,065) | (2,643) |
Financing Activities | |||
Repayment of short-term debt, net | (198) | (71) | (228) |
Issuance (repayment) of affiliated current borrowings, net | 273 | (117) | 191 |
Issuance and remarketing of long-term debt | 1,327 | 1,248 | 1,300 |
Repayment and repurchase of long-term debt (including redemption premiums) | (427) | (591) | (964) |
Common dividend payments | (430) | (190) | (464) |
Other | (31) | (12) | (18) |
Net cash used in financing activities | 514 | 267 | (183) |
Increase (decrease) in cash, restricted cash and equivalents | 11 | (14) | 14 |
Cash, restricted cash and equivalents at beginning of period | 24 | 38 | 24 |
Cash, restricted cash and equivalents at end of period | 35 | $ 24 | $ 38 |
GT&S Transaction | |||
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Gains on sales of assets and equity method investments | (134) | ||
GT&S Transaction and Q-Pipe Transaction | |||
Investing Activities | |||
Proceeds from sales of assets and equity method investments | $ 3,687 |
Virginia Electric and Power Com
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | AOCI | Virginia Electric and Power Company | Virginia Electric and Power CompanyCumulative-effect of Changes in Accounting Principles | Virginia Electric and Power CompanyCommon Stock | Virginia Electric and Power CompanyOther Paid-In Capital | Virginia Electric and Power CompanyRetained Earnings | Virginia Electric and Power CompanyRetained EarningsCumulative-effect of Changes in Accounting Principles | Virginia Electric and Power CompanyAOCI | Virginia Electric and Power CompanyAOCICumulative-effect of Changes in Accounting Principles |
Beginning balance at Dec. 31, 2017 | $ 12,224 | $ 3 | $ 5,738 | $ 1,113 | $ 5,311 | $ 79 | $ 62 | $ (76) | |||
Beginning balance (in shares) at Dec. 31, 2017 | 645,000 | 275 | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||||||||
Net income | $ 2,447 | $ 1,282 | 1,282 | ||||||||
Dividends | (464) | (464) | |||||||||
Other comprehensive income (loss), net of tax | (17) | $ (18) | 2 | 2 | |||||||
Ending balance at Dec. 31, 2018 | (1,700) | 13,047 | $ 5,738 | 1,113 | 6,208 | (12) | |||||
Ending Balance (in shares) at Dec. 31, 2018 | 681,000 | 275 | |||||||||
Net income | 1,358 | 1,149 | 1,149 | ||||||||
Dividends | (190) | (190) | |||||||||
Other comprehensive income (loss), net of tax | (93) | (93) | (17) | (17) | |||||||
Ending balance at Dec. 31, 2019 | $ 31,994 | (1,793) | 13,989 | $ 5,738 | 1,113 | 7,167 | (29) | ||||
Ending Balance (in shares) at Dec. 31, 2019 | 838,000 | 275 | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||||
Net income | $ (401) | 1,021 | 1,021 | ||||||||
Dividends | (430) | (430) | |||||||||
Other comprehensive income (loss), net of tax | 76 | 76 | (23) | (23) | |||||||
Ending balance at Dec. 31, 2020 | $ 26,117 | $ (1,717) | $ 14,557 | $ 5,738 | $ 1,113 | $ 7,758 | $ (52) | ||||
Ending Balance (in shares) at Dec. 31, 2020 | 806,000 | 275 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
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 distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., nonregulated electric generation and, following the completion of the GT&S Transaction in November 2020, a noncontrolling interest in Cove Point. See Note 3 for a description of the sale of substantially all of Dominion Energy’s gas transmission and storage operations to BHE through the GT&S Transaction completed in November 2020 and the proposed Q-Pipe Transaction of Dominion Energy’s remaining regulated gas transmission and storage services in the Rocky Mountain region of the U.S. Beginning in September 2020, Dominion Energy manages its daily operations through four primary operating segments: Dominion Energy Virginia, Gas Distribution, Dominion Energy South Carolina and Contracted Assets. Dominion Energy also reports a Corporate and Other segment, which includes its corporate, service company and other functions (including unallocated debt) as well as nonregulated retail energy marketing operations, including Dominion Energy’s noncontrolling interest in Wrangler. 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 operating segments’ performance or in allocating resources. In addition, Corporate and Other includes the net impact of discontinued operations consisting of Dominion Energy’s gas transmission and storage operations as discussed in Note 3 and its equity investment in Atlantic Coast Pipeline as discussed in Note 9. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy. Virginia Power manages its daily operations through one primary operating segment: Dominion Energy Virginia. It also reports a Corporate and Other segment that primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. See Note 26 for further discussion of the Companies’ operating segments. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2. SIGNIFICANT ACCOUNTING POLICIES General The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates. The Companies’ 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 December 31, 2020 Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. 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, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy nonregulated solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019 until November 2020) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are 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 certain nonregulated projects upon the occurrence of certain events, including any proposed sale by Dominion Energy of its interest. The Companies report certain contracts, instruments and investments at fair value. See Note 6 for further information on fair value measurements. The Companies consider acquisitions or dispositions in which substantially all of the fair value of the gross assets acquired or disposed of is concentrated into a single identifiable asset or group of similar identifiable assets to be an acquisition or a disposition of an asset, rather than a business. See Notes 3 and 10 for further information on such transactions. Dominion Energy maintains pension and other postretirement benefit plans and Virginia Power participates in certain of these plans. See Note 22 for further information on these plans. Certain amounts in the Companies’ 2019 and 2018 Consolidated Financial Statements and Notes have been reclassified to conform to the 2020 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, where applicable. 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. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2020 and 2019 included $1.1 billion and $829 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2020 and 2019 included $740 million and $512 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties. The primary types of sales and service activities reported as operating revenue for Dominion Energy 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 state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers, sales of gathering services and sales of transportation services to off-system customers; • 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 sales of commodities related to nonregulated extraction activities and other miscellaneous products. Other nonregulated revenue also includes sales of energy-related products and services from Dominion Energy’s retail energy marketing operations, sales to Virginia Power customers from non-jurisdictional solar generation facilities 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 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 customers from non-jurisdictional solar generation 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 Companies record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. The Companies’ revenue accounted for under the alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate the Companies for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above. Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. 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 has 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 and services typically transfer control and are recognized as revenue upon delivery of the product or service. 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. Operating revenue for the gas transmission and storage operations sold or to be sold to BHE as part of the GT&S Transaction and the Q-Pipe Transaction primarily consists of FERC-regulated sales of transmission and storage services, LNG terminalling services, sales of extracted products and associated hedging activities and NGL activities, including gathering and processing and sales of production and condensate as well as services performed for Atlantic Coast Pipeline. This revenue is included in discontinued operations in Dominion Energy’s Consolidated Statements of Income. Transportation and storage contracts associated with the operations sold or to be sold to BHE as part of the GT&S Transaction and the Q-Pipe Transaction are primarily stand-ready service contracts that include fixed reservation and variable usage fees. LNG terminalling services, included in discontinued operations, are also stand-ready service contracts, primarily consisting of fixed fees, offset by service credits associated with the start-up phase of the Liquefaction Facility. NGLs received during natural gas processing are recorded in discontinued operations at fair value as service revenue recognized over time, and revenue continues to be recognized from the subsequent sale of the NGLs to customers upon delivery. Credit Risk Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Effective January 2020, expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees. Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs Where permitted by regulatory authorities, the differences between the Companies’ actual electric fuel and purchased energy expenses and Dominion Energy’s purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability. Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2020, approximately 85% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Of the cost of fuel used in electric generation and energy purchases to serve South Carolina utility customers, at December 31, 2020, approximately 96% is subject to DESC’s deferred fuel accounting. Virtually all of East Ohio, Questar Gas, Hope, DESC and PSNC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. Income Taxes A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. Virginia Power participates in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis. Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized. Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities. The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll and taxes on the Consolidated Balance Sheets. The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income. At December 31, 2020, Virginia Power had an income tax-related affiliated payable of $19 million, comprised of $17 million of federal income taxes and $2 million of state income taxes due to Dominion Energy. These affiliated balances are expected to be paid to Dominion Energy. At December 31, 2019, Virginia Power had an income tax-related affiliated payable of $35 million, comprised of $15 million of federal income taxes and $20 million of state income taxes due to Dominion Energy. Virginia Power’s net affiliated balances were paid to Dominion Energy. Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold. Cash, Restricted Cash and Equivalents Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less. Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies: At December 2020 2019 (millions) Dominion Energy $ 50 $ 29 Virginia Power 30 9 Restricted Cash and Equivalents The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits and future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements and on Eagle Solar’s senior note agreement. 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 years ended December 31, 2020, 2019 and 2018: Cash, Restricted Cash and Equivalents at End/Beginning of Year December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 (millions) Dominion Energy Cash and cash equivalents (1) $ 179 $ 166 $ 268 $ 120 Restricted cash and equivalents (2)(3) 68 103 123 65 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 247 $ 269 $ 391 $ 185 Virginia Power Cash and cash equivalents $ 35 $ 17 $ 29 $ 14 Restricted cash and equivalents (3) — 7 9 10 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 35 $ 24 $ 38 $ 24 (1) At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $7 million, $31 million, $110 million and $21 million of cash and cash equivalents included in current assets held for sale, respectively (2) At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $3 million, $12 million, $89 million and $39 million of restricted cash included in current assets held for sale, respectively. (3) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy: Year Ended December 31, 2020 2019 2018 Cash paid during the year for: Interest and related charges, excluding capitalized amounts $ 1,519 $ 1,643 1,362 Income taxes 292 106 89 Significant noncash investing and financing activities: (1)(2)(3)(4)(5) Accrued capital expenditures 485 555 307 Leases (6) 173 157 — Receivables from sales of assets and equity method investments — 5 159 (1) See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. (2) See Note 3 for noncash investing and financing activities related to the SCANA Combination. (3) See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point. (4) See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler. (5) See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units, the contribution of stock to Dominion Energy’s qualified defined benefit pension plan, derivative restructuring and the issuance of common stock associated with the settlement of litigation. See Note 23 for non-cash investing activities related to property, plant and equipment conveyed to satisfy litigation. (6) Includes $46 million of finance leases and $127 million of operating leases at December 31, 2020 and $113 million of finance leases and $44 million of operating leases at December 31, 2019. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Year Ended December 31, 2020 2019 2018 Cash paid during the year for: Interest and related charges, excluding capitalized amounts $ 491 $ 495 $ 498 Income taxes 452 272 128 Significant noncash investing activities: (1), (2) Accrued capital expenditures 262 292 204 Leases (3) 32 55 — (1) See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. (2) See Note 18 for non-cash financing activities related to derivative restructuring. (3) Includes $32 million of finance leases as of December 31, 2020 and $20 million of finance leases and $35 million of operating leases as of December 31, 2019. Distributions from Equity Method Investees Dominion Energy holds investments that are accounted for under the equity method of accounting and classifies 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. Derivative Instruments The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate risk in their business operations. The Companies use derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity and interest rate risks of their business operations. All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $19 million and $42 million associated with cash collateral at December 31, 2020 and 2019, respectively. Dominion Energy had margin liabilities of $5 million and $2 million associated with cash collateral at December 31, 2020 and 2019, respectively. Virginia Power had margin assets of $1 million and less than $1 million associated with cash collateral at December 31, 2020 and 2019, respectively. Virginia Power had no margin liabilities associated with cash collateral at December 31, 2020 and 2019. See Note 7 for further information about derivatives. To manage price risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or discontinued operations based on the nature of the underlying risk. Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. Derivative Instruments Designated as Hedging Instruments In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges or fair value hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. Cash Flow Hedges -A majority of the Companies’ hedge strategies represents cash flow hedges of the variable price risk primarily associated with the purchase of natural gas. The Companies also use interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable. Fair Value Hedges -Dominion Energy has also designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item’s fair value. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. Property, Plant and Equipment Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred. In 2020, 2019, and 2018, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $103 million, $78 million and $109 million, respectively. In 2020, 2019, and 2018, Virginia Power capitalized AFUDC to property, plant and equipment of $60 million, $34 million and $56 million, respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2020, 2019, and 2018, Virginia Power recorded $11 million, $11 million and $4 million of AFUDC related to these projects, respectively. For property subject to cost-of-service rate regulation, including the Companies’ electric distribution, electric transmission and generation property and Dominion Energy’s natural gas distribution property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates. In 2020 and 2019, the Companies had the following charges, primarily recorded in impairment of assets and other charges in the Consolidated Statements of Income (reflected in the Corporate and Other segment), related to early retirements: • In March 2020, Virginia Power committed to retire certain coal- and oil-fired generating units before the end of their useful lives based on economic and other factors, including but not limited to market power prices and the VCEA. These units will be retired after they meet their capacity obligations to PJM in 2023. As a result, Virginia Power recorded a charge of $751 million ($ 559 million after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. Also in 2020, Virginia Power recorded charges of $ 54 million ($ 40 million after-tax) associated with dismantling certain of these electric generation facilities. • In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. • In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station was retired after meeting its capacity obligation to PJM in December 2020. As a result, Virginia Power recorded a charge of $346 million ($257 million after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. • In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax). • In September 2019, the Companies abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million after-tax) and Virginia Power recorded a charge of $17 million ($12 million after-tax). For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date. Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows: Year Ended December 2020 2019 2018 (percent) Dominion Energy (1) Generation 2.51 2.84 2.71 Transmission 2.48 2.50 2.50 Distribution 2.76 2.80 2.97 Storage 1.59 1.49 2.20 General and other 4.35 3.99 4.11 Virginia Power Generation 2.52 2.94 2.71 Transmission 2.52 2.54 2.52 Distribution 3.19 3.14 3.31 General and other 5.09 4.40 4.52 (1) Excludes rates for depreciation reported as discontinued operations. In 2020, Virginia Power updated depreciation rates for its nuclear plants to reflect lower depreciation rates as a result of expected approval of license extensions from the NRC. For the year ended December 31, 2020, this adjustment resulted in a decrease of $31 million ($23 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income and an increase to Dominion Energy’s EPS of $0.03 per share. In 2018, Virginia Power revised depreciation rates for regulated nuclear plants to comply with Virginia Commission requirements. For the year ended December 31, 2018, this adjustment resulted in a decrease of $60 million ($44 million after-tax) in depreciati |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | NOTE 3. ACQUISITIONS AND DISPOSITIONS Dominion Energy Disposition of Gas Transmission & Storage Operations to BHE In July 2020, Dominion Energy entered into an agreement with BHE with a total value of approximately $10 billion, comprised of approximately $4.0 billion of cash consideration (subject to customary closing adjustments) plus the assumption of long-term debt, to sell substantially all of its gas transmission and storage operations, including processing assets, as well as noncontrolling partnership interests in Iroquois, JAX LNG and White River Hub and a controlling interest in Cove Point (consisting of 100% of the general partner interest and 25% of the total limited partner interests). The agreement provides that Dominion Energy retains the assets and obligations of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. In October 2020, pursuant to a provision in the agreement with BHE, Dominion Energy elected to exclude Dominion Energy Questar Pipeline and certain other affiliated entities from the transaction as approval under the Hart-Scott-Rodino Act had not been obtained by mid-September 2020. Concurrently in October 2020, Dominion Energy and BHE entered into a separate agreement under which Dominion Energy will sell Dominion Energy Questar Pipeline and certain other affiliated entities to BHE for cash consideration of $ 1.3 billion and the assumption of related long-term debt. In November 2020, Dominion Energy completed the GT&S Transaction and received cash proceeds of $2.7 billion. This transaction is structured as an asset sale for tax purposes. Dominion Energy retained a 50% noncontrolling interest in Cove Point that is accounted for as an equity method investment upon closing of the GT&S Transaction as Dominion Energy has the ability to exercise significant influence over, but not control, Cove Point. The retained 50% noncontrolling interest in Cove Point was recognized at its initial fair value of $2.8 billion on the date of close estimated using an income approach and a market approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgment and unobservable inputs, including projected timing and amount of future cash flows and a discount rate reflecting risks inherent in the future cash flows and market prices. In connection with closing of the GT&S Transaction, Dominion Energy and BHE entered into a transition services agreement under which Dominion Energy will continue to provide specified administrative services to support the operations of the disposed business for up to 24 months after closing. In addition, BHE will provide certain administrative services to Dominion Energy. Dominion Energy recorded revenue of $4 million associated with the transition service agreement in operating revenue in the Consolidated Statements of Income for the year ended December 31, 2020. Also in November 2020, BHE provided a $1.3 billion deposit to Dominion Energy on the Q-Pipe Transaction. Dominion Energy will be required to repay all or substantially all of this deposit, or issue to BHE an equivalent value in shares of Dominion Energy common stock at Dominion Energy’s option, if the Q-Pipe Transaction does not close by December 30, 2021. Dominion Energy may not solicit or accept offers from alternative buyers for all or a material portion of the Q-Pipe Transaction until after March 31, 2021 and either party may terminate the Q-Pipe Transaction if closing has not occurred on or before June 30, 2021. If the Hart-Scott-Rodino Act approval has not been obtained by June 30, 2021, upon BHE’s request, Dominion Energy will seek an alternative buyer for all or a material portion of the Q-Pipe Transaction. The Q-Pipe Transaction is structured as an asset sale for tax purposes and is expected to close in early 2021, contingent on clearance or approval under the Hart-Scott-Rodino Act, and other customary closing and regulatory conditions. Based on the recorded balances at December 31, 2020, Dominion Energy expects to recognize a pre-tax gain of approximately $450 million upon closing, including the write-off of $191 million of goodwill, but excluding the effects of any closing adjustments. The operations included in both the GT&S Transaction and the Q-Pipe Transaction are presented in held-for-sale and discontinued operations effective July 2020. As a result, the previously reported amounts have been recast to reflect this presentation and depreciation and amortization ceased on the applicable assets. As Cove Point had previously been consolidated within Dominion Energy’s financial statements, balances associated with Cove Point prior to the closing of the GT&S Transaction are presented within held-for-sale and discontinued operations. See Note 9 for further information regarding Dominion Energy’s equity method investment in Cove Point. The following table represents selected information regarding the results of operations, which are reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 GT&S Transaction (1) Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Operating revenue $ 1,710 $ 246 $ 2,213 $ 251 $ 2,134 $ 247 Operating Expense (2)(3) 1,289 96 1,367 131 1,663 135 Other income (loss) 88 1 58 4 68 5 Interest and related charges (4) 372 20 267 20 183 20 Income (loss) before income taxes 137 131 637 104 356 97 Income tax expense (benefit) 334 (9 ) 120 23 40 18 Net income (loss) including noncontrolling interests (197 ) 140 517 81 316 79 Noncontrolling interests 106 — 11 — 92 — Net income (loss) attributable to Dominion Energy $ (303 ) $ 140 $ 506 $ 81 $ 224 $ 79 (1) Operations associated with the GT&S Transaction are through the November 1, 2020 settlement date. (2) GT&S Transaction includes a charge of $482 million ($359 million after-tax) recorded in the second quarter of 2020 associated with the probable abandonment of a significant portion of the Supply Header Project as well as the establishment of a $75 million ARO as a result of the cancellation of the Atlantic Coast Pipeline Project. It also includes charges of $219 million ($165 million after-tax) associated with the impairment of certain gathering and processing assets, $127 million ($92 million after-tax) associated with the disallowance of FERC-regulated plant and $37 million ($28 million after-tax) write-off associated with the Eastern Market Access Project all recorded in 2018. (3) GT&S Transaction includes gains on sales of assets recorded in 2018 totaling $115 million ($83 million after-tax), associated with the conveyance of Marcellus Shale and Utica and Point Pleasant Shale acreage underneath its natural gas storage fields. (4) GT&S Transaction includes a loss of $237 million ($178 million after-tax) recorded in the third quarter of 2020 associated with cash flow hedges of debt-related items that were determined to be probable of not occurring. The carrying amounts of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets, were as follows: At December 31, 2020 (1) At December 31, 2019 Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Current assets (2) $ 47 $ 445 $ 49 Equity method investments (3) 35 276 36 Property, plant and equipment, net 1,113 10,764 1,103 Other deferred charges and other assets, including goodwill (4) 224 1,553 225 Current liabilities (5) 30 1,002 37 Long-term debt 426 4,401 425 Other deferred credits and liabilities 154 773 155 (1) All amounts at December 31, 2020 are classified as current in Dominion Energy’s Consolidated Balance Sheets. (2) Includes cash and cash equivalents of $20 million as of December 31, 2019 within the GT&S Transaction and $7 million and $11 million as of December 31, 2020 and December 31, 2019, respectively, within the Q-Pipe Transaction. (3) Comprised of equity method investments in Iroquois and JAX LNG within the GT&S Transaction and White River Hub within the Q-Pipe Transaction. (4) Includes goodwill of $1.4 billion at December 31, 2019 within the GT&S Transaction and $191 (5) Includes current portions of long-term debt of $699 million as of December 31, 2019, within the GT&S Transaction. Capital expenditures and significant noncash items relating to the disposal groups included the following: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 GT&S Transaction (1) Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Capital expenditures $ 292 $ 38 $ 386 $ 42 $ 728 $ 34 Significant noncash items Impairment of assets and other charges 469 — 13 1 391 — Charge related to a voluntary retirement program — — 19 3 — — Depreciation, depletion and amortization 177 27 322 51 283 57 Accrued capital expenditures — 1 25 2 56 2 (1) Operations associated with the GT&S Transaction are through the November 1, 2020 settlement date. In October 2020, Dominion Energy settled various derivatives related to, but not included in, the GT&S Transaction for a payment of $165 million. Acquisition of SCANA In January 2019, Dominion Energy issued 95.6 million shares of Dominion Energy common stock, valued at $6.8 billion, representing 0.6690 of a share of Dominion Energy common stock for each share of SCANA common stock, in connection with the completion of the SCANA Combination. SCANA, through its regulated subsidiaries, is primarily engaged in the generation, transmission and distribution of electricity in the central, southern and southwestern portions of South Carolina and in the distribution of natural gas in North Carolina and South Carolina. In addition, at the closing of the SCANA Combination, SCANA marketed natural gas to retail customers in the southeast U.S. Following completion of the SCANA Combination, SCANA operates as a wholly-owned subsidiary of Dominion Energy. In addition, SCANA’s debt totaled $6.9 billion at closing. The SCANA Combination expanded Dominion Energy’s portfolio of regulated electric generation, transmission and distribution and regulated natural gas distribution infrastructure operations. Merger Conditions Refunds to Customers As a condition to the SCANA Merger Approval Order, DESC will provide refunds and restitution of $2.0 billion over 20 years with capital support from Dominion Energy. In September and October 2017, DESC received proceeds totaling $1.1 billion in full satisfaction of its share of a settlement agreement among DESC, Santee Cooper and Toshiba Corporation in connection with Westinghouse and WECTEC, both wholly-owned subsidiaries of Toshiba Corporation and responsible for the engineering and construction of the NND Project, filing for bankruptcy. The purchase price allocation below includes a previously established regulatory liability at DESC totaling $1.1 billion, of which $67 million was considered current, associated with the monetization of the bankruptcy settlement with Toshiba Corporation. In accordance with the terms of the SCANA Merger Approval Order, this regulatory liability, net of amounts that may be required to satisfy any liens against NND Project property, totaling $1.0 billion will be refunded to DESC electric service customers over a 20-year period ending in 2039. Additionally, in the first quarter of 2019, DESC recorded a reduction in operating revenue and a corresponding regulatory liability of $1.0 billion, of which $137 million was considered current, representing a refund of amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period, effective February 2019. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 includes a $756 million after-tax charge which is reflected in the Corporate and Other segment. NND Project As a condition to the SCANA Merger Approval Order, DESC committed to excluding from rate recovery $2.4 billion of costs related to the NND Project and $180 million of costs associated with the purchase of the Columbia Energy Center power station. Regulatory assets included in SCANA’s historical balance sheet at December 31, 2018 reflected these disallowances. The remaining regulatory asset associated with the NND Project of $2.8 billion, of which $138 million was considered current, will be collected over a 20-year period, including a return on investment. In January 2019, DESC filed the capital cost rider in accordance with the terms of the SCANA Merger Approval Order for rates effective in February 2019 for DESC’s retail electric customers. The South Carolina Commission approved this filing in January 2019. Other Terms and Conditions • DESC agreed not to file an application for a general rate case with the South Carolina Commission with a requested effective date earlier than January 2021. See Note 13 for information on the status of DESC’s ongoing base rate case; • PSNC will not file an application for a general rate case with the North Carolina Commission any earlier than April 2021; • Dominion Energy committed to increasing SCANA’s historical level of corporate contributions to charities by $1 million per year over five years beginning in 2019; • Dominion Energy will maintain DESC and PSNC’s headquarters in Cayce, South Carolina and Gastonia, North Carolina, respectively; and • Dominion Energy will seek to minimize reductions in local employment by allowing some DES employees supporting shared and common services functions and activities to be located in Cayce, South Carolina where it makes economic and practical sense to do so. Purchase Price Allocation SCANA’s assets acquired and liabilities assumed have been measured at estimated fair value at closing and are included in the Dominion Energy South Carolina and Gas Distribution operating segments. The majority of the operations acquired are subject to the rate setting authority of FERC and the North and South Carolina Commissions and are therefore accounted for pursuant to ASC 980, Regulated Operations The fair value of SCANA’s assets acquired and liabilities assumed that are not subject to the rate-setting provisions discussed above and the fair values of SCANA’s investments accounted for under the equity method were determined using the income approach and the market approach. The valuation of SCANA’s long-term debt is considered a Level 2 fair value measurement. All other valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future market prices. The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed was reflected as goodwill. The goodwill reflects the value associated with enhancing Dominion Energy’s portfolio of regulated operations in the growing southeast region of the U.S. The goodwill recognized is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related to goodwill. The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at closing, which reflects certain adjustments related to income taxes, as discussed in Note 5, from the preliminary valuation recognized during the measurement period. Amount (millions) Total current assets (1) $ 1,782 Investments (2) 224 Property, plant and equipment (3)(4) 11,006 Goodwill 2,609 Regulatory assets (5) 3,940 Other deferred charges and other assets, including intangible assets (6) 430 Total Assets 19,991 Total current liabilities (7) 1,556 Long-term debt 6,707 Deferred income taxes 1,068 Regulatory liabilities 2,706 Other deferred credits and other liabilities (8) 1,115 Total Liabilities 13,152 Total purchase price (9) $ 6,839 (1) Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted. (2) Includes $31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized. (3) Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges (reflected in the Corporate and Other segment). (4) Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years. (5) Includes $258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. (6) Intangible assets have an estimated weighted-average amortization period of approximately five years. (7) Includes $40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $173 million outstanding commercial paper under various credit facilities. All such credit facilities were terminated in 2019. (8) Includes a $379 million pension and other postretirement benefit liability. (9) Includes stock-based compensation awards with a fair value of $21 million. Results of Operations and Unaudited Pro Forma Information The impact of the SCANA Combination on Dominion Energy’s operating revenue was an increase of $3.3 billion and $3.1 billion for the years ended December 31, 2020 and 2019, respectively, in the Consolidated Statements of Income. The impact of the SCANA Combination on Dominion Energy’s net income attributable to Dominion Energy was an increase of $277 million and a decrease of $1.1 billion for the years ended December 31, 2020 and 2019, respectively, in the Consolidated Statements of Income. Dominion Energy incurred merger and integration-related costs of $97 million for the year ended December 31, 2020, all of which is recorded in other operations and maintenance expense in the Consolidated Statements of Income. Dominion Energy incurred merger and integration-related costs of $646 million for the year ended December 31, 2019. The amount for the year ended December 31, 2019 includes $427 million for a charge related to a voluntary retirement program. See Note 22 for additional information. Of the remaining merger and integration-related costs, $210 million is recorded in other operations and maintenance expense and $9 million was recorded in interest and related charges in the Consolidated Statements of Income for the year ended December 31, 2019. During the year ended December 31, 2018, Dominion Energy incurred merger and integration-related costs of $27 million, recorded primarily in other operations and maintenance expense in the Consolidated Statements of Income. These costs consist of professional fees, the charitable contribution commitment described above, employee-related expenses, certain financing costs and other miscellaneous costs. The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Twelve Months Ended December 2019 (1) 2018 (1) (millions, except EPS) Operating Revenue $ 15,408 $ 15,344 Net income attributable to Dominion Energy 3,266 2,081 Earnings Per Common Share – $ 4.04 $ 2.78 Earnings Per Common Share – $ 4.00 $ 2.77 (1) Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. Sale of Interest in Cove Point In October 2019, Dominion Energy signed an agreement to sell its 25% noncontrolling limited partnership interests in Cove Point to Brookfield. In December 2019, the sale was completed and Dominion Energy received cash consideration of $2.1 billion, subject to working capital adjustments. The sale was accounted for by Dominion Energy following the guidance for a change in a parent company’s ownership interest in a consolidated subsidiary. Because Dominion Energy controlled Cove Point both before and after the sale of the noncontrolling interest, the changes in Dominion Energy’s ownership interest in Cove Point was accounted for as an equity transaction and no gain or loss was recognized. |
Operating Revenue
Operating Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Operating Revenue | NOTE 4. OPERATING REVENUE The Companies’ operating revenue consists of the following: Year Ended December 31, 2020 2019 2018 (millions) Dominion Energy Regulated electric sales: Residential $ 4,833 $ 4,325 $ 3,413 Commercial 3,102 3,219 2,503 Industrial 730 683 490 Government and other retail 868 873 854 Wholesale 128 176 137 Nonregulated electric sales 803 926 1,294 Regulated gas sales: Residential 1,283 1,343 818 Commercial 457 457 221 Other 88 109 11 Nonregulated gas sales 174 495 210 Regulated gas transportation and storage 801 742 640 Other regulated revenues 327 252 178 Other nonregulated revenues (1)(2) 158 145 122 Total operating revenue from contracts with customers 13,752 13,745 10,891 Other revenues (3)(4) 420 656 308 Total operating revenue $ 14,172 $ 14,401 $ 11,199 Virginia Power Regulated electric sales: Residential $ 3,677 $ 3,657 $ 3,413 Commercial 2,342 2,712 2,503 Industrial 380 455 490 Government and other retail 804 823 854 Wholesale 90 128 137 Other regulated revenues 299 190 132 Other nonregulated revenues (1)(2) 69 71 55 Total operating revenue from contracts with customers 7,661 8,036 7,584 Other revenues (1)(3) 102 72 35 Total operating revenue $ 7,763 $ 8,108 $ 7,619 (1) See Notes 9 and 25 for amounts attributable to related parties and affiliates. (2) Amounts above include sales which are considered to be goods transferred at a point (3) Amounts above include alternative revenue of $119 million and $82 million for the year ended December 31, 2020 at Dominion Energy and Virginia Power, $66 million and $52 million for year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power. (4) Amounts above include revenue associated with services provided to entities presented in discontinued operations of $4 million for the year ended December 31, 2020 and $6 million for both years ended December 31, 2019 and 2018. 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 Dominion Energy expects to recognize this revenue. These revenues relate to contracts containing fixed prices where Dominion Energy will earn the associated revenue over time as it stands 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 Dominion Energy elects to recognize revenue in the amount it has a right to invoice. Revenue expected to be recognized on multi-year contracts in place at December 31, 2020 2021 2022 2023 2024 2025 Thereafter Total (millions) Dominion Energy (1) $ 67 $ 66 $ 64 $ 57 $ 50 $ 466 $ 770 (1) Includes $1 million for Virginia 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 December 31, 2020 and 2019, Dominion Energy’s contract liability balances were $130 million and $102 million, respectively. At December 31, 2020 and 2019, Virginia Power’s contract liability balances were $36 million and $24 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. The Companies’ recognize revenue as they fulfill their obligations to provide service to their customers. During the years ended December 31, 2020 and 2019, Dominion Energy recognized revenue of $97 million and $85 million from the beginning contract liability balance. During the years ended December 31, 2020 and 2019, Virginia Power recognized revenue of $24 million and $22 million, respectively, from the beginning contract liability balance. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5. INCOME TAXES Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws and associated regulations involves uncertainty, since tax authorities may interpret the laws differently. The Companies are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material. The Companies have accounted for the effects of the 2017 Tax Reform Act, although additional changes could occur as guidance is issued and finalized as described below. In March 2020, the CARES Act was enacted which includes several significant business tax provisions that modify or temporarily suspend certain provisions of the 2017 Tax Reform Act. The CARES Act provisions are intended to improve cash flow and liquidity by, among other things, providing a temporary five-year carryback for certain net operating losses, accelerating the refund of previously generated corporate alternative minimum tax credits and temporarily increased the business interest limitation to 50% of adjusted taxable income for certain businesses. Dominion Energy utilized the income tax provisions of the CARES Act to accelerate the recognition of certain tax attributes, but they did not provide a material benefit. In July 2020, the U.S. Department of Treasury issued final regulations providing guidance about the limitation on the deduction for business interest expenses under the 2017 Tax Reform Act as modified by the CARES Act. For consolidated groups such as Dominion Energy that have both regulated and nonregulated operations, these rules may result in a temporary disallowance of a portion of Dominion Energy’s interest deductions in the future, although any interest disallowed has an indefinite carryforward period. In December 2020, federal legislation was enacted that, among other things, provides a two-year extension of the beginning construction deadline for, and delays the phase-down of, the solar energy investment tax credit as well as extending the deadlines and phase-down rules for certain other renewable tax credits. The legislation provides that offshore wind facilities are eligible for the investment tax credit if construction on those facilities begins before 2026 with no phase-out. In addition, the U.S. Department of Treasury and the IRS issued guidance for offshore wind that extended the continuity of construction safe harbor to 10 years, which significantly enhances the ability for these projects to qualify for renewable energy tax credits. As indicated in Note 2, certain of the Companies’ operations, including accounting for income taxes, are subject to regulatory accounting treatment. For regulated operations, many of the changes in deferred taxes from the 2017 Tax Reform Act represent amounts probable of collection from or return to customers, and were recorded as either an increase to a regulatory asset or liability. See Note 13 for more information and current year developments. Continuing Operations Details of income tax expense for continuing operations including noncontrolling interests were as follows: Dominion Energy Virginia Power Year Ended December 2020 2019 2018 2020 2019 2018 (millions) Current: Federal $ (314 ) $ (94 ) $ 294 $ 364 $ 286 $ 36 State (81 ) 58 82 71 58 40 Total current expense (benefit) (395 ) (36 ) 376 435 344 76 Deferred: Federal Taxes before operating loss carryforwards, investment tax credits and tax reform 12 168 30 (226 ) (128 ) 199 2017 Tax Reform Act — — 46 — — 21 Tax utilization expense of operating loss carryforwards 44 119 92 — — — Investment tax credits 311 (51 ) (56 ) (27 ) (34 ) (51 ) State 72 (50 ) 34 7 22 55 Total deferred expense (benefit) 439 186 146 (246 ) (140 ) 224 Investment tax credit-gross deferral 42 62 2 42 62 2 Investment tax credit-amortization (3 ) (3 ) (2 ) (2 ) (2 ) (2 ) Total income tax expense $ 83 $ 209 $ 522 $ 229 $ 264 $ 300 In 2020, Dominion Energy’s current income taxes reflect a benefit from continuing operations as the current income tax expense associated with gas transmission and storage operations, including taxes on the gain, is reflected in discontinued operations. Dominion Energy’s income tax expense reflects the utilization of investment tax credit carryforwards to offset a portion of the federal tax gain on the sale. In addition, an $18 million income tax benefit is reflected in common shareholders’ equity associated with state deferred taxes on assets and liabilities retained in connection with the GT&S Transaction. In 2019, the Dominion Energy Gas Restructuring caused changes in tax status at certain of its subsidiaries. The impacts of the changes in tax status decreased deferred income tax expense from continuing operations by $48 million at Dominion Energy. In addition, Dominion Energy recognized a taxable gain resulting from the sale of a 25% noncontrolling interest in Cove Point. The direct tax effects of the transactions included a provision for current income taxes ($362 million) and an offsetting benefit for deferred income taxes ($147 million) and were charged to common shareholders’ equity. The utilization of $208 million federal tax credit carryforwards offsetting a portion of the federal tax liability from the transaction were also charged to common shareholders’ equity. In total, the taxes recorded in common shareholders’ equity resulting from this transaction were $215 million. Discontinued Operations Income tax expense (benefit) reflected in discontinued operations is $(204) million, $142 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively. The 2020 income tax expense reflects a charge of $81 million for the write-off of tax-related regulatory assets associated with the Atlantic Coast Pipeline Project and the absence of a $236 million benefit on non-deductible goodwill written off in connection with the GT&S Transaction. Continuing Operations 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 Year Ended December 2020 2019 2018 2020 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.0 1.5 4.3 4.8 4.5 4.7 Investment tax credits (9.6 ) (11.4 ) (2.3 ) (4.5 ) (2.9 ) (3.5 ) Production tax credits (0.7 ) (2.1 ) (0.8 ) (0.7 ) (0.7 ) (0.7 ) Valuation allowances 0.9 0.5 0.4 — — — Reversal of excess deferred income taxes (5.4 ) (3.2 ) (2.3 ) (2.2 ) (3.1 ) (3.2 ) Federal legislative change — — 1.8 — — 1.3 State legislative change — — (0.8 ) — — — Write-off of regulatory assets — 21.7 — — — — Change in tax status (1.7 ) (5.5 ) — — — — AFUDC—equity (0.2 ) (0.2 ) (0.3 ) — — (0.5 ) Changes in state deferred taxes associated with assets held for sale (3.2 ) — — — — Absence of tax on noncontrolling interest 3.8 (0.2 ) (0.1 ) — — — Employee stock ownership plan deduction (0.9 ) (1.4 ) (0.5 ) — — — Nondeductible goodwill — 1.8 — — — — Other, net (0.1 ) 1.5 (0.4 ) (0.1 ) (0.2 ) (0.1 ) Effective tax rate 5.9 % 24.0 % 20.0 % 18.3 % 18.6 % 19.0 % 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%. The Companies have recorded an estimate of excess deferred income tax amortization in 2020, and changes in estimates of amounts probable of collection from or return to customers. The reversal of these excess deferred income taxes will impact the effective tax rate, and rates charged to customers. See Note 13 for current year developments. Dominion Energy’s 2020 effective tax rate reflects an income tax benefit of $45 million associated with the remeasurement of consolidated state deferred taxes with the classification of gas transmission and storage operations as held for sale. In addition, Dominion Energy’s effective tax rate reflects an income tax expense of $55 million attributable to the noncontrolling interest primarily associated with the impairment of non-wholly-owned nonregulated solar facilities held in partnerships discussed in Note 10. In connection with the SCANA Combination, Dominion Energy committed to forgo, or limit, the recovery of certain income tax-related regulatory assets associated with the NND Project. Dominion Energy’s effective tax rate reflects deferred income tax expense of $194 million in satisfaction of this commitment. Dominion Energy’s effective tax rate also reflects the changes in consolidated state income taxes resulting from the SCANA Combination. In 2018, the Companies applied the provisions of 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 increased Dominion Energy’s 2017 net operating loss carryforward, the benefit of which will be recognized at the 21% rate. 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. 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 or collection from customers increased deferred income tax expense at Virginia Power by $23 million and increased regulatory liabilities by $31 million. At Dominion Energy, similar changes in estimates decreased income tax expense by $5 million, which is reflected in income tax expense from continuing operations in the Consolidated Statements of Income, and regulatory liabilities by $8 million, which are reflected in noncurrent liabilities of discontinued operations on the 2019 Consolidated Balance Sheets. In addition, Dominion Energy effective tax rates reflects the impacts of a state legislative change enacted in the second quarter of 2018 that was retroactive to January 1, 2018 associated with discontinued operations. The Companies’ deferred income taxes consist of the following: Dominion Energy Virginia Power At December 2020 2019 2020 2019 (millions) Deferred income taxes: Total deferred income tax assets $ 3,285 $ 3,736 $ 1,204 $ 1,207 Total deferred income tax liabilities 9,069 9,883 3,832 4,058 Total net deferred income tax liabilities $ 5,784 $ 6,147 $ 2,628 $ 2,851 Total deferred income taxes: Plant and equipment, primarily depreciation method and basis differences $ 5,824 $ 6,616 $ 3,227 $ 3,359 Excess deferred income taxes (1,142 ) (1,306 ) (656 ) (672 ) Unrecovered NND Project costs 529 553 — — DESC rate refund (140 ) (169 ) — — Toshiba Settlement (204 ) (219 ) — — Nuclear decommissioning 991 909 303 290 Deferred state income taxes 702 863 305 302 Federal benefit of deferred state income taxes (147 ) (184 ) (64 ) (63 ) Deferred fuel, purchased energy and gas costs (28 ) 30 (34 ) 1 Pension benefits 239 174 (105 ) (153 ) Other postretirement benefits (14 ) (37 ) 76 62 Loss and credit carryforwards (1,534 ) (1,832 ) (354 ) (280 ) Valuation allowances 155 161 6 5 Partnership basis differences 593 823 — — Other (40 ) (235 ) (76 ) — Total net deferred income tax liabilities $ 5,784 $ 6,147 $ 2,628 $ 2,851 Deferred Investment Tax Credits – 169 130 151 111 Total Deferred Taxes and Deferred Investment Tax Credits $ 5,953 $ 6,277 $ 2,779 $ 2,962 At December 31, 2020, Dominion Energy had the following deductible loss and credit carryforwards: Deductible Deferred Valuation Expiration Amount Tax Asset Allowance Period (millions) Federal losses $ 1,169 $ 246 $ — 2037 Federal investment credits — 736 — 2036-2040 Federal production credits — 86 — 2036-2040 Other federal credits — 14 — 2036-2039 State losses 3,661 198 (61 ) 2020-2040 State minimum tax credits — 139 — No expiration State investment and other credits — 142 (94 ) 2020-2031 Total $ 4,830 $ 1,561 $ (155 ) At December 31, 2020, Virginia Power had the following deductible loss and credit carryforwards: Deductible Deferred Valuation Expiration Amount Tax Asset Allowance Period (millions) Federal losses $ — $ — $ — Federal investment credits — 294 — 2036-2040 Federal production and other credits — 51 — 2036-2040 State investment credits — 9 (6 ) 2024 Total $ — $ 354 $ (6 ) A reconciliation of changes in the Companies’ unrecognized tax benefits follows: Dominion Energy Virginia Power 2020 2019 2018 2020 2019 2018 (millions) Balance at January 1 $ 175 $ 44 $ 38 $ — $ 2 $ 4 Acquired unrecognized tax benefits — 129 (1 ) — — — — Increases-prior period positions 18 — 10 — — — Decreases-prior period positions (19 ) — — — — — Increases-current period positions 1 9 10 — — — Settlements with tax authorities — (7 ) (6 ) — (2 ) (1 ) Expiration of statutes of limitations (8 ) — (8 ) — — (1 ) Balance at December 31 $ 167 $ 175 $ 44 $ — $ — $ 2 (1) Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting. Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion Energy and its subsidiaries, these unrecognized tax benefits were $140 million, $141 million and $37 million at December 31, 2020, 2019, and 2018, respectively. For Dominion Energy, the change in these unrecognized tax benefits decreased income tax expense by $6 million in 2020 and increased income tax expense by $3 million and $6 million in 2019 and 2018, respectively, in continuing operations. For discontinued operations, the change in these unrecognized tax benefits increased income tax expense by $5 million in 2020 and decreased income tax expense by less than $1 million in both 2019 and 2018. Dominion Energy participates in the IRS Compliance Assurance Process which provides the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions agreed to by the IRS. In 2018, Dominion Energy submitted carryback claims for specified liability losses involving prior tax years. The IRS concluded its examination of these claims in 2020 with no material adjustments. The IRS has completed its audit of tax years through 2018. The statute of limitations has not yet expired for years after 2016. Although Dominion Energy has not received a final letter indicating no changes to its taxable income for tax year 2019, no material adjustments are expected. The IRS examination of tax year 2020 is ongoing. It is reasonably possible that settlement negotiations and expiration of statutes of limitations could result in a decrease in unrecognized tax benefits in 2021 by up to $69 million for Dominion Energy. If such changes were to occur, other than revisions of the accrual for interest on tax underpayments and overpayments, earnings could increase by up to $7 million for Dominion Energy. Otherwise, with regard to 2020 and prior years, the Companies cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2021. For each of the major states in which Dominion Energy operates, the earliest tax year remaining open for examination is as follows: Earliest Open Tax State Year Pennsylvania (1) 2012 Connecticut 2017 Virginia (2) 2017 West Virginia 2017 New York (1) 2015 Utah 2017 South Carolina 2013 (1) Considered a major state for entities presented in discontinued operations. (2) Considered a major state for Virginia Power’s operations The Companies are also obligated to report adjustments resulting from IRS settlements to state tax authorities. In addition, if Dominion Energy utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are generally subject to examination. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 6. FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies’ own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion Energy applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency derivative instruments, and other investments including those held in nuclear decommissioning, Dominion Energy’s rabbi, and pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity and interest rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above. Inputs and Assumptions Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including industry publications, and to a lesser extent, broker quotes. When evaluating pricing information provided by Designated Contract Market settlement pricing, other pricing services, or brokers, the Companies consider the ability to transact at the quoted price, i.e. if the quotes are based on an active market or an inactive market and to the extent which pricing models are used, if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases 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 sources. For options and contracts with option-like characteristics where observable pricing information is not available from external sources, the Companies generally use a modified Black-Scholes Model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. The Companies use other option models under special circumstances, including but not limited to Spread Approximation Model and a Swing Option Model. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value. The inputs and assumptions used in measuring fair value include the following: For commodity derivative contracts: • Forward commodity prices • Transaction prices • Price volatility • Price correlation • Volumes • Commodity location • Interest rates • Credit quality of counterparties and the Companies • Credit enhancements • Time value For interest rate derivative contracts: • Interest rate curves • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For foreign currency derivative contracts: • Foreign currency forward exchange rates • Interest rates • Credit quality of counterparties and the Companies • Notional value • Credit enhancements • Time value For investments: • Quoted securities prices and indices • Securities trading information including volume and restrictions • Maturity • Interest rates • Credit quality Levels The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: • Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy. • Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for the Companies and foreign currency swaps, benefit plan trust funds and rabbi trust funds for Dominion Energy. • Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas options and other modeled commodity derivatives. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter derivative contracts is subject to change. Level 3 Valuations The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at December 31, 2020. 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: Natural gas (2) $ 95 Discounted cash flow Market price (per Dth) (3) (1) - 4 (1 ) FTRs 15 Discounted cash flow Market price (per MWh) (3) (1) - 4 1 Total assets $ 110 Liabilities Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (4) - 3 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 5 4 Price volatility (4) 20% - 56% 38 % Total liabilities $ 7 (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) Nonrecurring Fair Value Measurements Dominion Energy See Note 9 for information regarding nonrecurring fair value measurements associated with Dominion Energy’s retained noncontrolling interest in Cove Point, charges related to Fowler Ridge, Dominion Energy’s sale of its interest in Blue Racer and Dominion Energy’s retained noncontrolling interest in businesses and assets contributed to Wrangler. See Note 10 for information regarding an impairment charge recorded associated with non-wholly-owned nonregulated solar facilities in partnerships. Recurring Fair Value Measurements Fair value measurements are separately disclosed by level within the fair value hierarchy with a separate reconciliation of fair value measurements categorized as Level 3. Fair value disclosures for assets held in Dominion Energy’s pension and other postretirement benefit plans are presented in Note 22. 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) December 31, 2020 Assets Derivatives: Commodity $ — $ 57 $ 110 $ 167 Interest rate — 230 — 230 Investments (1) Equity securities: U.S. 4,648 — — 4,648 Fixed income: Corporate debt instruments — 629 — 629 Government securities 508 730 — 1,238 Cash equivalents and other 32 15 — 47 Total assets $ 5,188 $ 1,661 $ 110 $ 6,959 Liabilities Derivatives: Commodity $ — $ 48 $ 7 $ 55 Interest rate — 431 — 431 Total liabilities $ — $ 479 $ 7 $ 486 December 31, 2019 Assets Derivatives: Commodity $ — $ 55 $ 19 $ 74 Interest rate — 11 — 11 Foreign currency — 8 — 8 Investments (1) Equity securities: U.S. 4,195 — — 4,195 Fixed income: Corporate debt instruments — 463 — 463 Government securities 473 719 — 1,192 Cash equivalents and other 19 1 — 20 Total assets $ 4,687 $ 1,257 $ 19 $ 5,963 Liabilities Derivatives: Commodity $ — $ 75 $ 56 $ 131 Interest rate — 606 — 606 Foreign currency — 3 — 3 Total liabilities $ — $ 684 $ 56 $ 740 (1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $340 million and $274 million of assets at December 31, 2020 and 2019, 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: 2020 2019 2018 (millions) Balance at January 1, $ (37 ) $ 64 $ 150 Total realized and unrealized gains (losses): Included in earnings: Operating Revenue — (1 ) (2 ) Electric fuel and other energy-related purchases (33 ) (22 ) (15 ) Purchased gas — 2 — Discontinued operations 1 — — Included in other comprehensive income — — 1 Included in regulatory assets/liabilities 140 (90 ) (44 ) Settlements 33 17 (27 ) Purchases — (10 ) — Sales (1 ) 6 — Transfers out of Level 3 — (3 ) 1 Balance at December 31, $ 103 $ (37 ) $ 64 There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2020, 2019 and 2018. Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at December 31, 2020. 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: Natural gas (2) $ 95 Discounted cash flow Market price (per Dth) (3) (1) - 4 (1 ) FTRs 15 Discounted cash flow Market price (per MWh) (3) (1) - 4 1 Total assets $ 110 Liabilities Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (4) - 3 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 5 4 Price volatility (4) 20% - 56% 38 % Total liabilities $ 7 (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) December 31, 2020 Assets Derivatives: Commodity $ — $ 5 $ 110 $ 115 Interest rate — 66 — 66 Investments (1) Equity securities: U.S. 2,171 — — 2,171 Fixed income: Corporate debt instruments — 348 — 348 Government securities 201 309 — 510 Cash equivalents and other 13 — — 13 Total assets $ 2,385 $ 728 $ 110 $ 3,223 Liabilities Derivatives: Commodity $ — $ 22 $ 7 $ 29 Interest rate — 376 — 376 Total liabilities $ — $ 398 $ 7 $ 405 December 31, 2019 Assets Derivatives: Commodity $ — $ 3 $ 19 $ 22 Interest rate — 2 — 2 Investments (1) Equity securities: U.S. 1,920 — — 1,920 Fixed income: Corporate debt instruments — 256 — 256 Government securities 186 361 — 547 Cash equivalents and other — 1 — 1 Total assets $ 2,106 $ 623 $ 19 $ 2,748 Liabilities Derivatives: Commodity $ — $ 47 $ 56 $ 103 Interest rate — 363 — 363 Total liabilities $ — $ 410 $ 56 $ 466 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $167 million and $159 million of assets at December 31, 2020 and 2019, 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: 2020 2019 2018 (millions) Balance at January 1, $ (37 ) $ 60 $ 147 Total realized and unrealized gains (losses): Included in earnings: Electric fuel and other energy-related purchases (33 ) (22 ) (17 ) Included in regulatory assets/liabilities 140 (88 ) (45 ) Settlements 33 13 (25 ) Balance at December 31, $ 103 $ (37 ) $ 60 There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2020, 2019 and 2018. 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, 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: December 31, 2020 2019 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt (2)(3) $ 31,996 $ 38,773 $ 32,055 $ 36,155 Supplemental 364-Day credit facility borrowings 225 225 — — Junior subordinated notes (4) 3,411 3,633 4,797 4,953 Virginia Power Long-term debt (4) $ 13,207 $ 16,455 $ 12,326 $ 14,281 (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 issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with Dominion (3) Includes amounts classified as held for sale, see Note 3. (4) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | NOTE 7. DERIVATIVES AND HEDGE ACCOUNTING ACTIVITIES See Note 2 for the Companies’ accounting policies, objectives, and strategies for using derivative instruments. See Note 6 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 and Virginia Power’s derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases, other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt , 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 18 for further information regarding other long-term debt, in the form of restructured derivatives, subject to offset under master netting or similar agreements. See Note 24 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, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 117 $ 9 $ — $ 108 $ 35 $ 21 $ — $ 14 Exchange 49 24 — 25 37 21 — 16 Interest rate contracts: Over-the-counter 230 13 — 217 11 3 — 8 Foreign currency contracts: Over-the-counter — — — — 8 8 — — Total derivatives, subject to a master netting or similar arrangement $ 396 $ 46 $ — $ 350 $ 91 $ 53 $ — $ 38 (1) Excludes $1 million and $2 million of derivative assets at December 31, 2020 and 2019, respectively, December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 30 $ 9 $ — $ 21 $ 105 $ 21 $ — $ 84 Exchange 24 24 — — 21 21 — — Interest rate contracts: Over-the-counter 431 13 17 401 606 8 35 563 Foreign currency contracts: Over-the-counter — — — — 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 485 $ 46 $ 17 $ 422 $ 735 $ 53 $ 35 $ 647 (1) Excludes $1 million and $5 million of derivative liabilities at December 31, 2020 and 2019, respectively, Volumes The following table presents the volume of Dominion Energy’s derivative activity as of December 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 65 — Basis 190 477 Electricity (MWh): Fixed price 7,932,760 6,825,680 FTRs 45,249,553 — Interest rate (2) $ 850,000,000 $ 6,058,894,892 (1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheets at December 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (1 ) $ (1 ) 12 months Interest rate (418 ) (42 ) 396 months Total $ (419 ) $ (43 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated purchases) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices and interest rates. In connection with the GT&S Transaction, certain cash flow hedges of debt-related items became probable of not occurring. See Note 3 for further information. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings and presented in the same line item. Gains and losses on derivatives in fair value hedge relationships were immaterial for the years ended December 31, 2020, 2019 and 2018. The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Asset (Liability) (1) Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) (2) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (millions) Long-term debt $ (1,153 ) $ (1,154 ) $ (3 ) $ (4 ) (1) Includes $(1,153) million and $(397) million related to discontinued hedging relationships at December 31, 2020 and December 31, 2019, (2) Includes $(3) million and $3 million of hedging adjustments on discontinued hedging relationships at December 31, 2020 and December 31, 2019, respectively. Fair Value and Gains and Losses on Derivative Instruments The following tables present 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) At December 31, 2020 ASSETS Current Assets Commodity $ — $ 58 $ 58 Interest rate — 9 9 Total current derivative assets (1) — 67 67 Noncurrent Assets Commodity — 109 109 Interest rate 66 155 221 Total noncurrent derivative assets (2) 66 264 330 Total derivative assets $ 66 $ 331 $ 397 LIABILITIES Current Liabilities Commodity $ — $ 42 $ 42 Interest rate 363 10 373 Total current derivative liabilities (3) 363 52 415 Noncurrent Liabilities Commodity — 13 13 Interest rate 19 39 58 Total noncurrent derivative liabilities (4) 19 52 71 Total derivative liabilities $ 382 $ 104 $ 486 At December 31, 2019 ASSETS Current Assets Commodity $ 30 $ 37 $ 67 Interest rate 1 — 1 Total current derivative assets (1) 31 37 68 Noncurrent Assets Commodity 1 6 7 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 19 6 25 Total derivative assets $ 50 $ 43 $ 93 LIABILITIES Current Liabilities Commodity $ 6 $ 77 $ 83 Interest rate 321 1 322 Foreign currency 3 — 3 Total current derivative liabilities (3) 330 78 408 Noncurrent Liabilities Commodity 1 47 48 Interest rate 267 17 284 Total noncurrent derivative liabilities (4) 268 64 332 Total derivative liabilities $ 598 $ 142 $ 740 (1) Current derivative assets include $63 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets include $ 330 million and $ 16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities include $412 million and $394 million in other current liabilities in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets. (4) Noncurrent derivative liabilities include $71 million and $329 million in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent liabilities held for sale 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 (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Year Ended December 31, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 25 Purchased gas (4 ) Discontinued operations 2 Total commodity $ — $ 23 $ — Interest rate: Interest and related charges $ (83 ) Discontinued operations (236 ) Total interest rate $ (309 ) $ (319 ) $ (332 ) Foreign currency (3) (11 ) (6 ) — Total $ (320 ) $ (302 ) $ (332 ) Year Ended December 31, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 142 Purchased gas (3 ) Discontinued operations 4 Total commodity $ 125 $ 143 $ — Interest rate: Interest and related charges $ (49 ) Discontinued operations (5 ) Total interest rate $ (252 ) $ (54 ) $ (255 ) Foreign currency (3) (18 ) (6 ) — Total $ (145 ) $ 83 $ (255 ) Year Ended December 31, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (82 ) Electric fuel and other energy-related purchases 14 Discontinued operations (8 ) Total commodity $ 64 $ (76 ) $ — Interest rate: Interest and related charges $ (43 ) Discontinued operations (5 ) Total interest rate $ (18 ) $ (48 ) $ 39 Foreign currency (3) (6 ) (13 ) — Total $ 40 $ (137 ) $ 39 (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 discontinued operations. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Year Ended December 31, 2020 2019 2018 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 73 $ 41 $ (11 ) Purchased gas (20 ) (22 ) 4 Electric fuel and other energy-related purchases (104 ) (46 ) (9 ) Discontinued operations (11 ) (2 ) (10 ) Interest rate: Interest and related charges 87 3 — Discontinued operations 5 — — Foreign currency: Discontinued operations 12 — — Total $ 42 $ (26 ) $ (26 ) (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, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 111 $ 6 $ — $ 105 $ 19 $ 18 $ — $ 1 Exchange 1 1 — — — — — — Interest rate contracts: Over-the-counter 66 7 — 59 2 — — 2 Total derivatives, subject to a master netting or similar arrangement $ 178 $ 14 $ — $ 164 $ 21 $ 18 $ — $ 3 (1) Excludes $3 million and $3 million of derivative assets at December 31, 2020 and 2019, respectively, which are not subject to master netting or similar arrangements. December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 6 $ 6 $ — $ — $ 59 $ 18 $ — $ 41 Exchange 1 1 — — — — — — Interest rate contracts: Over-the-counter 376 7 — 369 363 — — 363 Total derivatives, subject to a master netting or similar arrangement $ 383 $ 14 $ — $ 369 $ 422 $ 18 $ — $ 404 (1) Excludes $22 million and $44 million of derivative liabilities at December 31, 2020 and 2019, respectively, which are not subject to master netting or similar arrangements. Volumes The following table presents the volume of Virginia Power’s derivative activity at December 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 30 — Basis 134 473 Electricity (MWh): Fixed price 928,560 350,400 FTRs 45,249,553 — Interest rate (2) $ 850,000,000 $ 1,200,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheets at December 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (60 ) $ (2 ) 396 months Total $ (60 ) $ (2 ) 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 tables present 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) At December 31, 2020 ASSETS Current Assets Commodity $ — $ 22 $ 22 Total current derivative assets (1) — 22 22 Noncurrent Assets Commodity — 93 93 Interest rate 66 — 66 Total noncurrent derivative assets (2) 66 93 159 Total derivative assets $ 66 $ 115 $ 181 LIABILITIES Current Liabilities Commodity $ — $ 28 $ 28 Interest rate 362 — 362 Total current derivative liabilities 362 28 390 Noncurrent Liabilities Commodity — 1 1 Interest rate 14 — 14 Total noncurrent derivatives liabilities (3) 14 1 15 Total derivative liabilities $ 376 $ 29 $ 405 At December 31, 2019 ASSETS Current Assets Commodity $ — $ 20 $ 20 Interest rate — — — Total current derivative assets (1) — 20 20 Noncurrent Assets Commodity — 2 2 Interest rate 2 — 2 Total noncurrent derivative assets (2) 2 2 4 Total derivative assets $ 2 $ 22 $ 24 LIABILITIES Current Liabilities Commodity $ — $ 58 $ 58 Interest rate 185 — 185 Total current derivative liabilities 185 58 243 Noncurrent Liabilities Commodity — 45 45 Interest rate 178 — 178 Total noncurrent derivatives liabilities (3) 178 45 223 Total derivative liabilities $ 363 $ 103 $ 466 (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) 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 (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Year Ended December 31, 2020 Derivative type and location of gains (losses): Interest rate (3) $ (37 ) $ (2 ) $ (338 ) Total $ (37 ) $ (2 ) $ (338 ) Year Ended December 31, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (30 ) $ (1 ) $ (259 ) Total $ (30 ) $ (1 ) $ (259 ) Year Ended December 31, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 2 $ (1 ) $ 39 Total $ 2 $ (1 ) $ 39 (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) Year Ended December 31, 2020 2019 2018 (millions) Derivative type and location of gains (losses): Commodity (2) $ (104 ) $ (45 ) $ 2 Total $ (104 ) $ (45 ) $ 2 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 8. EARNINGS PER SHARE The following table presents the calculation of Dominion Energy’s basic and diluted EPS: 2020 2019 2018 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 1,583 $ 653 $ 2,087 Preferred stock dividends (see Note 19) (65 ) (17 ) — Net income attributable to Dominion Energy from continuing operations - Basic 1,518 636 2,087 Dilutive effect of Series A Preferred Stock (11 ) (28 ) — Net income attributable to Dominion Energy from continuing operations - Diluted $ 1,507 $ 608 $ 2,087 Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted $ (1,984 ) $ 705 $ 360 Average shares of common stock outstanding – Basic 831.0 808.8 654.2 Net effect of dilutive securities (1) — 0.1 0.7 Average shares of common stock outstanding – Diluted 831.0 808.9 654.9 EPS from continuing operations - Basic $ 1.83 $ 0.79 $ 3.19 EPS from discontinued operations - Basic (2.39 ) 0.87 0.55 EPS attributable to Dominion Energy - Basic $ (0.56 ) $ 1.66 $ 3.74 EPS from continuing operations - Diluted 1.82 $ 0.75 $ 3.19 EPS from discontinued operations - Diluted (2.39 ) 0.87 0.55 EPS attributable to Dominion Energy - Diluted $ (0.57 ) $ 1.62 $ 3.74 (1) Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Note 20 The 2019 Equity Units, the 2016 Equity Units, the Dominion Energy Midstream convertible preferred units and the Q-Pipe Transaction deposit are potentially dilutive instruments. See Notes 3, 18, 19 and 20 for additional information. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS from continuing operations for the years ended December 31, 2020 and 2019 as the dilutive stock price threshold was not met. For the years ended December 31, 2020 and 2019, the Series A Preferred Stock included within the 2019 Equity Units is excluded from the calculation of dilutive EPS from continuing operations, but a fair value adjustment is reflected within net income from continuing operations attributable to Dominion Energy for the calculation of diluted EPS from continuing operations, based upon the expectation that the conversion will be settled in cash rather than through the issuance of Dominion Energy common stock. The impact of settling the deposit associated with the Q-Pipe Transaction in shares is excluded from the calculation for the year ended December 31, 2020 based upon the expectation Dominion Energy would settle in cash rather than through the issuance of Dominion Energy Common Stock. The 2016 Equity Units were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for years ended December 31, 2019 and 2018 as the dilutive stock price threshold was not met. The Dominion Energy Midstream convertible preferred units were potentially dilutive securities but had no effect on the calculation of diluted EPS from continuing operations for the year ended December 31, 2018. In calculating diluted EPS from continuing operations in connection with the Dominion Energy Midstream convertible preferred units, Dominion Energy applied the if-converted method. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | NOTE 9. INVESTMENTS Dominion Energy Equity and Debt Securities Rabbi Trust Securities Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $134 million and $120 million at December 31, 2020 and 2019, respectively. Decommissioning Trust Securities Dominion Energy holds equity and fixed income securities, insurance contracts and cash equivalents 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 Allowance for Credit Losses Fair Value (millions) December 31, 2020 Equity securities: (1) U.S. $ 1,756 $ 2,948 $ (24 ) $ 4,680 Fixed income securities: (2) Corporate debt instruments 572 58 (1 ) $ — 629 Government securities 1,119 66 (1 ) — 1,184 Common/collective trust funds 170 5 — — 175 Insurance contracts 237 — — 237 Cash equivalents and other (3) (8 ) 4 (1 ) — (5 ) Total $ 3,846 $ 3,081 $ (27 ) (4) $ — $ 6,900 December 31, 2019 Equity securities: (1) U.S. $ 1,807 $ 2,451 $ (20 ) $ 4,238 Fixed income securities: (2) Corporate debt instruments 434 29 — 463 Government securities 1,108 39 (2 ) 1,145 Common/collective trust funds 115 4 — 119 Insurance contracts 214 — — 214 Cash equivalents and other 13 — — 13 Total $ 3,691 $ 2,523 $ (22 ) (4) $ 6,192 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income. (3) Includes pending purchases of securities of $49 million and $1 million at December 31, 2020 and 2019, respectively. (4) The fair value of securities in an unrealized loss position was $293 million and $298 million at December 31, 2020 and 2019, respectively. The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: Year Ended December 31, 2020 2019 2018 (millions) Net gains (losses) recognized during the period $ 512 $ 919 $ (245 ) Less: Net gains recognized during the period on securities sold during the period (16 ) (80 ) (58 ) Unrealized gains (losses) recognized during the period on securities still held at period end (1) $ 496 $ 839 $ (303 ) (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 227 Due after one year through five years 506 Due after five years through ten years 505 Due after ten years 750 Total $ 1,988 Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Year Ended December 31, 2020 2019 2018 (millions) Proceeds from sales $ 4,278 $ 1,712 $ 1,804 Realized gains (1) 340 195 140 Realized losses (1) 297 96 91 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. Virginia Power Virginia Power holds equity and fixed income securities and cash equivalents 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 Allowance for Credit Losses Fair Value (millions) December 31, 2020 Equity securities: (1) U.S. $ 929 $ 1,371 $ (21 ) $ 2,279 Fixed income securities: (2) Corporate debt instruments 315 33 — $ — 348 Government securities 484 25 — — 509 Common/collective trust funds 58 — — 58 Cash equivalents and other 3 — — — 3 Total $ 1,789 $ 1,429 $ (21 ) (4) $ — $ 3,197 December 31, 2019 Equity securities: (1) U.S. $ 894 $ 1,144 $ (11 ) $ 2,027 Fixed income securities: (2) Corporate debt instruments 241 15 — 256 Government securities 534 14 (2 ) 546 Common/collective trust funds 51 — — 51 Cash equivalents and other 1 — — 1 Total $ 1,721 $ 1,173 $ (13 ) (4) $ 2,881 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2 (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income. (3) Includes pending purchases of securities of $10 million at December 31, 2020. (4) The fair value of securities in an unrealized loss position was $142 million and $185 million at December 31, 2020 and 2019, respectively. The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Year Ended December 31, 2020 2019 2018 (millions) Net gains (losses) recognized during the period $ 224 $ 423 $ (105 ) Less: Net gains recognized during the period on securities sold during the period (6 ) (20 ) (32 ) Unrealized gains (losses) recognized during the period on securities still held at end of period (1) $ 218 $ 403 $ (137 ) (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 79 Due after one year through five years 238 Due after five years through ten years 297 Due after ten years 301 Total $ 915 Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Year Ended December 31, 2020 2019 2018 (millions) Proceeds from sales $ 884 $ 858 $ 887 Realized gains (1) 88 58 60 Realized losses (1) 68 22 27 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. EQUITY METHOD INVESTMENTS Investments that Dominion Energy accounts for under the equity method of accounting are as follows: Investment Company Ownership% Balance Description As of December 2020 2019 (millions) Cove Point 50 % (2) $ 2,784 $ - LNG import/export and storage facility Atlantic Coast Pipeline 53 % (3) — (5) 1,123 Gas transmission system Wrangler 20 % 74 77 Nonregulated retail energy marketing Fowler Ridge 50 % (4) — 74 Wind-powered nonregulated generation facility Other (1) various 76 60 Total $ 2,934 $ 1,334 (1) Dominion Energy has an $59 million unfunded commitment to be made to Align RNG by the end of 2022. (2) Effective November 2020, (3) Dominion Energy owned 53% and 48% of Atlantic Coast Pipeline at December 31, 2020 and 2019, respectively. See discussion below for additional information. (4) Dominion Energy sold its 50% noncontrolling interest in Fowler Ridge in September 2020. See discussion below for additional information. (5) Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 includes a $1.1 billion liability associated with its investment in Atlantic Coast Pipeline. See discussion below for additional information. Dominion Energy recorded equity earnings on its investments of $40 million, $8 million and $76 million in 2020, 2019, and 2018, respectively, in other income in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(2.3) billion, $117 million and $67 million in 2020, 2019 and 2018, respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions from these investments of $102 million, $38 million and $111 million in 2020, 2019, and 2018, respectively. As of December 31, 2020 and 2019, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $213 million and $(35) million, respectively. At December 31, 2020, these differences are comprised of $27 million of equity method goodwill that is not being amortized, $227 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(41) million basis difference primarily attributable to an unfunded commitment made to Align RNG. At December 31, 2019 these differences are comprised of $11 million of equity method goodwill that is not being amortized and a net $(46) million basis difference from Dominion Energy’s investments in Fowler Ridge, Atlantic Coast Pipeline and an unfunded commitment made to Align RNG. Cove Point Prior to January 2019, Dominion Energy owned all of the common equity interest in Cove Point except for a preferred equity interest held by Dominion Energy Midstream (entitled to the first $50 million of annual cash distributions made by Cove Point), in which Dominion Energy owned a controlling financial interest and consolidated. As discussed in Note 20, Dominion Energy acquired all outstanding partnership interests of Dominion Energy Midstream not owned by Dominion Energy in January 2019. In December 2019, Dominion Energy closed on an agreement to sell a 25% noncontrolling limited partnership interests in Cove Point. In November 2020, in conjunction with the GT&S Transaction, Dominion Energy sold 100% of its general partner interest and 25% of the total limited partner interest in Cove Point. Dominion Energy retained a 50% noncontrolling limited partnership interest in Cove Point which is accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence over, but not control, Cove Point. See Note 3 for further information regarding the sales of interests in Cove Point. Income before income taxes recorded by Cove Point for 2020, 2019 and 2018 was $511 million, $471 million and $292 million, respectively. For the periods prior to closing of the GT&S Transaction, earnings attributable to Dominion Energy are presented in discontinued operations. Subsequent to the closing of the GT&S Transaction through December 31, 2020, earnings attributable to Dominion Energy of $40 million are presented within other income in its Consolidated Statements of Income. Dominion Energy recorded distributions from Cove Point of $70 million and no contributions to Cove Point from the date of disposal through December 31, 2020. All activity relating to Dominion Energy’s noncontrolling interest in Cove Point is recorded within Contracted Assets. See Note 3 for further information regarding the GT&S Transaction. Atlantic Coast Pipeline In September 2014, Dominion Energy, along with Duke Energy and Southern, announced the formation of Atlantic Coast Pipeline for the purpose of constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of Dominion Energy, Duke Energy and Southern had planned to be customers of the pipeline under 20-year contracts. In March 2020, Dominion Energy completed the acquisition from Southern of its 5% membership interest in Atlantic Coast Pipeline and its 100% ownership interest in Pivotal LNG, Inc., for $184 million in aggregate, subject to certain purchase price adjustments. Pivotal LNG, Inc. includes a 50% noncontrolling interest in JAX LNG. Following completion of the acquisition, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke Energy owning the remaining interest. Atlantic Coast Pipeline continues to be reflected as an equity method investment as the power to direct the activities most significant to Atlantic Coast Pipeline is shared with Duke Energy. As a result, Dominion Energy has the ability to exercise significant influence, but not control, over the investee. The Atlantic Coast Pipeline Project had been the subject of challenges in federal courts including, among others, challenges of the Atlantic Coast Pipeline Project’s biological opinion and incidental take statement, permits providing right of way crossings of certain federal lands, the Army Corps of Engineers 404 permit, the air permit for a compressor station at Buckingham, Virginia, and the FERC order approving the CPCN. Each of these challenges alleged non-compliance on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project was permitted to proceed. Since December 2018, notable developments in these challenges included a stay in December 2018 issued by the U.S. Court of Appeals for the Fourth Circuit and the same court’s July 2019 vacatur of the biological opinion and incidental take statement (which stay and subsequent vacatur halted most project construction activity), the U.S. Court of Appeals for the Fourth Circuit decisions vacating the permits to cross certain federal forests and the air permit for a compressor station at Buckingham, Virginia, the U.S. Court of Appeals for the Fourth Circuit’s remand to the Army Corps of Engineers of Atlantic Coast Pipeline’s Huntington District 404 verification and the U.S. Court of Appeals for the Fourth Circuit’s remand to the National Park Service of Atlantic Coast Pipeline’s Blue Ridge Parkway right-of-way. In June 2019, the Solicitor General of the U.S. and Atlantic Coast Pipeline filed petitions requesting that the Supreme Court of the U.S. hear the case regarding the Appalachian Trail crossing and in June 2020, the Supreme Court of the U.S. ruled in favor of the Atlantic Coast Pipeline, reversing the lower court’s decision and remanding the case back to the U.S. Court of Appeals for the Fourth Circuit. The project also faced new and serious challenges from uncertainty related to NWP 12, specifically, from the decision of the U.S. District Court for the District of Montana in April 2020 vacating an NWP 12 issued by the Army Corps of Engineers, including among other things gas pipelines, followed by a U.S. Court of Appeals for the Ninth Circuit ruling in May 2020 denying a stay of that decision. In July 2020, the Supreme Court of the U.S. issued an order allowing other new oil and gas pipeline projects to use the NWP 12 process pending appeal to the U.S. Court of Appeals for the Ninth Circuit; however, that did not decrease the uncertainty associated with an eventual ruling. The Montana district court decision was viewed as likely to prompt similar challenges in other federal circuit courts related to permits issued under NWP 12, including for the Atlantic Coast Pipeline Project. In July 2020, as a result of the continued permitting delays, growing legal uncertainties and the need to incur significant capital expenditures to maintain project timing before such uncertainties could be resolved, Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Project. As a result of the determination of the probable abandonment of the Atlantic Coast Pipeline Project in June 2020, Dominion Energy recorded equity method earnings (losses) of $(2.3) billion ($(1.8) billion after-tax) for the year ended December 31, 2020, $117 million ($118 million after-tax) for the year ended December 31, 2019 and $67 million ($67 million after-tax) for the year ended December 31, 2018. In connection with Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations, Dominion Energy has reflected the results of its equity method investment in Atlantic Coast Pipeline as discontinued operations in its Consolidated Statements of Income. As a result of its share of equity losses exceeding its investment Dominion Energy’s Consolidated Balance Sheets at December 31, 2020 includes a liability of $1.1 billion which reflects Dominion Energy’s obligations to Atlantic Coast Pipeline related to its credit facility and AROs. 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 with a stated maturity date of October 2021 is reflected within equity as a cumulative effect of a change in accounting principle upon adoption of the new credit loss standard in January 2020. Dominion Energy recorded contributions of $107 million, $186 million and $414 million during 2020, 2019 and 2018, respectively, to Atlantic Coast Pipeline. At December 31, 2019, Dominion Energy had $7 million of contributions payable to Atlantic Coast Pipeline included within other current liabilities in its Consolidated Balance Sheets. Dominion Energy expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows. DETI provided services to Atlantic Coast Pipeline which totaled $49 million, $103 million and $203 million in 2020 (prior to closing of the GT&S Transaction), 2019 and 2018, respectively, included in discontinued operations in Dominion Energy’s Consolidated Statements of Income. Amounts receivable related to these services were $7 million at December 31, 2019, composed entirely of accrued unbilled revenue, included in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. All activity relating to Atlantic Coast Pipeline is recorded within the Corporate and Other segment. Blue Racer In December 2018, Dominion Energy sold its 50% limited partnership interest in Blue Racer for up-front cash consideration of $1.05 billion and additional consideration of $150 million, subject to increase for interest costs effective March 2019, payable upon the purchaser’s availability of cash. The additional consideration was recorded at a fair value of $150 million on the date of sale following a discounted cash flow model and is included within other receivables in the Consolidated Balance Sheets at December 31, 2018. The valuation is considered a Level 3 fair value measurement due to the use of judgment and unobservable inputs, including projected timing and amount of future cash flows and a discount rate reflecting risks inherent in the future cash flows. As a result of the sale, Dominion Energy recognized a gain of $546 million ($390 million after-tax), included in other income in its Consolidated Statements of Income for the year ended December 31, 2018. In addition, 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. Blue Racer did not achieve the 2019 or 2020 financial performance milestones set forth in the sale agreement. In the first quarter of 2019, Dominion Energy received $151 million of additional consideration, including applicable interest, in connection with this sale. All activity relating to Blue Racer is recorded within the Corporate and Other segment. Fowler Ridge In September 2020, Dominion Energy sold its 50% noncontrolling partnership interest in Fowler Ridge to BP and terminated an affiliate’s long-term power, capacity and renewable energy credit contract with Fowler Ridge for a net payment by Dominion Energy of $150 million. The $150 million payment was allocated between the contract termination and sale based on the relative fair value of each using an income approach. The fair value determinations for the payment allocations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including the amount of future cash flows and discount rate reflecting risks inherent in the future cash flows and market prices. Dominion Energy recognized a loss of $221 million ($165 million after-tax) on the contract termination, included in impairment of assets and other charges in its Consolidated Statements of Income for the year ended December 31, 2020, reflected in the Corporate and Other segment. All activity relating to Fowler Ridge, unless otherwise specified, is recorded within Contracted Assets. Wrangler In September 2019, Dominion Energy entered into an agreement to form Wrangler, a partnership with Interstate Gas Supply, Inc. Wrangler will operate a nonregulated natural gas retail energy marketing business with Dominion Energy contributing its nonregulated retail energy marketing operations and Interstate Gas Supply, Inc. contributing cash. Dominion Energy has a 20% noncontrolling ownership interest in Wrangler which is accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence, but not control, over the investee. The initial contribution, consisting of SEMI, closed in December 2019 for which Dominion Energy received $301 million in cash proceeds and a 20% noncontrolling ownership interest in Wrangler with an initial fair value of $75 million estimated using the market approach. This valuation is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In connection with the transaction, Dominion Energy recorded a gain of $147 million, net of a $73 million write-off of goodwill, presented in gains on sales of assets, and an associated tax expense of $82 million, in the Consolidated Statements of Income for the year ended December 31, 2019. The second contribution, consisting of certain nonregulated natural gas retail energy contracts, closed in November 2020 for which Dominion Energy received $74 million in cash proceeds and retained a 20% noncontrolling ownership interest through its ownership interest in Wrangler in the contracts valued at $13 million using the market approach. This valuation is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In connection with the transaction, Dominion Energy recorded a gain of $64 million presented in gains on sales of assets, and an associated tax expense of $19 million, in the Consolidated Statements of Income for the year ended December 31, 2020. Dominion Energy’s Consolidated Balance Sheets at December 31, 2019 included $41 million presented in current assets held for sale. In 2021, under the terms of the agreement, Dominion Energy expects to contribute its remaining nonregulated natural gas retail energy marketing operations to Wrangler. As a result of this contribution, Dominion Energy will receive additional cash consideration which will be based upon future financial performance. When this future contribution occurs, Dominion Energy expects to retain a 20% noncontrolling ownership interest in Wrangler. As of December 31, 2020, $63 million of assets and $15 million of liabilities associated with the remaining nonregulated retail energy marketing operations to be contributed to Wrangler in December 2021 were classified as held for sale and were included in current assets held for sale and current liabilities held for sale on Dominion Energy’s Consolidated Balance Sheets, respectively. The related disposal group is primarily comprised of customer receivables, goodwill, inventories, and account payables. All activity relating to Wrangler is recorded within the Corporate and Other segment. 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 Statements of Income, reflected in the Corporate and Other segment. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | NOTE 10. PROPERTY, PLANT AND EQUIPMENT Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2020 2019 (millions) Dominion Energy Utility: Generation $ 22,697 $ 25,317 Transmission 14,351 13,472 Distribution 27,311 25,746 Storage 436 428 Nuclear fuel 2,283 2,296 General and other 4,130 3,978 Plant under construction 3,350 2,377 Total utility 74,558 73,614 Non-jurisdictional - including plant under construction 1,225 854 Nonutility: Nonregulated generation-nuclear 1,736 1,652 Nonregulated generation-other 3,268 3,985 Nuclear fuel 1,012 930 Other-including plant under construction 1,160 1,008 Total nonutility 7,176 7,575 Total property, plant and equipment $ 82,959 $ 82,043 Virginia Power Utility: Generation $ 16,769 $ 19,552 Transmission 11,000 10,229 Distribution 12,839 12,095 Nuclear fuel 1,709 1,688 General and other 845 825 Plant under construction 2,338 1,784 Total utility 45,500 46,173 Non-jurisdictional - including plant under construction 1,225 854 Other 11 11 Total property, plant and equipment $ 46,736 $ 47,038 Jointly-Owned Power Stations The Companies proportionate share of jointly-owned power stations at December 31, 2020 is as follows: Bath County Pumped Storage Station (1) North Anna Units 1 and 2 (1) Clover Power Station (1) Millstone Unit 3 (2) Summer Unit 1 (2) (millions, except percentages) Ownership interest 60 % 88.4 % 50 % 93.5 % 66.7 % Plant in service 1,064 2,587 609 1,292 1,519 Accumulated depreciation (688 ) (1,359 ) (260 ) (482 ) (676 ) Nuclear fuel — 793 — 573 575 Accumulated amortization of nuclear fuel — (661 ) — (444 ) (354 ) Plant under construction 3 158 1 78 61 (1) Units jointly owned by Virginia Power. (2) Unit jointly owned by Dominion Energy. The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. The Companies report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation, depletion and amortization and other taxes, etc.) in the Consolidated Statements of Income. 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. The first phase of the agreement closed in December 2017. Dominion Energy closed the second phase of the agreement in October 2018 for $63 million, ten-year Sale of Certain Nonregulated Generation Facilities In December 2018, Dominion Energy completed the sale of Fairless and Manchester for total consideration of $1.2 billion, subject to customary closing adjustments. Dominion Energy recognized a gain of $210 million ($198 million after-tax) included in gains on sales of assets in Dominion Energy’s Consolidated Statements of Income. The after-tax gain reflects Dominion Energy’s assessment and more-likely-than-not conclusion that the utilization of state tax incentives will reduce the income tax expense associated with the sale of these facilities. Acquisition of Solar Projects The following table presents acquisitions by Virginia Power of solar projects. Virginia Power has claimed or expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity September 2017 October 2018 North Carolina Pecan $ 140 December 2018 75 September 2017 June 2019 North Carolina Gutenberg 142 September 2019 80 June 2018 February 2019 Virginia Gloucester 37 April 2019 20 August 2018 May 2019 Virginia Grasshopper 128 October 2020 80 August 2018 May 2019 North Carolina Chestnut 127 January 2020 75 June 2019 June 2019 Virginia Ft. Powhatan 270 Expected 2021 150 June 2019 August 2019 Virginia Belcher 165 Expected 2021 88 August 2019 November 2019 Virginia Bedford 110 Expected 2021 70 October 2019 October 2019 Virginia Maplewood 185 Expected 2022 120 December 2019 January 2020 Virginia Rochambeau 35 Expected 2021 20 May 2020 May 2020 Virginia Pumpkinseed 130 Expected 2022 60 (1) Includes acquisition costs. The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity August 2019 August 2019 Virginia Greensville $ 127 December 2020 80 August 2019 August 2019 Virginia Myrtle 32 June 2020 15 September 2019 September 2019 South Carolina Seabrook 103 December 2019 72 November 2019 November 2019 North Carolina Wilkinson 153 December 2019 74 May 2020 May 2020 South Carolina Blackville 12 December 2020 7 May 2020 May 2020 South Carolina Denmark 14 December 2020 6 May 2020 August 2020 South Carolina Yemassee 17 January 2021 10 May 2020 October 2020 South Carolina Trask 25 Expected 2021 12 June 2020 June 2020 Ohio Hardin I 240 Split (2) 150 July 2020 July 2020 Virginia Madison 125 Expected 2022 62 August 2020 Expected 2022 Ohio Hardin II 295 Expected 2023 150 (1) Includes acquisition costs. (2) In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities, primarily at schools in Virginia, with in-service dates in 2020 or 2021. Through February 2021, Dominion Energy anticipates a total projected cost of approximately $61 million under these agreements with an associated aggregate generation capacity of 30 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Acquisition of Gathering and Processing Assets In March 2020, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase existing natural gas gathering systems including pipelines, compressors and dehydration equipment for total consideration of $38 million. These facilities gather natural gas in Colorado, Utah and Wyoming. Non-Wholly-Owned Nonregulated Solar Facilities In the third quarter of 2020, Dominion Energy performed a strategic review of its long-term intentions for its contracted nonregulated solar generation assets in partnerships outside of its core electric service territories in consideration of the impact of the VCEA and Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations. Based on an evaluation of Dominion Energy’s interests in these long-lived assets for recoverability under a probability weighted approach, Dominion Energy determined the assets were impaired. As a result of this evaluation, Dominion Energy recorded a charge of $665 million ($293 million after-tax attributable to Dominion Energy and $267 million attributable to noncontrolling interest) in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2020 to adjust the property, plant and equipment down to its estimated fair value of $1.4 billion. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 11. GOODWILL AND INTANGIBLE ASSETS Goodwill In September 2020, Dominion Energy updated its operating segments following the July 2020 agreement to sell its gas transmission and storage operations to BHE. See Note 3 for information on the goodwill recast to held for sale associated with the GT&S Transaction and Q-Pipe Transaction. In addition, goodwill associated with Dominion Energy’s nonregulated retail energy marketing operations was reassigned to the Corporate and Other segment using a relative fair value allocation approach with the historical information recast herein. The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below: Dominion Energy Virginia Gas Distribution Dominion Energy South Carolina Contracted Assets Corporate and Other Total (millions) Dominion Energy Balance at December 31, 2018 (1) $ 2,106 $ 2,497 $ — $ 242 $ 14 $ 4,859 SCANA Combination (2) — 1,015 1,521 — 73 2,609 Contribution of SEMI to Wrangler (3) — — — — (73 ) (73 ) Balance at December 31, 2019 (1) $ 2,106 $ 3,512 $ 1,521 $ 242 $ 14 $ 7,395 Contribution to Wrangler (3) — — — — (14 ) (14 ) Balance at December 31, 2020 (1) $ 2,106 $ 3,512 $ 1,521 $ 242 $ — $ 7,381 (1) Goodwill amounts do not contain any accumulated impairment losses. (2) See Note 3 for more information on the SCANA Combination. As a result of the December 2019 segment realignment, the acquired goodwill was reassigned using a relative fair value approach. (3) See Note 9 for additional information including amounts reclassified to held for sale at December 31, 2020. Other Intangible Assets The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for intangible assets was $69 million, $95 million and $72 million for 2020, 2019 and 2018, respectively. In 2020, Dominion Energy acquired $152 million of intangible assets, primarily representing software and right-of-use assets, with an estimated weighted-average amortization period of approximately 11 years. Amortization expense for Virginia Power’s intangible assets was $28 million, $30 million and $31 million for 2020, 2019 and 2018, respectively. In 2020, Virginia Power acquired $95 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of 11 years. The components of intangible assets are as follows: 2020 2019 At December 31, Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions) Dominion Energy Software, licenses and other $ 1,295 $ 530 $ 1,162 $ 477 Virginia Power Software, licenses and other $ 482 $ 148 $ 406 $ 135 Annual amortization expense for these intangible assets is estimated to be as follows: 2021 2022 2023 2024 2025 (millions) Dominion Energy $ 77 $ 56 $ 42 $ 34 $ 26 Virginia Power $ 32 $ 18 $ 12 $ 9 $ 6 |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | NOTE 12. REGULATORY ASSETS AND LIABILITIES Regulatory assets and liabilities include the following: At December 31, 2020 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred project costs and DSM programs for gas utilities (2) 35 21 Unrecovered gas costs (3) 78 99 Deferred rider costs for Virginia electric utility (4)(5) 98 109 Deferred nuclear refueling outage costs (6) 53 68 NND Project costs (7) 138 138 PJM transmission rates (8) 71 121 Other 226 267 Regulatory assets-current 699 871 Pension and other postretirement benefit costs (9) 1,363 1,431 Deferred rider costs for Virginia electric utility (4)(5)(10)(11) 311 235 PJM transmission rates (8) 46 85 Deferred project costs for gas utilities (2) 632 521 Interest rate hedges (12) 1,042 709 AROs and related funding (13) 331 311 Cost of reacquired debt (14) 245 262 NND Project costs (7) 2,364 2,503 Ash pond and landfill closure costs (15) 2,301 1,016 Other 498 579 Regulatory assets-noncurrent 9,133 7,652 Total regulatory assets $ 9,832 $ 8,523 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 58 $ — Provision for future cost of removal and AROs (16) 183 124 Reserve for refunds and rate credits to electric utility customers (17) 128 143 Reserve for future credits to Virginia electric customers (18) 120 — Cost-of-service impact of 2017 Tax Reform Act (19) 12 4 Income taxes refundable through future rates (20) 124 71 Monetization of guarantee settlement (21) 67 67 Other 117 46 Regulatory liabilities-current 809 455 Income taxes refundable through future rates (20) 4,376 4,529 Provision for future cost of removal and AROs (16) 2,150 2,208 Nuclear decommissioning trust (22) 1,719 1,471 Monetization of guarantee settlement (21) 903 970 Reserve for refunds and rate credits to electric utility customers (17) 540 656 Overrecovered other postretirement benefit costs (23) 111 54 Other 388 316 Regulatory liabilities-noncurrent 10,187 10,204 Total regulatory liabilities $ 10,996 $ 10,659 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information . (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing riders, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts probable of being returned to customers primarily in 2019 and 2020. (6) 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, (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 for more information (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year ‌ (9) 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 rate-regulated subsidiaries (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer seeking recovery (11) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write off the balance of a regulatory asset for which it is no longer seeking recovery (12) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of December 31, 2020 (13) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years . (14) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of December 31, 2020 (15) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 14 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment (16) Rates charged to customers by Dominion Energy’s 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 (17) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 for more information (18) Represents a reserve for benefits expected to be provided through the use of a CCRO in accordance with the GTSA to jurisdictional retail electric customers in Virginia in connection with the 2021 Triennial Review. See Note 13 for additional information. (19) 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 Notes 3 and 13 for more information (20) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily 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 (21) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for more information (22) 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs (23) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred At December 31, 2020 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred rider costs (2)(3) 98 109 Deferred nuclear refueling outage costs (4) 53 68 PJM transmission rates (5) 71 121 Other 73 87 Regulatory assets-current 295 433 Deferred rider costs (2)(3)(6)(7) 311 235 PJM transmission rates (5) 46 85 Interest rate hedges (8) 733 404 Ash pond and landfill closure costs (9) 2,301 1,016 Other 118 123 Regulatory assets-noncurrent 3,509 1,863 Total regulatory assets $ 3,804 $ 2,296 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 58 $ — Provision for future cost of removal (10) 152 103 Reserve for future credits to Virginia electric customers (11) 120 — Income taxes refundable through future rates (12) 54 54 Other 41 10 Regulatory liabilities-current 425 167 Income taxes refundable through future rates (12) 2,404 2,438 Nuclear decommissioning trust (13) 1,719 1,471 Provision for future cost of removal (10) 980 1,054 Deferred cost of fuel used in electric generation (1) 54 30 Other 181 81 Regulatory liabilities-noncurrent 5,338 5,074 Total regulatory liabilities $ 5,763 $ 5,241 (1) Reflects deferred fuel expenses for Virginia and North Carolina jurisdictions of Virginia Power’s generation operations (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act. See Note 13 for more information (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing riders, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts probable of being returned to customers (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 amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (6) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer (7) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write off the balance of a regulatory asset for which it is no longer (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years as of December (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 14 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment (10) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement . (11) Represents a reserve for benefits expected to be provided through the use of a CCRO in accordance with the GTSA to jurisdictional retail electric customers in Virginia in connection with the 2021 Triennial Review. See Note 13 for additional information. (12) 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 (13) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs At December 31, 2020, Dominion Energy and Virginia Power regulatory assets include $4.5 billion and $3.2 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
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 regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that 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 —E LECTRIC Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Virginia Power purchases and, under its market based rate authority, sells electricity in the PJM wholesale market and to wholesale purchasers in Virginia and North Carolina. DESC sells electricity to wholesale purchasers in its balancing authority area under its electric cost based tariff and to wholesale purchasers outside of its balancing authority area under its market based rate authority. Dominion Energy’s nonregulated 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, Ohio, 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. 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. FERC — G AS 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 had the potential to result in adjustments which could have been material to Dominion Energy’s results of operations. In December 2017, DETI provided its response to the audit report. In 2018, DETI recognized a charge of $129 million ($94 million after-tax) recorded within discontinued operations in Dominion Energy’s Consolidated Statements of Income for a disallowance of plant, originally established beginning in 2012, for the resolution of one matter with FERC. In November 2020, Dominion Energy completed the sale of DETI as part of the GT&S Transaction. 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. 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 March 2019, the Virginia Commission issued an order approving an annual revenue reduction of approximately $183 million effective April 2019 and ordered Virginia Power to implement the one-time customer credit on or before July 1, 2019. In the second quarter of 2019, Virginia Power refunded to customers $132 million. 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 began being reflected in customer billings in November 2018 reflecting the adjustment effective January 1, 2018. In October 2018, the North Carolina Commission issued an order requesting companies file to reduce base rates expeditiously. In March 2019, the North Carolina Commission issued an order approving Virginia Power’s proposed annual base rate revenue decrease of approximately $14 million effective in early 2019 and one-time bill credit for its 2018 tax savings collected provisionally from customers. In the second quarter of 2019, Virginia Power refunded to customers $13 million. In March 2019, Questar Gas filed with the Utah and Wyoming Commissions as to the impact of excess deferred income taxes resulting from the 2017 Tax Reform Act. Questar Gas proposed to return the 2018 amortization of excess deferred income taxes to customers and to incorporate the remaining excess deferred income tax impact in its next general rate cases in each jurisdiction. The Utah Commission issued an order effective March 2020 approving Questar Gas’ proposal to refund the January 2019 through February 2020 amortization of excess deferred income taxes over 12 months beginning in June 2020. Additionally, new base rates that went into effect in Utah on March 1, 2020 include the prospective impacts of sharing excess deferred income taxes with customers. In April 2020, at the request of the Wyoming Commission, this matter was considered in conjunction with the base rate case that was filed in November 2019. In June 2020, the Wyoming Commission approved a proposal to share the benefits of deferred income taxes for the period January 2018 through August 2020 with customers over a one year period beginning in September 2020. In addition, new base rates that went into effect in Wyoming in September 2020 include the prospective impacts of sharing excess deferred income taxes with customers. 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. In December 2018, East Ohio filed its application proposing an approach to establishing rates and charges by and through which to return tax reform benefits to its customers. In December 2019, the Ohio Commission issued an order approving customer credits of approximately $600 million that will be shared with customers primarily over the remaining book life of the property to which the excess deferred income taxes relate. In addition, East Ohio will reduce rates approximately $19 million per year to account for the 2017 Tax Reform Act’s impact on its equity return component of rates charged to customers. A tax savings credit, which passes through the reduction in the federal income tax rate under the 2017 Tax Reform Act to customers in accordance with the settlement agreement approved by the Ohio Commission, became effective with the first billing cycle in April 2020. In connection with the SCANA Merger Approval Order, the South Carolina Commission approved DESC’s provision of approximately $100 million in bill credits related to the 2017 Tax Reform Act’s impact on retail electric customer rates for the period beginning January 2018 through January 2019. These credits have been included in bills rendered on and after the first billing cycle of February 2019. In addition, the South Carolina Commission approved a tax rider whereby the effects of the reduction in the corporate income tax rate resulting from the 2017 Tax Reform Act will benefit retail electric customers. This tax rider reduced base rates to customers by $63 million in 2019 and $66 million in 2020. Unamortized excess deferred income taxes that remained at the end of 2020 will be considered in future rate proceedings. In October 2018, the South Carolina Commission issued an order approving adjustment to DESC’s natural gas rate schedules, under the terms of the Natural Gas Rate Stabilization Act, to reflect the reduction in the federal corporate tax rate arising from the 2017 Tax Reform Act. The approved natural gas rate schedules also included a tax reform rate rider to refund certain income tax amounts previously collected from customers. These lower rates, representing a $20 million decreased revenue requirement, became effective for bills rendered on and after the first billing cycle in November 2018. In December 2018, the North Carolina Commission issued an order approving PSNC’s proposed adjustments to customer rates, representing a $13 million decreased revenue requirement, to reflect the reduction in the federal corporate tax rate arising from the 2017 Tax Reform Act. These lower rates became effective for service rendered on and after January 1, 2019. Amounts collected in customer rates during 2018 and amounts arising from excess deferred income taxes have been recorded in regulatory liabilities and must be considered in PSNC’s next general rate case proceeding or in three years, whichever is sooner. The reduction in the federal corporate tax rate and its impact on PSNC’s various rate riders will be addressed in future proceedings related to those riders. Other Regulatory Matters Virginia Regulation Regulation Act The Regulation Act enacted in 2007 instituted a cost-of-service rate model, ending Virginia’s planned transition to retail competition for electric supply service to most classes of customers. The Regulation Act authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, underground distribution lines, environmental compliance, conservation and energy efficiency programs, renewable energy programs and nuclear license renewals, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission. If the Virginia Commission’s future rate decisions, including actions relating to Virginia Power’s rate adjustment clause filings, differ materially from Virginia Power’s expectations, it may adversely affect its results of operations, financial condition and cash flows. In November 2019, the Virginia Commission approved a 9.2% general ROE for Virginia Power’s non-transmission rate adjustment clauses and for purposes of determining Virginia Power’s base rate earnings in the 2021 Triennial Review. In 2020, Virginia Power recorded a charge of $130 million ($97 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for benefits expected to be provided through the use of a CCRO in accordance with the GTSA. This charge reflects benefits expected to be provided to jurisdictional customers as a result of the 2021 Triennial Review as well as the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology. Grid Transformation and Security Act of 2018 In March 2018, the GTSA reinstated base rate reviews commencing with the 2021 Triennial Review which 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 ROE that might have been refunded to customers 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 (reflected in the Corporate and Other segment during 2018) 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 and January 2019, Virginia Power credited $138 million and $77 million, respectively, to current customers’ bills. In addition, Virginia Power reduced base rates on an annual basis by $125 million effective July 2018, to reflect the estimated effect of the 2017 Tax Reform Act. In March 2019, the Virginia Commission directed an annual revenue reduction of $183 million in rates for generation and distribution services pursuant to the GTSA effective April 2019. In January 2019, the Virginia Commission issued an order approving capital spending for the first three years of Virginia Power’s ten-year In September 2019, Virginia Power filed a revised plan which included six components: (i) smart meters; (ii) customer information platform; (iii) grid improvement projects; (iv) telecommunications infrastructure; (v) cyber security; and (vi) a smart charging electric vehicle infrastructure pilot program (Phase IB). For Phase IB, the total proposed capital investment during 2019 – 2021 is $503 million and the proposed operations and maintenance investment was $78 million. In March 2020, the Virginia Commission issued an order approving $212 million of costs related to a new customer information platform, targeted grid hardening and corridor improvements, an electric vehicle Smart Charging Infrastructure Pilot Program, cyber security, stakeholder engagement and customer education and denied the costs associated with AMI, self-healing grid and certain other grid hardening projects alleging that Virginia Power did not prove the reasonableness and prudency of these costs. In April 2020, Virginia Power filed a petition for reconsideration of the Virginia Commission’s order and requested clarification of certain matters, including the Smart Charging Infrastructure Pilot Program. Additionally, Virginia Power requested clarification of certain matters relating to an AMI time-of-use rate and the smart charging electric vehicle infrastructure pilot program. Subsequently, in April 2020, the Virginia Commission denied in full Virginia Power’s petition for reconsideration; however, it stated that its March 2020 order contained all necessary approvals for the smart charging electric vehicle infrastructure pilot program. Virginia Power intends to file a revised plan in 2021. Utility Disconnection Moratorium Legislation In November 2020, legislation was enacted in Virginia relating to the moratorium on utility disconnections during the COVID-19 pandemic and resulted in Virginia Power forgiving Virginia jurisdictional retail electric customer balances that were more than 30 days past due as of September 30, 2020. As a result, Virginia Power recorded a charge of $127 million ($94 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment). For the purposes of Virginia Power’s 2021 Triennial Review, the charge is excluded from Virginia Power’s cost of service for purposes of determining any test period earnings and determining any future rates. To the extent that the Virginia Commission determines total earnings for the test period to be above Virginia Power’s authorized earnings band, the forgiven balance amounts are offset against the excess earnings in the determination of any customer bill credits, or utilization of a CCRO, as part of the 2021 Triennial Review. Virginia 2020 Legislation In April 2020, the Governor of Virginia signed into law the VCEA, which along with related legislation forms a comprehensive framework affecting Virginia Power’s operations. The VCEA replaces Virginia’s voluntary renewable energy portfolio standard for Virginia Power with a mandatory program setting annual renewable energy portfolio standard requirements based on the percentage of total electric energy sold by Virginia Power, excluding existing nuclear generation and certain new carbon-free resources, reaching 100% by the end of 2045. The VCEA includes related requirements concerning deployment of wind, solar and energy storage resources, as well as provides for certain measures to increase net-metering, including an allocation for low-income customers, incentivizes energy efficiency programs and directs Virginia to participate in a carbon trading program. While the legislation affects several portions of Virginia Power’s operations, key provisions of the GTSA remain in effect, including the triennial review structure and timing, the use of the CCRO and the $50 million cap on revenue reductions in the first triennial review proceeding. Key provisions of the VCEA and related legislation passed include the following: • Fossil Fuel Electric Generation : The legislation mandates Chesterfield Power Station Units 5 & 6 and Yorktown Power Station Unit 3 to be retired by the end of 2024, Altavista, Southampton and Hopewell to be retired by the end of 2028 and Virginia Power’s remaining fossil fuel units to be retired by the end of 2045, unless the retirement of such generating units will compromise grid reliability or security. The legislation also imposes a temporary moratorium on CPCNs for fossil fuel generation, unless the resources are needed for grid reliability. In addition, the Virginia Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities, which could result in the reversal of previous retirement costs deemed recovered during the review period ending 2020. As discussed in Note 2, Virginia Power had recorded charges for early retirement of certain coal- and oil-fired generating units in the first quarters of 2020 and 2019. Virginia Power also revised the depreciable lives of Altavista, Southampton and Hopewell for the mandated retirement to the end of 2028, which will not have a material impact to Virginia Power’s results of operations or cash flows given the existing regulatory framework. • Renewable Generation: The legislation provides a detailed renewable energy portfolio standard to achieve 100% zero-carbon generation by the end of 2045, excluding existing nuclear generation and certain new carbon-free resources. Components include requirements to petition the Virginia Commission for approval to construct or acquire new generating capacity to reach 16.1 GW of installed solar and onshore wind by the end of 2035, which includes specific requirements for utility-scale solar of 3.0 GW by the end of 2024, up to 15.0 GW by the end of 2035 and 1.1 GW of small-scale solar by the end of 2035. The legislation deems 2.7 GW of energy storage, including up to 800 MW for any one project which may include a pumped storage facility, by the end of 2035 to be in the public interest. The legislation also deems the construction or purchase of an offshore wind facility constructed off the Virginia coast with a capacity of up to 5.2 GW before 2035 to be in the public interest and provides certain presumptions facilitating cost recovery. The costs of such a facility constructed by the utility with a capacity between 2.5 and 3.0 GW will be presumed reasonably and prudently incurred if the Virginia Commission finds that the project meets competitive procurement requirements, the projected cost of the facility does not exceed a specified industry benchmark and the utility commences construction by the end of 2023 or has a plan for the facility to be in service by the end of 2027. Projects to meet these requirements are subject to approval by the Virginia Commission. • Energy Efficiency: The legislation includes an energy efficiency target of 5% energy savings, as measured from a 2019 baseline, through verifiable energy efficiency programs by the end of 2025 with future targets to be set by the Virginia Commission. Virginia Power has the opportunity to offset the lost revenues with margins on program spend if certain targets are achieved and can also seek recovery of the lost revenues associated with energy efficiency programs if such reductions are found to have caused Virginia Power to earn more than 50 basis points below a fair rate of return on its rates for generation and distribution services. • Carbon trading program : The legislation directs Virginia Power to participate in a market-based carbon trading program consistent with RGGI through 2050. All costs of the carbon trading program are recoverable through an environmental rider. • Low-income customers : The legislation includes the establishment of a percentage of income payment program to be administered by the Virginia Department of Housing and Community Development and the Virginia Department of Social Services. To fund the program, Virginia Power will remit amounts collected from customers under a universal service fee established and set by the Virginia Commission. As such, this program will not affect Virginia Power’s results of operations, financial position or cash flows. In December 2020, the Virginia Commission issued a final order confirming a revenue requirement of $93 million related to this program. Implementation details and the effective date of the program will be established in future legislation prior to collection of fees from customers. Virginia Power expects to incur significant costs, including capital expenditures, to comply with the legislative requirements discussed above. The legislation allows for cost recovery under the existing or modified regulatory framework through rate adjustment clauses, rates for generation and distribution services or Virginia Power’s fuel factor, as approved by the Virginia Commission. Costs allocated to the North Carolina jurisdiction will be recovered, subject to approval by the North Carolina Commission, in accordance with the existing regulatory framework. Virginia Fuel Expenses In February 2020, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $1.2 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2020 and a projected over-recovery of approximately $81 million for the prior year balance as of June 30, 2020. Virginia Power requested that the new fuel factor rate be implemented on an interim basis two months early, beginning on May 1, 2020. In March 2020, the Virginia Commission approved interim rates. Virginia Power’s proposed fuel rate represents a fuel revenue decrease of approximately $393 million when applied to projected kilowatt-hour sales for the rate year beginning May 1, 2020. In June 2020, the Virginia Commission approved a revised fuel rate based on an updated projected over-recovery of $103 million from the prior year balance as of June 30, 2020. Solar Facility Projects In May 2020 and July 2020, Virginia Power entered into and closed on separate agreements to acquire Grassfield Solar, Norge Solar and Sycamore Solar. The projects are expected to cost approximately $170 million in aggregate once constructed, including the initial acquisition cost. The facilities are expected to generate 82 MW combined and be placed into service in 2021 and 2022. In October 2020, Virginia Power filed an application with the Virginia Commission for CPCNs to construct and operate these projects as part of its efforts to meet the renewable generation development requirements under VCEA. In December 2020, Virginia Power entered into and closed on separate agreements to acquire Fountain Creek Solar and Otter Creek Solar. The projects are expected to cost approximately $280 million in aggregate once constructed, including the initial acquisition cost. The facilities are expected to generate 140 MW combined and be placed into service by the end of 2023. Virginia Power expects to file with the Virginia Commission for CPCNs to construct and operate these projects as well as a rider to recover the costs associated with the recovery of certain renewable generation facilities in Virginia by the end of 2021. Riders Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2020, Virginia Power proposed a $1 billion total revenue requirement consisting of $474 million for the transmission component of Virginia Power’s base rates and $529 million for Rider T1 for the rate year beginning September 1, 2020. This total revenue requirement represents a $73 million increase versus the revenues to be produced during the rate year under current rates. In July 2020, the Virginia Commission approved the filing. • The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by Virginia legislation. In June 2020, Virginia Power proposed an $80 million total revenue requirement consisting of $44 million for previously approved phases and $36 million for phase five costs for Rider U for the rate year beginning April 1, 2021. This total revenue requirement represents a $28 million increase over the previous year. This matter is pending. • The Virginia Commission previously approved Riders C1A, C2A and C3A in connection with cost recovery for DSM programs. In December 2019, Virginia Power filed a petition to approve an additional 10 new energy efficiency programs and one new demand response DSM program for five years, subject to future extension, with a $186 million cost cap, and proposed a total $60 million revenue requirement for the rate year beginning September 1, 2020. This total revenue requirement represents an $11 million increase over the previous year. In July 2020, the Virginia Commission approved the filing. • In October 2020, Virginia Power applied for approval of Rider CE associated with Grassfield Solar, Norge Solar and Sycamore Solar described above. Virginia Power proposed an $11 million revenue requirement for the rate year beginning June 1, 2021. This matter is pending. • Pursuant to Virginia legislation, Virginia Power can recover costs associated with participating in a market-based carbon trading program consistent with RGGI. In December 2020, Virginia Power filed for approval of Rider RGGI with a proposed $167 million revenue requirement for the rate year beginning August 1, 2021. This matter is pending. • Pursuant to the VCEA, Virginia Power can recover costs of compliance with the mandatory renewable portfolio standard program. In December 2020, Virginia Power filed for approval of Rider RPS with a proposed $13 million revenue requirement for the rate year beginning August 1, 2021. This matter is pending. • Additional significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Requirement (millions) Increase (Decrease) Over Previous Year (millions) Rider US-3 July 2019 March 2020 June 2020 $ 28 $ 18 Rider BW October 2019 June 2020 September 2020 99 (20 ) Rider US-2 October 2019 July 2020 September 2020 10 (5 ) Rider E January 2020 September 2020 November 2020 85 (19 ) Rider B June 2020 Pending April 2021 24 (8 ) Rider GV June 2020 Pending April 2021 154 22 Rider R June 2020 Pending April 2021 59 15 Rider S June 2020 Pending April 2021 194 (1 ) Rider W June 2020 Pending April 2021 120 14 Rider US-3 July 2020 Pending June 2021 39 10 Rider US-4 July 2020 Pending June 2021 12 4 Rider BW October 2020 Pending September 2021 113 14 Rider US-2 October 2020 Pending September 2021 10 — Rider E January 2021 Pending November 2021 67 (18 ) Electric Transmission Projects In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 500 20 230 In December 2019, Virginia Power filed an application with the Virginia Commission for a CPCN to construct a new Evergreen Mills switching station and add approximately one mile of overhead 230 kV double circuit transmission lines from both the existing Brambleton-Yardley Ridge line and Brambleton-Poland Road line in Loudoun County, Virginia, estimated to cost approximately $30 million. In May 2020, the Virginia Commission issued an order approving in part and denying in part the petition. The Virginia Commission approved Virginia Power’s request to construct the new Evergreen Mills switching station and the new 230 kV double circuit transmission line from the existing Brambleton-Yardley Ridge line with a total estimated cost of $25 million. Additional significant Virginia Power electric transmission projects approved or applied for are as follows: Description and Location of Project Application Date Approval Date Type of Line Miles of Lines Cost Estimate (millions) Rebuild and operate five segments between the Loudoun and Ox substations August 2019 June 2020 230 kV 19 70 Build new Lockridge substation and line loop in Loudon County, Virginia December 2019 October 2020 230 kV < 1 35 Bristers-Ladysmith Rebuild Project in the Counties of Fauquier, Stafford, Spotsylvania and Caroline, Virginia May 2020 February 2021 500 kV 37 110 Relocate and replace a transmission line underground between the Tysons substation and the future Spring Hill substation September 2020 Pending 230 kV < 1 30 Rebuild an existing transmission line and install new line adjacent thereto in the Counties of New Kent, King William, King and Queen, Essex and Richmond, Virginia October 2020 Pending 230 kV 41 100 Rebuild Clubhouse - Dry Bread Line and Dry Bread - Lakeview Line in Greensville County, Virginia November 2020 Pending 230 kV 13 20 Rebuild transmission lines and related projects in the Counties of York and James City and the City of Williamsburg, Virginia January 2021 Pending 230 kV 11 30 North Carolina Regulation North Carolina Base Rate Case In March 2019, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $27 million effective November 1, 2019 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2020. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 7.52% based upon a fully-adjusted test period, compared to its authorized 9.90% return, and proposed a 10.75% ROE. In September 2019, Virginia Power revised its filing to reduce the non-fuel base rate increase to $24 million. In January 2020, the North Carolina Commission approved a 9.75% ROE and disallowed certain costs associated with coal ash remediation at Chesterfield power station. In February 2020, the North Carolina Commission issued its final order relating to base rates. In July 2020, Virginia Power filed a notice of appeal and exceptions to the Supreme Court of North Carolina, arguing that the North Carolina Commission committed reversible error on certain issues relating to the ratemaking treatment of certain coal ash remediation costs. This matter is pending. North Carolina Fuel Filing In August 2020, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. In January 2021, the North Carolina Commission approved a total $16 million decrease to the fuel component of its electric rates for the rate year beginning February 1, 2021. Pipeline Integrity and Safety Program The North Carolina Commission has authorized PSNC |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | NOTE 14. ASSET RETIREMENT OBLIGATIONS AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies’ long-lived assets. The Companies AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures. The Companies have also identified, but not recognized, AROs related to the retirement of Dominion Energy’s storage wells in its underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in the Companies’ generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. The changes to AROs during 2019 and 2020 were as follows: Amount (millions) Dominion Energy AROs at December 31, 2018 $ 2,444 Obligations incurred during the period (1) 2,413 AROs acquired in the SCANA Combination 577 Obligations settled during the period (134 ) Revisions in estimated cash flows (2) (324 ) Accretion 208 AROs at December 31, 2019 (3) $ 5,184 Obligations incurred during the period 67 Obligations settled during the period (114 ) Revisions in estimated cash flows (4) 228 Accretion 218 AROs at December 31, 2020 (3) $ 5,583 Virginia Power AROs at December 31, 2018 $ 1,445 Obligations incurred during the period (1) 2,408 Obligations settled during the period (81 ) Revisions in estimated cash flows (2) (323 ) Accretion 132 AROs at December $ 3,581 Obligations incurred during the period 48 Obligations settled during the period (85 ) Revisions in estimated cash flows (5) 139 Accretion 137 AROs at December $ 3,820 (1) Reflects future ash pond and landfill closure costs at certain utility generation facilities. See discussion below. (2) Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for 20-year license extensions for regulated nuclear power stations in Virginia. (3) Includes $394 million and $179 million reported in other current liabilities at December 31, 2019 and 2020, respectively. (4) Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities, asbestos abatement costs associated with certain utility facilities and from the completion of a nuclear decommissioning cost study related to Summer. (5) Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities and asbestos abatement costs associated with certain utility facilities. Dominion Energy’s AROs at December 31, 2020 and 2019, include $1.9 billion and $1.7 billion, respectively, with $0.9 billion and $0.8 billion recorded by Virginia Power, related to the future decommissioning of their nuclear facilities. The Companies have established trusts dedicated to funding the future decommissioning activities. At December 31, 2020 and 2019, the aggregate fair value of Dominion Energy’s trusts, consisting primarily of equity and debt securities, totaled $6.9 billion and $6.2 billion, respectively. At December 31, 2020 and 2019, the aggregate fair value of Virginia Power’s trusts, consisting primarily of debt and equity securities, totaled $3.2 billion and $2.9 billion, respectively. In addition, AROs at December 31, 2020 and 2019 include $2.8 billion and $2.6 billion, respectively, related to Virginia Power’s future ash pond and landfill closure costs. Regulatory mechanisms, primarily associated with legislation described below, provide for recovery of costs to be incurred. In April 2018, the Governor of Virginia signed legislation into law extending an existing permit moratorium on the VDEQ issuing solid waste permits for the closure of ash ponds at Virginia Power’s Bremo, Chesapeake, Chesterfield and Possum Point power stations until July 2019. The legislation also required 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. In connection with this legislation, Virginia Power recorded an $81 million ($60 million after-tax) charge recorded in other operations and maintenance expense in its Consolidated Statements of Income. In March 2019, the Governor of Virginia signed into law legislation which requires any CCR unit located at Virginia Power’s Bremo, Chesapeake, Chesterfield or Possum Point power stations that stopped accepting CCR prior to July 2019 be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Costs associated with the closure of these CCR units, including costs allocated to customers outside of Virginia, are recoverable through a rider approved by the Virginia Commission. In connection with this legislation, Virginia Power recorded a $ 2.4 billion ARO related to the cost of landfills and beneficial reuse, with an offsetting increase to property, plant and equipment of $ 1.3 billion for the Chesterfield power station and an increase primarily to regulatory assets for the remaining portion related to the Bremo, Chesapeake and Possum Point power stations in 2019. In connection with the March 2020 commitment for the planned early retirement of the Chesterfield power station, these costs were reclassified from property, plant and equipment primarily to regulatory assets for amounts recoverable through riders and the remaining $ 185 million associated with nonjurisdictional customers was reclassified to other deferred charges and other assets. In 2020, Virginia Power recorded a $ 140 million increase to the landfill and beneficial use AROs from revisions to post closure monitoring costs, the execution of a coal beneficiation contract and a landfill at the Chesterfield power station. See Note 12 for additional information. In addition, Virginia Power revised its estimated cash flows for the existing ARO related to future ash pond and landfill closure costs, which resulted in a decrease of $202 million and a corresponding $113 million ($84 million after-tax) benefit in other operations and maintenance expense in the Consolidated Statements of Income in 2019. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 15. LEASES At December 31, 2020 and 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets: December 31, 2020 December 31, 2019 (millions) Dominion Energy Lease assets: Operating lease assets (1) $ 564 $ 462 Finance lease assets (2) 148 134 Total lease assets $ 712 $ 596 Lease liabilities: Operating lease liabilities (3) $ 54 $ 53 Finance lease liabilities (4) 32 27 Total lease liabilities - current 86 80 Operating lease liabilities (5) 516 413 Finance lease liabilities (6) 108 100 Total lease liabilities - noncurrent 624 513 Total lease liabilities $ 710 $ 593 Virginia Power Operating lease assets (1) $ 185 $ 212 Finance lease assets (2) 45 19 Total lease assets $ 230 $ 231 Lease liabilities: Operating lease liabilities (3) $ 28 $ 30 Finance lease liabilities (4) 8 3 Total lease liabilities - current 36 33 Operating lease liabilities (5) 155 180 Finance lease liabilities (6) 36 16 Total lease liabilities - noncurrent 191 196 Total lease liabilities $ 227 $ 229 (1) Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (2) Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $50 million and $9 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2020 and net of $26 million and $4 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2019. (3) Included in other current liabilities in the Companies’ Consolidated Balance Sheets. (4) Included in securities due within one year in the Companies’ Consolidated Balance Sheets. (5) Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. (6) Included in other long-term debt in the Companies’ Consolidated Balance Sheets. In addition to the amounts disclosed above, Dominion Energy’s Consolidated Balance Sheets at December 31, 2020 and 2019 includes property, plant and equipment of $2.2 billion and $2.8 billion, respectively, and accumulated depreciation of $68 million and $364 million, respectively, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. For the years ended December 31, 2020 and 2019, total lease cost associated with the Companies’ leasing arrangements consisted of the following: Year Ended December 31, 2020 Year Ended December 31, 2019 (millions) Dominion Energy Finance lease cost: Amortization $ 33 $ 20 Interest — 4 Operating lease cost 68 79 Short-term lease cost 20 26 Variable lease cost 8 5 Total lease cost $ 129 $ 134 Virginia Power Operating lease cost $ 36 $ 41 Short-term lease cost 12 13 Variable lease cost 4 2 Total lease cost $ 52 $ 56 For the years ended December 31, 2020 and 2019, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows: Year Ended December 31, 2020 Year Ended December 31, 2019 (millions) Dominion Energy Operating cash flows for finance leases $ — $ 4 Operating cash flows for operating leases 96 111 Financing cash flows for finance leases 33 20 Virginia Power Operating cash flows for operating leases 52 56 In addition to the amounts disclosed above, Dominion Energy’s Consolidated Statements of Income for the years ended December 31, 2020 and 2019, include $175 million and $174 million, respectively, of rental revenue, included in operating revenue and $102 million and $94 million, respectively, of depreciation expense, included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. At December 31, 2020 and 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows: December 31, 2020 December 31, 2019 Dominion Energy Weighted average remaining lease term - finance leases 5 years 5 years Weighted average remaining lease term - operating leases 26 years 22 years Weighted average discount rate - finance leases 3.17 % 3.83 % Weighted average discount rate - operating leases 4.07 % 4.48 % Virginia Power Weighted average remaining lease term - finance leases 6 years 6 years Weighted average remaining lease term - operating leases 21 years 20 years Weighted average discount rate - finance leases 2.51 % 4.12 % Weighted average discount rate - operating leases 4.26 % 4.29 % The Companies’ lease liabilities have the following maturities: Maturity of Lease Liabilities Dominion Energy Virginia Power (millions) Operating Finance Operating Finance 2021 $ 64 $ 36 $ 31 $ 9 2022 56 34 25 8 2023 47 31 20 8 2024 40 29 15 7 2025 34 21 11 6 After 2025 756 14 194 9 Total undiscounted lease payments 997 165 296 47 Present value adjustment (427 ) (25 ) (113 ) (3 ) Present value of lease liabilities $ 570 $ 140 $ 183 $ 44 Corporate Office Leasing Arrangement In December 2019, Dominion Energy signed an agreement with a lessor, as amended in May 2020, to construct and lease a new corporate office property in Richmond, Virginia. The lessor is providing equity and has obtained financing commitments from debt investors, totaling $465 million, to fund the estimated project costs. If Dominion Energy ultimately proceeds with the project through completion, the project is expected to be completed by September 2024. The lease term will commence once construction is substantially complete and the facility is able to be occupied and will end in December 2027. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 83% of project costs, for the difference between the project costs and sale proceeds. Dominion Energy is not considered the owner during construction for financial accounting purposes and, therefore, will not reflect the construction activity in its consolidated financial statements. Dominion Energy expects to recognize a right-of-use asset and a corresponding finance lease liability at the commencement of the lease term. Dominion Energy will be considered the owner of the leased property for tax purposes, and as a result, will be entitled to tax deductions for depreciation and interest expense. Offshore Wind Vessel Leasing Arrangement In December 2020, Dominion Energy signed an agreement with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. This vessel is designed to handle current turbine technologies as well as next generation turbines. The lessor is providing equity and has obtained financing commitments from debt investors, totaling $550 million, to fund the estimated project costs. The project is expected to be completed by the end of 2023. Dominion Energy has been appointed to act as the construction agent for the lessor, during which time Dominion Energy will request cash draws from the lessor and debt investors to fund all project costs, which totaled $187 million as of December 31, 2020. If the project is terminated under certain events of default, Dominion Energy could be required to pay up to 100% of the then funded amount. The initial lease term will commence once construction is substantially complete and the vessel is delivered and will mature in November 2027. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional term, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the outstanding project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the outstanding project costs, Dominion Energy may be required to make a payment to the lessor for the difference between the outstanding project costs and sale proceeds. Dominion Energy is not considered the owner during construction for financial accounting purposes and, therefore, will not reflect the construction activity in its consolidated financial statements. Dominion Energy expects to recognize a right-of-use asset and a corresponding finance lease liability at the commencement of the lease term. Dominion Energy will be considered the owner of the leased property for tax purposes, and as a result, will be entitled to tax deductions for depreciation and interest expense. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE 16. VARIABLE INTEREST ENTITIES The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE. Dominion Energy At December 31, 2020, Dominion Energy owns the manager and 67% of the membership interest in certain nonregulated solar facilities, as discussed in Note 2. Dominion Energy has concluded that these entities are VIEs due to the members lacking the characteristics of a controlling financial interest. In addition, in 2016 Dominion Energy created a wholly owned subsidiary, SBL Holdco, as a holding company of its interest in the VIE nonregulated solar facilities and accordingly SBL Holdco is a VIE. Dominion Energy is the primary beneficiary of SBL Holdco and the nonregulated solar facilities, as it has the power to direct the activities that most significantly impact their economic performance as well as the obligation to absorb losses and benefits which could be significant to them. Dominion Energy’s securities due within one year and long-term debt include $32 million and $239 million, respectively, of debt issued by SBL Holdco net of issuance costs that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in certain nonregulated solar facilities. At December 31, 2020, Dominion Energy owns a 50% membership interest in Cove Point, as discussed in Notes 3 and 9. Dominion Energy concluded that Cove Point is a VIE due to the limited partners lacking the characteristics of a controlling financial interest. As a result of the GT&S Transaction, effective November 1, 2020, Dominion Energy is no longer the primary beneficiary of Cove Point as BHE retains the power to direct the activities that most significantly impact Cove Point’s economic performance. Dominion Energy’s maximum exposure to loss is limited to its current and future investment, as well as any obligations under a guarantee provided. See Note 23 for more information. At December 31, 2020, Dominion Energy owns a 53% membership interest in Atlantic Coast Pipeline. Dominion Energy concluded that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion Energy has concluded that it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance, as the power to direct is shared with Duke Energy. Dominion Energy is obligated to provide capital contributions based on its ownership percentage. Dominion Energy’s maximum exposure to loss is limited to any future investment as well as any obligations under a guarantee provided. See Note 9 for more details regarding the nature of this entity. Dominion Energy and Virginia Power The Companies’ nuclear decommissioning trust funds and Dominion Energy’s rabbi trusts hold investments in limited partnerships or similar type entities (see Note 9 for further details). Dominion Energy and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion Energy and Virginia Power have concluded neither is the primary beneficiary as they do not have the power to direct the activities that most significantly impact these VIEs’ economic performance. Dominion Energy and Virginia Power are obligated to provide capital contributions to the partnerships as required by each partnership agreement based on their ownership percentages. Dominion Energy and Virginia Power’s maximum exposure to loss is limited to their current and future investments. Virginia Power Virginia Power had a long-term power and capacity contract with one non-utility generator with an aggregate summer generation capacity of approximately 218 MW. The contract contained certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considered to be variable interests and for which Virginia Power had previously concluded if the generation facility were to be a VIE that it would not be the primary beneficiary. In May 2019, Virginia Power entered into an agreement and paid $135 million to terminate the remaining contract with the non-utility generator. A $135 million ($100 million after-tax) charge was recorded in impairment of assets and other charges in Virginia Power’s Consolidated Statements of Income (reflected in the Corporate and Other segment) during the second quarter of 2019. Virginia Power paid $13 million and $50 million for electric capacity to non-utility generators and $ 1 million and $ 18 million for electric energy to non-utility generators for the years ended December 31, 2019 and 2018, respectively. Virginia Power purchased shared services from DES, an affiliated VIE, of $349 million, $387 million and $335 million for the years ended December 31, 2020, 2019 and 2018, respectively. Virginia Power’s Consolidated Balance Sheets included amounts due to DES of $175 million at December 31, 2020, and $102 million at December 31, 2019, respectively, recorded in payables to affiliates in the Consolidated Balance Sheets. Virginia Power determined that it is not the primary beneficiary of DES as it does not have power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it. DES provides accounting, legal, finance and certain administrative and technical services to all Dominion Energy subsidiaries, including Virginia Power. Virginia Power has no obligation to absorb more than its allocated share of DES costs. |
Short Term Debt and Credit Agre
Short Term Debt and Credit Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Debt and Credit Agreements | NOTE 17. SHORT-TERM DEBT AND CREDIT AGREEMENTS 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 Dominion Energy’s short-term financing is supported through its access to the joint revolving credit facility described below. Commercial paper and letters of credit outstanding, as well as capacity available under the credit facility were as follows: Facility Limit Outstanding Commercial Paper (1) Outstanding Letters of Credit Facility Capacity Available (millions) At December 31, 2020 Joint revolving credit facility (2)(3) $ 6,000 $ 627 $ 100 $ 5,273 At December 31, 2019 Joint revolving credit facility (2) $ 6,000 $ 836 $ 89 $ 5,075 (1) The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was 0.29% and 2.10% at December 31, 2020 and 2019, respectively. (2) This credit facility matures in March 2023 and can be used by the borrowers under the credit facility 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. (3) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At December 31, 2020, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively. In January 2020, DESC and GENCO applied to FERC for a two-year short-term borrowing authorization. In March 2020, FERC granted DESC authority through March 2021 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2020, FERC granted GENCO authority through March 2021 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less. In January 2021, DESC and GENCO applied to FERC for a two-year short-term borrowing authorization. The applications are pending. In addition to the credit facility mentioned above, Dominion Energy also has a credit facility which had an original stated maturity date of June 2020 June 2022 In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which had an original stated maturity date of December 2017 with automatic one-year one-year In March 2020, Dominion Energy entered into a $900 million 364-Day Revolving Credit Agreement. The agreement bears interest at a variable rate. At December 31, 2020, $225 million was outstanding under the agreement. The proceeds from these borrowings were used to provide for general working capital and other general corporate purposes. The maximum allowed total debt to total capital ratio under this supplemental agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. In March 2020, Dominion Energy borrowed $500 million under a 364-Day Term Loan Credit Agreement that bore interest at a variable rate. In April 2020, Dominion Energy borrowed $625 million under a 364-Day Term Loan Credit Agreement that bore interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes. In June 2020, Dominion Energy repaid the outstanding balance in full. Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability Investment SM . The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At December 31, 2020 and December 31, 2019, Dominion Energy’s Consolidated Balance Sheets include $268 million and $75 million, respectively, presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC were as follows: Facility Limit Outstanding Commercial Paper (1) Outstanding Letters of Credit (millions) At December 31, 2020 Joint revolving credit facility (2)(3) $ 6,000 $ 45 $ 12 At December 31, 2019 Joint revolving credit facility (2) $ 6,000 $ 243 $ 7 (1) The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 0.30% and 2.10% at December 31, 2020 and 2019, respectively. (2) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At December 31, 2020, 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) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 18. LONG-TERM DEBT At December 31, 2020 Weighted- average Coupon (1) 2020 2019 (millions, except percentages) Virginia Electric and Power Company: Unsecured Senior Notes: 2.45% to 8.875%, due 2022 to 2050 4.14 % $ 12,689 $ 11,789 Tax-Exempt Financings (2) 0.45% to 1.90%, due 2032 to 2041 1.14 % 625 625 Virginia Electric and Power Company total principal $ 13,314 $ 12,414 Securities due within one year — (1 ) Unamortized discount, premium and debt issuances costs, net (107 ) (88 ) Derivative restructuring 444 — Finance leases 36 16 Virginia Electric and Power Company total long-term debt $ 13,687 $ 12,341 Dominion Energy, Inc.: Supplemental 364-Day credit facility, variable rate, due 2021 1.18 % $ 225 $ — Unsecured Senior Notes: Variable rates, due 2020 and 2023 0.75 % 1,000 300 2.0% to 7.0%, due 2021 to 2049 (3) 3.98 % 9,938 7,688 Unsecured Junior Subordinated Notes: 2.579% to 4.104%, due 2020 to 2024 (4) 3.23 % 1,950 2,950 Payable to Affiliated Trust, 8.4%, due 2031 8.40 % 10 10 Enhanced Junior Subordinated Notes: Variable rates, due 2066 (5) — 397 5.25% and 5.75%, due 2054 and 2076 5.48 % 1,485 1,485 Questar Gas, Unsecured Senior Notes, 2.98% to 7.20%, due 2024 to 2051 4.25 % 750 750 East Ohio, Unsecured Senior Notes, 1.30% to 3.00%, due 2025 to 2050 2.25 % 1,800 — SCANA: Unsecured Medium Term Notes, 4.125% to 6.25%, due 2020 to 2022 (6) — 508 Unsecured Senior Notes, variable rate, due 2034 (7) — 66 PSNC, Senior Debentures and Notes, 4.05% to 7.45%, due 2020 to 2047 4.62 % 800 700 DESC: First Mortgage Bonds, 3.22% to 6.625%, due 2021 to 2065 5.42 % 3,267 3,267 Tax-Exempt Financings (8) Variable rate due 2038 0.13 % 35 35 GENCO, variable rate due 2038 0.13 % 33 33 3.625% and 4.00%, due 2028 and 2033 3.90 % 54 54 Other 3.67 % 1 1 Secured Senior Notes, 4.82%, due 2042 (9) 4.82 % 331 345 Term Loans, variable rates, due 2023 and 2024 (9) 2.55 % 476 527 Tax-Exempt Financing, 1.7% due 2033 1.70 % 27 27 Virginia Electric and Power Company total principal (from above) 13,314 12,414 Dominion Energy, Inc. total principal (10) $ 35,496 $ 31,557 Fair value hedge valuation (11) 3 4 Securities due within one year (12) 3.14 % (1,905 ) (2,435 ) Supplemental 364-Day credit facility borrowings (225 ) — Unamortized discount, premium and debt issuance costs, net (293 ) (228 ) Derivative restructuring 773 — Finance leases 108 100 Dominion Energy, Inc. total long-term debt $ 33,957 $ 28,998 (1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2020. (2) These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. (3) Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary. (4) In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. In June 2020, Dominion Energy prepaid the remaining balance of $993 million. (5) In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. (6) In February 2020, SCANA provided notice to redeem the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium term notes plus accrued interest and make-whole premiums in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. (7) In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $ 66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. (8) Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2021. (9) Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities. (10) Excludes amounts classified as held for sale. See Note 3. (11) Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt. (12) Includes $22 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2020, were as follows: 2021 2022 2023 2024 2025 Thereafter Total (millions, except percentages) Virginia Power Unsecured Senior Notes $ — $ 750 $ 700 $ 350 $ 350 $ 10,539 $ 12,689 Tax-Exempt Financings — — — — 625 625 Total $ — $ 750 $ 700 $ 350 $ 350 $ 11,164 $ 13,314 Weighted-average Coupon — 3.15 % 2.75 % 3.45 % 3.10 % 4.18 % Dominion Energy Supplemental 364-Day Credit Facility $ 225 $ — $ — $ — $ — $ — $ 225 Term Loans (1) 35 34 250 157 — — 476 First Mortgage Bonds 33 — — — — 3,234 3,267 Unsecured Senior Notes (2)(3) 550 1,500 2,700 690 2,000 19,537 26,977 Secured Senior Notes 17 19 16 17 19 243 331 Tax-Exempt Financings — — — — — 775 775 Unsecured Junior Subordinated Notes Payable to Affiliated Trusts — — — — — 10 10 Unsecured Junior Subordinated Notes (4) 1,250 — — 700 — — 1,950 Enhanced Junior Subordinated Notes (5) — — — — — 1,485 1,485 Total $ 2,110 $ 1,553 $ 2,966 $ 1,564 $ 2,019 $ 25,284 $ 35,496 Weighted-average Coupon 2.93 % 2.96 % 1.98 % 3.17 % 3.01 % 4.45 % (1) Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2020, $22 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets. (2) In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. (3) (4) (5) The Companies’ short-term credit facility and long-term debt agreements contain customary covenants and default provisions. As of December 31, 2020, there were no events of default under these covenants. Senior Note Issuances In February 2021, PSNC entered into an agreement with certain investors to issue through private placement in March 2021, $150 million 3.10% 30-year senior notes. The proceeds will be used for the repayment of existing indebtedness and for general corporate purposes. Senior Note Redemptions In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034. Expenses related to the early redemption of the senior notes were $7 million reflected within interest and related charges in the Consolidated Statements of Income for the year ended December 31, 2020. In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively. Total expenses related to the early redemption of the medium-term notes were $14 million reflected within interest and related charges in the Consolidated Statements of Income for the year ended December 31, 2020. Enhanced Junior Subordinated Notes In June 2006 and September 2006, Dominion Energy issued $300 million of June 2006 hybrids and $500 million of September 2006 hybrids, respectively. The June 2006 hybrids and the September 2006 hybrids bore interest at the three-month LIBOR plus 2.825%, reset quarterly and at the three-month LIBOR plus 2.3%, reset quarterly, respectively. Dominion Energy executed RCCs in connection with its issuance of the June 2006 hybrids and the September 2006 hybrids. Under the terms of the RCCs, redemptions of the hybrids were subject to certain conditions. In 2019, Dominion Energy purchased and cancelled $12 million and $13 million of its June 2006 hybrids and September 2006 hybrids, respectively. In February 2020, Dominion Energy redeemed the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. All purchases were conducted in compliance with the applicable RCC, each of which was terminated in February 2020. Expenses related to the early redemption of the hybrids were $10 million reflected within interest and related charges in the Consolidated Statements of Income for the year ended December 31, 2020. In October 2014, Dominion Energy issued $685 million of October 2014 hybrids that will bear interest at 5.75% per year until October 1, 2024. Thereafter, they will bear interest at the three-month LIBOR plus 3.057%, reset quarterly. In July 2016, Dominion Energy issued $800 million of 5.25% July 2016 hybrids. The July 2016 hybrids are listed on the NYSE under the symbol DRUA. Dominion Energy may defer interest payments on the hybrids on one or more occasions for up to 10 consecutive years. If the interest payments on the hybrids are deferred, Dominion Energy may not make distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the hybrids. Remarketable Subordinated Notes In June 2019, Dominion Energy successfully remarketed the $700 million 2016 Series A-1 2.0% RSNs due 2021 and $700 million 2016 Series A-2 2.0% RSNs due 2024 pursuant to the terms of the related 2016 Equity Units. In connection with the remarketing, the interest rates on the Series A-1 and Series A-2 notes were reset to 2.715% and 3.071%, respectively, payable on a semi-annual basis, and Dominion Energy ceased to have the ability to redeem the notes at its option or defer interest payments. Dominion Energy did not receive any proceeds from the remarketing. Remarketing proceeds belonged to the investors holding the 2016 Equity Units and were temporarily used to purchase a portfolio of treasury securities. Upon maturity of the portfolio, the proceeds were applied on behalf of the investors on the related stock purchase contract settlement date to pay the purchase price to Dominion Energy for issuance of 18.5 million shares of its common stock in August 2019. Derivative Restructuring In June 2020, Dominion Energy amended a portfolio of interest rate swaps with a notional value of $2.0 billion, extending the mandatory termination dates from 2020 and 2021 to December 2024. The transaction is viewed as a noncash financing activity with an embedded interest rate swap. As a result, in June 2020, Dominion Energy recorded $326 million in other long-term debt, representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 1.19%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates from 2020 to December 2023. The transaction is viewed as a noncash financing activity with an embedded interest rate swap. As a result, in August 2020, Virginia Power recorded $443 million in other long-term debt, representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 0.34% , in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. The interest rate swaps were in a hedge relationship prior to the transaction. Virginia Power de-designated the hedge relationships prior to the transaction and then designated the new interest rate swap in a hedge relationship after the transaction. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Preferred Stock | NOTE 19. PREFERRED STOCK Dominion Energy is authorized to issue up to 20 million shares of preferred stock, DESC is authorized to issue up to 20 million shares of preferred stock. At both December 31, 2020 and 2019, DESC had issued and outstanding 1,000 shares of preferred stock, all of which were held by SCANA and are eliminated in consolidation. Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference; however, none were issued and outstanding at December 31, 2020 or 2019. 2019 Corporate Units In June 2019, Dominion Energy issued $1.6 billion of 2019 Equity Units, initially in the form of 2019 Series A Corporate Units. The Corporate Units are listed on the NYSE under the symbol DCUE. The net proceeds were used for general corporate purposes and to repay short-term debt, including commercial paper. Each 2019 Series A Corporate Unit consists of a stock purchase contract and a 1/10, or 10%, undivided beneficial ownership interest in one share of Series A Preferred Stock. Beginning in June 2022, the Series A Preferred Stock is convertible at the option of the holder into Dominion Energy common stock under a formula based upon the average closing price of Dominion Energy common stock prior to the conversion date. The Series A Preferred Stock is redeemable in cash by Dominion Energy beginning September 2022 at the liquidation preference. Settlement of any conversion is payable in cash, common stock or a combination thereof, at Dominion Energy’s election. The stock purchase contracts obligate the holders to purchase shares of Dominion Energy common stock in June 2022. The purchase price to be paid under the stock purchase contracts is $100 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. The Series A Preferred Stock was pledged upon issuance as collateral to secure the purchase of common stock under the related stock purchase contracts. Dominion Energy pays cumulative dividends on the Series A Preferred Stock and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion Energy may elect to pay such dividends and/or payments in cash, shares of Dominion Energy common stock or a combination of cash and shares of Dominion Energy common stock. Dominion Energy may defer the contract adjustment payments for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion Energy may not make any distributions related to its capital stock, including dividends, redemptions, repurchases or liquidation payments. Also, during the deferral period, Dominion Energy may not make any payments on or redeem, repay or repurchase any debt securities that are equal in right of payment with, or subordinated to, the contract adjustment payments or make any payment on any guarantee of a security of a subsidiary if the guarantee ranks equal or junior to the contract adjustment payments. Unless all accumulated and unpaid dividends on the Series A Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series A Preferred Stock as to dividends or upon liquidation, as applicable, including dividends, redemptions, repurchases or liquidation payments. In such circumstances, Dominion Energy also may not make any contract adjustment payments or other similar types of payments, subject to certain exceptions. Dominion Energy has recorded the present value of the stock purchase contract payments as a liability offset to common stock. Stock purchase contract payments are recorded against this liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion Energy applies the treasury stock method to the stock purchase contracts and the if-converted method to the Series A Preferred Stock. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, the maximum number of shares of common stock Dominion Energy will issue in June 2022 is 21.8 million. Selected information about Dominion Energy’s 2019 Equity Units is presented below: Issuance Date Units Issued Total Net Proceeds (1) Total Preferred Stock (2) Cumulative Dividend Rate Stock Purchase Contract Annual Rate Stock Purchase Contract Liability (3) Stock Purchase Contract Settlement Date (millions except interest rates) 6/14/2019 16 $ 1,582 $ 1,610 1.75 % 5.5 % $ 250 6/1/2022 (1) Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets at December 31, 2019. (2) (3) Payments of $83 million and $38 million were made in 2020 and 2019, respectively. The stock purchase contract liability was $129 million and $212 million at December 31, 2020 and 2019, respectively. Series B Preferred Stock In December 2019, Dominion Energy issued 800,000 shares of Series B Preferred Stock for $791 million, net of $9 million of issuance costs. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.65% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing June 15, 2020. Dominion Energy recorded dividends of $37 million ($46.50 per share) and $2 million ($1.9375 per share) for the years ended December 31, 2020 and 2019, respectively. The dividend rate for the Series B Preferred Stock will be reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993%. Unless all accumulated and unpaid dividends on the Series B Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise. Dominion Energy may, at its option, redeem the Series B Preferred Stock in whole or in part on December 15, 2024 or on any subsequent fifth anniversary of such date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series B Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series B Preferred Stock that has certain adverse effects on the equity credit actually received by the Series B Preferred Stock. Holders of the Series B Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series B Preferred Stock or as otherwise required by applicable law. The Series B Preferred Stock is not subject to any sinking fund or other obligation of ours to redeem, repurchase or retire the Series B Preferred Stock. The preferred stock contains no conversion rights. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | NOTE 20. EQUITY Common Stock Dominion Energy During 2020, 2019, and 2018, Dominion Energy recorded, net of fees and commissions, $481 million, $11.0 billion and $2.5 billion from the issuance of approximately 7 million, 157 million and 36 million shares of common stock, respectively, for acquisitions, settlements of stock purchase contracts and litigation and through various programs including Dominion Energy Direct ® Acquisitions During 2019, Dominion Energy issued 95.6 million shares of common stock in connection with the acquisition of SCANA. At the time of issuance, these common stock shares were valued at $6.8 billion. See Note 3 for further information on the issuance of Dominion Energy common stock in connection with the SCANA Combination. In January 2019, Dominion Energy and Dominion Energy Midstream closed on an agreement and plan of merger pursuant to which Dominion Energy acquired each outstanding common unit representing limited partner interests in Dominion Energy Midstream not already owned by Dominion Energy through the issuance of 22.5 million shares of common stock valued at $1.6 billion. Under the terms of the agreement and plan of merger, each publicly held outstanding common unit representing limited partner interests in Dominion Energy Midstream was converted into the right to receive 0.2492 shares of Dominion Energy common stock. Immediately prior to the closing, each Series A Preferred Unit representing limited partner interests in Dominion Energy Midstream was converted into common units representing limited partner interests in Dominion Energy Midstream in accordance with the terms of Dominion Energy Midstream’s partnership agreement. The merger was accounted for by Dominion Energy following the guidance for a change in a parent company’s ownership interest in a consolidated subsidiary. Because Dominion Energy controls Dominion Energy Midstream both before and after the merger, the changes in Dominion Energy’s ownership interest in Dominion Energy Midstream were accounted for as an equity transaction and no gain or loss was recognized. In connection with the merger, Dominion Energy recognized $ 40 million of income taxes in equity primarily attributable to establishing additional regulatory liabilities related to excess deferred income taxes and changes in state income taxes. Pension Plan Contribution In December 2019, Dominion Energy contributed 6.1 million shares of its common stock valued at $499 million to the qualified defined benefit pension plans. See Note 22 for further information regarding activity surrounding pension plan contributions. Dominion Energy Direct ® Dominion Energy maintains Dominion Energy Direct ® ® Stock Purchase Contracts In August 2019, Dominion Energy issued 18.5 million shares under the related stock purchase contracts entered into as part of Dominion Energy’s 2016 Equity Units and received proceeds of $1.4 billion. See Note 18 for further information surrounding these stock purchase contracts. Other Issuances In September 2020, Dominion Energy issued 4.1 million shares of its common stock to satisfy its obligation under a settlement agreement for the Santee Cooper Ratepayer Case discussed in Note 23. These shares were immediately repurchased as discussed below. At-the-Market Program In June 2017, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program. In January 2018, Dominion Energy issued 6.6 million shares and received cash proceeds of $495 million, net of fees and commissions paid of $5 million, which completed the program. In February 2018, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program. In the fourth quarter of 2018, Dominion Energy issued 2.7 million shares and received cash proceeds of $197 million, net of fees and commissions paid of $2 million. In the first quarter of 2019, Dominion Energy issued 2.1 million shares and received cash proceeds of $154 million, net of fees and commissions paid of $2 million. In the fourth quarter of 2019, Dominion Energy issued 7.8 million shares and received cash proceeds of $639 million, net of fees and commissions paid of $6 million. Following these issuances, Dominion Energy had no remaining capacity under this program. In March 2020, Dominion Energy entered into sales agency agreements to effect sales under a $500 million at-the-market common stock program. Dominion Energy did not issue any shares under this program which expired in June 2020. In August 2020, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program. Under the sales agency agreements, Dominion Energy may, from time to time, offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. Sales by Dominion Energy through the sales agents or by forward sellers pursuant to a forward sale agreement cannot exceed $1.0 billion in the aggregate. Dominion Energy has not issued any shares or entered into any forward sale agreements under this new program. Forward Sale Agreements In 2018, Dominion Energy entered into 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. In December 2018, Dominion Energy received proceeds of $ 1.4 billion (after deducting underwriting discounts, but before deducting expenses, and subject to forward price adjustments under the forward sale agreements) upon the physical settlement of 22.1 million shares. Repurchase of Common Stock During 2020, Dominion Energy repurchased 38.9 million shares of Dominion Energy common stock for $3.1 billion through an open market agreement, a private transaction and accelerated share repurchase agreements as discussed below. In July 2020, in contemplation of Dominion Energy entering the July 2020 agreement to sell substantially all of its gas transmission and storage operations to BHE, the Board of Directors authorized the repurchase of up to $3.0 billion of Dominion Energy’s common stock and rescinded its prior repurchase authorization approved in February 2005 and modified in June 2007 ominion Energy completed repurchases under this authorization in December 2020. In August 2020, Dominion Energy began repurchasing shares under an open market agreement with a financial institution. During the third quarter of 2020, Dominion Energy repurchased 7.2 million shares of Dominion Energy common stock for $562 million. During the fourth quarter of 2020, Dominion energy repurchased 3.7 million shares of Dominion Energy common stock for $295 million. In September 2020, Dominion Energy repurchased 4.1 million shares of Dominion Energy common stock in a private transaction for $323 million. In September 2020, Dominion Energy entered into two prepaid accelerated share repurchase agreements with separate financial institutions as counterparties. Dominion Energy made payments totaling $1.5 billion to the counterparties in exchange for an aggregate of 17.2 million shares of Dominion Energy common stock, which represented approximately 90% of $1.5 billion worth of Dominion Energy shares based on the closing price of such shares on the date the agreements were executed. In November 2020, Dominion Energy received an additional 1.4 million shares upon completion of the respective purchase periods under the terms of the agreements. The number of additional shares delivered under each agreement was based on the average of the daily volume-weighted average stock prices of Dominion Energy’s common stock during the term of the applicable purchase period, less a discount. As a result, Dominion Energy recorded a reduction to common stock of $1.5 billion. In addition to the repurchases described above, Dominion Energy also repurchases shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization. Dominion Energy did not repurchase any shares in 2019 or 2018 except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock. Virginia Power In 2020, 2019, and 2018, Virginia Power did not issue any shares of its common stock to Dominion Energy. Noncontrolling Interests GT&S Transaction Closing In November 2020, as part of the GT&S Transaction, Dominion Energy sold a 25% controlling interest in Cove Point to BHE resulting in Dominion Energy’s remaining 50 % noncontrolling interest accounted for as an equity method investment prospectively. As a result, the $ 1.4 billion of noncontrolling interest related to the 25 % interest in Cove Point held by Brookfield was reversed. See Notes 3 and 9 for further information on the GT&S Transaction and Dominion Energy’s equity method investment in Cove Point. Sale of Interest in Cove Point In December 2019, Dominion Energy completed the sale of its 25% noncontrolling limited partnership interest in Cove Point to Brookfield in exchange for cash consideration of $2.1 billion, subject to working capital adjustments. See Note 3 for further information on the sale of this interest. Remeasurement of Dominion Energy Midstream Units 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. Accumulated Other Comprehensive Income (Loss) Presented in the table below is a summary of AOCI by component: At December 31, 2020 2019 (millions) Dominion Energy Net deferred losses on derivatives-hedging activities, net of $141 and $135 tax $ (419 ) $ (407 ) Net unrealized gains on nuclear decommissioning trust funds, net of $(21) and $(13) tax 62 37 Net unrecognized pension and other postretirement benefit costs, net of $478 and $492 tax (1,359 ) (1,421 ) Other comprehensive loss from equity method investees, net of $— and $1 tax (1 ) (2 ) Total AOCI $ (1,717 ) $ (1,793 ) Virginia Power Net deferred losses on derivatives-hedging activities, net of $21 and $11 tax $ (60 ) $ (34 ) Net unrealized gains on nuclear decommissioning trust funds, net of $(3) and $(1) tax 8 5 Total AOCI $ (52 ) $ (29 ) 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) Year Ended December 31, 2020 Beginning balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) Other comprehensive income before reclassifications: gains (losses) (239 ) 43 25 1 (170 ) Amounts reclassified from AOCI: (gains) losses (1) 227 (18 ) 37 — 246 Net current period other comprehensive income (loss) (12 ) 25 62 1 76 Ending balance $ (419 ) $ 62 $ (1,359 ) $ (1 ) $ (1,717 ) Year Ended December 31, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (110 ) 39 (22 ) — (93 ) Amounts reclassified from AOCI: (gains) losses (1) (62 ) (4 ) 66 — — Net current period other comprehensive income (loss) (172 ) 35 44 — (93 ) Ending balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) (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) Year Ended December 31, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (25 ) Operating revenue 4 Purchased gas (2 ) Discontinued operations Interest rate contracts 83 Interest and related charges 236 Discontinued operations Foreign currency contracts 6 Discontinued operations Total 302 Tax (75 ) Income tax expense Total, net of tax $ 227 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (24 ) Other income Total (24 ) Tax 6 Income tax expense Total, net of tax $ (18 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (84 ) Other income Amortization of actuarial losses 134 Other income Total 50 Tax (13 ) Income tax expense Total, net of tax $ 37 Year Ended December 31, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (142 ) Operating revenue 3 Purchased gas (4 ) Discontinued operations Interest rate contracts 49 Interest and related charges 5 Discontinued operations Foreign currency contracts 6 Discontinued operations Total (83 ) Tax 21 Income tax expense Total, net of tax $ (62 ) 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: Prior-service costs (credits) $ (24 ) Other income Actuarial losses 113 Other income Total 89 Tax (23 ) Income tax expense Total, net of tax $ 66 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) Year Ended December 31, 2020 Beginning balance $ (34 ) $ 5 $ (29 ) Other comprehensive income before reclassifications: gains (losses) (28 ) 6 (22 ) Amounts reclassified from AOCI: (gains) losses (1) 2 (3 ) (1 ) Net current period other comprehensive income (loss) (26 ) 3 (23 ) Ending balance $ (60 ) $ 8 $ (52 ) Year Ended December 31, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (22 ) 5 (17 ) Amounts reclassified from AOCI: gains (losses) (1) 1 (1 ) — Net current period other comprehensive income (loss) (21 ) 4 (17 ) Ending balance $ (34 ) $ 5 $ (29 ) (1) See table below for details about these reclassifications. The following table presents Virginia Power’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) Year Ended December 31, 2020 (Gains) losses on cash flow hedges: Interest rate contracts $ 2 Interest and related charges Total 2 Tax — Income tax expense Total, net of tax $ 2 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (4 ) Other income Total (4 ) Tax 1 Income tax expense Total, net of tax $ (3 ) Year Ended December 31, 2019 (Gains) losses on cash flow hedges: 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 $ (2 ) Other income Total (2 ) Tax 1 Income tax expense Total, net of tax $ (1 ) Stock-Based Awards The 2014 Incentive Compensation Plan permits stock-based awards that include restricted stock, performance grants, goal-based stock, stock options and stock appreciation rights. The Non-Employee Directors Compensation Plan permits grants of restricted stock and stock options. Under provisions of these plans, employees and non-employee directors may be granted options to purchase common stock at a price not less than its fair market value at the date of grant with a maximum term of eight years. Option terms are set at the discretion of the CGN Committee of the Board of Directors or the Board of Directors itself, as provided under each plan. No options are outstanding under either plan. At December 31, 2020 , approximately 20 million shares were available for future grants under these plans. Goal-based stock awards are granted in lieu of cash-based performance grants to certain officers who have not achieved a certain targeted level of share ownership. As of December 31, 2020, unrecognized compensation cost related to nonvested goal-based stock awards was immaterial. Dominion Energy measures and recognizes compensation expense relating to share-based payment transactions over the vesting period based on the fair value of the equity or liability instruments issued. Dominion Energy’s results for the years ended December 31, 2020, 2019, and 2018 include $64 million, $46 million and $48 million, Restricted Stock Restricted stock grants are made to officers under Dominion Energy’s LTIP and may also be granted to certain key non-officer employees. The fair value of Dominion Energy’s restricted stock awards is equal to the closing price of Dominion Energy’s stock on the date of grant. New shares are issued for restricted stock awards on the date of grant and generally vest over a three-year Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2017 1,043 $ 73.32 Granted 534 72.92 Vested (316 ) 73.59 Cancelled and forfeited (53 ) 74.25 Nonvested at December 31, 2018 1,208 $ 73.03 Granted 614 76.49 Vested (324 ) 71.75 Cancelled and forfeited (96 ) 77.16 Nonvested at December 31, 2019 1,402 $ 74.77 Granted 531 81.74 Vested (424 ) 74.39 Cancelled and forfeited (99 ) 81.59 Nonvested at December 31, 2020 1,410 $ 77.41 As of December 31, 2020, unrecognized compensation cost related to nonvested restricted stock awards totaled $61 million and is expected to be recognized over a weighted-average period of 2.0 years. The fair value of restricted stock awards that vested was $35 million, $23 million and $23 million in 2020, 2019, and 2018, respectively. Employees may elect to have shares of restricted stock withheld upon vesting to satisfy tax withholding obligations. The number of shares withheld will vary for each employee depending on the vesting date fair market value of Dominion Energy stock and the applicable federal, state and local tax withholding rates. Cash-Based Performance Grants Cash-based performance grants are made to Dominion Energy’s officers under Dominion Energy’s LTIP. The actual payout of cash-based performance grants will vary between zero and 200% of the targeted amount based on the level of performance metrics achieved. In February 2018, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2021 based on the achievement of two performance metrics during 2018, 2019 and 2020: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC with an additional payout based on Dominion Energy’s price-earnings ratio relative to that of the members of Dominion Energy’s peer compensation group. The total of the payout under the grant was $15 million, all of which was accrued at December 31, 2020. In February 2019, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2022 based on the achievement of two performance metrics during 2019, 2020 and 2021: TSR relative to that of companies that are members of Dominion Energy In February 2020, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2023 based on the achievement of two performance metrics during 2020, 2021 and 2022: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC. There are additional opportunities to earn a portion of the award based on Dominion Energy’s absolute TSR or relative price-earnings ratio performance. At December 31, 2020, the targeted amount of the three-year grant was $16 million and a liability of $8 million had been accrued for this award. |
Dividend Restrictions
Dividend Restrictions | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Dividend Restrictions | NOTE 21. DIVIDEND RESTRICTIONS The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be inconsistent with the public interest. At December 31, 2020, the Virginia Commission had not restricted the payment of dividends by Virginia Power. The North Carolina Commission, in its order approving the SCANA Combination, limited cumulative dividends payable to Dominion Energy by Virginia Power and PSNC to (i) the amount of retained earnings the day prior to closing of the SCANA Combination plus (ii) any future earnings recorded by Virginia Power and PSNC after such closing. In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power and PSNC’s capital structure to fall below 45%. The Ohio and Utah Commissions may prohibit any public service company, including East Ohio and Questar Gas, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2020, neither the Ohio Commission nor the Utah Commission had restricted the payment of dividends by East Ohio. There is no specific restriction from the South Carolina Commission on the payment of dividends paid by DESC. Pursuant to the SCANA Merger Approval Order, the amount of any DESC dividends paid must be reasonable and consistent with the long-term payout ratio of the electric utility industry and gas distribution industry. At December 31, 2020, DESC’s retained earnings exceed the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is permitted to pay dividends without additional regulatory approval provided that such amounts would not bring the retained earnings balance below the threshold. See Notes 18 and 19 for a description of potential restrictions on common stock dividend payments by Dominion Energy in connection with the deferral of interest payments on the enhanced junior subordinated notes, the deferral of contract adjustment payments on the 2019 Equity Units or a failure to pay dividends on the Series A Preferred Stock or Series B Preferred Stock. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | NOTE 22. EMPLOYEE BENEFIT PLANS Dominion Energy—Defined Benefit Plans Dominion Energy provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Under the terms of its benefit plans, Dominion Energy reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits. Dominion Energy maintains qualified noncontributory defined benefit pension plans covering virtually all employees. Retirement benefits are based primarily on years of service, age and the employee’s compensation. Dominion Energy’s funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion Energy also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service. Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates, mortality rates and the rate of compensation increases. Dominion Energy uses December 31 as the measurement date for all of its employee benefit plans. Dominion Energy uses the market-related value of pension plan assets to determine the expected return on plan assets, a component of net periodic pension cost, for all pension plans. The market-related value recognizes changes in fair value on a straight-line basis over a four-year period, which reduces year-to-year volatility. Changes in fair value are measured as the difference between the expected and actual plan asset returns, including dividends, interest and realized and unrealized investment gains and losses. Since the market-related value recognizes changes in fair value over a four-year period, the future market-related value of pension plan assets will be impacted as previously unrecognized changes in fair value are recognized. Dominion Energy’s pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns (losses) of $1.9 billion and $2.1 billion in 2020 and 2019, respectively, versus expected returns of $933 million and $848 million, respectively. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans. In the third quarter of 2020, Dominion Energy remeasured certain pension plans due to a curtailment resulting from entering an agreement to sell substantially all of its gas transmission and storage operations to BHE. The remeasurement resulted in an increase in the pension benefit obligation of $497 million and a decrease in the fair value of the pension plan assets of $87 million. The impact of the remeasurement on net periodic pension benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement increased the net periodic benefit credit by approximately $4 million for the year ending December 31, 2020, excluding the impacts of curtailments. The discount rate used for the remeasurement was 3.11% - 3.16% with all other assumptions used for the remeasurement consistent with the measurement as of December 31, 2019. In the fourth quarter of 2020, Dominion Energy remeasured certain other postretirement benefit plans due to a curtailment and settlement resulting from Dominion Energy completing the GT&S Transaction. The remeasurement resulted in an increase in the accumulated postretirement benefit obligation of $16 million and a decrease in the fair value of the other postretirement benefit plan assets of $25 million. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The discount rate used for the remeasurement was 3.07% - 3.11%. The initial healthcare cost trend rate used for the remeasurement was 6.25% and decreased to 5.00% by 2025-2026. All other assumptions used for the remeasurement consistent with the measurement as of December 31, 2019. Voluntary Retirement Program In March 2019, the Companies announced a voluntary retirement program to employees that meet certain age and service requirements. In 2019, upon the determinations made concerning the number of employees that elected to participate in the program, Dominion Energy recorded a charge of $427 million ($319 million after-tax) included within other operations and maintenance expense ($251 million), other taxes ($21 million), other income ($111 million) and discontinued operations ($44 million) and Virginia Power recorded a charge of $198 million ($146 million after-tax) included within other operations and maintenance expense ($190 million) and other taxes ($8 million) in their respective Consolidated Statements of Income. In the second quarter of 2019, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the voluntary retirement program. The remeasurement resulted in an increase in the pension benefit obligation of $484 million and an increase in the fair value of the pension plan assets of $671 million. In addition, the remeasurement resulted in an increase in the accumulated postretirement benefit obligation of $101 million and an increase in the fair value of the other postretirement benefit plan assets of $156 million. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The discount — — In the third quarter of 2019, Dominion Energy remeasured a pension plan as a result of a settlement from the voluntary retirement program at SCANA. The settlement and related remeasurement resulted in an increase in the pension benefit obligation of $37 million and an increase in the fair value of the pension plan assets of $51 million for Dominion Energy. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The discount rate used for the remeasurement was 3.57%. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2018. Funded Status The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2020 2019 2020 2019 (millions, except percentages) Dominion Energy Changes in benefit obligation: Benefit obligation at beginning of year $ 10,446 $ 8,500 $ 1,769 $ 1,363 Dominion Energy SCANA Combination (See Note 3) — 854 — 253 Service cost 173 162 28 26 Interest cost 351 394 58 68 Benefits paid (461 ) (470 ) (120 ) (96 ) Actuarial (gains) losses during the year 992 1,054 33 111 Plan amendments — — (6 ) — Settlements, curtailments and special termination benefits (1) (138 ) (48 ) (16 ) 44 Benefit obligation at end of year $ 11,363 $ 10,446 $ 1,746 $ 1,769 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 9,631 $ 7,197 $ 1,880 $ 1,581 Dominion Energy SCANA Combination (See Note 3) — 727 — — Actual return (loss) on plan assets 1,602 1,747 300 349 Employer contributions 278 557 13 12 Benefits paid (461 ) (470 ) (93 ) (62 ) Settlements (2) (71 ) (127 ) — — Fair value of plan assets at end of year $ 10,979 $ 9,631 $ 2,100 $ 1,880 Funded status at end of year $ (384 ) $ (815 ) $ 354 $ 111 Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 1,054 $ 1,266 $ 650 $ 442 Other current liabilities (14 ) (29 ) (15 ) (17 ) Noncurrent pension and other postretirement benefit liabilities (1,424 ) (2,052 ) (281 ) (314 ) Net amount recognized $ (384 ) $ (815 ) $ 354 $ 111 Significant assumptions used to determine benefit obligations as of December 31: Discount rate 2.73%–2.95% 3.47%–3.63% 2.69%–2.80% 3.44%–3.52% Weighted average rate of increase for compensation 4.53 % 4.23 % n/a n/a Crediting interest rate for cash balance and similar plans 1.93% - 2.15% 2.67-2.83% n/a n/a (1) 2020 amounts include curtailments and settlements recognized as a result of the GT&S Transaction as well as settlements of qualified and nonqualified pension obligations. 2019 amounts relate primarily to a curtailment and settlement as a result of the voluntary retirement program. (2) 2020 amounts relate primarily to settlements of qualified and nonqualified pension obligations. 2019 amounts relate primarily to a settlement as a result of the voluntary retirement program. Actuarial losses recognized during 2020 and 2019 in Dominion Energy’s pension benefit obligations include a $1.0 billion and a $1.1 billion loss, respectively, resulting from decreases in discount rates. Actuarial losses recognized during 2020 in Dominion Energy’s other postretirement benefit obligations include a $149 million loss resulting from a decrease in discount rates, and were partially offset by a $85 million actuarial gain as a result of a completed experience study in one of Dominion Energy’s other postretirement plans and the impact of an update to healthcare claims assumptions. Actuarial losses recognized during 2019 in Dominion Energy’s other postretirement benefit obligations include a $168 million loss resulting from a decrease in discount rates and were partially offset by a $55 million actuarial gain as a result of the impact of an update to healthcare claims and other healthcare-related cost assumptions. The ABO for all of Dominion Energy’s defined benefit pension plans was $10.6 billion and $9.7 billion at December 31, 2020 and 2019, respectively. Under its funding policies, Dominion Energy evaluates plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from its actuary. Based on the funded status of each plan and other factors, Dominion Energy determines the amount of contributions for the current year, if any, at that time. In December 2020, Dominion Energy contributed $250 million to its qualified defined benefit pension plans. During 2019, Dominion Energy made $520 million of contributions to its qualified defined benefit pension plans, including 6.1 million shares of its common stock valued at $499 million. The shares were contributed through a private placement, exempt from registration requirements, with an independent fiduciary and investment manager to a separate account within the qualified defined benefit pension plans. Dominion Energy also entered into a registration rights agreement with the independent fiduciary and investment manager pursuant to which Dominion Energy agreed to provide registrations rights on customary terms with respect to the shares. Dominion Energy expects to make $ 17 million of contributions for its qualified pension plans in 2021 . Certain of Dominion Energy’s subsidiaries fund other postretirement benefit costs through VEBAs. Dominion Energy’s remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion Energy did not make any contributions to VEBAs associated with its other postretirement plans in 2020. The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy: Pension Benefits Other Postretirement Benefits As of December 31, 2020 2019 2020 (1) 2019 (millions) Dominion Energy Benefit obligation $ 10,697 $ 9,552 $ 305 $ 341 Fair value of plan assets 9,259 7,471 9 10 The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets: As of December 31, 2020 2019 (millions) Accumulated benefit obligation $ 9,970 $ 8,852 Fair value of plan assets 9,259 7,471 The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans: Estimated Future Benefit Payments Pension Benefits Other Postretirement Benefits (millions) Dominion Energy 2021 $ 486 $ 110 2022 512 108 2023 515 106 2024 533 104 2025 535 101 2026-2030 2,792 478 Plan Assets Dominion Energy’s overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The strategic target asset allocations for substantially all of Dominion Energy’s pension funds are 28% U.S. equity, 18% non-U.S. equity, 35% fixed income, 3% real estate and 16% other alternative investments. U.S. equity includes investments in large-cap, mid-cap and small-cap companies located in the U.S. Non-U.S. equity includes investments in large-cap and small-cap companies located outside of the U.S. including both developed and emerging markets. Fixed income includes corporate debt instruments of companies from diversified industries and U.S. Treasuries. The U.S. equity, non-U.S. equity and fixed income investments are in individual securities as well as mutual funds. Real estate includes equity real estate investment trusts and investments in partnerships. Other alternative investments include partnership investments in private equity, debt and hedge funds that follow several different strategies. Dominion Energy also utilizes common/collective trust funds as an investment vehicle for its defined benefit plans. A common/collective trust fund is a pooled fund operated by a bank or trust company for investment of the assets of various organizations and individuals in a well-diversified portfolio. Common/collective trust funds are funds of grouped assets that follow various investment strategies. Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities. For fair value measurement policies and procedures related to pension and other postretirement benefit plan assets, see Note 6. The fair values of Dominion Energy’s pension plan assets by asset category are as follows: At December 31, 2020 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ 20 $ 1 $ — $ 21 $ 22 $ 1 $ — $ 23 Common and preferred stocks: U.S. (1) 2,405 — — 2,405 2,284 — — 2,284 International 1,727 — — 1,727 1,634 — — 1,634 Insurance contracts — 409 — 409 — 360 — 360 Corporate debt instruments 32 1,385 — 1,417 273 859 — 1,132 Government securities 30 772 — 802 58 757 — 815 Total recorded at fair value $ 4,214 $ 2,567 $ — $ 6,781 $ 4,271 $ 1,977 $ — $ 6,248 Assets recorded at NAV (2) Common/collective trust funds 2,905 2,355 Alternative investments: Real estate funds 108 91 Private equity funds 856 787 Debt funds 168 159 Hedge funds 13 14 Total recorded at NAV $ 4,050 $ 3,406 Total investments (3) $ 10,831 $ 9,654 (1) Includes $365 million and $508 million of Dominion Energy common stock at December 31, 2020 and 2019, respectively. (2) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (3) Excludes net assets related to pending sales of securities and advanced subscriptions of $198 million, net accrued income of $20 million, and includes net assets related to pending purchases of securities of $71 million at December 31, 2020. Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows: At December 31, 2020 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ — $ 2 $ — $ 2 $ 2 $ — $ — $ 2 Common and preferred stocks: U.S. 817 — — 817 719 — — 719 International 240 — — 240 206 — — 206 Insurance contracts — 23 — 23 — 21 — 21 Corporate debt instruments 2 60 — 62 1 50 — 51 Government securities 2 42 — 44 2 44 — 46 Total recorded at fair value $ 1,061 $ 127 $ — $ 1,188 $ 930 $ 115 $ — $ 1,045 Assets recorded at NAV (1) Common/collective trust funds 765 717 Alternative investments: Real estate funds 10 8 Private equity funds 117 100 Debt funds 10 10 Hedge funds 1 1 Total recorded at NAV $ 903 $ 836 Total investments (2) $ 2,091 $ 1,881 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (2) Excludes net assets related to pending sales of securities of $10 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2020. Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. The plan assets investments are determined based on the fair values of the investments and the underlying investments, which have been determined as follows: • Cash and Cash Equivalents —Investments are held primarily in short-term notes and treasury bills, which are valued at cost plus accrued interest. • Common and Preferred Stocks —Investments are valued at the closing price reported on the active market on which the individual securities are traded. • Insurance Contracts —Investments in Group Annuity Contracts with John Hancock were entered into after 1992 and are stated at fair value based on the fair value of the underlying securities as provided by the managers and include investments in U.S. government securities, corporate debt instruments and state and municipal debt securities. • Corporate Debt Instruments —Investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar instruments, the instrument is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available. • Government Securities —Investments are valued using pricing models maximizing the use of observable inputs for similar securities. • Common/Collective Trust Funds —Common/collective trust funds invest in debt and equity securities and other instruments with characteristics similar to those of the funds’ benchmarks. The primary objectives of the funds are to seek investment returns that approximate the overall performance of their benchmark indexes. These benchmarks are major equity indices, fixed income indices and money market indices that focus on growth, income and liquidity strategies, as applicable. Investments in common/collective trust funds are stated at the NAV as determined by the issuer of the common/collective trust funds and are based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. The common/collective trust funds do not have any unfunded commitments, and do not have any applicable liquidation periods or defined terms/periods to be held. The majority of the common/collective trust funds have limited withdrawal or redemption rights during the term of the investment. • Alternative Investments —Investments in real estate funds, private equity funds, debt funds and hedge funds are stated at fair value based on the NAV of the plan’s proportionate share of the partnership, joint venture or other alternative investment’s fair value as determined by reference to audited financial statements or NAV statements provided by the investment manager. The NAV, which is used as a practical expedient to estimate fair value, is adjusted for contributions and distributions occurring between the investment manager’s and Dominion Energy’s measurement date. These valuations also involve assumptions and methods that are reviewed, evaluated, and adjusted, if necessary, by Dominion Energy. Net Periodic Benefit (Credit) Cost The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income , Pension Benefits Other Postretirement Benefits Year Ended December 31, 2020 2019 2018 2020 2019 2018 (millions, except percentages) Dominion Energy Service cost $ 173 $ 162 $ 157 $ 28 $ 26 $ 27 Interest cost 351 394 337 58 68 56 Expected return on plan assets (777 ) (708 ) (663 ) (156 ) (140 ) (143 ) Amortization of prior service (credit) cost 1 1 1 (49 ) (52 ) (52 ) Amortization of net actuarial loss 206 172 193 6 10 11 Settlements, curtailments and special termination benefits 14 72 — (59 ) 42 — Net periodic benefit (credit) cost $ (32 ) $ 93 $ 25 $ (172 ) $ (46 ) $ (101 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 166 $ 16 $ 490 $ (110 ) $ (98 ) $ 78 Prior service (credit) cost — — — (6 ) 2 (4 ) Settlements and curtailments (81 ) 6 — 59 — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (206 ) (172 ) (193 ) (6 ) (10 ) (11 ) Amortization of prior service credit (cost) (1 ) (1 ) (1 ) 49 52 52 Total recognized in other comprehensive income and regulatory assets and liabilities $ (122 ) $ (151 ) $ 296 $ (14 ) $ (54 ) $ 115 Significant assumptions used to determine periodic cost: Discount rate 2.77%-3.63% 3.57%-4.43% 3.80%-3.81% 3.07%-3.52% 4.05% to 4.41% 3.76% Expected long-term rate of return on plan assets 7.00%-8.60% 7.00% -8.65% 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.23 % 4.20 % 4.09 % n/a n/a n/a Crediting interest rate for cash balance and similar plans 2.31-2.83% 2.77-3.63% 3.00-3.01% n/a n/a n/a Healthcare cost trend rate (1) 6.25 % 6.50% to 6.60% 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1) 2025-2026 2023-2025 2022 (1) Assumptions used to determine net periodic cost for the following year. The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits At December 31, 2020 2019 2020 2019 (millions) Dominion Energy Net actuarial loss $ 3,207 $ 3,327 $ 120 $ 241 Prior service (credit) cost 4 5 (232 ) (339 ) Total (1) $ 3,211 $ 3,332 $ (112 ) $ (98 ) (1) As of December 31, 2020, of the $3.2 billion and $(112) million related to pension benefits and other postretirement benefits, $1.9 billion and $(40) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality are critical assumptions in determining net periodic benefit (credit) cost. Dominion Energy develops non-investment related assumptions, which are then compared to the forecasts of an independent investment advisor to ensure reasonableness. An internal committee selects the final assumptions used for Dominion Energy’s pension and other postretirement plans including discount rates, expected long-term rates of return, healthcare cost trend rates and mortality rates. Dominion Energy determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans by using a combination of: • Expected inflation and risk-free interest rate assumptions; • Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes; • Expected future risk premiums, asset classes’ volatilities and correlations; • Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major capital market assumptions; and • Investment allocation of plan assets. Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans. Mortality rates are developed from actual and projected plan experience for postretirement benefit plans. Dominion Energy’s actuary conducts an experience study periodically as part of the process to select its best estimate of mortality. Dominion Energy considers both standard mortality tables and improvement factors as well as the plans’ actual experience when selecting a best estimate. Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion Energy’s retiree healthcare plans. Dominion Energy establishes the healthcare cost trend rate assumption based on analyses of various factors including the specific provisions of its medical plans, actual cost trends experienced and projected and demographics of plan participants. Virginia Power—Participation in Defined Benefit Plans Virginia Power employees are covered by the Dominion Energy Pension Plan described above. As a participating employer, Virginia Power is subject to Dominion Energy’s funding policy, which is to contribute annually an amount that is in accordance with ERISA. During 2020, Virginia Power made a payment to Dominion Energy for $313 million related to its participation in the Dominion Energy Pension Plan. In addition, in December 2020, Dominion Energy notified Virginia Power of a required contribution of $151 million, recorded in payables to affiliates in Virginia Power’s Consolidated Balance Sheets at December 31, 2020. Virginia Power’s net periodic pension cost related to this plan was $118 million, $152 million and $126 million in 2020, 2019 and 2018, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Virginia Power’s Consolidated Statements of Income The funded status of various Dominion Energy subsidiary groups and employee compensation are the basis for determining the share of total pension costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power amounts due to/from Dominion Energy related to this plan. Retiree healthcare and life insurance benefits, for Virginia Power employees are covered by the Dominion Energy Retiree Health and Welfare Plan described above. Virginia Power’s net periodic benefit (credit) cost related to this plan was $(58) million, $(27) million and $(51) million in 2020, 2019 and 2018, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Virginia Power’s Consolidated Statements of Income. Employee headcount is the basis for determining the share of total other postretirement benefit costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power amounts due to/from Dominion Energy related to this plan. Dominion Energy holds investments in trusts to fund employee benefit payments for the pension and other postretirement benefit plans in which Virginia Power’s employees participate. Any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash that Virginia Power will provide to Dominion Energy for its share of employee benefit plan contributions. Virginia Power funds other postretirement benefit costs through VEBAs. During 2020 and 2019, Virginia Power made no contributions to the VEBAs and does not expect to contribute to the VEBAs in 2021. Defined Contribution Plans Dominion Energy also sponsors defined contribution employee savings plans that cover substantially all employees. During 2020, 2019 and 2018, Dominion Energy recognized $67 million, $69 million and $46 million, respectively, as employer matching contributions to these plans, excluding discontinued operations. Virginia Power also participates in these employee savings plans. During 2020, 2019 and 2018, Virginia Power recognized $19 million, $20 million and $20 million, respectively, as employer matching contributions to these plans. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 23. 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 that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that 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 The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements. MATS In February 2019, the EPA published a proposed rule to reverse its previous finding that it is appropriate and necessary to regulate hazardous air pollutant emissions from coal- and oil-fired electric generating units. In May 2020, the EPA’s final rule became effective. The final rule is consistent with the EPA’s February 2019 proposal, and determines that it is not appropriate and necessary to regulate mercury and hazardous air pollutant emissions from coal- and oil-fired electric generating units. The final rule also states that the MATS rule remains in place and the emissions standards for affected coal- and oil-fired electric generating units will not change. The Companies are complying with the applicable requirements of the rule and do not expect any material impacts to their operations. Ozone Standards 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. 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 another 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 October 2018, the EPA 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. The amended portions of the 2016 rule were effective immediately upon publication. In August 2020, the EPA issued two final amendments related to the reconsideration of the NSPS for the oil and natural gas sector applicable to VOC and methane emissions. Together, the two amendments have the effect of rescinding the methane portion of the NSPS for all segments of the oil and natural gas sector, rescinding all methane and VOC NSPS for the transmission and storage segment and modifying some of the NSPS VOC requirements for facilities in the production and processing segments. The two amendments have been challenged in the U.S. Court of Appeals for the D.C. Circuit but remain in effect pending the outcome of the litigation. Dominion Energy has completed an evaluation of the potential impacts and expects that any impact would be insignificant to its results of operations, financial condition and/or cash flows. ACE Rule In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision will take effect upon issuance of the court’s mandate. The ACE Rule applies to existing coal-fired power plants and would require states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. It is unknown at this time if or how the EPA will replace the ACE Rule and how that replacement will affect the Companies’ operations, financial condition and/or cash flows. 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 exceed a significant emissions rate of 75,000 tons per year of CO 2 . In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with the best operating practices. In January 2021, the EPA published a final rule affirming that electric generating units are included for the purposes of regulating GHG emissions from new, modified and reconstructed stationary sources. The proposed revision to the performance standards remains pending. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows. State Regulations In May 2019, VDEQ issued a final rule establishing a state carbon regulation program with a 28.0 million ton initial state-wide carbon cap in 2020. The cap was to be reduced by approximately three percent per year through 2030, resulting in an ultimate cap of 19.6 million tons. The final rule included a provision for VDEQ to delay implementation of the rule pending authorization from the General Assembly and Governor of Virginia. In April 2020, Virginia legislation was enacted authorizing VDEQ to implement the final rule. In June 2020, the VDEQ signed the CO 2 The legislation discussed above is considered related legislation to the VCEA as discussed in Note 13. The VCEA institutes a mandatory renewable portfolio standard, enhances renewable generation and energy storage development, requires the retirement of certain generation facilities, establishes energy efficiency targets, expands net metering and directs Virginia’s participation in a market-based carbon trading program through 2050. 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. Regulation 316(b) 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 DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities . Effluent Limitations Guidelines 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 established 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. 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 EPA’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 was December 2023. In October 2020, the EPA released the final rule that extends the latest dates for compliance. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities . Waste Management and Remediation The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. insurance policies, rate recovery mechanisms, or both. Except as described below, 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 former manufactured gas plant sites, including certain sites associated with Virginia Power. At 12 sites associated with Dominion Energy, including certain sites acquired in the SCANA Combination, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed or expects to propose remediation plans associated with three sites, including one at Virginia Power, and expects to conduct remediation activities primarily by the end of 2021. At December 31, 2020 and 2019, Dominion Energy had $42 million and $34 million, respectively, of reserves recorded. Dominion Energy’s reserves include charges of $14 million ($11 million after-tax) and $16 million ($12 million after-tax) recorded in 2020 and 2018, respectively, in other operations and maintenance expense in the Consolidated Statements of Income. At December 31, 2020 and 2019, Virginia Power had $26 million and $16 million, respectively, of reserves recorded. Virginia Power’s reserves include charges of $10 million ($7 million after-tax) and $16 million ($12 million after-tax) recorded in 2020 and 2018, respectively, in other operations and maintenance expense in the Consolidated Statements of Income. In addition, for one site associated with Dominion Energy, an updated work plan submitted to SCDHEC in September 2018, would increase costs by approximately $11 million if approved by federal and state agencies. In September 2020, this plan was submitted to the Army Corps of Engineers. Dominion Energy is associated with 12 additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts. 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. SCANA Legal Proceedings The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. Dominion Energy intends to vigorously contest the lawsuits, claims and assessments which have been filed or initiated against SCANA and DESC. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at December 31, 2020 and 2019 include reserves of $208 million and $696 million, respectively, and insurance receivables of $8 million and $111 million, respectively, included within other receivables. Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2020 include charges of $90 million ($68 million after-tax) included within impairment of assets and other charges (reflected in the Corporate and Other segment). In addition, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2020 include charges of $25 million ($25 million after-tax) included within other income (expense). Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 includes charges of $641 million ($480 million after-tax), included within impairment of assets and other charges (reflected in the Corporate and Other segment). Ratepayer Class Actions In May 2018, a consolidated complaint against DESC, SCANA and the State of South Carolina was filed in the State Court of Common Pleas in Hampton County, South Carolina (the DESC Ratepayer Case). In September 2018, the court certified this case as a class action. The plaintiffs allege, among other things, that DESC was negligent and unjustly enriched, breached alleged fiduciary and contractual duties and committed fraud and misrepresentation in failing to properly manage the NND Project, and that DESC committed unfair trade practices and violated state anti-trust laws. The plaintiffs sought a declaratory judgment that DESC may not charge its customers for any past or continuing costs of the NND Project, sought to have SCANA and DESC’s assets frozen and all monies recovered from Toshiba Corporation and other sources be placed in a constructive trust for the benefit of ratepayers and sought specific performance of the alleged implied contract to construct the NND Project. In December 2018, the State Court of Common Pleas in Hampton County entered an order granting preliminary approval of a class action settlement and a stay of pre-trial proceedings in the DESC Ratepayer Case. The settlement agreement, contingent upon the closing of the SCANA Combination, provided that SCANA and DESC would establish an escrow account and proceeds from the escrow account would be distributed to the class members, after payment of certain taxes, attorneys' fees and other expenses and administrative costs. The escrow account would include (1) up to $2.0 billion, net of a credit of up to $2.0 billion in future electric bill relief, which would inure to the benefit of the escrow account in favor of class members over a period of time established by the South Carolina Commission in its order related to matters before the South Carolina Commission related to the NND Project, (2) a cash payment of $115 million and (3) the transfer of certain DESC-owned real estate or sales proceeds from the sale of such properties, which counsel for the DESC Ratepayer Class estimate to have an aggregate value between $60 million and $85 million. At the closing of the SCANA Combination, SCANA and DESC funded the cash payment portion of the escrow account. The court held a fairness hearing on the settlement in May 2019. In June 2019, the court entered an order granting final approval of the settlement, which order became effective July 2019. In July 2019, DESC transferred $117 million representing the cash payment, plus accrued interest, to the plaintiffs. Through August 2020, property, plant and equipment with a net recorded value of $27 million had been transferred to the plaintiffs in coordination with the court-appointed real estate trustee to satisfy the settlement agreement. In September 2020, the court entered an order approving a final resolution of the transfer of real estate or sales proceeds with a cash contribution of $38.5 million by DESC and the conveyance of property, plant and equipment with a net recorded value of $3 million. In October 2020, DESC completed the conveyance of property, plant and equipment and funded this cash contribution. In September 2017, a purported class action was filed by Santee Cooper ratepayers against Santee Cooper, DESC, Palmetto Electric Cooperative, Inc. and Central Electric Power Cooperative, Inc. in the State Court of Common Pleas in Hampton County, South Carolina (the Santee Cooper Ratepayer Case). The allegations are substantially similar to those in the DESC Ratepayer Case. The plaintiffs seek a declaratory judgment that the defendants may not charge the purported class for reimbursement for past or future costs of the NND Project. In March 2018, the plaintiffs filed an amended complaint including as additional named defendants, including certain then current and former directors of Santee Cooper and SCANA. In June 2018, Santee Cooper filed a Notice of Petition for Original Jurisdiction with the Supreme Court of South Carolina. In December 2018, Santee Cooper filed its answer to the plaintiffs' fourth amended complaint and filed cross claims against DESC, which was denied. In October 2019, Santee Cooper voluntarily consented to stay its cross claims against DESC pending the outcome of the trial of the underlying case. In November 2019, DESC removed the case to the U.S. District Court for the District of South Carolina. In December 2019, the plaintiffs and Santee Cooper filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In March 2020, the parties executed a settlement agreement relating to this matter as well as the Luquire Case and the Glibowski Case described below. The settlement agreement provides that Dominion Energy and Santee Cooper will establish a fund for the benefit of class members in the amount of $520 million, of which Dominion Energy’s portion is $320 million of shares of Dominion Energy common stock. Also in March 2020, the court granted preliminary approval for the settlement agreement. In July 2020, the court issued a final approval of the settlement agreement. In September 2020, Dominion Energy issued $322 million of shares of Dominion Energy common stock to satisfy its obligation under the settlement agreement, including interest charges. In July 2019, a similar purported class action was filed by certain Santee Cooper ratepayers against DESC, SCANA, Dominion Energy and former directors and officers of SCANA in the State Court of Common Pleas in Orangeburg, South Carolina (the Luquire Case). In August 2019, DESC, SCANA and Dominion Energy were voluntarily dismissed from the case. The claims are similar to the Santee Cooper Ratepayer Case. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Glibowski Case. This case was dismissed as part of the Santee Cooper Ratepayer Case settlement described above. RICO Class Action In January 2018, a purported class action was filed, and subsequently amended, against SCANA, DESC and certain former executive officers in the U.S. District Court for the District of South Carolina (the Glibowski Case). The plaintiff alleges, among other things, that SCANA, DESC and the individual defendants participated in an unlawful racketeering enterprise in violation of RICO and conspired to violate RICO by fraudulently inflating utility bills to generate unlawful proceeds. The DESC Ratepayer Class Action settlement described previously contemplates dismissal of claims by DESC ratepayers in this case against DESC, SCANA and their officers. In August 2019, the individual defendants filed motions to dismiss. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Luquire Case. This case was dismissed as part of the Santee Cooper Ratepayer Case settlement described above. SCANA Shareholder Litigation In September 2017, a purported class action was filed against SCANA and certain former executive officers and directors in the U.S. District Court for the District of South Carolina. Subsequent additional purported class actions were separately filed against all or nearly all of these defendants (collectively the SCANA Securities Class Action). In January 2018, the U.S. District Court for the District of South Carolina consolidated these suits, and the plaintiffs filed a consolidated amended complaint in March 2018. The plaintiffs allege, among other things, that the defendants violated §10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, and that the individually named defendants are liable under §20(a) of the same act. In June 2018, the defendants filed motions to dismiss. In March 2019, the U.S. District Court for the District of South Carolina granted in part and denied in part the defendants’ motions to dismiss. In December 2019, the parties executed a settlement agreement pursuant to which SCANA will pay $192.5 million, up to $32.5 million of which can be satisfied through the issuance of shares of Dominion Energy common stock, subject to approval by the U.S. District Court for the District of South Carolina. In February 2020, the U.S. District Court for the District of South Carolina granted preliminary approval of the settlement agreement, pending a fairness hearing. In March 2020, SCANA funded an escrow account with $160 million in cash and the balance of the settlement will be paid upon final approval of the settlement by the court. In July 2020, the court granted final approval of the settlement agreement. In August 2020, SCANA paid the balance of $32.5 million in cash to satisfy the settlement. In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. In January 2019, the defendants filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. In March 2020, the court denied the defendants’ motion to dismiss. In April 2020, the defendants filed a notice of appeal with the South Carolina Court of Appeals and a petition with the Supreme Court of South Carolina seeking appellate review of the denial of the motion to dismiss. In June 2020, the plaintiffs filed a motion to dismiss the appeal with the South Carolina Court of Appeals, which was granted in July 2020. In August 2020, the Supreme Court of South Carolina denied the defendants’ petition seeking appellate review. Also in August 2020, the defendants filed a petition for rehearing with the South Carolina Court of Appeals relating to the July 2020 ruling by the court, which was denied in October 2020. In November 2020, SCANA filed a petition of certiorari with the Supreme Court of South Carolina seeking appellate review of the denial of SCANA’s motion to dismiss. This case is pending. In January 2018, a purported class action was filed against SCANA, Dominion Energy and certain former executive officers and directors of SCANA in the State Court of Common Pleas in Lexington County, South Carolina (the City of Warren Lawsuit). The plaintiff alleges, among other things, that defendants violated their fiduciary duties to shareholders by executing a merger agreement that would unfairly deprive plaintiffs of the true value of their SCANA stock, and that Dominion Energy aided and abetted these actions. Among other remedies, the plaintiff seeks to enjoin and/or rescind the merger. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In June 2018, the case was remanded back to the State Court of Common Pleas in Lexington County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with a similar appeal in the Metzler Lawsuit discussed below. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court. In February 2018, a purported class action was filed against Dominion Energy and certain former directors of SCANA and DESC in the State Court of Common Pleas in Richland County, South Carolina (the Metzler Lawsuit). The allegations made and the relief sought by the plaintiffs are substantially similar to that described for the City of Warren Lawsuit. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In August 2018, the case was remanded back to the State Court of Common Pleas in Richland County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with the City of Warren Lawsuit. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court. In September 2019, the U.S. District Court for the District of South Carolina granted the plaintiffs’ motion to consolidate the City of Warren Lawsuit and the Metzler Lawsuit. In October 2019, the plaintiffs filed an amended complaint against certain former directors and executive officers of SCANA and DESC, which stated substantially similar allegations to those in the City of Warren Lawsuit and the Metzler Lawsuit as well as an inseparable fraud claim. In November 2019, the defendants filed a motion to dismiss. In April 2020, the U.S. District Court for the District of South Carolina denied the motion to dismiss. In May 2020, SCANA filed a motion to intervene, which was denied in August 2020. In September 2020, SCANA filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. This case is pending. In May 2019, a case was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. The plaintiff alleges, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In February 2020, the defendants filed a motion to dismiss. This case is pending. Employment Class Actions and Indemnification In August 2017, a case was filed in the U.S. District Court for the District of South Carolina on behalf of persons who were formerly employed at the NND Project. In July 2018, the court certified this case as a class action. In February 2019, certain of these plaintiffs filed an a |
Credit Risk
Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Credit Risk | NOTE 24. CREDIT RISK Dominion Energy As a diversified energy company, Dominion Energy transacts primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast, mid-Atlantic, Midwest and Rocky Mountain and Southeast regions of the U.S. Dominion Energy does not believe that this geographic concentration contributes significantly to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion Energy is not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations. Dominion Energy’s exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion Energy transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include marketing of nonregulated generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of any collateral. At December 31, 2020, Dominion Energy’s credit exposure totaled $107 million. Of this amount, investment grade counterparties, including those internally rated, represented 96%, and no single counterparty, whether investment grade or non-investment grade, exceeded $41 million of exposure. Virginia Power Virginia Power sells electricity and provides distribution and transmission services to customers in Virginia and northeastern North Carolina. Management believes that this geographic concentration risk is mitigated by the diversity of Virginia Power’s customer base, which includes residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. Credit risk associated with trade accounts receivable from energy consumers is limited due to the large number of customers. Virginia Power’s exposure to potential concentrations of credit risk results primarily from sales to wholesale customers. Virginia Power’s gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2020, Virginia Power’s credit exposure totaled $15 million. Of this amount, investment grade counterparties, including those internally rated, represented 97%, and no single counterparty exceeded $6 million of exposure. Credit-Related Contingent Provisions Certain 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 December 31, 2020 and 2019, Dominion Energy would have been required to post $14 million and $10 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 $1 million of collateral at December 31, 2020 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash and had posted no collateral at December 31, 2019. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of December 31, 2020 and 2019 was $15 million and $10 million, respectively, which does not include the impact of any offsetting asset positions. 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 December 31, 2020 and 2019, Virginia Power would have been required to post an additional $2 million and $8 million, respectively, of collateral to its counterparties. See Note 7 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | NOTE 25. RELATED-PARTY TRANSACTIONS Virginia Power engages in related party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. See Note 2 for further information. Dominion Energy’s transactions with equity method investments are described in Note 9. 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. See Notes 7 and 20 for more information. At December 31, 2020, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $22 million, respectively. At December 31, 2019, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $53 million, respectively. Virginia Power participates in certain Dominion Energy benefit plans as described in Note 22. 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: Year Ended December 31, 2020 2019 2018 (millions) Commodity purchases from affiliates $ 569 $ 690 $ 930 Services provided by affiliates (1) 455 503 450 Services provided to affiliates 18 24 24 (1) Includes capitalized expenditures of $141 million, $133 million and $145 million for the year ended December 31, 2020, 2019 and 2018, respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $380 million and $107 million in short-term demand note borrowings from Dominion Energy as of December 31, 2020 and 2019, respectively. The weighted-average interest rate of these borrowings was 0.30% and 3.22% at December 31, 2020 and 2019, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion Energy money pool for its nonregulated subsidiaries as of December 31, 2020 and 2019. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the years ended December 31, 2020, 2019 and 2018. There were no issuances of Virginia Power’s common stock to Dominion Energy in 2020, 2019 or 2018. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Operating Segments | NOTE 26. 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 Virginia Regulated electric distribution X X Regulated electric transmission X X Regulated electric generation fleet (1) X X Gas Distribution Regulated gas distribution and storage (2) X Dominion Energy South Carolina Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Regulated gas distribution and storage X Contracted Assets Nonregulated electric generation fleet X Noncontrolling interest in Cove Point X (1) I ncludes Virginia Power’s nonjurisdictional generation operations. (2) 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 companies and other functions (including unallocated debt) as well as nonregulated retail energy marketing operations, including Dominion Energy’s noncontrolling interest in Wrangler. 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, as well as the net impact of the gas transmission and storage operations held in discontinued operations which are discussed in Note 3. In 2020, Dominion Energy reported after-tax net expenses of $3.7 billion in the Corporate and Other segment, including $3.4 billion of after-tax net expenses for specific items with $1.2 billion of after-tax net expenses attributable to its operating segments. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2020 primarily related to the impact of the following items: • A $751 million ($564 million after-tax) charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; • A $405 million ($325 million after-tax) charge associated with certain nonregulated solar generation facilities, attributable to Contracted Assets; • A $221 million ($171 million after-tax) charge associated with the sale of Fowler Ridge, attributable to Contracted Assets; and • A $130 million ($97 million after-tax) charge for the expected CCRO to be provided to Virginia retail electric customers under the GTSA, attributable to Dominion Energy Virginia; • A $127 million ($94 million after-tax) charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to legislation enacted in November 2020, attributable to Dominion Energy Virginia; and • A $117 million ($93 million after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina; partially offset by • A $335 million ($264 million after-tax) net gain related to investments in nuclear decommissioning trust funds attributable to: • Dominion Energy Virginia ($27 million after-tax); and • Contracted Assets ($237 million after-tax). In 2019, Dominion Energy reported after-tax net expenses of $1.8 billion in the Corporate and Other segment, including $1.5 billion of after-tax net expenses for specific items with $1.9 billion of after-tax net expenses attributable to its operating segments. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2019 primarily related to the impact of the following items: • A $1.0 billion ($756 million after-tax) charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, attributable to Dominion Energy South Carolina; • $641 million ($480 million after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina; • $427 million ($320 million after-tax) of charges for merger and integration-related costs associated with the SCANA Combination, including a $394 million ($295 million after-tax) charge related to a voluntary retirement program, attributable to: • Dominion Energy Virginia ($151 million after-tax); • Gas Distribution ($56 million after-tax); • Dominion Energy South Carolina ($75 million after-tax); and • Contracted Assets ($38 million after-tax). • A $346 million ($257 million after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; • A $194 million tax charge for $258 million of income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Dominion Energy South Carolina; • A $160 million ($119 million after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Dominion Energy Virginia; • A $135 million ($100 million after-tax) charge related to Virginia Power’s contract termination with a non-utility generator, attributable to Dominion Energy Virginia; • A $114 million ($86 million after-tax) charge for property, plant and equipment acquired in the SCANA Combination primarily for which Dominion Energy committed to forgo recovery, attributable to Dominion Energy South Carolina; partially offset by • A $553 million ($411 million after-tax) net gain related to investments in nuclear decommissioning trust funds attributable to: • Dominion Energy Virginia ($49 million after-tax); and • Contracted Assets ($362 million after-tax); and • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Dominion Energy Virginia. In 2018, Dominion Energy reported after-tax net income of $117 The net expenses 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 required one-time rate credits of certain amounts to utility customers, attributable to Dominion Energy Virginia; • A $170 million ($134 million after-tax) net loss related to our investments in nuclear decommissioning trust funds attributable to: • Dominion Energy Virginia ($14 million after-tax); and • Contracted Assets ($120 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 Dominion Energy Virginia; and • A $70 million ($52 million after-tax) charge associated with major storm damage and service restoration attributable to Dominion Energy Virginia; partially offset by • A $282 million ($229 million after-tax) benefit associated with the sale of certain nonregulated generation facilities, attributable to Contracted Assets. The following table presents segment information pertaining to Dominion Energy’s operations: Year Ended December 31, Dominion Energy Virginia Gas Distribution Dominion Energy South Carolina Contracted Assets Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2020 Total revenue from external customers $ 7,802 $ 2,345 $ 2,782 $ 1,020 $ 200 $ 48 $ 14,197 Intersegment revenue (15 ) 10 5 51 963 (1,039 ) (25 ) Total operating revenue 7,787 2,355 2,787 1,071 1,163 (991 ) 14,172 Depreciation, depletion and amortization 1,247 344 474 182 85 — 2,332 Equity in earnings of equity method investees — — (1 ) 35 6 — 40 Interest income 13 6 12 91 73 (88 ) 107 Interest and related charges 527 76 219 75 568 (88 ) 1,377 Income tax expense (benefit) 496 121 107 (16 ) (625 ) — 83 Net income (loss) from discontinued operations — — — 167 (2,045 ) — (1,878 ) Net income (loss) attributable to Dominion Energy 1,891 560 419 402 (3,673 ) — (401 ) Investment in equity method investees (1) — 55 — 2,784 95 — 2,934 Capital expenditures 3,406 1,151 700 649 425 — 6,331 Total assets (billions) 46.0 17.1 16.0 13.1 8.6 (4.9 ) 95.9 2019 Total revenue from external customers $ 8,170 $ 2,367 $ 2,948 $ 1,083 $ (239 ) $ 79 $ 14,408 Intersegment revenue (13 ) 18 4 73 1,071 (1,160 ) (7 ) Total operating revenue 8,157 2,385 2,952 1,156 832 (1,081 ) 14,401 Depreciation, depletion and amortization 1,216 335 452 180 100 — 2,283 Equity in earnings of equity method investees — 2 (4 ) (1 ) 11 — 8 Interest income 11 4 9 97 112 (136 ) 97 Interest and related charges 530 116 242 98 636 (136 ) 1,486 Income tax expense (benefit) 482 114 163 20 (570 ) — 209 Net income from discontinued operations — — — 183 533 — 716 Net income (loss) attributable to Dominion Energy 1,786 487 430 460 (1,805 ) — 1,358 Investment in equity method investees — 37 — 74 1,223 — 1,334 Capital expenditures 3,002 853 562 367 537 — 5,321 Total assets (billions) 43.7 16.0 15.8 10.2 24.0 (5.9 ) 103.8 2018 Total revenue from external customers $ 8,401 $ 1,769 $ — $ 813 $ 27 $ 177 $ 11,187 Intersegment revenue (552 ) 16 — 621 602 (675 ) 12 Total operating revenue 7,849 1,785 — 1,434 629 (498 ) 11,199 Depreciation, depletion and amortization 1,158 263 — 213 26 — 1,660 Equity in earnings of equity method investees — — — 18 58 — 76 Interest income 10 — — 84 94 (108 ) 80 Interest and related charges 516 79 — 124 668 (108 ) 1,279 Income tax expense (benefit) 380 95 — 75 (28 ) — 522 Net income from discontinued operations — — — 116 336 — 452 Net income attributable to Dominion Energy 1,596 373 — 361 117 — 2,447 Capital expenditures 2,640 647 — 247 871 — 4,405 (1) Excludes liability to Atlantic Coast Pipeline. 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, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. In 2020, Virginia Power reported after-tax net expenses of $863 million in the Corporate and Other segment, including $915 million of after-tax net expenses for specific items all of which were attributable to its operating segment. The net expenses for specific items attributable to its operating segment in 2020 primarily related to a $751 million ($559 million after-tax) charge related to the planned early retirement of certain electric generation facilities, a $130 million ($97 million after-tax) charge for the expected CCRO to be provided to Virginia retail electric customers under the GTSA and a $127 million ($94 million after-tax) charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to legislation enacted in November 2020. In 2019, Virginia Power reported after-tax net expenses of $634 million in the Corporate and Other segment, including $627 million of after-tax net expenses for specific items all of which were attributable to its operating segment. The net expenses for specific items attributable to its operating segment in 2019 primarily related to the impact of the following items: • A $346 million ($257 million after-tax) charge related to the early retirement of certain electric generation facilities; • A $198 million ($146 million after-tax) charge related to a voluntary retirement program; • A $160 million ($119 million after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure; • A $135 million ($100 million after-tax) charge related to a contract termination with a non-utility generator; and • A $62 million ($46 million after-tax) charge related to the abandonment of a project at an electric generating facility, partially offset by • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019. In 2018, Virginia Power reported after-tax net expenses of $312 million in the Corporate and Other segment, all of which was for specific items attributable to its operating segment. The net expenses for specific items attributable to its operating segment 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 required one-time rate credits of certain amounts to utility customers; • 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; and • A $70 million ($52 million after-tax) charge associated with major storm damage and service restoration. The following table presents segment information pertaining to Virginia Power’s operations: Year Ended December 31, Dominion Energy Virginia Corporate and Other Consolidated Total (millions) 2020 Operating revenue $ 7,763 $ — $ 7,763 Depreciation and amortization 1,245 7 1,252 Interest income 11 — 11 Interest expense (benefit) and related charges 524 (8 ) 516 Income tax expense (benefit) 500 (271 ) 229 Net income (loss) 1,884 (863 ) 1,021 Capital expenditures 3,372 — 3,372 Total assets (billions) 43.7 — 43.7 2019 Operating revenue $ 8,137 $ (29 ) $ 8,108 Depreciation and amortization 1,215 8 1,223 Interest income 11 — 11 Interest expense (benefit) and related charges 529 (5 ) 524 Income tax expense (benefit) 481 (217 ) 264 Net income (loss) 1,783 (634 ) 1,149 Capital expenditures 2,981 — 2,981 Total assets (billions) 41.4 — 41.4 2018 Operating revenue $ 7,835 $ (216 ) $ 7,619 Depreciation and amortization 1,157 (25 ) 1,132 Interest income 10 — 10 Interest expense (benefit) and related charges 516 (5 ) 511 Income tax expense (benefit) 378 (78 ) 300 Net income (loss) 1,594 (312 ) 1,282 Capital expenditures 2,542 — 2,542 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | N OTE 27. QUARTERLY FINANCIAL DATA (UNAUDITED) A summary of the Companies’ quarterly results of operations for the years ended December 31, 2020 and 2019 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors. In addition, Dominion Energy’s results have been recast reflecting the presentation of operations included in the GT&S Transaction, Q-Pipe Transaction and investment in Atlantic Coast Pipeline as discontinued operations. See Notes 3 and 9 for more information. Dominion Energy First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2020 Operating revenue $ 3,938 $ 3,106 $ 3,607 $ 3,521 Income from continuing operations 368 804 27 856 Net income (loss) from continuing operations including noncontrolling interests (468 ) 869 112 815 Net income (loss) from discontinued operations including noncontrolling interest 229 (2,001 ) 19 (125 ) Net income (loss) including noncontrolling interests (239 ) (1,132 ) 131 690 Net income (loss) attributable to Dominion Energy (270 ) (1,169 ) 356 682 Basic EPS: Net income (loss) from continuing operations (0.57 ) 1.01 0.42 0.98 Net income (loss) from discontinued operations 0.23 (2.42 ) (0.01 ) (0.16 ) Net income (loss) attributable to Dominion Energy (0.34 ) (1.41 ) 0.41 0.82 Diluted EPS: Net income (loss) from continuing operations (0.57 ) 0.90 0.42 0.98 Net income (loss) from discontinued operations 0.23 (2.42 ) (0.01 ) (0.16 ) Net income (loss) attributable to Dominion Energy (0.34 ) (1.52 ) 0.41 0.82 Dividends declared per preferred share (Series A) 4.375 4.375 4.375 4.375 Dividends declared per preferred share (Series B) 11.625 11.625 11.625 11.625 Dividends declared per common share 0.9400 0.9400 0.9400 0.6300 2019 Operating revenue $ 3,281 $ 3,443 $ 3,782 $ 3,895 Income (loss) from continuing operations (744 ) 248 1,104 936 Net income (loss) from continuing operations including noncontrolling interests (908 ) (199 ) 947 820 Net income (loss) from discontinued operations including noncontrolling interest 231 257 38 190 Net income (loss) including noncontrolling interests (677 ) 58 985 1,010 Net income (loss) attributable to Dominion Energy (680 ) 54 975 1,009 Basic EPS: Net income (loss) from continuing operations (1.14 ) (0.25 ) 1.14 0.99 Net income from discontinued operations 0.28 0.32 0.05 0.22 Net income (loss) attributable to Dominion Energy (0.86 ) 0.07 1.19 1.21 Diluted EPS: Net income (loss) continuing operations (1.14 ) (0.25 ) 1.12 0.99 Net income from discontinued operations 0.28 0.32 0.05 0.22 Net income (loss) attributable to Dominion Energy (0.86 ) 0.07 1.17 1.21 Dividends per share (Series A Preferred Stock) — 0.729 4.375 4.375 Dividends per share (Series B Preferred Stock) — — — 1.9375 Dividends declared per common share 0.9175 0.9175 0.9175 0.9175 Dominion Energy’s 2020 results include the impact of the following significant items: • Fourth quarter results include a $94 million after-tax charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to legislation enacted in November 2020. • Third quarter results include a $298 million after-tax charge associated with certain nonregulated solar generation facilities, a $170 million after-tax charge associated with the sale of Fowler Ridge and a $149 million after-tax charge for the expected CCRO to be provided to Virginia retail electric customers under the GTSA. • Second quarter results include $2.2 billion of after-tax charges presented in discontinued operations associated with the cancellation of the Atlantic Coast Pipeline Project and the related portions of the Supply Header Project. • First quarter results include a $566 million after-tax charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities. Dominion Energy’s 2019 results include the impact of the following significant items: • Fourth quarter results include a $244 million after-tax charge related to litigation acquired in the SCANA Combination, offset by a $150 million net gain related to nuclear decommissioning trust funds. • Second quarter results include a $283 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $75 million after-tax charge for litigation acquired in the SCANA Combination. • First quarter results include $1.3 billion of after-tax merger and integration-related costs related to the SCANA Combination (inclusive of a $756 million after-tax charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, a $277 million after-tax charge for certain regulatory assets and property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forego recovery and $134 million after-tax charge for litigation acquired in the SCANA Combination) and a $409 million after-tax charge for the planned early retirement of certain Virginia Power electric generation facilities and automated metering reading infrastructure, partially offset by $197 million after-tax net gain related to nuclear decommissioning trust funds and an $84 million after-tax revision to future ash ponds and landfill closure costs. Virginia Power Virginia Power’s quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2020 Operating revenue $ 1,930 $ 1,805 $ 2,248 $ 1,780 Income (loss) from operations (133 ) 635 687 497 Net income (loss) (280 ) 490 475 336 2019 Operating revenue $ 1,965 $ 1,938 $ 2,264 $ 1,941 Income from operations 122 238 820 659 Net income 20 100 602 427 Virginia Power’s 2020 results include the impact of the following significant items: • Fourth quarter results include a $94 million after-tax charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to legislation enacted in November 2020. • Third quarter results include a $149 million after-tax charge for the expected CCRO to be provided to Virginia retail electric customers under the GTSA. • First quarter results include a $561 million after-tax charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities. Virginia Power’s 2019 results include the impact of the following significant items: • Second quarter results include a $144 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $47 million after-tax charge for the abandonment of a project at an electric generation facility. • First quarter results include a $409 million after-tax charge for the planned early retirement of certain electric generation facilities and automated metering reading infrastructure, partially offset by an $84 million after-tax revision to future ash ponds and landfill closure costs. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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, expenses and cash flows for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies’ 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 December 31, 2020 Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. 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, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy nonregulated solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019 until November 2020) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are 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 certain nonregulated projects upon the occurrence of certain events, including any proposed sale by Dominion Energy of its interest. |
Reclassifications | Certain amounts in the Companies’ 2019 and 2018 Consolidated Financial Statements and Notes have been reclassified to conform to the 2020 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, where applicable. |
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. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2020 and 2019 included $1.1 billion and $829 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2020 and 2019 included $740 million and $512 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties. The primary types of sales and service activities reported as operating revenue for Dominion Energy 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 state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers, sales of gathering services and sales of transportation services to off-system customers; • 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 sales of commodities related to nonregulated extraction activities and other miscellaneous products. Other nonregulated revenue also includes sales of energy-related products and services from Dominion Energy’s retail energy marketing operations, sales to Virginia Power customers from non-jurisdictional solar generation facilities 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 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 customers from non-jurisdictional solar generation 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 Companies record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. The Companies’ revenue accounted for under the alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate the Companies for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above. Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. 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 has 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 and services typically transfer control and are recognized as revenue upon delivery of the product or service. 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. Operating revenue for the gas transmission and storage operations sold or to be sold to BHE as part of the GT&S Transaction and the Q-Pipe Transaction primarily consists of FERC-regulated sales of transmission and storage services, LNG terminalling services, sales of extracted products and associated hedging activities and NGL activities, including gathering and processing and sales of production and condensate as well as services performed for Atlantic Coast Pipeline. This revenue is included in discontinued operations in Dominion Energy’s Consolidated Statements of Income. Transportation and storage contracts associated with the operations sold or to be sold to BHE as part of the GT&S Transaction and the Q-Pipe Transaction are primarily stand-ready service contracts that include fixed reservation and variable usage fees. LNG terminalling services, included in discontinued operations, are also stand-ready service contracts, primarily consisting of fixed fees, offset by service credits associated with the start-up phase of the Liquefaction Facility. NGLs received during natural gas processing are recorded in discontinued operations at fair value as service revenue recognized over time, and revenue continues to be recognized from the subsequent sale of the NGLs to customers upon delivery. |
Credit Risk | Credit Risk Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Effective January 2020, expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees. |
Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs | Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs Where permitted by regulatory authorities, the differences between the Companies’ actual electric fuel and purchased energy expenses and Dominion Energy’s purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability. Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2020, approximately 85% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Of the cost of fuel used in electric generation and energy purchases to serve South Carolina utility customers, at December 31, 2020, approximately 96% is subject to DESC’s deferred fuel accounting. Virtually all of East Ohio, Questar Gas, Hope, DESC and PSNC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale. |
Income Taxes | Income Taxes A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed. Virginia Power participates in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis. Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized. Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities. The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information. If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll and taxes on the Consolidated Balance Sheets. The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income. At December 31, 2020, Virginia Power had an income tax-related affiliated payable of $19 million, comprised of $17 million of federal income taxes and $2 million of state income taxes due to Dominion Energy. These affiliated balances are expected to be paid to Dominion Energy. At December 31, 2019, Virginia Power had an income tax-related affiliated payable of $35 million, comprised of $15 million of federal income taxes and $20 million of state income taxes due to Dominion Energy. Virginia Power’s net affiliated balances were paid to Dominion Energy. Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold. |
Cash, Restricted Cash and Equivalents | Cash, Restricted Cash and Equivalents Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less. Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies: At December 2020 2019 (millions) Dominion Energy $ 50 $ 29 Virginia Power 30 9 Restricted Cash and Equivalents The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits and future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements and on Eagle Solar’s senior note agreement. 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 years ended December 31, 2020, 2019 and 2018: Cash, Restricted Cash and Equivalents at End/Beginning of Year December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 (millions) Dominion Energy Cash and cash equivalents (1) $ 179 $ 166 $ 268 $ 120 Restricted cash and equivalents (2)(3) 68 103 123 65 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 247 $ 269 $ 391 $ 185 Virginia Power Cash and cash equivalents $ 35 $ 17 $ 29 $ 14 Restricted cash and equivalents (3) — 7 9 10 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 35 $ 24 $ 38 $ 24 (1) At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $7 million, $31 million, $110 million and $21 million of cash and cash equivalents included in current assets held for sale, respectively (2) At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $3 million, $12 million, $89 million and $39 million of restricted cash included in current assets held for sale, respectively. (3) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy: Year Ended December 31, 2020 2019 2018 Cash paid during the year for: Interest and related charges, excluding capitalized amounts $ 1,519 $ 1,643 1,362 Income taxes 292 106 89 Significant noncash investing and financing activities: (1)(2)(3)(4)(5) Accrued capital expenditures 485 555 307 Leases (6) 173 157 — Receivables from sales of assets and equity method investments — 5 159 (1) See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. (2) See Note 3 for noncash investing and financing activities related to the SCANA Combination. (3) See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point. (4) See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler. (5) See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units, the contribution of stock to Dominion Energy’s qualified defined benefit pension plan, derivative restructuring and the issuance of common stock associated with the settlement of litigation. See Note 23 for non-cash investing activities related to property, plant and equipment conveyed to satisfy litigation. (6) Includes $46 million of finance leases and $127 million of operating leases at December 31, 2020 and $113 million of finance leases and $44 million of operating leases at December 31, 2019. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Year Ended December 31, 2020 2019 2018 Cash paid during the year for: Interest and related charges, excluding capitalized amounts $ 491 $ 495 $ 498 Income taxes 452 272 128 Significant noncash investing activities: (1), (2) Accrued capital expenditures 262 292 204 Leases (3) 32 55 — (1) See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. (2) See Note 18 for non-cash financing activities related to derivative restructuring. (3) Includes $32 million of finance leases as of December 31, 2020 and $20 million of finance leases and $35 million of operating leases as of December 31, 2019. Distributions from Equity Method Investees Dominion Energy holds investments that are accounted for under the equity method of accounting and classifies 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. |
Derivative Instruments | Derivative Instruments The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate risk in their business operations. The Companies use derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity and interest rate risks of their business operations. All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $19 million and $42 million associated with cash collateral at December 31, 2020 and 2019, respectively. Dominion Energy had margin liabilities of $5 million and $2 million associated with cash collateral at December 31, 2020 and 2019, respectively. Virginia Power had margin assets of $1 million and less than $1 million associated with cash collateral at December 31, 2020 and 2019, respectively. Virginia Power had no margin liabilities associated with cash collateral at December 31, 2020 and 2019. See Note 7 for further information about derivatives. To manage price risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or discontinued operations based on the nature of the underlying risk. Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings. Derivative Instruments Designated as Hedging Instruments In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges or fair value hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows. Cash Flow Hedges -A majority of the Companies’ hedge strategies represents cash flow hedges of the variable price risk primarily associated with the purchase of natural gas. The Companies also use interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable. Fair Value Hedges -Dominion Energy has also designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item’s fair value. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred. In 2020, 2019, and 2018, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $103 million, $78 million and $109 million, respectively. In 2020, 2019, and 2018, Virginia Power capitalized AFUDC to property, plant and equipment of $60 million, $34 million and $56 million, respectively. Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2020, 2019, and 2018, Virginia Power recorded $11 million, $11 million and $4 million of AFUDC related to these projects, respectively. For property subject to cost-of-service rate regulation, including the Companies’ electric distribution, electric transmission and generation property and Dominion Energy’s natural gas distribution property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates. In 2020 and 2019, the Companies had the following charges, primarily recorded in impairment of assets and other charges in the Consolidated Statements of Income (reflected in the Corporate and Other segment), related to early retirements: • In March 2020, Virginia Power committed to retire certain coal- and oil-fired generating units before the end of their useful lives based on economic and other factors, including but not limited to market power prices and the VCEA. These units will be retired after they meet their capacity obligations to PJM in 2023. As a result, Virginia Power recorded a charge of $751 million ($ 559 million after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. Also in 2020, Virginia Power recorded charges of $ 54 million ($ 40 million after-tax) associated with dismantling certain of these electric generation facilities. • In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. • In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station was retired after meeting its capacity obligation to PJM in December 2020. As a result, Virginia Power recorded a charge of $346 million ($257 million after-tax). This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13. • In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax). • In September 2019, the Companies abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million after-tax) and Virginia Power recorded a charge of $17 million ($12 million after-tax). For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date. Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows: Year Ended December 2020 2019 2018 (percent) Dominion Energy (1) Generation 2.51 2.84 2.71 Transmission 2.48 2.50 2.50 Distribution 2.76 2.80 2.97 Storage 1.59 1.49 2.20 General and other 4.35 3.99 4.11 Virginia Power Generation 2.52 2.94 2.71 Transmission 2.52 2.54 2.52 Distribution 3.19 3.14 3.31 General and other 5.09 4.40 4.52 (1) Excludes rates for depreciation reported as discontinued operations. In 2020, Virginia Power updated depreciation rates for its nuclear plants to reflect lower depreciation rates as a result of expected approval of license extensions from the NRC. For the year ended December 31, 2020, this adjustment resulted in a decrease of $31 million ($23 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income and an increase to Dominion Energy’s EPS of $0.03 per share. In 2018, Virginia Power revised depreciation rates for regulated nuclear plants to comply with Virginia Commission requirements. For the year ended December 31, 2018, this adjustment resulted in a decrease of $60 million ($44 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income and an increase to Dominion Energy’s EPS of $0.07 per share. This change resulted in an annual decrease in depreciation expense of $30 million ($23 million after-tax). Virginia Power’s non-jurisdictional property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 30 years. Capitalized costs of development wells and leaseholds are amortized on a field-by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.97 and $1.80 per mcfe in 2020 and 2019, respectively. Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: Asset Estimated Nonregulated generation-nuclear 44 years Nonregulated generation-other 15-30 years General and other 5-59 years Depreciation and amortization related to Virginia Power’s nonutility property, plant and equipment and Dominion Energy’s exploration and production properties was immaterial for the years ended December 31, 2020, 2019, and 2018. Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. The Companies report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows. |
Long-Lived and Intangible Assets | Long-Lived and Intangible Assets The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets. |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and make various assumptions in their analyses. These analyses are generally based on: • Orders issued by regulatory commissions, legislation and judicial actions; • Past experience; • Discussions with applicable regulatory authorities and legal counsel; • Forecasted earnings; and • Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities. Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. See Notes 12 and 13 to the Consolidated Financial Statements for additional information. |
Leases | Leases The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use asset in the Companies’ Consolidated Statements of Income. Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A right-of-use asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets. The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities. In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis over an estimated useful life of 30 years. |
Asset Retirement Obligations | Asset Retirement Obligations The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipelines as an adjustment to the related regulatory assets or liabilities when revenue is recoverable from customers for AROs. The Companies report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory asset or liability for certain jurisdictions. Additionally, the Companies report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income. |
Debt Issuance Costs | Debt Issuance Costs The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized. |
Investments | 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 credit-related impairments) on investments held in nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts, net realized gains and losses (including any credit-related 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 the Companies in the nuclear decommissioning trusts. The Companies 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, the Companies 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. The Companies 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 the nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s nonregulated 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 in its Consolidated Balance Sheets, except for the liability to Atlantic Coast Pipeline or where such investments are classified as held for sale. Dominion Energy records equity method adjustments in other income in its Consolidated Statements of Income, including its 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 the Companies do not have the ability to exercise significant influence over the investee. The Companies’ 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 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 investment is written down to its fair value at the end of the reporting period. Credit Impairment Effective January 2020, the Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations. Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, 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, the Companies record the credit loss in earnings or defer as applicable for certain jurisdictions subject to cost-based regulation, with the remaining non-credit portion of the unrealized loss recorded 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. |
Inventories | Inventories Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method. Under the LIFO method, current stored gas inventory was valued at $2 million and $19 million at December 31, 2020 and December 31, 2019, respectively. Based on the average price of gas purchased during 2020 and 2019, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $52 million and $60 million, respectively. |
Gas Imbalances | Gas Imbalances Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion Energy values these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled in-kind. Imbalances due to Dominion Energy from other parties are reported in other current assets and imbalances that Dominion Energy owes to other parties are reported in other current liabilities in the Consolidated Balance Sheets. |
Goodwill | Goodwill Dominion Energy evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. |
New Accounting Standards | New Accounting Standards Debt with Conversion Options and Contracts in an Entity’s Own Equity In August 2020, the FASB issued revised accounting guidance for debt with conversion options and contracts in an entity’s own equity. The revised guidance eliminates the ability to assert cash settlement and exclude potential shares from the diluted EPS calculation for a contract that may be settled in stock or cash. The effective date is for interim and annual reporting periods beginning January 1, 2022 and may be adopted through a modified retrospective or fully retrospective method of transition. Upon adoption, Dominion Energy will apply the if-converted method to calculate diluted EPS in connection with any potentially dilutive instruments, or components of instruments, that may be settled in stock or cash, such as the Series A Preferred Stock. 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 recorded the cumulative-effect of a change in accounting principle of $3 million to retained earnings, and to establish a contract asset related to changes in the timing of revenue recognition for three existing contracts with customers at DETI. 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, The Companies 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. The Companies 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 losses on equity securities, net of regulatory deferrals, of $190 million ( $142 million after-tax) in other income in the Consolidated Statements of Income for the year ended December 31, 2018, resulting in an $0.22 loss per share for the year ended December 31, 2018. Virginia Power recorded unrealized losses on equity securities, net of regulatory deferrals, of $ 24 million ( $18 million after-tax) in other income in the Consolidated Statements of Income for the year ended December 31, 2018. Leases In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding right-of-use asset are recorded on the balance sheet for all leases, including those leases classified as operating leases, while also refining the definition of a lease. In addition, lessees are required to disclose key information about the amount, timing and uncertainty of cash flows arising from leasing arrangements. Lessor accounting remains largely unchanged. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2019. The Companies adopted this revised accounting guidance using a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the date of adoption. Under this approach, the Companies utilized the transition practical expedient to maintain historical presentation for periods before January 1, 2019. The Companies also applied the other practical expedients, which required no reassessment of whether existing contracts are or contain leases, no reassessment of lease classification for existing leases and no reassessment of existing or expired land easements that were not previously accounted for as leases. In connection with the adoption of this revised accounting guidance, Dominion Energy and Virginia Power recorded $504 million and $209 million, respectively, of offsetting right-of-use assets and liabilities for operating leases in effect at the adoption date. As a result of the GT&S and Q-Pipe Transactions, $43 million of such right-of-use assets and liabilities for operating leases recorded were associated with discontinued operations. See Note 15 for additional information. 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 nonregulated solar projects completed in December 2015 and January 2016. 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 and Virginia Power reclassified a benefit of $3 million from AOCI to retained earnings. 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 and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. |
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 that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that 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. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Checks Outstanding but Not Yet Presented for Payment | The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies: At December 2020 2019 (millions) Dominion Energy $ 50 $ 29 Virginia Power 30 9 |
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 years ended December 31, 2020, 2019 and 2018: Cash, Restricted Cash and Equivalents at End/Beginning of Year December 31, 2020 December 31, 2019 December 31, 2018 December 31, 2017 (millions) Dominion Energy Cash and cash equivalents (1) $ 179 $ 166 $ 268 $ 120 Restricted cash and equivalents (2)(3) 68 103 123 65 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 247 $ 269 $ 391 $ 185 Virginia Power Cash and cash equivalents $ 35 $ 17 $ 29 $ 14 Restricted cash and equivalents (3) — 7 9 10 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 35 $ 24 $ 38 $ 24 (1) At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $7 million, $31 million, $110 million and $21 million of cash and cash equivalents included in current assets held for sale, respectively (2) At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $3 million, $12 million, $89 million and $39 million of restricted cash included in current assets held for sale, respectively. (3) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
Schedule of Supplemental Cash Flow Information | The following table provides supplemental disclosure of cash flow information related to Dominion Energy: Year Ended December 31, 2020 2019 2018 Cash paid during the year for: Interest and related charges, excluding capitalized amounts $ 1,519 $ 1,643 1,362 Income taxes 292 106 89 Significant noncash investing and financing activities: (1)(2)(3)(4)(5) Accrued capital expenditures 485 555 307 Leases (6) 173 157 — Receivables from sales of assets and equity method investments — 5 159 (1) See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. (2) See Note 3 for noncash investing and financing activities related to the SCANA Combination. (3) See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point. (4) See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler. (5) See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units, the contribution of stock to Dominion Energy’s qualified defined benefit pension plan, derivative restructuring and the issuance of common stock associated with the settlement of litigation. See Note 23 for non-cash investing activities related to property, plant and equipment conveyed to satisfy litigation. (6) Includes $46 million of finance leases and $127 million of operating leases at December 31, 2020 and $113 million of finance leases and $44 million of operating leases at December 31, 2019. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Year Ended December 31, 2020 2019 2018 Cash paid during the year for: Interest and related charges, excluding capitalized amounts $ 491 $ 495 $ 498 Income taxes 452 272 128 Significant noncash investing activities: (1), (2) Accrued capital expenditures 262 292 204 Leases (3) 32 55 — (1) See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. (2) See Note 18 for non-cash financing activities related to derivative restructuring. (3) Includes $32 million of finance leases as of December 31, 2020 and $20 million of finance leases and $35 million of operating leases as of December 31, 2019. |
Schedule of Depreciation Rates | The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows: Year Ended December 2020 2019 2018 (percent) Dominion Energy (1) Generation 2.51 2.84 2.71 Transmission 2.48 2.50 2.50 Distribution 2.76 2.80 2.97 Storage 1.59 1.49 2.20 General and other 4.35 3.99 4.11 Virginia Power Generation 2.52 2.94 2.71 Transmission 2.52 2.54 2.52 Distribution 3.19 3.14 3.31 General and other 5.09 4.40 4.52 (1) Excludes rates for depreciation reported as discontinued operations. |
Property, Plant and Equipment | Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives: Asset Estimated Nonregulated generation-nuclear 44 years Nonregulated generation-other 15-30 years General and other 5-59 years |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SCANA | |
Schedule of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed | The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at closing, which reflects certain adjustments related to income taxes, as discussed in Note 5, from the preliminary valuation recognized during the measurement period. Amount (millions) Total current assets (1) $ 1,782 Investments (2) 224 Property, plant and equipment (3)(4) 11,006 Goodwill 2,609 Regulatory assets (5) 3,940 Other deferred charges and other assets, including intangible assets (6) 430 Total Assets 19,991 Total current liabilities (7) 1,556 Long-term debt 6,707 Deferred income taxes 1,068 Regulatory liabilities 2,706 Other deferred credits and other liabilities (8) 1,115 Total Liabilities 13,152 Total purchase price (9) $ 6,839 (1) Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted. (2) Includes $31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized. (3) Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges (reflected in the Corporate and Other segment). (4) Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years. (5) Includes $258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. (6) Intangible assets have an estimated weighted-average amortization period of approximately five years. (7) Includes $40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $173 million outstanding commercial paper under various credit facilities. All such credit facilities were terminated in 2019. (8) Includes a $379 million pension and other postretirement benefit liability. (9) Includes stock-based compensation awards with a fair value of $21 million. |
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Twelve Months Ended December 2019 (1) 2018 (1) (millions, except EPS) Operating Revenue $ 15,408 $ 15,344 Net income attributable to Dominion Energy 3,266 2,081 Earnings Per Common Share – $ 4.04 $ 2.78 Earnings Per Common Share – $ 4.00 $ 2.77 (1) Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
GT&S Transaction | Dominion Energy Gas Holdings, LLC | |
Results of Operations Reported within Discontinued Operations | The following table represents selected information regarding the results of operations, which are reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 GT&S Transaction (1) Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Operating revenue $ 1,710 $ 246 $ 2,213 $ 251 $ 2,134 $ 247 Operating Expense (2)(3) 1,289 96 1,367 131 1,663 135 Other income (loss) 88 1 58 4 68 5 Interest and related charges (4) 372 20 267 20 183 20 Income (loss) before income taxes 137 131 637 104 356 97 Income tax expense (benefit) 334 (9 ) 120 23 40 18 Net income (loss) including noncontrolling interests (197 ) 140 517 81 316 79 Noncontrolling interests 106 — 11 — 92 — Net income (loss) attributable to Dominion Energy $ (303 ) $ 140 $ 506 $ 81 $ 224 $ 79 (1) Operations associated with the GT&S Transaction are through the November 1, 2020 settlement date. (2) GT&S Transaction includes a charge of $482 million ($359 million after-tax) recorded in the second quarter of 2020 associated with the probable abandonment of a significant portion of the Supply Header Project as well as the establishment of a $75 million ARO as a result of the cancellation of the Atlantic Coast Pipeline Project. It also includes charges of $219 million ($165 million after-tax) associated with the impairment of certain gathering and processing assets, $127 million ($92 million after-tax) associated with the disallowance of FERC-regulated plant and $37 million ($28 million after-tax) write-off associated with the Eastern Market Access Project all recorded in 2018. (3) GT&S Transaction includes gains on sales of assets recorded in 2018 totaling $115 million ($83 million after-tax), associated with the conveyance of Marcellus Shale and Utica and Point Pleasant Shale acreage underneath its natural gas storage fields. (4) GT&S Transaction includes a loss of $237 million ($178 million after-tax) recorded in the third quarter of 2020 associated with cash flow hedges of debt-related items that were determined to be probable of not occurring. |
Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations | The carrying amounts of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets, were as follows: At December 31, 2020 (1) At December 31, 2019 Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Current assets (2) $ 47 $ 445 $ 49 Equity method investments (3) 35 276 36 Property, plant and equipment, net 1,113 10,764 1,103 Other deferred charges and other assets, including goodwill (4) 224 1,553 225 Current liabilities (5) 30 1,002 37 Long-term debt 426 4,401 425 Other deferred credits and liabilities 154 773 155 (1) All amounts at December 31, 2020 are classified as current in Dominion Energy’s Consolidated Balance Sheets. (2) Includes cash and cash equivalents of $20 million as of December 31, 2019 within the GT&S Transaction and $7 million and $11 million as of December 31, 2020 and December 31, 2019, respectively, within the Q-Pipe Transaction. (3) Comprised of equity method investments in Iroquois and JAX LNG within the GT&S Transaction and White River Hub within the Q-Pipe Transaction. (4) Includes goodwill of $1.4 billion at December 31, 2019 within the GT&S Transaction and $191 (5) Includes current portions of long-term debt of $699 million as of December 31, 2019, within the GT&S Transaction. |
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups | Capital expenditures and significant noncash items relating to the disposal groups included the following: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 GT&S Transaction (1) Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Capital expenditures $ 292 $ 38 $ 386 $ 42 $ 728 $ 34 Significant noncash items Impairment of assets and other charges 469 — 13 1 391 — Charge related to a voluntary retirement program — — 19 3 — — Depreciation, depletion and amortization 177 27 322 51 283 57 Accrued capital expenditures — 1 25 2 56 2 (1) Operations associated with the GT&S Transaction are through the November 1, 2020 settlement date. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following: Year Ended December 31, 2020 2019 2018 (millions) Dominion Energy Regulated electric sales: Residential $ 4,833 $ 4,325 $ 3,413 Commercial 3,102 3,219 2,503 Industrial 730 683 490 Government and other retail 868 873 854 Wholesale 128 176 137 Nonregulated electric sales 803 926 1,294 Regulated gas sales: Residential 1,283 1,343 818 Commercial 457 457 221 Other 88 109 11 Nonregulated gas sales 174 495 210 Regulated gas transportation and storage 801 742 640 Other regulated revenues 327 252 178 Other nonregulated revenues (1)(2) 158 145 122 Total operating revenue from contracts with customers 13,752 13,745 10,891 Other revenues (3)(4) 420 656 308 Total operating revenue $ 14,172 $ 14,401 $ 11,199 Virginia Power Regulated electric sales: Residential $ 3,677 $ 3,657 $ 3,413 Commercial 2,342 2,712 2,503 Industrial 380 455 490 Government and other retail 804 823 854 Wholesale 90 128 137 Other regulated revenues 299 190 132 Other nonregulated revenues (1)(2) 69 71 55 Total operating revenue from contracts with customers 7,661 8,036 7,584 Other revenues (1)(3) 102 72 35 Total operating revenue $ 7,763 $ 8,108 $ 7,619 (1) See Notes 9 and 25 for amounts attributable to related parties and affiliates. (2) Amounts above include sales which are considered to be goods transferred at a point (3) Amounts above include alternative revenue of $119 million and $82 million for the year ended December 31, 2020 at Dominion Energy and Virginia Power, $66 million and $52 million for year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power. (4) Amounts above include revenue associated with services provided to entities presented in discontinued operations of $4 million for the year ended December 31, 2020 and $6 million for both years ended December 31, 2019 and 2018. |
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 Dominion Energy expects to recognize this revenue. These revenues relate to contracts containing fixed prices where Dominion Energy will earn the associated revenue over time as it stands 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 Dominion Energy elects to recognize revenue in the amount it has a right to invoice. Revenue expected to be recognized on multi-year contracts in place at December 31, 2020 2021 2022 2023 2024 2025 Thereafter Total (millions) Dominion Energy (1) $ 67 $ 66 $ 64 $ 57 $ 50 $ 466 $ 770 (1) Includes $1 million for Virginia |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income tax expense for continuing operations including noncontrolling interests | Details of income tax expense for continuing operations including noncontrolling interests were as follows: Dominion Energy Virginia Power Year Ended December 2020 2019 2018 2020 2019 2018 (millions) Current: Federal $ (314 ) $ (94 ) $ 294 $ 364 $ 286 $ 36 State (81 ) 58 82 71 58 40 Total current expense (benefit) (395 ) (36 ) 376 435 344 76 Deferred: Federal Taxes before operating loss carryforwards, investment tax credits and tax reform 12 168 30 (226 ) (128 ) 199 2017 Tax Reform Act — — 46 — — 21 Tax utilization expense of operating loss carryforwards 44 119 92 — — — Investment tax credits 311 (51 ) (56 ) (27 ) (34 ) (51 ) State 72 (50 ) 34 7 22 55 Total deferred expense (benefit) 439 186 146 (246 ) (140 ) 224 Investment tax credit-gross deferral 42 62 2 42 62 2 Investment tax credit-amortization (3 ) (3 ) (2 ) (2 ) (2 ) (2 ) Total income tax expense $ 83 $ 209 $ 522 $ 229 $ 264 $ 300 |
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 Year Ended December 2020 2019 2018 2020 2019 2018 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 2.0 1.5 4.3 4.8 4.5 4.7 Investment tax credits (9.6 ) (11.4 ) (2.3 ) (4.5 ) (2.9 ) (3.5 ) Production tax credits (0.7 ) (2.1 ) (0.8 ) (0.7 ) (0.7 ) (0.7 ) Valuation allowances 0.9 0.5 0.4 — — — Reversal of excess deferred income taxes (5.4 ) (3.2 ) (2.3 ) (2.2 ) (3.1 ) (3.2 ) Federal legislative change — — 1.8 — — 1.3 State legislative change — — (0.8 ) — — — Write-off of regulatory assets — 21.7 — — — — Change in tax status (1.7 ) (5.5 ) — — — — AFUDC—equity (0.2 ) (0.2 ) (0.3 ) — — (0.5 ) Changes in state deferred taxes associated with assets held for sale (3.2 ) — — — — Absence of tax on noncontrolling interest 3.8 (0.2 ) (0.1 ) — — — Employee stock ownership plan deduction (0.9 ) (1.4 ) (0.5 ) — — — Nondeductible goodwill — 1.8 — — — — Other, net (0.1 ) 1.5 (0.4 ) (0.1 ) (0.2 ) (0.1 ) Effective tax rate 5.9 % 24.0 % 20.0 % 18.3 % 18.6 % 19.0 % |
Deferred income taxes components | The Companies’ deferred income taxes consist of the following: Dominion Energy Virginia Power At December 2020 2019 2020 2019 (millions) Deferred income taxes: Total deferred income tax assets $ 3,285 $ 3,736 $ 1,204 $ 1,207 Total deferred income tax liabilities 9,069 9,883 3,832 4,058 Total net deferred income tax liabilities $ 5,784 $ 6,147 $ 2,628 $ 2,851 Total deferred income taxes: Plant and equipment, primarily depreciation method and basis differences $ 5,824 $ 6,616 $ 3,227 $ 3,359 Excess deferred income taxes (1,142 ) (1,306 ) (656 ) (672 ) Unrecovered NND Project costs 529 553 — — DESC rate refund (140 ) (169 ) — — Toshiba Settlement (204 ) (219 ) — — Nuclear decommissioning 991 909 303 290 Deferred state income taxes 702 863 305 302 Federal benefit of deferred state income taxes (147 ) (184 ) (64 ) (63 ) Deferred fuel, purchased energy and gas costs (28 ) 30 (34 ) 1 Pension benefits 239 174 (105 ) (153 ) Other postretirement benefits (14 ) (37 ) 76 62 Loss and credit carryforwards (1,534 ) (1,832 ) (354 ) (280 ) Valuation allowances 155 161 6 5 Partnership basis differences 593 823 — — Other (40 ) (235 ) (76 ) — Total net deferred income tax liabilities $ 5,784 $ 6,147 $ 2,628 $ 2,851 Deferred Investment Tax Credits – 169 130 151 111 Total Deferred Taxes and Deferred Investment Tax Credits $ 5,953 $ 6,277 $ 2,779 $ 2,962 |
Summary of deductible loss and credit carryforwards | At December 31, 2020, Dominion Energy had the following deductible loss and credit carryforwards: Deductible Deferred Valuation Expiration Amount Tax Asset Allowance Period (millions) Federal losses $ 1,169 $ 246 $ — 2037 Federal investment credits — 736 — 2036-2040 Federal production credits — 86 — 2036-2040 Other federal credits — 14 — 2036-2039 State losses 3,661 198 (61 ) 2020-2040 State minimum tax credits — 139 — No expiration State investment and other credits — 142 (94 ) 2020-2031 Total $ 4,830 $ 1,561 $ (155 ) At December 31, 2020, Virginia Power had the following deductible loss and credit carryforwards: Deductible Deferred Valuation Expiration Amount Tax Asset Allowance Period (millions) Federal losses $ — $ — $ — Federal investment credits — 294 — 2036-2040 Federal production and other credits — 51 — 2036-2040 State investment credits — 9 (6 ) 2024 Total $ — $ 354 $ (6 ) |
Reconciliation of changes in unrecognized tax benefits | A reconciliation of changes in the Companies’ unrecognized tax benefits follows: Dominion Energy Virginia Power 2020 2019 2018 2020 2019 2018 (millions) Balance at January 1 $ 175 $ 44 $ 38 $ — $ 2 $ 4 Acquired unrecognized tax benefits — 129 (1 ) — — — — Increases-prior period positions 18 — 10 — — — Decreases-prior period positions (19 ) — — — — — Increases-current period positions 1 9 10 — — — Settlements with tax authorities — (7 ) (6 ) — (2 ) (1 ) Expiration of statutes of limitations (8 ) — (8 ) — — (1 ) Balance at December 31 $ 167 $ 175 $ 44 $ — $ — $ 2 (1) Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting. |
Earliest tax year remaining | For each of the major states in which Dominion Energy operates, the earliest tax year remaining open for examination is as follows: Earliest Open Tax State Year Pennsylvania (1) 2012 Connecticut 2017 Virginia (2) 2017 West Virginia 2017 New York (1) 2015 Utah 2017 South Carolina 2013 (1) Considered a major state for entities presented in discontinued operations. (2) Considered a major state for Virginia Power’s operations |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at December 31, 2020. 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: Natural gas (2) $ 95 Discounted cash flow Market price (per Dth) (3) (1) - 4 (1 ) FTRs 15 Discounted cash flow Market price (per MWh) (3) (1) - 4 1 Total assets $ 110 Liabilities Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (4) - 3 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 5 4 Price volatility (4) 20% - 56% 38 % Total liabilities $ 7 (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) December 31, 2020 Assets Derivatives: Commodity $ — $ 57 $ 110 $ 167 Interest rate — 230 — 230 Investments (1) Equity securities: U.S. 4,648 — — 4,648 Fixed income: Corporate debt instruments — 629 — 629 Government securities 508 730 — 1,238 Cash equivalents and other 32 15 — 47 Total assets $ 5,188 $ 1,661 $ 110 $ 6,959 Liabilities Derivatives: Commodity $ — $ 48 $ 7 $ 55 Interest rate — 431 — 431 Total liabilities $ — $ 479 $ 7 $ 486 December 31, 2019 Assets Derivatives: Commodity $ — $ 55 $ 19 $ 74 Interest rate — 11 — 11 Foreign currency — 8 — 8 Investments (1) Equity securities: U.S. 4,195 — — 4,195 Fixed income: Corporate debt instruments — 463 — 463 Government securities 473 719 — 1,192 Cash equivalents and other 19 1 — 20 Total assets $ 4,687 $ 1,257 $ 19 $ 5,963 Liabilities Derivatives: Commodity $ — $ 75 $ 56 $ 131 Interest rate — 606 — 606 Foreign currency — 3 — 3 Total liabilities $ — $ 684 $ 56 $ 740 (1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $340 million and $274 million of assets at December 31, 2020 and 2019, 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: 2020 2019 2018 (millions) Balance at January 1, $ (37 ) $ 64 $ 150 Total realized and unrealized gains (losses): Included in earnings: Operating Revenue — (1 ) (2 ) Electric fuel and other energy-related purchases (33 ) (22 ) (15 ) Purchased gas — 2 — Discontinued operations 1 — — Included in other comprehensive income — — 1 Included in regulatory assets/liabilities 140 (90 ) (44 ) Settlements 33 17 (27 ) Purchases — (10 ) — Sales (1 ) 6 — Transfers out of Level 3 — (3 ) 1 Balance at December 31, $ 103 $ (37 ) $ 64 |
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: December 31, 2020 2019 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt (2)(3) $ 31,996 $ 38,773 $ 32,055 $ 36,155 Supplemental 364-Day credit facility borrowings 225 225 — — Junior subordinated notes (4) 3,411 3,633 4,797 4,953 Virginia Power Long-term debt (4) $ 13,207 $ 16,455 $ 12,326 $ 14,281 (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 issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with Dominion (3) Includes amounts classified as held for sale, see Note 3. (4) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. |
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 December 31, 2020. 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: Natural gas (2) $ 95 Discounted cash flow Market price (per Dth) (3) (1) - 4 (1 ) FTRs 15 Discounted cash flow Market price (per MWh) (3) (1) - 4 1 Total assets $ 110 Liabilities Financial forwards: FTRs $ 5 Discounted cash flow Market price (per MWh) (3) (4) - 3 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 2 - 5 4 Price volatility (4) 20% - 56% 38 % Total liabilities $ 7 (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) December 31, 2020 Assets Derivatives: Commodity $ — $ 5 $ 110 $ 115 Interest rate — 66 — 66 Investments (1) Equity securities: U.S. 2,171 — — 2,171 Fixed income: Corporate debt instruments — 348 — 348 Government securities 201 309 — 510 Cash equivalents and other 13 — — 13 Total assets $ 2,385 $ 728 $ 110 $ 3,223 Liabilities Derivatives: Commodity $ — $ 22 $ 7 $ 29 Interest rate — 376 — 376 Total liabilities $ — $ 398 $ 7 $ 405 December 31, 2019 Assets Derivatives: Commodity $ — $ 3 $ 19 $ 22 Interest rate — 2 — 2 Investments (1) Equity securities: U.S. 1,920 — — 1,920 Fixed income: Corporate debt instruments — 256 — 256 Government securities 186 361 — 547 Cash equivalents and other — 1 — 1 Total assets $ 2,106 $ 623 $ 19 $ 2,748 Liabilities Derivatives: Commodity $ — $ 47 $ 56 $ 103 Interest rate — 363 — 363 Total liabilities $ — $ 410 $ 56 $ 466 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $167 million and $159 million of assets at December 31, 2020 and 2019, 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: 2020 2019 2018 (millions) Balance at January 1, $ (37 ) $ 60 $ 147 Total realized and unrealized gains (losses): Included in earnings: Electric fuel and other energy-related purchases (33 ) (22 ) (17 ) Included in regulatory assets/liabilities 140 (88 ) (45 ) Settlements 33 13 (25 ) Balance at December 31, $ 103 $ (37 ) $ 60 |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting Assets | The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 117 $ 9 $ — $ 108 $ 35 $ 21 $ — $ 14 Exchange 49 24 — 25 37 21 — 16 Interest rate contracts: Over-the-counter 230 13 — 217 11 3 — 8 Foreign currency contracts: Over-the-counter — — — — 8 8 — — Total derivatives, subject to a master netting or similar arrangement $ 396 $ 46 $ — $ 350 $ 91 $ 53 $ — $ 38 (1) Excludes $1 million and $2 million of derivative assets at December 31, 2020 and 2019, respectively, |
Offsetting Liabilities | December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 30 $ 9 $ — $ 21 $ 105 $ 21 $ — $ 84 Exchange 24 24 — — 21 21 — — Interest rate contracts: Over-the-counter 431 13 17 401 606 8 35 563 Foreign currency contracts: Over-the-counter — — — — 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 485 $ 46 $ 17 $ 422 $ 735 $ 53 $ 35 $ 647 (1) Excludes $1 million and $5 million of derivative liabilities at December 31, 2020 and 2019, respectively, |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity as of December 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 65 — Basis 190 477 Electricity (MWh): Fixed price 7,932,760 6,825,680 FTRs 45,249,553 — Interest rate (2) $ 850,000,000 $ 6,058,894,892 (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 gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheets at December 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (1 ) $ (1 ) 12 months Interest rate (418 ) (42 ) 396 months Total $ (419 ) $ (43 ) |
Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Asset (Liability) (1) Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) (2) December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 (millions) Long-term debt $ (1,153 ) $ (1,154 ) $ (3 ) $ (4 ) (1) Includes $(1,153) million and $(397) million related to discontinued hedging relationships at December 31, 2020 and December 31, 2019, (2) Includes $(3) million and $3 million of hedging adjustments on discontinued hedging relationships at December 31, 2020 and December 31, 2019, respectively. |
Fair Value of Derivatives | Fair Value and Gains and Losses on Derivative Instruments The following tables present 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) At December 31, 2020 ASSETS Current Assets Commodity $ — $ 58 $ 58 Interest rate — 9 9 Total current derivative assets (1) — 67 67 Noncurrent Assets Commodity — 109 109 Interest rate 66 155 221 Total noncurrent derivative assets (2) 66 264 330 Total derivative assets $ 66 $ 331 $ 397 LIABILITIES Current Liabilities Commodity $ — $ 42 $ 42 Interest rate 363 10 373 Total current derivative liabilities (3) 363 52 415 Noncurrent Liabilities Commodity — 13 13 Interest rate 19 39 58 Total noncurrent derivative liabilities (4) 19 52 71 Total derivative liabilities $ 382 $ 104 $ 486 At December 31, 2019 ASSETS Current Assets Commodity $ 30 $ 37 $ 67 Interest rate 1 — 1 Total current derivative assets (1) 31 37 68 Noncurrent Assets Commodity 1 6 7 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 19 6 25 Total derivative assets $ 50 $ 43 $ 93 LIABILITIES Current Liabilities Commodity $ 6 $ 77 $ 83 Interest rate 321 1 322 Foreign currency 3 — 3 Total current derivative liabilities (3) 330 78 408 Noncurrent Liabilities Commodity 1 47 48 Interest rate 267 17 284 Total noncurrent derivative liabilities (4) 268 64 332 Total derivative liabilities $ 598 $ 142 $ 740 (1) Current derivative assets include $63 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets include $ 330 million and $ 16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities include $412 million and $394 million in other current liabilities in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets. (4) Noncurrent derivative liabilities include $71 million and $329 million in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent liabilities held for sale 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 (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Year Ended December 31, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 25 Purchased gas (4 ) Discontinued operations 2 Total commodity $ — $ 23 $ — Interest rate: Interest and related charges $ (83 ) Discontinued operations (236 ) Total interest rate $ (309 ) $ (319 ) $ (332 ) Foreign currency (3) (11 ) (6 ) — Total $ (320 ) $ (302 ) $ (332 ) Year Ended December 31, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 142 Purchased gas (3 ) Discontinued operations 4 Total commodity $ 125 $ 143 $ — Interest rate: Interest and related charges $ (49 ) Discontinued operations (5 ) Total interest rate $ (252 ) $ (54 ) $ (255 ) Foreign currency (3) (18 ) (6 ) — Total $ (145 ) $ 83 $ (255 ) Year Ended December 31, 2018 Derivative type and location of gains (losses): Commodity: Operating revenue $ (82 ) Electric fuel and other energy-related purchases 14 Discontinued operations (8 ) Total commodity $ 64 $ (76 ) $ — Interest rate: Interest and related charges $ (43 ) Discontinued operations (5 ) Total interest rate $ (18 ) $ (48 ) $ 39 Foreign currency (3) (6 ) (13 ) — Total $ 40 $ (137 ) $ 39 (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 discontinued operations. |
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) Year Ended December 31, 2020 2019 2018 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 73 $ 41 $ (11 ) Purchased gas (20 ) (22 ) 4 Electric fuel and other energy-related purchases (104 ) (46 ) (9 ) Discontinued operations (11 ) (2 ) (10 ) Interest rate: Interest and related charges 87 3 — Discontinued operations 5 — — Foreign currency: Discontinued operations 12 — — Total $ 42 $ (26 ) $ (26 ) (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, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 111 $ 6 $ — $ 105 $ 19 $ 18 $ — $ 1 Exchange 1 1 — — — — — — Interest rate contracts: Over-the-counter 66 7 — 59 2 — — 2 Total derivatives, subject to a master netting or similar arrangement $ 178 $ 14 $ — $ 164 $ 21 $ 18 $ — $ 3 (1) Excludes $3 million and $3 million of derivative assets at December 31, 2020 and 2019, respectively, which are not subject to master netting or similar arrangements. |
Offsetting Liabilities | December 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 6 $ 6 $ — $ — $ 59 $ 18 $ — $ 41 Exchange 1 1 — — — — — — Interest rate contracts: Over-the-counter 376 7 — 369 363 — — 363 Total derivatives, subject to a master netting or similar arrangement $ 383 $ 14 $ — $ 369 $ 422 $ 18 $ — $ 404 (1) Excludes $22 million and $44 million of derivative liabilities at December 31, 2020 and 2019, respectively, which are not subject to master netting or similar arrangements. |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at December 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 30 — Basis 134 473 Electricity (MWh): Fixed price 928,560 350,400 FTRs 45,249,553 — Interest rate (2) $ 850,000,000 $ 1,200,000,000 (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 Sheets at December 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (60 ) $ (2 ) 396 months Total $ (60 ) $ (2 ) |
Fair Value of Derivatives | The following tables present 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) At December 31, 2020 ASSETS Current Assets Commodity $ — $ 22 $ 22 Total current derivative assets (1) — 22 22 Noncurrent Assets Commodity — 93 93 Interest rate 66 — 66 Total noncurrent derivative assets (2) 66 93 159 Total derivative assets $ 66 $ 115 $ 181 LIABILITIES Current Liabilities Commodity $ — $ 28 $ 28 Interest rate 362 — 362 Total current derivative liabilities 362 28 390 Noncurrent Liabilities Commodity — 1 1 Interest rate 14 — 14 Total noncurrent derivatives liabilities (3) 14 1 15 Total derivative liabilities $ 376 $ 29 $ 405 At December 31, 2019 ASSETS Current Assets Commodity $ — $ 20 $ 20 Interest rate — — — Total current derivative assets (1) — 20 20 Noncurrent Assets Commodity — 2 2 Interest rate 2 — 2 Total noncurrent derivative assets (2) 2 2 4 Total derivative assets $ 2 $ 22 $ 24 LIABILITIES Current Liabilities Commodity $ — $ 58 $ 58 Interest rate 185 — 185 Total current derivative liabilities 185 58 243 Noncurrent Liabilities Commodity — 45 45 Interest rate 178 — 178 Total noncurrent derivatives liabilities (3) 178 45 223 Total derivative liabilities $ 363 $ 103 $ 466 (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) 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 (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Year Ended December 31, 2020 Derivative type and location of gains (losses): Interest rate (3) $ (37 ) $ (2 ) $ (338 ) Total $ (37 ) $ (2 ) $ (338 ) Year Ended December 31, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (30 ) $ (1 ) $ (259 ) Total $ (30 ) $ (1 ) $ (259 ) Year Ended December 31, 2018 Derivative type and location of gains (losses): Interest rate (3) $ 2 $ (1 ) $ 39 Total $ 2 $ (1 ) $ 39 (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) Year Ended December 31, 2020 2019 2018 (millions) Derivative type and location of gains (losses): Commodity (2) $ (104 ) $ (45 ) $ 2 Total $ (104 ) $ (45 ) $ 2 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion Energy’s basic and diluted EPS: 2020 2019 2018 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 1,583 $ 653 $ 2,087 Preferred stock dividends (see Note 19) (65 ) (17 ) — Net income attributable to Dominion Energy from continuing operations - Basic 1,518 636 2,087 Dilutive effect of Series A Preferred Stock (11 ) (28 ) — Net income attributable to Dominion Energy from continuing operations - Diluted $ 1,507 $ 608 $ 2,087 Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted $ (1,984 ) $ 705 $ 360 Average shares of common stock outstanding – Basic 831.0 808.8 654.2 Net effect of dilutive securities (1) — 0.1 0.7 Average shares of common stock outstanding – Diluted 831.0 808.9 654.9 EPS from continuing operations - Basic $ 1.83 $ 0.79 $ 3.19 EPS from discontinued operations - Basic (2.39 ) 0.87 0.55 EPS attributable to Dominion Energy - Basic $ (0.56 ) $ 1.66 $ 3.74 EPS from continuing operations - Diluted 1.82 $ 0.75 $ 3.19 EPS from discontinued operations - Diluted (2.39 ) 0.87 0.55 EPS attributable to Dominion Energy - Diluted $ (0.57 ) $ 1.62 $ 3.74 (1) Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Note 20 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Allowance for Credit Losses Fair Value (millions) December 31, 2020 Equity securities: (1) U.S. $ 1,756 $ 2,948 $ (24 ) $ 4,680 Fixed income securities: (2) Corporate debt instruments 572 58 (1 ) $ — 629 Government securities 1,119 66 (1 ) — 1,184 Common/collective trust funds 170 5 — — 175 Insurance contracts 237 — — 237 Cash equivalents and other (3) (8 ) 4 (1 ) — (5 ) Total $ 3,846 $ 3,081 $ (27 ) (4) $ — $ 6,900 December 31, 2019 Equity securities: (1) U.S. $ 1,807 $ 2,451 $ (20 ) $ 4,238 Fixed income securities: (2) Corporate debt instruments 434 29 — 463 Government securities 1,108 39 (2 ) 1,145 Common/collective trust funds 115 4 — 119 Insurance contracts 214 — — 214 Cash equivalents and other 13 — — 13 Total $ 3,691 $ 2,523 $ (22 ) (4) $ 6,192 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income. (3) Includes pending purchases of securities of $49 million and $1 million at December 31, 2020 and 2019, respectively. (4) The fair value of securities in an unrealized loss position was $293 million and $298 million at December 31, 2020 and 2019, respectively. |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: Year Ended December 31, 2020 2019 2018 (millions) Net gains (losses) recognized during the period $ 512 $ 919 $ (245 ) Less: Net gains recognized during the period on securities sold during the period (16 ) (80 ) (58 ) Unrealized gains (losses) recognized during the period on securities still held at period end (1) $ 496 $ 839 $ (303 ) (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 227 Due after one year through five years 506 Due after five years through ten years 505 Due after ten years 750 Total $ 1,988 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Year Ended December 31, 2020 2019 2018 (millions) Proceeds from sales $ 4,278 $ 1,712 $ 1,804 Realized gains (1) 340 195 140 Realized losses (1) 297 96 91 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments Accounts Under Equity Method of Accounting | Investments that Dominion Energy accounts for under the equity method of accounting are as follows: Investment Company Ownership% Balance Description As of December 2020 2019 (millions) Cove Point 50 % (2) $ 2,784 $ - LNG import/export and storage facility Atlantic Coast Pipeline 53 % (3) — (5) 1,123 Gas transmission system Wrangler 20 % 74 77 Nonregulated retail energy marketing Fowler Ridge 50 % (4) — 74 Wind-powered nonregulated generation facility Other (1) various 76 60 Total $ 2,934 $ 1,334 (1) Dominion Energy has an $59 million unfunded commitment to be made to Align RNG by the end of 2022. (2) Effective November 2020, (3) Dominion Energy owned 53% and 48% of Atlantic Coast Pipeline at December 31, 2020 and 2019, respectively. See discussion below for additional information. (4) Dominion Energy sold its 50% noncontrolling interest in Fowler Ridge in September 2020. See discussion below for additional information. (5) Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 includes a $1.1 billion liability associated with its investment in Atlantic Coast Pipeline. See discussion below for additional information. |
Virginia Electric and Power Company | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Allowance for Credit Losses Fair Value (millions) December 31, 2020 Equity securities: (1) U.S. $ 929 $ 1,371 $ (21 ) $ 2,279 Fixed income securities: (2) Corporate debt instruments 315 33 — $ — 348 Government securities 484 25 — — 509 Common/collective trust funds 58 — — 58 Cash equivalents and other 3 — — — 3 Total $ 1,789 $ 1,429 $ (21 ) (4) $ — $ 3,197 December 31, 2019 Equity securities: (1) U.S. $ 894 $ 1,144 $ (11 ) $ 2,027 Fixed income securities: (2) Corporate debt instruments 241 15 — 256 Government securities 534 14 (2 ) 546 Common/collective trust funds 51 — — 51 Cash equivalents and other 1 — — 1 Total $ 1,721 $ 1,173 $ (13 ) (4) $ 2,881 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2 (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income. (3) Includes pending purchases of securities of $10 million at December 31, 2020. (4) The fair value of securities in an unrealized loss position was $142 million and $185 million at December 31, 2020 and 2019, respectively. |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Year Ended December 31, 2020 2019 2018 (millions) Net gains (losses) recognized during the period $ 224 $ 423 $ (105 ) Less: Net gains recognized during the period on securities sold during the period (6 ) (20 ) (32 ) Unrealized gains (losses) recognized during the period on securities still held at end of period (1) $ 218 $ 403 $ (137 ) (1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 79 Due after one year through five years 238 Due after five years through ten years 297 Due after ten years 301 Total $ 915 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Year Ended December 31, 2020 2019 2018 (millions) Proceeds from sales $ 884 $ 858 $ 887 Realized gains (1) 88 58 60 Realized losses (1) 68 22 27 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Property Plant And Equipment (T
Property Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment | Major classes of property, plant and equipment and their respective balances for the Companies are as follows: At December 31, 2020 2019 (millions) Dominion Energy Utility: Generation $ 22,697 $ 25,317 Transmission 14,351 13,472 Distribution 27,311 25,746 Storage 436 428 Nuclear fuel 2,283 2,296 General and other 4,130 3,978 Plant under construction 3,350 2,377 Total utility 74,558 73,614 Non-jurisdictional - including plant under construction 1,225 854 Nonutility: Nonregulated generation-nuclear 1,736 1,652 Nonregulated generation-other 3,268 3,985 Nuclear fuel 1,012 930 Other-including plant under construction 1,160 1,008 Total nonutility 7,176 7,575 Total property, plant and equipment $ 82,959 $ 82,043 Virginia Power Utility: Generation $ 16,769 $ 19,552 Transmission 11,000 10,229 Distribution 12,839 12,095 Nuclear fuel 1,709 1,688 General and other 845 825 Plant under construction 2,338 1,784 Total utility 45,500 46,173 Non-jurisdictional - including plant under construction 1,225 854 Other 11 11 Total property, plant and equipment $ 46,736 $ 47,038 |
Schedule of Jointly Owned Utility Plants | The Companies proportionate share of jointly-owned power stations at December 31, 2020 is as follows: Bath County Pumped Storage Station (1) North Anna Units 1 and 2 (1) Clover Power Station (1) Millstone Unit 3 (2) Summer Unit 1 (2) (millions, except percentages) Ownership interest 60 % 88.4 % 50 % 93.5 % 66.7 % Plant in service 1,064 2,587 609 1,292 1,519 Accumulated depreciation (688 ) (1,359 ) (260 ) (482 ) (676 ) Nuclear fuel — 793 — 573 575 Accumulated amortization of nuclear fuel — (661 ) — (444 ) (354 ) Plant under construction 3 158 1 78 61 (1) Units jointly owned by Virginia Power. (2) Unit jointly owned by Dominion Energy. |
Virginia Electric and Power Company | |
Schedule of Business Acquisitions, by Acquisition | The following table presents acquisitions by Virginia Power of solar projects. Virginia Power has claimed or expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity September 2017 October 2018 North Carolina Pecan $ 140 December 2018 75 September 2017 June 2019 North Carolina Gutenberg 142 September 2019 80 June 2018 February 2019 Virginia Gloucester 37 April 2019 20 August 2018 May 2019 Virginia Grasshopper 128 October 2020 80 August 2018 May 2019 North Carolina Chestnut 127 January 2020 75 June 2019 June 2019 Virginia Ft. Powhatan 270 Expected 2021 150 June 2019 August 2019 Virginia Belcher 165 Expected 2021 88 August 2019 November 2019 Virginia Bedford 110 Expected 2021 70 October 2019 October 2019 Virginia Maplewood 185 Expected 2022 120 December 2019 January 2020 Virginia Rochambeau 35 Expected 2021 20 May 2020 May 2020 Virginia Pumpkinseed 130 Expected 2022 60 (1) Includes acquisition costs. |
Dominion Energy | |
Schedule of Business Acquisitions, by Acquisition | The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity August 2019 August 2019 Virginia Greensville $ 127 December 2020 80 August 2019 August 2019 Virginia Myrtle 32 June 2020 15 September 2019 September 2019 South Carolina Seabrook 103 December 2019 72 November 2019 November 2019 North Carolina Wilkinson 153 December 2019 74 May 2020 May 2020 South Carolina Blackville 12 December 2020 7 May 2020 May 2020 South Carolina Denmark 14 December 2020 6 May 2020 August 2020 South Carolina Yemassee 17 January 2021 10 May 2020 October 2020 South Carolina Trask 25 Expected 2021 12 June 2020 June 2020 Ohio Hardin I 240 Split (2) 150 July 2020 July 2020 Virginia Madison 125 Expected 2022 62 August 2020 Expected 2022 Ohio Hardin II 295 Expected 2023 150 (1) Includes acquisition costs. (2) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Segment allocation of goodwill | The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below: Dominion Energy Virginia Gas Distribution Dominion Energy South Carolina Contracted Assets Corporate and Other Total (millions) Dominion Energy Balance at December 31, 2018 (1) $ 2,106 $ 2,497 $ — $ 242 $ 14 $ 4,859 SCANA Combination (2) — 1,015 1,521 — 73 2,609 Contribution of SEMI to Wrangler (3) — — — — (73 ) (73 ) Balance at December 31, 2019 (1) $ 2,106 $ 3,512 $ 1,521 $ 242 $ 14 $ 7,395 Contribution to Wrangler (3) — — — — (14 ) (14 ) Balance at December 31, 2020 (1) $ 2,106 $ 3,512 $ 1,521 $ 242 $ — $ 7,381 (1) Goodwill amounts do not contain any accumulated impairment losses. (2) See Note 3 for more information on the SCANA Combination. As a result of the December 2019 segment realignment, the acquired goodwill was reassigned using a relative fair value approach. (3) See Note 9 for additional information including amounts reclassified to held for sale at December 31, 2020. |
Components of intangible assets | The components of intangible assets are as follows: 2020 2019 At December 31, Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (millions) Dominion Energy Software, licenses and other $ 1,295 $ 530 $ 1,162 $ 477 Virginia Power Software, licenses and other $ 482 $ 148 $ 406 $ 135 |
Annual amortization expense of intangible assets | Annual amortization expense for these intangible assets is estimated to be as follows: 2021 2022 2023 2024 2025 (millions) Dominion Energy $ 77 $ 56 $ 42 $ 34 $ 26 Virginia Power $ 32 $ 18 $ 12 $ 9 $ 6 |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities include the following: At December 31, 2020 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred project costs and DSM programs for gas utilities (2) 35 21 Unrecovered gas costs (3) 78 99 Deferred rider costs for Virginia electric utility (4)(5) 98 109 Deferred nuclear refueling outage costs (6) 53 68 NND Project costs (7) 138 138 PJM transmission rates (8) 71 121 Other 226 267 Regulatory assets-current 699 871 Pension and other postretirement benefit costs (9) 1,363 1,431 Deferred rider costs for Virginia electric utility (4)(5)(10)(11) 311 235 PJM transmission rates (8) 46 85 Deferred project costs for gas utilities (2) 632 521 Interest rate hedges (12) 1,042 709 AROs and related funding (13) 331 311 Cost of reacquired debt (14) 245 262 NND Project costs (7) 2,364 2,503 Ash pond and landfill closure costs (15) 2,301 1,016 Other 498 579 Regulatory assets-noncurrent 9,133 7,652 Total regulatory assets $ 9,832 $ 8,523 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 58 $ — Provision for future cost of removal and AROs (16) 183 124 Reserve for refunds and rate credits to electric utility customers (17) 128 143 Reserve for future credits to Virginia electric customers (18) 120 — Cost-of-service impact of 2017 Tax Reform Act (19) 12 4 Income taxes refundable through future rates (20) 124 71 Monetization of guarantee settlement (21) 67 67 Other 117 46 Regulatory liabilities-current 809 455 Income taxes refundable through future rates (20) 4,376 4,529 Provision for future cost of removal and AROs (16) 2,150 2,208 Nuclear decommissioning trust (22) 1,719 1,471 Monetization of guarantee settlement (21) 903 970 Reserve for refunds and rate credits to electric utility customers (17) 540 656 Overrecovered other postretirement benefit costs (23) 111 54 Other 388 316 Regulatory liabilities-noncurrent 10,187 10,204 Total regulatory liabilities $ 10,996 $ 10,659 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information . (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing riders, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts probable of being returned to customers primarily in 2019 and 2020. (6) 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, (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 for more information (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year ‌ (9) 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 rate-regulated subsidiaries (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer seeking recovery (11) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write off the balance of a regulatory asset for which it is no longer seeking recovery (12) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of December 31, 2020 (13) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years . (14) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of December 31, 2020 (15) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 14 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment (16) Rates charged to customers by Dominion Energy’s 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 (17) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 for more information (18) Represents a reserve for benefits expected to be provided through the use of a CCRO in accordance with the GTSA to jurisdictional retail electric customers in Virginia in connection with the 2021 Triennial Review. See Note 13 for additional information. (19) 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 Notes 3 and 13 for more information (20) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily 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 (21) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for more information (22) 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs (23) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred At December 31, 2020 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred rider costs (2)(3) 98 109 Deferred nuclear refueling outage costs (4) 53 68 PJM transmission rates (5) 71 121 Other 73 87 Regulatory assets-current 295 433 Deferred rider costs (2)(3)(6)(7) 311 235 PJM transmission rates (5) 46 85 Interest rate hedges (8) 733 404 Ash pond and landfill closure costs (9) 2,301 1,016 Other 118 123 Regulatory assets-noncurrent 3,509 1,863 Total regulatory assets $ 3,804 $ 2,296 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 58 $ — Provision for future cost of removal (10) 152 103 Reserve for future credits to Virginia electric customers (11) 120 — Income taxes refundable through future rates (12) 54 54 Other 41 10 Regulatory liabilities-current 425 167 Income taxes refundable through future rates (12) 2,404 2,438 Nuclear decommissioning trust (13) 1,719 1,471 Provision for future cost of removal (10) 980 1,054 Deferred cost of fuel used in electric generation (1) 54 30 Other 181 81 Regulatory liabilities-noncurrent 5,338 5,074 Total regulatory liabilities $ 5,763 $ 5,241 (1) Reflects deferred fuel expenses for Virginia and North Carolina jurisdictions of Virginia Power’s generation operations (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act. See Note 13 for more information (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing riders, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts probable of being returned to customers (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 amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (6) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer (7) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write off the balance of a regulatory asset for which it is no longer (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years as of December (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 14 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment (10) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement . (11) Represents a reserve for benefits expected to be provided through the use of a CCRO in accordance with the GTSA to jurisdictional retail electric customers in Virginia in connection with the 2021 Triennial Review. See Note 13 for additional information. (12) 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 (13) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs |
Regulatory Matters (Tables)
Regulatory Matters (Tables) - Virginia Electric and Power Company | 12 Months Ended |
Dec. 31, 2020 | |
Public Utilities General Disclosures [Line Items] | |
Summary of Additional Significant Riders Associated with Virginia Power Projects | • Additional significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Requirement (millions) Increase (Decrease) Over Previous Year (millions) Rider US-3 July 2019 March 2020 June 2020 $ 28 $ 18 Rider BW October 2019 June 2020 September 2020 99 (20 ) Rider US-2 October 2019 July 2020 September 2020 10 (5 ) Rider E January 2020 September 2020 November 2020 85 (19 ) Rider B June 2020 Pending April 2021 24 (8 ) Rider GV June 2020 Pending April 2021 154 22 Rider R June 2020 Pending April 2021 59 15 Rider S June 2020 Pending April 2021 194 (1 ) Rider W June 2020 Pending April 2021 120 14 Rider US-3 July 2020 Pending June 2021 39 10 Rider US-4 July 2020 Pending June 2021 12 4 Rider BW October 2020 Pending September 2021 113 14 Rider US-2 October 2020 Pending September 2021 10 — Rider E January 2021 Pending November 2021 67 (18 ) |
Summary of Additional Significant Virginia Power Electric Transmission Projects Approved and Applied | Additional significant Virginia Power electric transmission projects approved or applied for are as follows: Description and Location of Project Application Date Approval Date Type of Line Miles of Lines Cost Estimate (millions) Rebuild and operate five segments between the Loudoun and Ox substations August 2019 June 2020 230 kV 19 70 Build new Lockridge substation and line loop in Loudon County, Virginia December 2019 October 2020 230 kV < 1 35 Bristers-Ladysmith Rebuild Project in the Counties of Fauquier, Stafford, Spotsylvania and Caroline, Virginia May 2020 February 2021 500 kV 37 110 Relocate and replace a transmission line underground between the Tysons substation and the future Spring Hill substation September 2020 Pending 230 kV < 1 30 Rebuild an existing transmission line and install new line adjacent thereto in the Counties of New Kent, King William, King and Queen, Essex and Richmond, Virginia October 2020 Pending 230 kV 41 100 Rebuild Clubhouse - Dry Bread Line and Dry Bread - Lakeview Line in Greensville County, Virginia November 2020 Pending 230 kV 13 20 Rebuild transmission lines and related projects in the Counties of York and James City and the City of Williamsburg, Virginia January 2021 Pending 230 kV 11 30 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes to Asset Retirement Obligations | The changes to AROs during 2019 and 2020 were as follows: Amount (millions) Dominion Energy AROs at December 31, 2018 $ 2,444 Obligations incurred during the period (1) 2,413 AROs acquired in the SCANA Combination 577 Obligations settled during the period (134 ) Revisions in estimated cash flows (2) (324 ) Accretion 208 AROs at December 31, 2019 (3) $ 5,184 Obligations incurred during the period 67 Obligations settled during the period (114 ) Revisions in estimated cash flows (4) 228 Accretion 218 AROs at December 31, 2020 (3) $ 5,583 Virginia Power AROs at December 31, 2018 $ 1,445 Obligations incurred during the period (1) 2,408 Obligations settled during the period (81 ) Revisions in estimated cash flows (2) (323 ) Accretion 132 AROs at December $ 3,581 Obligations incurred during the period 48 Obligations settled during the period (85 ) Revisions in estimated cash flows (5) 139 Accretion 137 AROs at December $ 3,820 (1) Reflects future ash pond and landfill closure costs at certain utility generation facilities. See discussion below. (2) Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for 20-year license extensions for regulated nuclear power stations in Virginia. (3) Includes $394 million and $179 million reported in other current liabilities at December 31, 2019 and 2020, respectively. (4) Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities, asbestos abatement costs associated with certain utility facilities and from the completion of a nuclear decommissioning cost study related to Summer. (5) Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities and asbestos abatement costs associated with certain utility facilities. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets | At December 31, 2020 and 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets: December 31, 2020 December 31, 2019 (millions) Dominion Energy Lease assets: Operating lease assets (1) $ 564 $ 462 Finance lease assets (2) 148 134 Total lease assets $ 712 $ 596 Lease liabilities: Operating lease liabilities (3) $ 54 $ 53 Finance lease liabilities (4) 32 27 Total lease liabilities - current 86 80 Operating lease liabilities (5) 516 413 Finance lease liabilities (6) 108 100 Total lease liabilities - noncurrent 624 513 Total lease liabilities $ 710 $ 593 Virginia Power Operating lease assets (1) $ 185 $ 212 Finance lease assets (2) 45 19 Total lease assets $ 230 $ 231 Lease liabilities: Operating lease liabilities (3) $ 28 $ 30 Finance lease liabilities (4) 8 3 Total lease liabilities - current 36 33 Operating lease liabilities (5) 155 180 Finance lease liabilities (6) 36 16 Total lease liabilities - noncurrent 191 196 Total lease liabilities $ 227 $ 229 (1) Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (2) Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $50 million and $9 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2020 and net of $26 million and $4 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2019. (3) Included in other current liabilities in the Companies’ Consolidated Balance Sheets. (4) Included in securities due within one year in the Companies’ Consolidated Balance Sheets. (5) Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. (6) Included in other long-term debt in the Companies’ Consolidated Balance Sheets. |
Summary of Total Lease Cost | For the years ended December 31, 2020 and 2019, total lease cost associated with the Companies’ leasing arrangements consisted of the following: Year Ended December 31, 2020 Year Ended December 31, 2019 (millions) Dominion Energy Finance lease cost: Amortization $ 33 $ 20 Interest — 4 Operating lease cost 68 79 Short-term lease cost 20 26 Variable lease cost 8 5 Total lease cost $ 129 $ 134 Virginia Power Operating lease cost $ 36 $ 41 Short-term lease cost 12 13 Variable lease cost 4 2 Total lease cost $ 52 $ 56 |
Cash Paid for Amounts Included in Measurement of Lease Liabilities | For the years ended December 31, 2020 and 2019, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows: Year Ended December 31, 2020 Year Ended December 31, 2019 (millions) Dominion Energy Operating cash flows for finance leases $ — $ 4 Operating cash flows for operating leases 96 111 Financing cash flows for finance leases 33 20 Virginia Power Operating cash flows for operating leases 52 56 |
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases | At December 31, 2020 and 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows: December 31, 2020 December 31, 2019 Dominion Energy Weighted average remaining lease term - finance leases 5 years 5 years Weighted average remaining lease term - operating leases 26 years 22 years Weighted average discount rate - finance leases 3.17 % 3.83 % Weighted average discount rate - operating leases 4.07 % 4.48 % Virginia Power Weighted average remaining lease term - finance leases 6 years 6 years Weighted average remaining lease term - operating leases 21 years 20 years Weighted average discount rate - finance leases 2.51 % 4.12 % Weighted average discount rate - operating leases 4.26 % 4.29 % |
Scheduled Maturities of Lease Liabilities | The Companies’ lease liabilities have the following maturities: Maturity of Lease Liabilities Dominion Energy Virginia Power (millions) Operating Finance Operating Finance 2021 $ 64 $ 36 $ 31 $ 9 2022 56 34 25 8 2023 47 31 20 8 2024 40 29 15 7 2025 34 21 11 6 After 2025 756 14 194 9 Total undiscounted lease payments 997 165 296 47 Present value adjustment (427 ) (25 ) (113 ) (3 ) Present value of lease liabilities $ 570 $ 140 $ 183 $ 44 |
Short Term Debt and Credit Ag_2
Short Term Debt and Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | Dominion Energy’s short-term financing is supported through its access to the joint revolving credit facility described below. Commercial paper and letters of credit outstanding, as well as capacity available under the credit facility were as follows: Facility Limit Outstanding Commercial Paper (1) Outstanding Letters of Credit Facility Capacity Available (millions) At December 31, 2020 Joint revolving credit facility (2)(3) $ 6,000 $ 627 $ 100 $ 5,273 At December 31, 2019 Joint revolving credit facility (2) $ 6,000 $ 836 $ 89 $ 5,075 (1) The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was 0.29% and 2.10% at December 31, 2020 and 2019, respectively. (2) This credit facility matures in March 2023 and can be used by the borrowers under the credit facility 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. (3) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC were as follows: Facility Limit Outstanding Commercial Paper (1) Outstanding Letters of Credit (millions) At December 31, 2020 Joint revolving credit facility (2)(3) $ 6,000 $ 45 $ 12 At December 31, 2019 Joint revolving credit facility (2) $ 6,000 $ 243 $ 7 (1) The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 0.30% and 2.10% at December 31, 2020 and 2019, respectively. (2) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At December 31, 2020, 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) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long term Debt | At December 31, 2020 Weighted- average Coupon (1) 2020 2019 (millions, except percentages) Virginia Electric and Power Company: Unsecured Senior Notes: 2.45% to 8.875%, due 2022 to 2050 4.14 % $ 12,689 $ 11,789 Tax-Exempt Financings (2) 0.45% to 1.90%, due 2032 to 2041 1.14 % 625 625 Virginia Electric and Power Company total principal $ 13,314 $ 12,414 Securities due within one year — (1 ) Unamortized discount, premium and debt issuances costs, net (107 ) (88 ) Derivative restructuring 444 — Finance leases 36 16 Virginia Electric and Power Company total long-term debt $ 13,687 $ 12,341 Dominion Energy, Inc.: Supplemental 364-Day credit facility, variable rate, due 2021 1.18 % $ 225 $ — Unsecured Senior Notes: Variable rates, due 2020 and 2023 0.75 % 1,000 300 2.0% to 7.0%, due 2021 to 2049 (3) 3.98 % 9,938 7,688 Unsecured Junior Subordinated Notes: 2.579% to 4.104%, due 2020 to 2024 (4) 3.23 % 1,950 2,950 Payable to Affiliated Trust, 8.4%, due 2031 8.40 % 10 10 Enhanced Junior Subordinated Notes: Variable rates, due 2066 (5) — 397 5.25% and 5.75%, due 2054 and 2076 5.48 % 1,485 1,485 Questar Gas, Unsecured Senior Notes, 2.98% to 7.20%, due 2024 to 2051 4.25 % 750 750 East Ohio, Unsecured Senior Notes, 1.30% to 3.00%, due 2025 to 2050 2.25 % 1,800 — SCANA: Unsecured Medium Term Notes, 4.125% to 6.25%, due 2020 to 2022 (6) — 508 Unsecured Senior Notes, variable rate, due 2034 (7) — 66 PSNC, Senior Debentures and Notes, 4.05% to 7.45%, due 2020 to 2047 4.62 % 800 700 DESC: First Mortgage Bonds, 3.22% to 6.625%, due 2021 to 2065 5.42 % 3,267 3,267 Tax-Exempt Financings (8) Variable rate due 2038 0.13 % 35 35 GENCO, variable rate due 2038 0.13 % 33 33 3.625% and 4.00%, due 2028 and 2033 3.90 % 54 54 Other 3.67 % 1 1 Secured Senior Notes, 4.82%, due 2042 (9) 4.82 % 331 345 Term Loans, variable rates, due 2023 and 2024 (9) 2.55 % 476 527 Tax-Exempt Financing, 1.7% due 2033 1.70 % 27 27 Virginia Electric and Power Company total principal (from above) 13,314 12,414 Dominion Energy, Inc. total principal (10) $ 35,496 $ 31,557 Fair value hedge valuation (11) 3 4 Securities due within one year (12) 3.14 % (1,905 ) (2,435 ) Supplemental 364-Day credit facility borrowings (225 ) — Unamortized discount, premium and debt issuance costs, net (293 ) (228 ) Derivative restructuring 773 — Finance leases 108 100 Dominion Energy, Inc. total long-term debt $ 33,957 $ 28,998 (1) Represents weighted-average coupon rates for debt outstanding as of December 31, 2020. (2) These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. (3) Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary. (4) In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. In June 2020, Dominion Energy prepaid the remaining balance of $993 million. (5) In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. (6) In February 2020, SCANA provided notice to redeem the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium term notes plus accrued interest and make-whole premiums in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. (7) In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $ 66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. (8) Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2021. (9) Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities. (10) Excludes amounts classified as held for sale. See Note 3. (11) Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt. (12) Includes $22 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. |
Scheduled Principal Payments of Long-Term Debt | Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2020, were as follows: 2021 2022 2023 2024 2025 Thereafter Total (millions, except percentages) Virginia Power Unsecured Senior Notes $ — $ 750 $ 700 $ 350 $ 350 $ 10,539 $ 12,689 Tax-Exempt Financings — — — — 625 625 Total $ — $ 750 $ 700 $ 350 $ 350 $ 11,164 $ 13,314 Weighted-average Coupon — 3.15 % 2.75 % 3.45 % 3.10 % 4.18 % Dominion Energy Supplemental 364-Day Credit Facility $ 225 $ — $ — $ — $ — $ — $ 225 Term Loans (1) 35 34 250 157 — — 476 First Mortgage Bonds 33 — — — — 3,234 3,267 Unsecured Senior Notes (2)(3) 550 1,500 2,700 690 2,000 19,537 26,977 Secured Senior Notes 17 19 16 17 19 243 331 Tax-Exempt Financings — — — — — 775 775 Unsecured Junior Subordinated Notes Payable to Affiliated Trusts — — — — — 10 10 Unsecured Junior Subordinated Notes (4) 1,250 — — 700 — — 1,950 Enhanced Junior Subordinated Notes (5) — — — — — 1,485 1,485 Total $ 2,110 $ 1,553 $ 2,966 $ 1,564 $ 2,019 $ 25,284 $ 35,496 Weighted-average Coupon 2.93 % 2.96 % 1.98 % 3.17 % 3.01 % 4.45 % (1) Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2020, $22 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets. (2) In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. (3) (4) (5) |
Preferred Stock (Tables)
Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Preferred Stock | |
Preferred Stock | Selected information about Dominion Energy’s 2019 Equity Units is presented below: Issuance Date Units Issued Total Net Proceeds (1) Total Preferred Stock (2) Cumulative Dividend Rate Stock Purchase Contract Annual Rate Stock Purchase Contract Liability (3) Stock Purchase Contract Settlement Date (millions except interest rates) 6/14/2019 16 $ 1,582 $ 1,610 1.75 % 5.5 % $ 250 6/1/2022 (1) Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets at December 31, 2019. (2) (3) Payments of $83 million and $38 million were made in 2020 and 2019, respectively. The stock purchase contract liability was $129 million and $212 million at December 31, 2020 and 2019, respectively. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Presented in the table below is a summary of AOCI by component: At December 31, 2020 2019 (millions) Dominion Energy Net deferred losses on derivatives-hedging activities, net of $141 and $135 tax $ (419 ) $ (407 ) Net unrealized gains on nuclear decommissioning trust funds, net of $(21) and $(13) tax 62 37 Net unrecognized pension and other postretirement benefit costs, net of $478 and $492 tax (1,359 ) (1,421 ) Other comprehensive loss from equity method investees, net of $— and $1 tax (1 ) (2 ) Total AOCI $ (1,717 ) $ (1,793 ) Virginia Power Net deferred losses on derivatives-hedging activities, net of $21 and $11 tax $ (60 ) $ (34 ) Net unrealized gains on nuclear decommissioning trust funds, net of $(3) and $(1) tax 8 5 Total AOCI $ (52 ) $ (29 ) 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) Year Ended December 31, 2020 Beginning balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) Other comprehensive income before reclassifications: gains (losses) (239 ) 43 25 1 (170 ) Amounts reclassified from AOCI: (gains) losses (1) 227 (18 ) 37 — 246 Net current period other comprehensive income (loss) (12 ) 25 62 1 76 Ending balance $ (419 ) $ 62 $ (1,359 ) $ (1 ) $ (1,717 ) Year Ended December 31, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (110 ) 39 (22 ) — (93 ) Amounts reclassified from AOCI: (gains) losses (1) (62 ) (4 ) 66 — — Net current period other comprehensive income (loss) (172 ) 35 44 — (93 ) Ending balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) (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) Year Ended December 31, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (25 ) Operating revenue 4 Purchased gas (2 ) Discontinued operations Interest rate contracts 83 Interest and related charges 236 Discontinued operations Foreign currency contracts 6 Discontinued operations Total 302 Tax (75 ) Income tax expense Total, net of tax $ 227 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (24 ) Other income Total (24 ) Tax 6 Income tax expense Total, net of tax $ (18 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (84 ) Other income Amortization of actuarial losses 134 Other income Total 50 Tax (13 ) Income tax expense Total, net of tax $ 37 Year Ended December 31, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (142 ) Operating revenue 3 Purchased gas (4 ) Discontinued operations Interest rate contracts 49 Interest and related charges 5 Discontinued operations Foreign currency contracts 6 Discontinued operations Total (83 ) Tax 21 Income tax expense Total, net of tax $ (62 ) 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: Prior-service costs (credits) $ (24 ) Other income Actuarial losses 113 Other income Total 89 Tax (23 ) Income tax expense Total, net of tax $ 66 |
Summary of Restricted Stock Activity | The following table provides a summary of restricted stock activity for the years ended December 31, 2020, 2019, and 2018: Shares Weighted - average Grant Date Fair Value (thousands) Nonvested at December 31, 2017 1,043 $ 73.32 Granted 534 72.92 Vested (316 ) 73.59 Cancelled and forfeited (53 ) 74.25 Nonvested at December 31, 2018 1,208 $ 73.03 Granted 614 76.49 Vested (324 ) 71.75 Cancelled and forfeited (96 ) 77.16 Nonvested at December 31, 2019 1,402 $ 74.77 Granted 531 81.74 Vested (424 ) 74.39 Cancelled and forfeited (99 ) 81.59 Nonvested at December 31, 2020 1,410 $ 77.41 |
Virginia Electric and Power Company | |
Schedule of Accumulated Other Comprehensive Income (Loss) | 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) Year Ended December 31, 2020 Beginning balance $ (34 ) $ 5 $ (29 ) Other comprehensive income before reclassifications: gains (losses) (28 ) 6 (22 ) Amounts reclassified from AOCI: (gains) losses (1) 2 (3 ) (1 ) Net current period other comprehensive income (loss) (26 ) 3 (23 ) Ending balance $ (60 ) $ 8 $ (52 ) Year Ended December 31, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (22 ) 5 (17 ) Amounts reclassified from AOCI: gains (losses) (1) 1 (1 ) — Net current period other comprehensive income (loss) (21 ) 4 (17 ) Ending balance $ (34 ) $ 5 $ (29 ) (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: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Year Ended December 31, 2020 (Gains) losses on cash flow hedges: Interest rate contracts $ 2 Interest and related charges Total 2 Tax — Income tax expense Total, net of tax $ 2 Unrealized (gains) and losses on investment securities: Realized (gain) loss on sale of securities $ (4 ) Other income Total (4 ) Tax 1 Income tax expense Total, net of tax $ (3 ) Year Ended December 31, 2019 (Gains) losses on cash flow hedges: 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 $ (2 ) Other income Total (2 ) Tax 1 Income tax expense Total, net of tax $ (1 ) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension Plan and Other Postretirement Benefit Plan Obligations and Plan Assets and Includes a Statement of the Plans Funded Status | The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2020 2019 2020 2019 (millions, except percentages) Dominion Energy Changes in benefit obligation: Benefit obligation at beginning of year $ 10,446 $ 8,500 $ 1,769 $ 1,363 Dominion Energy SCANA Combination (See Note 3) — 854 — 253 Service cost 173 162 28 26 Interest cost 351 394 58 68 Benefits paid (461 ) (470 ) (120 ) (96 ) Actuarial (gains) losses during the year 992 1,054 33 111 Plan amendments — — (6 ) — Settlements, curtailments and special termination benefits (1) (138 ) (48 ) (16 ) 44 Benefit obligation at end of year $ 11,363 $ 10,446 $ 1,746 $ 1,769 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 9,631 $ 7,197 $ 1,880 $ 1,581 Dominion Energy SCANA Combination (See Note 3) — 727 — — Actual return (loss) on plan assets 1,602 1,747 300 349 Employer contributions 278 557 13 12 Benefits paid (461 ) (470 ) (93 ) (62 ) Settlements (2) (71 ) (127 ) — — Fair value of plan assets at end of year $ 10,979 $ 9,631 $ 2,100 $ 1,880 Funded status at end of year $ (384 ) $ (815 ) $ 354 $ 111 Amounts recognized in the Consolidated Balance Sheets at December 31: Noncurrent pension and other postretirement benefit assets $ 1,054 $ 1,266 $ 650 $ 442 Other current liabilities (14 ) (29 ) (15 ) (17 ) Noncurrent pension and other postretirement benefit liabilities (1,424 ) (2,052 ) (281 ) (314 ) Net amount recognized $ (384 ) $ (815 ) $ 354 $ 111 Significant assumptions used to determine benefit obligations as of December 31: Discount rate 2.73%–2.95% 3.47%–3.63% 2.69%–2.80% 3.44%–3.52% Weighted average rate of increase for compensation 4.53 % 4.23 % n/a n/a Crediting interest rate for cash balance and similar plans 1.93% - 2.15% 2.67-2.83% n/a n/a (1) 2020 amounts include curtailments and settlements recognized as a result of the GT&S Transaction as well as settlements of qualified and nonqualified pension obligations. 2019 amounts relate primarily to a curtailment and settlement as a result of the voluntary retirement program. (2) 2020 amounts relate primarily to settlements of qualified and nonqualified pension obligations. 2019 amounts relate primarily to a settlement as a result of the voluntary retirement program. |
Benefit Obligation in Excess of Plan Asset | The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy: Pension Benefits Other Postretirement Benefits As of December 31, 2020 2019 2020 (1) 2019 (millions) Dominion Energy Benefit obligation $ 10,697 $ 9,552 $ 305 $ 341 Fair value of plan assets 9,259 7,471 9 10 |
Accumulated Benefit Obligation in Excess of Plan Assets | The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets: As of December 31, 2020 2019 (millions) Accumulated benefit obligation $ 9,970 $ 8,852 Fair value of plan assets 9,259 7,471 |
Benefit Payments Expected Future Service | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans: Estimated Future Benefit Payments Pension Benefits Other Postretirement Benefits (millions) Dominion Energy 2021 $ 486 $ 110 2022 512 108 2023 515 106 2024 533 104 2025 535 101 2026-2030 2,792 478 |
Fair Values of Pension and Post Retirement Plan Assets by Asset Category | The fair values of Dominion Energy’s pension plan assets by asset category are as follows: At December 31, 2020 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ 20 $ 1 $ — $ 21 $ 22 $ 1 $ — $ 23 Common and preferred stocks: U.S. (1) 2,405 — — 2,405 2,284 — — 2,284 International 1,727 — — 1,727 1,634 — — 1,634 Insurance contracts — 409 — 409 — 360 — 360 Corporate debt instruments 32 1,385 — 1,417 273 859 — 1,132 Government securities 30 772 — 802 58 757 — 815 Total recorded at fair value $ 4,214 $ 2,567 $ — $ 6,781 $ 4,271 $ 1,977 $ — $ 6,248 Assets recorded at NAV (2) Common/collective trust funds 2,905 2,355 Alternative investments: Real estate funds 108 91 Private equity funds 856 787 Debt funds 168 159 Hedge funds 13 14 Total recorded at NAV $ 4,050 $ 3,406 Total investments (3) $ 10,831 $ 9,654 (1) Includes $365 million and $508 million of Dominion Energy common stock at December 31, 2020 and 2019, respectively. (2) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (3) Excludes net assets related to pending sales of securities and advanced subscriptions of $198 million, net accrued income of $20 million, and includes net assets related to pending purchases of securities of $71 million at December 31, 2020. Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows: At December 31, 2020 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) Dominion Energy Cash and cash equivalents $ — $ 2 $ — $ 2 $ 2 $ — $ — $ 2 Common and preferred stocks: U.S. 817 — — 817 719 — — 719 International 240 — — 240 206 — — 206 Insurance contracts — 23 — 23 — 21 — 21 Corporate debt instruments 2 60 — 62 1 50 — 51 Government securities 2 42 — 44 2 44 — 46 Total recorded at fair value $ 1,061 $ 127 $ — $ 1,188 $ 930 $ 115 $ — $ 1,045 Assets recorded at NAV (1) Common/collective trust funds 765 717 Alternative investments: Real estate funds 10 8 Private equity funds 117 100 Debt funds 10 10 Hedge funds 1 1 Total recorded at NAV $ 903 $ 836 Total investments (2) $ 2,091 $ 1,881 (1) These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. (2) Excludes net assets related to pending sales of securities of $10 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2020. Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. |
Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities | The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy plans are as follows: Pension Benefits Other Postretirement Benefits Year Ended December 31, 2020 2019 2018 2020 2019 2018 (millions, except percentages) Dominion Energy Service cost $ 173 $ 162 $ 157 $ 28 $ 26 $ 27 Interest cost 351 394 337 58 68 56 Expected return on plan assets (777 ) (708 ) (663 ) (156 ) (140 ) (143 ) Amortization of prior service (credit) cost 1 1 1 (49 ) (52 ) (52 ) Amortization of net actuarial loss 206 172 193 6 10 11 Settlements, curtailments and special termination benefits 14 72 — (59 ) 42 — Net periodic benefit (credit) cost $ (32 ) $ 93 $ 25 $ (172 ) $ (46 ) $ (101 ) Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: Current year net actuarial (gain) loss $ 166 $ 16 $ 490 $ (110 ) $ (98 ) $ 78 Prior service (credit) cost — — — (6 ) 2 (4 ) Settlements and curtailments (81 ) 6 — 59 — — Less amounts included in net periodic benefit cost: Amortization of net actuarial loss (206 ) (172 ) (193 ) (6 ) (10 ) (11 ) Amortization of prior service credit (cost) (1 ) (1 ) (1 ) 49 52 52 Total recognized in other comprehensive income and regulatory assets and liabilities $ (122 ) $ (151 ) $ 296 $ (14 ) $ (54 ) $ 115 Significant assumptions used to determine periodic cost: Discount rate 2.77%-3.63% 3.57%-4.43% 3.80%-3.81% 3.07%-3.52% 4.05% to 4.41% 3.76% Expected long-term rate of return on plan assets 7.00%-8.60% 7.00% -8.65% 8.75 % 8.50 % 8.50 % 8.50 % Weighted average rate of increase for compensation 4.23 % 4.20 % 4.09 % n/a n/a n/a Crediting interest rate for cash balance and similar plans 2.31-2.83% 2.77-3.63% 3.00-3.01% n/a n/a n/a Healthcare cost trend rate (1) 6.25 % 6.50% to 6.60% 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (1) 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate (1) 2025-2026 2023-2025 2022 (1) Assumptions used to determine net periodic cost for the following year. |
Components of AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost | The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows: Pension Benefits Other Postretirement Benefits At December 31, 2020 2019 2020 2019 (millions) Dominion Energy Net actuarial loss $ 3,207 $ 3,327 $ 120 $ 241 Prior service (credit) cost 4 5 (232 ) (339 ) Total (1) $ 3,211 $ 3,332 $ (112 ) $ (98 ) (1) As of December 31, 2020, of the $3.2 billion and $(112) million related to pension benefits and other postretirement benefits, $1.9 billion and $(40) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Nuclear Insurance | The current levels of nuclear property insurance coverage for the Companies’ nuclear units are as follows: Coverage (billions) Dominion Energy Millstone $ 1.70 Kewaunee 0.05 Summer 2.75 Virginia Power (1) Surry $ 1.70 North Anna 1.70 (1) Surry and North Anna share a blanket property limit of $200 million. |
Long-term Purchase Commitment | At December 31, 2020, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services: 2021 2022 2023 2024 2025 Thereafter Total (millions) Purchased electric capacity (1) $ 67 $ 66 $ 66 $ 66 $ 65 $ 749 $ 1,079 (1) Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2046. Energy payments are generally based on fixed dollar amounts per month and totaled $52 million and $29 million for the years ended December 31, 2020 and 2019, respectively. |
Schedule of Subsidiary Guarantees | At December 31, 2020, Dominion Energy had issued the following subsidiary guarantees : Maximum Exposure (millions) Commodity transactions (1) $ 1,854 Nuclear obligations (2) 202 Solar (3) 467 Other (4) 1,004 Total (5) $ 3,527 (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 primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. (3) 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. (4) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings, LLC on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. (5) Excludes Dominion Energy’s guarantees for the new corporate office properties and an offshore wind installation vessel discussed in Note 15. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Virginia Electric and Power Company | |
Schedule of Related Party Transactions | Presented below are Virginia Power’s significant transactions with DES and other affiliates: Year Ended December 31, 2020 2019 2018 (millions) Commodity purchases from affiliates $ 569 $ 690 $ 930 Services provided by affiliates (1) 455 503 450 Services provided to affiliates 18 24 24 (1) Includes capitalized expenditures of $141 million, $133 million and $145 million for the year ended December 31, 2020, 2019 and 2018, respectively. |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Schedule of Primary 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 Virginia Regulated electric distribution X X Regulated electric transmission X X Regulated electric generation fleet (1) X X Gas Distribution Regulated gas distribution and storage (2) X Dominion Energy South Carolina Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Regulated gas distribution and storage X Contracted Assets Nonregulated electric generation fleet X Noncontrolling interest in Cove Point X (1) I ncludes Virginia Power’s nonjurisdictional generation operations. (2) |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Year Ended December 31, Dominion Energy Virginia Gas Distribution Dominion Energy South Carolina Contracted Assets Corporate and Other Adjustments & Eliminations Consolidated Total (millions) 2020 Total revenue from external customers $ 7,802 $ 2,345 $ 2,782 $ 1,020 $ 200 $ 48 $ 14,197 Intersegment revenue (15 ) 10 5 51 963 (1,039 ) (25 ) Total operating revenue 7,787 2,355 2,787 1,071 1,163 (991 ) 14,172 Depreciation, depletion and amortization 1,247 344 474 182 85 — 2,332 Equity in earnings of equity method investees — — (1 ) 35 6 — 40 Interest income 13 6 12 91 73 (88 ) 107 Interest and related charges 527 76 219 75 568 (88 ) 1,377 Income tax expense (benefit) 496 121 107 (16 ) (625 ) — 83 Net income (loss) from discontinued operations — — — 167 (2,045 ) — (1,878 ) Net income (loss) attributable to Dominion Energy 1,891 560 419 402 (3,673 ) — (401 ) Investment in equity method investees (1) — 55 — 2,784 95 — 2,934 Capital expenditures 3,406 1,151 700 649 425 — 6,331 Total assets (billions) 46.0 17.1 16.0 13.1 8.6 (4.9 ) 95.9 2019 Total revenue from external customers $ 8,170 $ 2,367 $ 2,948 $ 1,083 $ (239 ) $ 79 $ 14,408 Intersegment revenue (13 ) 18 4 73 1,071 (1,160 ) (7 ) Total operating revenue 8,157 2,385 2,952 1,156 832 (1,081 ) 14,401 Depreciation, depletion and amortization 1,216 335 452 180 100 — 2,283 Equity in earnings of equity method investees — 2 (4 ) (1 ) 11 — 8 Interest income 11 4 9 97 112 (136 ) 97 Interest and related charges 530 116 242 98 636 (136 ) 1,486 Income tax expense (benefit) 482 114 163 20 (570 ) — 209 Net income from discontinued operations — — — 183 533 — 716 Net income (loss) attributable to Dominion Energy 1,786 487 430 460 (1,805 ) — 1,358 Investment in equity method investees — 37 — 74 1,223 — 1,334 Capital expenditures 3,002 853 562 367 537 — 5,321 Total assets (billions) 43.7 16.0 15.8 10.2 24.0 (5.9 ) 103.8 2018 Total revenue from external customers $ 8,401 $ 1,769 $ — $ 813 $ 27 $ 177 $ 11,187 Intersegment revenue (552 ) 16 — 621 602 (675 ) 12 Total operating revenue 7,849 1,785 — 1,434 629 (498 ) 11,199 Depreciation, depletion and amortization 1,158 263 — 213 26 — 1,660 Equity in earnings of equity method investees — — — 18 58 — 76 Interest income 10 — — 84 94 (108 ) 80 Interest and related charges 516 79 — 124 668 (108 ) 1,279 Income tax expense (benefit) 380 95 — 75 (28 ) — 522 Net income from discontinued operations — — — 116 336 — 452 Net income attributable to Dominion Energy 1,596 373 — 361 117 — 2,447 Capital expenditures 2,640 647 — 247 871 — 4,405 (1) Excludes liability to Atlantic Coast Pipeline. |
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: Year Ended December 31, Dominion Energy Virginia Corporate and Other Consolidated Total (millions) 2020 Operating revenue $ 7,763 $ — $ 7,763 Depreciation and amortization 1,245 7 1,252 Interest income 11 — 11 Interest expense (benefit) and related charges 524 (8 ) 516 Income tax expense (benefit) 500 (271 ) 229 Net income (loss) 1,884 (863 ) 1,021 Capital expenditures 3,372 — 3,372 Total assets (billions) 43.7 — 43.7 2019 Operating revenue $ 8,137 $ (29 ) $ 8,108 Depreciation and amortization 1,215 8 1,223 Interest income 11 — 11 Interest expense (benefit) and related charges 529 (5 ) 524 Income tax expense (benefit) 481 (217 ) 264 Net income (loss) 1,783 (634 ) 1,149 Capital expenditures 2,981 — 2,981 Total assets (billions) 41.4 — 41.4 2018 Operating revenue $ 7,835 $ (216 ) $ 7,619 Depreciation and amortization 1,157 (25 ) 1,132 Interest income 10 — 10 Interest expense (benefit) and related charges 516 (5 ) 511 Income tax expense (benefit) 378 (78 ) 300 Net income (loss) 1,594 (312 ) 1,282 Capital expenditures 2,542 — 2,542 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data | A summary of the Companies’ quarterly results of operations for the years ended December 31, 2020 and 2019 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors. In addition, Dominion Energy’s results have been recast reflecting the presentation of operations included in the GT&S Transaction, Q-Pipe Transaction and investment in Atlantic Coast Pipeline as discontinued operations. See Notes 3 and 9 for more information. Dominion Energy First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2020 Operating revenue $ 3,938 $ 3,106 $ 3,607 $ 3,521 Income from continuing operations 368 804 27 856 Net income (loss) from continuing operations including noncontrolling interests (468 ) 869 112 815 Net income (loss) from discontinued operations including noncontrolling interest 229 (2,001 ) 19 (125 ) Net income (loss) including noncontrolling interests (239 ) (1,132 ) 131 690 Net income (loss) attributable to Dominion Energy (270 ) (1,169 ) 356 682 Basic EPS: Net income (loss) from continuing operations (0.57 ) 1.01 0.42 0.98 Net income (loss) from discontinued operations 0.23 (2.42 ) (0.01 ) (0.16 ) Net income (loss) attributable to Dominion Energy (0.34 ) (1.41 ) 0.41 0.82 Diluted EPS: Net income (loss) from continuing operations (0.57 ) 0.90 0.42 0.98 Net income (loss) from discontinued operations 0.23 (2.42 ) (0.01 ) (0.16 ) Net income (loss) attributable to Dominion Energy (0.34 ) (1.52 ) 0.41 0.82 Dividends declared per preferred share (Series A) 4.375 4.375 4.375 4.375 Dividends declared per preferred share (Series B) 11.625 11.625 11.625 11.625 Dividends declared per common share 0.9400 0.9400 0.9400 0.6300 2019 Operating revenue $ 3,281 $ 3,443 $ 3,782 $ 3,895 Income (loss) from continuing operations (744 ) 248 1,104 936 Net income (loss) from continuing operations including noncontrolling interests (908 ) (199 ) 947 820 Net income (loss) from discontinued operations including noncontrolling interest 231 257 38 190 Net income (loss) including noncontrolling interests (677 ) 58 985 1,010 Net income (loss) attributable to Dominion Energy (680 ) 54 975 1,009 Basic EPS: Net income (loss) from continuing operations (1.14 ) (0.25 ) 1.14 0.99 Net income from discontinued operations 0.28 0.32 0.05 0.22 Net income (loss) attributable to Dominion Energy (0.86 ) 0.07 1.19 1.21 Diluted EPS: Net income (loss) continuing operations (1.14 ) (0.25 ) 1.12 0.99 Net income from discontinued operations 0.28 0.32 0.05 0.22 Net income (loss) attributable to Dominion Energy (0.86 ) 0.07 1.17 1.21 Dividends per share (Series A Preferred Stock) — 0.729 4.375 4.375 Dividends per share (Series B Preferred Stock) — — — 1.9375 Dividends declared per common share 0.9175 0.9175 0.9175 0.9175 |
Virginia Electric and Power Company | |
Quarterly Financial Data | Virginia Power’s quarterly results of operations were as follows: First Quarter Second Quarter Third Quarter Fourth Quarter (millions) 2020 Operating revenue $ 1,930 $ 1,805 $ 2,248 $ 1,780 Income (loss) from operations (133 ) 635 687 497 Net income (loss) (280 ) 490 475 336 2019 Operating revenue $ 1,965 $ 1,938 $ 2,264 $ 1,941 Income from operations 122 238 820 659 Net income 20 100 602 427 |
Nature of Operations (Details)
Nature of Operations (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 4 |
Virginia Electric and Power Company | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 1 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Detail) | 1 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | May 31, 2019USD ($) | Mar. 31, 2019USD ($)FacilityMW | Jan. 31, 2019USD ($) | Dec. 31, 2020USD ($)MWh$ / shares | Dec. 31, 2019USD ($)MWh | Dec. 31, 2018USD ($)$ / shares | Jan. 01, 2019USD ($) | |||
Significant Accounting Policies [Line Items] | ||||||||||||
Accrued unbilled revenue | $ 1,100,000,000 | $ 829,000,000 | ||||||||||
Margin deposit assets | 19,000,000 | 42,000,000 | ||||||||||
Margin liabilities | 5,000,000 | 2,000,000 | ||||||||||
Capitalized interest costs and Capitalized interest costs and AFUDC | 103,000,000 | 78,000,000 | $ 109,000,000 | |||||||||
Impairment of assets and other charges | $ 2,105,000,000 | $ 1,520,000,000 | 12,000,000 | |||||||||
Finite Lived Intangible Asset Useful Life | 30 years | |||||||||||
Estimated proved developed or proved gas and oil reserves rate per unit | MWh | 1.97 | 1.80 | ||||||||||
Retained earnings | $ 4,189,000,000 | $ 7,576,000,000 | ||||||||||
Net unrealized gains on equity securities previously classified as cost method investments | 36,000,000 | |||||||||||
Net unrealized gains on equity securities previously classified as cost method investments, after tax | 22,000,000 | |||||||||||
Net unrealized losses in other income | 190,000,000 | |||||||||||
Net unrealized losses in other income, after tax | $ 142,000,000 | |||||||||||
Gain per share from unrealized loss on securities | $ / shares | $ 0.22 | |||||||||||
Operating lease assets | 564,000,000 | [1] | 462,000,000 | [1] | $ 504,000,000 | |||||||
Operating lease liability | 570,000,000 | |||||||||||
Tax reform, reclassification of tax benefit from AOCI to retained earnings | $ 289,000,000 | |||||||||||
Discontinued Operations | GT&S and Q-Pipe Transactions | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Operating lease assets | 43,000,000 | |||||||||||
Operating lease liability | $ 43,000,000 | |||||||||||
Current Regulatory Liabilities | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Net unrealized gains on equity securities previously classified as cost method investments | 33,000,000 | |||||||||||
Retained Earnings | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Net unrealized gains on equity securities previously classified as cost method investments | 3,000,000 | |||||||||||
Accounting Standards Update 2014-09 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2018 | |||||||||||
Accounting Standards Update 2014-09 | Cumulative-effect of Changes in Accounting Principles | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Retained earnings | 3,000,000 | |||||||||||
Accounting Standards Update 2016-13 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2018 | |||||||||||
Accounting Standards Update 2016-13 | Cumulative-effect of Changes in Accounting Principles | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Unrealized gains reclassified from AOCI to retained earnings | 1,100,000,000 | |||||||||||
Unrealized gains reclassified from AOCI to retained earnings after-tax | $ 734,000,000 | |||||||||||
Accounting Standards Update 2016-02 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2019 | |||||||||||
Accounting Standards Update 2017-05 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2018 | |||||||||||
Accounting Standards Update 2017-05 | Cumulative-effect of Changes in Accounting Principles | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Retained earnings | 127,000,000 | |||||||||||
Accounting Standards Update 2018-02 | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2018 | |||||||||||
Change in Depreciation Rates from New Depreciation Study | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Increase in EPS | $ / shares | $ 0.03 | $ 0.07 | ||||||||||
Change in Depreciation Rates from New Depreciation Study | Merchant generation assets | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Increase (decrease) in depreciation expense | $ (30,000,000) | |||||||||||
Increase (decrease) in depreciation expense, after tax | (23,000,000) | |||||||||||
Impairment of Assets and Other Charges | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Impairment of assets and other charges | $ 26,000,000 | |||||||||||
Asset impairment charges after tax | 19,000,000 | |||||||||||
Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Lessee Operating Lease Renewal Term | 70 years | |||||||||||
Minimum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Lessee Operating Lease Renewal Term | 1 year | |||||||||||
Virginia Electric and Power Company | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Accrued unbilled revenue | $ 740,000,000 | 512,000,000 | ||||||||||
Percentage of fuel currently subject to deferred fuel accounting | 85.00% | |||||||||||
Margin deposit assets | $ 1,000,000 | |||||||||||
Margin liabilities | 0 | 0 | ||||||||||
Capitalized interest costs and Capitalized interest costs and AFUDC | 60,000,000 | 34,000,000 | 56,000,000 | |||||||||
AFUDC recorded as regulatory asset | 11,000,000 | 11,000,000 | 4,000,000 | |||||||||
Impairment of assets and other charges | 1,093,000,000 | 757,000,000 | ||||||||||
MW Capacity | MW | 1,292 | |||||||||||
Number of facilities in cold reserve units retired | Facility | 6 | |||||||||||
Retained earnings | 7,758,000,000 | 7,167,000,000 | ||||||||||
Net unrealized losses in other income | 24,000,000 | |||||||||||
Net unrealized losses in other income, after tax | 18,000,000 | |||||||||||
Operating lease assets | 185,000,000 | [1] | 212,000,000 | [1] | $ 209,000,000 | |||||||
Operating lease liability | 183,000,000 | |||||||||||
Tax reform, reclassification of tax benefit from AOCI to retained earnings | 3,000,000 | |||||||||||
Virginia Electric and Power Company | Accounting Standards Update 2016-13 | Cumulative-effect of Changes in Accounting Principles | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Unrealized gains reclassified from AOCI to retained earnings | 119,000,000 | |||||||||||
Unrealized gains reclassified from AOCI to retained earnings after-tax | 73,000,000 | |||||||||||
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Increase (decrease) in depreciation expense | (31,000,000) | (60,000,000) | ||||||||||
Increase (decrease) in depreciation expense, after tax | (23,000,000) | $ (44,000,000) | ||||||||||
Virginia Electric and Power Company | Electric Generation Facilities | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Charges recorded with dismantling | 54,000,000 | |||||||||||
Charges recorded with dismantling after tax | 40,000,000 | |||||||||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Impairment of assets and other charges | $ 127,000,000 | $ 751,000,000 | 17,000,000 | $ 62,000,000 | $ 346,000,000 | $ 160,000,000 | 130,000,000 | |||||
Asset impairment charges after tax | $ 94,000,000 | $ 559,000,000 | $ 12,000,000 | $ 46,000,000 | $ 257,000,000 | $ 119,000,000 | 97,000,000 | |||||
Virginia Electric and Power Company | Maximum | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Margin deposit assets | 1,000,000 | |||||||||||
Virginia Electric and Power Company | Affiliated Entity | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Income tax payable | 19,000,000 | 35,000,000 | ||||||||||
Virginia Electric and Power Company | Affiliated Entity | Federal | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Income tax payable | 17,000,000 | 15,000,000 | ||||||||||
Virginia Electric and Power Company | Affiliated Entity | State | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Income tax payable | $ 2,000,000 | 20,000,000 | ||||||||||
DESC | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Percentage of fuel currently subject to deferred fuel accounting | 96.00% | |||||||||||
Dominion Energy Gas Holdings, LLC | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Inventory under LIFO method | $ 2,000,000 | 19,000,000 | ||||||||||
Amount exceeded on LIFO basis | $ 52,000,000 | $ 60,000,000 | ||||||||||
Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Nonregulated Solar Projects | Call Option | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Percentage ownership in total units | 67.00% | |||||||||||
Cove Point | Brookfield | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 25.00% | |||||||||||
Four Brothers and Three Cedars | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||||||
Four Brothers and Three Cedars | Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Nonregulated Solar Projects | ||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | |||||||||||
[1] | Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. |
Significant Accounting Polici_5
Significant Accounting Policies (Checks the Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable [Line Items] | ||
Accounts payable for checks outstanding | $ 50 | $ 29 |
Virginia Electric and Power Company | ||
Accounts Payable [Line Items] | ||
Accounts payable for checks outstanding | $ 30 | $ 9 |
Significant Accounting Polici_6
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Cash and cash equivalents | [1] | $ 179 | $ 166 | $ 268 | $ 120 |
Cash and cash equivalents | 172 | 135 | |||
Restricted cash and equivalents | [2],[3] | 68 | 103 | 123 | 65 |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 247 | 269 | 391 | 185 | |
Virginia Electric and Power Company | |||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Cash and cash equivalents | 35 | 17 | 29 | 14 | |
Restricted cash and equivalents | [3] | 7 | 9 | 10 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 35 | $ 24 | $ 38 | $ 24 | |
[1] | At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $7 million, $31 million, $110 million and $21 million of cash and cash equivalents included in current assets held for sale, respectively | ||||
[2] | At December 31, 2020, December 31, 2019, December 31, 2018 and December 31, 2017, Dominion Energy had $3 million, $12 million, $89 million and $39 million of restricted cash included in current assets held for sale, respectively. | ||||
[3] | Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
Significant Accounting Polici_7
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | $ 172 | $ 135 | ||
Current Assets Held for Sale | ||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | 7 | 31 | $ 110 | $ 21 |
Restricted cash | $ 3 | $ 12 | $ 89 | $ 39 |
Significant Accounting Polici_8
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule Of Supplemental Cash Flow Information [Line Items] | ||||
Interest and related charges, excluding capitalized amounts | $ 1,519 | $ 1,643 | $ 1,362 | |
Income taxes | 292 | 106 | 89 | |
Significant noncash investing and financing activities: | ||||
Accrued capital expenditures | [1],[2],[3],[4],[5] | 485 | 555 | 307 |
Leases | [1],[2],[3],[4],[5],[6] | 173 | 157 | |
Receivables from sales of assets and equity method investments | [1],[2],[3],[4],[5] | 5 | 159 | |
Virginia Electric and Power Company | ||||
Schedule Of Supplemental Cash Flow Information [Line Items] | ||||
Interest and related charges, excluding capitalized amounts | 491 | 495 | 498 | |
Income taxes | 452 | 272 | 128 | |
Significant noncash investing and financing activities: | ||||
Accrued capital expenditures | [5],[7] | 262 | 292 | $ 204 |
Leases | [5],[7],[8] | $ 32 | $ 55 | |
[1] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. | |||
[2] | See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point. | |||
[3] | See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler. | |||
[4] | See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units, the contribution of stock to Dominion Energy’s qualified defined benefit pension plan, derivative restructuring and the issuance of common stock associated with the settlement of litigation. See Note 23 for non-cash investing activities related to property, plant and equipment conveyed to satisfy litigation. | |||
[5] | See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. | |||
[6] | Includes $46 million of finance leases and $127 million of operating leases at December 31, 2020 and $113 million of finance leases and $44 million of operating leases at December 31, 2019. | |||
[7] | See Note 18 for non-cash financing activities related to derivative restructuring. | |||
[8] | Includes $32 million of finance leases as of December 31, 2020 and $20 million of finance leases and $35 million of operating leases as of December 31, 2019. |
Significant Accounting Polici_9
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | $ 46 | $ 113 |
Operating leases | 127 | 44 |
Virginia Electric and Power Company | ||
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | $ 32 | 20 |
Operating leases | $ 35 |
Significant Accounting Polic_10
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Nonregulated Generation-Nuclear | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 44 years | |||
Nonregulated Generation-Other | Minimum | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 15 years | |||
Nonregulated Generation-Other | Maximum | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 30 years | |||
General and Other | Minimum | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 5 years | |||
General and Other | Maximum | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Estimated useful lives | 59 years | |||
Generation | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | [1] | 2.51% | 2.84% | 2.71% |
Generation | Virginia Electric and Power Company | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.52% | 2.94% | 2.71% | |
Transmission | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | [1] | 2.48% | 2.50% | 2.50% |
Transmission | Virginia Electric and Power Company | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 2.52% | 2.54% | 2.52% | |
Distribution | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | [1] | 2.76% | 2.80% | 2.97% |
Distribution | Virginia Electric and Power Company | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 3.19% | 3.14% | 3.31% | |
Storage | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | [1] | 1.59% | 1.49% | 2.20% |
General and Other | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | [1] | 4.35% | 3.99% | 4.11% |
General and Other | Virginia Electric and Power Company | ||||
Public Utility, Property, Plant and Equipment [Line Items] | ||||
Average composite depreciation rates on utility property, plant and equipment (percentage) | 5.09% | 4.40% | 4.52% | |
[1] | Excludes rates for depreciation reported as discontinued operations. |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations to BHE) (Narrative) (Detail) - USD ($) | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2020 | Jul. 31, 2020 |
Business Acquisition And Dispositions [Line Items] | ||||||
Income tax expense | $ 336,000,000 | $ 83,000,000 | $ 209,000,000 | $ 522,000,000 | ||
GT&S Transaction | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Operating revenue | 4,000,000 | $ 6,000,000 | $ 6,000,000 | |||
Derivative payment | $ 165,000,000 | |||||
GT&S Transaction | BHE | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Disposal group, total value of consideration | $ 10,000,000,000 | |||||
Disposal group, cash consideration | 222,000,000 | $ 4,000,000,000 | ||||
Cash proceeds received | 2,700,000,000 | |||||
Disposal group, recognized a pre-tax gain upon closing | 127,000,000 | |||||
Goodwill write-off | $ 1,400,000,000 | |||||
GT&S Transaction | BHE | Transition Service Agreement | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Operating revenue | 4,000,000 | |||||
GT&S Transaction | BHE | Cove Point | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Percentage ownership in total units | 50.00% | |||||
Disposal group, initial fair value | $ 2,800,000,000 | |||||
GT&S Transaction | BHE | General Partner Interest | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Percentage ownership in total units | 100.00% | |||||
GT&S Transaction | BHE | Limited Partner Interests | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Percentage ownership in total units | 25.00% | |||||
Q-Pipe Transaction | BHE | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Disposal group, cash consideration | $ 1,300,000,000 | |||||
Disposal group, recognized a pre-tax gain upon closing | 450,000,000 | |||||
Goodwill write-off | 191,000,000 | |||||
Disposal group, including discontinued operation, deposits | $ 1,300,000,000 | |||||
Disposal group, recognized a gain on disposal after tax | $ 320,000,000 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||
Income tax expense (benefit) | $ (204) | $ 142 | $ 58 | ||||||||||||
Net income (loss) including noncontrolling interests | $ (125) | $ 19 | $ (2,001) | $ 229 | $ 190 | $ 38 | $ 257 | $ 231 | (1,878) | [1],[2] | 716 | [1],[2] | 452 | [1],[2] | |
Net income (loss) attributable to Dominion Energy | (1,984) | 705 | 360 | ||||||||||||
GT&S Transaction | |||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||
Operating revenue | 4 | 6 | 6 | ||||||||||||
Disposition of GT&S Operations to BHE | GT&S Transaction | |||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||
Operating revenue | 1,710 | [3] | 2,213 | 2,134 | |||||||||||
Operating Expense | [4],[5] | 1,289 | [3] | 1,367 | 1,663 | ||||||||||
Other income (loss) | 88 | [3] | 58 | 68 | |||||||||||
Interest and related charges | [6] | 372 | [3] | 267 | 183 | ||||||||||
Income (loss) before income taxes | 137 | [3] | 637 | 356 | |||||||||||
Income tax expense (benefit) | 334 | [3] | 120 | 40 | |||||||||||
Net income (loss) including noncontrolling interests | (197) | [3] | 517 | 316 | |||||||||||
Noncontrolling interests | 106 | [3] | 11 | 92 | |||||||||||
Net income (loss) attributable to Dominion Energy | (303) | [3] | 506 | 224 | |||||||||||
Disposition of GT&S Operations to BHE | Q-Pipe Transaction | |||||||||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||||||||
Operating revenue | 246 | 251 | 247 | ||||||||||||
Operating Expense | [4],[5] | 96 | 131 | 135 | |||||||||||
Other income (loss) | 1 | 4 | 5 | ||||||||||||
Interest and related charges | [6] | 20 | 20 | 20 | |||||||||||
Income (loss) before income taxes | 131 | 104 | 97 | ||||||||||||
Income tax expense (benefit) | (9) | 23 | 18 | ||||||||||||
Net income (loss) including noncontrolling interests | 140 | 81 | 79 | ||||||||||||
Net income (loss) attributable to Dominion Energy | $ 140 | $ 81 | $ 79 | ||||||||||||
[1] | Includes income tax expense (benefit) of $(204) million, $142 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively | ||||||||||||||
[2] | See Note 9 for amounts attributable to related parties | ||||||||||||||
[3] | Operations associated with the GT&S Transaction are through the November 1, 2020 settlement date. | ||||||||||||||
[4] | GT&S Transaction includes a charge of $482 million ($359 million after-tax) recorded in the second quarter of 2020 associated with the probable abandonment of a significant portion of the Supply Header Project as well as the establishment of a $75 million ARO as a result of the cancellation of the Atlantic Coast Pipeline Project. | ||||||||||||||
[5] | GT&S Transaction includes gains on sales of assets recorded in 2018 totaling $115 million ($83 million after-tax), associated with the conveyance of Marcellus Shale and Utica and Point Pleasant Shale acreage underneath its natural gas storage fields. | ||||||||||||||
[6] | GT&S Transaction includes a loss of $237 million ($178 million after-tax) recorded in the third quarter of 2020 associated with cash flow hedges of debt-related items that were determined to be probable of not occurring. |
Acquisitions and Dispositions_4
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Impairment of assets and other charges | $ 2,105 | $ 1,520 | $ 12 | ||||
Asset retirement obligations | 5,583 | [1] | 5,184 | [1] | 2,444 | ||
Gains on sales of assets | $ 61 | $ 152 | 265 | ||||
GT&S Transaction | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Charge related to impairment of certain gathering and processing assets | 219 | ||||||
After-tax charge related to the impairment of gathering and processing assets | 165 | ||||||
Charge for disallowance of FERC-regulated plant | 127 | ||||||
After-tax charge for disallowance of FERC-regulated plant | 92 | ||||||
Loss associated with cash flow hedges of debt-related items | $ 237 | ||||||
Loss associated with cash flow hedges of debt-related items after tax | $ 178 | ||||||
GT&S Transaction | Marcellus Shale and Utica and Point Pleasant Shale | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Gains on sales of assets | 115 | ||||||
Gains on sales of assets after tax | 83 | ||||||
GT&S Transaction | FERC-regulated | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Impairment of assets and other charges | 37 | ||||||
Asset impairment charges after tax | $ 28 | ||||||
Supply Header Project | GT&S Transaction | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Impairment of assets and other charges | $ 482 | ||||||
Asset impairment charges after tax | 359 | ||||||
Atlantic Coast Pipeline Project | GT&S Transaction | |||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||
Asset retirement obligations | $ 75 | ||||||
[1] | Includes $394 million and $179 million reported in other current liabilities at December 31, 2019 and 2020, respectively. |
Acquisitions and Dispositions_5
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Current assets | [1] | $ 1,482 | $ 535 | |
Current liabilities | 625 | 1,039 | ||
Dominion Energy Gas Holdings, LLC | GT&S Transaction | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Current assets | [2] | 445 | ||
Equity method investments | [3] | 276 | ||
Property, plant and equipment, net | 10,764 | |||
Other deferred charges and other assets, including goodwill and intangible assets | [4] | 1,553 | ||
Current liabilities | [5] | 1,002 | ||
Long-term debt | 4,401 | |||
Other deferred credits and liabilities | 773 | |||
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Current assets | [2] | 47 | [6] | 49 |
Equity method investments | [3] | 35 | [6] | 36 |
Property, plant and equipment, net | 1,113 | [6] | 1,103 | |
Other deferred charges and other assets, including goodwill and intangible assets | [4] | 224 | [6] | 225 |
Current liabilities | [5] | 30 | [6] | 37 |
Long-term debt | 426 | [6] | 425 | |
Other deferred credits and liabilities | $ 154 | [6] | $ 155 | |
[1] | See Note 9 for amounts attributable to related parties . | |||
[2] | Includes cash and cash equivalents of $20 million as of December 31, 2019 within the GT&S Transaction and $7 million and $11 million as of December 31, 2020 and December 31, 2019, respectively, within the Q-Pipe Transaction. | |||
[3] | Comprised of equity method investments in Iroquois and JAX LNG within the GT&S Transaction and White River Hub within the Q-Pipe Transaction. | |||
[4] | Includes goodwill of $1.4 billion at December 31, 2019 within the GT&S Transaction and $191 | |||
[5] | Includes current portions of long-term debt of $699 million as of December 31, 2019, within the GT&S Transaction. | |||
[6] | All amounts at December 31, 2020 are classified as current in Dominion Energy’s Consolidated Balance Sheets. |
Acquisitions and Dispositions_6
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Goodwill | [1] | $ 7,381 | $ 7,395 | $ 4,859 |
Dominion Energy Gas Holdings, LLC | GT&S Transaction | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 20 | |||
Goodwill | 1,400 | |||
Current portions of long-term debt | 699 | |||
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 7 | 11 | ||
Goodwill | $ 191 | $ 191 | ||
[1] | Goodwill amounts do not contain any accumulated impairment losses. |
Acquisitions and Dispositions_7
Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Significant noncash items | |||||
Charges related to a voluntary retirement program | $ 320 | ||||
Depreciation, depletion and amortization | $ 2,332 | 2,283 | $ 1,660 | ||
Accrued capital expenditures | [1],[2],[3],[4],[5] | 485 | 555 | 307 | |
Dominion Energy Gas Holdings, LLC | GT&S Transaction | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Capital expenditures | 292 | [6] | 386 | 728 | |
Significant noncash items | |||||
Impairment of assets and other charges | 469 | [6] | 13 | 391 | |
Charges related to a voluntary retirement program | 0 | [6] | 19 | 0 | |
Depreciation, depletion and amortization | 177 | [6] | 322 | 283 | |
Accrued capital expenditures | 0 | [6] | 25 | 56 | |
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Capital expenditures | 38 | 42 | 34 | ||
Significant noncash items | |||||
Impairment of assets and other charges | 0 | 1 | 0 | ||
Charges related to a voluntary retirement program | 0 | 3 | 0 | ||
Depreciation, depletion and amortization | 27 | 51 | 57 | ||
Accrued capital expenditures | $ 1 | $ 2 | $ 2 | ||
[1] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. | ||||
[2] | See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point. | ||||
[3] | See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler. | ||||
[4] | See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units, the contribution of stock to Dominion Energy’s qualified defined benefit pension plan, derivative restructuring and the issuance of common stock associated with the settlement of litigation. See Note 23 for non-cash investing activities related to property, plant and equipment conveyed to satisfy litigation. | ||||
[5] | See the New Accounting Standards section below for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements. | ||||
[6] | Operations associated with the GT&S Transaction are through the November 1, 2020 settlement date. |
Acquisitions and Dispositions_8
Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Oct. 31, 2017 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Business Acquisition And Dispositions [Line Items] | ||||||
Stock issued during period for acquisition, value | $ 6,818 | |||||
Regulatory Liabilities | $ 10,996 | 10,659 | ||||
Regulatory liabilities-current | 809 | $ 455 | ||||
SCANA | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Stock issued during period for acquisition, shares | 95.6 | 95.6 | ||||
Stock issued during period for acquisition, value | $ 6,800 | $ 6,800 | ||||
Common stock agreed to be issued, percentage | 0.669% | |||||
Total outstanding debt | $ 6,900 | 6,707 | ||||
Business combination, refund to customers | $ 2,000 | |||||
Period to provide refund to customer | 20 years | 20 years | ||||
Regulatory Liabilities | $ 1,100 | |||||
Regulatory liabilities-current | 67 | |||||
Refund Liability to electric service customers | 1,000 | |||||
Remaining regulatory asset | [1] | 3,940 | ||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||
Charitable contributions, annual committed increase for next five years | $ 1 | |||||
SCANA | Minimum | ||||||
Other Commitment, Fiscal Year Maturity [Abstract] | ||||||
Charitable contributions, period committed for annual increase | 5 years | |||||
SCANA | NND Project | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Period to provide refund to customer | 20 years | |||||
Business combination cost related to exclusion from rate recovery | $ 2,400 | |||||
Remaining regulatory asset | 2,800 | |||||
Remaining regulatory asset current | 138 | |||||
SCANA | Dominion Energy South Carolina Inc | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Period to provide refund to customer | 11 years | |||||
Charge for refund of amounts from customers | $ 1,000 | |||||
Charge for refund of amounts from customers, current | $ 137 | |||||
After tax charge in statements of income | $ 756 | |||||
SCANA | Toshiba Corporation | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Cash consideration | $ 1,100 | |||||
SCANA | Columbia Energy | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Business combination cost related to exclusion from rate recovery | $ 180 | |||||
[1] | Includes $258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. |
Acquisitions and Dispositions_9
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Goodwill | [1] | $ 7,381 | $ 7,395 | $ 4,859 | |
SCANA | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||||
Total current assets | [2] | 1,782 | |||
Investments | [3] | 224 | |||
Property, plant and equipment | [4],[5] | 11,006 | |||
Goodwill | 2,609 | ||||
Regulatory assets | [6] | 3,940 | |||
Other deferred charges and other assets, including intangible assets | [7] | 430 | |||
Total Assets | 19,991 | ||||
Total current liabilities | [8] | 1,556 | |||
Total outstanding debt | 6,707 | $ 6,900 | |||
Deferred income taxes | 1,068 | ||||
Regulatory liabilities | 2,706 | ||||
Other deferred credits and other liabilities | [9] | 1,115 | |||
Total Liabilities | 13,152 | ||||
Total purchase price | [10] | $ 6,839 | |||
[1] | Goodwill amounts do not contain any accumulated impairment losses. | ||||
[2] | Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted. | ||||
[3] | Includes $31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized. | ||||
[4] | Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges (reflected in the Corporate and Other segment). | ||||
[5] | Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years. | ||||
[6] | Includes $258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information. | ||||
[7] | Intangible assets have an estimated weighted-average amortization period of approximately five years. | ||||
[8] | Includes $40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $173 million outstanding commercial paper under various credit facilities. All such credit facilities were terminated in 2019. | ||||
[9] | Includes a $379 million pension and other postretirement benefit liability. | ||||
[10] | Includes stock-based compensation awards with a fair value of $21 million. |
Acquisitions and Disposition_10
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Business Acquisition [Line Items] | ||||||
Cash, restricted cash and equivalents | $ 247 | $ 269 | $ 391 | $ 185 | ||
Impairment of assets and other charges | $ 2,105 | 1,520 | $ 12 | |||
Intangible assets, estimated weighted-average amortization period | 11 years | |||||
Pension and other postretirement benefit liability | $ 1,706 | 2,364 | ||||
SCANA | ||||||
Business Acquisition [Line Items] | ||||||
Cash, restricted cash and equivalents | 389 | |||||
Restricted cash | 115 | |||||
Equity method investment | 31 | |||||
Property, plant and equipment | [1],[2] | $ 11,006 | ||||
Intangible assets, estimated weighted-average amortization period | 5 years | |||||
Repayment of letter of credit advances | $ 40 | |||||
Repayments of Commercial Paper | $ 173 | |||||
Pension and other postretirement benefit liability | $ 379 | |||||
Stock based compensation awards estimated fair value | $ 21 | |||||
SCANA | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 5 years | |||||
SCANA | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 78 years | |||||
SCANA | NND Project | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment | $ 105 | |||||
Impairment of assets and other charges | 105 | |||||
Impairment of assets and other charges, after tax | 79 | |||||
SCANA | Dominion Energy South Carolina Inc | NND Project | ||||||
Business Acquisition [Line Items] | ||||||
Income tax regulatory assets | $ 258 | |||||
[1] | Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges (reflected in the Corporate and Other segment). | |||||
[2] | Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years. |
Acquisitions and Disposition_11
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - SCANA - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Increase in operating revenue | $ 3,300 | $ 3,100 | ||
Increase (decrease) in net income | 277 | (1,100) | ||
Merger and integration-related costs | $ 1,300 | 427 | ||
Dominion Energy | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | $ 97 | 646 | ||
Dominion Energy | Voluntary Retirement Program | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | 427 | |||
Dominion Energy | Other Operations and Maintenance | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | 210 | $ 27 | ||
Dominion Energy | Interest and Related Charges | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | $ 9 |
Acquisitions and Disposition_12
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - SCANA - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Business Acquisition [Line Items] | |||
Operating Revenue | [1] | $ 15,408 | $ 15,344 |
Net income attributable to Dominion Energy | [1] | $ 3,266 | $ 2,081 |
Earnings Per Common Share – Basic | [1] | $ 4.04 | $ 2.78 |
Earnings Per Common Share – Diluted | [1] | $ 4 | $ 2.77 |
[1] | Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Acquisitions and Disposition_13
Acquisitions and Dispositions (Sale of Interest in Cove Point) (Narrative) (Detail) - Cove Point - USD ($) $ in Billions | 1 Months Ended | |
Dec. 31, 2019 | Oct. 31, 2019 | |
Business Acquisition And Dispositions [Line Items] | ||
Ownership interest percentage of limited partner interests | 25.00% | 25.00% |
Cash consideration from sale of noncontrolling interest | $ 2.1 |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | $ 13,752 | $ 13,745 | $ 10,891 | |
Other revenues | [1],[2] | 420 | 656 | 308 |
Total operating revenue | 14,172 | 14,401 | 11,199 | |
Regulated Electric Sales | Residential | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 4,833 | 4,325 | 3,413 | |
Regulated Electric Sales | Commercial | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 3,102 | 3,219 | 2,503 | |
Regulated Electric Sales | Industrial | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 730 | 683 | 490 | |
Regulated Electric Sales | Government and Other Retail | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 868 | 873 | 854 | |
Regulated Electric Sales | Wholesale | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 128 | 176 | 137 | |
Nonregulated Electric Sales | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 803 | 926 | 1,294 | |
Regulated Gas Sales | Residential | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 1,283 | 1,343 | 818 | |
Regulated Gas Sales | Commercial | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 457 | 457 | 221 | |
Regulated Gas Sales | Other | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 88 | 109 | 11 | |
Nonregulated Gas Sales | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 174 | 495 | 210 | |
Regulated Gas Transportation and Storage | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 801 | 742 | 640 | |
Other Regulated Revenues | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 327 | 252 | 178 | |
Other Nonregulated Revenues | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | [3],[4] | 158 | 145 | 122 |
Virginia Electric and Power Company | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 7,661 | 8,036 | 7,584 | |
Other revenues | [1],[4] | 102 | 72 | 35 |
Total operating revenue | 7,763 | 8,108 | 7,619 | |
Virginia Electric and Power Company | Regulated Electric Sales | Residential | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 3,677 | 3,657 | 3,413 | |
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 2,342 | 2,712 | 2,503 | |
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 380 | 455 | 490 | |
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 804 | 823 | 854 | |
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 90 | 128 | 137 | |
Virginia Electric and Power Company | Other Regulated Revenues | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 299 | 190 | 132 | |
Virginia Electric and Power Company | Other Nonregulated Revenues | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | [3],[4] | $ 69 | $ 71 | $ 55 |
[1] | Amounts above include alternative revenue of $119 million and $82 million for the year ended December 31, 2020 at Dominion Energy and Virginia Power, $66 million and $52 million for year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power. | |||
[2] | Amounts above include revenue associated with services provided to entities presented in discontinued operations of $4 million for the year ended December 31, 2020 and $6 million for both years ended December 31, 2019 and 2018. | |||
[3] | Amounts above include sales which are considered to be goods transferred at a point | |||
[4] | See Notes 9 and 25 for amounts attributable to related parties and affiliates. |
Operating Revenue (Schedule o_2
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | $ 13,752 | $ 13,745 | $ 10,891 | |
Other revenues | [1],[2] | 420 | 656 | 308 |
Gas, Transmission & Storage | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue | 4 | 6 | 6 | |
NGL Midstream | Transferred at a Point in Time | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 22 | 37 | 19 | |
Renewable Energy Investment Tax Credits | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 20 | 24 | 17 | |
Alternative Revenue Programs | ||||
Public Utilities General Disclosures [Line Items] | ||||
Other revenues | 119 | 66 | 15 | |
Virginia Electric and Power Company | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 7,661 | 8,036 | 7,584 | |
Other revenues | [1],[3] | 102 | 72 | 35 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | ||||
Public Utilities General Disclosures [Line Items] | ||||
Operating revenue from contracts with customers | 11 | 17 | 11 | |
Virginia Electric and Power Company | Alternative Revenue Programs | ||||
Public Utilities General Disclosures [Line Items] | ||||
Other revenues | $ 82 | $ 52 | $ 15 | |
[1] | Amounts above include alternative revenue of $119 million and $82 million for the year ended December 31, 2020 at Dominion Energy and Virginia Power, $66 million and $52 million for year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power. | |||
[2] | Amounts above include revenue associated with services provided to entities presented in discontinued operations of $4 million for the year ended December 31, 2020 and $6 million for both years ended December 31, 2019 and 2018. | |||
[3] | See Notes 9 and 25 for amounts attributable to related parties and affiliates. |
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 | Dec. 31, 2020USD ($) | |
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 770 | |
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 | $ 67 | [1] |
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 | $ 66 | [1] |
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 | $ 64 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 57 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 50 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 466 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | ||
[1] | Includes $1 million for Virginia |
Operating Revenue (Schedule o_4
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) (Detail1) $ in Millions | Dec. 31, 2020USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, expected to be recognized on multi-year contracts | $ 770 |
Operating Revenue (Schedule o_5
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) (Parenthetical) (Detail) $ in Millions | Dec. 31, 2020USD ($) | |
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 770 | |
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 | $ 67 | [1] |
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 | $ 66 | [1] |
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 | $ 64 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 57 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 50 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 466 | [1] |
Revenue, expected to be recognized on multi-year contracts, period | ||
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 | |
[1] | Includes $1 million for Virginia |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues From Contract With Customer [Line Items] | ||
Revenue recognized from contract liability balances | $ 97 | $ 85 |
Other Current Liabilities and Other Deferred Credits and Other Liabilities | ||
Revenues From Contract With Customer [Line Items] | ||
Contract liability balances | 130 | 102 |
Virginia Electric and Power Company | ||
Revenues From Contract With Customer [Line Items] | ||
Revenue recognized from contract liability balances | 24 | 22 |
Virginia Electric and Power Company | Other Current Liabilities and Other Deferred Credits and Other Liabilities | ||
Revenues From Contract With Customer [Line Items] | ||
Contract liability balances | $ 36 | $ 24 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Detail) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current: | ||||
Federal | $ (314) | $ (94) | $ 294 | |
State | (81) | 58 | 82 | |
Total current expense (benefit) | (395) | (36) | 376 | |
Deferred: | ||||
Taxes before operating loss carryforwards, investment tax credits and tax reform | 12 | 168 | 30 | |
2017 Tax Reform Act | 0 | 0 | 46 | |
Tax utilization expense of operating loss carryforwards | 44 | 119 | 92 | |
Investment tax credits | 311 | (51) | (56) | |
State | 72 | (50) | 34 | |
Total deferred expense (benefit) | 439 | 186 | 146 | |
Investment tax credit-gross deferral | 42 | 62 | 2 | |
Investment tax credit-amortization | (3) | (3) | (2) | |
Total income tax expense | $ 336 | 83 | 209 | 522 |
Virginia Electric and Power Company | ||||
Current: | ||||
Federal | 364 | 286 | 36 | |
State | 71 | 58 | 40 | |
Total current expense (benefit) | 435 | 344 | 76 | |
Deferred: | ||||
Taxes before operating loss carryforwards, investment tax credits and tax reform | (226) | (128) | 199 | |
2017 Tax Reform Act | 0 | 0 | 21 | |
Tax utilization expense of operating loss carryforwards | 0 | 0 | 0 | |
Investment tax credits | (27) | (34) | (51) | |
State | 7 | 22 | 55 | |
Total deferred expense (benefit) | (246) | (140) | 224 | |
Investment tax credit-gross deferral | 42 | 62 | 2 | |
Investment tax credit-amortization | (2) | (2) | (2) | |
Total income tax expense | $ 229 | $ 264 | $ 300 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Line Items] | |||||
State deferred income tax expense (benefit) | $ 72 | $ (50) | $ 34 | ||
Deferred income tax expense | 0 | 0 | 46 | ||
Current federal income taxes | (395) | (36) | 376 | ||
Taxes charged to common shareholders' equity | 215 | ||||
Income tax expense | $ 336 | $ 83 | $ 209 | $ 522 | |
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | 35.00% | |
Deferred income tax expense | $ 439 | $ 186 | $ 146 | ||
Increase (Decrease) to deferred income tax expense | (5) | 23 | |||
Increase (Decrease) in regulatory liabilities | (8) | ||||
Income tax benefit associated with remeasurement of state deferred taxes | (44) | (119) | (92) | ||
Income tax expense attributable to noncontrolling interest | 55 | ||||
Unrecognized tax benefits that would impact effective tax rate | 140 | 141 | 37 | ||
Maximum | |||||
Income Taxes [Line Items] | |||||
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations | 69 | ||||
Amount that earnings could potentially increase if changes were to occur | 7 | ||||
Virginia Electric and Power Company | |||||
Income Taxes [Line Items] | |||||
State deferred income tax expense (benefit) | 7 | 22 | 55 | ||
Deferred income tax expense | 0 | 0 | 21 | ||
Current federal income taxes | 435 | 344 | 76 | ||
Income tax expense | $ 229 | $ 264 | $ 300 | ||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% | ||
Deferred income tax expense | $ (246) | $ (140) | $ 224 | ||
Increase (Decrease) to deferred income tax expense | 23 | ||||
Increase (Decrease) in regulatory liabilities | 31 | ||||
Income tax benefit associated with remeasurement of state deferred taxes | 0 | 0 | 0 | ||
Unrecognized tax benefits that would impact effective tax rate | 2 | ||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | (2) | (2) | |||
Virginia Electric and Power Company | Maximum | |||||
Income Taxes [Line Items] | |||||
Unrecognized tax benefits that would impact effective tax rate | 1 | ||||
SCANA | |||||
Income Taxes [Line Items] | |||||
Deferred income tax expense | 194 | ||||
Discontinued Operations | |||||
Income Taxes [Line Items] | |||||
Income tax expense | (204) | 142 | 58 | ||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | 5 | ||||
Discontinued Operations | Maximum | |||||
Income Taxes [Line Items] | |||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | (1) | (1) | |||
Continuing Operations | |||||
Income Taxes [Line Items] | |||||
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits | (6) | $ 3 | $ 6 | ||
Cove Point | |||||
Income Taxes [Line Items] | |||||
Ownership interest percentage of limited partner interests | 25.00% | ||||
Current federal income taxes | $ 362 | ||||
Benefit for deferred income taxes | 147 | ||||
Federal tax credits | 208 | ||||
Atlantic Coast Pipeline | Discontinued Operations | Supply Header Project | |||||
Income Taxes [Line Items] | |||||
Income tax charge | 81 | ||||
Federal | |||||
Income Taxes [Line Items] | |||||
Deferred income tax expense | $ 48 | ||||
State | |||||
Income Taxes [Line Items] | |||||
Income tax benefit associated with remeasurement of state deferred taxes | 45 | ||||
GT&S Transaction | |||||
Income Taxes [Line Items] | |||||
State deferred income tax expense (benefit) | 18 | ||||
GT&S Transaction | Discontinued Operations | |||||
Income Taxes [Line Items] | |||||
Income tax expense (benefit) on non-deductible goodwill written off | $ 236 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | 21.00% | 35.00% |
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 2.00% | 1.50% | 4.30% | |
Investment tax credits | (9.60%) | (11.40%) | (2.30%) | |
Production tax credits | (0.70%) | (2.10%) | (0.80%) | |
Valuation allowances | 0.90% | 0.50% | 0.40% | |
Reversal of excess deferred income taxes | (5.40%) | (3.20%) | (2.30%) | |
Federal legislative change | 0.00% | 0.00% | 1.80% | |
State legislative change | 0.00% | 0.00% | (0.80%) | |
Write-off of regulatory assets | 0.00% | 21.70% | 0.00% | |
Change in tax status | (1.70%) | (5.50%) | 0.00% | |
AFUDC—equity | (0.20%) | (0.20%) | (0.30%) | |
Changes in state deferred taxes associated with assets held for sale | (3.20%) | 0.00% | 0.00% | |
Absence of tax on noncontrolling interest | 3.80% | (0.20%) | (0.10%) | |
Employee stock ownership plan deduction | (0.90%) | (1.40%) | (0.50%) | |
Nondeductible goodwill | 0.00% | 1.80% | 0.00% | |
Other, net | (0.10%) | 1.50% | (0.40%) | |
Effective tax rate | 5.90% | 24.00% | 20.00% | |
Virginia Electric and Power Company | ||||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | 21.00% | |
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 4.80% | 4.50% | 4.70% | |
Investment tax credits | (4.50%) | (2.90%) | (3.50%) | |
Production tax credits | (0.70%) | (0.70%) | (0.70%) | |
Valuation allowances | 0.00% | 0.00% | 0.00% | |
Reversal of excess deferred income taxes | (2.20%) | (3.10%) | (3.20%) | |
Federal legislative change | 0.00% | 0.00% | 1.30% | |
State legislative change | 0.00% | 0.00% | 0.00% | |
Write-off of regulatory assets | 0.00% | 0.00% | 0.00% | |
Change in tax status | 0.00% | 0.00% | 0.00% | |
AFUDC—equity | 0.00% | 0.00% | (0.50%) | |
Changes in state deferred taxes associated with assets held for sale | 0.00% | 0.00% | ||
Absence of tax on noncontrolling interest | 0.00% | 0.00% | 0.00% | |
Employee stock ownership plan deduction | 0.00% | 0.00% | ||
Nondeductible goodwill | 0.00% | 0.00% | 0.00% | |
Other, net | (0.10%) | (0.20%) | (0.10%) | |
Effective tax rate | 18.30% | 18.60% | 19.00% |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Income Taxes) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income taxes: | ||
Total deferred income tax assets | $ 3,285 | $ 3,736 |
Total deferred income tax liabilities | 9,069 | 9,883 |
Total net deferred income tax liabilities | 5,784 | 6,147 |
Plant and equipment, primarily depreciation method and basis differences | 5,824 | 6,616 |
Excess deferred income taxes | (1,142) | (1,306) |
Unrecovered NND Project costs | 529 | 553 |
DESC rate refund | (140) | (169) |
Toshiba Settlement | (204) | (219) |
Nuclear decommissioning | 991 | 909 |
Deferred state income taxes | 702 | 863 |
Federal benefit of deferred state income taxes | (147) | (184) |
Deferred fuel, purchased energy and gas costs | (28) | |
Deferred fuel, purchased energy and gas costs | 30 | |
Pension benefits | 239 | 174 |
Other postretirement benefits | (14) | (37) |
Loss and credit carryforwards | (1,534) | (1,832) |
Valuation allowances | 155 | 161 |
Partnership basis differences | 593 | 823 |
Other | (40) | (235) |
Total net deferred income tax liabilities | 5,784 | 6,147 |
Deferred Investment Tax Credits – Regulated Operations | 169 | 130 |
Total Deferred Taxes and Deferred Investment Tax Credits | 5,953 | 6,277 |
Virginia Electric and Power Company | ||
Deferred income taxes: | ||
Total deferred income tax assets | 1,204 | 1,207 |
Total deferred income tax liabilities | 3,832 | 4,058 |
Total net deferred income tax liabilities | 2,628 | 2,851 |
Plant and equipment, primarily depreciation method and basis differences | 3,227 | 3,359 |
Excess deferred income taxes | (656) | (672) |
Unrecovered NND Project costs | 0 | 0 |
DESC rate refund | 0 | 0 |
Toshiba Settlement | 0 | 0 |
Nuclear decommissioning | 303 | 290 |
Deferred state income taxes | 305 | 302 |
Federal benefit of deferred state income taxes | (64) | (63) |
Deferred fuel, purchased energy and gas costs | (34) | |
Deferred fuel, purchased energy and gas costs | 1 | |
Pension benefits | (105) | (153) |
Other postretirement benefits | 76 | 62 |
Loss and credit carryforwards | (354) | (280) |
Valuation allowances | 6 | 5 |
Partnership basis differences | 0 | 0 |
Other | (76) | 0 |
Total net deferred income tax liabilities | 2,628 | 2,851 |
Deferred Investment Tax Credits – Regulated Operations | 151 | 111 |
Total Deferred Taxes and Deferred Investment Tax Credits | $ 2,779 | $ 2,962 |
Income Taxes (Schedule of Deduc
Income Taxes (Schedule of Deductible Loss and Credit Carryforwards) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Deductible loss and credit carryforwards [Line Items] | |
Deductible amount | $ 4,830 |
Losses, Deferred tax asset | 1,561 |
Losses, Valuation allowance | (155) |
Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Losses, Deferred tax asset | 354 |
Losses, Valuation allowance | (6) |
Federal | |
Deductible loss and credit carryforwards [Line Items] | |
Deductible amount | 1,169 |
Losses, Deferred tax asset | $ 246 |
Losses, Expiration Period | 2037 |
Federal | Investment Credits | |
Deductible loss and credit carryforwards [Line Items] | |
Tax credits, Deferred tax asset | $ 736 |
Federal | Investment Credits | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Tax credits, Deferred tax asset | $ 294 |
Federal | Investment Credits | Earliest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2036 |
Federal | Investment Credits | Earliest Tax Year | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2036 |
Federal | Investment Credits | Latest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2040 |
Federal | Investment Credits | Latest Tax Year | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2040 |
Federal | Federal production credits | |
Deductible loss and credit carryforwards [Line Items] | |
Tax credits, Deferred tax asset | $ 86 |
Federal | Federal production credits | Earliest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2036 |
Federal | Federal production credits | Latest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2040 |
Federal | Federal Production And Other Credits | |
Deductible loss and credit carryforwards [Line Items] | |
Tax credits, Deferred tax asset | $ 14 |
Federal | Federal Production And Other Credits | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Tax credits, Deferred tax asset | $ 51 |
Federal | Federal Production And Other Credits | Earliest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2036 |
Federal | Federal Production And Other Credits | Earliest Tax Year | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2036 |
Federal | Federal Production And Other Credits | Latest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2039 |
Federal | Federal Production And Other Credits | Latest Tax Year | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2040 |
State | |
Deductible loss and credit carryforwards [Line Items] | |
Deductible amount | $ 3,661 |
Losses, Deferred tax asset | 198 |
Losses, Valuation allowance | (61) |
State minimum tax credits | $ 139 |
State | Earliest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Losses, Expiration Period | 2020 |
State | Latest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Losses, Expiration Period | 2040 |
State | Investment Credits | Virginia Electric and Power Company | |
Deductible loss and credit carryforwards [Line Items] | |
Losses, Valuation allowance | $ (6) |
Tax credits, Deferred tax asset | $ 9 |
Tax Credits, Expiration Period | 2024 |
State | Investment And Other Credit | |
Deductible loss and credit carryforwards [Line Items] | |
Losses, Valuation allowance | $ (94) |
Tax credits, Deferred tax asset | $ 142 |
State | Investment And Other Credit | Earliest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2020 |
State | Investment And Other Credit | Latest Tax Year | |
Deductible loss and credit carryforwards [Line Items] | |
Tax Credits, Expiration Period | 2031 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | $ 175 | $ 44 | $ 38 | |
Acquired unrecognized tax benefits | 0 | 129 | [1] | 0 |
Increases-prior period positions | 18 | 0 | 10 | |
Decreases-prior period positions | (19) | 0 | 0 | |
Increases-current period positions | 1 | 9 | 10 | |
Settlements with tax authorities | 0 | (7) | (6) | |
Expiration of statutes of limitations | (8) | 0 | (8) | |
Balance at December 31 | 167 | 175 | 44 | |
Virginia Electric and Power Company | ||||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||||
Balance at January 1 | 0 | 2 | 4 | |
Acquired unrecognized tax benefits | 0 | 0 | 0 | |
Increases-prior period positions | 0 | 0 | 0 | |
Decreases-prior period positions | 0 | 0 | 0 | |
Increases-current period positions | 0 | 0 | 0 | |
Settlements with tax authorities | 0 | (2) | (1) | |
Expiration of statutes of limitations | 0 | 0 | (1) | |
Balance at December 31 | $ 0 | $ 0 | $ 2 | |
[1] | Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting. |
Income Taxes (Unrecognized Ta_2
Income Taxes (Unrecognized Tax Benefits) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Tax Contingency [Line Items] | ||||
Acquired unrecognized tax benefits | $ 0 | $ 129 | [1] | $ 0 |
Increases-prior period positions | 18 | 0 | 10 | |
Decreases in prior period position | $ 19 | 0 | $ 0 | |
SCANA | ||||
Income Tax Contingency [Line Items] | ||||
Acquired unrecognized tax benefits | 106 | |||
Increases-prior period positions | 76 | |||
Decreases in prior period position | $ 53 | |||
[1] | Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting. |
Income Taxes (Earliest Tax Year
Income Taxes (Earliest Tax Year) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Pennsylvania | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2012 |
Connecticut | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2017 |
Virginia | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2017 |
West Virginia | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2017 |
New York | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2015 |
Utah | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2017 |
South Carolina | |
Operation In Major Geographical Areas Tax Year [Line Items] | |
Earliest Open Tax Year | 2013 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)$ / MMBTU$ / MWh | Dec. 31, 2019USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 397 | $ 93 | |
Fair Value of Derivative Liabilities | 486 | 740 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 181 | 24 | |
Fair Value of Derivative Liabilities | 405 | 466 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 6,959 | 5,963 | |
Total liabilities | 486 | 740 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 3,223 | 2,748 | |
Total liabilities | 405 | 466 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 167 | 74 | |
Fair Value of Derivative Liabilities | 55 | 131 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 115 | 22 | |
Fair Value of Derivative Liabilities | 29 | 103 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 110 | 19 | |
Total liabilities | 7 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 110 | 19 | |
Total liabilities | 7 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 110 | 19 | |
Fair Value of Derivative Liabilities | 7 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 110 | 19 | |
Fair Value of Derivative Liabilities | 7 | $ 56 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 15 | ||
Fair Value of Derivative Liabilities | 5 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 15 | ||
Fair Value of Derivative Liabilities | $ 5 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (4) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (4) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | $ 95 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | $ 95 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 20.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 20.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 5 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 5 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 56.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 56.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 38.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 38.00% | |
[1] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[2] | Averages weighted by volume. | ||
[3] | Includes basis. | ||
[4] | 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 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 397 | $ 93 | |
Derivative Liabilities | 486 | 740 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 181 | 24 | |
Derivative Liabilities | 405 | 466 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 6,959 | 5,963 | |
Total liabilities | 486 | 740 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 3,223 | 2,748 | |
Total liabilities | 405 | 466 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,648 | 4,195 |
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 | [2] | 2,171 | 1,920 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 629 | 463 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 348 | 256 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,238 | 1,192 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 510 | 547 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 47 | 20 |
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 | [2] | 13 | 1 |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 167 | 74 | |
Derivative Liabilities | 55 | 131 | |
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 | 115 | 22 | |
Derivative Liabilities | 29 | 103 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 230 | 11 | |
Derivative Liabilities | 431 | 606 | |
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 | 66 | 2 | |
Derivative Liabilities | 376 | 363 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 3 | ||
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5,188 | 4,687 | |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,385 | 2,106 | |
Total liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,648 | 4,195 |
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 | [2] | 2,171 | 1,920 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 508 | 473 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 201 | 186 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 32 | 19 |
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 | [2] | 13 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,661 | 1,257 | |
Total liabilities | 479 | 684 | |
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 | 728 | 623 | |
Total liabilities | 398 | 410 | |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 629 | 463 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 348 | 256 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 730 | 719 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 309 | 361 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 15 | 1 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 1 |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 57 | 55 | |
Derivative Liabilities | 48 | 75 | |
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 | 5 | 3 | |
Derivative Liabilities | 22 | 47 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 230 | 11 | |
Derivative Liabilities | 431 | 606 | |
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 | 66 | 2 | |
Derivative Liabilities | 376 | 363 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 3 | ||
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 110 | 19 | |
Total liabilities | 7 | 56 | |
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 | 110 | 19 | |
Total liabilities | 7 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 110 | 19 | |
Derivative Liabilities | 7 | 56 | |
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 | 110 | 19 | |
Derivative Liabilities | 7 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | $ 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | $ 0 | ||
[1] | Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $340 million and $274 million of assets at December 31, 2020 and 2019, 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 | ||
[2] | Includes investments held in the nuclear decommissioning trusts. Excludes $167 million and $159 million of assets at December 31, 2020 and 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 340 | $ 274 |
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 | $ 167 | $ 159 |
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) - Commodity - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | $ (37) | $ 64 | $ 150 |
Total realized and unrealized gains (losses): | |||
Included in other comprehensive income | 0 | 0 | 1 |
Included in regulatory assets/liabilities | 140 | (90) | (44) |
Settlements | 33 | 17 | (27) |
Purchases | 0 | (10) | 0 |
Sales | (1) | 6 | 0 |
Transfers out of Level 3 | 0 | (3) | 1 |
Balance at December 31, | 103 | (37) | 64 |
Virginia Electric and Power Company | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | (37) | 60 | 147 |
Total realized and unrealized gains (losses): | |||
Included in regulatory assets/liabilities | 140 | (88) | (45) |
Settlements | 33 | 13 | (25) |
Balance at December 31, | 103 | (37) | 60 |
Operating Revenue | |||
Total realized and unrealized gains (losses): | |||
Included in earnings | 0 | (1) | (2) |
Electric Fuel and Other Energy-Related Purchases | |||
Total realized and unrealized gains (losses): | |||
Included in earnings | (33) | (22) | (15) |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | |||
Total realized and unrealized gains (losses): | |||
Included in earnings | (33) | (22) | (17) |
Purchased Gas | |||
Total realized and unrealized gains (losses): | |||
Included in earnings | 0 | 2 | 0 |
Discontinued Operations | |||
Total realized and unrealized gains (losses): | |||
Included in earnings | $ 1 | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 |
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 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Supplemental 364-Day credit facility borrowings | $ 225 | ||
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[2] | 31,996 | $ 32,055 |
Supplemental 364-Day credit facility borrowings | 225 | ||
Junior subordinated notes | [3] | 3,411 | 4,797 |
Carrying Amount | Virginia Electric and Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [3] | 13,207 | 12,326 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[2],[4] | 38,773 | 36,155 |
Supplemental 364-Day credit facility borrowings | [4] | 225 | |
Junior subordinated notes | [3],[4] | 3,633 | 4,953 |
Estimate of Fair Value | Virginia Electric and Power Company | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [3],[4] | $ 16,455 | $ 14,281 |
[1] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments. At December 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with Dominion | ||
[2] | Includes amounts classified as held for sale, see Note 3. | ||
[3] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[4] | 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 issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ 3 | $ 4 |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 396 | $ 91 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 46 | 53 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 350 | 38 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 178 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 14 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 164 | 3 | |
Commodity | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 117 | 35 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 108 | 14 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 111 | 19 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 105 | 1 | |
Commodity | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 49 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 24 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 25 | 16 | |
Commodity | Exchange | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 1 | |
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 | 0 | ||
Interest rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 230 | 11 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 13 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 217 | 8 | |
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 66 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 59 | 2 | |
Foreign currency | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 0 | 8 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | $ 0 | $ 0 | |
[1] | Excludes $1 million and $2 million of derivative assets at December 31, 2020 and 2019, respectively, | ||
[2] | Excludes $3 million and $3 million of derivative assets at December 31, 2020 and 2019, respectively, which are not subject to master netting or similar arrangements. |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 1 | $ 2 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 3 | $ 3 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 485 | $ 735 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 46 | 53 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 17 | 35 | |
Net Amounts | 422 | 647 | |
Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 383 | 422 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 14 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 369 | 404 | |
Commodity | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 30 | 105 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 21 | 84 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 6 | 59 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 0 | 41 | |
Commodity | Exchange | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 24 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 24 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 0 | 0 | |
Commodity | Exchange | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 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 | |
Interest rate | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 431 | 606 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 13 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 17 | 35 | |
Net Amounts | 401 | 563 | |
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 376 | 363 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 369 | 363 | |
Foreign currency | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 0 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | $ 0 | $ 0 | |
[1] | Excludes $1 million and $5 million of derivative liabilities at December 31, 2020 and 2019, respectively, | ||
[2] | Excludes $22 million and $44 million of derivative liabilities at December 31, 2020 and 2019, respectively, which are not subject to master netting or similar arrangements. |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 1 | $ 5 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 22 | $ 44 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)MWhMMcf | ||
Fixed Price - Natural Gas - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 65,000 | [1] |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 30,000 | [1] |
Basis - Natural Gas - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 190,000 | |
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 134,000 | |
Fixed Price - Electricity - Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 7,932,760 | |
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 928,560 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 45,249,553 | |
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 45,249,553 | |
Interest Rate - Current Derivative Contract | ||
Derivative [Line Items] | ||
Derivative payment | $ | $ 850,000,000 | [2] |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Derivative payment | $ | $ 850,000,000 | [2] |
Fixed Price - Natural Gas - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 0 | [1] |
Basis - Natural Gas - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 477,000 | |
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of derivative activity | MMcf | 473,000 | |
Fixed Price - Electricity - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 6,825,680 | |
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 350,400 | |
Financial Transmission Rights - Electricity- Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Volume of electricity | MWh | 0 | |
Interest Rate - Non-current Derivative Contract | ||
Derivative [Line Items] | ||
Derivative payment | $ | $ 6,058,894,892 | [2] |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||
Derivative [Line Items] | ||
Derivative payment | $ | $ 1,200,000,000 | [2] |
[1] | Includes options. | |
[2] | Maturity is determined based on final settlement period. |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (419) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (43) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (60) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (2) |
Commodity | Natural Gas | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (1) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 12 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (418) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (42) |
Maximum Term | 396 months |
Interest rate | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (60) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Maximum Term | 396 months |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Carrying Amount of the Hedged Asset (Liability) | [1] | $ (1,153) | $ (1,154) |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged(Liabilities) | [2] | $ (3) | $ (4) |
[1] | Includes $(1,153) million and $(397) million related to discontinued hedging relationships at December 31, 2020 and December 31, 2019, | ||
[2] | Includes $(3) million and $3 million of hedging adjustments on discontinued hedging relationships at December 31, 2020 and December 31, 2019, respectively. |
Derivatives and Hedge Accoun_10
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Discontinued hedging liability | $ (1,153) | $ (397) |
Hedging adjustments on discontinued hedging relationships | $ (3) | $ 3 |
Derivatives and Hedge Accoun_11
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | [1] | $ 67 | $ 68 |
Derivative Asset, Noncurrent | [2] | 330 | 25 |
Derivative Asset | 397 | 93 | |
Derivative Liabilities, Current | [3] | 415 | 408 |
Derivative Liabilities, Noncurrent | [4] | 71 | 332 |
Derivative Liabilities | 486 | 740 | |
Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | [5] | 22 | 20 |
Derivative Asset, Noncurrent | [6] | 159 | 4 |
Derivative Asset | 181 | 24 | |
Derivative liabilities | [7] | 390 | 243 |
Derivative Liability, Noncurrent | [8] | 15 | 223 |
Derivative Liabilities | 405 | 466 | |
Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 58 | 67 | |
Derivative Asset, Noncurrent | 109 | 7 | |
Derivative Liabilities, Current | 42 | 83 | |
Derivative Liabilities, Noncurrent | 13 | 48 | |
Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 22 | 20 | |
Derivative Asset, Noncurrent | 93 | 2 | |
Derivative liabilities | 28 | 58 | |
Derivative Liability, Noncurrent | 1 | 45 | |
Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 9 | 1 | |
Derivative Asset, Noncurrent | 221 | 10 | |
Derivative Liabilities, Current | 373 | 322 | |
Derivative Liabilities, Noncurrent | 58 | 284 | |
Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 0 | ||
Derivative Asset, Noncurrent | 66 | 2 | |
Derivative liabilities | 362 | 185 | |
Derivative Liability, Noncurrent | 14 | 178 | |
Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Noncurrent | 8 | ||
Derivative Liabilities, Current | 3 | ||
Designated as Hedging Instrument | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | [1] | 0 | 31 |
Derivative Asset, Noncurrent | [2] | 66 | 19 |
Derivative Asset | 66 | 50 | |
Derivative Liabilities, Current | [3] | 363 | 330 |
Derivative Liabilities, Noncurrent | [4] | 19 | 268 |
Derivative Liabilities | 382 | 598 | |
Designated as Hedging Instrument | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | [5] | 0 | 0 |
Derivative Asset, Noncurrent | [6] | 66 | 2 |
Derivative Asset | 66 | 2 | |
Derivative liabilities | 362 | 185 | |
Derivative Liability, Noncurrent | [8] | 14 | 178 |
Derivative Liabilities | 376 | 363 | |
Designated as Hedging Instrument | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 0 | 30 | |
Derivative Asset, Noncurrent | 0 | 1 | |
Derivative Liabilities, Current | 0 | 6 | |
Derivative Liabilities, Noncurrent | 0 | 1 | |
Designated as Hedging Instrument | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 0 | 0 | |
Derivative Asset, Noncurrent | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Derivative Liability, Noncurrent | 0 | 0 | |
Designated as Hedging Instrument | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 0 | 1 | |
Derivative Asset, Noncurrent | 66 | 10 | |
Derivative Liabilities, Current | 363 | 321 | |
Derivative Liabilities, Noncurrent | 19 | 267 | |
Designated as Hedging Instrument | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 0 | ||
Derivative Asset, Noncurrent | 66 | 2 | |
Derivative liabilities | 362 | 185 | |
Derivative Liability, Noncurrent | 14 | 178 | |
Designated as Hedging Instrument | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Noncurrent | 8 | ||
Derivative Liabilities, Current | 3 | ||
Fair Value - Derivatives not under Hedge Accounting | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | [1] | 67 | 37 |
Derivative Asset, Noncurrent | [2] | 264 | 6 |
Derivative Asset | 331 | 43 | |
Derivative Liabilities, Current | [3] | 52 | 78 |
Derivative Liabilities, Noncurrent | [4] | 52 | 64 |
Derivative Liabilities | 104 | 142 | |
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | [5] | 22 | 20 |
Derivative Asset, Noncurrent | [6] | 93 | 2 |
Derivative Asset | 115 | 22 | |
Derivative liabilities | 28 | 58 | |
Derivative Liability, Noncurrent | [8] | 1 | 45 |
Derivative Liabilities | 29 | 103 | |
Fair Value - Derivatives not under Hedge Accounting | Commodity | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 58 | 37 | |
Derivative Asset, Noncurrent | 109 | 6 | |
Derivative Liabilities, Current | 42 | 77 | |
Derivative Liabilities, Noncurrent | 13 | 47 | |
Fair Value - Derivatives not under Hedge Accounting | Commodity | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 22 | 20 | |
Derivative Asset, Noncurrent | 93 | 2 | |
Derivative liabilities | 28 | 58 | |
Derivative Liability, Noncurrent | 1 | 45 | |
Fair Value - Derivatives not under Hedge Accounting | Interest rate | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 9 | 0 | |
Derivative Asset, Noncurrent | 155 | 0 | |
Derivative Liabilities, Current | 10 | 1 | |
Derivative Liabilities, Noncurrent | 39 | 17 | |
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Virginia Electric and Power Company | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Current | 0 | ||
Derivative Asset, Noncurrent | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Derivative Liability, Noncurrent | $ 0 | 0 | |
Fair Value - Derivatives not under Hedge Accounting | Foreign currency | |||
Derivatives Fair Value [Line Items] | |||
Derivative Asset, Noncurrent | 0 | ||
Derivative Liabilities, Current | $ 0 | ||
[1] | Current derivative assets include $63 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[2] | Noncurrent derivative assets include $ 330 million and $ 16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[3] | Current derivative liabilities include $412 million and $394 million in other current liabilities in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[4] | Noncurrent derivative liabilities include $71 million and $329 million in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[5] | Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | ||
[6] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | ||
[7] | See Note 25 for amounts attributable to affiliates. | ||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Derivatives and Hedge Accoun_12
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives Fair Value [Line Items] | |||
Current derivative assets | [1] | $ 67 | $ 68 |
Noncurrent derivative assets | [2] | 330 | 25 |
Other Current Assets | |||
Derivatives Fair Value [Line Items] | |||
Current derivative assets | 63 | 61 | |
Other Deferred Charges and Other Assets | |||
Derivatives Fair Value [Line Items] | |||
Noncurrent derivative assets | 330 | 16 | |
Other Current Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Current derivative liabilities | 412 | 394 | |
Other Deferred Credits and Other Liabilities | |||
Derivatives Fair Value [Line Items] | |||
Noncurrent derivative liabilities | $ 71 | $ 329 | |
[1] | Current derivative assets include $63 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | ||
[2] | Noncurrent derivative assets include $ 330 million and $ 16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of December 31, 2020 and 2019, respectively. The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. |
Derivatives and Hedge Accoun_13
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ (320) | $ (145) | $ 40 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (302) | 83 | (137) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (332) | (255) | 39 |
Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3] | (37) | (30) | 2 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | (1) | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | (338) | (259) | 39 |
Commodity | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 0 | 125 | 64 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 23 | 143 | (76) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | |
Commodity | Operating Revenue | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 25 | 142 | (82) | |
Commodity | Purchased Gas | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (4) | (3) | ||
Commodity | Discontinued operations | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 2 | 4 | (8) | |
Commodity | Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 14 | |||
Foreign currency | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[5] | (11) | (18) | (6) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [5] | (6) | (6) | (13) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[5] | 0 | 0 | 0 |
Interest rate | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | (309) | (252) | (18) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (319) | (54) | (48) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (332) | (255) | 39 |
Interest rate | Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3],[6] | (37) | (30) | 2 |
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (2) | (1) | (1) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[6] | (338) | (259) | 39 |
Interest rate | Discontinued operations | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (236) | (5) | (5) | |
Interest rate | Interest and Related Charges | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Reclassified From AOCI to Income | $ (83) | $ (49) | $ (43) | |
[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 recorded in Dominion Energy’s Consolidated Statements of Income are classified in discontinued operations. | |||
[6] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Derivatives and Hedge Accoun_14
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Fair Value - Derivatives not under Hedge Accounting - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 42 | $ (26) | $ (26) |
Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (104) | (45) | 2 |
Commodity | Virginia Electric and Power Company | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (104) | (45) | 2 |
Commodity | Operating Revenue | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 73 | 41 | (11) |
Commodity | Purchased Gas | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (20) | (22) | 4 |
Commodity | Electric Fuel and Other Energy-Related Purchases | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (104) | (46) | (9) |
Commodity | Discontinued operations | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (11) | (2) | (10) |
Interest rate | Discontinued operations | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 5 | 0 | 0 |
Interest rate | Interest and Related Charges | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 87 | 3 | 0 |
Foreign currency | Discontinued operations | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 12 | $ 0 | $ 0 |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | |||
[2] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | |||
[3] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
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 | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net Income from continuing operations | $ 1,583 | $ 653 | $ 2,087 | |||||||||
Preferred stock dividends (see Note 19) | (65) | (17) | ||||||||||
Net income attributable to Dominion Energy from continuing operations - Basic | 1,518 | 636 | 2,087 | |||||||||
Dilutive effect of Series A Preferred Stock | (11) | (28) | ||||||||||
Net income attributable to Dominion Energy from continuing operations - Diluted | 1,507 | 608 | 2,087 | |||||||||
Net Income (Loss) from discontinued operations | $ (1,984) | $ 705 | $ 360 | |||||||||
Average shares of common stock outstanding – Basic | 831 | 808.8 | 654.2 | |||||||||
Net effect of dilutive securities | [1] | 0.1 | 0.7 | |||||||||
Average shares of common stock outstanding – Diluted | 831 | 808.9 | 654.9 | |||||||||
EPS from continuing operations - Basic | $ 0.98 | $ 0.42 | $ 1.01 | $ (0.57) | $ 0.99 | $ 1.14 | $ (0.25) | $ (1.14) | $ 1.83 | $ 0.79 | $ 3.19 | |
EPS from discontinued operations - Basic | (0.16) | (0.01) | (2.42) | 0.23 | 0.22 | 0.05 | 0.32 | 0.28 | (2.39) | 0.87 | 0.55 | |
EPS attributable to Dominion Energy - Basic | 0.82 | 0.41 | (1.41) | (0.34) | 1.21 | 1.19 | 0.07 | (0.86) | (0.56) | 1.66 | 3.74 | |
EPS from continuing operations - Diluted | 0.98 | 0.42 | 0.90 | (0.57) | 0.99 | 1.12 | (0.25) | (1.14) | 1.82 | 0.75 | 3.19 | |
EPS from discontinued operations - Diluted | (0.16) | (0.01) | (2.42) | 0.23 | 0.22 | 0.05 | 0.32 | 0.28 | (2.39) | 0.87 | 0.55 | |
EPS attributable to Dominion Energy - Diluted | $ 0.82 | $ 0.41 | $ (1.52) | $ (0.34) | $ 1.21 | $ 1.17 | $ 0.07 | $ (0.86) | $ (0.57) | $ 1.62 | $ 3.74 | |
[1] | Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Note 20 |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) | Nov. 30, 2020USD ($) | Nov. 30, 2020 | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Oct. 31, 2019 | Sep. 30, 2018USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2014mi | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 31, 2020USD ($) | ||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Equity in earnings(losses) on investments | $ 40,000,000 | $ 8,000,000 | $ 76,000,000 | ||||||||||||||||||||||||
Net income (loss) from discontinued operations including noncontrolling interest | $ (125,000,000) | $ 19,000,000 | $ (2,001,000,000) | $ 229,000,000 | $ 190,000,000 | $ 38,000,000 | $ 257,000,000 | $ 231,000,000 | (1,878,000,000) | [1],[2] | 716,000,000 | [1],[2] | 452,000,000 | [1],[2] | |||||||||||||
Distributions received from investment | 102,000,000 | 38,000,000 | 111,000,000 | ||||||||||||||||||||||||
Carrying amount of investment that exceeded share of underlying equity | $ (35,000,000) | $ 213,000,000 | 213,000,000 | (35,000,000) | 213,000,000 | (35,000,000) | |||||||||||||||||||||
Equity method investment goodwill | 11,000,000 | 27,000,000 | 27,000,000 | 11,000,000 | 27,000,000 | 11,000,000 | |||||||||||||||||||||
Income before income taxes | 1,411,000,000 | 869,000,000 | 2,619,000,000 | ||||||||||||||||||||||||
Contributions to equity method affiliates | 148,000,000 | 209,000,000 | 428,000,000 | ||||||||||||||||||||||||
Current liabilities held for sale | 1,039,000,000 | 625,000,000 | 625,000,000 | 1,039,000,000 | 625,000,000 | 1,039,000,000 | |||||||||||||||||||||
Debt maximum borrowing capacity | [3] | 6,000,000,000 | 6,000,000,000 | [4] | 6,000,000,000 | [4] | 6,000,000,000 | 6,000,000,000 | [4] | 6,000,000,000 | |||||||||||||||||
Guarantee liability | [5] | 3,527,000,000 | 3,527,000,000 | 3,527,000,000 | |||||||||||||||||||||||
Retained earnings | 7,576,000,000 | 4,189,000,000 | 4,189,000,000 | 7,576,000,000 | 4,189,000,000 | 7,576,000,000 | |||||||||||||||||||||
Other | [6] | 2,132,000,000 | 1,725,000,000 | 1,725,000,000 | 2,132,000,000 | 1,725,000,000 | 2,132,000,000 | ||||||||||||||||||||
Operating revenue from contracts with customers | 13,752,000,000 | 13,745,000,000 | 10,891,000,000 | ||||||||||||||||||||||||
Other receivables | 340,000,000 | 212,000,000 | 212,000,000 | 340,000,000 | 212,000,000 | 340,000,000 | |||||||||||||||||||||
Income tax expense | $ 336,000,000 | 83,000,000 | 209,000,000 | 522,000,000 | |||||||||||||||||||||||
Current assets | [7] | 535,000,000 | 1,482,000,000 | 1,482,000,000 | 535,000,000 | 1,482,000,000 | 535,000,000 | ||||||||||||||||||||
Assets | 6,096,000,000 | 6,886,000,000 | 6,886,000,000 | 6,096,000,000 | 6,886,000,000 | 6,096,000,000 | |||||||||||||||||||||
Liabilities | $ 9,940,000,000 | 10,843,000,000 | 10,843,000,000 | $ 9,940,000,000 | 10,843,000,000 | $ 9,940,000,000 | |||||||||||||||||||||
Retail Energy Marketing Operations | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Assets | 63,000,000 | 63,000,000 | 63,000,000 | ||||||||||||||||||||||||
Liabilities | 15,000,000 | $ 15,000,000 | 15,000,000 | ||||||||||||||||||||||||
Cove Point | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 25.00% | 25.00% | |||||||||||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||||||||||||
Cove Point | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Distributions received from investment | 70,000,000 | ||||||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 25.00% | ||||||||||||||||||||||||||
Ownership percentage | 50.00% | 50.00% | |||||||||||||||||||||||||
Contributions to equity method affiliates | $ 0 | ||||||||||||||||||||||||||
Atlantic Coast Pipeline | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Equity in earnings(losses) on investments | (2,300,000,000) | $ 117,000,000 | 67,000,000 | ||||||||||||||||||||||||
Contributions to equity method affiliates | $ 107,000,000 | $ 186,000,000 | 414,000,000 | ||||||||||||||||||||||||
Cost to acquire equity method investments | $ 184,000,000 | ||||||||||||||||||||||||||
Percentage ownership in total units | 48.00% | 53.00% | 53.00% | 48.00% | 53.00% | 48.00% | |||||||||||||||||||||
Equity in earnings (losses) on investments after tax | $ (1,800,000,000) | $ 118,000,000 | 67,000,000 | ||||||||||||||||||||||||
Current liabilities held for sale | $ 1,100,000,000 | $ 1,100,000,000 | 1,100,000,000 | ||||||||||||||||||||||||
Atlantic Coast Pipeline | Financial Guarantee | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Guarantee liability | $ 14,000,000 | 6,000,000 | 6,000,000 | $ 14,000,000 | 6,000,000 | 14,000,000 | |||||||||||||||||||||
Atlantic Coast Pipeline | Revolving Credit Facility | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Debt maximum borrowing capacity | $ 3,400,000,000 | $ 1,900,000,000 | |||||||||||||||||||||||||
Credit facility, maturity date | Oct. 31, 2021 | ||||||||||||||||||||||||||
Credit facility, amount borrowed | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | ||||||||||||||||||||||||
Atlantic Coast Pipeline | Revolving Credit Facility | Financial Guarantee | Cumulative-effect of Changes in Accounting Principles | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Retained earnings | 48,000,000 | 48,000,000 | 48,000,000 | ||||||||||||||||||||||||
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership percentage acquired | 5.00% | ||||||||||||||||||||||||||
Percentage ownership in total units | 53.00% | ||||||||||||||||||||||||||
Atlantic Coast Pipeline | DETI | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Other | 7,000,000 | 7,000,000 | 7,000,000 | ||||||||||||||||||||||||
Operating revenue from contracts with customers | 49,000,000 | 103,000,000 | $ 203,000,000 | ||||||||||||||||||||||||
Other receivables | 7,000,000 | 7,000,000 | $ 7,000,000 | ||||||||||||||||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Length of natural gas pipeline (in miles) | mi | 600 | ||||||||||||||||||||||||||
Duration of contract | 20 years | ||||||||||||||||||||||||||
Blue Racer | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 50.00% | ||||||||||||||||||||||||||
Additional consideration including interest received in connection with sale | $ 151,000,000 | ||||||||||||||||||||||||||
Fowler Ridge | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 50.00% | 50.00% | |||||||||||||||||||||||||
Net payment of long-term power and capacity contract | $ 150,000,000 | ||||||||||||||||||||||||||
Contract termination loss | 221,000,000 | ||||||||||||||||||||||||||
Contract termination loss net of tax | $ 165,000,000 | ||||||||||||||||||||||||||
Wrangler Retail Gas Holdings LLC | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 20.00% | 20.00% | |||||||||||||||||||||||||
Amount of gain from sale | $ 64,000,000 | $ 147,000,000 | |||||||||||||||||||||||||
Limited partnership interest sale transaction, proceeds received | 74,000,000 | 301,000,000 | |||||||||||||||||||||||||
Initial fair value | 75,000,000 | 13,000,000 | 13,000,000 | 75,000,000 | 13,000,000 | 75,000,000 | |||||||||||||||||||||
Goodwill write-off | 73,000,000 | ||||||||||||||||||||||||||
Income tax expense | 19,000,000 | 82,000,000 | |||||||||||||||||||||||||
Current assets | 41,000,000 | 41,000,000 | 41,000,000 | ||||||||||||||||||||||||
Catalyst Old River Hydroelectric Limited Partnership | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 25.00% | ||||||||||||||||||||||||||
Finite Lived Equity Method Investment Basis Difference | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Equity method investment goodwill | $ (46,000,000) | $ (41,000,000) | $ (41,000,000) | (46,000,000) | (41,000,000) | (46,000,000) | |||||||||||||||||||||
Atlantic Coast Pipeline | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Net income (loss) from discontinued operations including noncontrolling interest | $ (2,300,000,000) | 117,000,000 | $ 67,000,000 | ||||||||||||||||||||||||
Ownership percentage | [8] | 53.00% | 53.00% | 53.00% | |||||||||||||||||||||||
Cove Point | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership percentage | [9] | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||
Cove Point | Cove Point | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Equity in earnings(losses) on investments | $ 40,000,000 | ||||||||||||||||||||||||||
Distributions received from investment | 50,000,000 | ||||||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 25.00% | 25.00% | |||||||||||||||||||||||||
Ownership percentage | 50.00% | 50.00% | |||||||||||||||||||||||||
Income before income taxes | 511,000,000 | 471,000,000 | 292,000,000 | ||||||||||||||||||||||||
Cove Point | Finite Lived Equity Method Investment Basis Difference | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Equity method investment goodwill | $ 227,000,000 | $ 227,000,000 | 227,000,000 | ||||||||||||||||||||||||
Pivotal LNG | Dominion Energy Gas Holdings, LLC | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Ownership percentage acquired | 100.00% | ||||||||||||||||||||||||||
Pivotal LNG | JAX LNG LLC | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Percentage of equity interest sold to noncontrolling interest owners | 50.00% | ||||||||||||||||||||||||||
Blue Racer | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Amount of gain from sale | 546,000,000 | ||||||||||||||||||||||||||
Amount of after tax gain from sale | 390,000,000 | ||||||||||||||||||||||||||
Up-front cash consideration | 1,050,000,000 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Catalyst Old River Hydroelectric Limited Partnership | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Limited partnership interest sale transaction, proceeds received | $ 91,000,000 | ||||||||||||||||||||||||||
Catalyst Old River Hydroelectric Limited Partnership | Other Income | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Amount of gain from sale | 87,000,000 | ||||||||||||||||||||||||||
Amount of after tax gain from sale | $ 63,000,000 | ||||||||||||||||||||||||||
Trading Securities | |||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||||||||||
Rabbi trust securities | $ 120,000,000 | $ 134,000,000 | $ 134,000,000 | $ 120,000,000 | $ 134,000,000 | $ 120,000,000 | |||||||||||||||||||||
[1] | Includes income tax expense (benefit) of $(204) million, $142 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively | ||||||||||||||||||||||||||
[2] | See Note 9 for amounts attributable to related parties | ||||||||||||||||||||||||||
[3] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||||||||||||||||||||||||||
[4] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | ||||||||||||||||||||||||||
[5] | Excludes Dominion Energy’s guarantees for the new corporate office properties and an offshore wind installation vessel discussed in Note 15. | ||||||||||||||||||||||||||
[6] | See Note 9 for amounts attributable to related parties. | ||||||||||||||||||||||||||
[7] | See Note 9 for amounts attributable to related parties . | ||||||||||||||||||||||||||
[8] | Dominion Energy owned 53% and 48% of Atlantic Coast Pipeline at December 31, 2020 and 2019, respectively. See discussion below for additional information. | ||||||||||||||||||||||||||
[9] | Effective November 2020, |
Investments (Equity and Fixed I
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Investment Holdings [Line Items] | ||||
Fixed income securities Fair Value | $ 1,988 | |||
Amortized Cost, Total | 3,846 | $ 3,691 | ||
Total Unrealized Gains | 3,081 | 2,523 | ||
Total Unrealized Losses | [1] | (27) | (22) | |
Fair Value, Total | 6,900 | 6,192 | ||
Net assets related to pending purchases of securities | 49 | 1 | ||
Fair value of securities in an unrealized loss position | 293 | 298 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Fair Value | 915 | |||
Amortized Cost, Total | 1,789 | 1,721 | ||
Total Unrealized Gains | 1,429 | 1,173 | ||
Total Unrealized Losses | [2] | (21) | (13) | |
Fair Value, Total | 3,197 | 2,881 | ||
Net assets related to pending purchases of securities | 10 | |||
Fair value of securities in an unrealized loss position | 142 | 185 | ||
Common/collective trust funds | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [3] | 170 | 115 | |
Fixed income securities Total Unrealized Gains | [3] | 5 | 4 | |
Fixed income securities Fair Value | [3] | 175 | 119 | |
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [3] | 58 | 51 | |
Fixed income securities Fair Value | [3] | 58 | 51 | |
Equity securities: | U.S. | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost | [4] | 1,756 | 1,807 | |
Equity securities Total Unrealized Gains | [4] | 2,948 | 2,451 | |
Equity securities Total Unrealized Losses | [4] | (24) | (20) | |
Equity securities Fair Value | [4] | 4,680 | 4,238 | |
Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost | [5] | 929 | 894 | |
Equity securities Total Unrealized Gains | [5] | 1,371 | 1,144 | |
Equity securities Total Unrealized Losses | [5] | (21) | (11) | |
Equity securities Fair Value | [5] | 2,279 | 2,027 | |
Corporate debt instruments | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [3] | 572 | 434 | |
Fixed income securities Total Unrealized Gains | [3] | 58 | 29 | |
Fixed income securities Total Unrealized Losses | [3] | (1) | 0 | |
Fixed income securities Fair Value | [3] | 629 | 463 | |
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [3] | 315 | 241 | |
Fixed income securities Total Unrealized Gains | [3] | 33 | 15 | |
Fixed income securities Fair Value | [3] | 348 | 256 | |
Government Securities | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [3] | 1,119 | 1,108 | |
Fixed income securities Total Unrealized Gains | [3] | 66 | 39 | |
Fixed income securities Total Unrealized Losses | [3] | (1) | (2) | |
Fixed income securities Fair Value | [3] | 1,184 | 1,145 | |
Government Securities | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [3] | 484 | 534 | |
Fixed income securities Total Unrealized Gains | [3] | 25 | 14 | |
Fixed income securities Total Unrealized Losses | [3] | 0 | (2) | |
Fixed income securities Fair Value | [3] | 509 | 546 | |
Insurance Contracts | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | 237 | 214 | ||
Fixed income securities Fair Value | 237 | 214 | ||
Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other, Amortized Cost | (8) | [6] | 13 | |
Cash equivalents and other, Total Unrealized Gains | 4 | [6] | 0 | |
Cash equivalents and other, Total Unrealized Losses | (1) | [6] | 0 | |
Cash equivalents and other, Fair Value | (5) | [6] | 13 | |
Cash equivalents and other | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other, Amortized Cost | 3 | 1 | ||
Cash equivalents and other, Fair Value | $ 3 | $ 1 | ||
[1] | The fair value of securities in an unrealized loss position was $293 million and $298 million at December 31, 2020 and 2019, respectively. | |||
[2] | The fair value of securities in an unrealized loss position was $142 million and $185 million at December 31, 2020 and 2019, respectively. | |||
[3] | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income. | |||
[4] | Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. | |||
[5] | Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2 | |||
[6] | Includes pending purchases of securities of $49 million and $1 million at December 31, 2020 and 2019, respectively. |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Investment Holdings [Line Items] | ||||
Net gains (losses) recognized during the period | $ 512 | $ 919 | $ (245) | |
Less: Net gains recognized during the period on securities sold during the period | (16) | (80) | (58) | |
Unrealized gains (losses) recognized during the period on securities still held at period end(1) | [1] | 496 | 839 | (303) |
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Net gains (losses) recognized during the period | 224 | 423 | (105) | |
Less: Net gains recognized during the period on securities sold during the period | (6) | (20) | (32) | |
Unrealized gains (losses) recognized during the period on securities still held at period end(1) | [1] | $ 218 | $ 403 | $ (137) |
[1] | Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments (Fair Value of Fixe
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 227 |
Due after one year through five years | 506 |
Due after five years through ten years | 505 |
Due after ten years | 750 |
Total | 1,988 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 79 |
Due after one year through five years | 238 |
Due after five years through ten years | 297 |
Due after ten years | 301 |
Total | $ 915 |
Investments (Selected Informati
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | $ 4,278 | $ 1,712 | $ 1,804 | |
Realized gains | [1] | 340 | 195 | 140 |
Realized losses | [1] | 297 | 96 | 91 |
Virginia Electric and Power Company | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | 884 | 858 | 887 | |
Realized gains | [1] | 88 | 58 | 60 |
Realized losses | [1] | $ 68 | $ 22 | $ 27 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2. |
Investments (Investments Under
Investments (Investments Under Equity Method of Accounting) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Schedule of Equity Method Investments [Line Items] | ||||
Investment in equity method affiliates | $ 2,934 | [1] | $ 1,334 | |
Cove Point | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership% | [2] | 50.00% | ||
Investment in equity method affiliates | $ 2,784 | 0 | ||
Description | LNG import/export and storage facility | |||
Atlantic Coast Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership% | [3] | 53.00% | ||
Investment in equity method affiliates | $ 0 | [4] | 1,123 | |
Description | Gas transmission system | |||
Wrangler Retail Gas Holdings LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership% | 20.00% | |||
Investment in equity method affiliates | $ 74 | 77 | ||
Description | Nonregulated retail energy marketing | |||
Fowler Ridge | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership% | [5] | 50.00% | ||
Investment in equity method affiliates | $ 0 | 74 | ||
Description | Wind-powered nonregulated generation facility | |||
Other Investment | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investment in equity method affiliates | [6] | $ 76 | $ 60 | |
Ownership% | [6] | various | ||
[1] | Excludes liability to Atlantic Coast Pipeline. | |||
[2] | Effective November 2020, | |||
[3] | Dominion Energy owned 53% and 48% of Atlantic Coast Pipeline at December 31, 2020 and 2019, respectively. See discussion below for additional information. | |||
[4] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 includes a $1.1 billion liability associated with its investment in Atlantic Coast Pipeline. See discussion below for additional information. | |||
[5] | Dominion Energy sold its 50% noncontrolling interest in Fowler Ridge in September 2020. See discussion below for additional information. | |||
[6] | Dominion Energy has an $59 million unfunded commitment to be made to Align RNG by the end of 2022. |
Investments (Investments Unde_2
Investments (Investments Under Equity Method of Accounting) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Nov. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Align RNG, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Unfunded Commitments | $ 59 | |||
Cove Point | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage | 50.00% | |||
Atlantic Coast Pipeline | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage ownership in total units | 53.00% | 48.00% | ||
Liability associated with its investment | $ 1,100 | |||
Fowler Ridge | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of equity interest sold to noncontrolling interest owners | 50.00% |
Property, Plant and Equipment (
Property, Plant and Equipment (Property, Plant and Equipment) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Utility: | ||
Generation | $ 22,697 | $ 25,317 |
Transmission | 14,351 | 13,472 |
Distribution | 27,311 | 25,746 |
Storage | 436 | 428 |
Nuclear fuel | 2,283 | 2,296 |
General and other | 4,130 | 3,978 |
Plant under construction | 3,350 | 2,377 |
Total utility | 74,558 | 73,614 |
Non-jurisdictional - including plant under construction | 1,225 | 854 |
Nonutility: | ||
Nonregulated generation-nuclear | 1,736 | 1,652 |
Nonregulated generation-other | 3,268 | 3,985 |
Nuclear fuel | 1,012 | 930 |
Other-including plant under construction | 1,160 | 1,008 |
Total nonutility | 7,176 | 7,575 |
Total property, plant and equipment | 82,959 | 82,043 |
Virginia Electric and Power Company | ||
Utility: | ||
Generation | 16,769 | 19,552 |
Transmission | 11,000 | 10,229 |
Distribution | 12,839 | 12,095 |
Nuclear fuel | 1,709 | 1,688 |
General and other | 845 | 825 |
Plant under construction | 2,338 | 1,784 |
Total utility | 45,500 | 46,173 |
Non-jurisdictional - including plant under construction | 1,225 | 854 |
Nonutility: | ||
Other-including plant under construction | 11 | 11 |
Total property, plant and equipment | $ 46,736 | $ 47,038 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Detail) $ in Millions | Dec. 31, 2020USD ($) | |
Bath Country Pumped Storage Station | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 60.00% | [1] |
Plant in service | $ 1,064 | [1] |
Accumulated depreciation | (688) | [1] |
Plant under construction | $ 3 | [1] |
North Anna | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 88.40% | [1] |
Plant in service | $ 2,587 | [1] |
Accumulated depreciation | (1,359) | [1] |
Nuclear fuel | 793 | [1] |
Accumulated amortization of nuclear fuel | (661) | [1] |
Plant under construction | $ 158 | [1] |
Clover Power Station | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 50.00% | [1] |
Plant in service | $ 609 | [1] |
Accumulated depreciation | (260) | [1] |
Plant under construction | $ 1 | [1] |
Millstone Unit | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 93.50% | [2] |
Plant in service | $ 1,292 | [2] |
Accumulated depreciation | (482) | [2] |
Nuclear fuel | 573 | [2] |
Accumulated amortization of nuclear fuel | (444) | [2] |
Plant under construction | $ 78 | [2] |
Summer Unit | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Ownership interest | 66.70% | [2] |
Plant in service | $ 1,519 | [2] |
Accumulated depreciation | (676) | [2] |
Nuclear fuel | 575 | [2] |
Accumulated amortization of nuclear fuel | (354) | [2] |
Plant under construction | $ 61 | [2] |
[1] | Units jointly owned by Virginia Power. | |
[2] | Unit jointly owned by Dominion Energy. |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Detail) $ in Millions | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Feb. 28, 2021USD ($)MW | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | |
Property Plant And Equipment [Line Items] | ||||||||
Impairment of assets and other charges | $ 2,105 | $ 1,520 | $ 12 | |||||
Dominion Energy | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Impairment of assets and other charges | 665 | |||||||
Asset impairment charges after tax | 293 | |||||||
Impairment of assets and other charges attributable to noncontrolling interest | 267 | |||||||
Property, plant and equipment down to estimated fair value | $ 1,400 | |||||||
Wexpro | Natural Gas Gathering Systems | Colorado, Utah and Wyoming | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Payments to acquire existing natural gas gathering systems | $ 38 | |||||||
Acquisition of Solar Project at Schools in Virginia | Subsequent Event | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Anticipated projected cost | $ 61 | |||||||
Aggregate generation capacity | MW | 30 | |||||||
Retail Energy Marketing Operations | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Gain on sale | 65 | |||||||
After tax gain on sale | $ 49 | |||||||
Commission receivable term | 10 years | |||||||
Retail Energy Marketing Operations | 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 | |||||||
Fairless and Manchester | ||||||||
Property Plant And Equipment [Line Items] | ||||||||
Amount of consideration | $ 1,200 | $ 1,200 | ||||||
Gain on sale of equity method investment | 210 | |||||||
Gain on sale of equity method investments, net of tax | $ 198 |
Schedule of Acquisitions of Sol
Schedule of Acquisitions of Solar Projects (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2019MW | Dec. 31, 2020USD ($)MW | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Property Plant And Equipment [Line Items] | |||||
Project Cost | $ 311 | $ 341 | $ 151 | ||
Acquisition of Solar Project Greensville in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-08 | ||||
Date Agreement Closed | 2019-08 | ||||
Project Cost | [1] | $ 127 | |||
Date of Commercial Operations | December 2020 | ||||
MW Capacity | MW | 80 | ||||
Acquisition of Solar Project Myrtle in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-08 | ||||
Date Agreement Closed | 2019-08 | ||||
Project Cost | [1] | $ 32 | |||
Date of Commercial Operations | June 2020 | ||||
MW Capacity | MW | 15 | ||||
Acquisition of Solar Project Seabrook in South Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-09 | ||||
Date Agreement Closed | 2019-09 | ||||
Project Cost | [1] | $ 103 | |||
Date of Commercial Operations | December 2019 | ||||
MW Capacity | MW | 72 | ||||
Acquisition of Solar Project Wilkinson in North Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-11 | ||||
Date Agreement Closed | 2019-11 | ||||
Project Cost | [1] | $ 153 | |||
Date of Commercial Operations | December 2019 | ||||
MW Capacity | MW | 74 | ||||
Acquisition of Solar Project Blackville in South Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-05 | ||||
Date Agreement Closed | 2020-05 | ||||
Project Cost | [1] | $ 12 | |||
Date of Commercial Operations | December 2020 | ||||
MW Capacity | MW | 7 | ||||
Acquisition of Solar Project Denmark in South Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-05 | ||||
Date Agreement Closed | 2020-05 | ||||
Project Cost | [1] | $ 14 | |||
Date of Commercial Operations | December 2020 | ||||
MW Capacity | MW | 6 | ||||
Acquisition of Solar Project Yemassee in South Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-05 | ||||
Date Agreement Closed | 2020-08 | ||||
Project Cost | [1] | $ 17 | |||
Date of Commercial Operations | January 2021 | ||||
MW Capacity | MW | 10 | ||||
Acquisition of Solar Project Trask in South Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-05 | ||||
Date Agreement Closed | 2020-10 | ||||
Project Cost | [1] | $ 25 | |||
Date of Commercial Operations | Expected 2021 | ||||
MW Capacity | MW | 12 | ||||
Acquisition of Solar Project Hardin I in Ohio | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-06 | ||||
Date Agreement Closed | 2020-06 | ||||
Project Cost | [1] | $ 240 | |||
Date of Commercial Operations | [2] | Split | |||
MW Capacity | MW | 150 | ||||
Acquisition of Solar Project Madison in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-07 | ||||
Date Agreement Closed | 2020-07 | ||||
Project Cost | [1] | $ 125 | |||
Date of Commercial Operations | Expected 2022 | ||||
MW Capacity | MW | 62 | ||||
Acquisition of Solar Project Hardin II in Ohio | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-08 | ||||
Project Cost | [1] | $ 295 | |||
Date of Commercial Operations | Expected 2023 | ||||
MW Capacity | MW | 150 | ||||
Virginia Electric and Power Company | |||||
Property Plant And Equipment [Line Items] | |||||
Project Cost | $ 35 | $ 182 | $ 141 | ||
MW Capacity | MW | 1,292 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Pecan in North Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2017-09 | ||||
Date Agreement Closed | 2018-10 | ||||
Project Cost | [1] | $ 140 | |||
Date of Commercial Operations | December 2018 | ||||
MW Capacity | MW | 75 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Gutenberg in North Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2017-09 | ||||
Date Agreement Closed | 2019-06 | ||||
Project Cost | [1] | $ 142 | |||
Date of Commercial Operations | September 2019 | ||||
MW Capacity | MW | 80 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Gloucester in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2018-06 | ||||
Date Agreement Closed | 2019-02 | ||||
Project Cost | [1] | $ 37 | |||
Date of Commercial Operations | April 2019 | ||||
MW Capacity | MW | 20 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Grasshopper in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2018-08 | ||||
Date Agreement Closed | 2019-05 | ||||
Project Cost | [1] | $ 128 | |||
Date of Commercial Operations | October 2020 | ||||
MW Capacity | MW | 80 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Chestnut in North Carolina | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2018-08 | ||||
Date Agreement Closed | 2019-05 | ||||
Project Cost | [1] | $ 127 | |||
Date of Commercial Operations | January 2020 | ||||
MW Capacity | MW | 75 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Ft. Powhatan in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-06 | ||||
Date Agreement Closed | 2019-06 | ||||
Project Cost | [1] | $ 270 | |||
Date of Commercial Operations | Expected 2021 | ||||
MW Capacity | MW | 150 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Belcher in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-06 | ||||
Date Agreement Closed | 2019-08 | ||||
Project Cost | [1] | $ 165 | |||
Date of Commercial Operations | Expected 2021 | ||||
MW Capacity | MW | 88 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Bedford in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-08 | ||||
Date Agreement Closed | 2019-11 | ||||
Project Cost | [1] | $ 110 | |||
Date of Commercial Operations | Expected 2021 | ||||
MW Capacity | MW | 70 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Maplewood in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-10 | ||||
Date Agreement Closed | 2019-10 | ||||
Project Cost | [1] | $ 185 | |||
Date of Commercial Operations | Expected 2022 | ||||
MW Capacity | MW | 120 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Rochambeau in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2019-12 | ||||
Date Agreement Closed | 2020-01 | ||||
Project Cost | [1] | $ 35 | |||
Date of Commercial Operations | Expected 2021 | ||||
MW Capacity | MW | 20 | ||||
Virginia Electric and Power Company | Acquisition of Solar Project Pumpkinseed in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Date Agreement Entered | 2020-05 | ||||
Date Agreement Closed | 2020-05 | ||||
Project Cost | [1] | $ 130 | |||
Date of Commercial Operations | Expected 2022 | ||||
MW Capacity | MW | 60 | ||||
[1] | Includes acquisition costs. | ||||
[2] |
Schedule of Acquisitions of S_2
Schedule of Acquisitions of Solar Projects (Parenthetical) (Detail) - Acquisition of Solar Project Hardin I in Ohio - MW | 1 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Line Items] | ||
Capacity of project commenced commercial operations | 97 | |
Subsequent Event | ||
Property Plant And Equipment [Line Items] | ||
Capacity of project commenced commercial operations | 53 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Goodwill) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | $ 7,395 | $ 4,859 |
SCANA Combination | [2] | 2,609 | |
Contribution | [3] | (14) | |
Goodwill, Ending Balance | [1] | 7,381 | 7,395 |
SCANA | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 2,609 | ||
Contribution | [3] | (73) | |
Goodwill, Ending Balance | 2,609 | ||
Corporate and Other | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 14 | 14 |
SCANA Combination | [2] | 73 | |
Contribution | [3] | (14) | |
Goodwill, Ending Balance | [1] | 14 | |
Corporate and Other | SCANA | |||
Goodwill [Roll Forward] | |||
Contribution | [3] | (73) | |
Operating Segments | Dominion Energy Virginia | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 2,106 | 2,106 |
Goodwill, Ending Balance | [1] | 2,106 | 2,106 |
Operating Segments | Gas Distribution | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 3,512 | 2,497 |
SCANA Combination | [2] | 1,015 | |
Goodwill, Ending Balance | [1] | 3,512 | 3,512 |
Operating Segments | Dominion Energy South Carolina | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 1,521 | |
SCANA Combination | [2] | 1,521 | |
Goodwill, Ending Balance | [1] | 1,521 | 1,521 |
Operating Segments | Contracted Assets | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | [1] | 242 | 242 |
Goodwill, Ending Balance | [1] | $ 242 | $ 242 |
[1] | Goodwill amounts do not contain any accumulated impairment losses. | ||
[2] | See Note 3 for more information on the SCANA Combination. As a result of the December 2019 segment realignment, the acquired goodwill was reassigned using a relative fair value approach. | ||
[3] | See Note 9 for additional information including amounts reclassified to held for sale at December 31, 2020. |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 69 | $ 95 | $ 72 |
Acquisition of intangible assets | $ 152 | ||
Weighted-average amortization period (years) | 11 years | ||
Virginia Electric and Power Company | |||
Goodwill [Line Items] | |||
Amortization expense for intangible assets | $ 28 | $ 30 | $ 31 |
Acquisition of intangible assets | $ 95 | ||
Weighted-average amortization period (years) | 11 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Components of Intangible Assets) (Detail) - Computer Software, Intangible Asset [Member] - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,295 | $ 1,162 |
Accumulated Amortization | 530 | 477 |
Virginia Electric and Power Company | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 482 | 406 |
Accumulated Amortization | $ 148 | $ 135 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Finite Lived Intangible Assets [Line Items] | |
2021 | $ 77 |
2022 | 56 |
2023 | 42 |
2024 | 34 |
2025 | 26 |
Virginia Electric and Power Company | |
Finite Lived Intangible Assets [Line Items] | |
2021 | 32 |
2022 | 18 |
2023 | 12 |
2024 | 9 |
2025 | $ 6 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | $ 699 | $ 871 | |||
Regulatory assets-noncurrent | 9,133 | 7,652 | |||
Total regulatory assets | $ 9,832 | 8,523 | |||
SCANA | |||||
Regulatory Assets [Line Items] | |||||
Electric service customers over period | 20 years | ||||
Weighted Average | |||||
Regulatory Assets [Line Items] | |||||
Weighted average useful life | 27 years | ||||
Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | $ 295 | 433 | |||
Regulatory assets-noncurrent | 3,509 | 1,863 | |||
Total regulatory assets | 3,804 | 2,296 | |||
Excess deferred taxes adjusted in charge of operating revenue | 29 | 29 | |||
Excess deferred taxes adjusted in charge of operating revenue net of tax | $ 22 | 22 | |||
Write off of regulatory asset | $ 16 | $ 17 | |||
Write off of regulatory asset, after tax | $ 15 | $ 13 | |||
Virginia Electric and Power Company | Weighted Average | |||||
Regulatory Assets [Line Items] | |||||
Weighted average useful life | 25 years | ||||
Deferred cost of fuel used in electric generation | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [1] | 48 | |||
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [2] | 48 | |||
Deferred project costs and DSM programs for gas utilities | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [3] | $ 35 | 21 | ||
Unrecovered Gas Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [4] | 78 | 99 | ||
Deferred rider costs for Virginia electric utility | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [5],[6] | 98 | 109 | ||
Regulatory assets-noncurrent | [5],[6],[7],[8] | 311 | 235 | ||
Deferred Nuclear Refueling Outage Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [9] | 53 | 68 | ||
Deferred Nuclear Refueling Outage Costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [9] | 53 | 68 | ||
NND Project Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [10] | 138 | 138 | ||
Regulatory assets-noncurrent | [10] | 2,364 | 2,503 | ||
PJM transmission rates | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [11] | 71 | 121 | ||
Regulatory assets-noncurrent | [11] | 46 | 85 | ||
PJM transmission rates | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [11] | 71 | 121 | ||
Regulatory assets-noncurrent | [11] | 46 | 85 | ||
Other | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 226 | 267 | |||
Regulatory assets-noncurrent | 498 | 579 | |||
Other | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 73 | 87 | |||
Regulatory assets-noncurrent | 118 | 123 | |||
Pension and Other Postretirement Benefit Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [12] | 1,363 | 1,431 | ||
Deferred Project Costs For Gas Utilities | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [3] | 632 | 521 | ||
Interest rate hedges | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [13] | 1,042 | 709 | ||
Interest rate hedges | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [14] | 733 | 404 | ||
AROs and related funding | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [15] | $ 331 | 311 | ||
Amortization period for deferred costs | 105 years | ||||
Cost of reacquired debt | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [16] | $ 245 | 262 | ||
Amortization period for deferred costs | 26 years | ||||
Ash pond and landfill closure costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [17] | $ 2,301 | 1,016 | ||
Regulatory assets expected collection period commencing year | 2021 | ||||
Ash pond and landfill closure costs | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 18 years | ||||
Ash pond and landfill closure costs | Minimum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 15 years | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [18] | $ 2,301 | 1,016 | ||
Regulatory assets expected collection period commencing year | 2021 | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 18 years | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | Minimum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 15 years | ||||
Deferred Project Costs | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
Deferred Project Costs | Virginia Electric and Power Company | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
Transmission Rate Design For Allocation of Costs of Service | FERC-regulated | |||||
Regulatory Assets [Line Items] | |||||
Duration of payment under settlement agreement | 10 years | ||||
Transmission Rate Design For Allocation of Costs of Service | Virginia Electric and Power Company | FERC-regulated | |||||
Regulatory Assets [Line Items] | |||||
Duration of payment under settlement agreement | 10 years | ||||
Deferred rider costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [5],[6] | $ 98 | 109 | ||
Regulatory assets-noncurrent | [5],[7],[8],[19] | $ 311 | $ 235 | ||
[1] | Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. | ||||
[2] | Reflects deferred fuel expenses for Virginia and North Carolina jurisdictions of Virginia Power’s generation operations | ||||
[3] | Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information | ||||
[4] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority | ||||
[5] | As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing riders, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts probable of being returned to customers primarily in 2019 and 2020. | ||||
[6] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information | ||||
[7] | During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write-off the balance of a regulatory asset for which it is no longer seeking recovery | ||||
[8] | During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) to write off the balance of a regulatory asset for which it is no longer seeking recovery | ||||
[9] | 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, | ||||
[10] | Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 for more information | ||||
[11] | Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year | ||||
[12] | 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 rate-regulated subsidiaries | ||||
[13] | Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of December 31, 2020 | ||||
[14] | Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years as of December | ||||
[15] | Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years | ||||
[16] | Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of December 31, 2020 | ||||
[17] | Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 14 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment | ||||
[18] | Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 14 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment | ||||
[19] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act. See Note 13 for more information |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2017 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 809 | $ 455 | ||
Regulatory liabilities-noncurrent | 10,187 | 10,204 | ||
Total regulatory liabilities | 10,996 | 10,659 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 425 | 167 | ||
Regulatory liabilities-noncurrent | 5,338 | 5,074 | ||
Total regulatory liabilities | $ 5,763 | 5,241 | ||
SCANA | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 67 | |||
Total regulatory liabilities | $ 1,100 | |||
Estimation period of collection to be credited | 11 years | |||
Electric service customers over period | 20 years | |||
Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [1] | $ 58 | ||
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [2] | 58 | ||
Regulatory liabilities-noncurrent | [2] | 54 | 30 | |
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 183 | 124 | |
Regulatory liabilities-noncurrent | [3] | 2,150 | 2,208 | |
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 152 | 103 | |
Reserve for refunds and rate credits to electric utility customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 128 | 143 | |
Regulatory liabilities-noncurrent | [5] | 540 | 656 | |
Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [6] | 12 | 4 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 124 | 71 | |
Regulatory liabilities-noncurrent | [7] | 4,376 | 4,529 | |
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [8] | 54 | 54 | |
Regulatory liabilities-noncurrent | [8] | 2,404 | 2,438 | |
Monetization of guarantee settlement | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [9] | 67 | 67 | |
Regulatory liabilities-noncurrent | [9] | $ 903 | 970 | |
Electric service customers over period | 20 years | |||
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 117 | 46 | ||
Regulatory liabilities-noncurrent | 388 | 316 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 41 | 10 | ||
Regulatory liabilities-noncurrent | 181 | 81 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [10] | 1,719 | 1,471 | |
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [11] | 1,719 | 1,471 | |
Reserve for future credits to Virginia electric customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [12] | 120 | ||
Reserve for future credits to Virginia electric customers | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [12] | 120 | ||
Overrecovered Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [13] | 111 | 54 | |
Provision For Future Cost Of Removal | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [4] | $ 980 | $ 1,054 | |
[1] | Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. | |||
[2] | Reflects deferred fuel expenses for Virginia and North Carolina jurisdictions of Virginia Power’s generation operations | |||
[3] | Rates charged to customers by Dominion Energy’s 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] | Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement | |||
[5] | Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 for more information | |||
[6] | 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 Notes 3 and 13 for more information | |||
[7] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily 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 | |||
[8] | 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 | |||
[9] | Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 for more information | |||
[10] | 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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs | |||
[11] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs | |||
[12] | Represents a reserve for benefits expected to be provided through the use of a CCRO in accordance with the GTSA to jurisdictional retail electric customers in Virginia in connection with the 2021 Triennial Review. See Note 13 for additional information. | |||
[13] | Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Narrative) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 4.5 |
Period for which expenditures are expected to be recovered | 2 years |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 3.2 |
Period for which expenditures are expected to be recovered | 2 years |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | Nov. 01, 2020USD ($) | Nov. 01, 2018USD ($) | Feb. 25, 2021USD ($) | Jan. 31, 2021USD ($) | Dec. 31, 2020USD ($)programMW | Nov. 30, 2020USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($)mi | Aug. 31, 2020USD ($) | Jul. 31, 2020USD ($)MW | Jun. 30, 2020USD ($) | May 31, 2020USD ($)kV | Apr. 30, 2020USD ($)MW | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($)kVmi | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($)programkVServiceLinemi | Nov. 30, 2019USD ($) | Sep. 30, 2019USD ($) | May 31, 2019USD ($) | Mar. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Nov. 30, 2013kVmi | Dec. 31, 2011 | Jun. 30, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2008 | Jan. 31, 2019USD ($) |
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Impairment of assets and other charges | $ 2,105 | $ 1,520 | $ 12 | ||||||||||||||||||||||||||||||||
Actual cumulative PREP Investment | $ 721 | $ 723 | 721 | $ 723 | |||||||||||||||||||||||||||||||
Proposed revenue requirement | $ 83 | 83 | |||||||||||||||||||||||||||||||||
Target to Reach by End of 2025 | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Energy efficiency target percentage. based on energy savings from 2019 baseline | 5.00% | ||||||||||||||||||||||||||||||||||
Impairment of Assets and Other Charges | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Impairment of assets and other charges | $ 26 | ||||||||||||||||||||||||||||||||||
Impairment of assets and other charges after tax | 19 | ||||||||||||||||||||||||||||||||||
Riders C1a C2a And C3a | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Number of new demand response programs | program | 1 | ||||||||||||||||||||||||||||||||||
Rider C4A | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Number of new demand response programs | program | 1 | ||||||||||||||||||||||||||||||||||
Pipeline Integrity and Safety Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Rate year beginning | 2020-09 | ||||||||||||||||||||||||||||||||||
Pipeline Integrity and Safety Program | Subsequent Event | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Rate year beginning | 2021-03 | ||||||||||||||||||||||||||||||||||
Rider D S M | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Application date | 2020-01 | ||||||||||||||||||||||||||||||||||
Rider D S M | Subsequent Event | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Application date | 2021-01 | ||||||||||||||||||||||||||||||||||
PREP | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Rate year beginning | 2020-11 | ||||||||||||||||||||||||||||||||||
Application date | 2020-05 | ||||||||||||||||||||||||||||||||||
Virginia Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources | 100.00% | ||||||||||||||||||||||||||||||||||
Cap on revenue reductions in the first triennial | $ 50 | ||||||||||||||||||||||||||||||||||
Virginia Regulation | Brambleton-Yardley Ridge line and Brambleton-Poland Road line in Loudoun County, Virginia | Electric Transmission Projects | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Anticipated projected cost | $ 30 | 30 | |||||||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||||||||||||||
Virginia Regulation | Brambleton-Yardley Ridge line | Electric Transmission Projects | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Anticipated projected cost | $ 25 | ||||||||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||||||||||||||
Ohio Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Contract with customer credits tax reform | $ 600 | ||||||||||||||||||||||||||||||||||
Tax Reform Act's impact on its equity return | 19 | ||||||||||||||||||||||||||||||||||
Ohio Regulation | PIR Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Return of equity percentage | 3.00% | 3.00% | |||||||||||||||||||||||||||||||||
Approved annual revenue required | 218 | ||||||||||||||||||||||||||||||||||
Projected capital investment | $ 200 | ||||||||||||||||||||||||||||||||||
Period for cost cap | 5 years | ||||||||||||||||||||||||||||||||||
Percentage of pipeline system replaced | 25.00% | ||||||||||||||||||||||||||||||||||
Total estimated cost | $ 209 | 209 | |||||||||||||||||||||||||||||||||
Total cumulative estimated cost | $ 1,800 | ||||||||||||||||||||||||||||||||||
Last date of investment | Dec. 31, 2026 | ||||||||||||||||||||||||||||||||||
South Carolina Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (20) | ||||||||||||||||||||||||||||||||||
South Carolina Regulation | South Carolina Electric Base Rate Case | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 178 | ||||||||||||||||||||||||||||||||||
Return of equity percentage | 5.90% | ||||||||||||||||||||||||||||||||||
Approved return on equity percentage | 10.25% | ||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement, percentage | 7.75% | ||||||||||||||||||||||||||||||||||
South Carolina Regulation | Gas Rate Case | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 6 | $ 9 | |||||||||||||||||||||||||||||||||
Return of equity percentage | 10.25% | ||||||||||||||||||||||||||||||||||
Total revenue requirement | 406 | $ 409 | |||||||||||||||||||||||||||||||||
Authorized return percentage | 9.90% | ||||||||||||||||||||||||||||||||||
North Carolina Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (13) | ||||||||||||||||||||||||||||||||||
North Carolina Regulation | Pipeline Integrity and Safety Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 3 | ||||||||||||||||||||||||||||||||||
Total revenue requirement | 31 | ||||||||||||||||||||||||||||||||||
North Carolina Regulation | Pipeline Integrity and Safety Program | Subsequent Event | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 2 | ||||||||||||||||||||||||||||||||||
Total revenue requirement | $ 33 | ||||||||||||||||||||||||||||||||||
West Virginia Regulation | South Carolina Electric Base Rate Case | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 28 | ||||||||||||||||||||||||||||||||||
Return of equity percentage | 10.25% | ||||||||||||||||||||||||||||||||||
Approved return on equity percentage | 9.45% | ||||||||||||||||||||||||||||||||||
Public Utilities distribution infrastructure gathering assets | mi | 2,000 | ||||||||||||||||||||||||||||||||||
Utah Regulation | Rural Expansion Project | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Public utilities, high-pressure pipeline | mi | 11 | ||||||||||||||||||||||||||||||||||
Public utilities, number of service pipeline | ServiceLine | 360 | ||||||||||||||||||||||||||||||||||
DETI | FERC-regulated | Preliminary recommendation one | Discontinued Operations | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Tax reform benefit | $ 100 | $ 100 | |||||||||||||||||||||||||||||||||
Submitted and approved increase (decrease) in base rate revenue | $ 14 | ||||||||||||||||||||||||||||||||||
Regulatory liabilities one time bill credit reduction amount | $ 13 | ||||||||||||||||||||||||||||||||||
Return of equity percentage | 9.20% | ||||||||||||||||||||||||||||||||||
Impairment of assets and other charges | 1,093 | 757 | |||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Income Payment Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Total revenue requirement | $ 93 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Impairment of assets and other charges | $ 127 | $ 751 | 17 | $ 62 | 346 | $ 160 | 130 | ||||||||||||||||||||||||||||
Impairment of assets and other charges after tax | $ 94 | 559 | 12 | $ 46 | 257 | 119 | 97 | ||||||||||||||||||||||||||||
Virginia Electric and Power Company | Riders C1a C2a And C3a | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Submitted and approved increase (decrease) in base rate revenue | $ 11 | ||||||||||||||||||||||||||||||||||
Amount of cost recovery | 186 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Rider C4A | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Submitted and approved increase (decrease) in base rate revenue | 18 | ||||||||||||||||||||||||||||||||||
Amount of cost recovery | 162 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | FERC-regulated | Operating Segments | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Total revenue requirement | $ 1,000 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Annual revenue reduction amount | 183 | ||||||||||||||||||||||||||||||||||
Estimated annual revenue reduction on one-time customer credit | $ 132 | ||||||||||||||||||||||||||||||||||
Rate reduction | 66 | 63 | |||||||||||||||||||||||||||||||||
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 | $ 77 | $ 138 | |||||||||||||||||||||||||||||||||
Public Utilities Interim Rate Reduction Amount | $ 125 | ||||||||||||||||||||||||||||||||||
Proposed annual revenue reduction amount | 183 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | GTSA | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Submitted and approved increase (decrease) in base rate revenue | 212 | ||||||||||||||||||||||||||||||||||
Projects plan period | 10 years | ||||||||||||||||||||||||||||||||||
Period of petition filed for projects approval | 3 years | ||||||||||||||||||||||||||||||||||
Anticipated projected cost | $ 68 | $ 68 | |||||||||||||||||||||||||||||||||
Proposed cost of project | 503 | ||||||||||||||||||||||||||||||||||
Operations and maintenance expenses | 78 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 7 | ||||||||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 500 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 20 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Near Gainesville Substation And Haymarket Substation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Forecast | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Rate reduction | $ 50 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Solar And Onshore Wind | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 16,100 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Utility-scale Solar | Maximum | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 15,000 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Small-scale Solar | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 1,100 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Energy Storage | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 2,700 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Pumped Storage | Maximum | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 800 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Offshore Wind Facility | Maximum | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 5,200 | ||||||||||||||||||||||||||||||||||
Constructed by utility capacity | MW | 3,000 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2035 | Offshore Wind Facility | Minimum | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Constructed by utility capacity | MW | 2,500 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Target to Reach by End of 2024 | Utility-scale Solar | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 3,000 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (393) | ||||||||||||||||||||||||||||||||||
Total revenue requirement | $ 1,200 | ||||||||||||||||||||||||||||||||||
Rate year beginning | 2020-05 | 2020-07 | |||||||||||||||||||||||||||||||||
Proposed revenue requirement recovered balance | $ 103 | $ 81 | |||||||||||||||||||||||||||||||||
Approval date | 2020-06 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | Operating Segments | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Total revenue requirement | $ 529 | ||||||||||||||||||||||||||||||||||
Approval date | 2020-07 | ||||||||||||||||||||||||||||||||||
Approved annual revenue required | $ 73 | ||||||||||||||||||||||||||||||||||
Application date | 2020-05 | ||||||||||||||||||||||||||||||||||
Beginning date of total revenue requirement | Sep. 1, 2020 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | Transmission Component Of Virginia Powers | Operating Segments | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Total revenue requirement | $ 474 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 28 | ||||||||||||||||||||||||||||||||||
Projected capital investment | 80 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Fifth Phase | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Projected capital investment | 36 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider U | Previous Phase | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Projected capital investment | 44 | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Riders C1a C2a And C3a | Operating Segments | Energy Efficiency Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Approved annual revenue required | $ 60 | ||||||||||||||||||||||||||||||||||
Number of new energy efficiency programs | program | 10 | ||||||||||||||||||||||||||||||||||
Period for cost cap | 5 years | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | Virginia Regulation | Rider C4A | Operating Segments | Energy Efficiency Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Approved annual revenue required | $ 78 | ||||||||||||||||||||||||||||||||||
Number of new energy efficiency programs | program | 10 | ||||||||||||||||||||||||||||||||||
Period for cost cap | 5 years | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (16) | ||||||||||||||||||||||||||||||||||
Approved return on equity percentage | 9.75% | ||||||||||||||||||||||||||||||||||
Virginia Electric and Power Company | North Carolina Regulation | Base Rate Case | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 24 | $ 27 | |||||||||||||||||||||||||||||||||
Return of equity percentage | 10.75% | ||||||||||||||||||||||||||||||||||
Percentage of earned return | 7.52% | ||||||||||||||||||||||||||||||||||
Authorized return percentage | 9.90% | ||||||||||||||||||||||||||||||||||
Virginia Power | Grassfields Solar Norge Solar And Sycamore Solar | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Proposed cost of project | $ 11 | $ 170 | |||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 82 | ||||||||||||||||||||||||||||||||||
Virginia Power | Fountain Creek Solar and Otter Creek Solar | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Proposed cost of project | $ 280 | ||||||||||||||||||||||||||||||||||
Targeted capacity provided by legislation | MW | 140 | ||||||||||||||||||||||||||||||||||
Virginia Power | Market Based Carbon Trading Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Proposed cost of project | $ 167 | ||||||||||||||||||||||||||||||||||
Virginia Power | Mandatory Renewable Portfolio Standard Program | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Proposed cost of project | $ 13 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | Subsequent Event | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Rate year beginning | 2021-05 | ||||||||||||||||||||||||||||||||||
Increase decrease in annual base fuel component recoveries | $ 36 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | Transmission Lines in Aiken County South Carolina | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Estimated cost of project | $ 30 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Estimated cost of project | 75 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Transmission Lines in Aiken County South Carolina | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Length of kV line (miles) | mi | 28 | ||||||||||||||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Rider D S M | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 40 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Rider D S M | Subsequent Event | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 48 | ||||||||||||||||||||||||||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Rate year beginning | 2020-05 | ||||||||||||||||||||||||||||||||||
Increase decrease in annual base fuel component recoveries | $ 44 | ||||||||||||||||||||||||||||||||||
East Ohio | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Percentage of debt rate of pipeline system | 6.50% | ||||||||||||||||||||||||||||||||||
Hope Gas Inc | West Virginia Regulation | PREP | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Projected capital investment | $ 39 | ||||||||||||||||||||||||||||||||||
Amount of cost recovery | $ 13 | $ 27 | |||||||||||||||||||||||||||||||||
Hope Gas Inc | West Virginia Regulation | PREP | Forecast | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Projected capital investment | $ 54 | ||||||||||||||||||||||||||||||||||
Questar Gas Company | Utah Regulation | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Increase in gas cost | $ 40 | ||||||||||||||||||||||||||||||||||
Questar Gas Company | Wyoming Base Rate Case | |||||||||||||||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||
Submitted and approved increase (decrease) in base rate revenue | $ 2 | ||||||||||||||||||||||||||||||||||
Return of equity percentage | 10.50% | ||||||||||||||||||||||||||||||||||
Approved return on equity percentage | 9.35% | ||||||||||||||||||||||||||||||||||
Authorized return percentage | 9.50% | ||||||||||||||||||||||||||||||||||
Base fuel cost | $ 4 | ||||||||||||||||||||||||||||||||||
Percentage of earned return | 7.46% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2020 | |
Public Utilities General Disclosures [Line Items] | ||
Increase (Decrease) Over Previous Year | $ 14 | |
Rider US-3 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2019-07 | |
Approval Date | March 2020 | |
Rate Year Beginning | 2020-06 | |
Total Revenue Requirement (millions) | $ 28 | |
Increase (Decrease) Over Previous Year | $ 18 | |
Rider BW | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2019-10 | |
Approval Date | June 2020 | |
Rate Year Beginning | 2020-09 | |
Total Revenue Requirement (millions) | $ 99 | |
Increase (Decrease) Over Previous Year | $ (20) | |
Rider US-2 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2019-10 | |
Approval Date | July 2020 | |
Rate Year Beginning | 2020-09 | |
Total Revenue Requirement (millions) | $ 10 | |
Increase (Decrease) Over Previous Year | $ (5) | |
Rider E | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-01 | |
Approval Date | September 2020 | |
Rate Year Beginning | 2020-11 | |
Total Revenue Requirement (millions) | $ 85 | |
Increase (Decrease) Over Previous Year | $ (19) | |
Rider B | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-06 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-04 | |
Total Revenue Requirement (millions) | $ 24 | |
Increase (Decrease) Over Previous Year | $ (8) | |
Rider GV | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-06 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-04 | |
Total Revenue Requirement (millions) | $ 154 | |
Increase (Decrease) Over Previous Year | $ 22 | |
Rider R | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-06 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-04 | |
Total Revenue Requirement (millions) | $ 59 | |
Increase (Decrease) Over Previous Year | $ 15 | |
Rider S | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-06 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-04 | |
Total Revenue Requirement (millions) | $ 194 | |
Increase (Decrease) Over Previous Year | $ (1) | |
Rider W | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-06 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-04 | |
Total Revenue Requirement (millions) | $ 120 | |
Increase (Decrease) Over Previous Year | $ 14 | |
Rider US-3 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-07 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-06 | |
Total Revenue Requirement (millions) | $ 39 | |
Increase (Decrease) Over Previous Year | $ 10 | |
Rider US-4 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-07 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-06 | |
Total Revenue Requirement (millions) | $ 12 | |
Increase (Decrease) Over Previous Year | $ 4 | |
Rider BW | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-10 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-09 | |
Total Revenue Requirement (millions) | $ 113 | |
Increase (Decrease) Over Previous Year | $ 14 | |
Rider US-2 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2020-10 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-09 | |
Total Revenue Requirement (millions) | $ 10 | |
Rider E | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2021-01 | |
Approval Date | Pending | |
Rate Year Beginning | 2021-11 | |
Total Revenue Requirement (millions) | $ 67 | |
Increase (Decrease) Over Previous Year | $ (18) |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)kVmi | |
Rebuild and operate five segments between the Loudoun and Ox substations | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-08 |
Approval Date | 2020-06 |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles) | mi | 19 |
The total estimated capital investment | $ | $ 70 |
Build new Lockridge substation and line loop in Loudoun County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-12 |
Approval Date | 2020-10 |
Capacity of transmission line (kV) | kV | 230 |
The total estimated capital investment | $ | $ 35 |
Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-05 |
Approval Date | 2021-02 |
Capacity of transmission line (kV) | kV | 500 |
Length of kV line (miles) | mi | 37 |
The total estimated capital investment | $ | $ 110 |
Relocate and replace a transmission line underground between the Tysons substation and the future Spring Hill substation | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-09 |
Capacity of transmission line (kV) | kV | 230 |
The total estimated capital investment | $ | $ 30 |
Approval Date | Pending |
Rebuild an Existing Transmission Line and Install New Line Adjacent thereto in Counties of New Kent, King William, King and Queen Essex and Richmond, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-10 |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles) | mi | 41 |
The total estimated capital investment | $ | $ 100 |
Approval Date | Pending |
Rebuild Clubhouse - Dry Bread Line and Dry Bread Lakeview Line in Greensville County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-11 |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles) | mi | 13 |
The total estimated capital investment | $ | $ 20 |
Approval Date | Pending |
Rebuild transmission lines and related projects in the Counties of York and James City and the City of Williamsburg, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2021-01 |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles) | mi | 11 |
The total estimated capital investment | $ | $ 30 |
Approval Date | Pending |
Asset Retirement Obligations (C
Asset Retirement Obligations (Changes to AROs) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | ||||
Asset Retirement Obligations [Line Items] | |||||
AROs, Beginning balance | $ 5,184 | [1] | $ 2,444 | ||
Obligations incurred during the period | 67 | 2,413 | [2] | ||
AROs acquired in the SCANA Combination | 577 | ||||
Obligations settled during the period | (114) | (134) | |||
Revisions in estimated cash flows | 228 | [3] | (324) | [4] | |
Accretion | 218 | 208 | |||
AROs, Ending balance | [1] | 5,583 | 5,184 | ||
Virginia Electric and Power Company | |||||
Asset Retirement Obligations [Line Items] | |||||
AROs, Beginning balance | 3,581 | 1,445 | |||
Obligations incurred during the period | 48 | 2,408 | [2] | ||
Obligations settled during the period | (85) | (81) | |||
Revisions in estimated cash flows | 139 | [5] | (323) | [4] | |
Accretion | 137 | 132 | |||
AROs, Ending balance | $ 3,820 | $ 3,581 | |||
[1] | Includes $394 million and $179 million reported in other current liabilities at December 31, 2019 and 2020, respectively. | ||||
[2] | Reflects future ash pond and landfill closure costs at certain utility generation facilities. See discussion below. | ||||
[3] | Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities, asbestos abatement costs associated with certain utility facilities and from the completion of a nuclear decommissioning cost study related to Summer. | ||||
[4] | Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for 20-year license extensions for regulated nuclear power stations in Virginia. | ||||
[5] | Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities and asbestos abatement costs associated with certain utility facilities. |
Asset Retirement Obligations _2
Asset Retirement Obligations (Changes to AROs) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other Current Liabilities | ||
Asset Retirement Obligations [Line Items] | ||
Asset retirement obligations | $ 179 | $ 394 |
Virginia Electric and Power Company | ||
Asset Retirement Obligations [Line Items] | ||
License extension term | 20 years | |
Asset retirement obligations | $ 166 | $ 340 |
Asset Retirement Obligations (N
Asset Retirement Obligations (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | ||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | $ 67 | $ 2,413 | [1] | |||
Nuclear decommissioning trust funds | 6,900 | 6,192 | ||||
Dominion Energy | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | 1,900 | 1,700 | ||||
D Virginia Electric And Power Company | Future Decommissioning Of Nuclear Facilities | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | 900 | 800 | ||||
D Virginia Electric And Power Company | D Cost Of Landfills And Beneficial Reuse | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | 2,800 | 2,600 | ||||
Virginia Electric and Power Company | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | 48 | 2,408 | [1] | |||
Nuclear decommissioning trust funds | 3,197 | $ 2,881 | ||||
Other deferred charges and other assets | $ 185 | |||||
Virginia Electric and Power Company | Other Operations and Maintenance | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | $ 113 | $ 81 | ||||
ARO incurred, after tax | 84 | $ 60 | ||||
Virginia Electric and Power Company | Cost of Landfills and Beneficial Reuse | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | 2,400 | |||||
Virginia Electric and Power Company | Increase In Property Plant And Equipment | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | 1,300 | |||||
Virginia Electric and Power Company | Future Ash Pond and Landfill Closure Costs | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | $ 202 | |||||
Virginia Electric and Power Company | Post Closure Monitoring Costs | ||||||
Asset Retirement Obligations [Line Items] | ||||||
Asset retirement obligation, liabilities incurred | $ 140 | |||||
[1] | Reflects future ash pond and landfill closure costs at certain utility generation facilities. See discussion below. |
Leases (Lease Assets and Liabil
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |||
Lessee Lease Disclosure [Line Items] | ||||||
Operating lease assets | $ 564 | [1] | $ 462 | [1] | $ 504 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | d:DeferredChargesRegulatoryAssetsAndOtherAssetsNoncurrent | d:DeferredChargesRegulatoryAssetsAndOtherAssetsNoncurrent | ||||
Finance lease assets | [2] | $ 148 | $ 134 | |||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | ||||
Total lease assets | $ 712 | $ 596 | ||||
Operating lease liabilities | [3] | $ 54 | $ 53 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent | ||||
Finance lease liabilities | [4] | $ 32 | $ 27 | |||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | ||||
Total lease liabilities - current | $ 86 | $ 80 | ||||
Operating lease liabilities | [5] | $ 516 | $ 413 | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:DeferredCreditsAndOtherLiabilities | us-gaap:DeferredCreditsAndOtherLiabilities | ||||
Finance lease liabilities | [6] | $ 108 | $ 100 | |||
Total lease liabilities - noncurrent | 624 | 513 | ||||
Total lease liabilities | 710 | 593 | ||||
Virginia Electric and Power Company | ||||||
Lessee Lease Disclosure [Line Items] | ||||||
Operating lease assets | $ 185 | [1] | $ 212 | [1] | $ 209 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | d:DeferredChargesRegulatoryAssetsAndOtherAssetsNoncurrent | d:DeferredChargesRegulatoryAssetsAndOtherAssetsNoncurrent | ||||
Finance lease assets | [2] | $ 45 | $ 19 | |||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet | ||||
Total lease assets | $ 230 | $ 231 | ||||
Operating lease liabilities | [3] | $ 28 | $ 30 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent | ||||
Finance lease liabilities | [4] | $ 8 | $ 3 | |||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | ||||
Total lease liabilities - current | $ 36 | $ 33 | ||||
Operating lease liabilities | [5] | $ 155 | $ 180 | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:DeferredCreditsAndOtherLiabilities | us-gaap:DeferredCreditsAndOtherLiabilities | ||||
Finance lease liabilities | [6] | $ 36 | $ 16 | |||
Total lease liabilities - noncurrent | 191 | 196 | ||||
Total lease liabilities | $ 227 | $ 229 | ||||
[1] | Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. | |||||
[2] | Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $50 million and $9 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2020 and net of $26 million and $4 million of accumulated amortization at Dominion Energy and Virginia Power, respectively, at December 31, 2019. | |||||
[3] | Included in other current liabilities in the Companies’ Consolidated Balance Sheets. | |||||
[4] | Included in securities due within one year in the Companies’ Consolidated Balance Sheets. | |||||
[5] | Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. | |||||
[6] | Included in other long-term debt in the Companies’ Consolidated Balance Sheets. |
Leases (Lease Assets and Liab_2
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Lease Disclosure [Line Items] | ||
Finance lease assets, accumulated amortization | $ 50 | $ 26 |
Virginia Electric and Power Company | ||
Lessee Lease Disclosure [Line Items] | ||
Finance lease assets, accumulated amortization | $ 9 | $ 4 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases Disclosure [Line Items] | ||||
Property, Plant and Equipment, Net | $ 57,848 | $ 57,200 | $ 57,848 | $ 57,200 |
Accumulated depreciation, depletion and amortization | 25,111 | 24,843 | $ 25,111 | 24,843 |
Agreement with Lessor to Complete Construction and Lease Jones Act Compliant Offshore Wind Installation Vessel | ||||
Leases Disclosure [Line Items] | ||||
Requested cash draws from lessor to fund project costs | $ 187 | |||
Required percentage payment for specific full recourse events | 100.00% | |||
Lease maturity term | 2027-11 | |||
New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||
Leases Disclosure [Line Items] | ||||
Requested cash draws from lessor to fund project costs | $ 61 | |||
Required percentage payment for specific full recourse events | 100.00% | |||
Finance lease, option to extend description | At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms | |||
Finance lease, option to extend | true | |||
Extension term of lease | 5 years | 5 years | ||
Required percentage payment to lessor for difference between project costs and sales proceeds | 83.00% | |||
Lessor | Agreement with Lessor to Complete Construction and Lease Jones Act Compliant Offshore Wind Installation Vessel | ||||
Leases Disclosure [Line Items] | ||||
Amount of financing commitments to fund estimated project costs | $ 550 | $ 550 | ||
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property | ||||
Leases Disclosure [Line Items] | ||||
Amount of financing commitments to fund estimated project costs | $ 465 | 465 | ||
Power Purchase Arrangement [Member] | ||||
Leases Disclosure [Line Items] | ||||
Property, Plant and Equipment, Net | 2,200 | 2,800 | 2,200 | 2,800 |
Accumulated depreciation, depletion and amortization | $ 68 | $ 364 | 68 | 364 |
Rental revenue | 175 | 174 | ||
Depreciation expense | $ 102 | $ 94 |
Leases (Summary of Total Lease
Leases (Summary of Total Lease Cost) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost: | ||
Finance lease cost, Amortization | $ 33 | $ 20 |
Finance lease cost, Interest | 4 | |
Operating lease cost | 68 | 79 |
Short-term lease cost | 20 | 26 |
Variable lease cost | 8 | 5 |
Total lease cost | 129 | 134 |
Virginia Electric and Power Company | ||
Finance lease cost: | ||
Operating lease cost | 36 | 41 |
Short-term lease cost | 12 | 13 |
Variable lease cost | 4 | 2 |
Total lease cost | $ 52 | $ 56 |
Leases (Cash Paid for Amounts I
Leases (Cash Paid for Amounts Included in Measurement of Lease Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Disclosure [Line Items] | ||
Operating cash flows for finance leases | $ 4 | |
Operating cash flows for operating leases | $ 96 | 111 |
Financing cash flows for finance leases | 33 | 20 |
Virginia Electric and Power Company | ||
Lessee Lease Disclosure [Line Items] | ||
Operating cash flows for operating leases | $ 52 | $ 56 |
Leases (Weighted Average Remain
Leases (Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases) (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Lease Disclosure [Line Items] | ||
Weighted average remaining lease term - finance leases | 5 years | 5 years |
Weighted average remaining lease term - operating leases | 26 years | 22 years |
Weighted average discount rate - finance leases | 3.17% | 3.83% |
Weighted average discount rate - operating leases | 4.07% | 4.48% |
Virginia Electric and Power Company | ||
Lessee Lease Disclosure [Line Items] | ||
Weighted average remaining lease term - finance leases | 6 years | 6 years |
Weighted average remaining lease term - operating leases | 21 years | 20 years |
Weighted average discount rate - finance leases | 2.51% | 4.12% |
Weighted average discount rate - operating leases | 4.26% | 4.29% |
Leases (Scheduled Maturities of
Leases (Scheduled Maturities of Lease Liabilities) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Lessee Lease Disclosure [Line Items] | |
Maturity of Lease Liabilities, Operating, 2021 | $ 64 |
Maturity of Lease Liabilities, Operating, 2022 | 56 |
Maturity of Lease Liabilities, Operating, 2023 | 47 |
Maturity of Lease Liabilities, Operating, 2024 | 40 |
Maturity of Lease Liabilities, Operating, 2025 | 34 |
Maturity of Lease Liabilities, Operating, After 2025 | 756 |
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 997 |
Present value adjustment, Operating | (427) |
Operating lease liability | 570 |
Maturity of Lease Liabilities, Finance, 2021 | 36 |
Maturity of Lease Liabilities, Finance, 2022 | 34 |
Maturity of Lease Liabilities, Finance, 2023 | 31 |
Maturity of Lease Liabilities, Finance, 2024 | 29 |
Maturity of Lease Liabilities, Finance, 2025 | 21 |
Maturity of Lease Liabilities, Finance, After 2025 | 14 |
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 165 |
Present value adjustment, Finance | (25) |
Present value of lease liabilities, Finance | 140 |
Virginia Electric and Power Company | |
Lessee Lease Disclosure [Line Items] | |
Maturity of Lease Liabilities, Operating, 2021 | 31 |
Maturity of Lease Liabilities, Operating, 2022 | 25 |
Maturity of Lease Liabilities, Operating, 2023 | 20 |
Maturity of Lease Liabilities, Operating, 2024 | 15 |
Maturity of Lease Liabilities, Operating, 2025 | 11 |
Maturity of Lease Liabilities, Operating, After 2025 | 194 |
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments | 296 |
Present value adjustment, Operating | (113) |
Operating lease liability | 183 |
Maturity of Lease Liabilities, Finance, 2021 | 9 |
Maturity of Lease Liabilities, Finance, 2022 | 8 |
Maturity of Lease Liabilities, Finance, 2023 | 8 |
Maturity of Lease Liabilities, Finance, 2024 | 7 |
Maturity of Lease Liabilities, Finance, 2025 | 6 |
Maturity of Lease Liabilities, Finance, After 2025 | 9 |
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments | 47 |
Present value adjustment, Finance | (3) |
Present value of lease liabilities, Finance | $ 44 |
Variable Interest Entities - (N
Variable Interest Entities - (Narrative) (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)GeneratorMW | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Virginia Electric and Power Company | |||
Variable Interest Entity [Line Items] | |||
Long-term debt | $ 13,207 | $ 12,325 | |
Payment for contract termination | 135 | ||
Payment for contract termination after tax | 100 | ||
Payables to affiliates | 266 | 210 | |
Variable Interest Entity, Primary Beneficiary | SBL Holdco | |||
Variable Interest Entity [Line Items] | |||
Securities due within one year | 32 | ||
Long-term debt | $ 239 | ||
Variable Interest Entity, Primary Beneficiary | Partnership Interest | Merchant Solar Projects | |||
Variable Interest Entity [Line Items] | |||
Initial membership interest percentage | 67.00% | ||
Variable Interest Entity Not Primary Beneficiary | Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | |||
Variable Interest Entity [Line Items] | |||
Initial membership interest percentage | 53.00% | ||
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | |||
Variable Interest Entity [Line Items] | |||
Shared Services Purchased | $ 349 | 387 | $ 335 |
Payables to affiliates | $ 175 | 102 | |
Variable Interest Entity Not Primary Beneficiary | Partnership Interest | Cove Point | |||
Variable Interest Entity [Line Items] | |||
Initial membership interest percentage | 50.00% | ||
Variable Interest Entity V I E And Potential V I E Information Unavailability | Virginia Electric and Power Company | |||
Variable Interest Entity [Line Items] | |||
Long term capacity contract non utility generators (generators) | Generator | 1 | ||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 218 | ||
Payment for contract termination | $ 135 | ||
Payment for contract termination after tax | $ 100 | ||
Payment for electric capacity | 13 | 1 | |
Payment for electric energy | $ 50 | $ 18 |
Short-Term Debt and Credit Agre
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) - USD ($) | Dec. 31, 2020 | [1] | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | ||||
Facility Limit | [2] | $ 6,000,000,000 | $ 6,000,000,000 | |
Outstanding Commercial Paper | [2],[3] | 627,000,000 | 836,000,000 | |
Outstanding Letters of Credit | [2] | 100,000,000 | 89,000,000 | |
Facility Capacity Available | [2] | 5,273,000,000 | 5,075,000,000 | |
Virginia Electric and Power Company | ||||
Line Of Credit Facility [Line Items] | ||||
Facility Limit | [4] | 6,000,000,000 | 6,000,000,000 | |
Outstanding Commercial Paper | [4],[5] | 45,000,000 | 243,000,000 | |
Outstanding Letters of Credit | [4] | $ 12,000,000 | $ 7,000,000 | |
[1] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | |||
[2] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility 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. | |||
[3] | The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was 0.29% and 2.10% at December 31, 2020 and 2019, respectively. | |||
[4] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At December 31, 2020, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |||
[5] | The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 0.30% and 2.10% at December 31, 2020 and 2019, respectively. |
Short-Term Debt and Credit Ag_2
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | ||
Line Of Credit Facility [Line Items] | ||||
Weighted-average percentage interest rates | 0.29% | 2.10% | ||
Facility Limit | [2] | $ 6,000,000,000 | [1] | $ 6,000,000,000 |
Virginia Electric and Power Company | ||||
Line Of Credit Facility [Line Items] | ||||
Weighted-average percentage interest rates | 0.30% | 2.10% | ||
Facility Limit | [3] | $ 6,000,000,000 | [1] | $ 6,000,000,000 |
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 | |||
Line of Credit | Virginia Electric and Power Company | ||||
Line Of Credit Facility [Line Items] | ||||
Facility Limit | $ 1,500,000,000 | |||
[1] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | |||
[2] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility 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. | |||
[3] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At December 31, 2020, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Short-Term Debt and Credit Ag_3
Short-Term Debt and Credit Agreements (Narrative) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Oct. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2017 | |||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | [2] | $ 6,000,000,000 | [1] | $ 6,000,000,000 | |||||
Short-term debt | 895,000,000 | 849,000,000 | |||||||
Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | 2,000,000,000 | ||||||||
364-Day Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | $ 900,000,000 | ||||||||
Credit facility, amount borrowed | $ 225,000,000 | ||||||||
Weighted average useful life | 364 days | ||||||||
Credit Facility, Maturing in June 2020 | Letter of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | $ 30,000,000 | $ 21,000,000 | |||||||
Credit facility, maturity date | Jun. 30, 2022 | Jun. 30, 2020 | |||||||
Credit facility, amount borrowed | $ 30,000,000 | 21,000,000 | |||||||
Term Loan Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount borrowed | $ 625,000,000 | $ 500,000,000 | |||||||
Weighted average useful life | 364 days | 364 days | |||||||
Floating Rate Demand Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term debt | 268,000,000 | 75,000,000 | |||||||
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | $ 3,000,000,000 | ||||||||
Debt instrument, maximum principal outstanding amount | $ 1,000,000,000 | ||||||||
Dominion Energy South Carolina Inc | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | 500,000,000 | ||||||||
Short-term indebtedness outstanding | $ 2,200,000,000 | ||||||||
Debt maturity month and year | 2021-03 | ||||||||
Questar Gas | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | $ 250,000,000 | ||||||||
GENCO | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term indebtedness outstanding | $ 200,000,000 | ||||||||
Debt maturity month and year | 2021-03 | ||||||||
SBL Holdco | Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | $ 30,000,000 | ||||||||
Automatic renewal period | 1 year | ||||||||
Short-term debt | $ 0 | 0 | |||||||
Dominion Solar Projects III, Inc | Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt maximum borrowing capacity | $ 25,000,000 | ||||||||
Automatic renewal period | 1 year | ||||||||
Short-term debt | $ 0 | $ 0 | |||||||
[1] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | ||||||||
[2] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Long-Term Debt (Total Long Term
Long-Term Debt (Total Long Term Debt) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | 0.29% | 2.10% | |
Total principal | [1] | $ 35,496 | $ 31,557 |
Securities due within one year | [2] | (1,905) | (2,435) |
Unamortized discount, premium and debt issuances costs, net | (293) | (228) | |
Derivative restructuring | 773 | ||
Finance leases | [3] | 108 | 100 |
Total long-term debt | 33,957 | 28,998 | |
Supplemental 364-Day credit facility, variable rate, due 2021 | 225 | ||
Fair value hedge valuation(11) | [4] | $ 3 | 4 |
Long term debt due within one year | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [2],[5] | 3.14% | |
Supplemental 364-Day credit facility, variable rate, due 2021 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 1.18% | |
Supplemental 364-Day credit facility, variable rate, due 2021 | $ 225 | ||
4.82%, due 2042 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[6] | 4.82% | |
Total principal | [6] | $ 331 | 345 |
Term loans, variable rates, due 2023 and 2024 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[6] | 2.55% | |
Total principal | [6] | $ 476 | 527 |
Senior Notes | Variable rates, due 2020 and 2023 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 0.75% | |
Total principal | $ 1,000 | 300 | |
Senior Notes | 2.0% to 7.0%, due 2021 to 2049 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[7] | 3.98% | |
Total principal | [7] | $ 9,938 | 7,688 |
Tax-Exempt Financings | Variable Rate Due 2038 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[8] | 0.13% | |
Total principal | [8] | $ 35 | 35 |
Tax-Exempt Financings | GENCO variable rate due 2038 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[8] | 0.13% | |
Total principal | [8] | $ 33 | 33 |
Tax-Exempt Financings | 3.625% and 4.00%, due 2028 and 2033 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[8] | 3.90% | |
Total principal | [8] | $ 54 | 54 |
Tax-Exempt Financings | Other | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[8] | 3.67% | |
Total principal | [8] | $ 1 | 1 |
Tax-Exempt Financings | Tax-Exempt Financing, 1.7% due 2033 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 1.70% | |
Total principal | $ 27 | 27 | |
Unsecured Junior Subordinated Notes | 2.579% to 4.104%, due 2019 to 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[9] | 3.23% | |
Total principal | [9] | $ 1,950 | 2,950 |
Unsecured Junior Subordinated Notes | 8.4% due 2031 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 8.40% | |
Total principal | $ 10 | 10 | |
Enhanced Junior Subordinated Notes | Variable rates, due 2066 | |||
Debt Instrument [Line Items] | |||
Total principal | [10] | 397 | |
Enhanced Junior Subordinated Notes | 5.25% and 5.75%, due 2054 and 2076 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 5.48% | |
Total principal | $ 1,485 | 1,485 | |
Questar Gas | 2.98% to 7.20%, due 2024 to 2051 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 4.25% | |
Total principal | $ 750 | 750 | |
East Ohio | 1.30% to 3.00%, due 2025 to 2050 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 2.25% | |
Total principal | $ 1,800 | ||
SCANA | 4.125% to 6.25%, due 2020 to 2022 | |||
Debt Instrument [Line Items] | |||
Total principal | [11] | 508 | |
SCANA | Unsecured Senior Notes, variable rate, due 2034 | |||
Debt Instrument [Line Items] | |||
Total principal | [12] | 66 | |
PSNC | 4.05% to 7.45%, due 2020 to 2047 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 4.62% | |
Total principal | $ 800 | 700 | |
DESC | First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 5.42% | |
Total principal | $ 3,267 | $ 3,267 | |
Virginia Electric and Power Company | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | 0.30% | 2.10% | |
Total principal | $ 13,314 | $ 12,414 | |
Securities due within one year | (1) | ||
Unamortized discount, premium and debt issuances costs, net | (107) | (88) | |
Derivative restructuring | 444 | ||
Finance leases | [3] | 36 | 16 |
Total long-term debt | $ 13,687 | 12,341 | |
Virginia Electric and Power Company | Senior Notes | 2.45% to 8.875%, due 2022 to 2050 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5],[13] | 4.14% | |
Total principal | $ 12,689 | 11,789 | |
Virginia Electric and Power Company | Tax-Exempt Financings | 0.45% to 1.90%, due 2032 to 2041 | |||
Debt Instrument [Line Items] | |||
Weighted-average percentage interest rates | [5] | 1.14% | |
Total principal | [13] | $ 625 | $ 625 |
[1] | Excludes amounts classified as held for sale. See Note 3. | ||
[2] | Includes $22 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc. | ||
[3] | Included in other long-term debt in the Companies’ Consolidated Balance Sheets. | ||
[4] | Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt. | ||
[5] | Represents weighted-average coupon rates for debt outstanding as of December 31, 2020. | ||
[6] | Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities. | ||
[7] | Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary. | ||
[8] | Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2021. | ||
[9] | In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. In June 2020, Dominion Energy prepaid the remaining balance of $993 million. | ||
[10] | In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. | ||
[11] | In February 2020, SCANA provided notice to redeem the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium term notes plus accrued interest and make-whole premiums in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. | ||
[12] | In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $ 66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. | ||
[13] | These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. |
Long-Term Debt (Total Long Te_2
Long-Term Debt (Total Long Term Debt) (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020 | Apr. 30, 2020 | Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | ||
Debt Instrument [Line Items] | ||||||||
Repayment of Debt | $ 2,879 | $ 9,116 | $ 5,682 | |||||
Total principal | [1] | $ 35,496 | 31,557 | |||||
DS C A N A | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date, description | The notes would have otherwise matured in May 2021 and February 2022, respectively. | |||||||
June2006 Hybrids | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of Debt | $ 111 | |||||||
September 2006 hybrids | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of Debt | $ 286 | |||||||
Debt Instrument, Face Amount | 13 | |||||||
Term loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated mandatory prepayments due within one year | $ 22 | |||||||
Virginia Electric and Power Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of Debt | 427 | 591 | $ 964 | |||||
Total principal | 13,314 | 12,414 | ||||||
2.45% to 8.875%, due 2022 to 2050 | Virginia Electric and Power Company | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | $ 12,689 | 11,789 | ||||||
2.45% to 8.875%, due 2022 to 2050 | Minimum | Virginia Electric and Power Company | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.45% | |||||||
2.45% to 8.875%, due 2022 to 2050 | Maximum | Virginia Electric and Power Company | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 8.875% | |||||||
0.45% to 1.90%, due 2032 to 2041 | Virginia Electric and Power Company | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | [2] | $ 625 | 625 | |||||
0.45% to 1.90%, due 2032 to 2041 | Minimum | Virginia Electric and Power Company | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 0.45% | |||||||
0.45% to 1.90%, due 2032 to 2041 | Maximum | Virginia Electric and Power Company | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.90% | |||||||
2.0% to 7.0%, due 2021 to 2049 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | [3] | $ 9,938 | 7,688 | |||||
2.0% to 7.0%, due 2021 to 2049 | Minimum | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.00% | |||||||
2.0% to 7.0%, due 2021 to 2049 | Maximum | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 7.00% | |||||||
2.579% to 4.104%, due 2019 to 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.579% | |||||||
Repayment of Debt | $ 7 | |||||||
Pre-payment of Debt | $ 993 | |||||||
2.579% to 4.104%, due 2019 to 2024 [Member] | Unsecured Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | [4] | $ 1,950 | 2,950 | |||||
2.579% to 4.104%, due 2019 to 2024 [Member] | Minimum | Unsecured Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.579% | |||||||
2.579% to 4.104%, due 2019 to 2024 [Member] | Maximum | Unsecured Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.104% | |||||||
8.4% due 2031 | Unsecured Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 8.40% | |||||||
Total principal | $ 10 | 10 | ||||||
5.25% and 5.75%, due 2054 and 2076 | Enhanced Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | $ 1,485 | 1,485 | ||||||
5.25% and 5.75%, due 2054 and 2076 | Minimum | Enhanced Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.25% | |||||||
5.25% and 5.75%, due 2054 and 2076 | Maximum | Enhanced Junior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 5.75% | |||||||
2.98% to 7.20%, due 2024 to 2051 | Minimum | Questar Gas Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.98% | |||||||
2.98% to 7.20%, due 2024 to 2051 | Maximum | Questar Gas Company | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 7.20% | |||||||
1.30% to 3.00%, due 2025 to 2050 | Minimum | East Ohio | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.30% | |||||||
1.30% to 3.00%, due 2025 to 2050 | Maximum | East Ohio | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 3.00% | |||||||
4.125% to 6.25%, due 2020 to 2022 | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.125% | |||||||
4.125% to 6.25%, due 2020 to 2022 | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 6.25% | |||||||
4.05% to 7.45%, due 2020 to 2047 | Minimum | PSNC | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.05% | |||||||
4.05% to 7.45%, due 2020 to 2047 | Maximum | PSNC | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 7.45% | |||||||
First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065 | Minimum | DESC | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 3.22% | |||||||
First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065 | Maximum | DESC | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 6.625% | |||||||
3.625% and 4.00%, due 2028 and 2033 | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | [5] | $ 54 | 54 | |||||
3.625% and 4.00%, due 2028 and 2033 | Minimum | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 3.625% | |||||||
3.625% and 4.00%, due 2028 and 2033 | Maximum | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.00% | |||||||
4.82%, due 2042 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.82% | |||||||
Total principal | [6] | $ 331 | 345 | |||||
Tax-Exempt Financing, 1.7% due 2033 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 1.70% | |||||||
Tax-Exempt Financing, 1.7% due 2033 | Tax-Exempt Financings | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | $ 27 | $ 27 | ||||||
Four Point Seven Five Percent Medium Term Notes | DS C A N A | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.75% | |||||||
Debt Instrument, Face Amount | $ 183 | |||||||
Four Point One Two Five Percent Medium Term Notes | DS C A N A | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.125% | |||||||
Debt Instrument, Face Amount | $ 155 | |||||||
Floating rate senior notes | DS C A N A | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 66 | |||||||
Debt instrument, maturity date, description | The notes would have otherwise matured in June 2034 | |||||||
Industrial Revenue Bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Total principal | $ 68 | |||||||
[1] | Excludes amounts classified as held for sale. See Note 3. | |||||||
[2] | These financings relate to certain pollution control equipment at Virginia Power’s generating facilities. | |||||||
[3] | Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary. | |||||||
[4] | In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. In June 2020, Dominion Energy prepaid the remaining balance of $993 million. | |||||||
[5] | Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2021. | |||||||
[6] | Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities. |
Long-Term Debt (Based on Stated
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Detail) $ in Millions | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
2021 | $ 2,110 | |
2022 | 1,553 | |
2023 | 2,966 | |
2024 | 1,564 | |
2025 | 2,019 | |
Thereafter | 25,284 | |
Total | $ 35,496 | |
Weighted- average coupon, 2021 | 2.93% | |
Weighted- average coupon, 2022 | 2.96% | |
Weighted- average coupon, 2023 | 1.98% | |
Weighted- average coupon, 2024 | 3.17% | |
Weighted- average coupon, 2025 | 3.01% | |
Weighted- average coupon, Thereafter | 4.45% | |
Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
2021 | $ 550 | [1],[2] |
2022 | 1,500 | [1],[2] |
2023 | 2,700 | [1],[2] |
2024 | 690 | [1],[2] |
2025 | 2,000 | [1],[2] |
Thereafter | 19,537 | [1],[2] |
Total | 26,977 | [1],[2] |
Tax-exempt financings | ||
Debt Instrument [Line Items] | ||
Thereafter | 775 | |
Total | 775 | |
Supplemental 364-Day Credit Facility | ||
Debt Instrument [Line Items] | ||
2021 | 225 | |
Total | 225 | |
Term loans | ||
Debt Instrument [Line Items] | ||
2021 | 35 | [3] |
2022 | 34 | [3] |
2023 | 250 | [3] |
2024 | 157 | [3] |
Total | 476 | [3] |
First mortgage bonds | ||
Debt Instrument [Line Items] | ||
2021 | 33 | |
Thereafter | 3,234 | |
Total | 3,267 | |
Secured senior notes | ||
Debt Instrument [Line Items] | ||
2021 | 17 | |
2022 | 19 | |
2023 | 16 | |
2024 | 17 | |
2025 | 19 | |
Thereafter | 243 | |
Total | 331 | |
Unsecured junior subordinated notes payable to affiliated trusts | ||
Debt Instrument [Line Items] | ||
Thereafter | 10 | |
Total | 10 | |
Unsecured Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
2021 | 1,250 | [4] |
2024 | 700 | [4] |
Total | 1,950 | [4] |
Enhanced Junior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Thereafter | 1,485 | [5] |
Total | 1,485 | [5] |
Virginia Electric and Power Company | ||
Debt Instrument [Line Items] | ||
2022 | 750 | |
2023 | 700 | |
2024 | 350 | |
2025 | 350 | |
Thereafter | 11,164 | |
Total | $ 13,314 | |
Weighted- average coupon, 2022 | 3.15% | |
Weighted- average coupon, 2023 | 2.75% | |
Weighted- average coupon, 2024 | 3.45% | |
Weighted- average coupon, 2025 | 3.10% | |
Weighted- average coupon, Thereafter | 4.18% | |
Virginia Electric and Power Company | Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
2022 | $ 750 | |
2023 | 700 | |
2024 | 350 | |
2025 | 350 | |
Thereafter | 10,539 | |
Total | 12,689 | |
Virginia Electric and Power Company | Tax-exempt financings | ||
Debt Instrument [Line Items] | ||
Thereafter | 625 | |
Total | $ 625 | |
[1] | In February 2020, SCANA provided notice to redeem the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. | |
[2] | In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034 | |
[3] | Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2020, $22 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets. | |
[4] | In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. In June 2020, Dominion Energy prepaid the remaining balance of $993 million. | |
[5] | In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. |
Long-Term Debt (Based on Stat_2
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | |
June2006 Hybrids | ||||||
Debt Instrument [Line Items] | ||||||
Debt, amount redeemed | $ 111 | |||||
September 2006 hybrids | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 13 | |||||
Debt, amount redeemed | 286 | |||||
June 2006 and September 2006 Hybrids | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date, description | both of which would have otherwise matured in 2066 | |||||
2.579% Junior Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.579% | |||||
Debt, amount redeemed | $ 7 | |||||
Debt maturity month and year | 2020-07 | |||||
Debt instrument prepaid, amount | $ 993 | |||||
DS C A N A | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date, description | The notes would have otherwise matured in May 2021 and February 2022, respectively. | |||||
DS C A N A | Floating rate senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 66 | |||||
Debt instrument, maturity date, description | The notes would have otherwise matured in June 2034 | |||||
DS C A N A | Four Point Seven Five Percent Medium Term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 183 | |||||
Interest Rate | 4.75% | |||||
DS C A N A | Four Point One Two Five Percent Medium Term Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 155 | |||||
Interest Rate | 4.125% | |||||
Term loans | ||||||
Debt Instrument [Line Items] | ||||||
Estimated mandatory prepayments due within one year | $ 22 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Detail) - USD ($) shares in Millions | Oct. 01, 2024 | Feb. 25, 2021 | Sep. 30, 2020 | Aug. 31, 2020 | Jun. 30, 2020 | Feb. 29, 2020 | Aug. 31, 2019 | Sep. 30, 2006 | Jun. 30, 2006 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Jun. 30, 2019 | Jul. 31, 2016 | Oct. 31, 2014 |
Debt Instrument [Line Items] | ||||||||||||||||
Repayment of Debt | $ 2,879,000,000 | $ 9,116,000,000 | $ 5,682,000,000 | |||||||||||||
Period of deferral | 10 years | |||||||||||||||
Issuance of common stock (in shares) | 4.1 | 18.5 | 6.1 | |||||||||||||
Other long-term debt | $ 881,000,000 | $ 100,000,000 | ||||||||||||||
Interest Rate Swap | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative notional value | $ 2,000,000,000 | |||||||||||||||
Derivative maturity month and year | 2024-12 | |||||||||||||||
Other long-term debt | $ 326,000,000 | |||||||||||||||
Derivative imputed interest rate | 1.19% | |||||||||||||||
Interest Rate Swap | Virginia Power | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Derivative notional value | $ 900,000,000 | |||||||||||||||
Derivative maturity month and year | 2023-12 | |||||||||||||||
Other long-term debt | $ 443,000,000 | |||||||||||||||
Derivative imputed interest rate | 0.34% | |||||||||||||||
June2006 Hybrids | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt, amount redeemed | 12,000,000 | |||||||||||||||
Junior subordinated notes | $ 300,000,000 | |||||||||||||||
Repayment of Debt | $ 111,000,000 | |||||||||||||||
June2006 Hybrids | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Spread on variable percentage rate | 2.825% | |||||||||||||||
September 2006 Hybrids | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of notes | $ 13,000,000 | |||||||||||||||
Junior subordinated notes | $ 500,000,000 | |||||||||||||||
Repayment of Debt | $ 286,000,000 | |||||||||||||||
September 2006 Hybrids | LIBOR | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Spread on variable percentage rate | 2.30% | |||||||||||||||
June 2006 and September 2006 Hybrids | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maturity date, description | both of which would have otherwise matured in 2066 | |||||||||||||||
October 2014 Hybrids | Unsecured Junior Subordinated Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of notes | $ 685,000,000 | |||||||||||||||
Interest rate (percentage) | 5.75% | |||||||||||||||
SCANA | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, maturity date, description | In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively. | |||||||||||||||
Interest and Related Charges | June 2006 and September 2006 Hybrids | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Expenses related to early redemption of hybrids | $ 10,000,000 | |||||||||||||||
Floating rate senior notes | SCANA | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt, amount redeemed | $ 66,000,000 | |||||||||||||||
Debt instrument, maturity date, description | In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034. | |||||||||||||||
Floating rate senior notes | Interest and Related Charges | SCANA | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Expenses related to early redemption of hybrids | $ 7,000,000 | |||||||||||||||
Four Point Seven Five Percent Medium Term Notes | SCANA | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (percentage) | 4.75% | |||||||||||||||
Debt, amount redeemed | $ 183,000,000 | |||||||||||||||
Four Point One Two Five Percent Medium Term Notes | SCANA | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (percentage) | 4.125% | |||||||||||||||
Debt, amount redeemed | $ 155,000,000 | |||||||||||||||
4.75% and 4.125% Medium Term Notes | Interest and Related Charges | SCANA | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Expenses related to early redemption of hybrids | $ 14,000,000 | |||||||||||||||
July 2016 Hybrids | Unsecured Junior Subordinated Notes | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of notes | $ 800,000,000 | |||||||||||||||
Interest rate (percentage) | 5.25% | |||||||||||||||
July 2016 Hybrids | October 2014 Hybrids | Scenario, Forecast | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Spread on variable percentage rate | 3.057% | |||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (percentage) | 2.00% | |||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021 | Capital Unit, Class A | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of notes | $ 700,000,000 | |||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (percentage) | 2.00% | |||||||||||||||
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024 | Capital Unit, Class B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of notes | $ 700,000,000 | |||||||||||||||
Series A Junior Subordinated Notes | Capital Unit, Class B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (percentage) | 2.715% | |||||||||||||||
Remarketable Subordinated Notes | Capital Unit, Class B | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate (percentage) | 3.071% | |||||||||||||||
Issuance of common stock (in shares) | 18.5 | |||||||||||||||
Private Placement | 3.10% Senior Notes | Subsequent Event | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Principal amount of notes | $ 150,000,000 | |||||||||||||||
Interest rate (percentage) | 3.10% | |||||||||||||||
Debt instrument term | 30 years |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 15, 2024 | Jun. 30, 2019 | Jun. 14, 2019 | |
Class of Stock [Line Items] | |||||||
Preferred stock shares authorized | 20,000,000 | ||||||
Total Preferred Stock | $ 2,387,000,000 | $ 2,387,000,000 | $ 2,387,000,000 | ||||
Dividend stock | 65,000,000 | $ 17,000,000 | |||||
Preferred stock, redemption price per share | $ 1,020 | $ 1,020 | |||||
Forecast | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, redemption price per share | $ 1,000 | ||||||
2019 Series A Corporate Units | |||||||
Class of Stock [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,600,000,000 | ||||||
Percentage of interest in undivided beneficial ownership | 10.00% | ||||||
2019 Series A Corporate Units | Forecast | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Shares to be issued under purchase contracts | 21,800,000 | ||||||
2019 Series A Corporate Units | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Purchase price to be paid under stock purchase contracts | $ 100 | ||||||
Dominion Energy | |||||||
Class of Stock [Line Items] | |||||||
Dividend rate percentage | 2.993% | ||||||
Dividend stock | $ 37,000,000 | $ 2,000,000 | |||||
Dominion Energy | Preferred Class A | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock shares issued | 2,400,000 | 2,400,000 | 2,400,000 | ||||
Preferred stock shares outstanding | 2,400,000 | 2,400,000 | 2,400,000 | ||||
Dominion Energy | Series A Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock shares issued | 1,600,000 | 1,600,000 | 1,600,000 | ||||
Preferred stock shares outstanding | 1,600,000 | 1,600,000 | 1,600,000 | ||||
Dominion Energy | Series B Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock shares authorized | 800,000 | 800,000 | |||||
Preferred stock shares issued | 800,000 | 800,000 | 800,000 | ||||
Preferred stock shares outstanding | 800,000 | 800,000 | 800,000 | ||||
Total Preferred Stock | $ 791,000,000 | $ 791,000,000 | |||||
Issuance of costs | 9,000,000 | ||||||
Preferred stock liquidation value | $ 1,000 | $ 1,000 | |||||
Dividend rate percentage | 4.65% | ||||||
Dividends per share | $ 46.50 | $ 1.9375 | |||||
DESC | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock shares authorized | 20,000,000 | ||||||
SCANA | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock Held By SCANA | 1,000 | 1,000 | 1,000 | ||||
Virginia Electric and Power Company | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock shares authorized | 10,000,000 | ||||||
Preferred stock shares issued | 0 | 0 | 0 | ||||
Preferred stock shares outstanding | 0 | 0 | 0 | ||||
Liquidation preference | $ 100 |
Preferred Stock (Schedule of Eq
Preferred Stock (Schedule of Equity Units) (Detail) - USD ($) shares in Millions, $ in Millions | Jun. 14, 2019 | Sep. 30, 2020 | Aug. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | |
Capital Unit [Line Items] | ||||||
Units Issued | 4.1 | 18.5 | 6.1 | |||
Total Preferred Stock | $ 2,387 | $ 2,387 | ||||
Stock Purchase Contract Liability | $ 212 | $ 129 | ||||
Preferred Stock | ||||||
Capital Unit [Line Items] | ||||||
Units Issued | 2 | |||||
Preferred Stock | 2019 Series A Corporate Units | ||||||
Capital Unit [Line Items] | ||||||
Units Issued | 16 | |||||
Total Net Proceeds | [1] | $ 1,582 | ||||
Total Preferred Stock | [2] | $ 1,610 | ||||
Cumulative Dividend Rate | 1.75% | |||||
Stock Purchase Contract Annual Rate | 5.50% | |||||
Stock Purchase Contract Liability | [3] | $ 250 | ||||
Stock Purchase Contract Settlement Date | Jun. 1, 2022 | |||||
[1] | Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets at December 31, 2019. | |||||
[2] | Dominion Energy recorded dividends of $28 million ($17.50 per share) and $15 million ($9.479 per share) for the years ended December 31, 2020 and 2019, respectively. | |||||
[3] | Payments of $83 million and $38 million were made in 2020 and 2019, respectively. The stock purchase contract liability was $129 million and $212 million at December 31, 2020 and 2019, respectively. |
Preferred Stock (Schedule of _2
Preferred Stock (Schedule of Equity Units) (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capital Unit [Line Items] | ||
Issuance costs | $ 28 | |
Corporate units stock purchase contract liability payments | $ 83 | 38 |
Stock Purchase Contract Liability | 129 | 212 |
Preferred Stock | ||
Capital Unit [Line Items] | ||
Issuance costs | 14 | |
Recorded dividend | $ 28 | $ 15 |
Dividends per share | $ 17.50 | $ 9.479 |
Common Stock | ||
Capital Unit [Line Items] | ||
Issuance costs | $ 14 |
Equity (Narrative) (Detail)
Equity (Narrative) (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2020USD ($)shares | Nov. 30, 2020USD ($)shares | Sep. 30, 2020USD ($)agreementshares | Aug. 31, 2020USD ($)shares | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Oct. 31, 2019 | Aug. 31, 2019USD ($)shares | Jan. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jun. 30, 2018USD ($)shares | Apr. 30, 2018shares | Jan. 31, 2018USD ($)shares | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Mar. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jul. 31, 2020USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of common stock | $ 1,400,000,000 | $ 159,000,000 | $ 2,515,000,000 | $ 2,461,000,000 | ||||||||||||||||||
Issuance of common stock (in shares) | shares | 4,100,000 | 18,500,000 | 6,100,000 | |||||||||||||||||||
Acquisition of SCANA | $ 6,818,000,000 | |||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | (40,000,000) | |||||||||||||||||||||
Defined Benefit Pension plans | 499,000,000 | |||||||||||||||||||||
Fees and commissions paid | 28,000,000 | |||||||||||||||||||||
Stock repurchased, shares | shares | 4,100,000 | |||||||||||||||||||||
Stock repurchased, value | $ 323,000,000 | 3,080,000,000 | ||||||||||||||||||||
Number of prepaid accelerated share repurchase agreements | agreement | 2 | |||||||||||||||||||||
Accelerated share repurchase, payments | $ 400,000,000 | $ 1,500,000,000 | $ 400,000,000 | $ 1,500,000,000 | $ 400,000,000 | |||||||||||||||||
Accelerated share repurchase, cash paid for number of shares exchange | shares | 5,000,000 | 17,200,000 | 5,000,000 | 17,200,000 | 5,000,000 | |||||||||||||||||
Decrease in common stock | $ 400,000,000 | $ 1,500,000,000 | ||||||||||||||||||||
Common stock worth based on closing Price | $ 400,000,000 | $ 1,500,000,000 | $ 400,000,000 | $ 1,500,000,000 | $ 400,000,000 | |||||||||||||||||
Accelerated share repurchase, additional shares delivered under terms of the agreement | shares | 300,000 | 1,400,000 | 300,000 | 300,000 | ||||||||||||||||||
Number of shares received | shares | 27,000,000 | |||||||||||||||||||||
Increase (decrease) Non-controlling interest | $ 375,000,000 | |||||||||||||||||||||
Compensation cost related to stock-based compensation | $ 64,000,000 | 46,000,000 | 48,000,000 | |||||||||||||||||||
Tax benefit from stock awards and stock options exercised | $ 16,000,000 | 11,000,000 | 12,000,000 | |||||||||||||||||||
Vesting period | 3 years | |||||||||||||||||||||
Cash Based Performance Grant | Officer | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Cash-based performance grants minimum percentage | 0.00% | |||||||||||||||||||||
Cash-based performance grants maximum percentage | 200.00% | |||||||||||||||||||||
February2018 Cash Based Performance Grant | Officer | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Targeted amount of the grant | $ 15,000,000 | $ 15,000,000 | $ 15,000,000 | |||||||||||||||||||
February2019 Cash Based Performance Grant | Officer | Grant Date Two | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Targeted amount of the grant | 15,000,000 | 15,000,000 | 15,000,000 | |||||||||||||||||||
Liability accrued for award | 14,000,000 | 14,000,000 | 14,000,000 | |||||||||||||||||||
February 2020 Cash Based Performance Grant | Officer | Grant Date Three | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Targeted amount of the grant | 16,000,000 | 16,000,000 | 16,000,000 | |||||||||||||||||||
Liability accrued for award | $ 8,000,000 | $ 8,000,000 | $ 8,000,000 | |||||||||||||||||||
Stock Based Awards | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Shares were available for future grants | shares | 20,000,000 | 20,000,000 | 20,000,000 | |||||||||||||||||||
Restricted Stock | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Unrecognized compensation cost related to nonvested awards | $ 61,000,000 | $ 61,000,000 | $ 61,000,000 | |||||||||||||||||||
Fair value of restricted stock awards that vested | $ 35,000,000 | $ 23,000,000 | $ 23,000,000 | |||||||||||||||||||
Cove Point | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Ownership interest percentage of limited partner interests | 25.00% | 25.00% | ||||||||||||||||||||
Cash consideration from sale of noncontrolling interest | $ 2,100,000,000 | |||||||||||||||||||||
Cove Point | GT&S Transaction | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Controlling interest sold | 25.00% | |||||||||||||||||||||
Ownership percentage | 50.00% | |||||||||||||||||||||
Reversal of noncontrolling interest held by noncontrolling owners | $ 1,400,000,000 | |||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of common stock (in shares) | shares | 7,000,000 | 39,000,000 | 36,000,000 | |||||||||||||||||||
Acquisition of SCANA (in shares) | shares | 96,000,000 | |||||||||||||||||||||
Acquisition of SCANA | $ 6,818,000,000 | |||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | 1,181,000,000 | |||||||||||||||||||||
Defined Benefit Pension plans | 499,000,000 | |||||||||||||||||||||
Fees and commissions paid | $ 14,000,000 | |||||||||||||||||||||
Stock repurchased, shares | shares | 38,900,000 | 0 | 0 | |||||||||||||||||||
Stock repurchased, value | $ 1,000,000,000 | $ 3,080,000,000 | ||||||||||||||||||||
Stock repurchase program, authorized amount | $ 3,000,000,000 | |||||||||||||||||||||
Common Stock | Open Market Agreement | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Stock repurchased, shares | shares | 3,700,000 | 7,200,000 | ||||||||||||||||||||
Stock repurchased, value | $ 295,000,000 | $ 562,000,000 | ||||||||||||||||||||
Goldman Sachs & Co. and Credit Suisse LLC. | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of common stock | $ 1,400,000,000 | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 22,100,000 | |||||||||||||||||||||
Number of shares for future agreement | shares | 20,000,000 | |||||||||||||||||||||
Option exercised | shares | 2,100,000 | |||||||||||||||||||||
Maximum | Stock Based Awards | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Maximum term of stock based awards | 8 years | |||||||||||||||||||||
Weighted Average | Restricted Stock | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Expected weighted-average period recognized for the unrecognized compensation cost | 2 years | |||||||||||||||||||||
Dominion Energy Midstream Partners, LP | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Acquisition of SCANA (in shares) | shares | 22,500,000 | |||||||||||||||||||||
Acquisition of SCANA | $ 1,600,000,000 | |||||||||||||||||||||
Common units conversion ratio | 0.2492 | |||||||||||||||||||||
Gain or loss recognized in equity transaction | $ 0 | |||||||||||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | $ 40,000,000 | |||||||||||||||||||||
Dominion Energy Direct | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of common stock | $ 159,000,000 | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 2,100,000 | |||||||||||||||||||||
SCANA | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Acquisition of SCANA (in shares) | shares | 95,600,000 | 95,600,000 | ||||||||||||||||||||
Acquisition of SCANA | $ 6,800,000,000 | $ 6,800,000,000 | ||||||||||||||||||||
Various Programs | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of common stock | $ 481,000,000,000 | $ 11,000,000,000 | $ 2,500,000,000 | |||||||||||||||||||
Issuance of common stock (in shares) | shares | 7,000,000 | 157,000,000 | 36,000,000 | |||||||||||||||||||
Sales Agency Agreements to Effect Sales Under At-the-market Program | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of common stock | $ 495,000,000 | $ 639,000,000 | $ 154,000,000 | $ 197,000,000 | ||||||||||||||||||
Issuance of common stock (in shares) | shares | 0 | 0 | 6,600,000 | 7,800,000 | 2,100,000 | 2,700,000 | ||||||||||||||||
Fees and commissions paid | $ 5,000,000 | $ 6,000,000 | $ 2,000,000 | $ 2,000,000 | ||||||||||||||||||
Sale of stock authorized amount | $ 500,000,000 | |||||||||||||||||||||
Sales Agency Agreements to Effect Sales Under At-the-market Program | Maximum | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale of stock authorized amount | $ 1,000,000,000 | |||||||||||||||||||||
Underwriting Agreement | Goldman Sachs & Co. and Credit Suisse LLC. | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Number of shares for future agreement | shares | 3,000,000 |
Equity (Accumulated Other Compr
Equity (Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Total AOCI, including noncontrolling interests | $ (1,717) | $ (1,793) |
Accumulated other comprehensive loss | (1,717) | (1,793) |
Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Total AOCI, including noncontrolling interests | (419) | (407) |
Unrealized Gains and Losses on Investment Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Total AOCI, including noncontrolling interests | 62 | 37 |
Unrecognized Pension and Other Postretirement Benefit Costs | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Total AOCI, including noncontrolling interests | (1,359) | (1,421) |
Other Comprehensive Loss From Equity Method Investees | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Total AOCI, including noncontrolling interests | (1) | (2) |
Virginia Electric and Power Company | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss | (52) | (29) |
Virginia Electric and Power Company | Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss | (60) | (34) |
Virginia Electric and Power Company | Unrealized Gains and Losses on Investment Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other comprehensive loss | $ 8 | $ 5 |
Equity (Accumulated Other Com_2
Equity (Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Amount of tax | $ 141 | $ 135 |
Unrealized Gains and Losses on Investment Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Amount of tax | (21) | (13) |
Unrecognized Pension and Other Postretirement Benefit Costs | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Amount of tax | 478 | 492 |
Other Comprehensive Loss From Equity Method Investees | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Amount of tax | 1 | |
Virginia Electric and Power Company | Deferred Gains and Losses on Derivatives-Hedging Activities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Amount of tax | 21 | 11 |
Virginia Electric and Power Company | Unrealized Gains and Losses on Investment Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Amount of tax | $ (3) | $ (1) |
Equity (Schedule of Changes in
Equity (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ 31,994 | |||
Total other comprehensive loss | 76 | $ (93) | $ (17) | |
Ending balance | 26,117 | 31,994 | ||
Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | 13,989 | 13,047 | 12,224 | |
Total other comprehensive loss | (23) | (17) | 2 | |
Ending balance | 14,557 | 13,989 | 13,047 | |
Deferred Gains and Losses on Derivatives-Hedging Activities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (407) | (235) | ||
Other comprehensive income before reclassifications: gains (losses) | (239) | (110) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 227 | (62) | |
Total other comprehensive loss | (12) | (172) | ||
Ending balance | (419) | (407) | (235) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (34) | (13) | ||
Other comprehensive income before reclassifications: gains (losses) | (28) | (22) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 2 | 1 | |
Total other comprehensive loss | (26) | (21) | ||
Ending balance | (60) | (34) | (13) | |
Unrealized Gains and Losses on Investment Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | 37 | 2 | ||
Other comprehensive income before reclassifications: gains (losses) | 43 | 39 | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (18) | (4) | |
Total other comprehensive loss | 25 | 35 | ||
Ending balance | 62 | 37 | 2 | |
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | 5 | 1 | ||
Other comprehensive income before reclassifications: gains (losses) | 6 | 5 | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (3) | (1) | |
Total other comprehensive loss | 3 | 4 | ||
Ending balance | 8 | 5 | 1 | |
Unrecognized Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (1,421) | (1,465) | ||
Other comprehensive income before reclassifications: gains (losses) | 25 | (22) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 37 | 66 | |
Total other comprehensive loss | 62 | 44 | ||
Ending balance | (1,359) | (1,421) | (1,465) | |
Other Comprehensive Loss From Equity Method Investees | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (2) | (2) | ||
Other comprehensive income before reclassifications: gains (losses) | 1 | |||
Total other comprehensive loss | 1 | |||
Ending balance | (1) | (2) | (2) | |
AOCI | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (1,793) | (1,700) | ||
Other comprehensive income before reclassifications: gains (losses) | (170) | (93) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | 246 | ||
Total other comprehensive loss | 76 | (93) | (18) | |
Ending balance | (1,717) | (1,793) | (1,700) | |
AOCI | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (29) | (12) | 62 | |
Other comprehensive income before reclassifications: gains (losses) | (22) | (17) | ||
Amounts reclassified from AOCI: (gains) losses | [1] | (1) | ||
Total other comprehensive loss | (23) | (17) | 2 | |
Ending balance | $ (52) | $ (29) | $ (12) | |
[1] | See table below for details about these reclassifications. |
Equity (Schedule of Reclassific
Equity (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Operating revenue | $ (3,521) | $ (3,607) | $ (3,106) | $ (3,938) | $ (3,895) | $ (3,782) | $ (3,443) | $ (3,281) | $ (14,172) | $ (14,401) | $ (11,199) | |||||
Interest and related charges | 1,377 | 1,486 | 1,279 | |||||||||||||
Income tax expense | $ 336 | 83 | 209 | 522 | ||||||||||||
Income from continuing operations including noncontrolling interests | (815) | (112) | (869) | 468 | (820) | (947) | 199 | 908 | (1,328) | (660) | (2,097) | |||||
Other Income | (733) | (811) | (885) | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Operating revenue | $ (1,780) | $ (2,248) | $ (1,805) | $ (1,930) | $ (1,941) | $ (2,264) | $ (1,938) | $ (1,965) | (7,763) | [1] | (8,108) | [1] | (7,619) | [1] | ||
Interest and related charges | [1] | 516 | 524 | 511 | ||||||||||||
Income from operations before income tax expense | (1,250) | (1,413) | (1,582) | |||||||||||||
Income tax expense | 229 | 264 | 300 | |||||||||||||
Other Income | (80) | (98) | $ (22) | |||||||||||||
(Gains) Losses on Cash Flow Hedges | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | [2] | 227 | (62) | |||||||||||||
(Gains) Losses on Cash Flow Hedges | Virginia Electric and Power Company | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | [2] | 2 | 1 | |||||||||||||
Amounts reclassified from AOCI | Deferred (Gains) and Losses on Derivatives-Hedging Activities | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Income from operations before income tax expense | 302 | (83) | ||||||||||||||
Income tax expense | (75) | 21 | ||||||||||||||
Income from continuing operations including noncontrolling interests | 227 | (62) | ||||||||||||||
Amounts reclassified from AOCI | Deferred (Gains) and Losses on Derivatives-Hedging Activities | Commodity | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Operating revenue | (25) | (142) | ||||||||||||||
Purchased gas | 4 | 3 | ||||||||||||||
Discontinued operations | (2) | (4) | ||||||||||||||
Amounts reclassified from AOCI | Deferred (Gains) and Losses on Derivatives-Hedging Activities | Interest rate | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Discontinued operations | 236 | 5 | ||||||||||||||
Interest and related charges | 83 | 49 | ||||||||||||||
Amounts reclassified from AOCI | Deferred (Gains) and Losses on Derivatives-Hedging Activities | Foreign currency contracts | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Discontinued operations | 6 | 6 | ||||||||||||||
Amounts reclassified from AOCI | Unrealized (gains) and losses on investment securities | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Income from operations before income tax expense | (24) | (5) | ||||||||||||||
Income tax expense | 6 | 1 | ||||||||||||||
Income from continuing operations including noncontrolling interests | (18) | (4) | ||||||||||||||
Realized (gain) loss on sale of securities | (24) | (5) | ||||||||||||||
Amounts reclassified from AOCI | Unrealized (gains) and losses on investment securities | Virginia Electric and Power Company | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Income from operations before income tax expense | (4) | (2) | ||||||||||||||
Income tax expense | 1 | 1 | ||||||||||||||
Income from continuing operations including noncontrolling interests | (3) | (1) | ||||||||||||||
Realized (gain) loss on sale of securities | (4) | (2) | ||||||||||||||
Amounts reclassified from AOCI | Amortization of prior-service costs (credits) | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Other Income | (84) | (24) | ||||||||||||||
Amounts reclassified from AOCI | Amortization of actuarial losses | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Other Income | 134 | 113 | ||||||||||||||
Amounts reclassified from AOCI | Unrecognized pension and other postretirement benefit costs | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Unrecognized pension and other postretirement benefit costs, before tax | 50 | 89 | ||||||||||||||
Unrecognized pension and other postretirement benefit costs, income tax expense | (13) | (23) | ||||||||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 37 | 66 | ||||||||||||||
Amounts reclassified from AOCI | (Gains) Losses on Cash Flow Hedges | Virginia Electric and Power Company | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Income from operations before income tax expense | 2 | 1 | ||||||||||||||
Income from continuing operations including noncontrolling interests | 2 | 1 | ||||||||||||||
Amounts reclassified from AOCI | (Gains) Losses on Cash Flow Hedges | Interest rate | Virginia Electric and Power Company | ||||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||||
Interest and related charges | $ 2 | $ 1 | ||||||||||||||
[1] | See Note 25 for amounts attributable to affiliates. | |||||||||||||||
[2] | See table below for details about these reclassifications. |
Equity (Summary of Restricted S
Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Detail) - Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested beginning (in shares) | 1,402 | 1,208 | 1,043 |
Granted (in shares) | 531 | 614 | 534 |
Vested (in shares) | (424) | (324) | (316) |
Cancelled and forfeited (in shares) | (99) | (96) | (53) |
Nonvested ending (in shares) | 1,410 | 1,402 | 1,208 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Nonvested beginning, Weighted Average Grant Date Fair Value (in dollars per share) | $ 74.77 | $ 73.03 | $ 73.32 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | 81.74 | 76.49 | 72.92 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | 74.39 | 71.75 | 73.59 |
Cancelled and forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | 81.59 | 77.16 | 74.25 |
Nonvested ending, Weighted Average Grant Date Fair Value (in dollars per share) | $ 77.41 | $ 74.77 | $ 73.03 |
Dividend Restrictions (Narrativ
Dividend Restrictions (Narrative) (Detail) - Virginia Power and PSNC | 12 Months Ended |
Dec. 31, 2020 | |
Dividend Restrictions [Line Items] | |
Regulatory restrictions on payment of dividends | In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power and PSNC’s capital structure to fall below 45%. |
Required equity capital percentage | 45.00% |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Accumulated benefit obligation | $ 10,600,000,000 | $ 9,700,000,000 | $ 10,600,000,000 | $ 10,600,000,000 | $ 9,700,000,000 | ||||||
Contributions to qualified defined benefit pension plans | $ 499,000,000 | ||||||||||
Contributions to qualified defined benefit pension plans, shares | 6.1 | ||||||||||
Contributions to qualified defined benefit pension plans in 2021 | $ 17,000,000 | $ 17,000,000 | 17,000,000 | ||||||||
Defined contribution plan, employer matching contributions | 67,000,000 | $ 69,000,000 | $ 46,000,000 | ||||||||
Discontinued Operations | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Service cost | $ 13,000,000 | 16,000,000 | 18,000,000 | ||||||||
Common and Preferred Stocks | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined benefit plan, actual plan asset allocation percentages | 28.00% | 28.00% | 28.00% | ||||||||
Non-U.S. Equity | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined benefit plan, actual plan asset allocation percentages | 18.00% | 18.00% | 18.00% | ||||||||
Fixed Income Funds | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined benefit plan, actual plan asset allocation percentages | 35.00% | 35.00% | 35.00% | ||||||||
Real Estate Funds | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined benefit plan, actual plan asset allocation percentages | 3.00% | 3.00% | 3.00% | ||||||||
Other than Securities Investment | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Defined benefit plan, actual plan asset allocation percentages | 16.00% | 16.00% | 16.00% | ||||||||
Common Stock | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Contributions to qualified defined benefit pension plans | 499,000,000 | ||||||||||
Virginia Electric and Power Company | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Amounts due to Dominion | $ 266,000,000 | 210,000,000 | $ 266,000,000 | $ 266,000,000 | 210,000,000 | ||||||
Defined contribution plan, employer matching contributions | 19,000,000 | 20,000,000 | 20,000,000 | ||||||||
Pension Plans and Post Retirement Benefit Plan | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Actual return (loss) on pension and other postretirement plan assets | 1,900,000,000 | 2,100,000,000 | |||||||||
Expected return on pension and other postretirement plan assets | 933,000,000 | 848,000,000 | |||||||||
Pension Benefits | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Actual return (loss) on pension and other postretirement plan assets | 1,602,000,000 | 1,747,000,000 | |||||||||
Expected return on pension and other postretirement plan assets | 777,000,000 | 708,000,000 | 663,000,000 | ||||||||
Increase (decrease) in fair value of plan assets | $ 51,000,000 | $ 671,000,000 | |||||||||
Net periodic benefit cost (credit) | (32,000,000) | 93,000,000 | 25,000,000 | ||||||||
Actuarial losses from decrease in discount rate | (1,000,000,000) | (1,100,000,000) | |||||||||
Contributions to qualified defined benefit pension plans | 250,000,000 | $ 520,000,000 | 278,000,000 | 557,000,000 | |||||||
Service cost | 173,000,000 | 162,000,000 | 157,000,000 | ||||||||
Pension Benefits | Virginia Electric and Power Company | Amounts Associated With Dominion Pension Plan | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Payment made to Dominion | 313,000,000 | ||||||||||
Amounts due to Dominion | $ 151,000,000 | $ 151,000,000 | 151,000,000 | ||||||||
Pension Benefits | Virginia Electric and Power Company | Other Operations and Maintenance | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Net periodic benefit cost (credit) | $ 118,000,000 | $ 152,000,000 | 126,000,000 | ||||||||
Pension Benefits | Minimum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 2.73% | 3.47% | 2.73% | 4.07% | 2.73% | 3.47% | |||||
Pension Benefits | Maximum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 2.95% | 3.63% | 2.95% | 4.10% | 2.95% | 3.63% | |||||
Pension Benefits | BHE | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Remeasurement resulted in increase in pension benefit obligation | $ 497,000,000 | ||||||||||
Increase (decrease) in fair value of plan assets | $ (87,000,000) | ||||||||||
Net periodic benefit cost (credit) | $ (4,000,000) | ||||||||||
Pension Benefits | BHE | Minimum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 3.11% | 3.11% | 3.11% | ||||||||
Pension Benefits | BHE | Maximum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 3.16% | 3.16% | 3.16% | ||||||||
Other Postretirement Benefits | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Actual return (loss) on pension and other postretirement plan assets | $ 300,000,000 | $ 349,000,000 | |||||||||
Expected return on pension and other postretirement plan assets | 156,000,000 | 140,000,000 | 143,000,000 | ||||||||
Increase (decrease) in fair value of plan assets | $ 156,000,000 | ||||||||||
Net periodic benefit cost (credit) | $ (172,000,000) | $ (46,000,000) | $ (101,000,000) | ||||||||
Health care cost trend rate | [1] | 6.25% | 6.25% | 6.25% | 7.00% | ||||||
Health care cost trend decreased rate | [1] | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||
Actuarial losses from decrease in discount rate | $ (149,000,000) | $ (168,000,000) | |||||||||
Actuarial gain from completed experience study and update to healthcare claim assumptions | 85,000,000 | 55,000,000 | |||||||||
Contributions to qualified defined benefit pension plans | 13,000,000 | 12,000,000 | |||||||||
Contribution to voluntary employees beneficiary association | 0 | ||||||||||
Service cost | 28,000,000 | 26,000,000 | $ 27,000,000 | ||||||||
Other Postretirement Benefits | Virginia Electric and Power Company | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Contribution to voluntary employees beneficiary association | 0 | 0 | |||||||||
Other Postretirement Benefits | Virginia Electric and Power Company | Forecast | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Contribution to voluntary employees beneficiary association | $ 0 | ||||||||||
Other Postretirement Benefits | Virginia Electric and Power Company | Other Operations and Maintenance | Dominion Energy Retiree Health And Welfare Plan [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Net periodic benefit cost (credit) | $ (58,000,000) | $ (27,000,000) | $ (51,000,000) | ||||||||
Other Postretirement Benefits | Minimum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 2.69% | 3.44% | 2.69% | 4.05% | 2.69% | 3.44% | |||||
Health care cost trend rate | [1] | 6.50% | 6.50% | ||||||||
Other Postretirement Benefits | Maximum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 2.80% | 3.52% | 2.80% | 4.08% | 2.80% | 3.52% | |||||
Health care cost trend rate | [1] | 6.60% | 6.60% | ||||||||
Other Postretirement Benefits | BHE | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Increase (decrease) in fair value of plan assets | $ (25,000,000) | ||||||||||
Increase in accumulated postretirement benefit obligation | $ 16,000,000 | ||||||||||
Health care cost trend rate | 6.25% | 6.25% | 6.25% | ||||||||
Health care cost trend decreased rate | 5.00% | 5.00% | 5.00% | ||||||||
Other Postretirement Benefits | BHE | Minimum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 3.07% | 3.07% | 3.07% | ||||||||
Other Postretirement Benefits | BHE | Maximum | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Discount rate percentage | 3.11% | 3.11% | 3.11% | ||||||||
Voluntary Retirement Program | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Remeasurement resulted in increase in pension benefit obligation | $ 37,000,000 | $ 484,000,000 | |||||||||
Discount rate percentage | 3.57% | ||||||||||
Increase in accumulated postretirement benefit obligation | $ 101,000,000 | ||||||||||
Voluntary retirement program related charges | $ 427,000,000 | ||||||||||
Voluntary retirement program related charges net of tax | 319,000,000 | ||||||||||
Voluntary Retirement Program | Other Operations and Maintenance | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | 251,000,000 | ||||||||||
Voluntary Retirement Program | Other Taxes | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | 21,000,000 | ||||||||||
Voluntary Retirement Program | Other Income | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | 111,000,000 | ||||||||||
Voluntary Retirement Program | Net Income Including Noncontrolling Interest From Discontinued Operations | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | 44,000,000 | ||||||||||
Voluntary Retirement Program | Virginia Electric and Power Company | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | 198,000,000 | ||||||||||
Voluntary retirement program related charges net of tax | 146,000,000 | ||||||||||
Voluntary Retirement Program | Virginia Electric and Power Company | Other Operations and Maintenance | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | 190,000,000 | ||||||||||
Voluntary Retirement Program | Virginia Electric and Power Company | Other Taxes | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||
Voluntary retirement program related charges | $ 8,000,000 | ||||||||||
[1] | Assumptions used to determine net periodic cost for the following year. |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Changes in Pension and Other Postretirement Benefit Plans) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | ||
Changes in fair value of plan assets: | |||||||
Employer contributions | $ 499 | ||||||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||
Noncurrent pension and other postretirement benefit assets | $ 1,704 | $ 1,707 | $ 1,704 | 1,707 | |||
Noncurrent pension and other postretirement benefit liabilities | (1,706) | (2,364) | (1,706) | (2,364) | |||
Pension Benefits | |||||||
Changes in benefit obligation: | |||||||
Benefit obligation at beginning of year | 10,446 | 8,500 | |||||
Dominion Energy SCANA Combination | 854 | ||||||
Service cost | 173 | 162 | $ 157 | ||||
Interest cost | 351 | 394 | 337 | ||||
Benefits paid | (461) | (470) | |||||
Actuarial (gains) losses during the year | 992 | 1,054 | |||||
Settlements, curtailments and special termination benefits | [1] | (138) | (48) | ||||
Benefit obligation at end of year | 11,363 | 10,446 | 11,363 | 10,446 | 8,500 | ||
Changes in fair value of plan assets: | |||||||
Fair value of plan assets at beginning of year | 9,631 | 7,197 | |||||
Dominion Energy SCANA Combination | 727 | ||||||
Actual return (loss) on plan assets | 1,602 | 1,747 | |||||
Employer contributions | 250 | 520 | 278 | 557 | |||
Benefits paid | (461) | (470) | |||||
Settlements | [2] | (71) | (127) | ||||
Fair value of plan assets at end of year | 10,979 | 9,631 | 10,979 | 9,631 | 7,197 | ||
Funded status at end of year | (384) | (815) | (384) | (815) | |||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||
Noncurrent pension and other postretirement benefit assets | 1,054 | 1,266 | 1,054 | 1,266 | |||
Other current liabilities | (14) | (29) | (14) | (29) | |||
Noncurrent pension and other postretirement benefit liabilities | (1,424) | (2,052) | (1,424) | (2,052) | |||
Net amount recognized | $ (384) | $ (815) | $ (384) | $ (815) | |||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||
Weighted average rate of increase for compensation | 4.53% | 4.23% | 4.53% | 4.23% | |||
Pension Benefits | Minimum | |||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||
Discount rate | 2.73% | 3.47% | 2.73% | 3.47% | 4.07% | ||
Crediting interest rate for cash balance and similar plans | 1.93% | 2.67% | 1.93% | 2.67% | |||
Crediting interest rate for cash balance and similar plans | 1.93% | 2.67% | 1.93% | 2.67% | |||
Pension Benefits | Maximum | |||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||
Discount rate | 2.95% | 3.63% | 2.95% | 3.63% | 4.10% | ||
Crediting interest rate for cash balance and similar plans | 2.15% | 2.83% | 2.15% | 2.83% | |||
Crediting interest rate for cash balance and similar plans | 2.15% | 2.83% | 2.15% | 2.83% | |||
Other Postretirement Benefits | |||||||
Changes in benefit obligation: | |||||||
Benefit obligation at beginning of year | $ 1,769 | $ 1,363 | |||||
Dominion Energy SCANA Combination | 253 | ||||||
Service cost | 28 | 26 | 27 | ||||
Interest cost | 58 | 68 | 56 | ||||
Benefits paid | (120) | (96) | |||||
Actuarial (gains) losses during the year | 33 | 111 | |||||
Plan amendments | (6) | ||||||
Settlements, curtailments and special termination benefits | [1] | (16) | 44 | ||||
Benefit obligation at end of year | $ 1,746 | $ 1,769 | 1,746 | 1,769 | 1,363 | ||
Changes in fair value of plan assets: | |||||||
Fair value of plan assets at beginning of year | 1,880 | 1,581 | |||||
Actual return (loss) on plan assets | 300 | 349 | |||||
Employer contributions | 13 | 12 | |||||
Benefits paid | (93) | (62) | |||||
Fair value of plan assets at end of year | 2,100 | 1,880 | 2,100 | 1,880 | $ 1,581 | ||
Funded status at end of year | 354 | 111 | 354 | 111 | |||
Amounts recognized in the Consolidated Balance Sheets at December 31: | |||||||
Noncurrent pension and other postretirement benefit assets | 650 | 442 | 650 | 442 | |||
Other current liabilities | (15) | (17) | (15) | (17) | |||
Noncurrent pension and other postretirement benefit liabilities | (281) | (314) | (281) | (314) | |||
Net amount recognized | $ 354 | $ 111 | $ 354 | $ 111 | |||
Other Postretirement Benefits | Minimum | |||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||
Discount rate | 2.69% | 3.44% | 2.69% | 3.44% | 4.05% | ||
Other Postretirement Benefits | Maximum | |||||||
Significant assumptions used to determine benefit obligations as of December 31: | |||||||
Discount rate | 2.80% | 3.52% | 2.80% | 3.52% | 4.08% | ||
[1] | 2020 amounts include curtailments and settlements recognized as a result of the GT&S Transaction as well as settlements of qualified and nonqualified pension obligations. 2019 amounts relate primarily to a curtailment and settlement as a result of the voluntary retirement program. | ||||||
[2] | 2020 amounts relate primarily to settlements of qualified and nonqualified pension obligations. 2019 amounts relate primarily to a settlement as a result of the voluntary retirement program. |
Employee Benefit Plans (Benefit
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | $ 10,697 | $ 9,552 |
Fair value of plan assets | 9,259 | 7,471 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 305 | 341 |
Fair value of plan assets | $ 9 | $ 10 |
Employee Benefit Plans (Accumul
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
General Discussion Of Pension And Other Postretirement Benefits [Abstract] | ||
Accumulated benefit obligation | $ 9,970 | $ 8,852 |
Fair value of plan assets | $ 9,259 | $ 7,471 |
Employee Benefit Plans (Benef_2
Employee Benefit Plans (Benefit Payments Expected Future Service) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 486 |
2022 | 512 |
2023 | 515 |
2024 | 533 |
2025 | 535 |
2026-2030 | 2,792 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 110 |
2022 | 108 |
2023 | 106 |
2024 | 104 |
2025 | 101 |
2026-2030 | $ 478 |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Values of Pension and Post Retirement Plan Assets by Asset Category) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [1] | $ 10,831 | $ 9,654 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [2] | 2,091 | 1,881 |
Level 1 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 4,214 | 4,271 | |
Level 1 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1,061 | 930 | |
Level 2 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 2,567 | 1,977 | |
Level 2 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 127 | 115 | |
Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 6,781 | 6,248 | |
Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1,188 | 1,045 | |
NAV | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 4,050 | 3,406 |
Cash equivalents and other | Level 1 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 20 | 22 | |
Cash equivalents and other | Level 1 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 2 | ||
Cash equivalents and other | Level 2 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1 | 1 | |
Cash equivalents and other | Level 2 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 2 | ||
Cash equivalents and other | Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 21 | 23 | |
Cash equivalents and other | Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 2 | 2 | |
US Equity Securities | Level 1 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [4] | 2,405 | 2,284 |
US Equity Securities | Level 1 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 817 | 719 | |
US Equity Securities | Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [4] | 2,405 | 2,284 |
US Equity Securities | Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 817 | 719 | |
Foreign Equity Securities | Level 1 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1,727 | 1,634 | |
Foreign Equity Securities | Level 1 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 240 | 206 | |
Foreign Equity Securities | Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1,727 | 1,634 | |
Foreign Equity Securities | Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 240 | 206 | |
Insurance Contracts | Level 2 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 409 | 360 | |
Insurance Contracts | Level 2 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 23 | 21 | |
Insurance Contracts | Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 409 | 360 | |
Insurance Contracts | Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 23 | 21 | |
Corporate debt instruments | Level 1 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 32 | 273 | |
Corporate debt instruments | Level 1 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 2 | 1 | |
Corporate debt instruments | Level 2 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1,385 | 859 | |
Corporate debt instruments | Level 2 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 60 | 50 | |
Corporate debt instruments | Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 1,417 | 1,132 | |
Corporate debt instruments | Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 62 | 51 | |
Government securities | Level 1 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 30 | 58 | |
Government securities | Level 1 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 2 | 2 | |
Government securities | Level 2 | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 772 | 757 | |
Government securities | Level 2 | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 42 | 44 | |
Government securities | Total Fair Value | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 802 | 815 | |
Government securities | Total Fair Value | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | 44 | 46 | |
Common/collective trust funds | NAV | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 2,905 | 2,355 |
Common/collective trust funds | NAV | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 765 | 717 |
Real Estate Funds | NAV | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 108 | 91 |
Real Estate Funds | NAV | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 10 | 8 |
Private Equity Funds | NAV | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 856 | 787 |
Private Equity Funds | NAV | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 117 | 100 |
Fixed Income Funds | NAV | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 168 | 159 |
Fixed Income Funds | NAV | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 10 | 10 |
Hedge Funds | NAV | Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 13 | 14 |
Hedge Funds | NAV | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | 1 | 1 |
Investments Measured At Fair Value Including Excluding Pending Purchases Sales And Accrued Income | NAV | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total recorded at fair value | [3] | $ 903 | $ 836 |
[1] | Excludes net assets related to pending sales of securities and advanced subscriptions of $198 million, net accrued income of $20 million, and includes net assets related to pending purchases of securities of $71 million at December 31, 2020. Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. | ||
[2] | Excludes net assets related to pending sales of securities of $10 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2020. Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. | ||
[3] | These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy. | ||
[4] | Includes $365 million and $508 million of Dominion Energy common stock at December 31, 2020 and 2019, respectively. |
Employee Benefit Plans (Fair _2
Employee Benefit Plans (Fair Values of Pension and Post Retirement Plan Assets by Asset Category) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Common stock | $ 365 | $ 508 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pending sales of securities and advanced subscriptions | 198 | |
Pending sales of securities | 52 | |
Net accrued income | 20 | 24 |
Pending purchases of securities | 71 | 99 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pending sales of securities | 10 | 2 |
Net accrued income | 2 | 2 |
Pending purchases of securities | $ 2 | $ 5 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Pension Benefits | ||||
Service cost | $ 173 | $ 162 | $ 157 | |
Interest cost | 351 | 394 | 337 | |
Expected return on plan assets | (777) | (708) | (663) | |
Amortization of prior service (credit) cost | 1 | 1 | 1 | |
Amortization of net actuarial loss | 206 | 172 | 193 | |
Settlements, curtailments and special termination benefits | 14 | 72 | ||
Net periodic benefit (credit) cost | (32) | 93 | 25 | |
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||
Current year net actuarial (gain) loss | 166 | 16 | 490 | |
Settlements and curtailments | (81) | 6 | ||
Amortization of net actuarial loss | (206) | (172) | (193) | |
Amortization of prior service credit (cost) | (1) | (1) | (1) | |
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (122) | $ (151) | $ 296 | |
Significant assumptions used to determine periodic cost: | ||||
Expected long-term rate of return on plan assets | 8.75% | |||
Weighted average rate of increase for compensation | 4.23% | 4.20% | 4.09% | |
Pension Benefits | Minimum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate | 2.77% | 3.57% | 3.80% | |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | ||
Crediting interest rate for cash balance and similar plans | 2.31% | 2.77% | 3.00% | |
Pension Benefits | Maximum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate | 3.63% | 4.43% | 3.81% | |
Expected long-term rate of return on plan assets | 8.60% | 8.65% | ||
Crediting interest rate for cash balance and similar plans | 2.83% | 3.63% | 3.01% | |
Other Postretirement Benefits | ||||
Service cost | $ 28 | $ 26 | $ 27 | |
Interest cost | 58 | 68 | 56 | |
Expected return on plan assets | (156) | (140) | (143) | |
Amortization of prior service (credit) cost | (49) | (52) | (52) | |
Amortization of net actuarial loss | 6 | 10 | 11 | |
Settlements, curtailments and special termination benefits | (59) | 42 | ||
Net periodic benefit (credit) cost | (172) | (46) | (101) | |
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities: | ||||
Current year net actuarial (gain) loss | (110) | (98) | 78 | |
Prior service (credit) cost | (6) | 2 | (4) | |
Settlements and curtailments | 59 | |||
Amortization of net actuarial loss | (6) | (10) | (11) | |
Amortization of prior service credit (cost) | 49 | 52 | 52 | |
Total recognized in other comprehensive income and regulatory assets and liabilities | $ (14) | $ (54) | $ 115 | |
Significant assumptions used to determine periodic cost: | ||||
Discount rate | 3.76% | |||
Expected long-term rate of return on plan assets | 8.50% | 8.50% | 8.50% | |
Health care cost trend rate | [1] | 6.25% | 7.00% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | [1] | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | [1] | 2022 | ||
Other Postretirement Benefits | Minimum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate | 3.07% | 4.05% | ||
Health care cost trend rate | [1] | 6.50% | ||
Year that the rate reaches the ultimate trend rate | [1] | 2025 | 2023 | |
Other Postretirement Benefits | Maximum | ||||
Significant assumptions used to determine periodic cost: | ||||
Discount rate | 3.52% | 4.41% | ||
Health care cost trend rate | [1] | 6.60% | ||
Year that the rate reaches the ultimate trend rate | [1] | 2026 | 2025 | |
[1] | Assumptions used to determine net periodic cost for the following year. |
Employee Benefit Plans (AOCI an
Employee Benefit Plans (AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost) (Detail) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | $ 1,717 | $ 1,793 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 3,207 | 3,327 | |
Prior service (credit) cost | 4 | 5 | |
Total | [1] | 3,211 | 3,332 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial loss | 120 | 241 | |
Prior service (credit) cost | (232) | (339) | |
Total | [1] | $ (112) | $ (98) |
[1] | As of December 31, 2020, of the $3.2 billion and $(112) million related to pension benefits and other postretirement benefits, $1.9 billion and $(40) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. |
Employee Benefit Plans (AOCI _2
Employee Benefit Plans (AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | [1] | $ 3,211 | $ 3,332 |
Amount included in AOCI | 1,900 | 2,000 | |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | [1] | (112) | (98) |
Amount included in AOCI | $ (40) | $ (65) | |
[1] | As of December 31, 2020, of the $3.2 billion and $(112) million related to pension benefits and other postretirement benefits, $1.9 billion and $(40) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Jun. 30, 2020T | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($) | May 31, 2019T | Feb. 28, 2019USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2017Petition | Aug. 31, 2016T | Dec. 31, 2020USD ($)FacilityIndicatorsitegal | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | |||||||||||||||||
Impairment of assets and other charges | $ 2,105 | $ 1,520 | $ 12 | ||||||||||||||
Property, plant and equipment, net | $ 57,848 | $ 57,200 | 57,848 | 57,200 | |||||||||||||
Common Stock | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Litigation settlement, benefit fund | $ 320 | ||||||||||||||||
Litigation settlement amount through stock issuance | $ 322 | ||||||||||||||||
DESC Ratepayer Case | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Litigation settlement, benefit fund | 520 | ||||||||||||||||
SCANA | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Reserves for SCANA legal proceedings | 208 | 696 | 208 | 696 | |||||||||||||
Other expense | 25 | ||||||||||||||||
Other expense, after tax | 25 | ||||||||||||||||
Escrow account | $ 160 | ||||||||||||||||
Litigation settlement, amount received from SCANA | $ 32.5 | 192.5 | |||||||||||||||
Litigation settlement paid | $ 25 | ||||||||||||||||
SCANA | DESC Ratepayer Case | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Escrow account | 2,000 | ||||||||||||||||
Credit in future electric rate relief | 2,000 | ||||||||||||||||
Cash payment | $ 117 | 115 | |||||||||||||||
Proceeds from sale of property | 38.5 | ||||||||||||||||
Property, plant and equipment, net | $ 3 | $ 27 | |||||||||||||||
SCANA | Corporate and Other | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Impairment of assets and other charges | 90 | 641 | |||||||||||||||
Impairment of assets and other charges, after tax | 68 | 480 | |||||||||||||||
SCANA | Other Receivables | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Insurance receivables | 8 | 111 | 8 | 111 | |||||||||||||
DESC | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Contesting amount for filed liens in Fairfield country | $ 285 | ||||||||||||||||
DESC | SCDOR | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Proposed assessment amount from audit | $ 410 | ||||||||||||||||
Proportional share of NND project | 100.00% | ||||||||||||||||
Litigation settlement paid | 165 | ||||||||||||||||
DESC | SOUTH CAROLINA | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Amount claimed by plaintiffs in legal matter | $ 100 | ||||||||||||||||
Percentage claimed by plaintiffs in legal matter | 100.00% | ||||||||||||||||
SCANA and DESC | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Disgorgement and prejudgment interest total, amount awarded to other party | $ 112.5 | ||||||||||||||||
Minimum | SCANA | DESC Ratepayer Case | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Proceeds from sale of property | 60 | ||||||||||||||||
Maximum | SCANA | Common Stock | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Litigation settlement amount through stock issuance | 32.5 | ||||||||||||||||
Maximum | SCANA | DESC Ratepayer Case | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Proceeds from sale of property | 85 | ||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Impairment of assets and other charges | 1,093 | 757 | |||||||||||||||
Property, plant and equipment, net | $ 32,569 | $ 32,882 | $ 32,569 | 32,882 | |||||||||||||
DESC | NND Project Costs | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Percentage ownership in total units | 55.00% | 55.00% | |||||||||||||||
Unfavorable Regulatory Action | VDEQ | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Significant emission rate initial carbon cap | T | 28,000,000 | ||||||||||||||||
Significant emission rate carbon cap reduction percentage per year | 3.00% | ||||||||||||||||
Significant emission rate ultimate carbon cap | T | 19,600,000 | ||||||||||||||||
Significant emission rate regional carbon cap | T | 27,100,000 | ||||||||||||||||
Unfavorable Regulatory Action | EPA | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | ||||||||||||||||
Carbon Regulations | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T | 75,000 | ||||||||||||||||
CWA | Unfavorable Regulatory Action | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of mandatory facility-specific factors | Indicator | 5 | ||||||||||||||||
Number of optional facility-specific factors | Indicator | 6 | ||||||||||||||||
Number of facilities that are subject to final regulations | Facility | 15 | ||||||||||||||||
CWA | Unfavorable Regulatory Action | Minimum | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Electric generating stations with water withdrawals per day | gal | 2,000,000 | ||||||||||||||||
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of facilities that are subject to final regulations | Facility | 9 | ||||||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of separate petitions for reconsideration granted | Petition | 2 | ||||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of sites remediation work substantially completed | site | 12 | ||||||||||||||||
Number of sites with remediation plans | site | 3 | ||||||||||||||||
Environmental remediation expense | $ 14 | 16 | |||||||||||||||
Environmental remediation expense net of tax | $ 11 | 12 | |||||||||||||||
Number of sites with an updated work plan | site | 1 | ||||||||||||||||
Updated work plan, cost increase | $ 11 | ||||||||||||||||
Number of additional sites which are not under investigation | site | 12 | ||||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environmental remediation reserves | $ 42 | 34 | |||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Number of sites with remediation plans | site | 1 | ||||||||||||||||
Environmental remediation expense | $ 10 | 16 | |||||||||||||||
Environmental remediation expense net of tax | $ 7 | $ 12 | |||||||||||||||
Number of additional sites which are not under investigation | site | 2 | ||||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | |||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||
Environmental remediation reserves | $ 26 | $ 16 |
Commitments and Contingencies_3
Commitments and Contingencies (Nuclear Operations) (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||||||
NRC minimum requirement for nuclear power plant licensees | $ 1,060,000,000 | |||||
Maximum assessment for premiums on insurance policy | 33,000,000 | |||||
Maximum assessment for insurance policy | 99,000,000 | |||||
Spent Nuclear Fuel | ||||||
Loss Contingencies [Line Items] | ||||||
Receivables | 46,000,000 | $ 52,000,000 | ||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Amount that could be assessed for each licensed reactor | 138,000,000 | |||||
Amount that could be assessed for each licensed reactor per reactor | 21,000,000 | |||||
Nuclear Obligations | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum liability protection per nuclear incident amount | 13,800,000,000 | |||||
Nuclear Obligations | Secondary Financial Protection Program | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum liability protection per nuclear incident amount | $ 13,800,000,000 | $ 13,900,000,000 | ||||
Virginia Electric and Power Company | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum assessment for premiums on insurance policy | 48,000,000 | |||||
Maximum assessment for insurance policy | 9,000,000 | |||||
Virginia Electric and Power Company | Spent Nuclear Fuel | ||||||
Loss Contingencies [Line Items] | ||||||
Receivables | 35,000,000 | 35,000,000 | ||||
DESC | Non-nuclear Obligation | European Mutual Association | ||||||
Loss Contingencies [Line Items] | ||||||
Property insurance coverage | 415,000,000 | |||||
Annual Premium | 2,000,000 | |||||
Millstone Unit 1 | ||||||
Loss Contingencies [Line Items] | ||||||
Minimum financial assurance | 2,800,000,000 | |||||
Kewaunee | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum assessment for premiums on insurance policy | $ 50,000,000 | |||||
Kewaunee | Nuclear Obligations | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum liability protection per nuclear incident amount | 100,000,000 | |||||
Kewaunee | Virginia Electric and Power Company | ||||||
Loss Contingencies [Line Items] | ||||||
Minimum financial assurance | 1,800,000,000 | |||||
Millstone, Summer, Surry and North Anna | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of coverage purchased from commercial insurance pools | 450,000,000 | |||||
Surry and North Anna | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement amount awarded from other party | 24,000,000 | 15,000,000 | $ 16,000,000 | |||
Millstone | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement amount awarded from other party | 11,000,000 | 11,000,000 | $ 13,000,000 | |||
Summer | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement amount awarded from other party | $ 4,000,000 | $ 3,000,000 |
Commitments and Contingencies_4
Commitments and Contingencies (Nuclear Insurance) (Detail) $ in Millions | Dec. 31, 2020USD ($) | |
Millstone | ||
Guarantee Obligations [Line Items] | ||
Property insurance coverage | $ 1,700 | |
Kewaunee | ||
Guarantee Obligations [Line Items] | ||
Property insurance coverage | 50 | |
Summer | ||
Guarantee Obligations [Line Items] | ||
Property insurance coverage | 2,750 | |
Surry | Virginia Electric and Power Company | ||
Guarantee Obligations [Line Items] | ||
Property insurance coverage | 1,700 | [1] |
North Anna | Virginia Electric and Power Company | ||
Guarantee Obligations [Line Items] | ||
Property insurance coverage | $ 1,700 | [1] |
[1] | Surry and North Anna share a blanket property limit of $200 million. |
Commitments and Contingencies_5
Commitments and Contingencies (Nuclear Insurance) (Parenthetical) (Detail) $ in Millions | Dec. 31, 2020USD ($) |
Maximum | Surry and North Anna | |
Guarantee Obligations [Line Items] | |
Blanket Property Limit | $ 200 |
Commitments and Contingencies_6
Commitments and Contingencies (Schedule of Long Term Purchase Commitments) (Detail) - Purchased electric capacity $ in Millions | Dec. 31, 2020USD ($) | [1] |
Long-term Purchase Commitment [Line Items] | ||
2021 | $ 67 | |
2022 | 66 | |
2023 | 66 | |
2024 | 66 | |
2025 | 65 | |
Thereafter | 749 | |
Total | $ 1,079 | |
[1] | Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2046. Energy payments are generally based on fixed dollar amounts per month and totaled $52 million and $29 million for the years ended December 31, 2020 and 2019, respectively. |
Commitments and Contingencies_7
Commitments and Contingencies (Schedule of Long Term Purchase Commitments) (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Power Purchase Contracts [Abstract] | ||
Energy payments | $ 52 | $ 29 |
Commitments and Contingencies_8
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)Guarantee | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 3,527,000,000 | [1] |
Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Number of guarantees with maximum limit | Guarantee | 2 | |
Number of guarantees with no maximum limit | Guarantee | 2 | |
Guarantees with Maximum Limit [Member] | Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 1,900,000,000 | |
Guarantees with No Maximum Limit [Member] | Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 0 | |
Financial Guarantee | Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Number of Guarantee | Guarantee | 4 | |
Surety Bond | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 157,000,000 | |
Surety Bond | Virginia Electric and Power Company | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 88,000,000 | |
Financial Standby Letter of Credit | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 100,000,000 | |
[1] | Excludes Dominion Energy’s guarantees for the new corporate office properties and an offshore wind installation vessel discussed in Note 15. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail) | Dec. 31, 2020USD ($) | |
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 3,527,000,000 | [1] |
Commodity Transactions | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 1,854,000,000 | [2] |
Nuclear Obligations | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 202,000,000 | [3] |
Solar | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 467,000,000 | [4] |
Other | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 1,004,000,000 | [5] |
[1] | Excludes Dominion Energy’s guarantees for the new corporate office properties and an offshore wind installation vessel discussed in Note 15. | |
[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 primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. | |
[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. Also includes guarantees entered into by Dominion Energy RNG Holdings, LLC on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. |
Commitments and Contingencies_9
Commitments and Contingencies (Charitable Commitments) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Other Deferred Credits and Other Liabilities | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Charity commitments | $ 73 |
Other Income | |
Recorded Unconditional Purchase Obligation [Line Items] | |
Charity expenses | $ 80 |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)counterparty | Dec. 31, 2019USD ($) | |
Concentration Risk And Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 107,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 14,000,000 | $ 10,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 1,000,000 | 0 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 15,000,000 | 10,000,000 |
Virginia Electric and Power Company | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Gross credit exposure | 15,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 2,000,000 | $ 8,000,000 |
Credit Concentration Risk | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Amount of exposure for single counterparty | $ 41,000,000 | |
Number of counterparties | counterparty | 0 | |
Credit Concentration Risk | Virginia Electric and Power Company | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Amount of exposure for single counterparty | $ 6,000,000 | |
Number of counterparties | counterparty | 0 | |
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 97.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk And Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 96.00% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Aug. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Derivative Asset | $ 397,000,000 | $ 93,000,000 | |||
Derivative Liabilities | 486,000,000 | $ 740,000,000 | |||
Issuance of common stock (in shares) | 4,100,000 | 18,500,000 | 6,100,000 | ||
Virginia Electric and Power Company | |||||
Related Party Transaction [Line Items] | |||||
Derivative Asset | 181,000,000 | $ 24,000,000 | |||
Derivative Liabilities | 405,000,000 | 466,000,000 | |||
Payable to affiliates | 380,000,000 | 107,000,000 | |||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | $ 0 | |||
Issuance of common stock (in shares) | 0 | 0 | 0 | ||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated With Dominion Pension Plan | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to Dominion, noncurrent | $ 436,000,000 | $ 782,000,000 | |||
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 | 354,000,000 | 287,000,000 | |||
Virginia Electric and Power Company | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Derivative Asset | 3,000,000 | 3,000,000 | |||
Derivative Liabilities | 22,000,000 | 53,000,000 | |||
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | $ 380,000,000 | $ 107,000,000 | |||
Weighted- average interest rate percentage | 0.30% | 3.22% |
Related-Party Transactions (Det
Related-Party Transactions (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | ||||
Commodity purchases from affiliates | $ 569 | $ 690 | $ 930 | |
Services provided by affiliates | [1] | 455 | 503 | 450 |
Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Services provided to affiliates | $ 18 | $ 24 | $ 24 | |
[1] | Includes capitalized expenditures of $141 million, $133 million and $145 million for the year ended December 31, 2020, 2019 and 2018, respectively. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Capital expenditures | $ 3,138 | $ 2,642 | $ 2,228 |
Services provided by affiliates | Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Capital expenditures | $ 141 | $ 133 | $ 145 |
Operating Segments - Dominion E
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||
Asset early retirement expense | $ 114 | $ 134 | |||||||
Charge associated with the sale of Fowler Ridge, net of tax | $ 170 | ||||||||
Charge for expected CCRO, net of tax | 149 | ||||||||
Charges associated with legislation enacted related to customer arrears, net of tax | $ 94 | ||||||||
Gain loss on investments | 412 | 626 | $ (102) | ||||||
2017 Tax Reform Act | 0 | 0 | 46 | ||||||
Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Asset early retirement expense | 85 | 81 | |||||||
Charge for expected CCRO, net of tax | $ 149 | ||||||||
Charges associated with legislation enacted related to customer arrears, net of tax | $ 94 | ||||||||
2017 Tax Reform Act | 0 | 0 | 21 | ||||||
Payment for contract termination | 135 | ||||||||
Payment for contract termination after tax | 100 | ||||||||
SCANA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Litigation settlement, amount received from SCANA | $ 32.5 | $ 192.5 | |||||||
Merger and integration-related costs | $ 1,300 | 427 | |||||||
Merger and integration-related costs, after tax | 320 | ||||||||
Charge related to a voluntary retirement program | 394 | ||||||||
Charge related to a voluntary retirement program, after-tax | 295 | ||||||||
Electric Generation Facilities | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Asset early retirement expense after tax | $ 566 | ||||||||
Electric Generation Facilities | Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Asset early retirement expense after tax | $ 561 | ||||||||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
After-tax net expense (income) | 1,200 | 1,900 | 196 | ||||||
Operating Segments | Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
After-tax net expense (income) | 863 | ||||||||
Asset early retirement expense after tax | 559 | 257 | |||||||
Charge for expected CCRO | 130 | ||||||||
Charge for expected CCRO, net of tax | 97 | ||||||||
Charges associated with legislation enacted related to customer arrears | 127 | ||||||||
Charges associated with legislation enacted related to customer arrears, net of tax | 94 | ||||||||
Charge related to a voluntary retirement program | 198 | ||||||||
Charge related to a voluntary retirement program, after-tax | 146 | ||||||||
Benefit from revision of future closure costs | 113 | ||||||||
Benefit from revision of future closure costs, after tax | 84 | ||||||||
One-time rate credit amount | 215 | ||||||||
One-time rate credit amount after tax | 160 | ||||||||
Charge associated with major storm damage and service restoration | 70 | ||||||||
Charge associated with major storm damage and service restoration, after tax | 52 | ||||||||
Operating Segments | Virginia Electric and Power Company | Virginia Regulation | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge associated with asset retirement obligations for ash ponds and landfills at certain utility generation facilities | 81 | ||||||||
Environmental remediation expense net of tax | 60 | ||||||||
Operating Segments | Nuclear Decommissioning Trust Funds | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Gain loss on investments | 335 | 553 | 170 | ||||||
Gain loss on investments, net of tax | 264 | 411 | 134 | ||||||
Corporate and Other | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
After-tax net expense (income) | 3,700 | 1,800 | (117) | ||||||
After- tax net expense (income) for specific items | 3,400 | 1,500 | (322) | ||||||
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||||||||
Segment Reporting Information [Line Items] | |||||||||
After-tax net expense (income) | 863 | 634 | 312 | ||||||
After- tax net expense (income) for specific items | 915 | 627 | 312 | ||||||
Dominion Energy Virginia | Virginia Legislation | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Benefit from revision of future closure costs | 113 | ||||||||
Benefit from revision of future closure costs, after tax | 84 | ||||||||
Dominion Energy Virginia | SCANA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge related to a voluntary retirement program, after-tax | 151 | ||||||||
Dominion Energy Virginia | Automated Meter Reading Program | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Asset early retirement expense | 160 | ||||||||
Asset early retirement expense after tax | 119 | ||||||||
Dominion Energy Virginia | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge for expected CCRO | 130 | ||||||||
Charge for expected CCRO, net of tax | 97 | ||||||||
Charges associated with legislation enacted related to customer arrears | 127 | ||||||||
Charges associated with legislation enacted related to customer arrears, net of tax | 94 | ||||||||
Charge associated with major storm damage and service restoration | 70 | ||||||||
Charge associated with major storm damage and service restoration, after tax | 52 | ||||||||
Dominion Energy Virginia | Operating Segments | Virginia Legislation | |||||||||
Segment Reporting Information [Line Items] | |||||||||
One-time rate credit amount | 215 | ||||||||
One-time rate credit amount after tax | 160 | ||||||||
Dominion Energy Virginia | Operating Segments | Virginia Regulation | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge associated with asset retirement obligations for ash ponds and landfills at certain utility generation facilities | 81 | ||||||||
Environmental remediation expense net of tax | 60 | ||||||||
Dominion Energy Virginia | Operating Segments | Nuclear Decommissioning Trust Funds | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Gain loss on investments, net of tax | 27 | 49 | 14 | ||||||
Dominion Energy Virginia | Operating Segments | Electric Generation Facilities | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Asset early retirement expense | 751 | 346 | |||||||
Asset early retirement expense after tax | 564 | 257 | |||||||
Contracted Assets | SCANA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge related to a voluntary retirement program, after-tax | 38 | ||||||||
Contracted Assets | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge associated with certain merchant solar generation facilities | 405 | ||||||||
Charge associated with certain merchant solar generation facilities, net of tax | 325 | ||||||||
Charge associated with the sale of Fowler Ridge | 221 | ||||||||
Charge associated with the sale of Fowler Ridge, net of tax | 171 | ||||||||
Benefit associated with sale of certain merchant generation facilities | 282 | ||||||||
Benefit associated with sale of certain merchant generation facilities, after tax | 229 | ||||||||
Contracted Assets | Operating Segments | Nuclear Decommissioning Trust Funds | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Gain loss on investments, net of tax | 237 | 362 | $ 120 | ||||||
Dominion Energy South Carolina Inc | SCANA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge for refund of amounts from customers, current | $ 137 | ||||||||
Charge for refund of amounts from customers, after tax | 756 | ||||||||
Dominion Energy South Carolina Inc | SCANA | NND Project | |||||||||
Segment Reporting Information [Line Items] | |||||||||
2017 Tax Reform Act | 194 | ||||||||
Income tax regulatory assets | 258 | 258 | |||||||
Dominion Energy South Carolina Inc | Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Litigation settlement, amount received from SCANA | 117 | 641 | |||||||
Litigation settlement expense, after tax | $ 93 | 480 | |||||||
Charge for refund of amounts from customers, current | $ 1,000 | 1,000 | |||||||
Charge for refund of amounts from customers, after tax | 756 | ||||||||
Charge related to a voluntary retirement program, after-tax | 75 | ||||||||
Charge for property, plant and equipment acquired but committed to forgo recovery | 114 | ||||||||
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax | 86 | ||||||||
Gas Distribution | SCANA | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charge related to a voluntary retirement program, after-tax | $ 56 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | $ 3,521 | $ 3,607 | $ 3,106 | $ 3,938 | $ 3,895 | $ 3,782 | $ 3,443 | $ 3,281 | $ 14,172 | $ 14,401 | $ 11,199 | |||||
Depreciation, depletion and amortization | 2,332 | 2,283 | 1,660 | |||||||||||||
Equity in earnings(losses) on investments | 40 | 8 | 76 | |||||||||||||
Interest income | 107 | 97 | 80 | |||||||||||||
Interest and related charges | 1,377 | 1,486 | 1,279 | |||||||||||||
Income tax expense | $ 336 | 83 | 209 | 522 | ||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | (125) | 19 | (2,001) | 229 | 190 | 38 | 257 | 231 | (1,878) | [1],[2] | 716 | [1],[2] | 452 | [1],[2] | ||
Net income (loss) attributable to Dominion Energy | 682 | $ 356 | $ (1,169) | $ (270) | 1,009 | $ 975 | $ 54 | $ (680) | (401) | 1,358 | 2,447 | |||||
Investment in equity method affiliates | 2,934 | [3] | 1,334 | 2,934 | [3] | 1,334 | ||||||||||
Capital expenditures | 6,331 | 5,321 | 4,405 | |||||||||||||
Total assets | 95,905 | 103,823 | 95,905 | 103,823 | ||||||||||||
Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 14,197 | 14,408 | 11,187 | |||||||||||||
Adjustments & Eliminations | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 48 | 79 | 177 | |||||||||||||
Depreciation, depletion and amortization | 0 | 0 | 0 | |||||||||||||
Equity in earnings(losses) on investments | 0 | 0 | 0 | |||||||||||||
Interest income | (88) | (136) | (108) | |||||||||||||
Interest and related charges | (88) | (136) | (108) | |||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to Dominion Energy | 0 | 0 | 0 | |||||||||||||
Investment in equity method affiliates | 0 | [3] | 0 | 0 | [3] | 0 | ||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||||
Total assets | (4,900) | (5,900) | (4,900) | (5,900) | ||||||||||||
Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | (25) | (7) | 12 | |||||||||||||
Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | (1,039) | (1,160) | (675) | |||||||||||||
Eliminations | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | (991) | (1,081) | (498) | |||||||||||||
Dominion Energy Virginia | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 7,787 | 8,157 | 7,849 | |||||||||||||
Dominion Energy Virginia | Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 7,802 | 8,170 | 8,401 | |||||||||||||
Depreciation, depletion and amortization | 1,247 | 1,216 | 1,158 | |||||||||||||
Equity in earnings(losses) on investments | 0 | 0 | 0 | |||||||||||||
Interest income | 13 | 11 | 10 | |||||||||||||
Interest and related charges | 527 | 530 | 516 | |||||||||||||
Income tax expense | 496 | 482 | 380 | |||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to Dominion Energy | 1,891 | 1,786 | 1,596 | |||||||||||||
Investment in equity method affiliates | 0 | [3] | 0 | 0 | [3] | 0 | ||||||||||
Capital expenditures | 3,406 | 3,002 | 2,640 | |||||||||||||
Total assets | 46,000 | 43,700 | 46,000 | 43,700 | ||||||||||||
Dominion Energy Virginia | Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | (15) | (13) | (552) | |||||||||||||
Gas Distribution | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 2,355 | 2,385 | 1,785 | |||||||||||||
Gas Distribution | Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 2,345 | 2,367 | 1,769 | |||||||||||||
Depreciation, depletion and amortization | 344 | 335 | 263 | |||||||||||||
Equity in earnings(losses) on investments | 0 | 2 | 0 | |||||||||||||
Interest income | 6 | 4 | 0 | |||||||||||||
Interest and related charges | 76 | 116 | 79 | |||||||||||||
Income tax expense | 121 | 114 | 95 | |||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to Dominion Energy | 560 | 487 | 373 | |||||||||||||
Investment in equity method affiliates | 55 | [3] | 37 | 55 | [3] | 37 | ||||||||||
Capital expenditures | 1,151 | 853 | 647 | |||||||||||||
Total assets | 17,100 | 16,000 | 17,100 | 16,000 | ||||||||||||
Gas Distribution | Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 10 | 18 | 16 | |||||||||||||
Dominion Energy South Carolina Inc | Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 2,782 | 2,948 | 0 | |||||||||||||
Contracted Assets | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 1,071 | 1,156 | 1,434 | |||||||||||||
Contracted Assets | Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 1,020 | 1,083 | 813 | |||||||||||||
Depreciation, depletion and amortization | 182 | 180 | 213 | |||||||||||||
Equity in earnings(losses) on investments | 35 | (1) | 18 | |||||||||||||
Interest income | 91 | 97 | 84 | |||||||||||||
Interest and related charges | 75 | 98 | 124 | |||||||||||||
Income tax expense | (16) | 20 | 75 | |||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | 167 | 183 | 116 | |||||||||||||
Net income (loss) attributable to Dominion Energy | 402 | 460 | 361 | |||||||||||||
Investment in equity method affiliates | 2,784 | [3] | 74 | 2,784 | [3] | 74 | ||||||||||
Capital expenditures | 649 | 367 | 247 | |||||||||||||
Total assets | 13,100 | 10,200 | 13,100 | 10,200 | ||||||||||||
Contracted Assets | Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 51 | 73 | 621 | |||||||||||||
Corporate and Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 1,163 | 832 | 629 | |||||||||||||
Corporate and Other | Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 200 | (239) | 27 | |||||||||||||
Depreciation, depletion and amortization | 85 | 100 | 26 | |||||||||||||
Equity in earnings(losses) on investments | 6 | 11 | 58 | |||||||||||||
Interest income | 73 | 112 | 94 | |||||||||||||
Interest and related charges | 568 | 636 | 668 | |||||||||||||
Income tax expense | (625) | (570) | (28) | |||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | (2,045) | 533 | 336 | |||||||||||||
Net income (loss) attributable to Dominion Energy | (3,673) | (1,805) | 117 | |||||||||||||
Investment in equity method affiliates | 95 | [3] | 1,223 | 95 | [3] | 1,223 | ||||||||||
Capital expenditures | 425 | 537 | 871 | |||||||||||||
Total assets | 8,600 | 24,000 | 8,600 | 24,000 | ||||||||||||
Corporate and Other | Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 963 | 1,071 | 602 | |||||||||||||
Dominion Energy South Carolina | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 2,787 | 2,952 | 0 | |||||||||||||
Dominion Energy South Carolina | Operating Segments | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Depreciation, depletion and amortization | 474 | 452 | 0 | |||||||||||||
Equity in earnings(losses) on investments | (1) | (4) | 0 | |||||||||||||
Interest income | 12 | 9 | 0 | |||||||||||||
Interest and related charges | 219 | 242 | 0 | |||||||||||||
Income tax expense | 107 | 163 | 0 | |||||||||||||
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to Dominion Energy | 419 | 430 | 0 | |||||||||||||
Investment in equity method affiliates | 0 | [3] | 0 | 0 | [3] | 0 | ||||||||||
Capital expenditures | 700 | 562 | 0 | |||||||||||||
Total assets | $ 16,000 | $ 15,800 | 16,000 | 15,800 | ||||||||||||
Dominion Energy South Carolina | Intersegment revenue | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | $ 5 | $ 4 | $ 0 | |||||||||||||
[1] | Includes income tax expense (benefit) of $(204) million, $142 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively | |||||||||||||||
[2] | See Note 9 for amounts attributable to related parties | |||||||||||||||
[3] | Excludes liability to Atlantic Coast Pipeline. |
Operating Segments - Virginia P
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Charge for expected CCRO, net of tax | $ 149 | ||||
Charges associated with legislation enacted related to customer arrears, net of tax | $ 94 | ||||
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Charge for expected CCRO, net of tax | $ 149 | ||||
Charges associated with legislation enacted related to customer arrears, net of tax | $ 94 | ||||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | $ 1,200 | $ 1,900 | $ 196 | ||
Operating Segments | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 863 | ||||
Asset early retirement expense | 751 | 346 | |||
Asset early retirement expense after tax | 559 | 257 | |||
Charge for expected CCRO | 130 | ||||
Charge for expected CCRO, net of tax | 97 | ||||
Charges associated with legislation enacted related to customer arrears | 127 | ||||
Charges associated with legislation enacted related to customer arrears, net of tax | 94 | ||||
Charge related to a voluntary retirement program | 198 | ||||
Charge related to a voluntary retirement program, after-tax | 146 | ||||
Asset planned early retirement expense | 160 | ||||
Asset planned early retirement expense, after tax | 119 | ||||
Operating revenue recorded charge | 135 | ||||
Operating revenue recorded charge, after tax | 100 | ||||
Cancellation abandonment expense | 62 | ||||
Cancellation abandonment expense, after tax | 46 | ||||
Benefit from revision of future closure costs | 113 | ||||
Benefit from revision of future closure costs, after tax | 84 | ||||
One-time rate credit amount | 215 | ||||
One-time rate credit amount after tax | 160 | ||||
Charge associated with major storm damage and service restoration | 70 | ||||
Charge associated with major storm damage and service restoration, after tax | 52 | ||||
Operating Segments | Virginia Electric and Power Company | Virginia Regulation | |||||
Segment Reporting Information [Line Items] | |||||
Charge associated with asset retirement obligations for ash ponds and landfills at certain utility generation facilities | 81 | ||||
Environmental remediation expense net of tax | 60 | ||||
Operating Segments | Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 3,700 | 1,800 | (117) | ||
After- tax net expenses for specific items | 3,400 | 1,500 | (322) | ||
Operating Segments | Corporate and Other | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
After- tax net expenses | 863 | 634 | 312 | ||
After- tax net expenses for specific items | $ 915 | $ 627 | $ 312 |
Operating Segments (Schedule _2
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | $ 3,521 | $ 3,607 | $ 3,106 | $ 3,938 | $ 3,895 | $ 3,782 | $ 3,443 | $ 3,281 | $ 14,172 | $ 14,401 | $ 11,199 | |||||
Depreciation, depletion and amortization | 2,332 | 2,283 | 1,660 | |||||||||||||
Interest income | 107 | 97 | 80 | |||||||||||||
Interest and related charges | 1,377 | 1,486 | 1,279 | |||||||||||||
Income tax expense | $ 336 | 83 | 209 | 522 | ||||||||||||
Net income (loss) | 682 | 356 | (1,169) | (270) | 1,009 | 975 | 54 | (680) | (401) | 1,358 | 2,447 | |||||
Capital expenditures | 6,331 | 5,321 | 4,405 | |||||||||||||
Total assets | 95,905 | 103,823 | 95,905 | 103,823 | ||||||||||||
Dominion Energy Virginia | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 7,787 | 8,157 | 7,849 | |||||||||||||
Corporate and Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 1,163 | 832 | 629 | |||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 1,780 | 2,248 | 1,805 | 1,930 | 1,941 | 2,264 | 1,938 | 1,965 | 7,763 | [1] | 8,108 | [1] | 7,619 | [1] | ||
Depreciation, depletion and amortization | 1,252 | 1,223 | 1,132 | |||||||||||||
Interest income | 11 | 11 | 10 | |||||||||||||
Interest and related charges | [1] | 516 | 524 | 511 | ||||||||||||
Income tax expense | 229 | 264 | 300 | |||||||||||||
Net income (loss) | 336 | $ 475 | $ 490 | $ (280) | 427 | $ 602 | $ 100 | $ 20 | 1,021 | 1,149 | 1,282 | |||||
Capital expenditures | 3,372 | 2,981 | 2,542 | |||||||||||||
Total assets | 43,654 | 41,428 | 43,654 | 41,428 | ||||||||||||
Virginia Electric and Power Company | Dominion Energy Virginia | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 7,763 | 8,137 | 7,835 | |||||||||||||
Depreciation, depletion and amortization | 1,245 | 1,215 | 1,157 | |||||||||||||
Interest income | 11 | 11 | 10 | |||||||||||||
Interest and related charges | 524 | 529 | 516 | |||||||||||||
Income tax expense | 500 | 481 | 378 | |||||||||||||
Net income (loss) | 1,884 | 1,783 | 1,594 | |||||||||||||
Capital expenditures | 3,372 | 2,981 | 2,542 | |||||||||||||
Total assets | 43,700 | 41,400 | 43,700 | 41,400 | ||||||||||||
Virginia Electric and Power Company | Corporate and Other | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Operating Revenue | 0 | (29) | (216) | |||||||||||||
Depreciation, depletion and amortization | 7 | 8 | (25) | |||||||||||||
Interest income | 0 | 0 | 0 | |||||||||||||
Interest and related charges | (8) | (5) | (5) | |||||||||||||
Income tax expense | (271) | (217) | (78) | |||||||||||||
Net income (loss) | (863) | (634) | (312) | |||||||||||||
Capital expenditures | 0 | 0 | $ 0 | |||||||||||||
Total assets | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||
[1] | See Note 25 for amounts attributable to affiliates. |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Quarterly Financial Data) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Operating revenue | $ 3,521 | $ 3,607 | $ 3,106 | $ 3,938 | $ 3,895 | $ 3,782 | $ 3,443 | $ 3,281 | $ 14,172 | $ 14,401 | $ 11,199 | |||
Income (loss) from continuing operations | 856 | 27 | 804 | 368 | 936 | 1,104 | 248 | (744) | 2,055 | 1,544 | 3,013 | |||
Net income (loss) from continuing operations including noncontrolling interests | 815 | 112 | 869 | (468) | 820 | 947 | (199) | (908) | 1,328 | 660 | 2,097 | |||
Net income (loss) from discontinued operations including noncontrolling interest | (125) | 19 | (2,001) | 229 | 190 | 38 | 257 | 231 | (1,878) | [1],[2] | 716 | [1],[2] | 452 | [1],[2] |
Net Income (Loss) Including Noncontrolling Interests | 690 | 131 | (1,132) | (239) | 1,010 | 985 | 58 | (677) | (550) | 1,376 | 2,549 | |||
Net income (loss) attributable to Dominion Energy | $ 682 | $ 356 | $ (1,169) | $ (270) | $ 1,009 | $ 975 | $ 54 | $ (680) | $ (401) | $ 1,358 | $ 2,447 | |||
Basic EPS: | ||||||||||||||
EPS from continuing operations - Basic | $ 0.98 | $ 0.42 | $ 1.01 | $ (0.57) | $ 0.99 | $ 1.14 | $ (0.25) | $ (1.14) | $ 1.83 | $ 0.79 | $ 3.19 | |||
EPS from discontinued operations - Basic | (0.16) | (0.01) | (2.42) | 0.23 | 0.22 | 0.05 | 0.32 | 0.28 | (2.39) | 0.87 | 0.55 | |||
EPS attributable to Dominion Energy - Basic | 0.82 | 0.41 | (1.41) | (0.34) | 1.21 | 1.19 | 0.07 | (0.86) | (0.56) | 1.66 | 3.74 | |||
Diluted EPS: | ||||||||||||||
EPS from continuing operations - Diluted | 0.98 | 0.42 | 0.90 | (0.57) | 0.99 | 1.12 | (0.25) | (1.14) | 1.82 | 0.75 | 3.19 | |||
EPS from discontinued operations - Diluted | (0.16) | (0.01) | (2.42) | 0.23 | 0.22 | 0.05 | 0.32 | 0.28 | (2.39) | 0.87 | 0.55 | |||
EPS attributable to Dominion Energy - Diluted | 0.82 | 0.41 | (1.52) | (0.34) | 1.21 | 1.17 | 0.07 | (0.86) | (0.57) | 1.62 | 3.74 | |||
Dividends declared per common share | $ 0.6300 | $ 0.9400 | $ 0.9400 | $ 0.9400 | $ 0.9175 | $ 0.9175 | $ 0.9175 | $ 0.9175 | $ 3.45 | $ 3.67 | $ 3.34 | |||
Virginia Electric and Power Company | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Operating revenue | $ 1,780 | $ 2,248 | $ 1,805 | $ 1,930 | $ 1,941 | $ 2,264 | $ 1,938 | $ 1,965 | $ 7,763 | [3] | $ 8,108 | [3] | $ 7,619 | [3] |
Income (loss) from continuing operations | 497 | 687 | 635 | (133) | 659 | 820 | 238 | 122 | 1,686 | 1,839 | 2,071 | |||
Net income (loss) attributable to Dominion Energy | $ 336 | $ 475 | $ 490 | $ (280) | $ 427 | $ 602 | $ 100 | $ 20 | $ 1,021 | $ 1,149 | $ 1,282 | |||
Preferred Class A | ||||||||||||||
Diluted EPS: | ||||||||||||||
Dividends declared per preferred share | $ 4.375 | $ 4.375 | $ 4.375 | $ 4.375 | $ 4.375 | $ 4.375 | $ 0.729 | |||||||
Preferred Class B | ||||||||||||||
Diluted EPS: | ||||||||||||||
Dividends declared per preferred share | $ 11.625 | $ 11.625 | $ 11.625 | $ 11.625 | $ 1.9375 | |||||||||
[1] | Includes income tax expense (benefit) of $(204) million, $142 million and $58 million for the years ended December 31, 2020, 2019 and 2018, respectively | |||||||||||||
[2] | See Note 9 for amounts attributable to related parties | |||||||||||||
[3] | See Note 25 for amounts attributable to affiliates. |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
Parent Company Only Financial Information [Line Items] | ||||||||
Charges associated with legislation enacted related to customer arrears, net of tax | $ 94 | |||||||
Charge associated with certain nonregulated solar generation facilities, net of tax | $ 298 | |||||||
Charge associated with the sale of Fowler Ridge, net of tax | 170 | |||||||
Charge for expected CCRO, net of tax | 149 | |||||||
Virginia Electric and Power Company | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
Charges associated with legislation enacted related to customer arrears, net of tax | $ 94 | |||||||
Charge for expected CCRO, net of tax | $ 149 | |||||||
After tax charge for charge for the planned early retirement | $ 409 | |||||||
After tax charge for closure costs | 84 | |||||||
Gain loss on contract termination | $ 144 | |||||||
Voluntary retirement expenses after tax | 100 | |||||||
Project abandonment costs after tax | 47 | |||||||
SCANA | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
Charge Related To Litigation Acquired After Tax | $ 244 | 75 | 134 | |||||
Gain loss on investments held in nuclear decommissioning trust funds | $ 150 | |||||||
Charge related to a voluntary retirement program after tax | 283 | |||||||
Charge related to a contract termination after tax. | $ 100 | |||||||
Merger and integration-related costs | 1,300 | $ 427 | ||||||
Charge For Refunds Collected From Customers | 756 | |||||||
After tax charge for decommissioning costs | 197 | |||||||
After tax charge for closure costs | 84 | |||||||
SCANA | Dominion Energy Gas Holdings, LLC | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
After tax charge for regulatory assets | 277 | |||||||
SCANA | Virginia Electric and Power Company | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
After tax charge for charge for the planned early retirement | $ 409 | |||||||
Electric Generation Facilities | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
Asset early retirement expense after tax | $ 566 | |||||||
Electric Generation Facilities | Virginia Electric and Power Company | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
Asset early retirement expense after tax | $ 561 | |||||||
Atlantic Coast Pipeline and Supple Header Project | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment | ||||||||
Parent Company Only Financial Information [Line Items] | ||||||||
Charge associated with cancellation of investment, net of tax | $ 2,200 |