Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | D | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | VA | |
Entity Registrant Name | DOMINION ENERGY, INC. | |
Entity Central Index Key | 0000715957 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 835,941,420 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-08489 | |
Entity Tax Identification Number | 54-1229715 | |
Entity Address, Address Line One | 120 Tredegar Street | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23219 | |
City Area Code | 804 | |
Local Phone Number | 819-2284 | |
Virginia Electric and Power Company | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | VA | |
Entity Registrant Name | VIRGINIA ELECTRIC AND POWER COMPANY | |
Entity Central Index Key | 0000103682 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 274,723 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-55337 | |
Entity Tax Identification Number | 54-0418825 | |
Entity Address, Address Line One | 120 Tredegar Street | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23219 | |
City Area Code | 804 | |
Local Phone Number | 819-2284 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Operating Revenue | $ 5,252 | $ 4,279 | |
Operating Expenses | |||
Electric fuel and other energy-related purchases | 1,022 | 678 | |
Purchased electric capacity | 8 | 13 | |
Purchased gas | 764 | 645 | |
Other operations and maintenance | 921 | 1,054 | |
Depreciation, depletion and amortization | 720 | 698 | |
Other taxes | 275 | 253 | |
Impairment of assets and other charges (benefits) | 98 | (10) | |
Losses (gains) on sales of assets | (1) | (28) | |
Total operating expenses | 3,807 | 3,303 | |
Income from operations | 1,445 | 976 | |
Earnings from equity method investees | 80 | 80 | |
Other income (expense) | 284 | 46 | |
Interest and related charges | 586 | 174 | |
Income from continuing operations including noncontrolling interests before income tax expense | 1,223 | 928 | |
Income tax expense | 221 | 236 | |
Net Income From Continuing Operations | 1,002 | 692 | |
Net Income (Loss) From Discontinued Operations | [1] | (5) | 19 |
Net Income Including Noncontrolling Interests | 997 | 711 | |
Net Income | 997 | 711 | |
Amounts attributable to Dominion Energy | |||
Net income from continuing operations | 1,002 | 692 | |
Net income (loss) from discontinued operations | $ (5) | $ 19 | |
EPS - Basic | |||
Net income from continuing operations | $ 1.18 | $ 0.82 | |
Net income (loss) from discontinued operations | (0.01) | 0.02 | |
Net income attributable to Dominion Energy | 1.17 | 0.84 | |
EPS - Diluted | |||
Net income from continuing operations | 1.18 | 0.81 | |
Net income (loss) from discontinued operations | (0.01) | 0.02 | |
Net income attributable to Dominion Energy | $ 1.17 | $ 0.83 | |
Virginia Electric and Power Company | |||
Operating Revenue | [2] | $ 2,384 | $ 2,167 |
Operating Expenses | |||
Electric fuel and other energy-related purchases | [2] | 799 | 516 |
Purchased electric capacity | 8 | 11 | |
Affiliated suppliers | 93 | 91 | |
Other operations and maintenance | 348 | 479 | |
Depreciation, depletion and amortization | 447 | 429 | |
Other taxes | 85 | 75 | |
Impairment of assets and other charges | 7 | 4 | |
Total operating expenses | 1,787 | 1,605 | |
Income from operations | 597 | 562 | |
Other income (expense) | 36 | 4 | |
Interest and related charges | [2] | 181 | 148 |
Income before income tax expense | 452 | 418 | |
Income tax expense | 99 | 61 | |
Net Income | $ 353 | $ 357 | |
[1] Includes income tax expense (benefit) of $( 1 ) million and $ 6 million for the three months ended three months ended March 31, 2023 and 2022 , respectively. See Note 19 for amounts attributable to affiliates. |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Income tax expense (benefit) from discontinued operations | $ (1) | $ 6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net income including noncontrolling interests | $ 997 | $ 711 | |
Net income | 997 | 711 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [1] | (9) | 25 |
Changes in unrealized net gains (losses) on investment securities | [2] | 17 | (62) |
Changes in net unrecognized pension and other postretirement benefit costs | [3] | 28 | |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities | [4] | 8 | 10 |
Net realized (gains) losses on investment securities | [5] | 1 | 3 |
Net pension and other postretirement benefit costs (credits) | [6] | (11) | 17 |
Changes in other comprehensive income from equity method investees | [7] | 1 | 1 |
Total other comprehensive income (loss) | 7 | 22 | |
Comprehensive income including noncontrolling interests | 1,004 | 733 | |
Comprehensive income attributable to Dominion Energy | 1,004 | 733 | |
Virginia Electric and Power Company | |||
Net income | 353 | 357 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [8] | (9) | 19 |
Changes in unrealized net gains (losses) on investment securities | [9] | 4 | (7) |
Amounts reclassified to net income: | |||
Net derivative (gains) losses-hedging activities | [10] | 0 | 1 |
Net realized (gains) losses on investment securities | [11] | 0 | (1) |
Total other comprehensive income (loss) | (5) | 12 | |
Comprehensive income attributable to Dominion Energy | $ 348 | $ 369 | |
[1] Net of $ 3 million and $ ( 8 ) million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ ( 7 ) million and $ 19 million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ — million and $ ( 10 ) million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ ( 3 ) million and $ ( 4 ) million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ ( 1 ) million and $ ( 1 ) million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ 4 million and $ ( 6 ) million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ — million and $— million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $ 3 million and $( 7 ) million tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $( 1 ) million and $ 2 tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $— and $— millio n tax for the three months ended March 31, 2023 and 2022 , respectively. Net of $— and $— million tax for the three months ended March 31, 2023 and 2022 , respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net deferred gain (losses) on derivative-hedging activities, tax | $ 3 | $ (8) |
Changes in unrealized net gains (losses) on investment securities, tax | (7) | 19 |
Changes in net unrecognized pension and other postretirement benefit costs, tax | (10) | |
Net derivative (gains) losses-hedging activities, tax | (3) | (4) |
Net realized (gains) losses on investment securities, tax | (1) | (1) |
Net pension and other postretirement benefit costs, tax | 4 | (6) |
Virginia Electric and Power Company | ||
Net deferred gain (losses) on derivative-hedging activities, tax | 3 | (7) |
Changes in unrealized net gains (losses) on investment securities, tax | $ (1) | $ 2 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Current Assets | ||||
Cash and cash equivalents | $ 1,792 | $ 153 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 2,437 | 2,952 | [1] | |
Other receivables (less allowance for doubtful accounts) | 398 | 405 | [1] | |
Inventories | 1,746 | 1,729 | [1] | |
Derivative assets | 264 | 1,137 | [1] | |
Margin deposit assets | 193 | 480 | [1] | |
Regulatory assets | 2,156 | 2,340 | [1] | |
Other | 619 | 654 | [1] | |
Total current assets | 9,605 | 9,850 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 6,262 | 5,957 | [1] | |
Investment in equity method affiliates | 3,014 | 3,012 | [1] | |
Other | 388 | 390 | [1] | |
Total investments | 9,664 | 9,359 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 92,748 | 91,202 | [1] | |
Accumulated depreciation, depletion and amortization | (28,123) | (27,742) | [1] | |
Total property, plant and equipment, net | 64,625 | 63,460 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 7,295 | 7,295 | [1] | |
Regulatory assets | 8,951 | 9,087 | [1] | |
Other | 5,185 | 5,192 | [1] | |
Total deferred charges and other assets | 21,431 | 21,574 | [1] | |
Total assets | 105,325 | 104,243 | [1] | |
Current Liabilities | ||||
Securities due within one year | 4,352 | 3,341 | [1] | |
Short-term debt | 3,546 | 3,423 | [1] | |
Accounts payable | 1,125 | 1,825 | [1] | |
Accrued interest, payroll and taxes | 1,037 | 1,199 | [1] | |
Derivative liabilities | 371 | 778 | [1] | |
Regulatory liabilities | 651 | 946 | [1] | |
Other | [2] | 1,680 | 1,938 | [1] |
Total current liabilities | 12,762 | 13,450 | [1] | |
Long-Term Debt | ||||
Long-term debt | 37,624 | 36,832 | [1] | |
Junior subordinated notes | 1,387 | 1,387 | [1] | |
Supplemental credit facility borrowings | 900 | 450 | [1] | |
Other | 247 | 245 | [1] | |
Total long-term debt | 40,158 | 38,914 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 6,908 | 6,698 | [1] | |
Regulatory liabilities | 10,092 | 10,107 | [1] | |
Other | 7,049 | 7,193 | [1] | |
Total deferred credits and other liabilities | 24,049 | 23,998 | [1] | |
Total liabilities | 76,969 | 76,362 | [1] | |
Commitments and Contingencies (see Note 17) | ||||
Shareholders' Equity | ||||
Preferred stock (see Note 16) | 1,783 | 1,783 | [1] | |
Common stock - no par | [3] | 23,652 | 23,605 | [1] |
Retained earnings | 4,486 | 4,065 | [1] | |
Accumulated other comprehensive loss | (1,565) | (1,572) | [1] | |
Shareholders' equity | 28,356 | 27,881 | [1] | |
Noncontrolling interests | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Total | 28,356 | 27,881 | [1] | |
Total liabilities and shareholders' equity | 105,325 | 104,243 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 21 | 22 | [4] | |
Customer receivables (less allowance for doubtful accounts) | 1,227 | 1,578 | [4] | |
Other receivables (less allowance for doubtful accounts) | 196 | 204 | [4] | |
Affiliated receivables | 7 | 7 | [4] | |
Inventories | 962 | 924 | [4] | |
Derivative assets | [5] | 91 | 765 | [4] |
Margin deposit assets | 54 | 310 | [4] | |
Regulatory assets | 820 | 1,140 | [4] | |
Other | 49 | 52 | [4] | |
Total current assets | 3,427 | 5,002 | [4] | |
Investments | ||||
Nuclear decommissioning trust funds | 3,360 | 3,202 | [4] | |
Other | 3 | 3 | [4] | |
Total investments | 3,363 | 3,205 | [4] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 55,800 | 54,697 | [4] | |
Accumulated depreciation, depletion and amortization | (16,466) | (16,218) | [4] | |
Total property, plant and equipment, net | 39,334 | 38,479 | [4] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 4,151 | 4,247 | [4] | |
Other | [5] | 2,343 | 2,261 | [4] |
Total deferred charges and other assets | 6,494 | 6,508 | [4] | |
Total assets | 52,618 | 53,194 | [4] | |
Current Liabilities | ||||
Securities due within one year | 378 | 1,164 | [4] | |
Short-term debt | 1,010 | 941 | [4] | |
Accounts payable | 485 | 600 | [4] | |
Payables to affiliates | 203 | 255 | [4] | |
Affiliated current borrowings | 1,203 | 2,024 | [4] | |
Accrued interest, payroll and taxes | 344 | 270 | [4] | |
Derivative liabilities | [5] | 152 | 298 | [4] |
Regulatory liabilities | 309 | 506 | [4] | |
Other | 972 | 1,176 | [4] | |
Total current liabilities | 5,056 | 7,234 | [4] | |
Long-Term Debt | ||||
Long-term debt | 16,050 | 14,916 | [4] | |
Other | 73 | 65 | [4] | |
Total long-term debt | 16,123 | 14,981 | [4] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 3,463 | 3,452 | [4] | |
Regulatory liabilities | 5,557 | 5,499 | [4] | |
Other | [5] | 4,826 | 4,783 | [4] |
Total deferred credits and other liabilities | 13,846 | 13,734 | [4] | |
Total liabilities | 35,025 | 35,949 | [4] | |
Commitments and Contingencies (see Note 17) | ||||
Shareholders' Equity | ||||
Common stock - no par | [6] | 5,738 | 5,738 | [4] |
Other paid-in capital | 1,113 | 1,113 | [4] | |
Retained earnings | 10,738 | 10,385 | [4] | |
Accumulated other comprehensive loss | 4 | 9 | [4] | |
Shareholders' equity | 17,593 | 17,245 | [4] | |
Total liabilities and shareholders' equity | $ 52,618 | $ 53,194 | [4] | |
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. See Note 10 for amounts attributable to related parties. 1.8 billion shares authorized; 836 million and 835 million shares outstanding at March 31, 2023 and December 31, 2022 , respectively. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. See Note 19 for amounts attributable to affiliates. 500,000 shares authorized; 274,723 shares outstanding at March 31, 2023 and December 31, 2022 . |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Customer receivables, allowance for doubtful accounts | $ 33,000,000 | $ 31,000,000 |
Other receivables, allowance for doubtful accounts | $ 3,000,000 | $ 3,000,000 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares outstanding | 836,000,000 | 835,000,000 |
Virginia Electric and Power Company | ||
Customer receivables, allowance for doubtful accounts | $ 21,000,000 | $ 21,000,000 |
Other receivables, allowance for doubtful accounts | $ 1,000,000 | $ 2,000,000 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares outstanding | 274,723 | 274,723 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock | Common Stock | Retained Earnings | AOCI | Total Shareholders' Equity | |
Beginning balance at Dec. 31, 2021 | $ 27,308 | $ 1,783 | $ 21,610 | $ 5,373 | $ (1,458) | $ 27,308 | |
Beginning balance (in shares) at Dec. 31, 2021 | 2 | 810 | |||||
Net income including noncontrolling interests | 711 | 711 | 711 | ||||
Issuance of stock | 45 | $ 45 | 45 | ||||
Issuance of stock (in shares) | 1 | ||||||
Stock awards (net of change in unearned compensation) | 2 | $ 2 | 2 | ||||
Preferred stock dividends (see Note 16) | (27) | (27) | (27) | ||||
Common stock dividends and distributions | (541) | (541) | (541) | ||||
Other comprehensive income, net of tax | 22 | 22 | 22 | ||||
Ending balance at Mar. 31, 2022 | 27,520 | $ 1,783 | $ 21,657 | 5,516 | (1,436) | 27,520 | |
Ending balance (in shares) at Mar. 31, 2022 | 2 | 811 | |||||
Beginning balance at Dec. 31, 2022 | 27,881 | [1] | $ 1,783 | $ 23,605 | 4,065 | (1,572) | 27,881 |
Beginning balance (in shares) at Dec. 31, 2022 | 2 | 835 | |||||
Net income including noncontrolling interests | 997 | 997 | 997 | ||||
Issuance of stock | 43 | $ 43 | 43 | ||||
Issuance of stock (in shares) | 1 | ||||||
Stock awards (net of change in unearned compensation) | 4 | $ 4 | 4 | ||||
Preferred stock dividends (see Note 16) | (20) | (20) | (20) | ||||
Common stock dividends and distributions | (557) | (557) | (557) | ||||
Other comprehensive income, net of tax | 7 | 7 | 7 | ||||
Other | 1 | 1 | 1 | ||||
Ending balance at Mar. 31, 2023 | $ 28,356 | $ 1,783 | $ 23,652 | $ 4,486 | $ (1,565) | $ 28,356 | |
Ending balance (in shares) at Mar. 31, 2023 | 2 | 836 | |||||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared per common share | $ 0.6675 | $ 0.6675 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Activities | ||
Net income including noncontrolling interests | $ 997 | $ 711 |
Net income | 997 | 711 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 799 | 773 |
Deferred income taxes and investment tax credits | 174 | 246 |
Impairment of assets and other charges (benefit) | 98 | (13) |
Losses (gains) on sales of assets and equity method investments | 0 | (34) |
Net (gains) losses on nuclear decommissioning trust funds and other investments | (134) | 113 |
Other adjustments | 23 | (72) |
Changes in: | ||
Accounts receivable | 519 | 28 |
Inventories | (21) | 80 |
Deferred fuel and purchased gas costs, net | 89 | (256) |
Prepayments | 43 | 21 |
Accounts payable | (588) | 52 |
Accrued interest, payroll and taxes | (161) | (192) |
Margin deposit assets and liabilities | 286 | (52) |
Net realized and unrealized changes related to derivative activities | 232 | 29 |
Pension and other postretirement benefits | (122) | (117) |
Other operating assets and liabilities | (137) | (192) |
Net cash provided by operating activities | 2,097 | 1,125 |
Investing Activities | ||
Plant construction and other property additions (including nuclear fuel) | (2,220) | (1,622) |
Acquisition of solar development projects | (11) | (37) |
Proceeds from sales of securities | 544 | 814 |
Purchases of securities | (607) | (824) |
Proceeds from sale of assets and equity method investments | 0 | 146 |
Contributions to equity method affiliates | (10) | (15) |
Other | (2) | (36) |
Net cash used in investing activities | (2,302) | (1,574) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | 123 | 234 |
364-day term loan facility borrowings | 2,500 | |
Issuance of long-term debt | 1,500 | 1,000 |
Repayment of long-term debt | (2,197) | (39) |
Supplemental credit facility borrowings | 450 | |
Issuance of common stock | 43 | 45 |
Common dividend payments | (557) | (541) |
Other | (42) | (64) |
Net cash provided by (used in) financing activities | 1,820 | 635 |
Increase (decrease) in cash, restricted cash and equivalents | 1,615 | 186 |
Cash, restricted cash and equivalents at beginning of period | 341 | 408 |
Cash, restricted cash and equivalents at end of period | 1,956 | 594 |
Virginia Electric and Power Company | ||
Operating Activities | ||
Net income | 353 | 357 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 492 | 425 |
Deferred income taxes and investment tax credits | (3) | 105 |
Impairment of assets and other charges (benefit) | 7 | |
Other adjustments | (9) | 3 |
Changes in: | ||
Accounts receivable | 348 | 76 |
Affiliated receivables and payables | (52) | 9 |
Inventories | (39) | 34 |
Deferred fuel and purchased gas costs, net | 193 | (297) |
Prepayments | 3 | |
Accounts payable | (103) | 90 |
Accrued interest, payroll and taxes | 73 | 57 |
Margin deposit assets and liabilities | 255 | (125) |
Net realized and unrealized changes related to derivative activities | 449 | 215 |
Other operating assets and liabilities | (16) | (267) |
Net cash provided by operating activities | 1,948 | 685 |
Investing Activities | ||
Plant construction and other property additions | (1,420) | (1,037) |
Purchases of nuclear fuel | (52) | (27) |
Acquisition of solar development projects | (11) | (37) |
Proceeds from sales of securities | 373 | 392 |
Purchases of securities | (405) | (415) |
Other | (4) | (5) |
Net cash used in investing activities | (1,519) | (1,129) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | 69 | (59) |
Repayment of affiliated current borrowings, net | (821) | (464) |
Issuance of long-term debt | 1,500 | 1,000 |
Repayment of long-term debt | (1,148) | |
Other | (31) | (23) |
Net cash provided by (used in) financing activities | (431) | 454 |
Increase (decrease) in cash, restricted cash and equivalents | (2) | 10 |
Cash, restricted cash and equivalents at beginning of period | 24 | 26 |
Cash, restricted cash and equivalents at end of period | $ 22 | $ 36 |
Virginia Electric and Power Com
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions | Total | Common Stock | Retained Earnings | AOCI | Virginia Electric and Power Company | Virginia Electric and Power Company Common Stock | Virginia Electric and Power Company Other Paid-In Capital | Virginia Electric and Power Company Retained Earnings | Virginia Electric and Power Company AOCI | ||
Beginning balance at Dec. 31, 2021 | $ (1,458) | $ 15,980 | $ 5,738 | $ 1,113 | $ 9,170 | $ (41) | |||||
Beginning balance (in shares) at Dec. 31, 2021 | 810,000 | 275 | |||||||||
Net income | $ 711 | 357 | 357 | ||||||||
Other comprehensive loss, net of tax | 22 | 22 | 12 | 12 | |||||||
Other | (1) | (1) | |||||||||
Ending balance at Mar. 31, 2022 | (1,436) | 16,348 | $ 5,738 | 1,113 | 9,526 | (29) | |||||
Ending balance (in shares) at Mar. 31, 2022 | 811,000 | 275 | |||||||||
Beginning balance at Dec. 31, 2022 | 27,881 | [1] | (1,572) | 17,245 | [2] | $ 5,738 | 1,113 | 10,385 | 9 | ||
Beginning balance (in shares) at Dec. 31, 2022 | 835,000 | 275 | |||||||||
Net income | 997 | 353 | 353 | ||||||||
Other comprehensive loss, net of tax | 7 | 7 | (5) | (5) | |||||||
Other | 1 | $ 1 | |||||||||
Ending balance at Mar. 31, 2023 | $ 28,356 | $ (1,565) | $ 17,593 | $ 5,738 | $ 1,113 | $ 10,738 | $ 4 | ||||
Ending balance (in shares) at Mar. 31, 2023 | 836,000 | 275 | |||||||||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2023 | |
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 a noncontrolling interest in Cove Point. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023 , and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in the Companies’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 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. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 , with the exception of the items described below. Cash, Restricted Cash and Equivalents 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 three months ended March 31, 2023 and 2022: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 (millions) Dominion Energy Cash and cash equivalents (1) $ 1,792 $ 446 $ 153 $ 283 Restricted cash and equivalents (2) 164 148 188 125 Cash, restricted cash and equivalents shown in the $ 1,956 $ 594 $ 341 $ 408 Virginia Power Cash and cash equivalents $ 21 $ 36 $ 22 $ 26 Restricted cash and equivalents (2) 1 — 2 — Cash, restricted cash and equivalents shown in the $ 22 $ 36 $ 24 $ 26 (1) At March 31, 2022, Dominion Energy had $ 2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021. (2) Restricted cash and equivalents 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: Three Months Ended March 31, 2023 2022 (millions) Significant noncash investing and financing activities: (1) Accrued capital expenditures $ 671 $ 425 Leases (2) 117 24 (1) See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. (2) Includes $ 32 million and $ 6 million of financing leases at March 31, 2023 and 2022, respectively, and $ 85 million and $ 18 million of operating leases at March 31, 2023 and 2022, respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Three Months Ended March 31, 2023 2022 (millions) Significant noncash investing and financing activities: Accrued capital expenditures $ 460 $ 252 Leases (1) 99 21 (1) Includes $ 31 million and $ 4 million of financing leases at March 31, 2023 and 2022, respectively, and $ 68 million and $ 17 million of operating leases at March 31, 2023 and 2022, respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Disposition of Gas Transmission & Storage Operations In December 2021, Dominion Energy completed the sale of the Q-Pipe Group to Southwest Gas, as discussed in Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the first quarter of 2022, Dominion Energy recognized a gain of $ 27 million ($ 20 million after-tax) in discontinued operations in its Consolidated Statements of Income associated with finalization of working capital adjustments. |
Operating Revenue
Operating Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Text Block [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Regulated electric sales: Residential $ 1,286 $ 1,287 $ 1,010 $ 1,015 Commercial 1,070 898 866 717 Industrial 220 197 116 103 Government and other retail 244 272 229 258 Wholesale 44 47 29 32 Nonregulated electric sales 257 367 11 14 Regulated gas sales: Residential 862 769 Commercial 314 273 Other 35 45 Nonregulated gas sales 1 1 Regulated gas transportation and storage 311 297 Other regulated revenues 62 46 74 51 Other nonregulated revenues (1)(2) 50 48 11 6 Total operating revenue from contracts with customers 4,756 4,547 2,346 2,196 Other revenues (1)(3) 496 ( 268 ) 38 ( 29 ) Total operating revenue $ 5,252 $ 4,279 $ 2,384 $ 2,167 (1) See Note 19 for amounts attributable to affiliates . (2) Includes sales which are considered to be goods transferred at a point in time of $ 8 million and $ 11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $ 5 million and $ 4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $ 3 million and less than $ 1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power. (3) Includes alternative revenue of $ 57 million and $ 30 million at Dominion Energy and $ 27 million and $ 8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively. 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 2023 2024 2025 2026 2027 Thereafter Total (millions) Dominion Energy (1) $ 51 $ 61 $ 54 $ 48 $ 46 $ 402 $ 662 (1) Includes no amounts for Virginia Power . At March 31, 2023 and December 31, 2022 , Dominion Energy’s contract liability balances were $ 93 million and $ 150 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022 , Virginia Power’s contract liability balances were $ 51 million and $ 39 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2023 and 2022 , Dominion Energy recognized revenue of $ 145 million and $ 119 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2023 and 2022 , Virginia Power recognized $ 39 million and $ 33 million, respectively, from the beginning contract liability balances. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: Recognition of taxes - sale of — 9.4 State taxes, net of federal benefit 3.4 3.3 4.6 4.4 Investment tax credits ( 2.3 ) ( 3.9 ) ( 0.3 ) ( 6.7 ) Production tax credits ( 0.4 ) ( 0.4 ) ( 0.7 ) ( 0.8 ) Reversal of excess deferred income ( 2.7 ) ( 4.1 ) ( 2.7 ) ( 3.0 ) Changes in state deferred taxes associated — 0.5 AFUDC - equity ( 0.1 ) ( 0.6 ) 0.2 ( 0.9 ) Other, net ( 0.8 ) 0.2 ( 0.2 ) 0.6 Effective tax rate 18.1 % 25.4 % 21.9 % 14.6 % In the first quarter of 2022, Dominion Energy entered into an agreement to sell 100 % of the equity interests in Hope in a stock sale for income tax purposes. Upon meeting the classification as held for sale, Dominion Energy established $ 87 million of deferred tax liabilities reflecting the excess of the financial reporting basis over the tax basis in Hope’s stock. These deferred taxes reversed upon closing of the sale in August 2022 and became a component of current income tax expense on the sale. See Note 3 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the sale of Hope. As of March 31, 2023, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2021, for a discussion of these unrecognized tax benefits. Discontinued operations Income tax (benefit) expense reflected in discontinued operations is $( 1 ) million and $ 6 million for the three months ended March 31, 2023 and 2022, respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 6. Earnings Per Share The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Three Months Ended March 31, 2023 2022 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 1,002 $ 692 Preferred stock dividends (see Note 16) ( 20 ) ( 27 ) Net income attributable to Dominion Energy from continuing operations – Basic 982 665 Dilutive effect of 2019 Equity Units (1) — 7 Net income attributable to Dominion Energy from continuing operations - Diluted $ 982 $ 672 Net income (loss) attributable to Dominion Energy from discontinued operations - $ ( 5 ) $ 19 Average shares of common stock outstanding – Basic 835.2 810.6 Net effect of dilutive securities (2) 0.3 21.4 Average shares of common stock outstanding – Diluted 835.5 832.0 EPS from continuing operations – Basic $ 1.18 $ 0.82 EPS from discontinued operations – Basic ( 0.01 ) 0.02 EPS attributable to Dominion Energy – Basic $ 1.17 $ 0.84 EPS from continuing operations – Diluted $ 1.18 $ 0.81 EPS from discontinued operations – Diluted ( 0.01 ) 0.02 EPS attributable to Dominion Energy – Diluted $ 1.17 $ 0.83 (1) Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends. (2) Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. The 2019 Equity Units, prior to settlement in June 2022, were a potentially dilutive instrument. See Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7. Accumulated Other Comprehensive Income (Loss) Dominion Energy The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component: Total Derivative-Hedging Activities (1)(2) Investment (3) Pension (4) Equity Method Investees (5) Total (millions) Three Months Ended March 31, 2023 Beginning balance $ ( 249 ) $ ( 44 ) $ ( 1,276 ) $ ( 3 ) $ ( 1,572 ) Other comprehensive income (loss) before ( 9 ) 17 — 1 9 Amounts reclassified from AOCI: Interest and related charges (benefit) 11 — — — 11 Other income (expense) — 2 ( 15 ) — ( 13 ) Total 11 2 ( 15 ) — ( 2 ) Income tax expense (benefit) ( 3 ) ( 1 ) 4 — — Total, net of tax 8 1 ( 11 ) — ( 2 ) Net current period other comprehensive ( 1 ) 18 ( 11 ) 1 7 Ending balance $ ( 250 ) $ ( 26 ) $ ( 1,287 ) $ ( 2 ) $ ( 1,565 ) Three Months Ended March 31, 2022 Beginning balance $ ( 358 ) $ 37 $ ( 1,133 ) $ ( 4 ) $ ( 1,458 ) Other comprehensive income (loss) before 25 ( 62 ) 28 1 ( 8 ) Amounts reclassified from AOCI: Interest and related charges (benefit) 14 — — — 14 Other income (expense) — 4 23 — 27 Total 14 4 23 — 41 Income tax expense (benefit) ( 4 ) ( 1 ) ( 6 ) — ( 11 ) Total, net of tax 10 3 17 — 30 Net current period other comprehensive 35 ( 59 ) 45 1 22 Ending balance $ ( 323 ) $ ( 22 ) $ ( 1,088 ) $ ( 3 ) $ ( 1,436 ) (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $ 83 million, $ 83 million, $ 107 million and $ 119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (3) Net of $ 6 million, $ 13 million, $ 8 million and $( 10 ) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (4) Net of $ 449 million, $ 445 million, $ 380 million and $ 396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (5) Net of $— million, $ 1 million, $ 1 million and $ 1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. Virginia Power The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component: Total Derivative-Hedging Activities (1)(2) Investment (3) Total (millions) Three Months Ended March 31, 2023 Beginning balance $ 16 $ ( 7 ) $ 9 Other comprehensive income (loss) before ( 9 ) 4 ( 5 ) Net current period other comprehensive income (loss) ( 9 ) 4 ( 5 ) Ending balance $ 7 $ ( 3 ) $ 4 Three Months Ended March 31, 2022 Beginning balance $ ( 45 ) $ 4 $ ( 41 ) Other comprehensive income (loss) before 19 ( 7 ) 12 Amounts reclassified from AOCI: (gains) losses Interest and related charges (benefit) 1 — 1 Other income (expense) — ( 1 ) ( 1 ) Total 1 ( 1 ) — Income tax expense — — — Total, net of tax 1 ( 1 ) — Net current period other comprehensive income (loss) 20 ( 8 ) 12 Ending balance $ ( 25 ) $ ( 4 ) $ ( 29 ) (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $( 2 ) million, $( 5 ) million, $ 9 million and $ 16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively . (3) Net of $ 1 million, $ 2 million, $ 1 million and $( 2 ) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 9 in this report for additional information about the Companies’ derivatives and hedge accounting activities. The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical 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 the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Dominion Energy Virginia Power Valuation Unobservable Fair Value (millions) Range Weighted (1) Fair Value (millions) Range Weighted (1) Assets Physical and financial forwards: Natural gas (2) Discounted Market price (3) $ 6 ( 2 )- 5 — $ 6 ( 2 )- 3 — FTRs Discounted Market price (3) 37 1 - 7 4 37 1 - 7 4 Electricity Discounted Market price (3) 152 18 - 110 48 — — — Physical options: Natural gas (2) Option model Market price (3) 16 1 - 10 4 16 1 - 10 4 Price volatility (4) 23 %- 74 % 53 % 23 %- 74 % 53 % Total assets $ 211 $ 59 Liabilities Physical and financial forwards: Natural gas (2) Discounted Market price (3) $ 3 ( 2 )- 3 ( 1 ) $ 3 ( 2 )- 0 ( 1 ) FTRs Discounted Market price (3) 1 0 - 7 3 1 0 - 7 3 Electricity Discounted Market price (3) 1 34 - 129 63 — — — Total $ 5 $ 4 (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 Position Change to Input Impact on Fair Value 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 See Note 10 for information regarding nonrecurring fair value measurements associated with Dominion Energy’s noncontrolling ownership interest in Dominion Privatization. In the first quarter of 2023, Dominion Energy recorded a charge of $ 91 million ($ 68 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $ 35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2023. Recurring Fair Value Measurements The following table presents the Companies' assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Dominion Energy Virginia Power Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) March 31, 2023 Assets Derivatives: Commodity $ — $ 237 $ 211 $ 448 $ — $ 83 $ 59 $ 142 Interest rate — 748 — 748 — 90 — 90 Foreign currency exchange rate — 1 — 1 — 1 — 1 Investments (1) : Equity securities: U.S. 4,052 — — 4,052 2,155 — — 2,155 Fixed income: Corporate debt instruments — 544 — 544 — 329 — 329 Government securities 165 1,137 — 1,302 92 605 — 697 Cash equivalents and other 36 — — 36 11 — — 11 Total assets $ 4,253 $ 2,667 $ 211 $ 7,131 $ 2,258 $ 1,108 $ 59 $ 3,425 Liabilities Derivatives: Commodity $ — $ 388 $ 5 $ 393 $ — $ 177 $ 4 $ 181 Interest rate — 403 — 403 — 62 — 62 Foreign currency exchange rate — 93 — 93 — 93 — 93 Total liabilities $ — $ 884 $ 5 $ 889 $ — $ 332 $ 4 $ 336 December 31, 2022 Assets Derivatives: Commodity $ — $ 332 $ 437 $ 769 $ — $ 32 $ 236 $ 268 Interest rate — 1,407 — 1,407 — 614 — 614 Investments (1) : Equity securities: U.S. 3,810 — — 3,810 2,028 — — 2,028 Fixed income: Corporate debt instruments — 576 — 576 — 360 — 360 Government securities 161 1,059 — 1,220 90 542 — 632 Total assets $ 3,971 $ 3,374 $ 437 $ 7,782 $ 2,118 $ 1,548 $ 236 $ 3,902 Liabilities Derivatives: Commodity $ — $ 911 $ 15 $ 926 $ — $ 333 $ 15 $ 348 Interest rate — 377 — 377 — 7 — 7 Foreign currency exchange rate — 101 — 101 — 101 — 101 Total liabilities $ — $ 1,389 $ 15 $ 1,404 $ — $ 441 $ 15 $ 456 (1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $ 381 million and $ 404 million of assets at Dominion Energy, inclusive of $ 152 million and $ 161 million at Virginia Power, at March 31, 2023 and December 31, 2022 , 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 the Companies' assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Beginning balance $ 422 $ 222 $ 221 $ 102 Total realized and unrealized gains (losses): Included in earnings: Electric fuel and other energy-related purchases ( 51 ) 48 ( 52 ) 45 Included in regulatory assets/liabilities ( 216 ) ( 20 ) ( 166 ) ( 80 ) Settlements 35 ( 48 ) 36 ( 45 ) Purchases 16 — 16 — Transfers out of Level 3 — — — — Ending balance $ 206 $ 202 $ 55 $ 22 Dominion Energy had less than $ 1 million of unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022. 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: Dominion Energy Virginia Power Carrying Estimated (1) Carrying Estimated (1) (millions) March 31, 2023 Long-term debt (2) $ 41,920 $ 39,771 $ 16,400 $ 15,314 Supplemental credit facility borrowings 900 900 Junior subordinated notes (2) 1,387 1,350 December 31, 2022 Long-term debt (2) $ 39,680 $ 36,426 $ 15,616 $ 14,067 Supplemental credit facility borrowings 450 450 Junior subordinated notes (2) 1,387 1,340 (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 and discount or premium. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Note 9. Derivatives and Hedge Accounting Activities The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives. Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. 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 additional information regarding credit-related contingent features for the Companies’ derivative instruments. Balance Sheet Presentation The tables below present the Companies' derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets (1) Financial Cash Net Gross Assets (1) Financial Cash Net (millions) March 31, 2023 Commodity contracts: Over-the-counter $ 238 $ 91 $ — $ 147 $ 128 $ 57 $ — $ 71 Exchange 59 59 — — 13 13 — — Interest rate contracts: Over-the-counter 748 202 — 546 90 10 — 80 Foreign currency exchange rate contracts: Over-the-counter 1 1 — — 1 1 — — Total derivatives, $ 1,046 $ 353 $ — $ 693 $ 232 $ 81 $ — $ 151 December 31, 2022 Commodity contracts: Over-the-counter $ 408 $ 28 $ — $ 380 $ 238 $ 7 $ — $ 231 Exchange 160 159 — 1 — — — — Interest rate contracts: Over-the-counter 1,407 248 — 1,159 614 38 — 576 Total derivatives, $ 1,975 $ 435 $ — $ 1,540 $ 852 $ 45 $ — $ 807 (1) Excludes derivative assets of $ 151 million and $ 201 million at Dominion Energy and $ 1 million and $ 30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements. Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities (1) Financial Cash Net Gross Liabilities (1) Financial Cash Net (millions) March 31, 2023 Commodity contracts: Over-the-counter $ 219 $ 100 $ — $ 119 $ 82 $ 66 $ — $ 16 Exchange 174 59 115 — 31 13 18 — Interest rate contracts: Over-the-counter 403 193 1 209 62 1 — 61 Foreign currency exchange rate contracts: Over-the-counter 93 1 — 92 93 1 — 92 Total derivatives, $ 889 $ 353 $ 116 $ 420 $ 268 $ 81 $ 18 $ 169 December 31, 2022 Commodity contracts: Over-the-counter $ 443 $ 34 $ 71 $ 338 $ 146 $ 13 $ 71 $ 62 Exchange 483 159 324 — 176 — 176 — Interest rate contracts: Over-the-counter 377 210 1 166 7 — — 7 Foreign currency exchange rate contracts: Over-the-counter 101 32 — 69 101 32 — 69 Total derivatives, $ 1,404 $ 435 $ 396 $ 573 $ 430 $ 45 $ 247 $ 138 (1) Excludes derivative liabilities of $ 68 million and $ 26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements. Volumes The following table presents the volume of the Companies' derivative activity at March 31, 2023. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Dominion Energy Virginia Power Current Noncurrent Current Noncurrent Natural Gas (bcf): Fixed price 56 15 53 15 Basis (1) 160 405 148 402 Electricity (MWh in millions): Fixed price 16 45 8 15 FTRs 18 — 18 — Oil (Gal in millions) 6 — 6 — Interest rate (2) (in millions) $ 526 $ 11,782 $ 125 $ 2,750 Foreign currency exchange rate (2) (in millions) Danish Krone 344 kr. 4,167 kr. 344 kr. 4,167 kr. Euro € 676 € 2,131 € 676 € 2,131 (1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023: Dominion Energy Virginia Power AOCI After-Tax Amounts Expected to be Maximum Term AOCI After-Tax Amounts Expected to be Maximum Term (millions) Interest rate $ ( 250 ) $ ( 33 ) 393 months $ 7 $ — 393 months Total $ ( 250 ) $ ( 33 ) $ 7 $ — The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of the Companies' derivatives and where they are presented in their Consolidated Balance Sheets: Dominion Energy Virginia Power Fair Value – Fair Value – Total Fair Fair Value – Fair Value – Total Fair (millions) At March 31, 2023 ASSETS Current Assets Commodity $ — $ 157 $ 157 $ — $ 79 $ 79 Interest rate 11 95 106 11 — 11 Foreign currency exchange rate — 1 1 — 1 1 Total current derivative assets 11 253 264 11 80 91 Noncurrent Assets Commodity — 291 291 — 63 63 Interest rate 79 563 642 79 — 79 Total noncurrent derivative assets (1) 79 854 933 79 63 142 Total derivative assets $ 90 $ 1,107 $ 1,197 $ 90 $ 143 $ 233 LIABILITIES Current Liabilities Commodity $ — $ 309 $ 309 $ — $ 145 $ 145 Interest rate — 55 55 — — — Foreign currency exchange rate — 7 7 — 7 7 Total current derivative liabilities — 371 371 — 152 152 Noncurrent Liabilities Commodity — 84 84 — 36 36 Interest rate 62 286 348 62 — 62 Foreign currency exchange rate — 86 86 — 86 86 Total noncurrent derivative liabilities (2) 62 456 518 62 122 184 Total derivative liabilities $ 62 $ 827 $ 889 $ 62 $ 274 $ 336 At December 31, 2022 ASSETS Current Assets Commodity $ — $ 532 $ 532 $ — $ 264 $ 264 Interest rate 501 104 605 501 — 501 Total current derivative assets 501 636 1,137 501 264 765 Noncurrent Assets Commodity — 237 237 — 4 4 Interest rate 113 689 802 113 — 113 Total noncurrent derivative assets (1) 113 926 1,039 113 4 117 Total derivative assets $ 614 $ 1,562 $ 2,176 $ 614 $ 268 $ 882 LIABILITIES Current Liabilities Commodity $ — $ 700 $ 700 $ — $ 290 $ 290 Interest rate — 70 70 — — — Foreign currency exchange rate — 8 8 — 8 8 Total current derivative liabilities — 778 778 — 298 298 Noncurrent Liabilities Commodity — 226 226 — 58 58 Interest rate 7 300 307 7 — 7 Foreign currency exchange rate — 93 93 — 93 93 Total noncurrent derivative liabilities (2) 7 619 626 7 151 158 Total derivative liabilities $ 7 $ 1,397 $ 1,404 $ 7 $ 449 $ 456 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (2) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. The following tables present the gains and losses on the Companies' derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income. Dominion Energy Virginia Power Derivatives in Amount of Gain (1) Amount of Gain Increase (Decrease) (2) Amount of Gain (1) Amount of Gain Increase (Decrease) (2) (millions) Three Months Ended March 31, 2023 Derivative type and location of gains (losses): Interest rate (3) $ ( 12 ) $ ( 11 ) $ ( 120 ) $ ( 12 ) $ — $ ( 120 ) Total $ ( 12 ) $ ( 11 ) $ ( 120 ) $ ( 12 ) $ — $ ( 120 ) Three Months Ended March 31, 2022 Derivative type and location of gains (losses): Interest rate (3) $ 33 ( 14 ) $ 279 $ 26 $ ( 1 ) $ 279 Total $ 33 $ ( 14 ) $ 279 $ 26 $ ( 1 ) $ 279 (1) Amounts deferred into AOCI have no associated effect in the Companies' 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 the Companies' Consolidated Statements of Income. (3) Amounts recorded in the Companies' Consolidated Statement of Income are classified in interest and related charges. Amount of Gain (Loss) Recognized in Income on Derivatives (1)(2) Derivatives not designated as hedging instruments Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 395 $ ( 330 ) $ 9 $ ( 41 ) Purchased gas 94 2 Electric fuel and other energy-related purchases ( 45 ) 59 ( 46 ) 57 Interest rate: Interest and related charges ( 102 ) 196 Total $ 342 $ ( 73 ) $ ( 37 ) $ 16 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. (2) Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 10. 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 $ 108 million and $ 111 million at March 31, 2023 and December 31, 2022, respectively. Decommissioning Trust Securities The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies' decommissioning trust funds are summarized below: Dominion Energy Virginia Power Amortized Total Total Allowance for Credit Losses Fair Amortized Total Total Allowance for Credit Losses Fair (millions) March 31, 2023 Equity securities: (1) U.S. $ 1,392 $ 2,708 $ ( 25 ) $ 4,075 $ 867 $ 1,407 $ ( 22 ) $ 2,252 Fixed income securities: (2) Corporate debt 586 3 ( 46 ) $ — 543 360 2 ( 33 ) $ — 329 Government 1,299 12 ( 42 ) — 1,269 709 7 ( 19 ) — 697 Common/ 74 — — — 74 54 — — — 54 Insurance contracts 232 — — 232 Cash equivalents (3) 69 — — — 69 28 — — — 28 Total $ 3,652 $ 2,723 $ ( 113 ) (4) $ — $ 6,262 $ 2,018 $ 1,416 $ ( 74 ) (4) $ — $ 3,360 December 31, 2022 Equity securities: (1) U.S. $ 1,378 $ 2,501 $ ( 46 ) $ 3,833 $ 858 $ 1,304 $ ( 35 ) $ 2,127 Fixed income securities: (2) Corporate debt 640 1 ( 65 ) $ — 576 406 1 ( 47 ) $ — 360 Government 1,252 4 ( 70 ) — 1,186 664 2 ( 35 ) — 631 Common/ 98 — — — 98 61 — — — 61 Insurance contracts 221 — — 221 Cash equivalents (3) 43 — — — 43 23 — — — 23 Total $ 3,632 $ 2,506 $ ( 181 ) (4) $ — $ 5,957 $ 2,012 $ 1,307 $ ( 117 ) (4) $ — $ 3,202 (1) Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense). (3) Dominion Energy includes pending sales of securities of $ 33 million and $ 42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $ 17 million and $ 24 million at March 31, 2023, and December 31, 2022, respectively. (4) Dominion Energy's fair value of securities in an unrealized loss position was $ 1.2 billion and $ 1.6 billion at March 31, 2023 and December 31, 2022 , respectively. Virginia Power's fair value of securities in an unrealized loss position was $ 627 million and $ 946 million at March 31, 2023 and December 31, 2022 , respectively. The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Net gains (losses) recognized during the period $ 226 $ ( 206 ) $ 116 $ ( 102 ) Less: Net (gains) losses recognized during the period 2 ( 1 ) 1 ( 4 ) Unrealized gains (losses) recognized during the period (1) $ 228 $ ( 207 ) $ 117 $ ( 106 ) (1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability. The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2023 by contractual maturity is as follows: Dominion Energy Virginia Power (millions) Due in one year or less $ 90 $ 58 Due after one year through five years 500 274 Due after five years through ten years 420 245 Due after ten years 876 503 Total $ 1,886 $ 1,080 Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Proceeds from sales $ 544 $ 814 $ 373 $ 392 Realized gains (1) 21 40 17 16 Realized losses (1) 41 54 31 19 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Equity Method Investments Dominion Energy recorded equity earnings on its investments of $ 80 million for both the three months ended March 31, 2023 and 2022 , in earnings from equity method investees in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity losses of $ 1 million and $ 2 million for the three months ended March 31, 2023 and 2022 , respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions of $ 85 million and $ 76 million for the three months ended March 31, 2023 and 2022 , respectively. Dominion Energy made contributions of $ 10 million and $ 74 million for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023 and December 31, 2022 , the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $ 217 million and $ 223 million, respectively. At March 31, 2023 , these differences are primarily comprised of $ 9 million of equity method goodwill that is not being amortized and a $ 213 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets. At December 31, 2022 , these differences are comprised of $ 9 million of equity method goodwill that is not being amortized, $ 215 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 $( 1 ) million basis difference primarily attributable to capitalized interest. Cove Point Dominion Energy holds a 50 % noncontrolling limited partnership interest in Cove Point which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy recorded distributions from Cove Point of $ 83 million and $ 76 million for the three months ended March 31, 2023 and 2022, respectively. Atlantic Coast Pipeline A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022 , Dominion Energy has recorded a liability of $ 100 million and $ 114 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs. Dominion Energy recorded $ 6 million of contributions to Atlantic Coast Pipeline during the three months ended March 31, 2023. Dominion Energy made no contributions to Atlantic Coast Pipeline during the three months ended March 31, 2022. 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. Wrangler A description of Dominion Energy’s investment in Wrangler (through March 2022) is included in Note 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022. In March 2022, Dominion Energy sold its remaining 15 % noncontrolling partnership interest in Wrangler to Interstate Gas Supply, Inc. for cash consideration of $ 85 million. Dominion Energy recognized a gain of $ 11 million ($ 8 million after-tax), included in other income (expense), in its Consolidated Statements of Income for the three months ended March 31, 2022. Dominion Privatization Dominion Energy holds a 50 % noncontrolling ownership interest in Dominion Privatization which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2022, Dominion Energy completed its initial contribution of privatization operations in South Carolina (excluding contracts held by DESC), Texas and Pennsylvania to Dominion Privatization for total consideration of $ 120 million, subject to customary closing adjustments, comprised of $ 60 million in cash proceeds and a 50 % noncontrolling ownership interest in Dominion Privatization with an initial fair value of $ 60 million, estimated using the market approach. This was considered a Level 2 fair value measurement given that it was based on the agreed-upon sales price. In the first quarter of 2022, Dominion Energy recorded a gain of $ 23 million ($ 16 million after-tax), presented in losses (gains) on sales of assets in its Consolidated Statements of Income. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 11. Property, Plant and Equipment Acquisitions of Nonregulated Solar Projects Other than the item discussed below, there have been no significant updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2023 , Dominion Energy entered into an agreement to acquire the Foxhound solar development project in Virginia (reflected in Contracted Assets) with closing on the agreement expected in 2024 . The project is expected to cost approximately $ 205 million, including the initial acquisition cost, and commence commercial operations in 2024 with a generating capacity of 83 MW. Dominion Energy expects to claim production tax credits on the energy generated and sold by the project. Dominion Energy anticipates that an impairment charge may be required upon closing given its expectation that it is more likely that not that the nonregulated solar generation projects within Contracted Assets will be sold before the end of their useful lives as described in Note 10 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: Dominion Energy Virginia Power March 31, December 31, March 31, December 31, (millions) Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 537 $ 603 $ 118 $ 133 Deferred project costs and DSM programs for gas utilities (2) 48 68 Unrecovered gas costs (3) 551 374 Deferred rider costs for Virginia electric utility (4) 90 152 90 152 Ash pond and landfill closure costs (5) 205 221 205 221 Deferred nuclear refueling outage costs (6) 66 83 66 83 NND Project costs (7) 138 138 Deferred early plant retirement charges (8) 169 226 169 226 Derivatives (9) 116 262 112 251 Other 236 213 60 74 Regulatory assets-current 2,156 2,340 820 1,140 Unrecognized pension and other postretirement benefit costs (10) 971 989 4 4 Deferred rider costs for Virginia electric utility (4) 496 363 496 363 Deferred project costs for gas utilities (2) 732 703 Interest rate hedges (11) 169 169 — — AROs and related funding (12) 393 398 NND Project costs (7) 2,053 2,088 Ash pond and landfill closure costs (5) 2,033 2,051 2,030 2,049 Deferred cost of fuel used in electric generation (1) 1,400 1,551 1,400 1,551 Derivatives (9) 199 255 92 148 Other 505 520 129 132 Regulatory assets-noncurrent 8,951 9,087 4,151 4,247 Total regulatory assets $ 11,107 $ 11,427 $ 4,971 $ 5,387 Regulatory liabilities: Provision for future cost of removal and AROs (13) 127 127 111 111 Reserve for refunds and rate credits to electric utility customers (14) 109 125 14 25 Income taxes refundable through future rates (15) 150 152 65 65 Monetization of guarantee settlement (16) 67 67 Derivatives (9) 40 327 31 176 Other 158 148 88 129 Regulatory liabilities-current 651 946 309 506 Income taxes refundable through future rates (15) 4,017 4,054 2,256 2,272 Provision for future cost of removal and AROs (13) 2,537 2,510 1,148 1,135 Nuclear decommissioning trust (17) 1,812 1,685 1,812 1,685 Monetization of guarantee settlement (16) 686 702 Interest rate hedges (11) 107 240 107 240 Reserve for refunds and rate credits to electric utility customers (14) 298 325 — — Unrecognized pension and other postretirement benefit costs (10) 18 22 Overrecovered other postretirement benefit costs (18) 146 140 Derivatives (9) 209 235 — — Other 262 194 234 167 Regulatory liabilities-noncurrent 10,092 10,107 5,557 5,499 Total regulatory liabilities $ 10,743 $ 11,053 $ 5,866 $ 6,005 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its 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 rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered 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. See Note 13 for additional information. (5) Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. (6) Legislation in Virginia 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. (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. (8) Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (9) Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. (10) 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. (11) 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 and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023. (12) 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 . (13) Rates charged to customers by Dominion Energy and 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. (14) 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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (15) 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. (16) 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. (17) 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 Virginia Power's utility nuclear generation stations, in excess of the related AROs. (18) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. At March 31, 2023 , Dominion Energy and Virginia Power regulatory assets include $ 5.7 billion and $ 2.7 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 | 3 Months Ended |
Mar. 31, 2023 | |
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. Other Regulatory Matters Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Regulation - Key Legislation Affecting Operations Virginia 2023 Legislation In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations. See Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, for additional information on the Regulation Act and GTSA. The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills. The legislation provides that the Virginia Commission will establish an authorized ROE of 9.70 % for Virginia Power in the 2023 Biennial Review, reflecting the average authorized ROE of vertically integrated electric utilities by the applicable regulatory commissions in the peer group jurisdictions of Florida, Georgia, Texas, Tennessee, West Virginia, Kentucky and North Carolina. Subsequent to the 2023 Biennial Review, all provisions related to this peer group benchmarking expire and the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all future biennial reviews, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the biennial review to be filed in 2025, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding. The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of 9.35 % established in the 2021 Triennial Review that 85 % of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85 % of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100 % of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminates Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA. In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework. • Riders into base rates : Virginia Power is required to combine certain riders with an aggregate annual revenue requirement of at least $ 350 million with its base rates effective July 2023. After such riders are combined, they will be considered as part of base rates for the purposes of the biennial review proceedings. The inclusion of such riders cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review. • Rider consolidation : Upon determination by the Virginia Commission, certain riders, while remaining separate from base rates, may be consolidated for cost recovery and review purposes. • Capitalization ratio : The legislation establishes that Virginia Power is required to undertake reasonable efforts to maintain a common equity capitalization to total capitalization ratio through December 2024 of 52.10 %. • Fuel cost securitization : Virginia Power is authorized, on or before July 2024, to petition the Virginia Commission for approval of a financing order for certain deferred fuel costs. Virginia Power is required to permit certain retail customers to opt out of any such deferred fuel cost securitization. • Electric generation plant retirements : The Virginia Commission shall provide to the Virginia General Assembly, on an annual basis, a report that includes information concerning the reliability impacts of generation unit additions and retirement determinations, along with the potential impact on the purchase of power from generation assets outside of the Virginia jurisdiction, the result of which could impact the depreciable lives of Virginia Power’s electric generation facilities in future periods. Virginia Regulation - Recent Developments Virginia Fuel Expenses In May 2023, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $ 2.3 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2023 and a projected $ 1.3 billion under-recovered balance as of June 30, 2023. The projected under-recovered balance includes $ 578 million representing the remaining two years of under-recovered balance as of June 30, 2022 being collected over a three-year period in accordance with the Virginia Commission’s approval of Virginia Power’s 2022 annual fuel factor as described in Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Power proposed two alternatives to recover these under-collected fuel costs. The first option reflects recovery of the total $ 3.3 billion fuel cost requirement over the July 2023 through June 2024 fuel period and results in an increase in Virginia Power’s fuel revenues of $ 631 million when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its anticipated July 2023 application to the Virginia Commission for approval of a financing order to securitize up to the projected $ 1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023. Under this option, Virginia Power proposed implementation of the current period fuel factor rate only effective July 2023 on an interim basis, while suspending implementation of the prior-period fuel factor rate pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $ 541 million. In addition, Virginia Power has proposed to alter the order in which revenue from certain customers who elect to pay market-based rates would be allocated between base rates and fuel, which if approved would result in a reduction to fuel revenue of $ 13 million. This matter is pending. GTSA Filing In March 2023, Virginia Power filed a petition with the Virginia Commission for approval of Phase III, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan includes 14 projects covering six components (i) AMI; (ii) customer information platform; (iii) grid improvement projects; (iv) physical and cyber security; (v) telecommunications infrastructure and (vi) customer education. For Phase III, the total proposed capital investment is $ 1.1 billion and the proposed operations and maintenance investment is $ 71 million. This matter is pending. Renewable Generation Projects In October 2022, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct and operate eight utility-scale projects totaling approximately 474 MW of solar generation and 16 MW of energy storage as part of its efforts to meet the renewable generation development requirements under the VCEA. The projects, as of October 2022, are expected to cost approximately $ 1.2 billion in the aggregate, excluding financing costs, and be placed into service between 2024 through 2025. In April 2023, the Virginia Commission approved the petition. Riders Developments for significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Total Revenue Increase (Decrease) Rider CCR February 2023 Pending December 2023 $ 194 $ ( 37 ) Rider CE (1) October 2022 April 2023 May 2023 89 18 Rider GT August 2022 April 2023 June 2023 14 ( 42 ) Rider R June 2021 March 2022 April 2023 55 (4) ( 4 ) Rider S June 2021 February 2022 April 2023 191 (4) ( 1 ) Rider T1 (2) May 2023 Pending September 2023 879 173 Rider U (3) June 2022 February 2023 April 2023 74 ( 21 ) Rider US-3 August 2022 April 2023 June 2023 40 ( 10 ) Rider US-4 August 2022 April 2023 June 2023 16 1 Rider W (5) June 2022 February 2023 April 2023 105 (4) ( 16 ) (1) Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects. (2) Consists of $ 510 million for the transmission component of Virginia Power's base rates and $ 369 million for Rider T1. (3) Consists of previously approved phases of Rider U. (4) In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023. (5) In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023. Electric Transmission Projects Developments for significant Virginia Power electric transmission projects approved or applied for are as follows: Description and Location Application Date Approval Date Type of Miles of Cost Estimate Partial rebuild of Bristers-Ox 115 kV line in August 2022 April 2023 230 kV 15 $ 40 Construct new Mars and Wishing Star substations, October 2022 April 2023 500/230 kV 4 720 Rebuild of Lines #2019 and #2007 in the City of February 2023 Pending 230 kV 5 95 Install transformer at Possum Point substation, March 2023 Pending 230 kV 2 35 Partial rebuild of Line #2011 in the Cities of March 2023 Pending 230 kV 7 35 North Carolina Regulation PSNC Rider D Rider D allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales. In February 2023, PSNC submitted a filing with the North Carolina Commission for a $ 56 million gas cost decrease with rates effective March 2023. The North Carolina Commission approved the filing in March 2023 . PSNC Customer Usage Tracker PSNC utilizes a customer usage tracker, a decoupling mechanism, which allows it to adjust its base rates semi-annually for residential and commercial customers based on average per customer consumption. In March 2023 , PSNC submitted a filing with the North Carolina Commission for a $ 23 million decrease relating to the customer usage tracker. The North Carolina Commission approved the filing in March 2023 with rates effective April 2023. South Carolina Regulation DSM Programs DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2023, DESC filed an application with the South Carolina Commission seeking approval to recover $ 46 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. DESC requested that rates be effective with the first billing cycle of May 2023. In April 2023, the South Carolina Commission approved the request, effective with the first billing cycle of May 2023. Cost of Fuel DESC's retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In February 2023, DESC filed with the South Carolina Commission a proposal to increase the total fuel cost component of retail electric rates. DESC's proposed adjustment is designed to recover DESC's current base fuel costs, including its existing under-collected balance, over the 12-month period beginning with the first billing cycle of May 2023, along with a requested decrease to DESC's variable environmental and avoided capacity cost component. The net effect of the proposal is an annual increase of $ 176 million. In March 2023, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a stipulation with the South Carolina Commission for approval to reduce the base fuel cost component reflecting a subsequent decrease in current fuel prices, resulting in a net annual increase of $ 121 million. In April 2023, the South Carolina Commission voted to approve the stipulation, with rates effective May 2023. Electric Transmission Project In March 2023 , DESC filed an application with the South Carolina Commission requesting approval to construct and operate 19 miles of 230 kV transmission lines, a substation and associated facilities in Jasper County, South Carolina estimated to cost approximately $ 55 million. This matter is pending. Electric - Other DESC utilizes a pension costs rider approved by the South Carolina Commission which is designed to allow recovery of projected pension costs, including under-collected balances or net of over-collected balances, as applicable. The rider is typically reviewed for adjustment every 12 months with any resulting increase or decrease going into effect beginning with the first billing cycle in May. In February 2023, DESC requested that the South Carolina Commission approve an adjustment to this rider to increase annual revenue by $ 24 million. In April 2023, the South Carolina Commission approved the request. Natural Gas Base Rate Case In March 2023, DESC filed its natural gas base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $ 19 million effective October 2023. The base rate increase was proposed to recover significant investment in distribution infrastructure for the benefit of customers. The proposed rates would provide for an ROE of 10.38 % compared to the currently authorized ROE of 10.25 %. In addition, DESC elected to continue applicability of the Natural Gas Rate Stabilization Act, which allows for the adjustment of natural gas base rates annually, to its future rates and charges. This matter is pending. Ohio Regulation PIR Program In 2008, East Ohio began PIR, aimed at replacing approximately 25 % of its pipeline system. The Ohio Commission has approved East Ohio’s PIR program for capital investments through 2026 with 3 % increases of annual capital expenditures per year. In February 2023 , East Ohio filed an application with the Ohio Commission requesting approval to adjust the PIR recovery. The filing reflects gross plant investment for 2022 of $ 225 million, cumulative gross plant investment of $ 2.4 billion and a revenue requirement of $ 305 million. In April 2023, the Ohio Commission approved the request. CEP Program In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of 6.5 % on capital investments not covered by its PIR program to expand, upgrade or replace its infrastructure and information technology systems as well as investments necessary to comply with the Ohio Commission or other government regulations. In April 2022, certain parties filed an appeal with the Supreme Court of Ohio appealing the Ohio Commission’s December 2020 order establishing the CEP rider, including the rate of return utilized in determining the revenue requirement. This matter is pending. In March 2023 , East Ohio filed an application with the Ohio Commission requesting approval to adjust CEP cost recovery rates for 2022 costs. The filing reflects gross plant investment for 2022 of $ 195 million, cumulative gross plant investment of $ 1.3 billion and a revenue requirement of $ 151 million. This matter is pending. Utah Regulation Purchased Gas In February 2023 , Questar Gas filed an application with the Utah Commission seeking approval for a $ 92 million gas cost increase with rates effective March 2023. Subsequently in February 2023, the Utah Commission approved a $ 164 million gas cost increase reflecting additional undercollected gas costs incurred in January 2023. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 14. Leases Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy’s Consolidated Statements of Income include $ 5 million and $ 4 million for the three months ended March 31, 2023 and 2022, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $ 1 million and $ 9 million for the three months ended March 31, 2023 and 2022, 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. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | Note 15. Variable Interest Entities There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Virginia Power Virginia Power purchased shared services from DES, an affiliated VIE, of $ 113 million and $ 98 million for the three months ended March 31, 2023 and 2022 , respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $ 28 million and $ 28 million at March 31, 2023 and December 31, 2022 , respectively, recorded in payables to affiliates. |
Significant Financing Transacti
Significant Financing Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Significant Financing Transactions | Note 16. Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Dominion Energy Dominion Energy’s short-term financing is supported by its $ 6.0 billion joint revolving credit facility that provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives. At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 6,000 $ 3,157 $ 154 $ 2,689 (1) This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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. 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 March 31, 2023 , the sub-limits for DESC and Questar Gas were $ 500 million and $ 250 million, respectively. In March 2023, FERC granted DESC authority through March 2025 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 2023, FERC granted GENCO authority through March 2025 to issue short-term indebtedness not to exceed $ 200 million outstanding with maturity dates of one year or less. In addition to the credit facility mentioned above and Virginia Power's letter of credit facilities mentioned below, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $ 30 million in letters of credit and will mature in June 2024 . At both March 31, 2023 and December 31, 2022 , Dominion Energy had $ 25 million in letters of credit outstanding under this facility. In March 2023, Dominion Energy entered into an agreement with a financial institution which it expects to allow it to issue up to $ 100 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Dominion Energy issued $ 58 million in letters of credit associated with this agreement. 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 as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022 , Dominion Energy’s Consolidated Balance Sheets include $ 389 million and $ 347 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt. In January 2023, Dominion Energy entered into a $ 2.5 billion 364-day term loan facility which bears interest at a variable rate and will mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $ 1.0 billion with the proceeds used to repay long-term debt. In February and March 2023, Dominion Energy borrowed $ 500 million and $ 1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt. The maximum allowed total debt to total capital ratio under the facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $ 6.0 billion 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. At March 31, 2023, 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 was as follows: Facility (1) Outstanding Outstanding (millions) Joint revolving credit facility (1) $ 6,000 $ 1,010 $ 90 (1) 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 pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023 , the sub-limit for Virginia Power was $ 1.75 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $ 2.0 billion (or the sub-limit, whichever is less) of letters of credit. In January 2023, Virginia Power entered into a letter of credit facility which allows Virginia Power to issue up to $ 125 million in letters of credit and matures in January 2026 . At March 31, 2023 , less than $ 1 million in letters of credit were issued and outstanding under this facility with no amounts drawn under the letters of credit. In March 2023, Virginia Power entered into an agreement with a financial institution which it expects to allow it to issue up to $ 125 million in letters of credit. At March 31, 2023, no letters of credit were issued and outstanding associated with this agreement. In April 2023, Virginia Power issued $ 80 million in letters of credit associated with this agreement. Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In March 2023, Dominion Energy borrowed $ 450 million under its Sustainability Revolving Credit Agreement, which, as described in Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, matures in 2024 and bears interest at a variable rate. The proceeds from these borrowings were used for general corporate purposes. At March 31, 2023 and December 31, 2022 , Dominion Energy’s Consolidated Balance Sheets include $ 900 million and $ 450 million, respectively, with respect to this facility. In April 2023, Dominion Energy repaid $ 450 million borrowed for general corporate purposes. In March 2023, Virginia Power issued $ 750 million of 5.00 % senior notes and $ 750 million of 5.45 % senior notes that mature in 2033 and 2053 , respectively. Derivative Restructuring In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $ 900 million, extending the mandatory termination dates, as discussed in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In March 2023, Virginia Power settled the remaining outstanding interest rate swaps which would have otherwise matured in December 2023 , resulting in a $ 448 million reduction in securities due within one year. Preferred Stock Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At March 31, 2023 and December 31, 2022 , Dominion Energy had issued and outstanding 1.8 million shares of preferred stock, 0.8 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively. Dominion Energy recorded dividends of $ 7 million ($ 4.375 per share) for the three months ended March 31, 2022 , on the Series A Preferred Stock. Dominion Energy recorded dividends of $ 9 million ($ 11.625 per share) for both the three months ended March 31, 2023 and 2022 on the Series B Preferred Stock. Dominion Energy recorded dividends of $ 11 million ($ 10.875 per share) for both the three months ended March 31, 2023 and 2022 on the Series C Preferred Stock. There have been no significant changes to Dominion Energy’s Series B Preferred Stock and Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Issuance of Common Stock Dominion Energy recorded, net of fees and commissions, $ 43 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2023 and $ 45 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2022, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At-the-Market Program In August 2020, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did not issue any shares or enter into any forward sale agreements under this program during the three months ended March 31, 2023. Repurchase of Common Stock In November 2020, the Board of Directors authorized the repurchase of up to $ 1.0 billion of Dominion Energy’s common stock in addition to the $ 3.0 billion repurchase program authorized in July 2020 and completed in December 2020 as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2022. Dominion Energy did no t repurchase any shares of common stock during the three months ended March 31, 2023 , except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. 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. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. 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 meet applicable 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. Ozone Standards The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which will be applicable 60 days after publication in the Federal Register for certain states, including Virginia. The interstate federal implementation plan imposes tighter NO X emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Until implementation plans for the 2015 ozone standards are fully developed and approved for all states in which the Companies operate, 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, 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. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. 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 would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. In October 2021, the U.S. Supreme Court agreed to hear a challenge of the U.S. Court of Appeals for the D.C. Circuit’s decision on the ACE Rule. In June 2022, the U.S. Supreme Court reversed the D.C. Circuit’s decision on the ACE Rule and remanded the case back to the D.C. Circuit. Until the case is resolved by the D.C. Circuit and/or the EPA issues new rulemaking, the Companies cannot predict an impact to its 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 equivalent emissions. 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. 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 best operating practices. The proposed revision to the performance standards for coal-fired steam generating units 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. 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 MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion Energy and Virginia Power currently have 15 and nine facilities, respectively, that are subject to the final regulations. Dominion Energy is also working with the EPA and state regulatory agencies to assess the applicability of Section 316(b) to eight hydroelectric facilities, including three Virginia Power facilities. The Companies anticipate that they may have to install impingement control technologies at certain of these stations that have once-through cooling systems. The Companies are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technological, and cost benefit studies. 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, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups. 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. Remediation costs may be subject to reimbursement under the Companies’ 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 13 sites associated with Dominion Energy, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy commenced remediation activities at one site in the second quarter of 2022. In addition, Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2023 depending on receipt of final permits and approvals. At both March 31, 2023 and December 31, 2022 , Dominion Energy had $ 47 million and Virginia Power had $ 25 million of reserves recorded. 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 primarily to events occurring before closing of the SCANA Combination. In addition, certain legal matters which have been resolved are discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. 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 March 31, 2023 and December 31, 2022 include reserves of $ 88 million and $ 94 million, respectively, included in other current liabilities, and insurance receivables of $ 72 million and $ 68 million, respectively, included within other receivables. These balances at March 31, 2023 and December 31, 2022 include $ 72 million and $ 68 million, respectively, of offsetting reserves and insurance receivables related to personal injury or wrongful death cases which are currently pending. During both the three months ended March 31, 2023 and 2022, no charges were included in Dominion Energy’s Consolidated Statements of Income. Governmental Proceedings and Investigations In June 2018, DESC received a notice of proposed assessment of approximately $ 410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100 % of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $ 165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $ 43 million in shares of Dominion Energy common stock. In August 2021, Dominion Energy issued 0.6 million shares of its common stock to satisfy DESC’s obligation for the initial payment under the settlement agreement. In May 2022, Dominion Energy issued an additional 0.9 million shares of its common stock to partially satisfy DESC’s remaining obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $ 51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In September 2022, DESC transferred certain non-utility property with a fair value of $ 28 million to the SCDOR under the settlement agreement. In December 2022, DESC transferred additional utility property with a fair value of $ 3 million to the SCDOR. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $ 10 million to the SCDOR resulting in a gain of $ 9 million ($ 7 million after-tax), recorded in losses (gains) on sales of assets in Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023. The remaining utility property transfer is expected to be completed by early 2024 and result in a gain of approximately $ 10 million upon completion. Nuclear Operations Nuclear Insurance There have been no significant changes regarding the Companies’ nuclear insurance as described in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. Spent Nuclear Fuel As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022, the Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982. Guarantees, Surety Bonds and Letters of Credit At March 31, 2023 , Dominion Energy had issued four guarantees related to Cove Point, an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $ 1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded. In addition, at March 31, 2023 , Dominion Energy had issued an additional $ 20 million of guarantees, primarily to support third parties. No amounts related to these guarantees have been recorded. 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. At March 31, 2023, Dominion Energy had issued the following subsidiary guarantees: Maximum (millions) Commodity transactions (1) $ 2,710 Nuclear obligations (2) 245 Solar (3) 214 Other (4) 1,269 Total (5)(6) $ 4,438 (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. (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 II, Inc. 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 guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 . (6) In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $ 365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. 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 87 % of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023 , no amounts have been recorded related to this guarantee. Additionally, at March 31, 2023 , Dominion Energy had purchased $ 268 million of surety bonds, including $ 190 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions of $ 154 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid. |
Credit Risk
Credit Risk | 3 Months Ended |
Mar. 31, 2023 | |
Risks And Uncertainties [Abstract] | |
Credit Risk | Note 18. Credit Risk The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 , Dominion Energy’s credit exposure totaled $ 217 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 89 %. No single counterparty, whether investment grade or non-investment grade, exceeded $ 48 million of exposure. At March 31, 2023 , Virginia Power’s exposure related to wholesale customers totaled $ 34 million. Of this amount, investment grade counterparties, including those internally rated, represented 54 %. No single counterparty, whether investment grade or non-investment grade, exceeded $ 13 million of exposure. Credit-Related Contingent Provisions Certain of Dominion Energy and Virginia Power's derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia Power 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, Dominion Energy and Virginia Power would have been required to post additional collateral to its counterparties of $ 106 million and $ 45 million, respectively, as of March 31, 2023 , and $ 140 million and $ 28 million, respectively, as of December 31, 2022 . 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 collateral of $ 1 million at March 31, 2023 , and both Dominion Energy and Virginia Power had posted $ 72 million at December 31, 2022 , related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. Virginia Power had no such collateral posted at March 31, 2023. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering $ 6 million and $ 20 million of fair value of derivative instruments in a liability position at March 31, 2023 and December 31, 2022 , respectively. 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 for Dominion Energy and Virginia Power was $ 107 million and $ 45 million, respectively, as of March 31, 2023 and $ 212 million and $ 99 million, respectively, as of December 31, 2022, which does not include the impact of any offsetting asset positions. See Note 9 for additional information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 19. Related-Party Transactions Dominion Energy’s transactions with equity method investments are described in Note 10. 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. A discussion of Virginia Power's significant related-party transactions follows. Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2023 , Virginia Power’s derivative assets and liabilities with affiliates were $ 5 million and $ 82 million, respectively. At December 31, 2022 , Virginia Power’s derivative assets and liabilities with affiliates were $ 33 million and $ 31 million, respectively. See Note 9 for additional information. Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. At March 31, 2023 and December 31, 2022 , amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $ 431 million and $ 422 million, respectively. At March 31, 2023 and December 31, 2022 , Virginia Power's amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $ 534 million and $ 518 million, respectively. DES and other affiliates provide accounting, legal, finance and certain administrative and technical services and licenses to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Virginia Power’s significant transactions with DES and other affiliates: Three Months Ended March 31, 2023 2022 (millions) Commodity purchases from affiliates $ 214 $ 293 Services provided by affiliates (1) 147 130 Services provided to affiliates 4 4 (1) Includes capitalized expenditures of $ 54 million and $ 39 million for the three months ended March 31, 2023 and 2022 , respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $ 1.2 billion and $ 2.0 billion in short-term demand note borrowings from Dominion Energy as of March 31, 2023 and December 31, 2022 , respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2023 and December 31, 2022 . Interest charges related to Virginia Power’s borrowings from Dominion Energy were $ 24 million and less than $ 1 million for the three months ended March 31, 2023 and 2022, respectively. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2023 and 2022. In January 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $ 240 million plus ancillary services. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 20. Employee Benefit Plans 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. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits Three Months Ended March 31, 2023 2022 2023 2022 (millions) Service cost $ 24 $ 36 $ 3 $ 6 Interest cost 111 83 15 11 Expected return on plan assets ( 216 ) ( 223 ) ( 38 ) ( 48 ) Amortization of prior service cost (credit) — — ( 9 ) ( 10 ) Amortization of net actuarial (gain) loss — 40 ( 1 ) — Net periodic benefit (credit) cost $ ( 81 ) $ ( 64 ) $ ( 30 ) $ ( 41 ) Employer Contributions During the three months ended March 31, 2023, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy is no t required to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2023. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Note 21. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Virginia 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 (3) X Noncontrolling interest in Cove Point X (1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations as well as Wexpro’s natural gas development and production operations. (3) Includes solar generation facility development operations. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion Energy The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization and its noncontrolling interest in Wrangler (through March 2022). 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, including its noncontrolling interest in Atlantic Coast Pipeline, reported as discontinued operations which are discussed in Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022. In the three months ended March 31, 2023 , Dominion Energy reported after-tax net income of $ 86 million in the Corporate and Other segment, including $ 148 million of after-tax net income for specific items with $ 272 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2022 , Dominion Energy reported after-tax net expenses of $ 311 million in the Corporate and Other segment, including $ 289 million of after-tax net expenses for specific items with $ 269 million of after-tax net expenses attributable to its operating segments. The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items: • A $ 291 million ($ 221 million after-tax) gain related to economic hedging activities, attributable to Contracted Assets; • A $ 123 million ($ 90 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Assets ($ 77 million after-tax); and • Dominion Energy Virginia ($ 13 million after-tax); and • A $ 61 million ($ 45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items: • A $ 125 million ($ 102 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Assets ($ 90 million after-tax); and • Dominion Energy Virginia ($ 12 million after-tax); • A $ 94 million ($ 70 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia; • A $ 66 million ($ 47 million after-tax) loss related to economic hedging activities, attributable to Contracted Assets; and • A $ 61 million ($ 45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia. The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Gas Dominion Contracted Corporate Adjustments Consolidated (millions) Three Months Ended March 31, 2023 Total revenue from external $ 2,389 $ 1,367 $ 844 $ 308 $ 344 $ — $ 5,252 Intersegment revenue ( 1 ) 1 1 3 250 ( 254 ) — Total operating revenue 2,388 1,368 845 311 594 ( 254 ) 5,252 Net loss from discontinued — — — — ( 5 ) — ( 5 ) Net income attributable to 386 278 91 156 86 — 997 Three Months Ended March 31, 2022 Total revenue from external $ 2,172 $ 1,229 $ 798 $ 245 $ ( 165 ) $ — $ 4,279 Intersegment revenue ( 3 ) 1 1 4 237 ( 240 ) — Total operating revenue 2,169 1,230 799 249 72 ( 240 ) 4,279 Net income from discontinued — — — — 19 — 19 Net income (loss) attributable to 518 294 109 101 ( 311 ) — 711 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 the three months ended March 31, 2023 , Virginia Power reported after-tax net expenses of $ 31 million in the Corporate and Other segment, including $ 32 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2022 , Virginia Power reported after-tax net expenses of $ 159 million in the Corporate and Other segment, including $ 130 million of after-tax net expenses for specific items all of which was attributable to its operating segment. The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item: • A $ 61 million ($ 45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review. The net expenses for specific items attributable to Virginia Power’s operating segment in 2022 primarily related to the impact of the following items: • A $ 94 million ($ 70 million after-tax) charge associated with storm damage and service restoration in its service territory; and • A $ 61 million ($ 45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review. The following table presents segment information pertaining to Virginia Power’s operations: Dominion Corporate Consolidated (millions) Three Months Ended March 31, 2023 Operating revenue $ 2,384 $ — $ 2,384 Net income (loss) 384 ( 31 ) 353 Three Months Ended March 31, 2022 Operating revenue $ 2,165 $ 2 $ 2,167 Net income (loss) 516 ( 159 ) 357 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2023 , and their results of operations, changes in equity and cash flows for the three months ended March 31, 2023 and 2022. Such adjustments are normal and recurring in nature unless otherwise noted. |
Estimates | The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. |
Consolidation | The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. |
Reclassifications | Certain amounts in the Companies’ 2022 Consolidated Financial Statements and Notes have been reclassified to conform to the 2023 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. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 , with the exception of the items described below. |
Cash, Restricted Cash and Equivalents | Cash, Restricted Cash and Equivalents 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 three months ended March 31, 2023 and 2022: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 (millions) Dominion Energy Cash and cash equivalents (1) $ 1,792 $ 446 $ 153 $ 283 Restricted cash and equivalents (2) 164 148 188 125 Cash, restricted cash and equivalents shown in the $ 1,956 $ 594 $ 341 $ 408 Virginia Power Cash and cash equivalents $ 21 $ 36 $ 22 $ 26 Restricted cash and equivalents (2) 1 — 2 — Cash, restricted cash and equivalents shown in the $ 22 $ 36 $ 24 $ 26 (1) At March 31, 2022, Dominion Energy had $ 2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021. (2) Restricted cash and equivalents 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: Three Months Ended March 31, 2023 2022 (millions) Significant noncash investing and financing activities: (1) Accrued capital expenditures $ 671 $ 425 Leases (2) 117 24 (1) See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. (2) Includes $ 32 million and $ 6 million of financing leases at March 31, 2023 and 2022, respectively, and $ 85 million and $ 18 million of operating leases at March 31, 2023 and 2022, respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Three Months Ended March 31, 2023 2022 (millions) Significant noncash investing and financing activities: Accrued capital expenditures $ 460 $ 252 Leases (1) 99 21 (1) Includes $ 31 million and $ 4 million of financing leases at March 31, 2023 and 2022, respectively, and $ 68 million and $ 17 million of operating leases at March 31, 2023 and 2022, respectively. |
Fair Value Measurements | The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical 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. |
Regulatory Matters Involving Potential Loss Contingencies | 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. |
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. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. 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) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Reconciliation of Total Cash, Restricted Cash and Equivalents | The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents March 31, 2023 March 31, 2022 December 31, 2022 December 31, 2021 (millions) Dominion Energy Cash and cash equivalents (1) $ 1,792 $ 446 $ 153 $ 283 Restricted cash and equivalents (2) 164 148 188 125 Cash, restricted cash and equivalents shown in the $ 1,956 $ 594 $ 341 $ 408 Virginia Power Cash and cash equivalents $ 21 $ 36 $ 22 $ 26 Restricted cash and equivalents (2) 1 — 2 — Cash, restricted cash and equivalents shown in the $ 22 $ 36 $ 24 $ 26 (1) At March 31, 2022, Dominion Energy had $ 2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021. (2) Restricted cash and equivalents 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: Three Months Ended March 31, 2023 2022 (millions) Significant noncash investing and financing activities: (1) Accrued capital expenditures $ 671 $ 425 Leases (2) 117 24 (1) See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. (2) Includes $ 32 million and $ 6 million of financing leases at March 31, 2023 and 2022, respectively, and $ 85 million and $ 18 million of operating leases at March 31, 2023 and 2022, respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Three Months Ended March 31, 2023 2022 (millions) Significant noncash investing and financing activities: Accrued capital expenditures $ 460 $ 252 Leases (1) 99 21 (1) Includes $ 31 million and $ 4 million of financing leases at March 31, 2023 and 2022, respectively, and $ 68 million and $ 17 million of operating leases at March 31, 2023 and 2022, respectively. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Regulated electric sales: Residential $ 1,286 $ 1,287 $ 1,010 $ 1,015 Commercial 1,070 898 866 717 Industrial 220 197 116 103 Government and other retail 244 272 229 258 Wholesale 44 47 29 32 Nonregulated electric sales 257 367 11 14 Regulated gas sales: Residential 862 769 Commercial 314 273 Other 35 45 Nonregulated gas sales 1 1 Regulated gas transportation and storage 311 297 Other regulated revenues 62 46 74 51 Other nonregulated revenues (1)(2) 50 48 11 6 Total operating revenue from contracts with customers 4,756 4,547 2,346 2,196 Other revenues (1)(3) 496 ( 268 ) 38 ( 29 ) Total operating revenue $ 5,252 $ 4,279 $ 2,384 $ 2,167 (1) See Note 19 for amounts attributable to affiliates . (2) Includes sales which are considered to be goods transferred at a point in time of $ 8 million and $ 11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $ 5 million and $ 4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $ 3 million and less than $ 1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power. (3) Includes alternative revenue of $ 57 million and $ 30 million at Dominion Energy and $ 27 million and $ 8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively. |
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 2023 2024 2025 2026 2027 Thereafter Total (millions) Dominion Energy (1) $ 51 $ 61 $ 54 $ 48 $ 46 $ 402 $ 662 (1) Includes no amounts for Virginia Power . |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax | For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: Recognition of taxes - sale of — 9.4 State taxes, net of federal benefit 3.4 3.3 4.6 4.4 Investment tax credits ( 2.3 ) ( 3.9 ) ( 0.3 ) ( 6.7 ) Production tax credits ( 0.4 ) ( 0.4 ) ( 0.7 ) ( 0.8 ) Reversal of excess deferred income ( 2.7 ) ( 4.1 ) ( 2.7 ) ( 3.0 ) Changes in state deferred taxes associated — 0.5 AFUDC - equity ( 0.1 ) ( 0.6 ) 0.2 ( 0.9 ) Other, net ( 0.8 ) 0.2 ( 0.2 ) 0.6 Effective tax rate 18.1 % 25.4 % 21.9 % 14.6 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Computation | The following table presents the calculation of Dominion Energy’s basic and diluted EPS: Three Months Ended March 31, 2023 2022 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 1,002 $ 692 Preferred stock dividends (see Note 16) ( 20 ) ( 27 ) Net income attributable to Dominion Energy from continuing operations – Basic 982 665 Dilutive effect of 2019 Equity Units (1) — 7 Net income attributable to Dominion Energy from continuing operations - Diluted $ 982 $ 672 Net income (loss) attributable to Dominion Energy from discontinued operations - $ ( 5 ) $ 19 Average shares of common stock outstanding – Basic 835.2 810.6 Net effect of dilutive securities (2) 0.3 21.4 Average shares of common stock outstanding – Diluted 835.5 832.0 EPS from continuing operations – Basic $ 1.18 $ 0.82 EPS from discontinued operations – Basic ( 0.01 ) 0.02 EPS attributable to Dominion Energy – Basic $ 1.17 $ 0.84 EPS from continuing operations – Diluted $ 1.18 $ 0.81 EPS from discontinued operations – Diluted ( 0.01 ) 0.02 EPS attributable to Dominion Energy – Diluted $ 1.17 $ 0.83 (1) Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends. (2) Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component | The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component: Total Derivative-Hedging Activities (1)(2) Investment (3) Pension (4) Equity Method Investees (5) Total (millions) Three Months Ended March 31, 2023 Beginning balance $ ( 249 ) $ ( 44 ) $ ( 1,276 ) $ ( 3 ) $ ( 1,572 ) Other comprehensive income (loss) before ( 9 ) 17 — 1 9 Amounts reclassified from AOCI: Interest and related charges (benefit) 11 — — — 11 Other income (expense) — 2 ( 15 ) — ( 13 ) Total 11 2 ( 15 ) — ( 2 ) Income tax expense (benefit) ( 3 ) ( 1 ) 4 — — Total, net of tax 8 1 ( 11 ) — ( 2 ) Net current period other comprehensive ( 1 ) 18 ( 11 ) 1 7 Ending balance $ ( 250 ) $ ( 26 ) $ ( 1,287 ) $ ( 2 ) $ ( 1,565 ) Three Months Ended March 31, 2022 Beginning balance $ ( 358 ) $ 37 $ ( 1,133 ) $ ( 4 ) $ ( 1,458 ) Other comprehensive income (loss) before 25 ( 62 ) 28 1 ( 8 ) Amounts reclassified from AOCI: Interest and related charges (benefit) 14 — — — 14 Other income (expense) — 4 23 — 27 Total 14 4 23 — 41 Income tax expense (benefit) ( 4 ) ( 1 ) ( 6 ) — ( 11 ) Total, net of tax 10 3 17 — 30 Net current period other comprehensive 35 ( 59 ) 45 1 22 Ending balance $ ( 323 ) $ ( 22 ) $ ( 1,088 ) $ ( 3 ) $ ( 1,436 ) (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $ 83 million, $ 83 million, $ 107 million and $ 119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (3) Net of $ 6 million, $ 13 million, $ 8 million and $( 10 ) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (4) Net of $ 449 million, $ 445 million, $ 380 million and $ 396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. (5) Net of $— million, $ 1 million, $ 1 million and $ 1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
Virginia Electric and Power Company | |
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component | The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component: Total Derivative-Hedging Activities (1)(2) Investment (3) Total (millions) Three Months Ended March 31, 2023 Beginning balance $ 16 $ ( 7 ) $ 9 Other comprehensive income (loss) before ( 9 ) 4 ( 5 ) Net current period other comprehensive income (loss) ( 9 ) 4 ( 5 ) Ending balance $ 7 $ ( 3 ) $ 4 Three Months Ended March 31, 2022 Beginning balance $ ( 45 ) $ 4 $ ( 41 ) Other comprehensive income (loss) before 19 ( 7 ) 12 Amounts reclassified from AOCI: (gains) losses Interest and related charges (benefit) 1 — 1 Other income (expense) — ( 1 ) ( 1 ) Total 1 ( 1 ) — Income tax expense — — — Total, net of tax 1 ( 1 ) — Net current period other comprehensive income (loss) 20 ( 8 ) 12 Ending balance $ ( 25 ) $ ( 4 ) $ ( 29 ) (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $( 2 ) million, $( 5 ) million, $ 9 million and $ 16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively . (3) Net of $ 1 million, $ 2 million, $ 1 million and $( 2 ) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents the Companies' quantitative information about Level 3 fair value measurements at March 31, 2023. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Dominion Energy Virginia Power Valuation Unobservable Fair Value (millions) Range Weighted (1) Fair Value (millions) Range Weighted (1) Assets Physical and financial forwards: Natural gas (2) Discounted Market price (3) $ 6 ( 2 )- 5 — $ 6 ( 2 )- 3 — FTRs Discounted Market price (3) 37 1 - 7 4 37 1 - 7 4 Electricity Discounted Market price (3) 152 18 - 110 48 — — — Physical options: Natural gas (2) Option model Market price (3) 16 1 - 10 4 16 1 - 10 4 Price volatility (4) 23 %- 74 % 53 % 23 %- 74 % 53 % Total assets $ 211 $ 59 Liabilities Physical and financial forwards: Natural gas (2) Discounted Market price (3) $ 3 ( 2 )- 3 ( 1 ) $ 3 ( 2 )- 0 ( 1 ) FTRs Discounted Market price (3) 1 0 - 7 3 1 0 - 7 3 Electricity Discounted Market price (3) 1 34 - 129 63 — — — Total $ 5 $ 4 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. 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 Position Change to Input Impact on Fair Value 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 the Companies' assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Dominion Energy Virginia Power Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (millions) March 31, 2023 Assets Derivatives: Commodity $ — $ 237 $ 211 $ 448 $ — $ 83 $ 59 $ 142 Interest rate — 748 — 748 — 90 — 90 Foreign currency exchange rate — 1 — 1 — 1 — 1 Investments (1) : Equity securities: U.S. 4,052 — — 4,052 2,155 — — 2,155 Fixed income: Corporate debt instruments — 544 — 544 — 329 — 329 Government securities 165 1,137 — 1,302 92 605 — 697 Cash equivalents and other 36 — — 36 11 — — 11 Total assets $ 4,253 $ 2,667 $ 211 $ 7,131 $ 2,258 $ 1,108 $ 59 $ 3,425 Liabilities Derivatives: Commodity $ — $ 388 $ 5 $ 393 $ — $ 177 $ 4 $ 181 Interest rate — 403 — 403 — 62 — 62 Foreign currency exchange rate — 93 — 93 — 93 — 93 Total liabilities $ — $ 884 $ 5 $ 889 $ — $ 332 $ 4 $ 336 December 31, 2022 Assets Derivatives: Commodity $ — $ 332 $ 437 $ 769 $ — $ 32 $ 236 $ 268 Interest rate — 1,407 — 1,407 — 614 — 614 Investments (1) : Equity securities: U.S. 3,810 — — 3,810 2,028 — — 2,028 Fixed income: Corporate debt instruments — 576 — 576 — 360 — 360 Government securities 161 1,059 — 1,220 90 542 — 632 Total assets $ 3,971 $ 3,374 $ 437 $ 7,782 $ 2,118 $ 1,548 $ 236 $ 3,902 Liabilities Derivatives: Commodity $ — $ 911 $ 15 $ 926 $ — $ 333 $ 15 $ 348 Interest rate — 377 — 377 — 7 — 7 Foreign currency exchange rate — 101 — 101 — 101 — 101 Total liabilities $ — $ 1,389 $ 15 $ 1,404 $ — $ 441 $ 15 $ 456 (1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $ 381 million and $ 404 million of assets at Dominion Energy, inclusive of $ 152 million and $ 161 million at Virginia Power, at March 31, 2023 and December 31, 2022 , 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 the Companies' assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Beginning balance $ 422 $ 222 $ 221 $ 102 Total realized and unrealized gains (losses): Included in earnings: Electric fuel and other energy-related purchases ( 51 ) 48 ( 52 ) 45 Included in regulatory assets/liabilities ( 216 ) ( 20 ) ( 166 ) ( 80 ) Settlements 35 ( 48 ) 36 ( 45 ) Purchases 16 — 16 — Transfers out of Level 3 — — — — Ending balance $ 206 $ 202 $ 55 $ 22 Dominion Energy had less than $ 1 million of unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2023 and no such amounts for the three months ended March 31, 2022. Virginia Power had no such amounts for the three months ended March 31, 2023 and 2022. |
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: Dominion Energy Virginia Power Carrying Estimated (1) Carrying Estimated (1) (millions) March 31, 2023 Long-term debt (2) $ 41,920 $ 39,771 $ 16,400 $ 15,314 Supplemental credit facility borrowings 900 900 Junior subordinated notes (2) 1,387 1,350 December 31, 2022 Long-term debt (2) $ 39,680 $ 36,426 $ 15,616 $ 14,067 Supplemental credit facility borrowings 450 450 Junior subordinated notes (2) 1,387 1,340 (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 and discount or premium. |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Offsetting Assets | The tables below present the Companies' derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets (1) Financial Cash Net Gross Assets (1) Financial Cash Net (millions) March 31, 2023 Commodity contracts: Over-the-counter $ 238 $ 91 $ — $ 147 $ 128 $ 57 $ — $ 71 Exchange 59 59 — — 13 13 — — Interest rate contracts: Over-the-counter 748 202 — 546 90 10 — 80 Foreign currency exchange rate contracts: Over-the-counter 1 1 — — 1 1 — — Total derivatives, $ 1,046 $ 353 $ — $ 693 $ 232 $ 81 $ — $ 151 December 31, 2022 Commodity contracts: Over-the-counter $ 408 $ 28 $ — $ 380 $ 238 $ 7 $ — $ 231 Exchange 160 159 — 1 — — — — Interest rate contracts: Over-the-counter 1,407 248 — 1,159 614 38 — 576 Total derivatives, $ 1,975 $ 435 $ — $ 1,540 $ 852 $ 45 $ — $ 807 (1) Excludes derivative assets of $ 151 million and $ 201 million at Dominion Energy and $ 1 million and $ 30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements. |
Offsetting Liabilities | Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities (1) Financial Cash Net Gross Liabilities (1) Financial Cash Net (millions) March 31, 2023 Commodity contracts: Over-the-counter $ 219 $ 100 $ — $ 119 $ 82 $ 66 $ — $ 16 Exchange 174 59 115 — 31 13 18 — Interest rate contracts: Over-the-counter 403 193 1 209 62 1 — 61 Foreign currency exchange rate contracts: Over-the-counter 93 1 — 92 93 1 — 92 Total derivatives, $ 889 $ 353 $ 116 $ 420 $ 268 $ 81 $ 18 $ 169 December 31, 2022 Commodity contracts: Over-the-counter $ 443 $ 34 $ 71 $ 338 $ 146 $ 13 $ 71 $ 62 Exchange 483 159 324 — 176 — 176 — Interest rate contracts: Over-the-counter 377 210 1 166 7 — — 7 Foreign currency exchange rate contracts: Over-the-counter 101 32 — 69 101 32 — 69 Total derivatives, $ 1,404 $ 435 $ 396 $ 573 $ 430 $ 45 $ 247 $ 138 (1) Excludes derivative liabilities of $ 68 million and $ 26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at March 31, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements. |
Schedule of Volume of Derivative Activity | The following table presents the volume of the Companies' derivative activity at March 31, 2023. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Dominion Energy Virginia Power Current Noncurrent Current Noncurrent Natural Gas (bcf): Fixed price 56 15 53 15 Basis (1) 160 405 148 402 Electricity (MWh in millions): Fixed price 16 45 8 15 FTRs 18 — 18 — Oil (Gal in millions) 6 — 6 — Interest rate (2) (in millions) $ 526 $ 11,782 $ 125 $ 2,750 Foreign currency exchange rate (2) (in millions) Danish Krone 344 kr. 4,167 kr. 344 kr. 4,167 kr. Euro € 676 € 2,131 € 676 € 2,131 (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 and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at March 31, 2023: Dominion Energy Virginia Power AOCI After-Tax Amounts Expected to be Maximum Term AOCI After-Tax Amounts Expected to be Maximum Term (millions) Interest rate $ ( 250 ) $ ( 33 ) 393 months $ 7 $ — 393 months Total $ ( 250 ) $ ( 33 ) $ 7 $ — |
Fair Value of Derivatives | Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of the Companies' derivatives and where they are presented in their Consolidated Balance Sheets: Dominion Energy Virginia Power Fair Value – Fair Value – Total Fair Fair Value – Fair Value – Total Fair (millions) At March 31, 2023 ASSETS Current Assets Commodity $ — $ 157 $ 157 $ — $ 79 $ 79 Interest rate 11 95 106 11 — 11 Foreign currency exchange rate — 1 1 — 1 1 Total current derivative assets 11 253 264 11 80 91 Noncurrent Assets Commodity — 291 291 — 63 63 Interest rate 79 563 642 79 — 79 Total noncurrent derivative assets (1) 79 854 933 79 63 142 Total derivative assets $ 90 $ 1,107 $ 1,197 $ 90 $ 143 $ 233 LIABILITIES Current Liabilities Commodity $ — $ 309 $ 309 $ — $ 145 $ 145 Interest rate — 55 55 — — — Foreign currency exchange rate — 7 7 — 7 7 Total current derivative liabilities — 371 371 — 152 152 Noncurrent Liabilities Commodity — 84 84 — 36 36 Interest rate 62 286 348 62 — 62 Foreign currency exchange rate — 86 86 — 86 86 Total noncurrent derivative liabilities (2) 62 456 518 62 122 184 Total derivative liabilities $ 62 $ 827 $ 889 $ 62 $ 274 $ 336 At December 31, 2022 ASSETS Current Assets Commodity $ — $ 532 $ 532 $ — $ 264 $ 264 Interest rate 501 104 605 501 — 501 Total current derivative assets 501 636 1,137 501 264 765 Noncurrent Assets Commodity — 237 237 — 4 4 Interest rate 113 689 802 113 — 113 Total noncurrent derivative assets (1) 113 926 1,039 113 4 117 Total derivative assets $ 614 $ 1,562 $ 2,176 $ 614 $ 268 $ 882 LIABILITIES Current Liabilities Commodity $ — $ 700 $ 700 $ — $ 290 $ 290 Interest rate — 70 70 — — — Foreign currency exchange rate — 8 8 — 8 8 Total current derivative liabilities — 778 778 — 298 298 Noncurrent Liabilities Commodity — 226 226 — 58 58 Interest rate 7 300 307 7 — 7 Foreign currency exchange rate — 93 93 — 93 93 Total noncurrent derivative liabilities (2) 7 619 626 7 151 158 Total derivative liabilities $ 7 $ 1,397 $ 1,404 $ 7 $ 449 $ 456 (1) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (2) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ 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 the Companies' derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income. Dominion Energy Virginia Power Derivatives in Amount of Gain (1) Amount of Gain Increase (Decrease) (2) Amount of Gain (1) Amount of Gain Increase (Decrease) (2) (millions) Three Months Ended March 31, 2023 Derivative type and location of gains (losses): Interest rate (3) $ ( 12 ) $ ( 11 ) $ ( 120 ) $ ( 12 ) $ — $ ( 120 ) Total $ ( 12 ) $ ( 11 ) $ ( 120 ) $ ( 12 ) $ — $ ( 120 ) Three Months Ended March 31, 2022 Derivative type and location of gains (losses): Interest rate (3) $ 33 ( 14 ) $ 279 $ 26 $ ( 1 ) $ 279 Total $ 33 $ ( 14 ) $ 279 $ 26 $ ( 1 ) $ 279 (1) Amounts deferred into AOCI have no associated effect in the Companies' 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 the Companies' Consolidated Statements of Income. (3) Amounts recorded in the Companies' Consolidated Statement of Income are classified in interest and related charges. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Amount of Gain (Loss) Recognized in Income on Derivatives (1)(2) Derivatives not designated as hedging instruments Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 395 $ ( 330 ) $ 9 $ ( 41 ) Purchased gas 94 2 Electric fuel and other energy-related purchases ( 45 ) 59 ( 46 ) 57 Interest rate: Interest and related charges ( 102 ) 196 Total $ 342 $ ( 73 ) $ ( 37 ) $ 16 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | The Companies' decommissioning trust funds are summarized below: Dominion Energy Virginia Power Amortized Total Total Allowance for Credit Losses Fair Amortized Total Total Allowance for Credit Losses Fair (millions) March 31, 2023 Equity securities: (1) U.S. $ 1,392 $ 2,708 $ ( 25 ) $ 4,075 $ 867 $ 1,407 $ ( 22 ) $ 2,252 Fixed income securities: (2) Corporate debt 586 3 ( 46 ) $ — 543 360 2 ( 33 ) $ — 329 Government 1,299 12 ( 42 ) — 1,269 709 7 ( 19 ) — 697 Common/ 74 — — — 74 54 — — — 54 Insurance contracts 232 — — 232 Cash equivalents (3) 69 — — — 69 28 — — — 28 Total $ 3,652 $ 2,723 $ ( 113 ) (4) $ — $ 6,262 $ 2,018 $ 1,416 $ ( 74 ) (4) $ — $ 3,360 December 31, 2022 Equity securities: (1) U.S. $ 1,378 $ 2,501 $ ( 46 ) $ 3,833 $ 858 $ 1,304 $ ( 35 ) $ 2,127 Fixed income securities: (2) Corporate debt 640 1 ( 65 ) $ — 576 406 1 ( 47 ) $ — 360 Government 1,252 4 ( 70 ) — 1,186 664 2 ( 35 ) — 631 Common/ 98 — — — 98 61 — — — 61 Insurance contracts 221 — — 221 Cash equivalents (3) 43 — — — 43 23 — — — 23 Total $ 3,632 $ 2,506 $ ( 181 ) (4) $ — $ 5,957 $ 2,012 $ 1,307 $ ( 117 ) (4) $ — $ 3,202 (1) Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense). (3) Dominion Energy includes pending sales of securities of $ 33 million and $ 42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $ 17 million and $ 24 million at March 31, 2023, and December 31, 2022, respectively. (4) Dominion Energy's fair value of securities in an unrealized loss position was $ 1.2 billion and $ 1.6 billion at March 31, 2023 and December 31, 2022 , respectively. Virginia Power's fair value of securities in an unrealized loss position was $ 627 million and $ 946 million at March 31, 2023 and December 31, 2022 , respectively. |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below: Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Net gains (losses) recognized during the period $ 226 $ ( 206 ) $ 116 $ ( 102 ) Less: Net (gains) losses recognized during the period 2 ( 1 ) 1 ( 4 ) Unrealized gains (losses) recognized during the period (1) $ 228 $ ( 207 ) $ 117 $ ( 106 ) (1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2023 by contractual maturity is as follows: Dominion Energy Virginia Power (millions) Due in one year or less $ 90 $ 58 Due after one year through five years 500 274 Due after five years through ten years 420 245 Due after ten years 876 503 Total $ 1,886 $ 1,080 |
Marketable Securities | Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Dominion Energy Virginia Power Three Months Ended March 31, 2023 2022 2023 2022 (millions) Proceeds from sales $ 544 $ 814 $ 373 $ 392 Realized gains (1) 21 40 17 16 Realized losses (1) 41 54 31 19 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities include the following: Dominion Energy Virginia Power March 31, December 31, March 31, December 31, (millions) Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 537 $ 603 $ 118 $ 133 Deferred project costs and DSM programs for gas utilities (2) 48 68 Unrecovered gas costs (3) 551 374 Deferred rider costs for Virginia electric utility (4) 90 152 90 152 Ash pond and landfill closure costs (5) 205 221 205 221 Deferred nuclear refueling outage costs (6) 66 83 66 83 NND Project costs (7) 138 138 Deferred early plant retirement charges (8) 169 226 169 226 Derivatives (9) 116 262 112 251 Other 236 213 60 74 Regulatory assets-current 2,156 2,340 820 1,140 Unrecognized pension and other postretirement benefit costs (10) 971 989 4 4 Deferred rider costs for Virginia electric utility (4) 496 363 496 363 Deferred project costs for gas utilities (2) 732 703 Interest rate hedges (11) 169 169 — — AROs and related funding (12) 393 398 NND Project costs (7) 2,053 2,088 Ash pond and landfill closure costs (5) 2,033 2,051 2,030 2,049 Deferred cost of fuel used in electric generation (1) 1,400 1,551 1,400 1,551 Derivatives (9) 199 255 92 148 Other 505 520 129 132 Regulatory assets-noncurrent 8,951 9,087 4,151 4,247 Total regulatory assets $ 11,107 $ 11,427 $ 4,971 $ 5,387 Regulatory liabilities: Provision for future cost of removal and AROs (13) 127 127 111 111 Reserve for refunds and rate credits to electric utility customers (14) 109 125 14 25 Income taxes refundable through future rates (15) 150 152 65 65 Monetization of guarantee settlement (16) 67 67 Derivatives (9) 40 327 31 176 Other 158 148 88 129 Regulatory liabilities-current 651 946 309 506 Income taxes refundable through future rates (15) 4,017 4,054 2,256 2,272 Provision for future cost of removal and AROs (13) 2,537 2,510 1,148 1,135 Nuclear decommissioning trust (17) 1,812 1,685 1,812 1,685 Monetization of guarantee settlement (16) 686 702 Interest rate hedges (11) 107 240 107 240 Reserve for refunds and rate credits to electric utility customers (14) 298 325 — — Unrecognized pension and other postretirement benefit costs (10) 18 22 Overrecovered other postretirement benefit costs (18) 146 140 Derivatives (9) 209 235 — — Other 262 194 234 167 Regulatory liabilities-noncurrent 10,092 10,107 5,557 5,499 Total regulatory liabilities $ 10,743 $ 11,053 $ 5,866 $ 6,005 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its 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 rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information. (3) Reflects unrecovered gas costs at regulated gas operations, which are recovered 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. See Note 13 for additional information. (5) Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. (6) Legislation in Virginia 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. (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. (8) Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (9) Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. (10) 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. (11) 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 and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023. (12) 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 . (13) Rates charged to customers by Dominion Energy and 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. (14) 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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. (15) 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. (16) 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. (17) 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 Virginia Power's utility nuclear generation stations, in excess of the related AROs. (18) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Public Utilities General Disclosures [Line Items] | |
Summary of Significant Virginia Power Electric Transmission Projects Applied | Developments for significant Virginia Power electric transmission projects approved or applied for are as follows: Description and Location Application Date Approval Date Type of Miles of Cost Estimate Partial rebuild of Bristers-Ox 115 kV line in August 2022 April 2023 230 kV 15 $ 40 Construct new Mars and Wishing Star substations, October 2022 April 2023 500/230 kV 4 720 Rebuild of Lines #2019 and #2007 in the City of February 2023 Pending 230 kV 5 95 Install transformer at Possum Point substation, March 2023 Pending 230 kV 2 35 Partial rebuild of Line #2011 in the Cities of March 2023 Pending 230 kV 7 35 |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Significant Riders Associated With Virginia Power Projects | Developments for significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Total Revenue Increase (Decrease) Rider CCR February 2023 Pending December 2023 $ 194 $ ( 37 ) Rider CE (1) October 2022 April 2023 May 2023 89 18 Rider GT August 2022 April 2023 June 2023 14 ( 42 ) Rider R June 2021 March 2022 April 2023 55 (4) ( 4 ) Rider S June 2021 February 2022 April 2023 191 (4) ( 1 ) Rider T1 (2) May 2023 Pending September 2023 879 173 Rider U (3) June 2022 February 2023 April 2023 74 ( 21 ) Rider US-3 August 2022 April 2023 June 2023 40 ( 10 ) Rider US-4 August 2022 April 2023 June 2023 16 1 Rider W (5) June 2022 February 2023 April 2023 105 (4) ( 16 ) (1) Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects. (2) Consists of $ 510 million for the transmission component of Virginia Power's base rates and $ 369 million for Rider T1. (3) Consists of previously approved phases of Rider U. (4) In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023. (5) In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023. |
Significant Financing Transac_2
Significant Financing Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2023, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Outstanding Outstanding Facility (millions) Joint revolving credit facility (1) $ 6,000 $ 3,157 $ 154 $ 2,689 (1) This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2023, 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 was as follows: Facility (1) Outstanding Outstanding (millions) Joint revolving credit facility (1) $ 6,000 $ 1,010 $ 90 (1) 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 pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023 , the sub-limit for Virginia Power was $ 1.75 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Subsidiary Guarantees | At March 31, 2023, Dominion Energy had issued the following subsidiary guarantees: Maximum (millions) Commodity transactions (1) $ 2,710 Nuclear obligations (2) 245 Solar (3) 214 Other (4) 1,269 Total (5)(6) $ 4,438 (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. (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 II, Inc. 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 guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 . (6) In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $ 365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. 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 87 % of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023 , no amounts have been recorded related to this guarantee. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Virginia Electric and Power Company | |
Schedule of Related Party Transactions | Presented below are Virginia Power’s significant transactions with DES and other affiliates: Three Months Ended March 31, 2023 2022 (millions) Commodity purchases from affiliates $ 214 $ 293 Services provided by affiliates (1) 147 130 Services provided to affiliates 4 4 (1) Includes capitalized expenditures of $ 54 million and $ 39 million for the three months ended March 31, 2023 and 2022 , respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost (Credit) | 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. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits Three Months Ended March 31, 2023 2022 2023 2022 (millions) Service cost $ 24 $ 36 $ 3 $ 6 Interest cost 111 83 15 11 Expected return on plan assets ( 216 ) ( 223 ) ( 38 ) ( 48 ) Amortization of prior service cost (credit) — — ( 9 ) ( 10 ) Amortization of net actuarial (gain) loss — 40 ( 1 ) — Net periodic benefit (credit) cost $ ( 81 ) $ ( 64 ) $ ( 30 ) $ ( 41 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Virginia 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 (3) X Noncontrolling interest in Cove Point X (1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations as well as Wexpro’s natural gas development and production operations. (3) Includes solar generation facility development operations. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Gas Dominion Contracted Corporate Adjustments Consolidated (millions) Three Months Ended March 31, 2023 Total revenue from external $ 2,389 $ 1,367 $ 844 $ 308 $ 344 $ — $ 5,252 Intersegment revenue ( 1 ) 1 1 3 250 ( 254 ) — Total operating revenue 2,388 1,368 845 311 594 ( 254 ) 5,252 Net loss from discontinued — — — — ( 5 ) — ( 5 ) Net income attributable to 386 278 91 156 86 — 997 Three Months Ended March 31, 2022 Total revenue from external $ 2,172 $ 1,229 $ 798 $ 245 $ ( 165 ) $ — $ 4,279 Intersegment revenue ( 3 ) 1 1 4 237 ( 240 ) — Total operating revenue 2,169 1,230 799 249 72 ( 240 ) 4,279 Net income from discontinued — — — — 19 — 19 Net income (loss) attributable to 518 294 109 101 ( 311 ) — 711 |
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: Dominion Corporate Consolidated (millions) Three Months Ended March 31, 2023 Operating revenue $ 2,384 $ — $ 2,384 Net income (loss) 384 ( 31 ) 353 Three Months Ended March 31, 2022 Operating revenue $ 2,165 $ 2 $ 2,167 Net income (loss) 516 ( 159 ) 357 |
Significant Accounting Polici_4
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | [1] | $ 1,792 | $ 153 | $ 446 | $ 283 | |
Cash and cash equivalents | 1,792 | 153 | [2] | |||
Restricted cash and equivalents | [3] | 164 | 188 | 148 | 125 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 1,956 | 341 | 594 | 408 | ||
Virginia Electric and Power Company | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | 21 | 22 | [4] | 36 | 26 | |
Restricted cash and equivalents | [3] | 1 | 2 | |||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 22 | $ 24 | $ 36 | $ 26 | ||
[1] At March 31, 2022, Dominion Energy had $ 2 million of cash and cash equivalents included in current assets held for sale. No amounts were included in current assets held for sale at March 31, 2023, December 31, 2022 and December 31, 2021. Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Restricted cash and equivalents balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Cash and cash equivalents | $ 1,792 | $ 153 | [1] | ||
Current Assets Held for Sale | |||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Cash and cash equivalents | $ 0 | $ 0 | $ 2 | $ 0 | |
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Significant noncash investing and financing activities:(1) | |||
Accrued capital expenditures | [1] | $ 671 | $ 425 |
Leases | [2] | 117 | 24 |
Virginia Electric and Power Company | |||
Significant noncash investing and financing activities:(1) | |||
Accrued capital expenditures | 460 | 252 | |
Leases | [3] | $ 99 | $ 21 |
[1] See Note 10 for noncash investing activities related to the acquisition of a noncontrolling interest in Dominion Privatization and Note 17 for noncash financing activities related to the transfer of property associated with the settlement of litigation. Includes $ 32 million and $ 6 million of financing leases at March 31, 2023 and 2022, respectively, and $ 85 million and $ 18 million of operating leases at March 31, 2023 and 2022, respectively. Includes $ 31 million and $ 4 million of financing leases at March 31, 2023 and 2022, respectively, and $ 68 million and $ 17 million of operating leases at March 31, 2023 and 2022, respectively. |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | $ 32 | $ 6 |
Operating Leases | 85 | 18 |
Virginia Electric and Power Company | ||
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | 31 | 4 |
Operating Leases | $ 68 | $ 17 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations) (Narrative) (Detail) - Q-Pipe Group - Southwest Gas $ in Millions | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Business Acquisition And Dispositions [Line Items] | |
Gain (loss) on held for sale | $ 27 |
Gain (loss) on held for sale, after tax | $ 20 |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | $ 4,756 | $ 4,547 | |
Other revenues | [1],[2] | (496) | (268) |
Total operating revenue | 5,252 | 4,279 | |
Regulated Electric Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,286 | 1,287 | |
Regulated Electric Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,070 | 898 | |
Regulated Electric Sales | Industrial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 220 | 197 | |
Regulated Electric Sales | Government and Other Retail | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 244 | 272 | |
Regulated Electric Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 44 | 47 | |
Nonregulated Electric Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 257 | 367 | |
Regulated Gas Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 862 | 769 | |
Regulated Gas Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 314 | 273 | |
Regulated Gas Sales | Other | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 35 | 45 | |
Nonregulated Gas Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1 | 1 | |
Regulated Gas Transportation and Storage | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 311 | 297 | |
Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 62 | 46 | |
Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | 50 | 48 |
Virginia Electric and Power Company | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 2,346 | 2,196 | |
Other revenues | [1],[2] | (38) | (29) |
Total operating revenue | 2,384 | 2,167 | |
Virginia Electric and Power Company | Regulated Electric Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,010 | 1,015 | |
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 866 | 717 | |
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 116 | 103 | |
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 229 | 258 | |
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 29 | 32 | |
Virginia Electric and Power Company | Nonregulated Electric Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 11 | 14 | |
Virginia Electric and Power Company | Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 74 | 51 | |
Virginia Electric and Power Company | Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | $ 11 | $ 6 |
[1] Includes alternative revenue of $ 57 million and $ 30 million at Dominion Energy and $ 27 million and $ 8 million at Virginia Power for the three months ended March 31, 2023 and 2022, respectively. See Note 19 for amounts attributable to affiliates Includes sales which are considered to be goods transferred at a point in time of $ 8 million and $ 11 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, sales of renewable energy credits were $ 5 million and $ 4 million for the three months ended March 31, 2023 and 2022, respectively, at Dominion Energy and $ 3 million and less than $ 1 million for the three months ended March 31, 2023 and 2022, respectively, at Virginia Power. |
Operating Revenue (Schedule o_2
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | $ 4,756 | $ 4,547 |
NGL Midstream | Transferred at a Point in Time | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 8 | 11 |
Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 5 | 4 |
Alternative Revenue Programs | ||
Public Utilities General Disclosures [Line Items] | ||
Other revenues | 57 | 30 |
Virginia Electric and Power Company | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 2,346 | 2,196 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 3 | |
Virginia Electric and Power Company | Alternative Revenue Programs | ||
Public Utilities General Disclosures [Line Items] | ||
Other revenues | $ 27 | 8 |
Virginia Electric and Power Company | Maximum | Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | $ 1 |
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 | Mar. 31, 2023 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 662 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts, period | 9 months | |
Revenue, expected to be recognized on multi-year contracts | $ 51 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, expected to be recognized on multi-year contracts | $ 61 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, expected to be recognized on multi-year contracts | $ 54 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts, period | 2026 years | |
Revenue, expected to be recognized on multi-year contracts | $ 48 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts, period | 1 year | |
Revenue, expected to be recognized on multi-year contracts | $ 46 | [1] |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts, period | ||
Revenue, expected to be recognized on multi-year contracts | $ 402 | [1] |
[1] Includes no amounts for Virginia Power |
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 | Mar. 31, 2023 USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, expected to be recognized on multi-year contracts | $ 662 | [1] |
[1] Includes no amounts for Virginia Power |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | $ 145 | $ 119 | |
Other Current Liabilities and Other Deferred Credits and Other Liabilities | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | 93 | $ 150 | |
Virginia Electric and Power Company | |||
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | 39 | $ 33 | |
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 | $ 51 | $ 39 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Computation [Line Items] | ||
U.S. statutory rate | 21% | 21% |
Increases (reductions) resulting from: | ||
Recognition of taxes - sale of subsidiary stock | 0% | 9.40% |
State taxes, net of federal benefit | 3.40% | 3.30% |
Investment tax credits | (2.30%) | (3.90%) |
Production tax credits | (0.40%) | (0.40%) |
Reversal of excess deferred income taxes | (2.70%) | (4.10%) |
Changes in state deferred taxes associated with assets held for sale | 0% | 0.50% |
AFUDC - equity | (0.10%) | (0.60%) |
Other, net | (0.80%) | 0.20% |
Effective tax rate | 18.10% | 25.40% |
Virginia Electric and Power Company | ||
Effective Income Tax Computation [Line Items] | ||
U.S. statutory rate | 21% | 21% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 4.60% | 4.40% |
Investment tax credits | (0.30%) | (6.70%) |
Production tax credits | (0.70%) | (0.80%) |
Reversal of excess deferred income taxes | (2.70%) | (3.00%) |
AFUDC - equity | 0.20% | (0.90%) |
Other, net | (0.20%) | 0.60% |
Effective tax rate | 21.90% | 14.60% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Line Items] | ||
Income tax expense (benefit) | $ 221 | $ 236 |
Income tax (benefit) expense from discontinued operations | $ (1) | $ 6 |
Hope Gas Inc | ||
Income Taxes [Line Items] | ||
Percentage of equity interests sold | 100% | |
Income tax expense (benefit) | $ 87 |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Earnings Per Share [Abstract] | |||
Net income from continuing operations | $ 1,002 | $ 692 | |
Preferred stock dividends (see Note 16) | (20) | (27) | |
Net income attributable to Dominion Energy from continuing operations – Basic | 982 | 665 | |
Dilutive effect of 2019 Equity Units | [1] | 7 | |
Net income attributable to Dominion Energy from continuing operations - Diluted | 982 | 672 | |
Net income attributable to Dominion Energy | $ (5) | $ 19 | |
Average shares of common stock outstanding – Basic | 835.2 | 810.6 | |
Net effect of dilutive securities | [2] | 0.3 | 21.4 |
Average shares of common stock outstanding – Diluted | 835.5 | 832 | |
EPS from continuing operations – Basic | $ 1.18 | $ 0.82 | |
EPS from discontinued operations – Basic | (0.01) | 0.02 | |
Net income attributable to Dominion Energy | 1.17 | 0.84 | |
EPS from continuing operations – Diluted | 1.18 | 0.81 | |
EPS from discontinued operations – Diluted | (0.01) | 0.02 | |
Net income attributable to Dominion Energy | $ 1.17 | $ 0.83 | |
[1] Effective January 2022, diluted net income was no longer reduced by the Series A Preferred Stock dividends. Dilutive securities for the three months ended March 31, 2023 and 2022 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information. Additionally, dilutive securities for the three months ended March 31, 2022 included the 2019 Equity Units (applying the if converted method) as well as forward sales agreements entered into in November 2021 (applying the treasury stock method). See Notes 19 and 20 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [1] | $ 27,881 | ||
Interest and related charges (benefit) | (586) | $ (174) | ||
Other income (expense) | 284 | 46 | ||
Income tax expense (benefit) | (221) | (236) | ||
Net Income From Continuing Operations | 1,002 | 692 | ||
Total other comprehensive income (loss) | 7 | 22 | ||
Ending balance | 28,356 | |||
Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 17,245 | [2] | 15,980 | |
Interest and related charges (benefit) | [3] | (181) | (148) | |
Other income (expense) | 36 | 4 | ||
Income before income tax expense | 452 | 418 | ||
Income tax expense (benefit) | (99) | (61) | ||
Total other comprehensive income (loss) | (5) | 12 | ||
Ending balance | 17,593 | 16,348 | ||
Total Derivative-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [4],[5] | (249) | (358) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [4],[5] | (9) | 25 | |
Total other comprehensive income (loss) | [4],[5] | (1) | 35 | |
Ending balance | [4],[5] | (250) | (323) | |
Total Derivative-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [6],[7] | 16 | (45) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [6],[7] | (9) | 19 | |
Total other comprehensive income (loss) | [6],[7] | (9) | 20 | |
Ending balance | [6],[7] | 7 | (25) | |
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | [4],[5] | 11 | 14 | |
Income before income tax expense | [4],[5] | 11 | 14 | |
Income tax expense (benefit) | [4],[5] | (3) | (4) | |
Net Income From Continuing Operations | [4],[5] | 8 | 10 | |
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | [6],[7] | 1 | ||
Income before income tax expense | [6],[7] | 1 | ||
Net Income From Continuing Operations | [6],[7] | 1 | ||
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [8] | (44) | 37 | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [8] | 17 | (62) | |
Total other comprehensive income (loss) | [8] | 18 | (59) | |
Ending balance | [8] | (26) | (22) | |
Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [9] | (7) | 4 | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [9] | 4 | (7) | |
Total other comprehensive income (loss) | [9] | 4 | (8) | |
Ending balance | [9] | (3) | (4) | |
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) | [8] | 2 | 4 | |
Income before income tax expense | [8] | 2 | 4 | |
Income tax expense (benefit) | [8] | (1) | (1) | |
Net Income From Continuing Operations | [8] | 1 | 3 | |
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) | [9] | (1) | ||
Income before income tax expense | [9] | (1) | ||
Net Income From Continuing Operations | [9] | (1) | ||
Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [10] | (1,276) | (1,133) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [10] | 28 | ||
Total other comprehensive income (loss) | [10] | (11) | 45 | |
Ending balance | [10] | (1,287) | (1,088) | |
Pension and Other Postretirement Benefit Costs | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) | [10] | (15) | 23 | |
Income before income tax expense | [10] | (15) | 23 | |
Income tax expense (benefit) | [10] | 4 | (6) | |
Net Income From Continuing Operations | [10] | (11) | 17 | |
Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [11] | (3) | (4) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [11] | 1 | 1 | |
Total other comprehensive income (loss) | [11] | 1 | 1 | |
Ending balance | [11] | (2) | (3) | |
AOCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,572) | (1,458) | ||
Other comprehensive income (loss) before reclassifications: gains (losses) | 9 | (8) | ||
Total other comprehensive income (loss) | 7 | 22 | ||
Ending balance | (1,565) | (1,436) | ||
AOCI | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 9 | (41) | ||
Other comprehensive income (loss) before reclassifications: gains (losses) | (5) | 12 | ||
Total other comprehensive income (loss) | (5) | 12 | ||
Ending balance | 4 | (29) | ||
AOCI | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | 11 | 14 | ||
Other income (expense) | (13) | 27 | ||
Income before income tax expense | (2) | 41 | ||
Income tax expense (benefit) | (11) | |||
Net Income From Continuing Operations | $ (2) | 30 | ||
AOCI | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | 1 | |||
Other income (expense) | $ (1) | |||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. See Note 19 for amounts attributable to affiliates. Comprised entirely of interest rate derivative hedging activities. Net of $ 83 million, $ 83 million, $ 107 million and $ 119 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. Comprised entirely of interest rate derivative hedging activities. Net of $( 2 ) million, $( 5 ) million, $ 9 million and $ 16 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively Net of $ 6 million, $ 13 million, $ 8 million and $( 10 ) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. Net of $ 1 million, $ 2 million, $ 1 million and $( 2 ) million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. Net of $ 449 million, $ 445 million, $ 380 million and $ 396 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. Net of $— million, $ 1 million, $ 1 million and $ 1 million tax at March 31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Total Derivative-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 83 | $ 83 | $ 107 | $ 119 |
Total Derivative-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | (2) | (5) | 9 | 16 |
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 6 | 13 | 8 | (10) |
Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 1 | 2 | 1 | (2) |
Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 449 | 445 | 380 | 396 |
Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 1 | $ 1 | $ 1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) $ / MWh $ / MMBTU | Dec. 31, 2022 USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 1,197 | $ 2,176 | |
Fair Value of Derivative Liabilities | 889 | 1,404 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 233 | 882 | |
Fair Value of Derivative Liabilities | 336 | 456 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 7,131 | 7,782 | |
Total liabilities | 889 | 1,404 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 3,425 | 3,902 | |
Total liabilities | 336 | 456 | |
Fair Value, Measurements, Recurring | Commodity Contract | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 448 | 769 | |
Fair Value of Derivative Liabilities | 393 | 926 | |
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 142 | 268 | |
Fair Value of Derivative Liabilities | 181 | 348 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 211 | 437 | |
Total liabilities | 5 | 15 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 59 | 236 | |
Total liabilities | 4 | 15 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 211 | 437 | |
Fair Value of Derivative Liabilities | 5 | 15 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 59 | 236 | |
Fair Value of Derivative Liabilities | 4 | $ 15 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1],[2] | 6 | |
Fair Value of Derivative Liabilities | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1],[2] | 6 | |
Fair Value of Derivative Liabilities | [1],[2] | $ 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 5 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [3] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [3] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [3] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [3] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [2] | $ 37 | |
Fair Value of Derivative Liabilities | [2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [2] | 37 | |
Fair Value of Derivative Liabilities | [2] | $ 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 7 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [3] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [3] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [3] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [3] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [2] | $ 152 | |
Fair Value of Derivative Liabilities | [2] | $ 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 18 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 34 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 110 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 129 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [3] | 48 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [3] | 63 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1],[2] | $ 16 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [1],[2] | $ 16 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | 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 | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 23% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 23% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 10 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 10 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 74% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 74% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [3] | 53% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [3] | 53% | |
[1] Includes basis. Represents market prices beyond defined terms for Levels 1 and 2. Averages weighted by volume. Represents volatilities unrepresented in published markets. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in operating revenue in Level 3 fair value category | $ 0 | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in operating revenue in Level 3 fair value category | $ 1,000,000 | |
Level 3 | Corporate Office Building | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-lived assets, estimated fair value | 35,000,000 | |
Impairment of Assets and Other Charges | Corporate Office Building | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets and other charges | 91,000,000 | |
Asset impairment charges after tax | 68,000,000 | |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets and other charges | 7,000,000 | 4,000,000 |
Unrealized gains or losses included in operating revenue in Level 3 fair value category | $ 0 | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | $ 1,197 | $ 2,176 | |
Derivative Liabilities | 889 | 1,404 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 233 | 882 | |
Derivative Liabilities | 336 | 456 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 7,131 | 7,782 | |
Total Liabilities | 889 | 1,404 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 3,425 | 3,902 | |
Total Liabilities | 336 | 456 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,052 | 3,810 |
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 | [1] | 2,155 | 2,028 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 544 | 576 |
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 | [1] | 329 | 360 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,302 | 1,220 |
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 | [1] | 697 | 632 |
Fair Value, Measurements, Recurring | Cash Equivalents and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents and other | [1] | 36 | |
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] | |||
Cash equivalents and other | [1] | 11 | |
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 1 | ||
Derivative Liabilities | 93 | 101 | |
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 1 | ||
Derivative Liabilities | 93 | 101 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 448 | 769 | |
Derivative Liabilities | 393 | 926 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 142 | 268 | |
Derivative Liabilities | 181 | 348 | |
Fair Value, Measurements, Recurring | Interest Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 748 | 1,407 | |
Derivative Liabilities | 403 | 377 | |
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 90 | 614 | |
Derivative Liabilities | 62 | 7 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4,253 | 3,971 | |
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 | 2,258 | 2,118 | |
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] | 4,052 | 3,810 |
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 | [1] | 2,155 | 2,028 |
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] | 165 | 161 |
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 | [1] | 92 | 90 |
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents and other | [1] | 36 | |
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] | |||
Cash equivalents and other | [1] | 11 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,667 | 3,374 | |
Total Liabilities | 884 | 1,389 | |
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 | 1,108 | 1,548 | |
Total Liabilities | 332 | 441 | |
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] | 544 | 576 |
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 | [1] | 329 | 360 |
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] | 1,137 | 1,059 |
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 | [1] | 605 | 542 |
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 1 | ||
Derivative Liabilities | 93 | 101 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 1 | ||
Derivative Liabilities | 93 | 101 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 237 | 332 | |
Derivative Liabilities | 388 | 911 | |
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] | |||
Derivatives Assets | 83 | 32 | |
Derivative Liabilities | 177 | 333 | |
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 748 | 1,407 | |
Derivative Liabilities | 403 | 377 | |
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] | |||
Derivatives Assets | 90 | 614 | |
Derivative Liabilities | 62 | 7 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 211 | 437 | |
Total Liabilities | 5 | 15 | |
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 | 59 | 236 | |
Total Liabilities | 4 | 15 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives Assets | 211 | 437 | |
Derivative Liabilities | 5 | 15 | |
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] | |||
Derivatives Assets | 59 | 236 | |
Derivative Liabilities | $ 4 | $ 15 | |
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $ 381 million and $ 404 million of assets at Dominion Energy, inclusive of $ 152 million and $ 161 million at Virginia Power, at March 31, 2023 and December 31, 2022 , 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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 381 | $ 404 |
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 | $ 152 | $ 161 |
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 | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 422 | $ 222 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (51) | $ 48 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Electric fuel and other energy-related purchases | |
Included in regulatory assets/liabilities | (216) | $ 20 |
Settlements | 35 | (48) |
Purchases | 16 | |
Ending balance | 206 | 202 |
Virginia Electric and Power Company | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | 221 | 102 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (52) | $ 45 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Electric fuel and other energy-related purchases | |
Included in regulatory assets/liabilities | (166) | $ 80 |
Settlements | 36 | (45) |
Purchases | 16 | |
Ending balance | $ 55 | $ 22 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | [1] | $ 41,920 | $ 39,680 | |
Supplemental credit facility borrowings | 900 | 450 | ||
Junior subordinated notes | [1] | 1,387 | 1,387 | |
Estimate of Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | [2] | 39,771 | 36,426 | [1] |
Supplemental credit facility borrowings | [2] | 900 | 450 | |
Junior subordinated notes | [2] | 1,350 | 1,340 | |
Virginia Electric and Power Company | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 16,400 | 15,616 | [1] | |
Virginia Electric and Power Company | Estimate of Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | [2] | $ 15,314 | $ 14,067 | [1] |
[1] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. 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) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Supplemental line of credit facility borrowings expiration period | 1 year |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 1,046 | $ 1,975 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 353 | 435 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 693 | 1,540 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 232 | 852 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 81 | 45 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 151 | 807 | |
Commodity Contract | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 238 | 408 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 91 | 28 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 147 | 380 | |
Commodity Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 128 | 238 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 57 | 7 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 71 | 231 | |
Commodity Contract | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 59 | 160 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 59 | 159 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 1 | |
Commodity Contract | Exchange | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 13 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 13 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 0 | |
Interest Rate Contract | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 748 | 1,407 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 202 | 248 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 546 | 1,159 | |
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 90 | 614 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 38 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 80 | $ 576 | |
Foreign currency exchange rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 1 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | ||
Net Amounts | 0 | ||
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 1 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | ||
Net Amounts | $ 0 | ||
[1] Excludes derivative assets of $ 151 million and $ 201 million at Dominion Energy and $ 1 million and $ 30 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements. |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 151 | $ 201 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 1 | $ 30 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 889 | $ 1,404 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 353 | 435 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 116 | 396 | |
Net Amounts | 420 | 573 | |
Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 268 | 430 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 81 | 45 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 18 | 247 | |
Net Amounts | 169 | 138 | |
Commodity Contract | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 219 | 443 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 100 | 34 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 71 | |
Net Amounts | 119 | 338 | |
Commodity Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 82 | 146 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 66 | 13 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 71 | |
Net Amounts | 16 | 62 | |
Commodity Contract | Exchange | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 174 | 483 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 59 | 159 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 115 | 324 | |
Net Amounts | 0 | 0 | |
Commodity Contract | Exchange | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 31 | 176 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 13 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 18 | 176 | |
Net Amounts | 0 | 0 | |
Interest Rate Contract | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 403 | 377 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 193 | 210 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | 1 | |
Net Amounts | 209 | 166 | |
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 62 | 7 |
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 | 61 | 7 | |
Foreign currency exchange rate | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 93 | 101 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 92 | 69 | |
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 93 | 101 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 32 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | $ 92 | $ 69 | |
[1] Excludes derivative liabilities of $ 68 million and $ 26 million at Virginia Power at March 31, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at March 31, 2023 and December 31, 2022 which were 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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 0 | $ 0 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 68,000,000 | $ 26,000,000 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2023 € in Millions, kr in Millions, $ in Millions | USD ($) MWh Bcf | DKK (kr) | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | 56 | |||
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | 53 | |||
Basis - Natural Gas - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 160 | ||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 148 | ||
Fixed Price - Electricity - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 16 | |||
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 8 | |||
Financial Transmission Rights - Electricity- Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 18 | |||
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 18 | |||
Oil - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | $ 6 | |||
Oil - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | 6 | |||
Interest Rate - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [2] | 526 | ||
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [2] | $ 125 | ||
Foreign Currency Exchange Rate - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | [2] | kr 344 | € 676 | |
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | [2] | 344 | 676 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | 15 | |||
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | 15 | |||
Basis - Natural Gas - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 405 | ||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 402 | ||
Fixed Price - Electricity - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 45 | |||
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 15 | |||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 0 | |||
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 0 | |||
Oil - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | $ 0 | |||
Oil - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | 0 | |||
Interest Rate - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [2] | 11,782 | ||
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [2] | $ 2,750 | ||
Foreign Currency Exchange Rate - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | [2] | 4,167 | 2,131 | |
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | [2] | kr 4,167 | € 2,131 | |
[1] Includes options. Maturity is determined based on final settlement period. |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains and Losses on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (250) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (33) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | 7 |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | 0 |
Interest Rate Contract | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (250) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (33) |
Maximum Term | 393 months |
Interest Rate Contract | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 7 |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 0 |
Maximum Term | 393 months |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | $ 264 | $ 1,137 | [1] | |
Derivative Asset, Noncurrent | [2] | 933 | 1,039 | |
Derivatives Assets | 1,197 | 2,176 | ||
Derivative Liabilities, Current | 371 | 778 | [1] | |
Derivative Liabilities, Noncurrent | [3] | 518 | 626 | |
Derivative Liabilities | 889 | 1,404 | ||
Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [4] | 91 | 765 | [5] |
Derivative Asset, Noncurrent | [2] | 142 | 117 | |
Derivatives Assets | 233 | 882 | ||
Derivative Liabilities, Current | [4] | 152 | 298 | [5] |
Derivative Liabilities, Noncurrent | [3] | 184 | 158 | |
Derivative Liabilities | 336 | 456 | ||
Commodity Contract | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 157 | 532 | ||
Derivative Asset, Noncurrent | 291 | 237 | ||
Derivative Liabilities, Current | 309 | 700 | ||
Derivative Liabilities, Noncurrent | 84 | 226 | ||
Commodity Contract | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 79 | 264 | ||
Derivative Asset, Noncurrent | 63 | 4 | ||
Derivative Liabilities, Current | 145 | 290 | ||
Derivative Liabilities, Noncurrent | 36 | 58 | ||
Interest Rate Contract | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 106 | 605 | ||
Derivative Asset, Noncurrent | 642 | 802 | ||
Derivative Liabilities, Current | 55 | 70 | ||
Derivative Liabilities, Noncurrent | 348 | 307 | ||
Interest Rate Contract | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | 501 | ||
Derivative Asset, Noncurrent | 79 | 113 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 62 | 7 | ||
Foreign currency exchange rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 1 | |||
Derivative Liabilities, Current | 7 | 8 | ||
Derivative Liabilities, Noncurrent | 86 | 93 | ||
Foreign currency exchange rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 1 | |||
Derivative Liabilities, Current | 7 | 8 | ||
Derivative Liabilities, Noncurrent | 86 | 93 | ||
Designated as Hedging Instrument | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | 501 | ||
Derivative Asset, Noncurrent | [2] | 79 | 113 | |
Derivatives Assets | 90 | 614 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | [3] | 62 | 7 | |
Derivative Liabilities | 62 | 7 | ||
Designated as Hedging Instrument | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | 501 | ||
Derivative Asset, Noncurrent | [2] | 79 | 113 | |
Derivatives Assets | 90 | 614 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | [3] | 62 | 7 | |
Derivative Liabilities | 62 | 7 | ||
Designated as Hedging Instrument | Commodity Contract | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | 0 | ||
Derivative Asset, Noncurrent | 0 | 0 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Designated as Hedging Instrument | Commodity Contract | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | 0 | ||
Derivative Asset, Noncurrent | 0 | 0 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Designated as Hedging Instrument | Interest Rate Contract | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | 501 | ||
Derivative Asset, Noncurrent | 79 | 113 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 62 | 7 | ||
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | 501 | ||
Derivative Asset, Noncurrent | 79 | 113 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 62 | 7 | ||
Designated as Hedging Instrument | Foreign currency exchange rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | |||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Designated as Hedging Instrument | Foreign currency exchange rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | |||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 253 | 636 | ||
Derivative Asset, Noncurrent | [2] | 854 | 926 | |
Derivatives Assets | 1,107 | 1,562 | ||
Derivative Liabilities, Current | 371 | 778 | ||
Derivative Liabilities, Noncurrent | [3] | 456 | 619 | |
Derivative Liabilities | 827 | 1,397 | ||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 80 | 264 | ||
Derivative Asset, Noncurrent | [2] | 63 | 4 | |
Derivatives Assets | 143 | 268 | ||
Derivative Liabilities, Current | 152 | 298 | ||
Derivative Liabilities, Noncurrent | [3] | 122 | 151 | |
Derivative Liabilities | 274 | 449 | ||
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 157 | 532 | ||
Derivative Asset, Noncurrent | 291 | 237 | ||
Derivative Liabilities, Current | 309 | 700 | ||
Derivative Liabilities, Noncurrent | 84 | 226 | ||
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 79 | 264 | ||
Derivative Asset, Noncurrent | 63 | 4 | ||
Derivative Liabilities, Current | 145 | 290 | ||
Derivative Liabilities, Noncurrent | 36 | 58 | ||
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 95 | 104 | ||
Derivative Asset, Noncurrent | 563 | 689 | ||
Derivative Liabilities, Current | 55 | 70 | ||
Derivative Liabilities, Noncurrent | 286 | 300 | ||
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | 0 | ||
Derivative Asset, Noncurrent | 0 | 0 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 1 | |||
Derivative Liabilities, Current | 7 | 8 | ||
Derivative Liabilities, Noncurrent | 86 | 93 | ||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 1 | |||
Derivative Liabilities, Current | 7 | 8 | ||
Derivative Liabilities, Noncurrent | $ 86 | $ 93 | ||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. See Note 19 for amounts attributable to affiliates. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Derivatives and Hedge Accoun_10
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ (12) | $ 33 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (11) | (14) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (120) | 279 |
Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | (12) | 26 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 0 | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (120) | 279 |
Interest Rate Contract | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[3] | (12) | 33 |
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | (11) | (14) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | (120) | 279 |
Interest Rate Contract | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[3] | (12) | 26 |
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | 0 | (1) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | $ (120) | $ 279 |
[1] Amounts deferred into AOCI have no associated effect in the Companies' Consolidated Statements of Income. Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. Amounts recorded in the Companies' Consolidated Statement of Income are classified in interest and related charges. |
Derivatives and Hedge Accoun_11
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | $ 342 | $ (73) |
Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (37) | 16 |
Commodity Contract | Operating Revenue | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 395 | (330) |
Commodity Contract | Operating Revenue | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 9 | (41) |
Commodity Contract | Purchased Gas | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 94 | 2 |
Commodity Contract | Electric Fuel and Other Energy-Related Purchases | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (45) | 59 |
Commodity Contract | Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (46) | 57 |
Interest Rate Contract | Interest And Related Charges | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | $ (102) | $ 196 |
[1] Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service. Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' Consolidated Statements of Income. |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings from equity method investees | $ 80 | $ 80 | ||||
Net losses from discontinued operations including noncontrolling interest | [1] | 5 | (19) | |||
Distributions received from investment | 85 | 76 | ||||
Equity method affiliates includes cash and accrued amounts of contributions | 10 | 74 | ||||
Equity method investment goodwill | 9 | $ 9 | ||||
Income loss from continuing operations before income taxes extraordinary items noncontrolling interest | 1,223 | 928 | ||||
Contributions to equity method affiliates | 10 | $ 15 | ||||
Assets | 9,605 | 9,850 | [2] | |||
Liabilities | $ 12,762 | 13,450 | [2] | |||
Wrangler Retail Gas Holdings LLC | Gas Supply, Inc. | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest percentage of limited partner interests | 15% | |||||
Cash consideration from sale of noncontrolling interest | $ 85 | |||||
Amount of gain from sale | 11 | |||||
Amount of gain from sale, after tax | 8 | |||||
Dominion Energy Virginia | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cash consideration from sale of noncontrolling interest | $ 120 | |||||
Amount of gain from sale | 23 | |||||
Amount of gain from sale, after tax | 16 | |||||
Limited partnership interest sale transaction, proceeds received | $ 60 | $ 60 | ||||
Percentage ownership in total units | 50% | 50% | 50% | |||
Initial fair value | $ 60 | $ 60 | ||||
Atlantic Coast Pipeline | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net losses from discontinued operations including noncontrolling interest | $ 1 | 2 | ||||
Contributions to equity method affiliates | 6 | 0 | ||||
Atlantic Coast Pipeline | Other Current Liabilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Liabilities from abandonment of project | 100 | 114 | ||||
Cove Point | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Distributions received from investment | $ 83 | $ 76 | ||||
Cove Point | Cove Point | GT&S Transaction | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of noncontrolling limited partnership interest retained | 50% | |||||
Finite Lived Equity Method Investment Basis Difference | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying amount of investment that exceeded share of underlying equity | $ 217 | 223 | ||||
Equity method investment goodwill | (1) | |||||
Finite Lived Equity Method Investment Basis Difference | Cove Point | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment goodwill | 213 | 215 | ||||
Trading Securities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Rabbi trust securities | $ 108 | $ 111 | ||||
[1] Includes income tax expense (benefit) of $( 1 ) million and $ 6 million for the three months ended three months ended March 31, 2023 and 2022 , respectively. Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Investments (Equity and Fixed I
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Investment Holdings [Line Items] | ||||
Fixed income securities Fair Value | $ 1,886 | |||
Amortized Cost, Total | 3,652 | $ 3,632 | ||
Total Unrealized Gains | 2,723 | 2,506 | ||
Total Unrealized Losses | [1] | (113) | (181) | |
Allowance for Credit Losses, Total | 0 | 0 | ||
Fair Value, Total | 6,262 | 5,957 | [2] | |
Net assets related to pending sales of securities | 33 | 42 | ||
Fair value of securities in an unrealized loss position | 1,200 | 1,600 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Fair Value | 1,080 | |||
Amortized Cost, Total | 2,018 | 2,012 | ||
Total Unrealized Gains | 1,416 | 1,307 | ||
Total Unrealized Losses | [1] | (74) | (117) | |
Allowance for Credit Losses, Total | 0 | 0 | ||
Fair Value, Total | 3,360 | 3,202 | [3] | |
Net assets related to pending sales of securities | 17 | 24 | ||
Fair value of securities in an unrealized loss position | 627 | 946 | ||
Corporate Debt Fixed Income Securities | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 586 | 640 | |
Fixed income securities Total Unrealized Gains | [4] | 3 | 1 | |
Fixed income securities Total Unrealized Losses | [4] | (46) | (65) | |
Fixed income securities Allowance for Credit Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 543 | 576 | |
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 360 | 406 | |
Fixed income securities Total Unrealized Gains | [4] | 2 | 1 | |
Fixed income securities Total Unrealized Losses | [4] | (33) | (47) | |
Fixed income securities Allowance for Credit Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 329 | 360 | |
Government Debt Fixed Income Securities | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 1,299 | 1,252 | |
Fixed income securities Total Unrealized Gains | [4] | 12 | 4 | |
Fixed income securities Total Unrealized Losses | [4] | (42) | (70) | |
Fixed income securities Allowance for Credit Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 1,269 | 1,186 | |
Government Debt Fixed Income Securities | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 709 | 664 | |
Fixed income securities Total Unrealized Gains | [4] | 7 | 2 | |
Fixed income securities Total Unrealized Losses | [4] | (19) | (35) | |
Fixed income securities Allowance for Credit Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 697 | 631 | |
Insurance Contracts | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 232 | 221 | |
Fixed income securities Total Unrealized Gains | [4] | 0 | 0 | |
Fixed income securities Total Unrealized Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 232 | 221 | |
U.S. | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost | [5] | 1,392 | 1,378 | |
Equity securities Total Unrealized Gains | [5] | 2,708 | 2,501 | |
Equity securities Total Unrealized Losses | [5] | (25) | (46) | |
Equity securities Fair Value | [5] | 4,075 | 3,833 | |
U.S. | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost | [5] | 867 | 858 | |
Equity securities Total Unrealized Gains | [5] | 1,407 | 1,304 | |
Equity securities Total Unrealized Losses | [5] | (22) | (35) | |
Equity securities Fair Value | [5] | 2,252 | 2,127 | |
Common/collective trust funds | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 74 | 98 | |
Fixed income securities Total Unrealized Gains | [4] | 0 | 0 | |
Fixed income securities Total Unrealized Losses | [4] | 0 | 0 | |
Fixed income securities Allowance for Credit Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 74 | 98 | |
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 54 | 61 | |
Fixed income securities Total Unrealized Gains | [4] | 0 | 0 | |
Fixed income securities Total Unrealized Losses | [4] | 0 | 0 | |
Fixed income securities Allowance for Credit Losses | [4] | 0 | 0 | |
Fixed income securities Fair Value | [4] | 54 | 61 | |
Cash equivalents and other | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other, Amortized Cost | [6] | 69 | 43 | |
Cash equivalents and other, Total Unrealized Gains | [6] | 0 | 0 | |
Cash equivalents and other, Total Unrealized Losses | [6] | 0 | 0 | |
Cash equivalents and other, Allowance for Credit Losses | [6] | 0 | 0 | |
Cash equivalents and other, Fair Value | [6] | 69 | 43 | |
Cash equivalents and other | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other, Amortized Cost | [6] | 28 | 23 | |
Cash equivalents and other, Total Unrealized Gains | [6] | 0 | 0 | |
Cash equivalents and other, Total Unrealized Losses | [6] | 0 | 0 | |
Cash equivalents and other, Allowance for Credit Losses | [6] | 0 | 0 | |
Cash equivalents and other, Fair Value | [6] | $ 28 | $ 23 | |
[1] Dominion Energy's fair value of securities in an unrealized loss position was $ 1.2 billion and $ 1.6 billion at March 31, 2023 and December 31, 2022 , respectively. Virginia Power's fair value of securities in an unrealized loss position was $ 627 million and $ 946 million at March 31, 2023 and December 31, 2022 , respectively. Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense). Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability. Dominion Energy includes pending sales of securities of $ 33 million and $ 42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $ 17 million and $ 24 million at March 31, 2023, and December 31, 2022, respectively. |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Investment Holdings [Line Items] | |||
Net gains (losses) recognized during the period | $ 226 | $ (206) | |
Less: Net (gains) losses recognized during the period on securities sold during the period | 2 | (1) | |
Unrealized gains (losses) recognized during the period on securities still held at period end | [1] | 228 | (207) |
Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Net gains (losses) recognized during the period | 116 | (102) | |
Less: Net (gains) losses recognized during the period on securities sold during the period | 1 | (4) | |
Unrealized gains (losses) recognized during the period on securities still held at period end | [1] | $ 117 | $ (106) |
[1] Included in other income (expense) and the nuclear decommissioning trust regulatory liability. |
Investments (Fair Value of Fixe
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail) $ in Millions | Mar. 31, 2023 USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 90 |
Due after one year through five years | 500 |
Due after five years through ten years | 420 |
Due after ten years | 876 |
Total | 1,886 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 58 |
Due after one year through five years | 274 |
Due after five years through ten years | 245 |
Due after ten years | 503 |
Total | $ 1,080 |
Investments (Selected Informati
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | $ 544 | $ 814 | |
Realized gains | [1] | 21 | 40 |
Realized losses | [1] | 41 | 54 |
Virginia Electric and Power Company | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | 373 | 392 | |
Realized gains | [1] | 17 | 16 |
Realized losses | [1] | $ 31 | $ 19 |
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Property, Plant and Equipment (
Property, Plant and Equipment (Narrative) (Detail) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) MW | Mar. 31, 2022 USD ($) | |
Property Plant And Equipment [Line Items] | ||
Project Cost | $ 11 | $ 37 |
Acquisition of Solar Project Foxhound Virginia | ||
Property Plant And Equipment [Line Items] | ||
Date Agreement Entered | 2023-03 | |
Date Agreement Closed | Expected 2024 | |
Project Cost | $ 205 | |
Date of Commercial Operations | Excepted 2024 | |
MW Capacity | MW | 83 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | $ 2,156 | $ 2,340 | [1] | |
Regulatory assets-noncurrent | 8,951 | 9,087 | [1] | |
Total regulatory assets | 11,107 | 11,427 | ||
Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 820 | 1,140 | [2] | |
Regulatory assets-noncurrent | 4,151 | 4,247 | [2] | |
Total regulatory assets | $ 4,971 | 5,387 | ||
Weighted Average | ||||
Regulatory Assets [Line Items] | ||||
Weighted average useful life | 25 years | |||
Weighted Average | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Weighted average useful life | 24 years | |||
SCANA | ||||
Regulatory Assets [Line Items] | ||||
Electric service customers over period | 20 years | |||
Deferred cost of fuel used in electric generation | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | $ 537 | 603 | |
Regulatory assets-noncurrent | [3] | 1,400 | 1,551 | |
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [3] | 118 | 133 | |
Regulatory assets-noncurrent | [3] | 1,400 | 1,551 | |
Deferred project costs and DSM programs for gas utilities | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [4] | 48 | 68 | |
Unrecovered gas costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [5] | 551 | 374 | |
Deferred rider costs for Virginia electric utility | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [6] | 90 | 152 | |
Regulatory assets-noncurrent | [6] | 496 | 363 | |
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [6] | 90 | 152 | |
Regulatory assets-noncurrent | [6] | 496 | 363 | |
Ash pond and landfill closure costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [7] | 205 | 221 | |
Regulatory assets-noncurrent | [7] | $ 2,033 | 2,051 | |
Regulatory assets expected collection period commencing year | 2021 | |||
Ash pond and landfill closure costs | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [7] | $ 205 | 221 | |
Regulatory assets-noncurrent | [7] | $ 2,030 | 2,049 | |
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 | |||
Deferred nuclear refueling outage costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [8] | $ 66 | 83 | |
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [8] | 66 | 83 | |
NND Project Costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [9] | 138 | 138 | |
Regulatory assets-noncurrent | [9] | 2,053 | 2,088 | |
Deferred early plant retirement charges | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [10] | 169 | 226 | |
Deferred early plant retirement charges | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [10] | 169 | 226 | |
Derivatives | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [11] | 116 | 262 | |
Regulatory assets-noncurrent | [11] | 199 | 255 | |
Derivatives | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | [11] | 112 | 251 | |
Regulatory assets-noncurrent | [11] | 92 | 148 | |
Other | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 236 | 213 | ||
Regulatory assets-noncurrent | 505 | 520 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-current | 60 | 74 | ||
Regulatory assets-noncurrent | 129 | 132 | ||
Unrecognized Pension and Other Postretirement Benefit Costs | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [12] | 971 | 989 | |
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [12] | 4 | 4 | |
Deferred project costs for gas utilities | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [4] | 732 | 703 | |
Interest rate hedges | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [13] | 169 | 169 | |
Interest rate hedges | Virginia Electric and Power Company | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [13] | 0 | 0 | |
AROs and related funding | ||||
Regulatory Assets [Line Items] | ||||
Regulatory assets-noncurrent | [14] | $ 393 | $ 398 | |
Amortization period for deferred costs | 105 years | |||
Deferred Project Costs | Maximum | ||||
Regulatory Assets [Line Items] | ||||
Amortization period for deferred costs | 18 months | |||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power's electric generation operations and additionally for Dominion Energy, deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current rider projects, including CEP, PIR and certain amounts related to pipeline integrity management. See Note 13 for additional information. Reflects unrecovered gas costs at regulated gas operations, which are recovered through filings with the applicable regulatory authority. Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 for additional information. Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. Legislation in Virginia 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. 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. Reflects amounts from the early retirements of certain coal- and oil-fired generating units to be amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. 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. 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 and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023. 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 . |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | |||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 651 | $ 946 | [1] | |
Regulatory liabilities-noncurrent | 10,092 | 10,107 | [1] | |
Total regulatory liabilities | 10,743 | 11,053 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 309 | 506 | [2] | |
Regulatory liabilities-noncurrent | 5,557 | 5,499 | [2] | |
Total regulatory liabilities | $ 5,866 | 6,005 | ||
SCANA | ||||
Regulatory Liabilities [Line Items] | ||||
Estimation period of collection to be credited | 11 years | |||
Electric service customers over period | 20 years | |||
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | $ 127 | 127 | |
Regulatory liabilities-noncurrent | [3] | 2,537 | 2,510 | |
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 111 | 111 | |
Regulatory liabilities-noncurrent | [3] | 1,148 | 1,135 | |
Reserve for refunds and rate credits to electric utility customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 109 | 125 | |
Regulatory liabilities-noncurrent | [4] | 298 | 325 | |
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 14 | 25 | |
Regulatory liabilities-noncurrent | [4] | 0 | 0 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 150 | 152 | |
Regulatory liabilities-noncurrent | [5] | 4,017 | 4,054 | |
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 65 | 65 | |
Regulatory liabilities-noncurrent | [5] | 2,256 | 2,272 | |
Monetization of guarantee settlement | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [6] | 67 | 67 | |
Regulatory liabilities-noncurrent | [6] | $ 686 | 702 | |
Electric service customers over period | 20 years | |||
Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | $ 40 | 327 | |
Regulatory liabilities-noncurrent | [7] | 209 | 235 | |
Derivatives | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 31 | 176 | |
Regulatory liabilities-noncurrent | [7] | 0 | 0 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 158 | 148 | ||
Regulatory liabilities-noncurrent | 262 | 194 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 88 | 129 | ||
Regulatory liabilities-noncurrent | 234 | 167 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [8] | 1,812 | 1,685 | |
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [8] | 1,812 | 1,685 | |
Interest rate hedges | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [9] | 107 | 240 | |
Interest rate hedges | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [9] | 107 | 240 | |
Unrecognized Pension and Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [10] | 18 | 22 | |
Overrecovered Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [11] | $ 146 | $ 140 | |
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Rates charged to customers by Dominion Energy and 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. 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. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. 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. 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. Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers. 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 Virginia Power's utility nuclear generation stations, in excess of the related AROs. 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 and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2023. 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. 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 | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 5.7 |
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 | $ 2.7 |
Period for which expenditures are expected to be recovered | 2 years |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
May 31, 2023 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) Project Components mi kV | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) MW | Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2011 | Dec. 31, 2008 | ||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Regulatory liabilities | $ 651 | $ 651 | $ 946 | [1] | ||||||||
North Carolina Regulation | Public Service Company Of North Carolina | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application date | 2023-03 | |||||||||||
North Carolina Regulation | Public Service Company Of North Carolina | Rider D | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase(Decrease) in gas cost | $ (56) | |||||||||||
Approval date | 2023-03 | |||||||||||
North Carolina Regulation | Public Service Company Of North Carolina | Rider DSM | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (Decrease) in customer usage tracker | 23 | |||||||||||
Ohio Regulation | PIR Program | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application date | 2023-02 | |||||||||||
Percentage of pipeline system replaced | 25% | |||||||||||
Total gross plant investment estimated cost | 225 | |||||||||||
Proposed revenue requirement | 305 | |||||||||||
Cumulative gross plant investment estimated cost | 2,400 | |||||||||||
Ohio Regulation | CEP Program | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application date | 2023-03 | |||||||||||
Total gross plant investment estimated cost | 195 | |||||||||||
Proposed revenue requirement | 1,300 | |||||||||||
Cumulative gross plant investment estimated cost | 151 | |||||||||||
Percentage of debt rate on capital investments | 6.50% | |||||||||||
Ohio Regulation | Subsequent Event [Member] | PIR Program | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increases of annual capital expenditures percentage | 3% | |||||||||||
Virginia Electric and Power Company | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Regulatory liabilities | 309 | $ 309 | $ 506 | [2] | ||||||||
Virginia Electric and Power Company | Annual Fuel Factor | Forecast | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in revenue requirement | $ (13) | |||||||||||
Virginia Electric and Power Company | Utility Scale Solar | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Proposed cost of project | $ 1,200 | |||||||||||
Targeted capacity provided by legislation | MW | 474 | |||||||||||
Virginia Electric and Power Company | Energy Storage | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | MW | 16 | |||||||||||
Virginia Electric and Power Company | Electric Distribution Grid Transformation Projects | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Proposed cost of project | 1,100 | 1,100 | ||||||||||
Proposed operations and maintenance investment | $ 71 | |||||||||||
Number of electric distribution grid transformation projects | Project | 14 | |||||||||||
Number of electric distribution grid transformation projects components | Components | 6 | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in revenue requirement | (541) | |||||||||||
Estimated under-recovered balances | $ 578 | |||||||||||
Public utilities collection of requested under-recovered projected fuel expense period | 3 years | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Forecast | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Total revenue requirement | $ 2,300 | |||||||||||
Rate year beginning | 2023-07 | |||||||||||
Increase (decrease) in revenue requirement | $ 631 | |||||||||||
Fuel cost requirement | 3,300 | |||||||||||
Estimated under-recovered balances | $ 1,300 | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event [Member] | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Authorized return percentage | 9.70% | |||||||||||
Authorized return percentage credited to customers bills | 100% | |||||||||||
Capitalization ratio | 52.10% | |||||||||||
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event [Member] | Base Rate Case | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Total revenue requirement | $ 350 | |||||||||||
Virginia Electric and Power Company | Biennial Review | Subsequent Event [Member] | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Authorized return percentage | 9.35% | |||||||||||
Credited to customers bills percentage | 85% | |||||||||||
Virginia Electric and Power Company | Triennial Review | Subsequent Event [Member] | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Credited to customers bills percentage | 85% | |||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Other | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in revenue requirement | $ 24 | |||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Rider DSM | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 46 | |||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost Of Fuel | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in annual base fuel component recoveries | 121 | |||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Application date | 2023-03 | |||||||||||
Type of Line | kV | 230 | |||||||||||
Miles of Lines | mi | 19 | |||||||||||
Cost Estimate | $ 55 | $ 55 | ||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Subsequent Event [Member] | Cost Of Fuel | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in annual base fuel component recoveries | $ 176 | |||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Subsequent Event [Member] | Natural Gas Base Rate Member | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in revenue requirement | $ 19 | |||||||||||
Percentage of earned return | 10.38% | |||||||||||
Authorized return percentage | 10.25% | |||||||||||
Questar Gas Company | Utah Regulation | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase(Decrease) in gas cost | $ 92 | $ 164 | ||||||||||
Approval date | 2023-02 | |||||||||||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | ||
Rider CCR | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2023-02 | |
Approval Date | Pending | |
Rate Year Beginning | 2023-12 | |
Total Revenue Requirement (millions) | $ 194 | |
Increase (decrease) in revenue requirement | $ (37) | |
Rider CE | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2022-10 | [1] |
Approval Date | April 2023 | [1] |
Rate Year Beginning | 2023-05 | [1] |
Total Revenue Requirement (millions) | $ 89 | [1] |
Increase (decrease) in revenue requirement | $ 18 | [1] |
Rider GT | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2022-08 | |
Approval Date | April 2023 | |
Rate Year Beginning | 2023-06 | |
Total Revenue Requirement (millions) | $ 14 | |
Increase (decrease) in revenue requirement | $ (42) | |
Rider R | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2021-06 | |
Approval Date | March 2022 | |
Rate Year Beginning | 2023-04 | |
Total Revenue Requirement (millions) | $ 55 | [2] |
Increase (decrease) in revenue requirement | $ (4) | |
Rider S | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2021-06 | |
Approval Date | February 2022 | |
Rate Year Beginning | 2023-04 | |
Total Revenue Requirement (millions) | $ 191 | [2] |
Increase (decrease) in revenue requirement | $ (1) | |
Rider T1 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2023-05 | [3] |
Approval Date | Pending | [3] |
Rate Year Beginning | 2023-09 | [3] |
Total Revenue Requirement (millions) | $ 879 | [3] |
Increase (decrease) in revenue requirement | $ 173 | [3] |
Rider U | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2022-06 | [4] |
Approval Date | February 2023 | [4] |
Rate Year Beginning | 2023-04 | [4] |
Total Revenue Requirement (millions) | $ 74 | [4] |
Increase (decrease) in revenue requirement | $ (21) | [4] |
Rider US-3 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2022-08 | |
Approval Date | April 2023 | |
Rate Year Beginning | 2023-06 | |
Total Revenue Requirement (millions) | $ 40 | |
Increase (decrease) in revenue requirement | $ (10) | |
Rider US-4 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2022-08 | |
Approval Date | April 2023 | |
Rate Year Beginning | 2023-06 | |
Total Revenue Requirement (millions) | $ 16 | |
Increase (decrease) in revenue requirement | $ 1 | |
Rider W | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2022-06 | [5] |
Approval Date | February 2023 | [5] |
Rate Year Beginning | 2023-04 | [5] |
Total Revenue Requirement (millions) | $ 105 | [2],[5] |
Increase (decrease) in revenue requirement | $ (16) | [5] |
[1] Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects. In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023. Consists of $ 510 million for the transmission component of Virginia Power's base rates and $ 369 million for Rider T1. Consists of previously approved phases of Rider U. In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W will cease to be separately collected effective July 2023. |
Regulatory Matters - Schedule_2
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail) - Rider T1 - Virginia Electric and Power Company $ in Millions | 3 Months Ended | |
Mar. 31, 2023 USD ($) | ||
Public Utilities General Disclosures [Line Items] | ||
Total revenue requirement | $ 879 | [1] |
Operating Segments | Virginia Regulation | ||
Public Utilities General Disclosures [Line Items] | ||
Total revenue requirement | 369 | |
Operating Segments | Virginia Regulation | Transmission Component Of Virginia Powers | ||
Public Utilities General Disclosures [Line Items] | ||
Total revenue requirement | $ 510 | |
[1] Consists of $ 510 million for the transmission component of Virginia Power's base rates and $ 369 million for Rider T1. |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) mi kV | |
Partial rebuild of Bristers-Ox 115 kV line in Fauquier and Prince William Counties, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2022-08 |
Approval Date | 2023-04 |
Type of Line | kV | 230,000,000 |
Miles of Lines | mi | 15,000,000 |
Cost Estimate | $ | $ 40 |
Construct new Mars and Wishing Star substations, transmission lines and related projects in Loudoun County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2022-10 |
Approval Date | 2023-04 |
Type of Line | 500/230 kV |
Miles of Lines | mi | 4 |
Cost Estimate | $ | $ 720 |
Rebuild of Lines #2019 and #2007 in the City of Virginia Beach, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2023-02 |
Type of Line | kV | 230,000,000 |
Miles of Lines | mi | 5 |
Cost Estimate | $ | $ 95 |
Install transformer at Possum Point substation, rebuild and construct transmission lines and related projects in Prince William County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2023-03 |
Type of Line | kV | 230 |
Miles of Lines | mi | 2 |
Cost Estimate | $ | $ 35 |
Partial rebuild of Line #2011 in the Cities of Manassas and Manassas Park, Virginia and Prince William and Fairfax Counties, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2023-03 |
Type of Line | kV | 230 |
Miles of Lines | mi | 7 |
Cost Estimate | $ | $ 35 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - Power Purchase Arrangement - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases Disclosure [Line Items] | ||
Rental revenue | $ 5 | $ 4 |
Depreciation expense | $ 1 | $ 9 |
Variable Interest Entities - (N
Variable Interest Entities - (Narrative) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Variable Interest Entity [Line Items] | ||||
Payables to affiliates | $ 203 | $ 255 | [1] | |
Variable Interest Entity, Not Primary Beneficiary | DES | ||||
Variable Interest Entity [Line Items] | ||||
Shared Services Purchased | 113 | $ 98 | ||
Payables to affiliates | $ 28 | $ 28 | ||
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_3
Significant Financing Transactions (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||||
Apr. 30, 2023 | Mar. 31, 2023 | Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Feb. 28, 2023 | Dec. 31, 2022 | Nov. 30, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | |||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | |||||||||
Short-term debt | 3,546,000,000 | 3,546,000,000 | $ 3,423,000,000 | [2] | ||||||||
Line of credit issued | 2,500,000,000 | |||||||||||
Supplemental credit facility borrowings | $ 900,000,000 | $ 900,000,000 | 450,000,000 | [2] | ||||||||
Preferred stock shares authorized | 20,000,000 | 20,000,000 | ||||||||||
Issuance of common stock | $ 43,000,000 | $ 45,000,000 | ||||||||||
Issuance of stock | $ 43,000,000 | $ 45,000,000 | ||||||||||
Common Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stock repurchased, shares | 0 | |||||||||||
Issuance of stock (in shares) | 1,000,000 | 1,000,000 | ||||||||||
Issuance of stock | $ 43,000,000 | $ 45,000,000 | ||||||||||
Stock repurchase program, authorized amount | $ 1,000,000,000 | $ 3,000,000,000 | ||||||||||
Series A Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Recorded dividend | $ 7,000,000 | |||||||||||
Recorded dividends per share | $ 4.375 | |||||||||||
Series B Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Recorded dividend | $ 9,000,000 | $ 9,000,000 | ||||||||||
Recorded dividends per share | $ 11.625 | $ 11.625 | ||||||||||
Series C Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Recorded dividend | $ 11,000,000 | $ 11,000,000 | ||||||||||
Recorded dividends per share | $ 10.875 | $ 10.875 | ||||||||||
Various Programs | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Issuance of common stock | $ 43,000,000 | $ 45,000,000 | ||||||||||
Issuance of stock (in shares) | 1,000,000 | 1,000,000 | ||||||||||
Floating Rate Demand Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Short-term debt | $ 389,000,000 | $ 389,000,000 | 347,000,000 | |||||||||
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 3,000,000,000 | |||||||||||
DESC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 500,000,000 | 500,000,000 | ||||||||||
DESC | Short-term Indebtedness | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 2,200,000,000 | 2,200,000,000 | ||||||||||
Questar Gas Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 250,000,000 | 250,000,000 | ||||||||||
Virginia Electric and Power Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | [3] | 6,000,000,000 | 6,000,000,000 | |||||||||
Short-term debt | $ 1,010,000,000 | $ 1,010,000,000 | $ 941,000,000 | [4] | ||||||||
Issuance of stock (in shares) | 0 | 0 | ||||||||||
Virginia Electric and Power Company | Interest Rate Swap | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt, maturity month and year | 2023-12 | |||||||||||
Reduction in securities due within one year | $ 448,000,000 | $ 448,000,000 | ||||||||||
Derivative notional value | $ 900,000,000 | |||||||||||
Virginia Electric and Power Company | Senior Notes Due in 2033 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-term Debt | $ 750,000,000 | $ 750,000,000 | ||||||||||
Interest rate percentage | 5% | 5% | ||||||||||
Debt maturity year | 2033 | |||||||||||
Virginia Electric and Power Company | Senior Notes Due in 2053 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Long-term Debt | $ 750,000,000 | $ 750,000,000 | ||||||||||
Interest rate percentage | 5.45% | 5.45% | ||||||||||
Debt maturity year | 2053 | |||||||||||
Dominion Energy | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Preferred stock shares issued | 1,800,000 | 1,800,000 | 1,800,000 | |||||||||
Preferred stock shares outstanding | 1,800,000 | 1,800,000 | 1,800,000 | |||||||||
Dominion Energy | Series B Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Preferred stock shares issued | 800,000 | 800,000 | 800,000 | |||||||||
Preferred stock shares outstanding | 800,000 | 800,000 | 800,000 | |||||||||
Dominion Energy | Series C Preferred Stock | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Preferred stock shares issued | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||
Preferred stock shares outstanding | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||
GENCO | Short-term Indebtedness | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | $ 200,000,000 | $ 200,000,000 | ||||||||||
Joint Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 6,000,000,000 | 6,000,000,000 | ||||||||||
Letter of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 100,000,000 | 100,000,000 | ||||||||||
Credit facility, outstanding amount | 0 | 0 | ||||||||||
Letters of credit issued and outstanding | 0 | 0 | ||||||||||
Letter of Credit | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Letters of credit issued and outstanding | 1,000,000 | 1,000,000 | ||||||||||
Letter of Credit | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit issued | $ 58,000,000 | |||||||||||
Letter of Credit | Credit Facility, Maturing in June 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility, outstanding amount | 25,000,000 | 25,000,000 | $ 25,000,000 | |||||||||
Letter of Credit | Credit Facility, Maturing in June 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 30,000,000 | $ 30,000,000 | ||||||||||
Line of credit facility, maturity date | Jun. 30, 2024 | |||||||||||
Letter of Credit | Virginia Electric and Power Company | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | 125,000,000 | $ 125,000,000 | $ 125,000,000 | |||||||||
Line of credit facility, maturity date | Jan. 31, 2026 | |||||||||||
Letters of credit issued and outstanding | 0 | $ 0 | ||||||||||
Letter of Credit | Virginia Electric and Power Company | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit issued | 80,000,000 | |||||||||||
Sustainability Revolving Credit Agreement | Dominion Energy | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt maturity year | 2024 | |||||||||||
Supplemental credit facility borrowings | 900,000,000 | $ 900,000,000 | $ 450,000,000 | |||||||||
Sustainability Revolving Credit Agreement | Dominion Energy | General Corporate Purposes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from borrowings | 450,000,000 | |||||||||||
Sustainability Revolving Credit Agreement | Dominion Energy | General Corporate Purposes | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of borrowings | $ 450,000,000 | |||||||||||
364 Term loan facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility Limit | $ 2,500,000,000 | |||||||||||
Credit facility, outstanding amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 500,000,000 | ||||||||
Line of credit facility, maturity date | Jan. 31, 2024 | |||||||||||
[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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. Dominion Energy’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. 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 pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023 , the sub-limit for Virginia Power was $ 1.75 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility 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. Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_4
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) | Mar. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1] |
Outstanding Commercial Paper | 3,157,000,000 | [1] |
Outstanding Letters of Credit | 154,000,000 | [1] |
Facility Capacity Available | 2,689,000,000 | [1] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [2] |
Outstanding Commercial Paper | 1,010,000,000 | [2] |
Outstanding Letters of Credit | $ 90,000,000 | [2] |
[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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. 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 pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023 , the sub-limit for Virginia Power was $ 1.75 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility 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. |
Significant Financing Transac_5
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) | Mar. 31, 2023 USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [2] |
Letter of Credit Matures in June 2028. | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Letter of Credit Matures in June 2028. | 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 | $ 1,750,000,000 | |
[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, 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. 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 pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2023 , the sub-limit for Virginia Power was $ 1.75 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 June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility 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. |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Detail) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 shares | Aug. 31, 2021 shares | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Oct. 31, 2020 | Jun. 30, 2018 USD ($) | Apr. 30, 2017 Petition | Aug. 31, 2016 T | Mar. 31, 2023 USD ($) Facility Site Indicator gal | Jun. 30, 2022 Site | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||||||
Gain on sales of assets | $ 1 | $ 28 | ||||||||||||
Gain on sales of assets after tax | 1,002 | $ 692 | ||||||||||||
SCANA | Other Current Liabilities | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Reserves for SCANA legal proceedings | 88 | $ 94 | ||||||||||||
SCANA | Other Receivables | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Insurance receivables | $ 72 | 68 | ||||||||||||
Virginia Electric and Power Company | EPA and State Regulatory Agencies | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of facilities to assess the applicability of section 316(b) | Facility | 3 | |||||||||||||
Hydroelectric Facilities | EPA and State Regulatory Agencies | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of facilities to assess the applicability of section 316(b) | Facility | 8 | |||||||||||||
Dominion Energy South Carolina Inc | SCDOR | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement paid | $ 51 | $ 165 | ||||||||||||
Proposed assessment amount from audit | $ 410 | |||||||||||||
Proportional share of NND project | 100% | |||||||||||||
Expected gain upon completion of remaining transfer of utility properties | $ 10 | |||||||||||||
Fair value of certain non-utility property transferred | $ 28 | |||||||||||||
Fair value of utility property transferred | 10 | |||||||||||||
Gain on sales of assets | 9 | |||||||||||||
Fair value of additional utility property transferred | 3 | |||||||||||||
Gain on sales of assets after tax | $ 7 | |||||||||||||
Dominion Energy South Carolina Inc | DESC | SCDOR | Common Stock | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Initial litigation settlement through stock issuance | shares | 0.9 | 0.6 | ||||||||||||
Dominion Energy South Carolina Inc | Minimum | SCDOR | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Initial litigation settlement amount through stock issuance | $ 43 | |||||||||||||
Unfavorable Regulatory Action | EPA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | |||||||||||||
Personal Injury or Wrong Death Cases | SCANA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Reserves for SCANA legal proceedings | $ 72 | 68 | ||||||||||||
Insurance receivables | $ 72 | 68 | ||||||||||||
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 | 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 | |||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Minimum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingencies individual circumstances period | 2021 | |||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Maximum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Loss contingencies individual circumstances period | 2028 | |||||||||||||
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of facilities that are subject to final regulations | Facility | 9 | |||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of sites remediation work substantially completed | Site | 13 | |||||||||||||
Number of sites with remediation plans | Site | 1 | |||||||||||||
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 | $ 47 | 47 | ||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of sites with remediation plans | Site | 1 | |||||||||||||
Number of additional sites which are not under investigation | Site | 2 | |||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Environmental remediation reserves | $ 25 | $ 25 |
Commitments and Contingencies_3
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Guarantee | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 4,438,000,000 | [1],[2] |
Financial Guarantee | Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Number of Guarantee | Guarantee | 4 | |
Guarantees with Maximum Limit [Member] | Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Number of Guarantee | Guarantee | 2 | |
Guarantee liability | $ 1,900,000,000 | |
Guarantees with No Maximum Limit [Member] | Equity Method Investee | Cove Point | ||
Guarantee Obligations [Line Items] | ||
Number of Guarantee | Guarantee | 2 | |
Guarantee liability | $ 0 | |
Additional Guarantees [Member] | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 20,000,000 | |
Surety Bond | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 268,000,000 | |
Surety Bond | Virginia Electric and Power Company | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 190,000,000 | |
Financial Standby Letter of Credit | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 154,000,000 | |
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 . In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $ 365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. 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 87 % of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023 , no amounts have been recorded related to this guarantee. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail) | Mar. 31, 2023 USD ($) | |
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 4,438,000,000 | [1],[2] |
Commodity Transactions | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 2,710,000,000 | [3] |
Nuclear Plant | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 245,000,000 | [4] |
Solar | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 214,000,000 | [5] |
Other | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 1,269,000,000 | [6] |
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 . In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $ 365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. 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 87 % of project costs, for the difference between the project costs and sale proceeds. At March 31, 2023 , no amounts have been recorded related to this guarantee. 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. Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. Includes guarantees to facilitate the development of solar projects. 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 II, Inc. 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_4
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Parenthetical) (Detail) - Lessor - New Corporate Office - Agreement with Lessor to Construct and Lease Corporate Office Property - USD ($) | 1 Months Ended | |
Jul. 31, 2016 | Mar. 31, 2023 | |
Guarantee Obligations [Line Items] | ||
Amount of financing commitments to fund estimated project costs | $ 365,000,000 | |
Project completion period | 2019-08 | |
Lessee, operating Lease, existence of option to extend | true | |
Lease extend term | 5 years | |
Maximum percentage payment of project costs for difference between project costs and sales proceeds | 87% | |
Guarantee amount | $ 0 |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2023 USD ($) Counterparty | Dec. 31, 2022 USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | ||
Credit exposure | $ 217,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 106,000,000 | $ 140,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 1,000,000 | 72,000,000 |
Letter of credit as collateral posted for derivatives in liability position | 6,000,000 | 20,000,000 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 107,000,000 | 212,000,000 |
Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Credit exposure | 34,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 45,000,000 | 28,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 0 | 72,000,000 |
Letter of credit as collateral posted for derivatives in liability position | 6,000,000 | 20,000,000 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | $ 45,000,000 | $ 99,000,000 |
Credit Concentration Risk | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 48,000,000 | |
Credit Concentration Risk | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 13,000,000 | |
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 54% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 89% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Related Party Transaction [Line Items] | |||||
Borrowing Interest Charges | $ 24,000,000 | ||||
Maximum | |||||
Related Party Transaction [Line Items] | |||||
Borrowing Interest Charges | $ 1,000,000 | ||||
Virginia Electric and Power Company | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | 1,203,000,000 | $ 2,024,000,000 | [1] | ||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | 0 | |||
Stock Issued During Period Shares New Issues | 0 | 0 | |||
Commencing Period | 20 months | ||||
Lease commencement term | 2025-08 | ||||
Related party transaction costs | $ 240,000,000 | ||||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated With Dominion Pension Plan | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to Dominion, noncurrent | $ 431,000,000 | 422,000,000 | |||
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 | 534,000,000 | 518,000,000 | |||
Virginia Electric and Power Company | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Derivative assets | 5,000,000 | 33,000,000 | |||
Derivative liabilities | 82,000,000 | 31,000,000 | |||
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | $ 1,200,000,000 | $ 2,000,000,000 | |||
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2022 has been derived from the audited Consolidated Balance Sheet at that date. |
Related-Party Transactions (Det
Related-Party Transactions (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Related Party Transaction [Line Items] | |||
Commodity purchases from affiliates | $ 214 | $ 293 | |
Services provided by affiliates | [1] | 147 | 130 |
Affiliated Entity | |||
Related Party Transaction [Line Items] | |||
Services provided to affiliates | $ 4 | $ 4 | |
[1] Includes capitalized expenditures of $ 54 million and $ 39 million for the three months ended March 31, 2023 and 2022 , respectively. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 1,420 | $ 1,037 |
Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 54 | $ 39 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 24 | $ 36 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Interest cost | $ 111 | $ 83 |
Expected return on plan assets | (216) | (223) |
Amortization of net actuarial (gain) loss | 40 | |
Net periodic benefit (credit) cost | (81) | (64) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 6 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income Expense | Other Nonoperating Income Expense |
Interest cost | $ 15 | $ 11 |
Expected return on plan assets | (38) | (48) |
Amortization of prior service cost (credit) | (9) | (10) |
Amortization of net actuarial (gain) loss | 1 | |
Net periodic benefit (credit) cost | $ (30) | $ (41) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to qualified defined benefit pension plans and OPEB plans | $ 0 | |
Other Postretirement Benefits Plan | Forecast | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contribution to voluntary employees beneficiary association | $ 0 |
Operating Segments - Dominion E
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | $ 134 | $ (113) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 272 | (269) |
Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | 123 | (125) |
Gain (loss) on investments, after tax | 90 | (102) |
Corporate and Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 86 | (311) |
After- tax net benefits (expenses) for specific items | 148 | (289) |
Contracted Assets | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Loss related to economic hedging activities | 66 | |
Gain related to economic hedging activities | 291 | |
Loss related to economic hedging activities after tax | 47 | |
Gain related to economic hedging activities after tax | 221 | |
Contracted Assets | Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments, after tax | 77 | (90) |
Dominion Energy Virginia | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Charge associated with storm damage and service restoration | 94 | |
Charge associated with storm damage and service restoration, after tax | 70 | |
Charge for amortization of a regulatory asset, 2021 Triennial Review | 61 | 61 |
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax | 45 | 45 |
Dominion Energy Virginia | Operating Segments | Nuclear Decommissioning Trust Funds | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments, after tax | $ 13 | $ (12) |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 5,252 | $ 4,279 | |
Net Income (Loss) from discontinued operations including noncontrolling interest | [1] | (5) | 19 |
Net income (loss) attributable to Dominion Energy | 997 | 711 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 5,252 | 4,279 | |
Adjustments & Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | 0 | |
Net Income (Loss) from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | 0 | 0 | |
Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | 0 | |
Adjustments & Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (254) | (240) | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (254) | (240) | |
Dominion Energy Virginia | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,388 | 2,169 | |
Dominion Energy Virginia | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,389 | 2,172 | |
Net Income (Loss) from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | 386 | 518 | |
Dominion Energy Virginia | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (1) | (3) | |
Gas Distribution | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,368 | 1,230 | |
Gas Distribution | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,367 | 1,229 | |
Net Income (Loss) from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | 278 | 294 | |
Gas Distribution | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1 | 1 | |
Dominion Energy South Carolina | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 845 | 799 | |
Dominion Energy South Carolina | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 844 | 798 | |
Net Income (Loss) from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | 91 | 109 | |
Dominion Energy South Carolina | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1 | 1 | |
Contracted Assets | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 311 | 249 | |
Contracted Assets | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 308 | 245 | |
Net Income (Loss) from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income (loss) attributable to Dominion Energy | 156 | 101 | |
Contracted Assets | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 3 | 4 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 594 | 72 | |
Corporate and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 344 | (165) | |
Net Income (Loss) from discontinued operations including noncontrolling interest | (5) | 19 | |
Net income (loss) attributable to Dominion Energy | 86 | (311) | |
Corporate and Other | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 250 | $ 237 | |
[1] Includes income tax expense (benefit) of $( 1 ) million and $ 6 million for the three months ended three months ended March 31, 2023 and 2022 , respectively. |
Operating Segments - Virginia P
Operating Segments - Virginia Power (Narrative) (Detail) - Operating Segments - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | $ 272 | $ (269) |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 86 | (311) |
After- tax net benefits (expenses) for specific items | 148 | (289) |
Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge associated with storm damage and service restoration | 94 | |
Charge associated with storm damage and service restoration, after tax | 70 | |
Charge for amortization of a regulatory asset, 2021 Triennial Review | 61 | 61 |
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax | 45 | 45 |
Virginia Electric and Power Company | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | (31) | (159) |
After- tax net benefits (expenses) for specific items | $ (32) | $ (130) |
Operating Segments (Schedule _2
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 5,252 | $ 4,279 | |
Net income (loss) attributable to Dominion Energy | 997 | 711 | |
Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | [1] | 2,384 | 2,167 |
Net income (loss) attributable to Dominion Energy | 353 | 357 | |
Dominion Energy Virginia | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,388 | 2,169 | |
Dominion Energy Virginia | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,384 | 2,165 | |
Net income (loss) attributable to Dominion Energy | 384 | 516 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 594 | 72 | |
Corporate and Other | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | 2 | |
Net income (loss) attributable to Dominion Energy | $ (31) | $ (159) | |
[1] See Note 19 for amounts attributable to affiliates. |