Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 | 838,210,685 | |
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, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 | 324,245 | |
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, 2024 | Mar. 31, 2023 | ||
Operating Revenue | $ 3,632 | $ 3,883 | |
Operating Expenses | |||
Electric fuel and other energy-related purchases | 959 | 1,022 | |
Purchased electric capacity | 12 | 8 | |
Purchased gas | 120 | 123 | |
Other operations and maintenance | 856 | 742 | |
Depreciation and amortization | 621 | 622 | |
Other taxes | 202 | 191 | |
Impairment of assets and other charges | 30 | 98 | |
Losses (gains) on sales of assets | (1) | (2) | |
Total operating expenses | 2,799 | 2,804 | |
Income from operations | 833 | 1,079 | |
Other income (expense) | 435 | 276 | |
Interest and related charges | 574 | 479 | |
Income from continuing operations including noncontrolling interests before income tax expense | 694 | 876 | |
Income tax expense | 134 | 176 | |
Net Income From Continuing Operations | 560 | 700 | |
Net Income From Discontinued Operations | [1] | 114 | 281 |
Net Income Including Noncontrolling Interests | 674 | 981 | |
Net Income | 674 | 981 | |
Amounts attributable to Dominion Energy | |||
Net income from continuing operations | 560 | 700 | |
Net income from discontinued operations | $ 114 | $ 281 | |
EPS - Basic | |||
Net income from continuing operations | $ 0.64 | $ 0.81 | |
Net income from discontinued operations | 0.14 | 0.34 | |
Net income attributable to Dominion Energy | 0.78 | 1.15 | |
EPS - Diluted | |||
Net income from continuing operations | 0.64 | 0.81 | |
Net income from discontinued operations | 0.14 | 0.34 | |
Net income attributable to Dominion Energy | $ 0.78 | $ 1.15 | |
Virginia Electric and Power Company | |||
Operating Revenue | [2] | $ 2,489 | $ 2,384 |
Operating Expenses | |||
Electric fuel and other energy-related purchases | [2] | 701 | 799 |
Purchased electric capacity | 13 | 8 | |
Affiliated suppliers | 102 | 93 | |
Other operations and maintenance | 429 | 348 | |
Depreciation and amortization | 448 | 447 | |
Other taxes | 93 | 85 | |
Impairment of assets and other charges (benefits) | (17) | 7 | |
Total operating expenses | 1,769 | 1,787 | |
Income from operations | 720 | 597 | |
Other income (expense) | 63 | 36 | |
Interest and related charges | [2] | 190 | 181 |
Income before income tax expense | 593 | 452 | |
Income tax expense | 128 | 97 | |
Net Income Including Noncontrolling Interests | 465 | 355 | |
Net Income | $ 465 | $ 355 | |
[1] Includes income tax expense of $ 51 million and $ 56 million for the three months ended March 31, 2024 and 2023 , 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, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Income tax expense (benefit) from discontinued operations | $ 51 | $ 56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Net income including noncontrolling interests | $ 674 | $ 981 | |
Net income attributable to Dominion Energy | 674 | 981 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [1] | 7 | (9) |
Changes in unrealized net gains (losses) on investment securities | [2] | (26) | 17 |
Changes in net unrecognized pension and other postretirement benefit costs | [3] | (237) | |
Amounts reclassified to net income (loss): | |||
Net derivative (gains) losses-hedging activities | [4] | 7 | 8 |
Net realized (gains) losses on investment securities | [5] | 6 | 1 |
Net pension and other postretirement benefit costs (credits) | [6] | 5 | (11) |
Changes in other comprehensive income from equity method investees | [7] | 1 | |
Total other comprehensive income (loss) | (238) | 7 | |
Comprehensive income including noncontrolling interests | 436 | 988 | |
Comprehensive income attributable to Dominion Energy | 436 | 988 | |
Virginia Electric and Power Company | |||
Net income including noncontrolling interests | 465 | 355 | |
Net income attributable to Dominion Energy | 465 | 355 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred gains (losses) on derivatives-hedging activities | [8] | 7 | (9) |
Changes in unrealized net gains (losses) on investment securities | [9] | (5) | 4 |
Amounts reclassified to net income (loss): | |||
Net realized (gains) losses on investment securities | [10] | 1 | |
Total other comprehensive income (loss) | 3 | (5) | |
Comprehensive income attributable to Dominion Energy | $ 468 | $ 350 | |
[1] Net of $ ( 1 ) million and $ 3 million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ 10 million and $ ( 7 ) million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ 84 million and $ — million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ ( 4 ) million and $ ( 3 ) million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ ( 2 ) million and $ ( 1 ) million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ ( 1 ) million and $ 4 million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ — million and $— million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ ( 1 ) million and $ 3 million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ 1 million and $ ( 1 ) million tax for the three months ended March 31, 2024 and 2023 , respectively. Net of $ ( 1 ) million and $— million tax for the three months ended March 31, 2024 and 2023 , respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net deferred gains (losses) on derivatives-hedging activities, tax | $ (1) | $ 3 |
Changes in unrealized net gains (losses) on investment securities, tax | 10 | (7) |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 84 | |
Net derivative (gains) losses-hedging activities, tax | (4) | (3) |
Net realized (gains) losses on investment securities, tax | (2) | (1) |
Net pension and other postretirement benefit costs (credits), tax | (1) | 4 |
Virginia Electric and Power Company | ||
Net deferred gains (losses) on derivatives-hedging activities, tax | (1) | 3 |
Changes in unrealized net gains (losses) on investment securities, tax | 1 | $ (1) |
Net realized (gains) losses on investment securities, tax | $ (1) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | ||
Current Assets | ||||
Cash and cash equivalents | $ 265 | $ 184 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 2,148 | 2,251 | [1] | |
Other receivables (less allowance for doubtful accounts) | 241 | 258 | [1] | |
Inventories | 1,719 | 1,698 | [1] | |
Regulatory assets | [2] | 1,092 | 1,309 | [1] |
Other | [2] | 1,018 | 1,158 | [1] |
Current assets held for sale | 9,706 | 18,529 | [1] | |
Total current assets | 16,189 | 25,387 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 7,418 | 6,946 | [1] | |
Investment in equity method affiliates | 137 | 268 | [1] | |
Other | 339 | 324 | [1] | |
Total investments | 7,894 | 7,538 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 85,497 | 83,417 | [1] | |
Accumulated depreciation and amortization | (24,941) | (24,637) | [1] | |
Total property, plant and equipment, net | 60,556 | 58,780 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 4,143 | 4,143 | [1] | |
Regulatory assets | [2] | 7,859 | 8,356 | [1] |
Other | 5,364 | 4,828 | [1] | |
Total deferred charges and other assets | 17,366 | 17,327 | [1] | |
Total assets | 102,005 | 109,032 | [1] | |
Current Liabilities | ||||
Securities due within one year | [2] | 2,344 | 6,589 | [1] |
Supplemental credit facility borrowings | 450 | 450 | [1] | |
Short-term debt | 3,626 | 3,956 | [1] | |
Accounts payable | 721 | 921 | [1] | |
Accrued interest, payroll and taxes | [2] | 1,286 | 1,075 | [1] |
Regulatory liabilities | 512 | 522 | [1] | |
Other | [3] | 2,093 | 2,078 | [1] |
Current liabilities held for sale | 4,386 | 8,885 | [1] | |
Total current liabilities | 15,418 | 24,476 | [1] | |
Long-Term Debt | ||||
Long-term debt | 32,960 | 32,368 | [1] | |
Securitization bonds | [2] | 1,217 | 0 | [1] |
Junior subordinated notes | 688 | 688 | [1] | |
Other | 199 | 192 | [1] | |
Total long-term debt | 35,064 | 33,248 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes | 6,421 | 6,611 | [1] | |
Deferred investment tax credits | 1,089 | 1,098 | [1] | |
Regulatory liabilities | 9,043 | 8,674 | [1] | |
Other | 7,549 | 7,396 | [1] | |
Total deferred credits and other liabilities | 24,102 | 23,779 | [1] | |
Total liabilities | 74,584 | 81,503 | [1] | |
Commitments and Contingencies (see Note 17) | ||||
Shareholders' Equity | ||||
Preferred stock (see Note 16) | 1,783 | 1,783 | [1] | |
Common stock - no par | [4] | 23,763 | 23,728 | [1] |
Retained earnings | 3,619 | 3,524 | [1] | |
Accumulated other comprehensive loss | (1,744) | (1,506) | [1] | |
Shareholders' equity | 27,421 | 27,529 | [1] | |
Noncontrolling interests | 0 | 0 | [1] | |
Total shareholders' equity | 27,421 | 27,529 | [1] | |
Total liabilities and shareholders' equity | 102,005 | 109,032 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 119 | 90 | [5] | |
Customer receivables (less allowance for doubtful accounts) | 1,620 | 1,728 | [5] | |
Other receivables (less allowance for doubtful accounts) | 122 | 121 | [5] | |
Affiliated receivables | 212 | 50 | [5] | |
Inventories | 1,097 | 1,085 | [5] | |
Regulatory assets | [6] | 744 | 868 | [5] |
Other | [6],[7] | 297 | 375 | [5] |
Total current assets | 4,211 | 4,317 | [5] | |
Investments | ||||
Nuclear decommissioning trust funds | 3,960 | 3,716 | [5] | |
Other | 4 | 4 | [5] | |
Total investments | 3,964 | 3,720 | [5] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 62,668 | 60,963 | [5] | |
Accumulated depreciation and amortization | (17,377) | (17,096) | [5] | |
Total property, plant and equipment, net | 45,291 | 43,867 | [5] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | [6] | 4,352 | 4,317 | [5] |
Other | [7] | 2,626 | 2,397 | [5] |
Total deferred charges and other assets | 6,978 | 6,714 | [5] | |
Total assets | 60,444 | 58,618 | [5] | |
Current Liabilities | ||||
Securities due within one year | [6] | 100 | 381 | [5] |
Short-term debt | [6] | 0 | 455 | [5] |
Accounts payable | 453 | 597 | [5] | |
Payables to affiliates | 95 | 111 | [5] | |
Affiliated current borrowings | 1 | 500 | [5] | |
Accrued interest, payroll and taxes | [6] | 414 | 293 | [5] |
Regulatory liabilities | 284 | 321 | [5] | |
Other | [7] | 1,437 | 1,529 | [5] |
Total current liabilities | 2,784 | 4,187 | [5] | |
Long-Term Debt | ||||
Long-term debt | 18,032 | 17,043 | [5] | |
Securitization bonds | [6] | 1,217 | 0 | [5] |
Other | [6] | 86 | 72 | [5] |
Total long-term debt | 19,335 | 17,115 | [5] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes | 3,931 | 3,624 | [5] | |
Deferred investment tax credits | 651 | 656 | [5] | |
Regulatory liabilities | 6,343 | 5,978 | [5] | |
Other | [7] | 5,524 | 5,401 | [5] |
Total deferred credits and other liabilities | 16,449 | 15,659 | [5] | |
Total liabilities | 38,568 | 36,961 | [5] | |
Commitments and Contingencies (see Note 17) | ||||
Shareholders' Equity | ||||
Common stock - no par | [8] | 8,987 | 8,987 | [5] |
Other paid-in capital | 1,113 | 1,113 | [5] | |
Retained earnings | 11,757 | 11,541 | [5] | |
Accumulated other comprehensive loss | 19 | 16 | [5] | |
Shareholders' equity | 21,876 | 21,657 | [5] | |
Total liabilities and shareholders' equity | $ 60,444 | $ 58,618 | [5] | |
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 15 for amounts attributable to VIEs. See Note 10 for amounts attributable to related parties. 1.8 billion shares authorized; 838 million shares outstanding at both March 31, 2024 and December 31, 2023 . Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 15 for amounts attributable to VIEs. See Note 19 for amounts attributable to affiliates. 500,000 shares authorized; 324,245 shares outstanding at both March 31, 2024 and December 31, 2023 . |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Customer receivables, allowance for doubtful accounts | $ 39 | $ 38 |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares outstanding | 838,000,000 | 838,000,000 |
Virginia Electric and Power Company | ||
Customer receivables, allowance for doubtful accounts | $ 30 | $ 30 |
Other receivables, allowance for doubtful accounts | $ 1 | $ 1 |
Common stock, shares authorized | 500,000 | 500,000 |
Common stock, shares outstanding | 324,245 | 324,245 |
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, 2022 | $ 27,659 | $ 1,783 | $ 23,605 | $ 3,843 | $ (1,572) | $ 27,659 | |
Beginning balance (in shares) at Dec. 31, 2022 | 2 | 835 | |||||
Net income including noncontrolling interests | 981 | 981 | 981 | ||||
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 (loss), net of tax | 7 | 7 | 7 | ||||
Other | (1) | (1) | (1) | ||||
Ending balance at Mar. 31, 2023 | 28,118 | $ 1,783 | $ 23,652 | 4,248 | (1,565) | 28,118 | |
Ending balance (in shares) at Mar. 31, 2023 | 2 | 836 | |||||
Beginning balance at Dec. 31, 2023 | 27,529 | [1] | $ 1,783 | $ 23,728 | 3,524 | (1,506) | 27,529 |
Beginning balance (in shares) at Dec. 31, 2023 | 2 | 838 | |||||
Net income including noncontrolling interests | 674 | 674 | 674 | ||||
Issuance of stock | 31 | $ 31 | 31 | ||||
Issuance of stock (in shares) | 0 | ||||||
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 | (559) | (559) | (559) | ||||
Other comprehensive income (loss), net of tax | (238) | (238) | (238) | ||||
Ending balance at Mar. 31, 2024 | $ 27,421 | $ 1,783 | $ 23,763 | $ 3,619 | $ (1,744) | $ 27,421 | |
Ending balance (in shares) at Mar. 31, 2024 | 2 | 838 | |||||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 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, 2024 | Mar. 31, 2023 | |
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, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income including noncontrolling interests | $ 674 | $ 981 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 694 | 803 |
Deferred income taxes | (160) | 191 |
Deferred investment tax credits (benefits) | (10) | (5) |
Impairment of assets and other charges | 109 | 98 |
Loss from East Ohio Transaction | 102 | |
Net gains on nuclear decommissioning trust funds and other investments | (294) | (134) |
Other adjustments | 59 | 23 |
Changes in: | ||
Accounts receivable | 133 | 519 |
Inventories | 16 | (21) |
Prepayments and deposits, net | 42 | 333 |
Deferred fuel and purchased gas costs, net | 495 | 89 |
Accounts payable | (126) | (588) |
Accrued interest, payroll and taxes | 153 | (161) |
Net realized and unrealized changes related to derivative activities | 257 | 232 |
Pension and other postretirement benefits | (115) | (122) |
Other operating assets and liabilities | (47) | (141) |
Net cash provided by operating activities | 1,982 | 2,097 |
Investing Activities | ||
Plant construction and other property additions (including nuclear fuel) | (2,769) | (2,220) |
Acquisition of solar development projects | (161) | (11) |
Proceeds from East Ohio Transaction | 4,275 | |
Proceeds from sales of securities | 695 | 544 |
Purchases of securities | (757) | (607) |
Contributions to equity method affiliates | (7) | (10) |
Distributions from equity method affiliates | 126 | 1 |
Other | (17) | 1 |
Net cash provided by (used in) investing activities | 1,385 | (2,302) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | (330) | 123 |
364-day term loan facility borrowings | 3,000 | 2,500 |
Repayment of 364-day term loan facility borrowings | (6,774) | |
Issuance of long-term debt | 1,000 | 1,500 |
Repayment and repurchase of long-term debt | (942) | (2,197) |
Issuance of securitization bonds | 1,282 | |
Supplemental credit facility borrowings | 450 | |
Issuance of common stock | 31 | 43 |
Common dividend payments | (559) | (557) |
Other | (40) | (42) |
Net cash provided by (used in) financing activities | (3,332) | 1,820 |
Increase (decrease) in cash, restricted cash and equivalents | 35 | 1,615 |
Cash, restricted cash and equivalents at beginning of period | 301 | 341 |
Cash, restricted cash and equivalents at end of period | 336 | 1,956 |
Virginia Electric and Power Company | ||
Operating Activities | ||
Net income including noncontrolling interests | 465 | 355 |
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities: | ||
Depreciation, depletion and amortization (including nuclear fuel) | 486 | 492 |
Deferred income taxes | 284 | (1) |
Deferred investment tax credits (benefits) | (6) | (4) |
Impairment of assets and other charges (benefits) | (17) | 7 |
Net gains on nuclear decommissioning trust funds and other investments | (39) | (19) |
Other adjustments | (3) | 10 |
Changes in: | ||
Accounts receivable | 109 | 348 |
Affiliated receivables and payables | (177) | (52) |
Inventories | (13) | (39) |
Prepayments and deposits, net | 34 | 260 |
Deferred fuel and purchased gas costs, net | 131 | 193 |
Accounts payable | (64) | (103) |
Accrued interest, payroll and taxes | 121 | 73 |
Net realized and unrealized changes related to derivative activities | 107 | 449 |
Other operating assets and liabilities | 57 | (21) |
Net cash provided by operating activities | 1,475 | 1,948 |
Investing Activities | ||
Plant construction and other property additions | (2,058) | (1,420) |
Purchases of nuclear fuel | (44) | (52) |
Acquisition of solar development projects | 0 | (11) |
Proceeds from sales of securities | 471 | 373 |
Purchases of securities | (516) | (405) |
Other | 2 | (4) |
Net cash provided by (used in) investing activities | (2,145) | (1,519) |
Financing Activities | ||
Issuance (repayment) of short-term debt, net | (455) | 69 |
Repayment of affiliated current borrowings, net | (499) | (821) |
Issuance of long-term debt | 1,000 | 1,500 |
Repayment and repurchase of long-term debt | (350) | (1,148) |
Issuance of securitization bonds | 1,282 | |
Common dividend payments | (250) | |
Other | (23) | (31) |
Net cash provided by (used in) financing activities | 705 | (431) |
Increase (decrease) in cash, restricted cash and equivalents | 35 | (2) |
Cash, restricted cash and equivalents at beginning of period | 90 | 24 |
Cash, restricted cash and equivalents at end of period | $ 125 | $ 22 |
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, 2022 | $ (1,572) | $ 16,949 | $ 5,738 | $ 1,113 | $ 10,089 | $ 9 | |||||
Beginning balance (in shares) at Dec. 31, 2022 | 835,000 | 275 | |||||||||
Net Income (Loss) | $ 981 | 355 | 355 | ||||||||
Other comprehensive income (loss), net of tax | 7 | 7 | (5) | (5) | |||||||
Other | 1 | $ 1 | |||||||||
Ending balance at Mar. 31, 2023 | (1,565) | 17,299 | $ 5,738 | 1,113 | 10,444 | 4 | |||||
Ending balance (in shares) at Mar. 31, 2023 | 836,000 | 275 | |||||||||
Beginning balance at Dec. 31, 2023 | 27,529 | [1] | (1,506) | 21,657 | [2] | $ 8,987 | 1,113 | 11,541 | 16 | ||
Beginning balance (in shares) at Dec. 31, 2023 | 838,000 | 324 | |||||||||
Net Income (Loss) | 674 | 465 | 465 | ||||||||
Dividends | (250) | (250) | |||||||||
Other comprehensive income (loss), net of tax | (238) | (238) | 3 | 3 | |||||||
Other | 1 | 1 | |||||||||
Ending balance at Mar. 31, 2024 | $ 27,421 | $ (1,744) | $ 21,876 | $ 8,987 | $ 1,113 | $ 11,757 | $ 19 | ||||
Ending balance (in shares) at Mar. 31, 2024 | 838,000 | 324 | |||||||||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 674 | $ 981 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2024 | |
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. and nonregulated electric generation. See Note 3 for a description of the sale of regulated gas distribution operations to Enbridge including the East Ohio Transaction, which was completed in March 2024, and the planned Questar Gas and PSNC Transactions. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2024, and results of operations, changes in equity and cash flows for the three months ended March 31, 2024 and 2023 . 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’ 2023 Consolidated Financial Statements and Notes have been reclassified to conform to the 2024 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, 2023, 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, 2024 and 2023: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 (millions) Dominion Energy Cash and cash equivalents (1) $ 306 $ 1,792 $ 217 $ 153 Restricted cash and equivalents (2)(4) 30 164 84 188 Cash, restricted cash and equivalents shown in the $ 336 $ 1,956 $ 301 $ 341 Virginia Power Cash and cash equivalents $ 119 $ 21 $ 90 $ 22 Restricted cash and equivalents (3)(4) 6 1 — 2 Cash, restricted cash and equivalents shown in the $ 125 $ 22 $ 90 $ 24 (1) At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 41 million, $ 40 million, $ 33 million and $ 34 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 4 million, $ 1 million, $ 4 million and $ 2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets. (3) Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets. (4) Includes $ 6 million attributable to VIEs at March 31, 2024. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy: Three Months Ended March 31, 2024 2023 (millions) Significant noncash investing and financing activities: (1) Accrued capital expenditures $ 753 $ 671 Leases (2) 161 117 (1) See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation. (2) Includes $ 26 million and $ 32 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 135 million and $ 85 million of operating leases at March 31, 2024 and 2023 , respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Three Months Ended March 31, 2024 2023 (millions) Significant noncash investing and financing activities: Accrued capital expenditures $ 566 $ 460 Leases (1) 142 99 (1) Includes $ 22 million and $ 31 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 120 million and $ 68 million of operating leases at March 31, 2024 and 2023 , respectively. New Accounting Standards Climate-Related Disclosures In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as a material component of plans to achieve climate-related targets or goals. This guidance, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2024 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Business Review Dispositions Sale of East Ohio In September 2023, Dominion Energy entered into an agreement with Enbridge for the East Ohio Transaction, which included the sale of East Ohio and was valued at approximately $ 6.6 billion, consisting of a purchase price of approximately $ 4.3 billion in cash and approximately $ 2.3 billion of assumed indebtedness. The sale closed in March 2024 after all customary closing and regulatory conditions were satisfied, including clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS and FCC. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under 364-day term loan facilities. See Note 16 for additional information. The purchase price is subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The transaction was structured as a stock sale for tax purposes. In October 2023, as required under the sale agreement, Dominion Energy filed a notice with the Ohio Commission. The internal reorganization in connection with the East Ohio Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024. Dominion Energy retained the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio’s union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $ 102 million ($ 108 million after-tax) upon the closing of the transaction, including the write-off of $ 1.5 billion of goodwill which was not deductible for tax purposes but excluding the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $ 29 million to reflect the recognition of deferred taxes on the outside basis of East Ohio’s stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 upon closing of the sale and became a component of current income tax expense on the loss on sale disclosed above. See Note 5 for additional information. At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. Sale of PSNC In September 2023, Dominion Energy entered into an agreement with Enbridge for the PSNC Transaction, which includes the sale of PSNC and is valued at approximately $ 3.1 billion, consisting of a purchase price of approximately $ 2.2 billion in cash and approximately $ 1.0 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the PSNC Transaction is not conditioned upon the closing of the Questar Gas Transaction. The sale will be treated as a stock sale for tax purposes and is expected to close in the third quarter of 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and North Carolina Commission as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS, which was received in January 2024. In January 2024, Dominion Energy filed for approval with the FCC which was also received in January 2024. In October 2023, Dominion Energy filed for approval from the North Carolina Commission. The internal reorganization in connection with the PSNC Transaction was subject to approval by the North Carolina Commission. Dominion Energy filed for such approval in September 2023 which was received in November 2023. The internal reorganization was completed in December 2023. Upon closing, Dominion Energy will retain the entirety of the assets and obligations, including related income tax and other deferred balances, of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. The PSNC Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $ 78 million due to Dominion Energy under certain conditions. Based on the recorded balances at March 31, 2024, Dominion Energy expects to recognize a pre-tax gain of approximately $ 10 million ($ 8 million after-tax) upon closing, including the write-off of $ 0.7 billion of goodwill which is not deductible for tax purposes but excluding the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $ 334 million to reflect the deferred taxes on the outside basis of PSNC’s stock upon meeting the classification as held for sale. These deferred taxes will reverse upon closing of the sale and become a component of current income tax expense on the gain on sale. At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. Sale of Questar Gas and Wexpro In September 2023, Dominion Energy entered into an agreement with Enbridge for the Questar Gas Transaction, which includes the sale of Questar Gas, Wexpro and related affiliates and is valued at approximately $ 4.3 billion, consisting of a purchase price of approximately $ 3.0 billion in cash and approximately $ 1.3 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the Questar Gas Transaction is not conditioned upon the closing of the PSNC Transaction. The sale will be treated as a stock sale for tax purposes and is expected to close in the second quarter of 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and Utah and Wyoming Commissions as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS, which was received in January 2024. In January 2024, Dominion Energy filed for approval with the FCC, which was received in February 2024. In October 2023, Dominion Energy filed for approvals from the Utah and Wyoming Commissions. In March 2024, a settlement stipulation supporting approval of the Questar Gas Transaction was filed with the Utah Commission. In October 2023, Dominion Energy filed the notice with the Idaho Commission required for closing of the Questar Gas Transaction. The internal reorganization in connection with the Questar Gas Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024. Upon closing, Dominion Energy will retain the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. The Questar Gas Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $ 107 million due to Dominion Energy under certain conditions. In 2023, Dominion Energy recorded a charge of $ 284 million ($ 279 million after-tax), including amounts associated with an impairment of goodwill. Based on the recorded balances at March 31, 2024, Dominion Energy recorded an additional charge of $ 78 million ($ 78 million after-tax), including amounts associated with an impairment of goodwill. Upon closing, Dominion Energy will write off the remaining $ 0.7 billion of goodwill which is not deductible for tax purposes. Following the internal reorganization noted above and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $ 5 million. In 2023, Dominion Energy recorded a charge of $ 462 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 and became a component of current income tax expense. In addition, Dominion Energy recorded an incremental deferred tax benefit of $ 22 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock in the first quarter of 2024 which will reverse upon the closing of the Questar Gas Transaction. See Note 5 for additional information. At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. Other Sales In February 2024, Dominion Energy entered into an agreement with AES to sell Birdseye and the Madison solar project for approximately $ 17 million in cash, subject to customary closing adjustments, which closed in April 2024. Dominion Energy recognized a charge of $ 68 million ($ 51 million after-tax) in the fourth quarter of 2023 to adjust the assets down to their realizable fair value. As a result, Dominion Energy expects any gain or loss on the sale, including the effects of final closing adjustments, to be inconsequential. Financial Statement Information for Business Review Dispositions The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income: Three Months Ended March 31, 2024 East Ohio (1) PSNC Questar Gas Other (millions) Operating revenue $ 229 $ 298 $ 695 $ — Operating expense (2) 254 158 575 1 Other income (expense) ( 17 ) 3 1 — Interest and related charges 15 14 16 — Income (loss) before income taxes ( 57 ) 129 105 ( 1 ) Income tax expense (benefit) 9 31 82 — Net income (loss) attributable to Dominion Energy (3) $ ( 66 ) $ 98 $ 23 $ ( 1 ) (1) Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. (2) East Ohio Transaction includes a charge of $ 45 million ($ 33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions. (3) Excludes $( 69 ) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024 . Three Months Ended March 31, 2023 East Ohio PSNC Questar Gas Other (millions) Operating revenue $ 312 $ 326 $ 730 $ 1 Operating expense 216 208 579 3 Other income (expense) 8 2 1 — Interest and related charges 15 13 16 — Income (loss) before income taxes 89 107 136 ( 2 ) Income tax expense (benefit) 13 24 29 ( 1 ) Net income (loss) attributable to Dominion Energy (1) $ 76 $ 83 $ 107 $ ( 1 ) (1) Excludes $( 9 ) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for three months ended March 31, 2023 . The carrying value of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows: At March 31, 2024 At December 31, 2023 PSNC Transaction Questar Gas Transaction Other East Ohio Transaction PSNC Transaction Questar Gas Transaction Other (millions) Current assets (1) $ 266 $ 505 $ ( 2 ) $ 497 $ 336 $ 764 $ 1 Property, plant and equipment, net 2,899 4,465 28 5,443 2,806 4,369 26 Other deferred charges and other (2) 823 666 ( 1 ) 2,659 834 766 — Current liabilities (3) 180 282 5 560 224 389 7 Long-term debt 948 1,205 — 2,286 948 1,205 — Other deferred credits and (4) 697 1,066 2 1,437 711 1,116 2 (1) Includes cash and cash equivalents of $ 1 million and $ 2 million within the PSNC Transaction and $ 39 million and $ 26 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. Also includes regulatory assets of $ 68 million and $ 89 million within the PSNC Transaction and $ 53 million and $ 297 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes cash and cash equivalents of $ 4 million and regulatory assets of $ 75 million within the East Ohio Transaction at December 31, 2023. (2) Includes goodwill of $ 673 million at both March 31, 2024 and December 31, 2023 within the PSNC Transaction and $ 642 million and $ 720 million at March 31, 2024 and December 31, 2023 , respectively within the Questar Gas Transaction. Also includes regulatory assets of $ 83 million and $ 86 million within the PSNC Transaction and $( 44 ) million and $( 39 ) million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes goodwill of $ 1.5 billion and regulatory assets of $ 781 million within the East Ohio Transaction at December 31, 2023. (3) Includes regulatory liabilities of $ 42 million and $ 44 million within the PSNC Transaction and $ 56 million and $ 55 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes regulatory liabilities of $ 54 million within the East Ohio Transaction at December 31, 2023. (4) Includes regulatory liabilities of $ 430 million and $ 435 million within the PSNC Transaction and $ 498 million and $ 502 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition includes regulatory liabilities of $ 711 million within the East Ohio Transaction at December 31, 2023. Capital expenditures and significant noncash items relating to the disposal groups included the following: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 East Ohio Transaction (1) PSNC Transaction Questar Gas Transaction Other East Ohio Transaction PSNC Transaction Questar Gas Transaction Other (millions) Capital expenditures $ 65 $ 82 $ 100 $ — $ 98 $ 44 $ 85 $ — Significant noncash items Depreciation, depletion — — — — 35 22 44 1 Accrued capital expenditures 55 20 — 30 22 18 — (1) Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. |
Operating Revenue
Operating Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Text Block [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following: Dominion Energy Virginia Power Period Ended March 31, 2024 2023 2024 2023 (millions) Regulated electric sales: Residential $ 1,365 $ 1,286 $ 1,052 $ 1,010 Commercial 1,094 1,070 881 866 Industrial 213 220 106 116 Government and other retail 257 244 241 229 Wholesale 36 44 29 29 Nonregulated electric sales 220 257 14 11 Regulated gas sales: Residential 151 136 Commercial 48 53 Other 19 23 Regulated gas transportation and storage 4 4 Other regulated revenues 88 78 84 74 Other nonregulated revenues (1)(2) 29 37 10 11 Total operating revenue from contracts with customers 3,524 3,452 2,417 2,346 Other revenues (1)(3) 108 431 72 38 Total operating revenue $ 3,632 $ 3,883 $ 2,489 $ 2,384 (1) See Note 19 for amounts attributable to affiliates. (2) Sales of renewable energy credits were $ 5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $ 2 million and $ 3 million for the three months ended March 31, 2024 and 2023, respectively, at Virginia Power. (3) Includes alternative revenue of $ 28 million and $ 27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively. Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2024. At March 31, 2024 and December 31, 2023 , Dominion Energy’s contract liability balances were $ 59 million and $ 47 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2024 and December 31, 2023 , Virginia Power’s contract liability balances were $ 53 million and $ 40 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, 2024 and 2023 , Dominion Energy recognized revenue of $ 43 million and $ 46 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2024 and 2023 , Virginia Power recognized $ 40 million and $ 39 million, respectively, from the beginning contract liability balances. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 2024 2023 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 3.4 3.8 4.4 4.6 Investment tax credits ( 1.3 ) ( 1.1 ) ( 0.7 ) ( 0.8 ) Production tax credits ( 1.0 ) ( 0.4 ) ( 0.9 ) ( 0.7 ) Reversal of excess deferred income taxes ( 2.1 ) ( 2.0 ) ( 1.7 ) ( 2.7 ) AFUDC - equity ( 0.7 ) ( 0.1 ) ( 0.7 ) 0.2 Other, net 0.1 ( 1.1 ) 0.2 ( 0.2 ) Effective tax rate 19.4 % 20.1 % 21.6 % 21.4 % The IRA created a nuclear production tax credit for electricity produced and sold starting in 2024. The Companies did not record these potential tax benefits for the three months ended March 31, 2024 given computational uncertainty (in part from the absence of U.S. Treasury guidance) and market pricing volatility. Depending on future developments, 2024 nuclear production tax credits could have a material benefit to the Companies’ results of operations and/or cash flows. As of March 31, 2024, 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, 2023, for a discussion of these unrecognized tax benefits. Discontinued operations Income tax expense reflected in discontinued operations is $ 51 million and $ 56 million for the three months ended March 31, 2024 and 2023, respectively. Dominion Energy entered into agreements for the East Ohio, PSNC and Questar Gas Transactions in September 2023, each of which was or will be treated as a stock sale for income tax purposes. During 2023 in connection with the pending sales, Dominion Energy recorded a charge of $ 825 million to establish deferred tax liabilities to reflect the excess of financial reporting basis over tax basis in stock of the entities to be sold. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these transactions. Dominion Energy recorded tax expense of $ 6 million in the first quarter of 2024, including the reversal of $ 29 million of these previously established deferred tax liabilities associated with East Ohio through income tax expense. Following the internal reorganization discussed in Note 3 and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $ 5 million, including the reversal of $ 462 million of these previously established deferred tax liabilities associated with Questar Gas, Wexpro and related affiliates through income tax expense. In addition, Dominion Energy recorded a tax benefit of $ 22 million to establish a deferred tax asset reflecting the excess of tax basis over financial reporting basis for Questar Gas, Wexpro and related affiliates. These deferred taxes will reverse upon closing of the Questar Gas Transaction, which is expected to occur in the second quarter of 2024. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 560 $ 700 Preferred stock dividends (see Note 16) ( 20 ) ( 20 ) Net income attributable to Dominion Energy from continuing operations - $ 540 $ 680 Net income (loss) attributable to Dominion Energy from discontinued operations - $ 114 $ 281 Average shares of common stock outstanding - Basic 837.6 835.2 Net effect of dilutive securities (1) — 0.3 Average shares of common stock outstanding - Diluted 837.6 835.5 EPS from continuing operations - Basic $ 0.64 $ 0.81 EPS from discontinued operations - Basic $ 0.14 0.34 EPS attributable to Dominion Energy - Basic $ 0.78 $ 1.15 EPS from continuing operations - Diluted $ 0.64 $ 0.81 EPS from discontinued operations - Diluted $ 0.14 0.34 EPS attributable to Dominion Energy - Diluted $ 0.78 $ 1.15 (1) Dilutive securities for the three months ended March 31, 2023 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. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Beginning balance $ ( 216 ) $ — $ ( 1,290 ) $ — $ ( 1,506 ) Other comprehensive income (loss) before 7 ( 26 ) ( 237 ) — ( 256 ) Amounts reclassified from AOCI: (gains) losses Interest and related charges 11 — — — 11 Other income (expense) — 8 6 — 14 Total 11 8 6 — 25 Income tax expense (benefit) ( 4 ) ( 2 ) ( 1 ) — ( 7 ) Total, net of tax 7 6 5 — 18 Net current period other comprehensive 14 ( 20 ) ( 232 ) — ( 238 ) Ending balance $ ( 202 ) $ ( 20 ) $ ( 1,522 ) $ — $ ( 1,744 ) 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: (gains) losses Interest and related charges 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 ) (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $ 68 million, $ 73 million, $ 83 million and $ 83 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (3) Net of $ 6 million, $( 2 ) million, $ 6 million and $ 13 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (4) Net of $ 538 million, $ 456 million, $ 449 million and $ 445 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (5) Net of $ — million at March 31, 2024, December 31, 2023 and March 31, 2023 and $ 1 million at December 31, 2022. 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, 2024 Beginning balance $ 15 $ 1 $ 16 Other comprehensive income (loss) before 7 ( 5 ) 2 Amounts reclassified from AOCI: (gains) losses Other income (expense) — 2 2 Total — 2 2 Income tax expense (benefit) — ( 1 ) ( 1 ) Total, net of tax — 1 1 Net current period other comprehensive income (loss) 7 ( 4 ) 3 Ending balance $ 22 $ ( 3 ) $ 19 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 (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $( 7 ) million, $( 5 ) million, $( 2 ) million and $( 5 ) million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (3) Net of $ 1 million, $ — million, $ 1 million and $ 2 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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 inputs into the option 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, 2024. 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) $ 5 ( 2 )- 2 — $ 5 ( 2 )- 2 — FTRs Discounted Market price (3) 2 ( 1 )- 3 1 2 ( 1 )- 3 1 Electricity Discounted Market price (3) 209 24 - 111 51 Physical options: Natural gas (2) Option model Market price (3) 49 1 - 7 3 23 1 - 7 3 Price volatility (4) 10 %- 75 % 46 % 23 %- 73 % 52 % Total assets $ 265 $ 30 Liabilities Physical and financial forwards: Natural gas (2) Discounted Market price (3) $ 4 ( 2 )- 0 ( 1 ) $ 4 ( 2 )- 0 ( 1 ) FTRs Discounted Market price (3) 64 ( 1 )- 4 2 64 ( 1 )- 4 2 Electricity Discounted Market price (3) 7 24 - 115 63 Total liabilities $ 75 $ 68 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) Nonrecurring Fair Value Measurements See Note 11 for information regarding an impairment charge recorded by Dominion Energy associated with a corporate office building. 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, 2024 Assets Derivatives: Commodity $ — $ 281 $ 265 $ 546 $ — $ 74 $ 30 $ 104 Interest rate — 895 — 895 — 172 — 172 Foreign currency exchange rate — 3 — 3 — 3 — 3 Investments (1) : Equity securities: U.S. 4,970 — — 4,970 2,568 — — 2,568 Fixed income: Corporate debt instruments — 552 — 552 — 300 — 300 Government securities 218 1,200 — 1,418 129 667 — 796 Other 222 — — 222 176 — — 176 Cash equivalents and other 2 3 — 5 2 1 — 3 Total assets $ 5,412 $ 2,934 $ 265 $ 8,611 $ 2,875 $ 1,217 $ 30 $ 4,122 Liabilities Derivatives: Commodity $ — $ 156 $ 75 $ 231 $ — $ 92 $ 68 $ 160 Interest rate — 483 — 483 — 21 — 21 Foreign currency exchange rate — 108 — 108 — 108 — 108 Total liabilities $ — $ 747 $ 75 $ 822 $ — $ 221 $ 68 $ 289 December 31, 2023 Assets Derivatives: Commodity $ — $ 325 $ 225 $ 550 $ — $ 96 $ 21 $ 117 Interest rate — 800 — 800 — 181 — 181 Investments (1) : Equity securities: U.S. 4,527 — — 4,527 2,362 — — 2,362 Fixed income: Corporate debt instruments — 500 — 500 — 274 — 274 Government securities 219 1,238 — 1,457 129 687 — 816 Cash equivalents and other 31 — — 31 20 — — 20 Total assets $ 4,777 $ 2,863 $ 225 $ 7,865 $ 2,511 $ 1,238 $ 21 $ 3,770 Liabilities Derivatives: Commodity $ — $ 160 $ 139 $ 299 $ — $ 95 $ 137 $ 232 Interest rate — 359 — 359 — 45 — 45 Foreign currency exchange rate — 39 — 39 — 39 — 39 Total liabilities $ — $ 558 $ 139 $ 697 $ — $ 179 $ 137 $ 316 (1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $ 294 million and $ 457 million of assets at Dominion Energy, inclusive of $ 94 million and $ 217 million at Virginia Power, at March 31, 2024 and December 31, 2023 , 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 Period Ended March 31, 2024 2023 2024 2023 (millions) Beginning balance $ 86 $ 422 $ ( 116 ) $ 221 Total realized and unrealized gains (losses): Included in earnings: Operating revenue ( 8 ) — Electric fuel and other energy-related purchases ( 121 ) ( 51 ) ( 119 ) ( 52 ) Discontinued operations ( 1 ) — Included in regulatory assets/liabilities 131 ( 216 ) 77 ( 166 ) Settlements 76 35 100 36 Purchases 27 16 20 16 Ending balance $ 190 $ 206 $ ( 38 ) $ 55 Dominion Energy had $( 8 ) million and less than $ 1 million of unrealized gains (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, 2024 and 2023 , respectively. Virginia Power had no unrealized gains or losses for the three months ended March 31, 2024 and 2023. 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, 2024 Long-term debt (2) $ 36,529 $ 34,197 $ 18,032 $ 16,665 Supplemental credit facility borrowings 450 450 Securitization bonds (3) 1,282 1,280 1,282 1,280 Junior subordinated notes (2) 1,388 1,389 December 31, 2023 Long-term debt (2) $ 42,526 $ 40,539 $ 17,392 $ 16,418 Supplemental credit facility borrowings 450 450 Junior subordinated notes (2) 1,388 1,374 (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. There were no fair value hedges associated with fixed-rate debt at March 31, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both March 31, 2024 and December 31, 2023 . (3) Carrying amount includes current portions included in securities due within one year. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 3 Months Ended |
Mar. 31, 2024 | |
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 and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives. 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, 2024 Commodity contracts: Over-the-counter $ 229 $ 51 $ — $ 178 $ 96 $ 39 $ — $ 57 Exchange 114 65 — 49 4 4 — — Interest rate contracts: Over-the-counter 895 311 — 584 172 2 — 170 Foreign currency exchange rate contracts: Over-the-counter 3 3 — — 3 3 — — Total derivatives, $ 1,241 $ 430 $ — $ 811 $ 275 $ 48 $ — $ 227 December 31, 2023 Commodity contracts: Over-the-counter $ 289 $ 26 $ — $ 263 $ 112 $ 13 $ — $ 99 Exchange 118 33 15 70 4 3 — 1 Interest rate contracts: Over-the-counter 800 191 — 609 181 11 — 170 Total derivatives, $ 1,207 $ 250 $ 15 $ 942 $ 297 $ 27 $ — $ 270 (1) Excludes derivative assets of $ 203 million and $ 143 million at Dominion Energy and $ 4 million and $ 1 million at Virginia Power at March 31, 2024 and December 31, 2023 , 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, 2024 Commodity contracts: Over-the-counter $ 163 $ 46 $ — $ 117 $ 100 $ 34 $ — $ 66 Exchange 65 65 — — 4 4 — — Interest rate contracts: Over-the-counter 483 316 — 167 21 7 — 14 Foreign currency exchange rate contracts: Over-the-counter 108 3 — 105 108 3 — 105 Total derivatives, $ 819 $ 430 $ — $ 389 $ 233 $ 48 $ — $ 185 December 31, 2023 Commodity contracts: Over-the-counter $ 266 $ 26 $ 30 $ 210 $ 153 $ 13 $ 30 $ 110 Exchange 33 33 — — 3 3 — — Interest rate contracts: Over-the-counter 359 186 — 173 45 6 — 39 Foreign currency exchange rate contracts: Over-the-counter 39 5 — 34 39 5 — 34 Total derivatives, $ 697 $ 250 $ 30 $ 417 $ 240 $ 27 $ 30 $ 183 (1) Excludes derivative liabilities of $ 3 million at Dominion Energy at March 31, 2024 and $ 56 million and $ 76 million at Virginia Power at March 31, 2024 and December 31, 2023 , respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at December 31, 2023 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, 2024. 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 (1) 43 14 41 14 Basis (2) 200 360 155 360 Electricity (MWh in millions): Fixed price 18 37 8 7 FTRs 15 — 15 — Interest rate (3) (in millions) $ 3,862 $ 10,112 $ 1,200 $ 1,050 Foreign currency exchange rate (3) (in millions) Danish Krone 1,628 kr. 2,237 kr. 1,628 kr. 2,237 kr. Euro € 302 € 1,551 € 302 € 1,551 (1) Includes options at Dominion Energy. (2) Includes options. (3) 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, 2024: 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 $ ( 202 ) $ ( 31 ) 381 months $ 22 $ — 381 months Total $ ( 202 ) $ ( 31 ) $ 22 $ — 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, 2024 ASSETS Current Assets Commodity $ — $ 256 $ 256 $ — $ 86 $ 86 Interest rate 94 332 426 94 — 94 Foreign currency exchange rate — 3 3 — 3 3 Total current derivative assets (1) 94 591 685 94 89 183 Noncurrent Assets Commodity — 290 290 — 18 18 Interest rate 78 391 469 78 — 78 Total noncurrent derivative assets (2) 78 681 759 78 18 96 Total derivative assets $ 172 $ 1,272 $ 1,444 $ 172 $ 107 $ 279 LIABILITIES Current Liabilities Commodity $ — $ 191 $ 191 $ — $ 136 $ 136 Interest rate 21 96 117 21 — 21 Foreign currency exchange rate — 35 35 — 35 35 Total current derivative liabilities (3) 21 322 343 21 171 192 Noncurrent Liabilities Commodity — 40 40 — 24 24 Interest rate — 366 366 — — — Foreign currency exchange rate — 73 73 — 73 73 Total noncurrent derivative liabilities (4) — 479 479 — 97 97 Total derivative liabilities $ 21 $ 801 $ 822 $ 21 $ 268 $ 289 December 31, 2023 ASSETS Current Assets Commodity $ — $ 312 $ 312 $ — $ 91 $ 91 Interest rate 143 298 441 143 — 143 Total current derivative assets (1) 143 610 753 143 91 234 Noncurrent Assets Commodity — 238 238 — 26 26 Interest rate 38 321 359 38 — 38 Total noncurrent derivative assets (2) 38 559 597 38 26 64 Total derivative assets $ 181 $ 1,169 $ 1,350 $ 181 $ 117 $ 298 LIABILITIES Current Liabilities Commodity $ — $ 244 $ 244 $ — $ 188 $ 188 Interest rate 45 76 121 45 — 45 Foreign currency exchange rate — 11 11 — 11 11 Total current derivative liabilities (3) 45 331 376 45 199 244 Noncurrent Liabilities Commodity — 55 55 — 44 44 Interest rate — 238 238 — — — Foreign currency exchange rate — 28 28 — 28 28 Total noncurrent derivative liabilities (4) — 321 321 — 72 72 Total derivative liabilities $ 45 $ 652 $ 697 $ 45 $ 271 $ 316 (1) Includes $ 23 million and $ 54 million recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative assets presented in other current assets in the Companies’ Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (3) Includes $ 1 million and $ 30 million recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 , respectively, with the remaining current derivative liabilities presented in other current liabilities in the Companies’ Consolidated Balance Sheets. (4) 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, 2024 Derivative type and location of gains (losses): Interest rate (3) $ 8 $ ( 11 ) $ 88 $ 8 $ — $ 88 Total $ 8 $ ( 11 ) $ 88 $ 8 $ — $ 88 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 ) (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 Period Ended March 31, 2024 2023 2024 2023 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 76 $ 395 $ 41 $ 9 Electric fuel and other energy-related ( 148 ) ( 45 ) ( 146 ) ( 46 ) Discontinued operations ( 24 ) 94 Interest rate: Interest and related charges ( 78 ) ( 76 ) Discontinued operations — ( 26 ) Total $ ( 174 ) $ 342 $ ( 105 ) $ ( 37 ) (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, 2024 | |
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 $ 141 million and $ 119 million at March 31, 2024 and December 31, 2023, 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, 2024 Equity securities: (1) U.S. $ 1,260 $ 3,720 $ ( 10 ) $ 4,970 $ 733 $ 1,936 $ ( 7 ) $ 2,662 Fixed income securities: (2) Corporate debt 562 7 ( 27 ) $ — 542 319 2 ( 21 ) $ — 300 Government 1,441 12 ( 61 ) — 1,392 822 7 ( 34 ) — 795 Common/ — — — — — — — — — — Other 211 — — — 211 176 — — — 176 Insurance 245 — — 245 Cash equivalents (3) 58 — — — 58 27 — — — 27 Total $ 3,777 $ 3,739 $ ( 98 ) (4) $ — $ 7,418 $ 2,077 $ 1,945 $ ( 62 ) (4) $ — $ 3,960 December 31, 2023 Equity securities: (1) U.S. $ 1,276 $ 3,270 $ ( 10 ) $ 4,536 $ 759 $ 1,706 $ ( 10 ) $ 2,455 Fixed income securities: (2) Corporate debt 508 10 ( 27 ) $ — 491 292 3 ( 21 ) $ — 274 Government 1,426 28 ( 24 ) — 1,430 811 17 ( 12 ) — 816 Common/ 161 — — — 161 124 — — — 124 Insurance 244 — — 244 Cash equivalents (3) 84 — — — 84 47 — — — 47 Total $ 3,699 $ 3,308 $ ( 61 ) (4) $ — $ 6,946 $ 2,033 $ 1,726 $ ( 43 ) (4) $ — $ 3,716 (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 $ 45 million and $ 49 million at March 31, 2024 and December 31, 2023 , respectively. Virginia Power includes pending sales of securities of $ 24 million and $ 27 million at March 31, 2024, and December 31, 2023 , respectively. (4) Dominion Energy’s fair value of securities in an unrealized loss position was $ 1.2 billion and $ 764 million at March 31, 2024 and December 31, 2023 , respectively. Virginia Power’s fair value of securities in an unrealized loss position was $ 696 million and $ 384 million at March 31, 2024 and December 31, 2023 , 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, 2024 2023 2024 2023 (millions) Net gains (losses) recognized during $ 459 $ 226 $ 242 $ 116 Less: Net (gains) losses recognized ( 10 ) 2 ( 9 ) 1 Unrealized gains (losses) recognized (1) $ 449 $ 228 $ 233 $ 117 (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, 2024 by contractual maturity is as follows: Dominion Energy Virginia Power (millions) Due in one year or less $ 30 $ 16 Due after one year through five years 514 254 Due after five years through ten years 405 236 Due after ten years 985 589 Total $ 1,934 $ 1,095 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, 2024 2023 2024 2023 (millions) Proceeds from sales $ 695 $ 544 $ 471 $ 373 Realized gains (1) 32 21 23 17 Realized losses (1) 38 41 23 31 (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 less than $ 1 million and $ 2 million for the three months ended March 31, 2024 and 2023 , respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $( 10 ) million and $ 76 million for the three months ended March 31, 2024 and 2023 , respectively, in discontinued operations, including amounts related to its investments in Cove Point and Atlantic Coast Pipeline discussed below. Dominion Energy received distributions of $ 131 million and $ 85 million for the three months ended March 31, 2024 and 2023 , respectively. Dominion Energy made contributions of $ 3 million and $ 10 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023 , the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $ 13 million and $ 18 million, respectively. At March 31, 2024 , these differences are primarily comprised of $ 9 million of equity method goodwill that is not being amortized and $ 2 million attributable to capitalized interest. At December 31, 2023 , these differences are primarily comprised of $ 9 million of equity method goodwill that is not being amortized and $ 3 million attributable to capitalized interest. Cove Point See Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of the sale of Dominion Energy’s remaining interest in Cove Point to BHE, which closed in September 2023. Dominion Energy recorded distributions from Cove Point of $ 83 million for the three months ended March 31, 2023. Amounts presented within discontinued operations within Dominion Energy’s Consolidated Statements of Income related to Cove Point for the three months ended March 31, 2023 were $ 76 million for earnings on equity method investees, $ 62 million of interest expense and $ 3 million of income tax expense. 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, 2023. Dominion Energy recorded equity losses related to Atlantic Coast Pipeline of $ 11 million and $ 1 million for the three months ended March 31, 2024 and 2023, respectively, in discontinued operations. At March 31, 2024 and December 31, 2023 , Dominion Energy has recorded a liability of $ 14 million and $ 4 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 expects it could 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. Dominion Privatization In February 2024, Dominion Energy received a distribution of $ 126 million from Dominion Privatization, which was accounted for as a return of an investment. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. In March 2023 , Dominion Energy entered into an agreement to acquire the Foxhound solar development project in Virginia (reflected in Contracted Energy) which closed in February 2024 , and commenced commercial operations in April 2024 . Dominion Energy will claim production tax credits on the energy generated and sold by the project. Sale of Corporate Office Building 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 both March 31, 2024 and December 31, 2023 . |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
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) $ 105 $ 245 $ 34 $ 95 Securitized cost of fuel used in electric generation (2) 100 — 100 — Deferred rider costs for Virginia electric utility (3) 168 270 168 270 Ash pond and landfill closure costs (4) 188 200 188 200 Deferred nuclear refueling outage costs (5) 64 63 64 63 NND Project costs (6) 138 138 Derivatives (7) 98 162 96 160 Other 231 231 94 80 Regulatory assets-current 1,092 1,309 744 868 Unrecognized pension and other postretirement benefit costs (8) 518 1,036 — — Deferred rider costs for Virginia electric utility (3) 553 496 553 496 Interest rate hedges (9) 168 168 — — AROs and related funding (10) 381 379 NND Project costs (6) 1,914 1,949 Ash pond and landfill closure costs (4) 2,403 2,410 2,396 2,407 Deferred cost of fuel used in electric generation (1) — 1,221 — 1,221 Securitized cost of fuel used in electric generation (2) 1,177 — 1,177 — Derivatives (7) 142 107 104 66 Other 603 590 122 127 Regulatory assets-noncurrent 7,859 8,356 4,352 4,317 Total regulatory assets $ 8,951 $ 9,665 $ 5,096 $ 5,185 Regulatory liabilities: Provision for future cost of removal and AROs (11) 118 118 118 118 Reserve for refunds and rate credits to electric utility customers (12) 83 83 — — Income taxes refundable through future rates (13) 107 107 70 70 Monetization of guarantee settlement (14) 67 67 Derivatives (7) 10 7 — — Other 127 140 96 133 Regulatory liabilities-current 512 522 284 321 Income taxes refundable through future rates (13) 3,044 3,076 2,214 2,237 Provision for future cost of removal and AROs (11) 1,826 1,818 1,186 1,185 Nuclear decommissioning trust (15) 2,297 2,098 2,297 2,098 Monetization of guarantee settlement (14) 619 635 Interest rate hedges (9) 313 233 313 233 Reserve for refunds and rate credits to electric utility customers (12) 212 237 — — Overrecovered other postretirement benefit costs (16) 162 155 Derivatives (7) 194 136 — — Other 376 286 333 225 Regulatory liabilities-noncurrent 9,043 8,674 6,343 5,978 Total regulatory liabilities $ 9,555 $ 9,196 $ 6,627 $ 6,299 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $ 1.3 billion of under-recovered fuel costs for its Virginia service territory. (2) Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. (3) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. (4) 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. (5) 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. (6) 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. (7) 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. (8) 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. Includes regulatory assets of $ 10 million and $ 215 million and regulatory liabilities of $( 5 ) million and $ 12 million at March 31, 2024 and December 31, 2023 , respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio (at December 31, 2023 only), PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction. (9) 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, 2024 . (10) Represents uncollected costs, including 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 . (11) 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. (12) 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, 2023 for additional information. (13) 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. (14) 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. (15) 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. (16) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. At March 31, 2024 , Dominion Energy and Virginia Power regulatory assets include $ 5.8 billion and $ 4.5 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, 2024 | |
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, 2023. Virginia Regulation - Recent Developments 2023 Biennial Review In July 2023, Virginia Power filed its base rate case and accompanying schedules in support of the 2023 Biennial Review in accordance with legislation enacted in Virginia in April 2023. Virginia Power’s earnings test analysis, as filed, demonstrated it earned a combined ROE of 9.04 % on its generation and distribution services for the test period, within 70 basis points of its authorized ROE of 9.35 % established in the 2021 Triennial Review. Virginia Power did not request an increase in base rates for generation and distribution services and proposed that base rates remain at their existing level utilizing an ROE of 9.70 % for the prospective test periods and a common equity capitalization to total capitalization ratio of 52.10 %. Virginia Power noted that while its prospective test periods would result in a revenue deficiency, it did not request an increase to base rates given that the combination of certain riders with an aggregate annual revenue requirement of at least $ 350 million into base rates effective July 2023 cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review. In November 2023, Virginia Power, the Virginia Commission staff and other parties filed a comprehensive settlement agreement with the Virginia Commission for approval. The comprehensive settlement agreement indicates that Virginia Power demonstrated it earned a combined ROE of 9.05 % on its generation and distribution services for the test period, requires previously unrecovered severe weather event costs of $ 45 million to be recovered through base rates during the 2023-2024 biennial period, with carrying costs, and provides for $ 15 million in one-time credits to customers by September 2024. In February 2024, the Virginia Commission approved the comprehensive settlement agreement and issued its order in this matter. In doing so, the Virginia Commission determined that Virginia Power’s earnings for the test period, considered as a whole, were within 70 basis points above or below its authorized ROE of 9.35 %. The Virginia Commission also authorized an ROE of 9.70 %, as directed by legislation enacted in Virginia in April 2023, for Virginia Power that will be applied to Virginia Power’s riders prospectively and that will also be utilized to measure base rate earnings for the 2025 Biennial Review. In connection with the order, Virginia Power recorded a net benefit of $ 17 million ($ 12 million after-tax) in the first quarter of 2024 within impairment of assets and other charges in its Consolidated Statements of Income for a regulatory asset for previously unrecovered severe weather event costs, which will be amortized by the end of 2024. 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. As discussed in Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, Virginia Power proposed two alternatives to recover these under-collected fuel costs, including an option based on an anticipated securitization of up to $ 1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023, with such securitization approved by the Virginia Commission in November 2023 and completed by Virginia Power in February 2024. In March 2024, the Virginia Commission approved Virginia Power’s annual fuel factor based on the securitization option, which results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $ 541 million. In addition, the Virginia Commission approved Virginia Power’s proposal 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 results in a reduction to fuel revenue of $ 13 million. In May 2024, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $ 2.2 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2024 and to return an estimated $ 266 million net over-recovered balance through June 30, 2024. Virginia Power’s proposed fuel rate represents a fuel revenue decrease of $ 636 million when applied to projected kilowatt-hour sales for the rate year beginning July 1, 2024. This matter is pending. Renewable Generation Projects In October 2023, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate four utility-scale projects totaling approximately 329 MW of solar generation as part of its efforts to meet the renewable generation development targets under the VCEA. The projects, as of October 2023, are expected to cost approximately $ 850 million in the aggregate, excluding financing costs, and be placed into service between 2024 and 2026. In March 2024, the Virginia Commission approved the petition. Riders Other than the following matters, there have been no significant developments regarding the riders associated with various Virginia Power projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. Rider Name Application Date Approval Date Rate Year Total Revenue (1) Increase (Decrease) Rider CCR March 2024 Pending December 2024 $ 103 $ ( 91 ) Rider CE (2) October 2023 March 2024 May 2024 133 44 Rider GT August 2023 May 2024 June 2024 145 131 Rider T1 (3) May 2024 Pending September 2024 1,170 291 (1) In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $ 120 million as of March 31, 2024. (2) The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider. (3) Consists of $ 532 million for the transmission component of Virginia Power’s base rates and $ 638 million for Rider T1. Electric Transmission Projects Other than the following matters, there have been no significant developments regarding the Virginia Power electric transmission projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. Description and Location Application Date Approval Date Type of Miles of Cost Estimate (1) Construct new Aspen and Golden substations, March 2024 Pending 500- 10 $ 690 Partial rebuild Fredericksburg-Aquia Harbour March 2024 Pending 230- 24 135 Construct new Apollo-Twin Creeks transmission March 2024 Pending 230 kV 2 285 Rebuild Dooms-Harrisonburg transmission lines April 2024 Pending 230 kV 22 60 (1) Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $ 45 million and $ 100 million, respectively. North Carolina Regulation Virginia Power Base Rate Case In March 2024, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $ 57 million effective November 1, 2024 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective February 1, 2025. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 5.01 % based upon a fully-adjusted test period, compared to its authorized 9.75 % return, and proposed a 10.60 % ROE. This matter is pending. 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 2024 , PSNC submitted a filing with the North Carolina Commission for a $ 31 million decrease relating to the customer usage tracker. The North Carolina Commission approved the filing in March 2024 with rates effective April 2024. South Carolina Regulation Electric Base Rate Case In March 2024, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $ 295 million, partially offset by a net decrease in storm damage and DSM components of $ 4 million. If approved, the overall proposed rate increase of $ 291 million, or 12.59 %, would be effective on and after the first billing cycle of September 2024. The base rate increase was proposed to recover the significant investment in assets and operating resources required to serve an expanding customer base, maintain the safety, reliability and efficiency of DESC’s system and meet increasingly stringent reliability, security and environmental requirements for the benefit of South Carolina customers. DESC presented an earned ROE of 4.32 % based upon a fully-adjusted test period. The proposed rates would provide for an earned ROE of 10.60 % compared to the currently authorized ROE of 9.50 %. This matter is pending. 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 2024 , DESC filed with the South Carolina Commission a proposal to decrease 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 2024 . In addition, DESC proposed an increase to its variable environmental and avoided capacity cost component. The net effect is a proposed annual decrease of $ 315 million. In March 2024, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a settlement agreement with the South Carolina Commission for approval to make certain adjustments to the February 2024 filing that would result in a net annual decrease of $ 316 million. In April 2024, the South Carolina Commission voted to approve the settlement agreement, with rates effective May 2024. DSM Programs DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2024, DESC filed an application with the South Carolina Commission seeking approval to recover $ 47 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 2024. In April 2024, the South Carolina Commission approved the request, effective with the first billing cycle of May 2024. Electric - Transmission Project In March 2024 , DESC filed an application with the South Carolina Commission requesting approval of a CPCN to construct and operate the Church Creek - Charleston Transmission Line, comprised of a 7 mile 230 kV transmission line and associated facilities in Charleston County, South Carolina with an estimated total project cost of $ 40 million. This matter is pending. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. Dominion Energy’s Consolidated Statements of Income include $ 3 million and $ 5 million for the three months ended March 31, 2024 and 2023 , respectively, of rental revenue included in operating revenue . Dominion Energy’s Consolidated Statements of Income include $ 3 million and $ 1 million for the three months ended March 31, 2024 and 2023, respectively, of depreciation expense included in depreciation and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. In April 2024, Dominion Energy agreed to pay $ 47 million in connection with a settlement of an agreement related to the offshore wind installation vessel under development and recorded a charge of $ 47 million ($ 35 million after-tax) in the first quarter of 2024 within impairments and other charges in its Consolidated Statements of Income. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. Virginia Power Virginia Power purchased shared services from DES, an affiliated VIE, of $ 115 million and $ 113 million for the three months ended March 31, 2024 and 2023 , respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $ 33 million and $ 32 million at March 31, 2024 and December 31, 2023, respectively, recorded in payables to affiliates. As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds. Virginia Power’s Consolidated Balance Sheets at March 31, 2024 included balances for VPFS in regulatory assets-current ($ 100 million), other current assets ($ 6 million), regulatory assets-noncurrent ($ 1.2 billion), securities due within one year ($ 65 million), accrued interest, payroll and taxes ($ 8 million) and securitization bonds ($ 1.2 billion). |
Significant Financing Transacti
Significant Financing Transactions | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. 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, 2024, 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 $ 3,164 $ 34 $ 2,802 (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, 2024 , the sub-limits for DESC and Questar Gas were $ 500 million and $ 250 million, respectively. 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 December 31, 2023 , Dominion Energy had $ 25 million in letters of credit outstanding under this facility. There were no such balances outstanding as of March 31, 2024. 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, 2024 and December 31, 2023 , $ 58 million and $ 54 million, respectively, in letters of credit were issued and outstanding under 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, 2023. At March 31, 2024 and December 31, 2023 , Dominion Energy’s Consolidated Balance Sheets include $ 462 million and $ 409 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 March 2024, Dominion Energy repaid the full $ 2.5 billion outstanding under its $ 2.5 billion 364-day term loan facility entered into in January 2023 as amended in January 2024, using after-tax proceeds received in connection with the East Ohio Transaction. The debt was scheduled to mature in July 2024. At December 31, 2023 , Dominion Energy’s Consolidated Balance Sheet included $ 2.5 billion with respect to such facility presented within securities due within one year. In March 2024, Dominion Energy repaid $ 1.8 billion of its $ 2.25 billion 364-day term loan facility entered into in October 2023, using after-tax proceeds received in connection with the East Ohio Transaction. Subsequently in March 2024, Dominion Energy requested and received a $ 500 million increase to the amount of the facility and concurrently borrowed $ 500 million with the proceeds used for general corporate purposes. The debt is scheduled to mature in October 2024. The agreement contains certain mandatory early repayment provisions, including that any after-tax proceeds in connection with the PSNC and Questar Gas Transactions be applied to any outstanding borrowings under this facility. At March 31, 2024 and December 31, 2023 , Dominion Energy’s Consolidated Balance Sheet includes $ 976 million and $ 2.25 billion, respectively, with respect to such facility presented within securities due within one year. The maximum allowed total debt to total capital ratio under this 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, 2024, 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 $ — $ 10 (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, 2024 , 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 allowed Virginia Power to issue up to $ 125 million in letters of credit and was scheduled to mature in January 2026 . At December 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. As of March 31, 2024, the credit facility had been terminated. In March 2023, Virginia Power entered into an agreement with a financial institution, which it expects to allow it to issue up to $ 200 million in letters of credit. At March 31, 2024 and December 31, 2023 , $ 119 million and $ 124 million, respectively, in letters of credit were issued and outstanding under this agreement. Long-term Debt There have been no significant changes regarding the Companies’ long-term debt 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, 2023. Dominion Energy recognized a charge of $ 10 million during the three months ended March 31, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of Eagle Solar’s secured senior notes in February 2024. 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, 2024 and December 31, 2023 , 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 $ 9 million ($ 11.625 per share) for both the three months ended March 31, 2024 and 2023 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, 2024 and 2023 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, 2023. 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 $ 31 million from the issuance of less than one million shares of common stock for the three months ended March 31, 2024, 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, 2023. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans and, in March 2024, began issuing new shares of common stock. 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, with $ 0.9 billion available as of March 31, 2024. Dominion Energy did no t repurchase any shares of common stock during three months ended March 31, 2024 , 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, 2024 | |
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 is applicable in August 2023 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. In May 2023, the EPA proposed to repeal the ACE Rule as part of a package of proposed rules addressing CO 2 emissions from new and existing fossil fuel-fired electric generating units. Until the EPA takes final action on this proposed 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 11 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 has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2024 depending on receipt of final permits and approvals. At March 31, 2024 and December 31, 2023 , Dominion Energy had $ 31 million and $ 32 million, respectively, of reserves recorded. At both March 31, 2024 and December 31, 2023 , Virginia Power had $ 25 million of reserves recorded. Dominion Energy is associated with three 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. Matters Fully Resolved Prior to 2024 Impacting the Consolidated Financial Statements 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. In June 2023, DESC transferred the remaining utility property with a fair value of $ 11 million to the SCDOR. In July 2023, DESC made a less than $ 1 million cash payment to the SCDOR to fully satisfy its remaining obligation, including applicable interest, under the settlement agreement. Nuclear Operations Nuclear Insurance Other than the items discussed below, 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, 2023. During the first quarter of 2024, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program increased from $ 16.2 billion to $ 16.3 billion. This increase does not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988. Additionally, the Companies increased the amount of coverage purchased from commercial insurance pools for Millstone, Summer, Surry and North Anna from $ 450 million to $ 500 million with the remainder provided through the mandatory industry retrospective rating plan. 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, 2023, 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 Dominion Energy 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, 2024, Dominion Energy had issued the following subsidiary guarantees: Maximum (millions) Commodity transactions (1) $ 2,842 Nuclear obligations (2) 245 Solar (3) 215 Other (4) 1,094 Total (5)(6) $ 4,396 (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, 2023. (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. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year . At March 31, 2024 , no amounts have been recorded related to this guarantee. In addition, Dominion Energy had issued an additional $ 20 million of guarantees at March 31, 2024, primarily to support third parties. No amounts related to these guarantees have been recorded. Dominion Energy also had issued four guarantees as of March 31, 2024 related to Cove Point, previously 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. Additionally, at March 31, 2024 , Dominion Energy had purchased $ 316 million of surety bonds, including $ 213 million at Virginia Power and $ 33 million related to entities held for sale, and authorized the issuance of letters of credit by financial institutions of $ 34 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, 2024 | |
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, 2023. At March 31, 2024 , Dominion Energy’s credit exposure totaled $ 274 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 86 %. No single counterparty, whether investment grade or non-investment grade, exceeded $ 80 million of exposure. At March 31, 2024 , Virginia Power’s exposure related to wholesale customers totaled $ 107 million. Of this amount, investment grade counterparties, including those internally rated, represented 73 %. No single counterparty, whether investment grade or non-investment grade, exceeded $ 23 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 $ 32 million and $ 24 million, respectively, as of March 31, 2024 , and $ 28 million and $ 14 million, respectively, as of December 31, 2023 . 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 and Virginia Power had no posted collateral at March 31, 2024 or December 31, 2023 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering less than $ 1 million of fair value of derivative instruments in a liability position at December 31, 2023 . 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 $ 32 million and $ 24 million, respectively, as of March 31, 2024 and $ 28 million and $ 14 million, respectively, as of December 31, 2023, 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, 2024 | |
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, 2024 , Virginia Power’s derivative assets and liabilities with affiliates were $ 4 million and $ 59 million, respectively. At December 31, 2023 , Virginia Power’s derivative assets and liabilities with affiliates were $ 1 million and $ 79 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, 2023. At March 31, 2024 and December 31, 2023 , 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 $ 468 million and $ 456 million, respectively. At March 31, 2024 and December 31, 2023 , 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 $ 602 million and $ 584 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, 2024 2023 (millions) Commodity purchases from affiliates $ 198 $ 214 Services provided by affiliates (1) 155 147 Services provided to affiliates 4 4 (1) Includes capitalized expenditures of $ 53 million and $ 54 million for the three months ended March 31, 2024 and 2023 , respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $ 1 million and $ 500 million in short-term demand note borrowings from Dominion Energy as of March 31, 2024 and December 31, 2023 , respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2024 and December 31, 2023 . Interest charges related to Virginia Power’s borrowings from Dominion Energy were less than $ 1 million and $ 24 million for the three months ended March 31, 2024 and 2023, respectively. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2024 and 2023. In 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, 2024 | |
Retirement Benefits [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, except for $ 3 million and $ 4 million for the three months ended March 31, 2024 and 2023 , respectively, presented in discontinued operations. 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, except for $ 14 million and $( 11 ) million for the three months ended March 31, 2024 and 2023, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits Period Ended March 31, 2024 2023 2024 2023 (millions) Service cost $ 22 $ 24 $ 3 $ 3 Interest cost 109 111 14 15 Expected return on plan assets ( 204 ) ( 216 ) ( 42 ) ( 38 ) Amortization of prior service cost (credit) — — ( 9 ) ( 9 ) Amortization of net actuarial (gain) loss 6 — ( 2 ) ( 1 ) Plan amendment 22 — — — Net periodic benefit (credit) cost $ ( 45 ) $ ( 81 ) $ ( 36 ) $ ( 30 ) Pension and Other Postretirement Benefit Plan Remeasurement In the first quarter of 2024, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the close of the East Ohio Transaction. The remeasurement and transfer to Enbridge of pension plan assets and liabilities resulted in a decrease in the pension benefit obligation of $ 419 million, inclusive of $ 195 million transferred upon closing, and a decrease in the fair value of the pension plan assets of $ 555 million, inclusive of $ 531 million transferred upon closing. In addition, the remeasurement and transfer to Enbridge of other postretirement benefit plan assets and liabilities resulted in a decrease in the accumulated postretirement benefit obligation of $ 38 million, inclusive of $ 22 million transferred upon closing, and a decrease in the fair value of the other postretirement benefit plan assets of $ 19 million, inclusive of $ 36 million transferred upon closing. The impact of the remeasurement and transfer of pension and other postretirement benefit plan assets and liabilities on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to decrease the net periodic pension benefit credit by approximately $ 11 million and increase the net periodic other postretirement benefit credit by approximately $ 1 million for the year ending December 31, 2024, excluding the impact of a one-time plan amendment. The discount rate used for the remeasurement was 5.62 % for the pension plans and 5.61 %- 5.62 % for the other postretirement benefit plans. The net actuarial loss (gain) and prior service cost (credit) related to the transferred pension and other postretirement plan assets and liabilities included in the East Ohio Transaction loss on sale was $ 147 million for pension and $( 9 ) million for other postretirement benefits. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2023. Employer Contributions During the three months ended March 31, 2024, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy expects to make $ 46 million of minimum required contributions to its qualified defined benefit pension plans in 2024. In April 2024, Dominion Energy made $ 7 million of contributions to its qualified defined benefit pension plans. Dominion Energy is not required to make any contributions to its VEBAs associated with its other postretirement plans in 2024. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities. Other Employee Matters In March 2024, Dominion Energy recorded a charge of $ 23 million ($ 17 million after-tax) within discontinued operations attributable to a contribution to its defined contribution employee savings plan associated with the closing of the East Ohio Transaction. Additionally, Dominion Energy recorded a charge of $ 13 million ($ 10 million after-tax) in other operations and maintenance expense related to a severance accrual for certain employees in connection with the business review. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2024 | |
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 Dominion Energy South Carolina Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Regulated gas distribution and storage X Contracted Energy (2) Nonregulated electric generation fleet X (1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas 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. 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, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), PSNC and Questar Gas Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 as well as 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, 2023. In the three months ended March 31, 2024 , Dominion Energy reported after-tax net income of $ 48 million in the Corporate and Other segment, including $ 191 million of after-tax net income for specific items with $ 124 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2023 , Dominion Energy reported after-tax net income of $ 393 million in the Corporate and Other segment, including $ 466 million of after-tax net income for specific items with $ 304 million of after-tax net income attributable to its operating segments. The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items: • A $ 266 million ($ 202 million after-tax) gain related to investments in nuclear decommissioning trust funds , attributable to: • Contracted Energy ($ 175 million after-tax); and • Dominion Energy Virginia ($ 27 million after-tax); • A $ 61 million ($ 47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and • A $ 47 million ($ 35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy. 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 $ 332 million ($ 253 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; • A $ 123 million ($ 90 million after-tax) gain related to investments in nuclear decommissioning trust funds , attributable to: • Contracted Energy ($ 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 following table presents segment information pertaining to Dominion Energy’s operations: Dominion Dominion Contracted Corporate Adjustments Consolidated (millions) Three Months Ended March 31, 2024 Total revenue from external $ 2,489 $ 892 $ 306 $ ( 55 ) $ — $ 3,632 Intersegment revenue — 1 2 234 ( 237 ) — Total operating revenue 2,489 893 308 179 ( 237 ) 3,632 Net income from discontinued — — — 114 — 114 Net income attributable to 424 80 122 48 — 674 Three Months Ended March 31, 2023 Total revenue from external $ 2,384 $ 844 $ 308 $ 347 $ — $ 3,883 Intersegment revenue — 1 3 232 ( 236 ) — Total operating revenue 2,384 845 311 579 ( 236 ) 3,883 Net income from discontinued — — — 281 — 281 Net income attributable to 386 91 111 393 — 981 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, 2024 , Virginia Power reported after-tax net income of $ 41 million in the Corporate and Other segment, including $ 39 million of after-tax net income for specific items all of which was attributable to its operating segment. 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. The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item: • A $ 37 million ($ 27 million after-tax) gain related to investments in nuclear decommissioning trust funds . 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 following table presents segment information pertaining to Virginia Power’s operations: Dominion Corporate Consolidated (millions) Three Months Ended March 31, 2024 Operating revenue $ 2,489 $ — $ 2,489 Net income 424 41 465 Three Months Ended March 31, 2023 Operating revenue $ 2,384 $ — $ 2,384 Net income (loss) 386 ( 31 ) 355 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2024, and results of operations, changes in equity and cash flows for the three months ended March 31, 2024 and 2023 . 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’ 2023 Consolidated Financial Statements and Notes have been reclassified to conform to the 2024 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, 2023, 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, 2024 and 2023: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 (millions) Dominion Energy Cash and cash equivalents (1) $ 306 $ 1,792 $ 217 $ 153 Restricted cash and equivalents (2)(4) 30 164 84 188 Cash, restricted cash and equivalents shown in the $ 336 $ 1,956 $ 301 $ 341 Virginia Power Cash and cash equivalents $ 119 $ 21 $ 90 $ 22 Restricted cash and equivalents (3)(4) 6 1 — 2 Cash, restricted cash and equivalents shown in the $ 125 $ 22 $ 90 $ 24 (1) At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 41 million, $ 40 million, $ 33 million and $ 34 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 4 million, $ 1 million, $ 4 million and $ 2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets. (3) Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets. (4) Includes $ 6 million attributable to VIEs at March 31, 2024. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy: Three Months Ended March 31, 2024 2023 (millions) Significant noncash investing and financing activities: (1) Accrued capital expenditures $ 753 $ 671 Leases (2) 161 117 (1) See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation. (2) Includes $ 26 million and $ 32 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 135 million and $ 85 million of operating leases at March 31, 2024 and 2023 , respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Three Months Ended March 31, 2024 2023 (millions) Significant noncash investing and financing activities: Accrued capital expenditures $ 566 $ 460 Leases (1) 142 99 (1) Includes $ 22 million and $ 31 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 120 million and $ 68 million of operating leases at March 31, 2024 and 2023 , 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 inputs into the option 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 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. |
New Accounting Standards | New Accounting Standards Climate-Related Disclosures In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as a material component of plans to achieve climate-related targets or goals. This guidance, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 and 2023: Cash, Restricted Cash and Equivalents Cash, Restricted Cash and Equivalents March 31, 2024 March 31, 2023 December 31, 2023 December 31, 2022 (millions) Dominion Energy Cash and cash equivalents (1) $ 306 $ 1,792 $ 217 $ 153 Restricted cash and equivalents (2)(4) 30 164 84 188 Cash, restricted cash and equivalents shown in the $ 336 $ 1,956 $ 301 $ 341 Virginia Power Cash and cash equivalents $ 119 $ 21 $ 90 $ 22 Restricted cash and equivalents (3)(4) 6 1 — 2 Cash, restricted cash and equivalents shown in the $ 125 $ 22 $ 90 $ 24 (1) At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 41 million, $ 40 million, $ 33 million and $ 34 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 4 million, $ 1 million, $ 4 million and $ 2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets. (3) Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets. (4) Includes $ 6 million attributable to VIEs at March 31, 2024. |
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, 2024 2023 (millions) Significant noncash investing and financing activities: (1) Accrued capital expenditures $ 753 $ 671 Leases (2) 161 117 (1) See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation. (2) Includes $ 26 million and $ 32 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 135 million and $ 85 million of operating leases at March 31, 2024 and 2023 , respectively. The following table provides supplemental disclosure of cash flow information related to Virginia Power: Three Months Ended March 31, 2024 2023 (millions) Significant noncash investing and financing activities: Accrued capital expenditures $ 566 $ 460 Leases (1) 142 99 (1) Includes $ 22 million and $ 31 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 120 million and $ 68 million of operating leases at March 31, 2024 and 2023 , respectively. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Results of Operations Reported within Discontinued Operations | The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income: Three Months Ended March 31, 2024 East Ohio (1) PSNC Questar Gas Other (millions) Operating revenue $ 229 $ 298 $ 695 $ — Operating expense (2) 254 158 575 1 Other income (expense) ( 17 ) 3 1 — Interest and related charges 15 14 16 — Income (loss) before income taxes ( 57 ) 129 105 ( 1 ) Income tax expense (benefit) 9 31 82 — Net income (loss) attributable to Dominion Energy (3) $ ( 66 ) $ 98 $ 23 $ ( 1 ) (1) Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. (2) East Ohio Transaction includes a charge of $ 45 million ($ 33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions. (3) Excludes $( 69 ) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024 . Three Months Ended March 31, 2023 East Ohio PSNC Questar Gas Other (millions) Operating revenue $ 312 $ 326 $ 730 $ 1 Operating expense 216 208 579 3 Other income (expense) 8 2 1 — Interest and related charges 15 13 16 — Income (loss) before income taxes 89 107 136 ( 2 ) Income tax expense (benefit) 13 24 29 ( 1 ) Net income (loss) attributable to Dominion Energy (1) $ 76 $ 83 $ 107 $ ( 1 ) (1) Excludes $( 9 ) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for three months ended March 31, 2023 . |
Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale | The carrying value of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows: At March 31, 2024 At December 31, 2023 PSNC Transaction Questar Gas Transaction Other East Ohio Transaction PSNC Transaction Questar Gas Transaction Other (millions) Current assets (1) $ 266 $ 505 $ ( 2 ) $ 497 $ 336 $ 764 $ 1 Property, plant and equipment, net 2,899 4,465 28 5,443 2,806 4,369 26 Other deferred charges and other (2) 823 666 ( 1 ) 2,659 834 766 — Current liabilities (3) 180 282 5 560 224 389 7 Long-term debt 948 1,205 — 2,286 948 1,205 — Other deferred credits and (4) 697 1,066 2 1,437 711 1,116 2 (1) Includes cash and cash equivalents of $ 1 million and $ 2 million within the PSNC Transaction and $ 39 million and $ 26 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. Also includes regulatory assets of $ 68 million and $ 89 million within the PSNC Transaction and $ 53 million and $ 297 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes cash and cash equivalents of $ 4 million and regulatory assets of $ 75 million within the East Ohio Transaction at December 31, 2023. (2) Includes goodwill of $ 673 million at both March 31, 2024 and December 31, 2023 within the PSNC Transaction and $ 642 million and $ 720 million at March 31, 2024 and December 31, 2023 , respectively within the Questar Gas Transaction. Also includes regulatory assets of $ 83 million and $ 86 million within the PSNC Transaction and $( 44 ) million and $( 39 ) million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes goodwill of $ 1.5 billion and regulatory assets of $ 781 million within the East Ohio Transaction at December 31, 2023. (3) Includes regulatory liabilities of $ 42 million and $ 44 million within the PSNC Transaction and $ 56 million and $ 55 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes regulatory liabilities of $ 54 million within the East Ohio Transaction at December 31, 2023. (4) Includes regulatory liabilities of $ 430 million and $ 435 million within the PSNC Transaction and $ 498 million and $ 502 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition includes regulatory liabilities of $ 711 million within the East Ohio Transaction at December 31, 2023. |
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups | Capital expenditures and significant noncash items relating to the disposal groups included the following: Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 East Ohio Transaction (1) PSNC Transaction Questar Gas Transaction Other East Ohio Transaction PSNC Transaction Questar Gas Transaction Other (millions) Capital expenditures $ 65 $ 82 $ 100 $ — $ 98 $ 44 $ 85 $ — Significant noncash items Depreciation, depletion — — — — 35 22 44 1 Accrued capital expenditures 55 20 — 30 22 18 — (1) Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulated and Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following: Dominion Energy Virginia Power Period Ended March 31, 2024 2023 2024 2023 (millions) Regulated electric sales: Residential $ 1,365 $ 1,286 $ 1,052 $ 1,010 Commercial 1,094 1,070 881 866 Industrial 213 220 106 116 Government and other retail 257 244 241 229 Wholesale 36 44 29 29 Nonregulated electric sales 220 257 14 11 Regulated gas sales: Residential 151 136 Commercial 48 53 Other 19 23 Regulated gas transportation and storage 4 4 Other regulated revenues 88 78 84 74 Other nonregulated revenues (1)(2) 29 37 10 11 Total operating revenue from contracts with customers 3,524 3,452 2,417 2,346 Other revenues (1)(3) 108 431 72 38 Total operating revenue $ 3,632 $ 3,883 $ 2,489 $ 2,384 (1) See Note 19 for amounts attributable to affiliates. (2) Sales of renewable energy credits were $ 5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $ 2 million and $ 3 million for the three months ended March 31, 2024 and 2023, respectively, at Virginia Power. (3) Includes alternative revenue of $ 28 million and $ 27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively. Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2024. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax | Dominion Energy Virginia Power Three Months Ended March 31, 2024 2023 2024 2023 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 3.4 3.8 4.4 4.6 Investment tax credits ( 1.3 ) ( 1.1 ) ( 0.7 ) ( 0.8 ) Production tax credits ( 1.0 ) ( 0.4 ) ( 0.9 ) ( 0.7 ) Reversal of excess deferred income taxes ( 2.1 ) ( 2.0 ) ( 1.7 ) ( 2.7 ) AFUDC - equity ( 0.7 ) ( 0.1 ) ( 0.7 ) 0.2 Other, net 0.1 ( 1.1 ) 0.2 ( 0.2 ) Effective tax rate 19.4 % 20.1 % 21.6 % 21.4 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (millions, except EPS) Net income attributable to Dominion Energy from continuing operations $ 560 $ 700 Preferred stock dividends (see Note 16) ( 20 ) ( 20 ) Net income attributable to Dominion Energy from continuing operations - $ 540 $ 680 Net income (loss) attributable to Dominion Energy from discontinued operations - $ 114 $ 281 Average shares of common stock outstanding - Basic 837.6 835.2 Net effect of dilutive securities (1) — 0.3 Average shares of common stock outstanding - Diluted 837.6 835.5 EPS from continuing operations - Basic $ 0.64 $ 0.81 EPS from discontinued operations - Basic $ 0.14 0.34 EPS attributable to Dominion Energy - Basic $ 0.78 $ 1.15 EPS from continuing operations - Diluted $ 0.64 $ 0.81 EPS from discontinued operations - Diluted $ 0.14 0.34 EPS attributable to Dominion Energy - Diluted $ 0.78 $ 1.15 (1) Dilutive securities for the three months ended March 31, 2023 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. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Beginning balance $ ( 216 ) $ — $ ( 1,290 ) $ — $ ( 1,506 ) Other comprehensive income (loss) before 7 ( 26 ) ( 237 ) — ( 256 ) Amounts reclassified from AOCI: (gains) losses Interest and related charges 11 — — — 11 Other income (expense) — 8 6 — 14 Total 11 8 6 — 25 Income tax expense (benefit) ( 4 ) ( 2 ) ( 1 ) — ( 7 ) Total, net of tax 7 6 5 — 18 Net current period other comprehensive 14 ( 20 ) ( 232 ) — ( 238 ) Ending balance $ ( 202 ) $ ( 20 ) $ ( 1,522 ) $ — $ ( 1,744 ) 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: (gains) losses Interest and related charges 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 ) (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $ 68 million, $ 73 million, $ 83 million and $ 83 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (3) Net of $ 6 million, $( 2 ) million, $ 6 million and $ 13 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (4) Net of $ 538 million, $ 456 million, $ 449 million and $ 445 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (5) Net of $ — million at March 31, 2024, December 31, 2023 and March 31, 2023 and $ 1 million at December 31, 2022. |
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, 2024 Beginning balance $ 15 $ 1 $ 16 Other comprehensive income (loss) before 7 ( 5 ) 2 Amounts reclassified from AOCI: (gains) losses Other income (expense) — 2 2 Total — 2 2 Income tax expense (benefit) — ( 1 ) ( 1 ) Total, net of tax — 1 1 Net current period other comprehensive income (loss) 7 ( 4 ) 3 Ending balance $ 22 $ ( 3 ) $ 19 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 (1) Comprised entirely of interest rate derivative hedging activities. (2) Net of $( 7 ) million, $( 5 ) million, $( 2 ) million and $( 5 ) million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. (3) Net of $ 1 million, $ — million, $ 1 million and $ 2 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2024. 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) $ 5 ( 2 )- 2 — $ 5 ( 2 )- 2 — FTRs Discounted Market price (3) 2 ( 1 )- 3 1 2 ( 1 )- 3 1 Electricity Discounted Market price (3) 209 24 - 111 51 Physical options: Natural gas (2) Option model Market price (3) 49 1 - 7 3 23 1 - 7 3 Price volatility (4) 10 %- 75 % 46 % 23 %- 73 % 52 % Total assets $ 265 $ 30 Liabilities Physical and financial forwards: Natural gas (2) Discounted Market price (3) $ 4 ( 2 )- 0 ( 1 ) $ 4 ( 2 )- 0 ( 1 ) FTRs Discounted Market price (3) 64 ( 1 )- 4 2 64 ( 1 )- 4 2 Electricity Discounted Market price (3) 7 24 - 115 63 Total liabilities $ 75 $ 68 (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 Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents 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, 2024 Assets Derivatives: Commodity $ — $ 281 $ 265 $ 546 $ — $ 74 $ 30 $ 104 Interest rate — 895 — 895 — 172 — 172 Foreign currency exchange rate — 3 — 3 — 3 — 3 Investments (1) : Equity securities: U.S. 4,970 — — 4,970 2,568 — — 2,568 Fixed income: Corporate debt instruments — 552 — 552 — 300 — 300 Government securities 218 1,200 — 1,418 129 667 — 796 Other 222 — — 222 176 — — 176 Cash equivalents and other 2 3 — 5 2 1 — 3 Total assets $ 5,412 $ 2,934 $ 265 $ 8,611 $ 2,875 $ 1,217 $ 30 $ 4,122 Liabilities Derivatives: Commodity $ — $ 156 $ 75 $ 231 $ — $ 92 $ 68 $ 160 Interest rate — 483 — 483 — 21 — 21 Foreign currency exchange rate — 108 — 108 — 108 — 108 Total liabilities $ — $ 747 $ 75 $ 822 $ — $ 221 $ 68 $ 289 December 31, 2023 Assets Derivatives: Commodity $ — $ 325 $ 225 $ 550 $ — $ 96 $ 21 $ 117 Interest rate — 800 — 800 — 181 — 181 Investments (1) : Equity securities: U.S. 4,527 — — 4,527 2,362 — — 2,362 Fixed income: Corporate debt instruments — 500 — 500 — 274 — 274 Government securities 219 1,238 — 1,457 129 687 — 816 Cash equivalents and other 31 — — 31 20 — — 20 Total assets $ 4,777 $ 2,863 $ 225 $ 7,865 $ 2,511 $ 1,238 $ 21 $ 3,770 Liabilities Derivatives: Commodity $ — $ 160 $ 139 $ 299 $ — $ 95 $ 137 $ 232 Interest rate — 359 — 359 — 45 — 45 Foreign currency exchange rate — 39 — 39 — 39 — 39 Total liabilities $ — $ 558 $ 139 $ 697 $ — $ 179 $ 137 $ 316 (1) Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $ 294 million and $ 457 million of assets at Dominion Energy, inclusive of $ 94 million and $ 217 million at Virginia Power, at March 31, 2024 and December 31, 2023 , 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 Period Ended March 31, 2024 2023 2024 2023 (millions) Beginning balance $ 86 $ 422 $ ( 116 ) $ 221 Total realized and unrealized gains (losses): Included in earnings: Operating revenue ( 8 ) — Electric fuel and other energy-related purchases ( 121 ) ( 51 ) ( 119 ) ( 52 ) Discontinued operations ( 1 ) — Included in regulatory assets/liabilities 131 ( 216 ) 77 ( 166 ) Settlements 76 35 100 36 Purchases 27 16 20 16 Ending balance $ 190 $ 206 $ ( 38 ) $ 55 |
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, 2024 Long-term debt (2) $ 36,529 $ 34,197 $ 18,032 $ 16,665 Supplemental credit facility borrowings 450 450 Securitization bonds (3) 1,282 1,280 1,282 1,280 Junior subordinated notes (2) 1,388 1,389 December 31, 2023 Long-term debt (2) $ 42,526 $ 40,539 $ 17,392 $ 16,418 Supplemental credit facility borrowings 450 450 Junior subordinated notes (2) 1,388 1,374 (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. There were no fair value hedges associated with fixed-rate debt at March 31, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both March 31, 2024 and December 31, 2023 . (3) Carrying amount includes current portions included in securities due within one year. |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Commodity contracts: Over-the-counter $ 229 $ 51 $ — $ 178 $ 96 $ 39 $ — $ 57 Exchange 114 65 — 49 4 4 — — Interest rate contracts: Over-the-counter 895 311 — 584 172 2 — 170 Foreign currency exchange rate contracts: Over-the-counter 3 3 — — 3 3 — — Total derivatives, $ 1,241 $ 430 $ — $ 811 $ 275 $ 48 $ — $ 227 December 31, 2023 Commodity contracts: Over-the-counter $ 289 $ 26 $ — $ 263 $ 112 $ 13 $ — $ 99 Exchange 118 33 15 70 4 3 — 1 Interest rate contracts: Over-the-counter 800 191 — 609 181 11 — 170 Total derivatives, $ 1,207 $ 250 $ 15 $ 942 $ 297 $ 27 $ — $ 270 (1) Excludes derivative assets of $ 203 million and $ 143 million at Dominion Energy and $ 4 million and $ 1 million at Virginia Power at March 31, 2024 and December 31, 2023 , 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, 2024 Commodity contracts: Over-the-counter $ 163 $ 46 $ — $ 117 $ 100 $ 34 $ — $ 66 Exchange 65 65 — — 4 4 — — Interest rate contracts: Over-the-counter 483 316 — 167 21 7 — 14 Foreign currency exchange rate contracts: Over-the-counter 108 3 — 105 108 3 — 105 Total derivatives, $ 819 $ 430 $ — $ 389 $ 233 $ 48 $ — $ 185 December 31, 2023 Commodity contracts: Over-the-counter $ 266 $ 26 $ 30 $ 210 $ 153 $ 13 $ 30 $ 110 Exchange 33 33 — — 3 3 — — Interest rate contracts: Over-the-counter 359 186 — 173 45 6 — 39 Foreign currency exchange rate contracts: Over-the-counter 39 5 — 34 39 5 — 34 Total derivatives, $ 697 $ 250 $ 30 $ 417 $ 240 $ 27 $ 30 $ 183 (1) Excludes derivative liabilities of $ 3 million at Dominion Energy at March 31, 2024 and $ 56 million and $ 76 million at Virginia Power at March 31, 2024 and December 31, 2023 , respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at December 31, 2023 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, 2024. 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 (1) 43 14 41 14 Basis (2) 200 360 155 360 Electricity (MWh in millions): Fixed price 18 37 8 7 FTRs 15 — 15 — Interest rate (3) (in millions) $ 3,862 $ 10,112 $ 1,200 $ 1,050 Foreign currency exchange rate (3) (in millions) Danish Krone 1,628 kr. 2,237 kr. 1,628 kr. 2,237 kr. Euro € 302 € 1,551 € 302 € 1,551 (1) Includes options at Dominion Energy. (2) Includes options. (3) 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, 2024: 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 $ ( 202 ) $ ( 31 ) 381 months $ 22 $ — 381 months Total $ ( 202 ) $ ( 31 ) $ 22 $ — |
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, 2024 ASSETS Current Assets Commodity $ — $ 256 $ 256 $ — $ 86 $ 86 Interest rate 94 332 426 94 — 94 Foreign currency exchange rate — 3 3 — 3 3 Total current derivative assets (1) 94 591 685 94 89 183 Noncurrent Assets Commodity — 290 290 — 18 18 Interest rate 78 391 469 78 — 78 Total noncurrent derivative assets (2) 78 681 759 78 18 96 Total derivative assets $ 172 $ 1,272 $ 1,444 $ 172 $ 107 $ 279 LIABILITIES Current Liabilities Commodity $ — $ 191 $ 191 $ — $ 136 $ 136 Interest rate 21 96 117 21 — 21 Foreign currency exchange rate — 35 35 — 35 35 Total current derivative liabilities (3) 21 322 343 21 171 192 Noncurrent Liabilities Commodity — 40 40 — 24 24 Interest rate — 366 366 — — — Foreign currency exchange rate — 73 73 — 73 73 Total noncurrent derivative liabilities (4) — 479 479 — 97 97 Total derivative liabilities $ 21 $ 801 $ 822 $ 21 $ 268 $ 289 December 31, 2023 ASSETS Current Assets Commodity $ — $ 312 $ 312 $ — $ 91 $ 91 Interest rate 143 298 441 143 — 143 Total current derivative assets (1) 143 610 753 143 91 234 Noncurrent Assets Commodity — 238 238 — 26 26 Interest rate 38 321 359 38 — 38 Total noncurrent derivative assets (2) 38 559 597 38 26 64 Total derivative assets $ 181 $ 1,169 $ 1,350 $ 181 $ 117 $ 298 LIABILITIES Current Liabilities Commodity $ — $ 244 $ 244 $ — $ 188 $ 188 Interest rate 45 76 121 45 — 45 Foreign currency exchange rate — 11 11 — 11 11 Total current derivative liabilities (3) 45 331 376 45 199 244 Noncurrent Liabilities Commodity — 55 55 — 44 44 Interest rate — 238 238 — — — Foreign currency exchange rate — 28 28 — 28 28 Total noncurrent derivative liabilities (4) — 321 321 — 72 72 Total derivative liabilities $ 45 $ 652 $ 697 $ 45 $ 271 $ 316 (1) Includes $ 23 million and $ 54 million recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative assets presented in other current assets in the Companies’ Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (3) Includes $ 1 million and $ 30 million recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 , respectively, with the remaining current derivative liabilities presented in other current liabilities in the Companies’ Consolidated Balance Sheets. 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, 2024 Derivative type and location of gains (losses): Interest rate (3) $ 8 $ ( 11 ) $ 88 $ 8 $ — $ 88 Total $ 8 $ ( 11 ) $ 88 $ 8 $ — $ 88 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 ) (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 Period Ended March 31, 2024 2023 2024 2023 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 76 $ 395 $ 41 $ 9 Electric fuel and other energy-related ( 148 ) ( 45 ) ( 146 ) ( 46 ) Discontinued operations ( 24 ) 94 Interest rate: Interest and related charges ( 78 ) ( 76 ) Discontinued operations — ( 26 ) Total $ ( 174 ) $ 342 $ ( 105 ) $ ( 37 ) (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, 2024 | |
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, 2024 Equity securities: (1) U.S. $ 1,260 $ 3,720 $ ( 10 ) $ 4,970 $ 733 $ 1,936 $ ( 7 ) $ 2,662 Fixed income securities: (2) Corporate debt 562 7 ( 27 ) $ — 542 319 2 ( 21 ) $ — 300 Government 1,441 12 ( 61 ) — 1,392 822 7 ( 34 ) — 795 Common/ — — — — — — — — — — Other 211 — — — 211 176 — — — 176 Insurance 245 — — 245 Cash equivalents (3) 58 — — — 58 27 — — — 27 Total $ 3,777 $ 3,739 $ ( 98 ) (4) $ — $ 7,418 $ 2,077 $ 1,945 $ ( 62 ) (4) $ — $ 3,960 December 31, 2023 Equity securities: (1) U.S. $ 1,276 $ 3,270 $ ( 10 ) $ 4,536 $ 759 $ 1,706 $ ( 10 ) $ 2,455 Fixed income securities: (2) Corporate debt 508 10 ( 27 ) $ — 491 292 3 ( 21 ) $ — 274 Government 1,426 28 ( 24 ) — 1,430 811 17 ( 12 ) — 816 Common/ 161 — — — 161 124 — — — 124 Insurance 244 — — 244 Cash equivalents (3) 84 — — — 84 47 — — — 47 Total $ 3,699 $ 3,308 $ ( 61 ) (4) $ — $ 6,946 $ 2,033 $ 1,726 $ ( 43 ) (4) $ — $ 3,716 (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 $ 45 million and $ 49 million at March 31, 2024 and December 31, 2023 , respectively. Virginia Power includes pending sales of securities of $ 24 million and $ 27 million at March 31, 2024, and December 31, 2023 , respectively. (4) Dominion Energy’s fair value of securities in an unrealized loss position was $ 1.2 billion and $ 764 million at March 31, 2024 and December 31, 2023 , respectively. Virginia Power’s fair value of securities in an unrealized loss position was $ 696 million and $ 384 million at March 31, 2024 and December 31, 2023 , 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, 2024 2023 2024 2023 (millions) Net gains (losses) recognized during $ 459 $ 226 $ 242 $ 116 Less: Net (gains) losses recognized ( 10 ) 2 ( 9 ) 1 Unrealized gains (losses) recognized (1) $ 449 $ 228 $ 233 $ 117 (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, 2024 by contractual maturity is as follows: Dominion Energy Virginia Power (millions) Due in one year or less $ 30 $ 16 Due after one year through five years 514 254 Due after five years through ten years 405 236 Due after ten years 985 589 Total $ 1,934 $ 1,095 |
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, 2024 2023 2024 2023 (millions) Proceeds from sales $ 695 $ 544 $ 471 $ 373 Realized gains (1) 32 21 23 17 Realized losses (1) 38 41 23 31 (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, 2024 | |
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) $ 105 $ 245 $ 34 $ 95 Securitized cost of fuel used in electric generation (2) 100 — 100 — Deferred rider costs for Virginia electric utility (3) 168 270 168 270 Ash pond and landfill closure costs (4) 188 200 188 200 Deferred nuclear refueling outage costs (5) 64 63 64 63 NND Project costs (6) 138 138 Derivatives (7) 98 162 96 160 Other 231 231 94 80 Regulatory assets-current 1,092 1,309 744 868 Unrecognized pension and other postretirement benefit costs (8) 518 1,036 — — Deferred rider costs for Virginia electric utility (3) 553 496 553 496 Interest rate hedges (9) 168 168 — — AROs and related funding (10) 381 379 NND Project costs (6) 1,914 1,949 Ash pond and landfill closure costs (4) 2,403 2,410 2,396 2,407 Deferred cost of fuel used in electric generation (1) — 1,221 — 1,221 Securitized cost of fuel used in electric generation (2) 1,177 — 1,177 — Derivatives (7) 142 107 104 66 Other 603 590 122 127 Regulatory assets-noncurrent 7,859 8,356 4,352 4,317 Total regulatory assets $ 8,951 $ 9,665 $ 5,096 $ 5,185 Regulatory liabilities: Provision for future cost of removal and AROs (11) 118 118 118 118 Reserve for refunds and rate credits to electric utility customers (12) 83 83 — — Income taxes refundable through future rates (13) 107 107 70 70 Monetization of guarantee settlement (14) 67 67 Derivatives (7) 10 7 — — Other 127 140 96 133 Regulatory liabilities-current 512 522 284 321 Income taxes refundable through future rates (13) 3,044 3,076 2,214 2,237 Provision for future cost of removal and AROs (11) 1,826 1,818 1,186 1,185 Nuclear decommissioning trust (15) 2,297 2,098 2,297 2,098 Monetization of guarantee settlement (14) 619 635 Interest rate hedges (9) 313 233 313 233 Reserve for refunds and rate credits to electric utility customers (12) 212 237 — — Overrecovered other postretirement benefit costs (16) 162 155 Derivatives (7) 194 136 — — Other 376 286 333 225 Regulatory liabilities-noncurrent 9,043 8,674 6,343 5,978 Total regulatory liabilities $ 9,555 $ 9,196 $ 6,627 $ 6,299 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $ 1.3 billion of under-recovered fuel costs for its Virginia service territory. (2) Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. (3) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. (4) 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. (5) 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. (6) 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. (7) 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. (8) 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. Includes regulatory assets of $ 10 million and $ 215 million and regulatory liabilities of $( 5 ) million and $ 12 million at March 31, 2024 and December 31, 2023 , respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio (at December 31, 2023 only), PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction. (9) 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, 2024 . (10) Represents uncollected costs, including 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 . (11) 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. (12) 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, 2023 for additional information. (13) 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. (14) 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. (15) 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. (16) 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, 2024 | |
Public Utilities General Disclosures [Line Items] | |
Summary of Significant Virginia Power Electric Transmission Projects Applied | Description and Location Application Date Approval Date Type of Miles of Cost Estimate (1) Construct new Aspen and Golden substations, March 2024 Pending 500- 10 $ 690 Partial rebuild Fredericksburg-Aquia Harbour March 2024 Pending 230- 24 135 Construct new Apollo-Twin Creeks transmission March 2024 Pending 230 kV 2 285 Rebuild Dooms-Harrisonburg transmission lines April 2024 Pending 230 kV 22 60 (1) Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $ 45 million and $ 100 million, respectively. |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Significant Riders Associated With Virginia Power Projects | Rider Name Application Date Approval Date Rate Year Total Revenue (1) Increase (Decrease) Rider CCR March 2024 Pending December 2024 $ 103 $ ( 91 ) Rider CE (2) October 2023 March 2024 May 2024 133 44 Rider GT August 2023 May 2024 June 2024 145 131 Rider T1 (3) May 2024 Pending September 2024 1,170 291 (1) In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $ 120 million as of March 31, 2024. (2) The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider. (3) Consists of $ 532 million for the transmission component of Virginia Power’s base rates and $ 638 million for Rider T1. |
Significant Financing Transac_2
Significant Financing Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2024, 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 $ 3,164 $ 34 $ 2,802 (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, 2024, 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 $ — $ 10 (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, 2024 , 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, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Subsidiary Guarantees | At March 31, 2024, Dominion Energy had issued the following subsidiary guarantees: Maximum (millions) Commodity transactions (1) $ 2,842 Nuclear obligations (2) 245 Solar (3) 215 Other (4) 1,094 Total (5)(6) $ 4,396 (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, 2023. (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. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year . At March 31, 2024 , no amounts have been recorded related to this guarantee. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 (millions) Commodity purchases from affiliates $ 198 $ 214 Services provided by affiliates (1) 155 147 Services provided to affiliates 4 4 (1) Includes capitalized expenditures of $ 53 million and $ 54 million for the three months ended March 31, 2024 and 2023 , respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [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, except for $ 3 million and $ 4 million for the three months ended March 31, 2024 and 2023 , respectively, presented in discontinued operations. 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, except for $ 14 million and $( 11 ) million for the three months ended March 31, 2024 and 2023, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits Period Ended March 31, 2024 2023 2024 2023 (millions) Service cost $ 22 $ 24 $ 3 $ 3 Interest cost 109 111 14 15 Expected return on plan assets ( 204 ) ( 216 ) ( 42 ) ( 38 ) Amortization of prior service cost (credit) — — ( 9 ) ( 9 ) Amortization of net actuarial (gain) loss 6 — ( 2 ) ( 1 ) Plan amendment 22 — — — Net periodic benefit (credit) cost $ ( 45 ) $ ( 81 ) $ ( 36 ) $ ( 30 ) Pension and Other Postretirement Benefit Plan Remeasurement In the first quarter of 2024, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the close of the East Ohio Transaction. The remeasurement and transfer to Enbridge of pension plan assets and liabilities resulted in a decrease in the pension benefit obligation of $ 419 million, inclusive of $ 195 million transferred upon closing, and a decrease in the fair value of the pension plan assets of $ 555 million, inclusive of $ 531 million transferred upon closing. In addition, the remeasurement and transfer to Enbridge of other postretirement benefit plan assets and liabilities resulted in a decrease in the accumulated postretirement benefit obligation of $ 38 million, inclusive of $ 22 million transferred upon closing, and a decrease in the fair value of the other postretirement benefit plan assets of $ 19 million, inclusive of $ 36 million transferred upon closing. The impact of the remeasurement and transfer of pension and other postretirement benefit plan assets and liabilities on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to decrease the net periodic pension benefit credit by approximately $ 11 million and increase the net periodic other postretirement benefit credit by approximately $ 1 million for the year ending December 31, 2024, excluding the impact of a one-time plan amendment. The discount rate used for the remeasurement was 5.62 % for the pension plans and 5.61 %- 5.62 % for the other postretirement benefit plans. The net actuarial loss (gain) and prior service cost (credit) related to the transferred pension and other postretirement plan assets and liabilities included in the East Ohio Transaction loss on sale was $ 147 million for pension and $( 9 ) million for other postretirement benefits. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2023. |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 Dominion Energy South Carolina Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Regulated gas distribution and storage X Contracted Energy (2) Nonregulated electric generation fleet X (1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Dominion Contracted Corporate Adjustments Consolidated (millions) Three Months Ended March 31, 2024 Total revenue from external $ 2,489 $ 892 $ 306 $ ( 55 ) $ — $ 3,632 Intersegment revenue — 1 2 234 ( 237 ) — Total operating revenue 2,489 893 308 179 ( 237 ) 3,632 Net income from discontinued — — — 114 — 114 Net income attributable to 424 80 122 48 — 674 Three Months Ended March 31, 2023 Total revenue from external $ 2,384 $ 844 $ 308 $ 347 $ — $ 3,883 Intersegment revenue — 1 3 232 ( 236 ) — Total operating revenue 2,384 845 311 579 ( 236 ) 3,883 Net income from discontinued — — — 281 — 281 Net income attributable to 386 91 111 393 — 981 |
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, 2024 Operating revenue $ 2,489 $ — $ 2,489 Net income 424 41 465 Three Months Ended March 31, 2023 Operating revenue $ 2,384 $ — $ 2,384 Net income (loss) 386 ( 31 ) 355 |
Significant Accounting Polici_4
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | [1] | $ 306 | $ 217 | $ 1,792 | $ 153 | |
Cash and cash equivalents | 265 | 184 | [2] | |||
Restricted cash and equivalents | [3],[4] | 30 | 84 | 164 | 188 | |
Restricted cash and equivalents | 4 | 4 | 1 | 2 | ||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 336 | 301 | 1,956 | 341 | ||
Virginia Electric and Power Company | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | 119 | 90 | [5] | 21 | 22 | |
Restricted cash and equivalents | [4],[6] | 6 | 1 | 2 | ||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 125 | $ 90 | $ 22 | $ 24 | ||
[1] At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 41 million, $ 40 million, $ 33 million and $ 34 million, respectively, of cash and cash equivalents included in current assets held for sale. Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $ 4 million, $ 1 million, $ 4 million and $ 2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets. Includes $ 6 million attributable to VIEs at March 31, 2024. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets. |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Cash and cash equivalents | $ 265 | $ 184 | [1] | ||
Restricted cash and equivalents | $ 4 | $ 4 | $ 1 | $ 2 | |
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] | Current assets held for sale | Current assets held for sale | Current assets held for sale | Current assets held for sale | |
VIE | |||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Restricted cash and equivalents | $ 6 | ||||
Current Assets Held for Sale | |||||
Cash Cash Equivalents And Restricted Cash [Line Items] | |||||
Cash and cash equivalents | $ 41 | $ 33 | $ 40 | $ 34 | |
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 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, 2024 | Mar. 31, 2023 | ||
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | [1] | $ 753 | $ 671 |
Leases | [2] | 161 | 117 |
Virginia Electric and Power Company | |||
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 566 | 460 | |
Leases | [3] | $ 142 | $ 99 |
[1] See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation. Includes $ 26 million and $ 32 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 135 million and $ 85 million of operating leases at March 31, 2024 and 2023 , respectively. Includes $ 22 million and $ 31 million of financing leases at March 31, 2024 and 2023 , respectively, and $ 120 million and $ 68 million of operating leases at March 31, 2024 and 2023 , respectively. |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | $ 26 | $ 32 |
Operating leases | 135 | 85 |
Virginia Electric and Power Company | ||
Schedule Of Supplemental Cash Flow Information [Line Items] | ||
Financing leases | 22 | 31 |
Operating leases | $ 120 | $ 68 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Feb. 29, 2024 | Sep. 30, 2023 | |
Business Acquisition And Dispositions [Line Items] | ||||||
Income tax expense (benefit) | $ 134 | $ 176 | ||||
Deferred income tax expense (benefit) | (160) | $ 191 | ||||
East Ohio | Enbridge | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Disposal group, total value of consideration | $ 6,600 | |||||
Disposal group, cash consideration | 4,300 | |||||
Disposal group, indebtedness | 2,300 | |||||
Disposal group, recognized a pre-tax gain (loss) | 102 | |||||
Disposal group, gain (loss) recorded after tax | 108 | |||||
Goodwill write-off | $ 1,500 | |||||
Deferred income tax expense (benefit) | $ 29 | |||||
Disposal group, transition services description | At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. | |||||
PSNC | Enbridge | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Disposal group, total value of consideration | 3,100 | |||||
Disposal group, cash consideration | 2,200 | |||||
Disposal group, indebtedness | 1,000 | |||||
Termination fee | $ 78 | |||||
Disposal group, recognized a pre-tax gain (loss) | 10 | |||||
Disposal group, gain (loss) recorded after tax | 8 | |||||
Goodwill write-off | $ 700 | |||||
Deferred tax of classified held for sale | 334 | |||||
Disposal group, transition services description | At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. | |||||
Questar Gas and Wexpro | Enbridge | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Disposal group, total value of consideration | 4,300 | |||||
Disposal group, cash consideration | 3,000 | |||||
Disposal group, indebtedness | $ 1,300 | |||||
Termination fee | $ 107 | |||||
Disposal group, recognized a pre-tax gain (loss) | 78 | 284 | ||||
Disposal group, gain (loss) recorded after tax | 78 | 279 | ||||
Goodwill write-off | 700 | |||||
Income tax expense (benefit) | (5) | |||||
Deferred income tax expense (benefit) | $ 22 | $ 462 | ||||
Disposal group, transition services description | At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy. | |||||
Other Sales | Tredegar Solar Fund I, LLC | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Realizable fair value charge net of tax | $ 68 | |||||
Realizable fair value charge net of tax | $ 51 | |||||
Other Sales | Birdseye and Madison [Member] | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Disposal group, cash consideration | $ 17 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | $ 51 | $ 56 | ||
Net income (loss) attributable to Dominion Energy | 114 | 281 | ||
East Ohio | Enbridge | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Operating revenue | 229 | [1] | 312 | |
Operating expense | 254 | [1],[2] | 216 | |
Other income (expense) | (17) | [1] | 8 | |
Interest and related charges | 15 | [1] | 15 | |
Income (loss) before income taxes | (57) | [1] | 89 | |
Income tax expense (benefit) | 9 | [1] | 13 | |
Net income (loss) attributable to Dominion Energy | (66) | [1],[3] | 76 | [4] |
PSNC | Enbridge | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Operating revenue | 298 | 326 | ||
Operating expense | 158 | [2] | 208 | |
Other income (expense) | 3 | 2 | ||
Interest and related charges | 14 | 13 | ||
Income (loss) before income taxes | 129 | 107 | ||
Income tax expense (benefit) | 31 | (24) | ||
Net income (loss) attributable to Dominion Energy | 98 | [3] | 83 | [4] |
Questar Gas and Wexpro | Enbridge | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Operating revenue | 695 | 730 | ||
Operating expense | 575 | [2] | 579 | |
Other income (expense) | 1 | 1 | ||
Interest and related charges | 16 | 16 | ||
Income (loss) before income taxes | 105 | 136 | ||
Income tax expense (benefit) | 82 | 29 | ||
Net income (loss) attributable to Dominion Energy | 23 | [3] | 107 | [4] |
Other Sales | Tredegar Solar Fund I, LLC | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Operating revenue | 0 | 1 | ||
Operating expense | 1 | [2] | 3 | |
Income (loss) before income taxes | (1) | (2) | ||
Income tax expense (benefit) | 0 | (1) | ||
Net income (loss) attributable to Dominion Energy | $ (1) | [3] | $ (1) | [4] |
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. East Ohio Transaction includes a charge of $ 45 million ($ 33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions. Excludes $( 69 ) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024 . Excludes $( 9 ) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for three months ended March 31, 2023 . |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | $ 51 | $ 56 | ||
Impairment of assets and other charges | 30 | 98 | ||
East Ohio, PSNC and Questar Gas | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | (69) | (9) | ||
East Ohio | Enbridge | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense (benefit) | $ 9 | [1] | $ 13 | |
Employee benefit plans | $ 45 | |||
Employee benefit plans after tax | $ 33 | |||
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - (Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current assets | $ 9,706 | $ 18,529 | [1] | ||
Current liabilities | 4,386 | 8,885 | [1] | ||
East Ohio | Enbridge | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current assets | [2] | 497 | |||
Property, plant and equipment, net | 5,443 | ||||
Other deferred charges and other assets, including goodwill and intangible assets | [3] | 2,659 | |||
Current liabilities | 560 | ||||
Long-term debt | 2,286 | ||||
Other deferred credits and liabilities | [4] | 1,437 | |||
PSNC | Enbridge | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current assets | [2] | 266 | 336 | ||
Property, plant and equipment, net | 2,899 | 2,806 | |||
Other deferred charges and other assets, including goodwill and intangible assets | [3] | 823 | 834 | ||
Current liabilities | [5] | 180 | 224 | ||
Long-term debt | 948 | 948 | |||
Other deferred credits and liabilities | [4] | 697 | 711 | ||
Questar Gas and Wexpro | Enbridge | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current assets | [2] | 505 | 764 | ||
Property, plant and equipment, net | 4,465 | 4,369 | |||
Other deferred charges and other assets, including goodwill and intangible assets | [3] | 666 | 766 | ||
Current liabilities | [5] | 282 | 389 | ||
Long-term debt | 1,205 | 1,205 | |||
Other deferred credits and liabilities | [4] | 1,066 | 1,116 | ||
Other Sales | Tredegar Solar Fund I, LLC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Current assets | [2] | (2) | 1 | ||
Property, plant and equipment, net | 28 | 26 | |||
Other deferred charges and other assets, including goodwill and intangible assets | [3] | (1) | |||
Current liabilities | 5 | [5] | 7 | ||
Other deferred credits and liabilities | [4] | $ 2 | $ 2 | ||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Includes cash and cash equivalents of $ 1 million and $ 2 million within the PSNC Transaction and $ 39 million and $ 26 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. Also includes regulatory assets of $ 68 million and $ 89 million within the PSNC Transaction and $ 53 million and $ 297 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes cash and cash equivalents of $ 4 million and regulatory assets of $ 75 million within the East Ohio Transaction at December 31, 2023. Includes goodwill of $ 673 million at both March 31, 2024 and December 31, 2023 within the PSNC Transaction and $ 642 million and $ 720 million at March 31, 2024 and December 31, 2023 , respectively within the Questar Gas Transaction. Also includes regulatory assets of $ 83 million and $ 86 million within the PSNC Transaction and $( 44 ) million and $( 39 ) million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes goodwill of $ 1.5 billion and regulatory assets of $ 781 million within the East Ohio Transaction at December 31, 2023. Includes regulatory liabilities of $ 430 million and $ 435 million within the PSNC Transaction and $ 498 million and $ 502 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition includes regulatory liabilities of $ 711 million within the East Ohio Transaction at December 31, 2023. Includes regulatory liabilities of $ 42 million and $ 44 million within the PSNC Transaction and $ 56 million and $ 55 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023 , respectively. In addition, includes regulatory liabilities of $ 54 million within the East Ohio Transaction at December 31, 2023. |
Acquisitions and Dispositions_5
Acquisitions and Dispositions - (Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale) (Parenthetical) (Detail) - Enbridge - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
East Ohio | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and Cash Equivalents | $ 4 | |
Regulatory assets | 75 | |
Goodwill | 1,500 | |
Other deferred charges and other assets, including regulatory assets | 781 | |
Regulatory liabilities | 54 | |
Other deferred credits and liabilities including regulatory liabilities | 711 | |
PSNC | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Regulatory assets | $ 68 | 89 |
Goodwill | 673 | 673 |
Other deferred charges and other assets, including regulatory assets | 83 | 86 |
Regulatory liabilities | 42 | 44 |
Other deferred credits and liabilities including regulatory liabilities | 430 | 435 |
PSNC | Maximum | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and Cash Equivalents | 1 | 2 |
Questar Gas and Wexpro | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and Cash Equivalents | 39 | 26 |
Regulatory assets | 53 | 297 |
Goodwill | 642 | 720 |
Other deferred charges and other assets, including regulatory assets | 44 | 39 |
Regulatory liabilities | 56 | 55 |
Other deferred credits and liabilities including regulatory liabilities | $ 498 | $ 502 |
Acquisitions and Dispositions_6
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Significant noncash items | ||||
Depreciation, depletion and amortization | $ 621 | $ 622 | ||
Accrued capital expenditures | [1] | 753 | 671 | |
East Ohio | Enbridge | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | 65 | [2] | 98 | |
Significant noncash items | ||||
Depreciation, depletion and amortization | 0 | [2] | 35 | |
Accrued capital expenditures | 30 | |||
PSNC | Enbridge | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | 82 | 44 | ||
Significant noncash items | ||||
Depreciation, depletion and amortization | 0 | 22 | ||
Accrued capital expenditures | 55 | 22 | ||
Questar Gas and Wexpro | Enbridge | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Capital expenditures | 100 | 85 | ||
Significant noncash items | ||||
Depreciation, depletion and amortization | 0 | 44 | ||
Accrued capital expenditures | 20 | 18 | ||
Other Sales | Tredegar Solar Fund I, LLC | ||||
Significant noncash items | ||||
Depreciation, depletion and amortization | $ 0 | $ 1 | ||
[1] See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation. Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024. |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | $ 3,524 | $ 3,452 | |
Other revenues | [1],[2] | 108 | 431 |
Total operating revenue | 3,632 | 3,883 | |
Regulated Electric Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,365 | 1,286 | |
Regulated Electric Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,094 | 1,070 | |
Regulated Electric Sales | Industrial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 213 | 220 | |
Regulated Electric Sales | Government and Other Retail | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 257 | 244 | |
Regulated Electric Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 36 | 44 | |
Nonregulated Electric Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 220 | 257 | |
Regulated Gas Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 151 | 136 | |
Regulated Gas Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 48 | 53 | |
Regulated Gas Sales | Other | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 19 | 23 | |
Regulated Gas Transportation and Storage | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 4 | 4 | |
Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 88 | 78 | |
Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | 29 | 37 |
Virginia Electric and Power Company | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 2,417 | 2,346 | |
Other revenues | [1],[2] | 72 | 38 |
Total operating revenue | 2,489 | 2,384 | |
Virginia Electric and Power Company | Regulated Electric Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,052 | 1,010 | |
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 881 | 866 | |
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 106 | 116 | |
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 241 | 229 | |
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 29 | 29 | |
Virginia Electric and Power Company | Nonregulated Electric Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 14 | 11 | |
Virginia Electric and Power Company | Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 84 | 74 | |
Virginia Electric and Power Company | Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | $ 10 | $ 11 |
[1] Includes alternative revenue of $ 28 million and $ 27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively. See Note 19 for amounts attributable to affiliates. Sales of renewable energy credits were $ 5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $ 2 million and $ 3 million for the three months ended March 31, 2024 and 2023, 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, 2024 | Mar. 31, 2023 | |
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | $ 3,524 | $ 3,452 |
Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 5 | 5 |
Alternative Revenue Programs | ||
Public Utilities General Disclosures [Line Items] | ||
Other revenues | 28 | 28 |
Virginia Electric and Power Company | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 2,417 | 2,346 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | ||
Public Utilities General Disclosures [Line Items] | ||
Operating revenue from contracts with customers | 2 | 3 |
Virginia Electric and Power Company | Alternative Revenue Programs | ||
Public Utilities General Disclosures [Line Items] | ||
Other revenues | $ 27 | $ 27 |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | $ 43 | $ 46 | |
Other Current Liabilities and Other Deferred Credits and Other Liabilities | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | 59 | $ 47 | |
Virginia Electric and Power Company | |||
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | 40 | $ 39 | |
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 | $ 53 | $ 40 |
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, 2024 | Mar. 31, 2023 | |
Effective Income Tax Computation [Line Items] | ||
U.S. statutory rate | 21% | 21% |
Increases (reductions) resulting from: | ||
State taxes, net of federal benefit | 3.40% | 3.80% |
Investment tax credits | (1.30%) | (1.10%) |
Production tax credits | (1.00%) | (0.40%) |
Reversal of excess deferred income taxes | (2.10%) | (2.00%) |
AFUDC - equity | (0.70%) | (0.10%) |
Other, net | 0.10% | (1.10%) |
Effective tax rate | 19.40% | 20.10% |
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 | 4.40% | 4.60% |
Investment tax credits | (0.70%) | (0.80%) |
Production tax credits | (0.90%) | (0.70%) |
Reversal of excess deferred income taxes | (1.70%) | (2.70%) |
AFUDC - equity | (0.70%) | 0.20% |
Other, net | 0.20% | (0.20%) |
Effective tax rate | 21.60% | 21.40% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes [Line Items] | ||
Income tax expense (benefit) | $ 134 | $ 176 |
Income tax (benefit) expense from discontinued operations | 51 | 56 |
Cove Point | ||
Income Taxes [Line Items] | ||
Income tax (benefit) expense from discontinued operations | $ 3 | |
East Ohio | ||
Income Taxes [Line Items] | ||
Income tax expense (benefit) | 6 | |
Discontinued operations, deferred tax liabilities | 29 | |
East Ohio, PSNC and Questar Gas | ||
Income Taxes [Line Items] | ||
Discontinued operations, deferred tax liabilities | 825 | |
Questar Gas and Wexpro | ||
Income Taxes [Line Items] | ||
Income tax expense (benefit) | (5) | |
Discontinued operations, deferred tax liabilities | 462 | |
Questar Gas and Wexpro | Enbridge | ||
Income Taxes [Line Items] | ||
Income tax expense (benefit) | $ (22) |
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, 2024 | Mar. 31, 2023 | ||
Earnings Per Share [Abstract] | |||
Net income attributable to Dominion Energy from continuing operations | $ 560 | $ 700 | |
Preferred stock dividends (see Note 16) | (20) | (20) | |
Net income attributable to Dominion Energy from continuing operations - Basic | 540 | 680 | |
Net income attributable to Dominion Energy from continuing operations - Diluted | 540 | 680 | |
Net income (loss) attributable to Dominion Energy | $ 114 | $ 281 | |
Average shares of common stock outstanding – Basic | 837.6 | 835.2 | |
Net effect of dilutive securities | [1] | 0 | 0.3 |
Average shares of common stock outstanding – Diluted | 837.6 | 835.5 | |
EPS from continuing operations – Basic | $ 0.64 | $ 0.81 | |
EPS from discontinued operations – Basic | 0.14 | 0.34 | |
Net income attributable to Dominion Energy | 0.78 | 1.15 | |
EPS from continuing operations – Diluted | 0.64 | 0.81 | |
EPS from discontinued operations – Diluted | 0.14 | 0.34 | |
Net income attributable to Dominion Energy | $ 0.78 | $ 1.15 | |
[1] Dilutive securities for the three months ended March 31, 2023 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. |
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, 2024 | Mar. 31, 2023 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [1] | $ 27,529 | ||
Income tax expense (benefit) | (134) | $ (176) | ||
Net Income From Continuing Operations | 560 | 700 | ||
Total other comprehensive income (loss) | (238) | 7 | ||
Ending balance | 27,421 | |||
Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 21,657 | [2] | 16,949 | |
Income before income tax expense | 593 | 452 | ||
Income tax expense (benefit) | (128) | (97) | ||
Total other comprehensive income (loss) | 3 | (5) | ||
Ending balance | 21,876 | 17,299 | ||
Total Derivative-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [3],[4] | (216) | (249) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [3],[4] | 7 | (9) | |
Income tax expense (benefit) | [3],[4] | (4) | (3) | |
Total, net of tax | [3],[4] | 7 | 8 | |
Total other comprehensive income (loss) | [3],[4] | 14 | (1) | |
Ending balance | [3],[4] | (202) | (250) | |
Total Derivative-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [5],[6] | 15 | 16 | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [5],[6] | 7 | (9) | |
Income tax expense (benefit) | [5],[6] | 0 | ||
Total, net of tax | [5],[6] | 0 | ||
Total other comprehensive income (loss) | [5],[6] | 7 | (9) | |
Ending balance | [5],[6] | 22 | 7 | |
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | [3],[4] | 11 | 11 | |
Other income (expense) | [3],[4] | 0 | 0 | |
Income (loss) before income tax expense | [3],[4] | 11 | 11 | |
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) | [5],[6] | 0 | ||
Income (loss) before income tax expense | [5],[6] | 0 | ||
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [7] | 0 | (44) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [7] | (26) | 17 | |
Income tax expense (benefit) | [7] | (2) | (1) | |
Total, net of tax | [7] | 6 | 1 | |
Total other comprehensive income (loss) | [7] | (20) | 18 | |
Ending balance | [7] | (20) | (26) | |
Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [8] | 1 | (7) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [8] | (5) | 4 | |
Income tax expense (benefit) | [8] | 1 | ||
Total, net of tax | [8] | 1 | ||
Total other comprehensive income (loss) | [8] | (4) | 4 | |
Ending balance | [8] | (3) | (3) | |
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | [7] | 0 | 0 | |
Other income (expense) | [7] | 8 | 2 | |
Income (loss) before income tax expense | [7] | 8 | 2 | |
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) | [8] | 2 | ||
Income (loss) before income tax expense | [8] | 2 | ||
Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [9] | (1,290) | (1,276) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [9] | (237) | 0 | |
Income tax expense (benefit) | [9] | (1) | 4 | |
Total, net of tax | [9] | 5 | (11) | |
Total other comprehensive income (loss) | [9] | (232) | (11) | |
Ending balance | [9] | (1,522) | (1,287) | |
Pension and Other Postretirement Benefit Costs | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | [9] | 0 | 0 | |
Other income (expense) | [9] | 6 | (15) | |
Income (loss) before income tax expense | [9] | 6 | (15) | |
Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [10] | 0 | (3) | |
Other comprehensive income (loss) before reclassifications: gains (losses) | [10] | 0 | 1 | |
Income tax expense (benefit) | [10] | 0 | 0 | |
Total, net of tax | [10] | 0 | 0 | |
Total other comprehensive income (loss) | [10] | 0 | 1 | |
Ending balance | [10] | 0 | (2) | |
Equity Method Investees | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | [10] | 0 | 0 | |
Other income (expense) | [10] | 0 | 0 | |
Income (loss) before income tax expense | [10] | 0 | 0 | |
AOCI | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,506) | (1,572) | ||
Other comprehensive income (loss) before reclassifications: gains (losses) | (256) | 9 | ||
Income tax expense (benefit) | (7) | 0 | ||
Total, net of tax | 18 | (2) | ||
Total other comprehensive income (loss) | (238) | 7 | ||
Ending balance | (1,744) | (1,565) | ||
AOCI | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 16 | 9 | ||
Other comprehensive income (loss) before reclassifications: gains (losses) | 2 | (5) | ||
Income tax expense (benefit) | 1 | |||
Total, net of tax | 1 | |||
Total other comprehensive income (loss) | 3 | (5) | ||
Ending balance | 19 | 4 | ||
AOCI | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest and related charges (benefit) | 11 | 11 | ||
Other income (expense) | 14 | (13) | ||
Income (loss) before income tax expense | 25 | $ (2) | ||
AOCI | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other income (expense) | 2 | |||
Income (loss) before income tax expense | $ 2 | |||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Comprised entirely of interest rate derivative hedging activities. Net of $ 68 million, $ 73 million, $ 83 million and $ 83 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. Comprised entirely of interest rate derivative hedging activities. Net of $( 7 ) million, $( 5 ) million, $( 2 ) million and $( 5 ) million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. Net of $ 6 million, $( 2 ) million, $ 6 million and $ 13 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. Net of $ 1 million, $ — million, $ 1 million and $ 2 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. Net of $ 538 million, $ 456 million, $ 449 million and $ 445 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively. Net of $ — million at March 31, 2024, December 31, 2023 and March 31, 2023 and $ 1 million at December 31, 2022. |
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, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Total Derivative-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 68 | $ 73 | $ 83 | $ 83 |
Total Derivative-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | (7) | (5) | (2) | (5) |
Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 6 | (2) | 6 | 13 |
Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 1 | 0 | 1 | 2 |
Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | 538 | 456 | 449 | 445 |
Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amount of tax | $ 0 | $ 0 | $ 0 | $ 1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 USD ($) $ / MMBTU $ / MWh | Dec. 31, 2023 USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 1,444 | $ 1,350 | |
Fair Value of Derivative Liabilities | 822 | 697 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 279 | 298 | |
Fair Value of Derivative Liabilities | 289 | 316 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 8,611 | 7,865 | |
Total liabilities | 822 | 697 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 4,122 | 3,770 | |
Total liabilities | 289 | 316 | |
Fair Value, Measurements, Recurring | Commodity Contract | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 546 | 550 | |
Fair Value of Derivative Liabilities | 231 | 299 | |
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 104 | 117 | |
Fair Value of Derivative Liabilities | 160 | 232 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 265 | 225 | |
Total liabilities | 75 | 139 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 30 | 21 | |
Total liabilities | 68 | 137 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 265 | 225 | |
Fair Value of Derivative Liabilities | 75 | 139 | |
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 | 30 | 21 | |
Fair Value of Derivative Liabilities | 68 | $ 137 | |
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] | 5 | |
Fair Value of Derivative Liabilities | [1],[2] | 4 | |
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] | 5 | |
Fair Value of Derivative Liabilities | [1],[2] | $ 4 | |
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 | $ / MWh | [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],[3] | (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] | 2 | |
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 | $ / MWh | [1],[2] | 2 | |
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] | 0 | |
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],[3] | 0 | |
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 | [1],[2],[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 | [1],[2],[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 | [1],[2] | $ 2 | |
Fair Value of Derivative Liabilities | [2] | 64 | |
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 | [1],[2] | 2 | |
Fair Value of Derivative Liabilities | [2] | $ 64 | |
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 | [1],[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 | [1],[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] | (1) | |
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] | (1) | |
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 | [1],[2] | 3 | |
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 | [1],[2] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2] | 4 | |
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] | 4 | |
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 | [2],[3] | 1 | |
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 | [2],[3] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2],[3] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2],[3] | 2 | |
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] | $ 209 | |
Fair Value of Derivative Liabilities | [2] | $ 7 | |
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] | 24 | |
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] | 24 | |
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] | 111 | |
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] | 115 | |
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 | [2],[3] | 51 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [2],[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] | $ 49 | |
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] | $ 23 | |
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] | 10% | |
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] | 7 | |
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] | 7 | |
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] | 75% | |
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] | 73% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2],[3] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2],[3] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [3],[4] | 46% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [3],[4] | 52% | |
[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, 2024 | Mar. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of assets and other charges | $ 30,000,000 | $ 98,000,000 |
Unrealized gains (losses) included in operating revenue in Level 3 fair value category | (8,000,000) | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains (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] | ||
Unrealized gains (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, 2024 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | $ 1,444 | $ 1,350 | |
Total derivative liabilities | 822 | 697 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 279 | 298 | |
Total derivative liabilities | 289 | 316 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 8,611 | 7,865 | |
Total Liabilities | 822 | 697 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4,122 | 3,770 | |
Total Liabilities | 289 | 316 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,970 | 4,527 |
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] | 2,568 | 2,362 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 552 | 500 |
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] | 300 | 274 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,418 | 1,457 |
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] | 796 | 816 |
Fair Value, Measurements, Recurring | Fixed Income | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 222 | |
Fair Value, Measurements, Recurring | Fixed Income | Other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 176 | |
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] | 5 | 31 |
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] | 3 | 20 |
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 3 | ||
Total derivative liabilities | 108 | 39 | |
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] | |||
Total derivative assets | 3 | ||
Total derivative liabilities | 108 | 39 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 546 | 550 | |
Total derivative liabilities | 231 | 299 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 104 | 117 | |
Total derivative liabilities | 160 | 232 | |
Fair Value, Measurements, Recurring | Interest Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 895 | 800 | |
Total derivative liabilities | 483 | 359 | |
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 172 | 181 | |
Total derivative liabilities | 21 | 45 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5,412 | 4,777 | |
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 | 2,875 | 2,511 | |
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] | 4,970 | 4,527 |
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] | 2,568 | 2,362 |
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] | 218 | 219 |
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] | 129 | 129 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 222 | |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 176 | |
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] | 2 | 31 |
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] | 2 | 20 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,934 | 2,863 | |
Total Liabilities | 747 | 558 | |
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 | 1,217 | 1,238 | |
Total Liabilities | 221 | 179 | |
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] | 552 | 500 |
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] | 300 | 274 |
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] | 1,200 | 1,238 |
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] | 667 | 687 |
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents and other | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents and other | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 3 | ||
Total derivative liabilities | 108 | 39 | |
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] | |||
Total derivative assets | 3 | ||
Total derivative liabilities | 108 | 39 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 281 | 325 | |
Total derivative liabilities | 156 | 160 | |
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] | |||
Total derivative assets | 74 | 96 | |
Total derivative liabilities | 92 | 95 | |
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 895 | 800 | |
Total derivative liabilities | 483 | 359 | |
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] | |||
Total derivative assets | 172 | 181 | |
Total derivative liabilities | 21 | 45 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 265 | 225 | |
Total Liabilities | 75 | 139 | |
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 | 30 | 21 | |
Total Liabilities | 68 | 137 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total derivative assets | 265 | 225 | |
Total derivative liabilities | 75 | 139 | |
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] | |||
Total derivative assets | 30 | 21 | |
Total derivative liabilities | $ 68 | $ 137 | |
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $ 294 million and $ 457 million of assets at Dominion Energy, inclusive of $ 94 million and $ 217 million at Virginia Power, at March 31, 2024 and December 31, 2023 , 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, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 294 | $ 457 |
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 | $ 94 | $ 217 |
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, 2024 | Mar. 31, 2023 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ 86 | $ 422 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (121) | $ (51) |
Operating Revenue | $ (8) | |
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 | Electric fuel and other energy-related purchases |
Included in regulatory assets/liabilities | $ 131 | $ (216) |
Settlements | 76 | 35 |
Purchases | 27 | 16 |
Ending balance | 190 | 206 |
Virginia Electric and Power Company | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (116) | 221 |
Total realized and unrealized gains (losses): | ||
Included in earnings | (119) | (52) |
Included in regulatory assets/liabilities | 77 | (166) |
Settlements | 100 | 36 |
Purchases | 20 | 16 |
Ending balance | (38) | $ 55 |
Discontinued operations | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | $ (1) |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 36,529 | $ 42,526 |
Supplemental credit facility borrowings | 450 | 450 | |
Securitization bonds | [2] | 1,282 | |
Junior subordinated notes | [1] | 1,388 | 1,388 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[3] | 34,197 | 40,539 |
Supplemental credit facility borrowings | 450 | 450 | |
Securitization bonds | [2],[3] | 1,280 | |
Junior subordinated notes | [1],[3] | 1,389 | 1,374 |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | 18,032 | 17,392 |
Securitization bonds | [2] | 1,282 | |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[3] | 16,665 | $ 16,418 |
Securitization bonds | [2],[3] | $ 1,280 | |
[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. There were no fair value hedges associated with fixed-rate debt at March 31, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both March 31, 2024 and December 31, 2023 . Carrying amount includes current portions included in securities due within one year. 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, 2024 | |
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, 2024 | Dec. 31, 2023 | |
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 1,241 | $ 1,207 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 430 | 250 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 15 | |
Net Amounts | 811 | 942 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 275 | 297 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 48 | 27 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 227 | 270 | |
Commodity Contract | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 229 | 289 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 51 | 26 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 178 | 263 | |
Commodity Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 96 | 112 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 39 | 13 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 57 | 99 | |
Commodity Contract | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 114 | 118 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 65 | 33 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 15 | |
Net Amounts | 49 | 70 | |
Commodity Contract | Exchange | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 4 | 4 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 1 | |
Interest Rate Contract | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 895 | 800 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 311 | 191 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 584 | 609 | |
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 172 | 181 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 2 | 11 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 170 | $ 170 | |
Foreign currency exchange rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | ||
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] | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | ||
Net Amounts | $ 0 | ||
[1] Excludes derivative assets of $ 203 million and $ 143 million at Dominion Energy and $ 4 million and $ 1 million at Virginia Power at March 31, 2024 and December 31, 2023 , 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, 2024 | Dec. 31, 2023 |
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 203 | $ 143 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 4 | $ 1 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 819 | $ 697 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 430 | 250 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 30 | |
Net Amounts | 389 | 417 | |
Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 233 | 240 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 48 | 27 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 30 | |
Net Amounts | 185 | 183 | |
Commodity Contract | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 163 | 266 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 46 | 26 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 30 | |
Net Amounts | 117 | 210 | |
Commodity Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 100 | 153 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 34 | 13 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 30 | |
Net Amounts | 66 | 110 | |
Commodity Contract | Exchange | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 65 | 33 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 65 | 33 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
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] | 4 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 0 | 0 | |
Interest Rate Contract | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 108 | 39 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 5 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 105 | 34 | |
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 108 | 39 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 5 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 105 | 34 | |
Foreign currency exchange rate | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 483 | 359 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 316 | 186 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 167 | 173 | |
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] | 21 | 45 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 7 | 6 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | $ 14 | $ 39 | |
[1] Excludes derivative liabilities of $ 3 million at Dominion Energy at March 31, 2024 and $ 56 million and $ 76 million at Virginia Power at March 31, 2024 and December 31, 2023 , respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at December 31, 2023 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, 2024 | Dec. 31, 2023 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 3,000,000 | $ 0 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 56,000,000 | $ 76,000,000 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2024 € 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 | [1] | 43 | ||
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 41 | ||
Basis - Natural Gas - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [2] | 200 | ||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [2] | 155 | ||
Fixed Price - Electricity - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 18 | |||
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 | 15 | |||
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 15 | |||
Interest Rate - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [3] | $ 3,862 | ||
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [3] | $ 1,200 | ||
Foreign Currency Exchange Rate - Current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | [3] | kr 1,628 | € 302 | |
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | [3] | 1,628 | 302 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 14 | ||
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [1] | 14 | ||
Basis - Natural Gas - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [2] | 360 | ||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of derivative activity | Bcf | [2] | 360 | ||
Fixed Price - Electricity - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 37 | |||
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Volume of electricity | MWh | 7 | |||
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 | |||
Interest Rate - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [3] | $ 10,112 | ||
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | $ | [3] | $ 1,050 | ||
Foreign Currency Exchange Rate - Non-current Derivative Contract | ||||
Derivative [Line Items] | ||||
Derivative payment | [3] | 2,237 | 1,551 | |
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company | ||||
Derivative [Line Items] | ||||
Derivative payment | [3] | kr 2,237 | € 1,551 | |
[1] Includes options at Dominion Energy. 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, 2024 USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (202) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (31) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | 22 |
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 | (202) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (31) |
Maximum Term | 381 months |
Interest Rate Contract | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 22 |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 0 |
Maximum Term | 381 months |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | |||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | [1] | $ 685 | $ 753 | ||
Total noncurrent derivative assets | 759 | [2] | 597 | [3] | |
Total derivative assets | 1,444 | 1,350 | |||
Total current derivative liabilities | [4] | 343 | 376 | ||
Total noncurrent derivative liabilities | [3] | 479 | 321 | ||
Total derivative liabilities | 822 | 697 | |||
Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | [1] | 183 | 234 | ||
Total noncurrent derivative assets | 96 | [2] | 64 | [3] | |
Total derivative assets | 279 | 298 | |||
Total current derivative liabilities | [4] | 192 | 244 | ||
Total noncurrent derivative liabilities | [3] | 97 | 72 | ||
Total derivative liabilities | 289 | 316 | |||
Commodity Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 256 | 312 | |||
Total noncurrent derivative assets | 290 | 238 | |||
Total current derivative liabilities | 191 | 244 | |||
Total noncurrent derivative liabilities | 40 | 55 | |||
Commodity Contract | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 86 | 91 | |||
Total noncurrent derivative assets | 18 | 26 | |||
Total current derivative liabilities | 136 | 188 | |||
Total noncurrent derivative liabilities | 24 | 44 | |||
Interest Rate Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 426 | 441 | |||
Total noncurrent derivative assets | 469 | 359 | |||
Total current derivative liabilities | 117 | 121 | |||
Total noncurrent derivative liabilities | 366 | 238 | |||
Interest Rate Contract | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 94 | 143 | |||
Total noncurrent derivative assets | 78 | 38 | |||
Total current derivative liabilities | 21 | 45 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Foreign currency exchange rate | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 3 | ||||
Total current derivative liabilities | 35 | 11 | |||
Total noncurrent derivative liabilities | 73 | 28 | |||
Foreign currency exchange rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 3 | ||||
Total current derivative liabilities | 35 | 11 | |||
Total noncurrent derivative liabilities | 73 | 28 | |||
Designated as Hedging Instrument | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | [1] | 94 | 143 | ||
Total noncurrent derivative assets | 78 | [2] | 38 | [3] | |
Total derivative assets | 172 | 181 | |||
Total current derivative liabilities | [4] | 21 | 45 | ||
Total noncurrent derivative liabilities | [3] | 0 | 0 | ||
Total derivative liabilities | 21 | 45 | |||
Designated as Hedging Instrument | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | [1] | 94 | 143 | ||
Total noncurrent derivative assets | 78 | [2] | 38 | [3] | |
Total derivative assets | 172 | 181 | |||
Total current derivative liabilities | [4] | 21 | 45 | ||
Total noncurrent derivative liabilities | [3] | 0 | 0 | ||
Total derivative liabilities | 21 | 45 | |||
Designated as Hedging Instrument | Commodity Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 0 | 0 | |||
Total noncurrent derivative assets | 0 | 0 | |||
Total current derivative liabilities | 0 | 0 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Designated as Hedging Instrument | Commodity Contract | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 0 | 0 | |||
Total noncurrent derivative assets | 0 | 0 | |||
Total current derivative liabilities | 0 | 0 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Designated as Hedging Instrument | Interest Rate Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 94 | 143 | |||
Total noncurrent derivative assets | 78 | 38 | |||
Total current derivative liabilities | 21 | 45 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 94 | 143 | |||
Total noncurrent derivative assets | 78 | 38 | |||
Total current derivative liabilities | 21 | 45 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Designated as Hedging Instrument | Foreign currency exchange rate | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 0 | ||||
Total current derivative liabilities | 0 | 0 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Designated as Hedging Instrument | Foreign currency exchange rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 0 | ||||
Total current derivative liabilities | 0 | 0 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Fair Value - Derivatives not under Hedge Accounting | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | [1] | 591 | 610 | ||
Total noncurrent derivative assets | 681 | [2] | 559 | [3] | |
Total derivative assets | 1,272 | 1,169 | |||
Total current derivative liabilities | [4] | 322 | 331 | ||
Total noncurrent derivative liabilities | [3] | 479 | 321 | ||
Total derivative liabilities | 801 | 652 | |||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | [1] | 89 | 91 | ||
Total noncurrent derivative assets | 18 | [2] | 26 | [3] | |
Total derivative assets | 107 | 117 | |||
Total current derivative liabilities | [4] | 171 | 199 | ||
Total noncurrent derivative liabilities | [3] | 97 | 72 | ||
Total derivative liabilities | 268 | 271 | |||
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 256 | 312 | |||
Total noncurrent derivative assets | 290 | 238 | |||
Total current derivative liabilities | 191 | 244 | |||
Total noncurrent derivative liabilities | 40 | 55 | |||
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 86 | 91 | |||
Total noncurrent derivative assets | 18 | 26 | |||
Total current derivative liabilities | 136 | 188 | |||
Total noncurrent derivative liabilities | 24 | 44 | |||
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 332 | 298 | |||
Total noncurrent derivative assets | 391 | 321 | |||
Total current derivative liabilities | 96 | 76 | |||
Total noncurrent derivative liabilities | 366 | 238 | |||
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 0 | 0 | |||
Total noncurrent derivative assets | 0 | 0 | |||
Total current derivative liabilities | 0 | 0 | |||
Total noncurrent derivative liabilities | 0 | 0 | |||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 3 | ||||
Total current derivative liabilities | 35 | 11 | |||
Total noncurrent derivative liabilities | 73 | 28 | |||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company | |||||
Derivatives Fair Value [Line Items] | |||||
Total current derivative assets | 3 | ||||
Total current derivative liabilities | 35 | 11 | |||
Total noncurrent derivative liabilities | $ 73 | $ 28 | |||
[1] Includes $ 23 million and $ 54 million recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative assets presented in other current assets in the Companies’ Consolidated Balance Sheets. 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. Includes $ 1 million and $ 30 million recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 , respectively, with the remaining current derivative liabilities presented in other current liabilities in the Companies’ Consolidated Balance Sheets. |
Derivatives and Hedge Accoun_10
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - Held for Sale - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative asset held for sale, current | $ 23 | $ 54 |
Derivative liabilities held for sale, current | $ 1 | $ 30 |
Derivatives and Hedge Accoun_11
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, 2024 | Mar. 31, 2023 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ 8 | $ (12) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (11) | (11) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 88 | (120) |
Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 8 | (12) |
Amount of Gain (Loss) Reclassified From AOCI to Income | 0 | 0 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 88 | (120) |
Interest Rate | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[3] | 8 | (12) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | (11) | (11) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | 88 | (120) |
Interest Rate | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[3] | 8 | (12) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [3] | 0 | 0 |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[3] | $ 88 | $ (120) |
[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_12
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, 2024 | Mar. 31, 2023 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | $ (174) | $ 342 |
Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (105) | (37) |
Commodity | Operating Revenue | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 76 | 395 |
Commodity | Operating Revenue | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 41 | 9 |
Commodity | Electric Fuel and Other Energy-Related Purchases | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (148) | (45) |
Commodity | 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] | (146) | (46) |
Commodity | Discontinued operations | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | (24) | 94 |
Interest Rate Contract | Discontinued operations | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | 0 | (26) |
Interest Rate Contract | Interest And Related Charges | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[2] | $ (78) | $ (76) |
[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 | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Feb. 29, 2024 | |||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings from equity method investees | $ 2 | |||||
Net earnings (losses) from discontinued operations including noncontrolling interest | [1] | $ (114) | (281) | |||
Distributions received from investment | 131 | 85 | ||||
Equity method affiliates includes cash and accrued amounts of contributions | 3 | 10 | ||||
Current liabilities | 4,386 | $ 8,885 | [2] | |||
Contributions to equity method affiliates | 7 | 10 | ||||
Income tax expense (benefit) from discontinued operations | 51 | 56 | ||||
Investment company received distribution amount | $ 126 | |||||
Discontinued operations | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net earnings (losses) from discontinued operations including noncontrolling interest | (10) | 76 | ||||
Atlantic Coast Pipeline | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings from equity method investees | (11) | (1) | ||||
Atlantic Coast Pipeline | Other Current Liabilities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Current liabilities | 14 | 4 | ||||
Cove Point | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Distributions received from investment | 83 | |||||
Discontinued operations, interest expense | 62 | |||||
Income tax expense (benefit) from discontinued operations | 3 | |||||
Cove Point | Discontinued operations | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings from equity method investees | $ 76 | |||||
Finite Lived Equity Method Investment Basis Difference | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Carrying amount of investment that exceeded share of underlying equity | 13 | 18 | ||||
Equity method investment goodwill | 9 | 9 | ||||
Capitalized interest | (2) | (3) | ||||
Trading Securities | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Rabbi trust securities | 141 | $ 119 | ||||
Maximum | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Earnings from equity method investees | $ 1 | |||||
[1] Includes income tax expense of $ 51 million and $ 56 million for the three months ended March 31, 2024 and 2023 , respectively. Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 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, 2024 | Dec. 31, 2023 | |||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Fair Value | $ 1,934 | |||
Cash equivalents and other, Amortized Cost | [1] | 58 | $ 84 | |
Cash equivalents and other, Total Unrealized Gains | [1] | 0 | 0 | |
Cash equivalents and other, Total Unrealized Losses | [1] | 0 | 0 | |
Cash equivalents and other, Allowance for Credit Losses | [1] | 0 | 0 | |
Cash equivalents and other, Fair Value | [1] | 58 | 84 | |
Amortized Cost, Total | 3,777 | 3,699 | ||
Total Unrealized Gains | 3,739 | 3,308 | ||
Total Unrealized Losses | [2] | (98) | (61) | |
Allowance for Credit Losses, Total | 0 | 0 | ||
Fair Value, Total | 7,418 | 6,946 | [3] | |
Net assets related to pending sales of securities | 45 | 49 | ||
Fair value of securities in an unrealized loss position | 1,200 | 764 | ||
Virginia Electric and Power Company | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Fair Value | 1,095 | |||
Cash equivalents and other, Amortized Cost | [1] | 27 | 47 | |
Cash equivalents and other, Total Unrealized Gains | [1] | 0 | 0 | |
Cash equivalents and other, Total Unrealized Losses | [1] | 0 | 0 | |
Cash equivalents and other, Allowance for Credit Losses | [1] | 0 | 0 | |
Cash equivalents and other, Fair Value | [1] | 27 | 47 | |
Amortized Cost, Total | 2,077 | 2,033 | ||
Total Unrealized Gains | 1,945 | 1,726 | ||
Total Unrealized Losses | [2] | (62) | (43) | |
Allowance for Credit Losses, Total | 0 | 0 | ||
Fair Value, Total | 3,960 | 3,716 | [4] | |
Net assets related to pending sales of securities | 24 | 27 | ||
Fair value of securities in an unrealized loss position | 696 | 384 | ||
Corporate Debt Fixed Income Securities | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 562 | 508 | |
Fixed income securities Total Unrealized Gains | [5] | 7 | 10 | |
Fixed income securities Total Unrealized Losses | [5] | (27) | (27) | |
Fixed income securities Allowance for Credit Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | 542 | 491 | |
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 319 | 292 | |
Fixed income securities Total Unrealized Gains | [5] | 2 | 3 | |
Fixed income securities Total Unrealized Losses | [5] | (21) | (21) | |
Fixed income securities Allowance for Credit Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | 300 | 274 | |
Government Debt Fixed Income Securities | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 1,441 | 1,426 | |
Fixed income securities Total Unrealized Gains | [5] | 12 | 28 | |
Fixed income securities Total Unrealized Losses | [5] | (61) | (24) | |
Fixed income securities Allowance for Credit Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | 1,392 | 1,430 | |
Government Debt Fixed Income Securities | Virginia Electric and Power Company | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 822 | 811 | |
Fixed income securities Total Unrealized Gains | [5] | 7 | 17 | |
Fixed income securities Total Unrealized Losses | [5] | (34) | (12) | |
Fixed income securities Allowance for Credit Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | 795 | 816 | |
Other | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 211 | ||
Fixed income securities Total Unrealized Gains | [5] | 0 | ||
Fixed income securities Total Unrealized Losses | [5] | 0 | ||
Fixed income securities Allowance for Credit Losses | [5] | 0 | ||
Fixed income securities Fair Value | [5] | 211 | ||
Other | Virginia Electric and Power Company | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 176 | ||
Fixed income securities Total Unrealized Gains | [5] | 0 | ||
Fixed income securities Total Unrealized Losses | [5] | 0 | ||
Fixed income securities Allowance for Credit Losses | [5] | 0 | ||
Fixed income securities Fair Value | [5] | 176 | ||
Insurance Contracts | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 245 | 244 | |
Fixed income securities Total Unrealized Gains | [5] | 0 | 0 | |
Fixed income securities Total Unrealized Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | 245 | 244 | |
U.S. | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Equity securities Amortized Cost | [6] | 1,260 | 1,276 | |
Equity securities Total Unrealized Gains | [6] | 3,720 | 3,270 | |
Equity securities Total Unrealized Losses | [6] | (10) | (10) | |
Equity securities Fair Value | [6] | 4,970 | 4,536 | |
U.S. | Virginia Electric and Power Company | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Equity securities Amortized Cost | [6] | 733 | 759 | |
Equity securities Total Unrealized Gains | [6] | 1,936 | 1,706 | |
Equity securities Total Unrealized Losses | [6] | (7) | (10) | |
Equity securities Fair Value | [6] | 2,662 | 2,455 | |
Common/collective trust funds | Fixed Income | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 0 | 161 | |
Fixed income securities Total Unrealized Gains | [5] | 0 | 0 | |
Fixed income securities Total Unrealized Losses | [5] | 0 | 0 | |
Fixed income securities Allowance for Credit Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | 0 | 161 | |
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [5] | 0 | 124 | |
Fixed income securities Total Unrealized Gains | [5] | 0 | 0 | |
Fixed income securities Total Unrealized Losses | [5] | 0 | 0 | |
Fixed income securities Allowance for Credit Losses | [5] | 0 | 0 | |
Fixed income securities Fair Value | [5] | $ 0 | $ 124 | |
[1] Dominion Energy includes pending sales of securities of $ 45 million and $ 49 million at March 31, 2024 and December 31, 2023 , respectively. Virginia Power includes pending sales of securities of $ 24 million and $ 27 million at March 31, 2024, and December 31, 2023 , respectively. Dominion Energy’s fair value of securities in an unrealized loss position was $ 1.2 billion and $ 764 million at March 31, 2024 and December 31, 2023 , respectively. Virginia Power’s fair value of securities in an unrealized loss position was $ 696 million and $ 384 million at March 31, 2024 and December 31, 2023 , respectively. Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 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. |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Debt Securities, Available-for-Sale [Line Items] | |||
Net gains (losses) recognized during the period | $ 459 | $ 226 | |
Less: Net (gains) losses recognized during the period on securities sold during the period | (10) | 2 | |
Unrealized gains (losses) recognized during the period on securities still held at period end | [1] | 449 | 228 |
Virginia Electric and Power Company | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Net gains (losses) recognized during the period | 242 | 116 | |
Less: Net (gains) losses recognized during the period on securities sold during the period | (9) | 1 | |
Unrealized gains (losses) recognized during the period on securities still held at period end | [1] | $ 233 | $ 117 |
[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, 2024 USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 30 |
Due after one year through five years | 514 |
Due after five years through ten years | 405 |
Due after ten years | 985 |
Total | 1,934 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 16 |
Due after one year through five years | 254 |
Due after five years through ten years | 236 |
Due after ten years | 589 |
Total | $ 1,095 |
Investments (Selected Informati
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | $ 695 | $ 544 | |
Realized gains | [1] | 32 | 21 |
Realized losses | [1] | 38 | 41 |
Virginia Electric and Power Company | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | 471 | 373 | |
Realized gains | [1] | 23 | 17 |
Realized losses | [1] | $ 23 | $ 31 |
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Property, Plant and Equipment (
Property, Plant and Equipment (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Impairment of assets and other charges | $ 30 | $ 98 |
Level 3 | Corporate Office Building | ||
Property, Plant and Equipment [Line Items] | ||
Long-lived assets, estimated fair value | 35 | |
Impairment of Assets and Other Charges | Corporate Office Building | ||
Property, Plant and Equipment [Line Items] | ||
Impairment of assets and other charges | 91 | |
Asset impairment charges after tax | $ 68 | |
Acquisition of Solar Project Foxhound Virginia | ||
Property, Plant and Equipment [Line Items] | ||
Date Agreement Entered | 2023-03 | |
Date Agreement Closed | February 2024 | |
Date of Commercial Operations | April 2024 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Feb. 29, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [1] | $ 1,092 | $ 1,309 | [2] | |
Regulatory assets-noncurrent | [1] | 7,859 | 8,356 | [2] | |
Total regulatory assets | 8,951 | 9,665 | |||
Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [3] | 744 | 868 | [4] | |
Regulatory assets-noncurrent | [3] | 4,352 | 4,317 | [4] | |
Total regulatory assets | $ 5,096 | 5,185 | |||
Estimated under-recovered balances | $ 1,300 | ||||
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 | [5] | $ 105 | 245 | ||
Regulatory assets-noncurrent | [5] | 0 | 1,221 | ||
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [5] | 34 | 95 | ||
Regulatory assets-noncurrent | [5] | 0 | 1,221 | ||
Securitized cost of fuel used in electric generation | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [6] | 100 | 0 | ||
Regulatory assets-noncurrent | [6] | 1,177 | 0 | ||
Securitized cost of fuel used in electric generation | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [6] | 100 | 0 | ||
Regulatory assets-noncurrent | [6] | 1,177 | 0 | ||
Deferred rider costs for Virginia electric utility | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [7] | 168 | 270 | ||
Regulatory assets-noncurrent | [7] | 553 | 496 | ||
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [7] | 168 | 270 | ||
Regulatory assets-noncurrent | [7] | 553 | 496 | ||
Ash pond and landfill closure costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [8] | 188 | 200 | ||
Regulatory assets-noncurrent | [8] | $ 2,403 | 2,410 | ||
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 | [8] | $ 188 | 200 | ||
Regulatory assets-noncurrent | [8] | $ 2,396 | 2,407 | ||
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 | [9] | $ 64 | 63 | ||
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [9] | 64 | 63 | ||
NND Project Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [10] | 138 | 138 | ||
Regulatory assets-noncurrent | [10] | 1,914 | 1,949 | ||
Derivatives | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [11] | 98 | 162 | ||
Regulatory assets-noncurrent | [11] | 142 | 107 | ||
Derivatives | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [11] | 96 | 160 | ||
Regulatory assets-noncurrent | [11] | 104 | 66 | ||
Other | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 231 | 231 | |||
Regulatory assets-noncurrent | 603 | 590 | |||
Other | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 94 | 80 | |||
Regulatory assets-noncurrent | 122 | 127 | |||
Unrecognized Pension and Other Postretirement Benefit Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [12] | 518 | 1,036 | ||
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [12] | 0 | 0 | ||
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | 10 | 215 | |||
Interest rate hedges | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [13] | 168 | 168 | ||
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] | $ 381 | $ 379 | ||
Amortization period for deferred costs | 105 years | ||||
Deferred Project Costs | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
[1] See Note 15 for amounts attributable to VIEs. Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 15 for amounts attributable to VIEs. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 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. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $ 1.3 billion of under-recovered fuel costs for its Virginia service territory. Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information. Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. 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. 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. Includes regulatory assets of $ 10 million and $ 215 million and regulatory liabilities of $( 5 ) million and $ 12 million at March 31, 2024 and December 31, 2023 , respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio (at December 31, 2023 only), PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction. 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, 2024 . Represents uncollected costs, including 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, 2024 | Dec. 31, 2023 | |||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 512 | $ 522 | [1] | |
Regulatory liabilities-noncurrent | 9,043 | 8,674 | [1] | |
Total regulatory liabilities | 9,555 | 9,196 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 284 | 321 | [2] | |
Regulatory liabilities-noncurrent | 6,343 | 5,978 | [2] | |
Total regulatory liabilities | $ 6,627 | 6,299 | ||
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] | $ 118 | 118 | |
Regulatory liabilities-noncurrent | [3] | 1,826 | 1,818 | |
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 118 | 118 | |
Regulatory liabilities-noncurrent | [3] | 1,186 | 1,185 | |
Reserve for refunds and rate credits to electric utility customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 83 | 83 | |
Regulatory liabilities-noncurrent | [4] | 212 | 237 | |
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 0 | 0 | |
Regulatory liabilities-noncurrent | [4] | 0 | 0 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 107 | 107 | |
Regulatory liabilities-noncurrent | [5] | 3,044 | 3,076 | |
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 70 | 70 | |
Regulatory liabilities-noncurrent | [5] | 2,214 | 2,237 | |
Monetization of guarantee settlement | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [6] | 67 | 67 | |
Regulatory liabilities-noncurrent | [6] | $ 619 | 635 | |
Electric service customers over period | 20 years | |||
Derivatives | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | $ 10 | 7 | |
Regulatory liabilities-noncurrent | [7] | 194 | 136 | |
Derivatives | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 0 | 0 | |
Regulatory liabilities-noncurrent | [7] | 0 | 0 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 127 | 140 | ||
Regulatory liabilities-noncurrent | 376 | 286 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 96 | 133 | ||
Regulatory liabilities-noncurrent | 333 | 225 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [8] | 2,297 | 2,098 | |
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [8] | 2,297 | 2,098 | |
Interest rate hedges | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [9] | 313 | 233 | |
Interest rate hedges | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [9] | 313 | 233 | |
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities | (5) | 12 | ||
Overrecovered Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [10] | $ 162 | $ 155 | |
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 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, 2023 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, 2024 . 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 | Mar. 31, 2024 USD ($) |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 5.8 |
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 | $ 4.5 |
Period for which expenditures are expected to be recovered | 2 years |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2024 USD ($) | May 31, 2024 USD ($) | Mar. 31, 2024 USD ($) mi kV | Feb. 29, 2024 USD ($) | Jan. 31, 2024 USD ($) | Nov. 30, 2023 USD ($) | Oct. 31, 2023 USD ($) Project MW | Jul. 31, 2023 USD ($) | May 31, 2023 USD ($) | Jun. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | |
Virginia Regulation | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Percentage of earned return | 9.04% | ||||||||||
Authorized return percentage | 9.35% | 9.35% | |||||||||
Virginia Regulation | Annual Fuel Factor | Securitization Option | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Increase (decrease) in revenue requirement | $ 541 | ||||||||||
North Carolina Regulation | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Application date | 2024-03 | ||||||||||
North Carolina Regulation | Rider DSM | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Increase (Decrease) in customer usage tracker | $ 31 | ||||||||||
North Carolina Regulation | Virginia Power Base Rate Case | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Increase(Decrease) in gas cost | $ 57 | ||||||||||
Percentage of earned return | 5.01% | ||||||||||
Percentage of proposed earned return | 10.60% | ||||||||||
Authorized return percentage | 9.75% | ||||||||||
South Carolina Regulation | Electric Base Rate Case | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Percentage of earned return | 4.32% | ||||||||||
Percentage of proposed earned return | 10.60% | ||||||||||
Authorized return percentage | 9.50% | ||||||||||
Virginia Electric and Power Company | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Estimated under-recovered balances | $ 1,300 | ||||||||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Impairment of assets and other charges (benefits) | $ (17) | ||||||||||
Impairment of assets and other charges (benefits) after tax | (12) | ||||||||||
Virginia Electric and Power Company | Annual Fuel Factor | |||||||||||
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 | $ 850 | ||||||||||
Number of utility-scale projects | Project | 4 | ||||||||||
Targeted capacity provided by legislation | MW | 329 | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Public utilities event costs to be recovered | $ 45 | ||||||||||
Authorized return percentage | 9.70% | 9.70% | |||||||||
Capitalization ratio | 52.10% | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | Forecast | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
One-time credits to customers | $ 15 | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Total revenue requirement | $ 350 | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Total revenue requirement | $ 2,300 | ||||||||||
Rate year beginning | 2023-07 | ||||||||||
Estimated under-recovered balances | $ 1,300 | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Forecast | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Total revenue requirement | $ 2,200 | ||||||||||
Rate year beginning | 2024-07 | ||||||||||
Increase (decrease) in revenue requirement | $ 636 | ||||||||||
Estimated over-recovered balances | $ 266 | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Securitization Option | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Estimated under-recovered balances | $ 1,300 | ||||||||||
Virginia Electric and Power Company | Virginia Regulation | Generation And Distribution Services | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Authorized return percentage | 9.05% | ||||||||||
Virginia Electric and Power Company | Biennial Review | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Authorized return percentage | 0.70% | ||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric DSM Programs | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Public energy efficiency programs cost rate adjustment approval request to recover amount | $ 47 | ||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Rate year beginning | 2024-05 | ||||||||||
Application date | 2024-02 | ||||||||||
Proposed increase (decrease) in annual base fuel component recoveries | (315) | ||||||||||
Increase (decrease) in annual base fuel component recoveries | $ (316) | ||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Base Rate Case | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Increase (decrease) in revenue requirement | 295 | ||||||||||
Increase (decrease) in net of strom damage | $ (4) | ||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Base Rate Case | Forecast | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Increase (decrease) in revenue requirement | $ 291 | ||||||||||
Increase in proposed base rate percentage | 12.59% | ||||||||||
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project | |||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||
Application date | 2024-03 | ||||||||||
Type of Line | kV | 230 | ||||||||||
Miles of Lines | mi | 7 | ||||||||||
Cost Estimate | $ 40 | $ 40 |
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, 2024 USD ($) | ||
Rider CCR | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2024-03 | |
Approval Date | Pending | |
Rate Year Beginning | 2024-12 | |
Total Revenue Requirement (millions) | $ 103 | [1] |
Increase (decrease) in revenue requirement | $ (91) | |
Rider CE | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2023-10 | [2] |
Approval Date | March 2024 | [2] |
Rate Year Beginning | 2024-05 | [2] |
Total Revenue Requirement (millions) | $ 133 | [1],[2] |
Increase (decrease) in revenue requirement | $ 44 | [2] |
Rider GT | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2023-08 | |
Approval Date | May 2024 | |
Rate Year Beginning | 2024-06 | |
Total Revenue Requirement (millions) | $ 145 | [1] |
Increase (decrease) in revenue requirement | $ 131 | |
Rider T1 | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2024-05 | [3] |
Approval Date | Pending | [3] |
Rate Year Beginning | 2024-09 | [3] |
Total Revenue Requirement (millions) | $ 1,170 | [1] |
Increase (decrease) in revenue requirement | $ 291 | |
[1] In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $ 120 million as of March 31, 2024. The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider. Consists of $ 532 million for the transmission component of Virginia Power’s base rates and $ 638 million for Rider T1. |
Regulatory Matters - Schedule_2
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) Project Agreement | ||
Virginia Electric and Power Company | |||
Public Utilities, General Disclosures [Line Items] | |||
Additional total revenue requirement | $ 120 | ||
Rider T1 | Virginia Electric and Power Company | |||
Public Utilities, General Disclosures [Line Items] | |||
Total revenue requirement | [1] | 1,170 | |
Rider T1 | Operating Segments | Virginia Electric and Power Company | Virginia Regulation | |||
Public Utilities, General Disclosures [Line Items] | |||
Total revenue requirement | 638 | ||
Rider T1 | Operating Segments | Virginia Electric and Power Company | Virginia Regulation | Transmission Component Of Virginia Powers | |||
Public Utilities, General Disclosures [Line Items] | |||
Total revenue requirement | $ 532 | ||
Rider CE | |||
Public Utilities, General Disclosures [Line Items] | |||
Public utilities number of power purchase agreements | Agreement | 13 | ||
Rider CE | Virginia Electric and Power Company | |||
Public Utilities, General Disclosures [Line Items] | |||
Total revenue requirement | [1],[2] | $ 133 | |
Public utilities number of solar generation projects | Project | 4 | ||
Base Rate Case | Virginia Electric and Power Company | Virginia Regulation | |||
Public Utilities, General Disclosures [Line Items] | |||
Total revenue requirement | $ 350 | ||
[1] In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $ 120 million as of March 31, 2024. The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider. |
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, 2024 USD ($) mi kV | ||
Construct new Aspen and Golden substations, transmission lines and related projects in Loudoun County, Virginia | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2024-03 | |
Type of Line | 500-230 kV | |
Miles of Lines | mi | 10 | |
Cost Estimate | $ | $ 690 | [1] |
Partial rebuild Fredericksburg-Aquia Harbour transmission lines and related projects in Stafford County and the City of Fredericksburg, Virginia | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2024-03 | |
Type of Line | 230-115 kV | |
Miles of Lines | mi | 24 | |
Cost Estimate | $ | $ 135 | [1] |
Construct new Apollo-Twin Creek transmission lines, new substations and related projects in Loudoun County, Virginia | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2024-03 | |
Type of Line | kV | 230 | |
Miles of Lines | mi | 2 | |
Cost Estimate | $ | $ 285 | [1] |
Rebuild Dooms-Harrisonburg transmission lines and related projects in the Counties of Augusta and Rockingham and the Town of Grottoes, Virginia | ||
Public Utilities General Disclosures [Line Items] | ||
Application Date | 2024-04 | |
Type of Line | kV | 230 | |
Miles of Lines | mi | 22 | |
Cost Estimate | $ | $ 60 | |
[1] Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $ 45 million and $ 100 million, respectively. |
Regulatory Matters - Summary _2
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Parenthetical) (Details) - Virginia Electric and Power Company $ in Millions | Mar. 31, 2024 USD ($) |
Other transmission projects approved | |
Public Utilities, General Disclosures [Line Items] | |
Cost Estimate | $ 45 |
Other transmission projects applied | |
Public Utilities, General Disclosures [Line Items] | |
Cost Estimate | $ 100 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Leases Disclosure [Line Items] | |||
Charge in connection with settlement of an agreement | $ 47 | ||
Charge in connection with settlement of an agreement, after tax | 35 | ||
Forecast | |||
Leases Disclosure [Line Items] | |||
Payment of settlement of an agreement related to the offshore wind installation vessel under development | $ 47 | ||
Power Purchase Arrangement | |||
Leases Disclosure [Line Items] | |||
Rental revenue | $ 3 | $ 5 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenues | Revenues | |
Depreciation expense | $ 3 | $ 1 |
Variable Interest Entities - (N
Variable Interest Entities - (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |||
Variable Interest Entity [Line Items] | |||||
Payable to affiliates | [1] | $ 2,093 | $ 2,078 | [2] | |
Regulatory assets-current | [3] | 1,092 | 1,309 | [2] | |
Other current assets | [3] | 1,018 | 1,158 | [2] | |
Regulatory assets-noncurrent | [3] | 7,859 | 8,356 | [2] | |
Securities due within one year | [3] | 2,344 | 6,589 | [2] | |
Accrued interest, payroll and taxes | [3] | 1,286 | 1,075 | [2] | |
Long-term debt | 35,064 | 33,248 | [2] | ||
Virginia Electric and Power Company | |||||
Variable Interest Entity [Line Items] | |||||
Payable to affiliates | [4] | 1,437 | 1,529 | [5] | |
Regulatory assets-current | [6] | 744 | 868 | [5] | |
Other current assets | [4],[6] | 297 | 375 | [5] | |
Regulatory assets-noncurrent | [6] | 4,352 | 4,317 | [5] | |
Securities due within one year | [6] | 100 | 381 | [5] | |
Accrued interest, payroll and taxes | [6] | 414 | 293 | [5] | |
Long-term debt | 19,335 | 17,115 | [5] | ||
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | |||||
Variable Interest Entity [Line Items] | |||||
Regulatory assets-current | 100 | ||||
Other current assets | 6 | ||||
Regulatory assets-noncurrent | 1,200 | ||||
Securities due within one year | 65 | ||||
Accrued interest, payroll and taxes | 8 | ||||
Long-term debt | 1,200 | ||||
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | |||||
Variable Interest Entity [Line Items] | |||||
Shared Services Purchased | 115 | $ 113 | |||
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related Party | |||||
Variable Interest Entity [Line Items] | |||||
Payable to affiliates | $ 33 | $ 32 | |||
[1] See Note 10 for amounts attributable to related parties. Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 15 for amounts attributable to VIEs. See Note 19 for amounts attributable to affiliates. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 15 for amounts attributable to VIEs. |
Significant Financing Transac_3
Significant Financing Transactions (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2024 | Jan. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Oct. 31, 2023 | Nov. 30, 2020 | |||
Debt Instrument [Line Items] | |||||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | ||||||
Short-term debt | $ 3,626,000,000 | 3,626,000,000 | $ 3,956,000,000 | [2] | |||||
Line of credit issued | $ 3,000,000,000 | $ 2,500,000,000 | |||||||
Preferred stock shares authorized | 20,000,000 | 20,000,000 | |||||||
Issuance of common stock | $ 31,000,000 | $ 43,000,000 | |||||||
Securities due within one year | [3] | $ 2,344,000,000 | $ 2,344,000,000 | 6,589,000,000 | [2] | ||||
Common Stock | |||||||||
Debt Instrument [Line Items] | |||||||||
Stock repurchased, shares | 0 | ||||||||
Issuance of stock (in shares) | 0 | 1,000,000 | |||||||
Stock repurchase program, authorized amount | 900,000,000 | $ 900,000,000 | $ 1,000,000,000 | ||||||
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 | $ 31,000,000 | $ 43,000,000 | |||||||
Issuance of stock (in shares) | 1,000,000 | ||||||||
Various Programs | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Issuance of stock (in shares) | 1,000,000 | ||||||||
Floating Rate Demand Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term debt | 462,000,000 | $ 462,000,000 | 409,000,000 | ||||||
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 | |||||||
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 | [4] | 6,000,000,000 | 6,000,000,000 | ||||||
Short-term debt | [5] | 0 | $ 0 | 455,000,000 | [6] | ||||
Issuance of stock (in shares) | 0 | 0 | |||||||
Securities due within one year | [5] | $ 100,000,000 | $ 100,000,000 | $ 381,000,000 | [6] | ||||
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 | ||||||
Dominion Energy | Senior Notes Due In February 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Recorded interest expense | $ 10,000,000 | ||||||||
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 | ||||||||
Letters of credit issued and outstanding | 58,000,000 | 58,000,000 | $ 54,000,000 | ||||||
Letter of Credit | Credit Facility, Maturing in June 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility Limit | 30,000,000 | 30,000,000 | |||||||
Letter of credit | 0 | $ 0 | 25,000,000 | ||||||
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 | $ 200,000,000 | |||||||
Letter of credit | 0 | ||||||||
Line of credit facility, maturity date | Jan. 31, 2026 | ||||||||
Line of credit issued | $ 119,000,000 | 124,000,000 | |||||||
Letter of Credit | Virginia Electric and Power Company | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Letters of credit issued and outstanding | 1,000,000 | ||||||||
364 Term loan facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Securities due within one year | 2,500,000,000 | ||||||||
364 Term loan facility | Credit Facility, Maturing In July 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility Limit | $ 2,500,000,000 | ||||||||
Repayments of borrowings | 2,500,000,000 | ||||||||
364 Term loan facility | Credit Facility, Maturing In October 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Facility Limit | $ 2,250,000,000 | ||||||||
Line of credit issued | 500,000,000 | ||||||||
Repayments of borrowings | 1,800,000,000 | ||||||||
Securities due within one year | 976,000,000 | $ 976,000,000 | $ 2,250,000,000 | ||||||
364 Term loan facility | Credit Facility, Maturing In October 2024 | General Corporate Purposes | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit issued | $ 500,000,000 | ||||||||
[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. Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 15 for amounts attributable to VIEs. 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, 2024 , 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. See Note 15 for amounts attributable to VIEs. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 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, 2024 USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1] |
Outstanding Commercial Paper | 3,164,000,000 | [1] |
Outstanding Letters of Credit | 34,000,000 | [1] |
Facility Capacity Available | 2,802,000,000 | [1] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [2] |
Outstanding Commercial Paper | 0 | [2] |
Outstanding Letters of Credit | $ 10,000,000 | [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, 2024 , 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, 2024 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, 2024 , 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 | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | 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, 2024 USD ($) Indicator Facility Site gal | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||||||||||
Gain on sales of assets | $ 1,000,000 | $ 2,000,000 | ||||||||||||||||
Gain on sales of assets after tax | $ 560,000,000 | 700,000,000 | ||||||||||||||||
Nuclear Obligations | Secondary Financial Protection Program | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Maximum liability protection per nuclear incident amount | $ 16,300,000,000 | $ 16,200,000,000 | ||||||||||||||||
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 | $ 51,000,000 | $ 165,000,000 | ||||||||||||||||
Proposed assessment amount from audit | $ 410,000,000 | |||||||||||||||||
Proportional share of NND project | 100% | |||||||||||||||||
Fair value of certain non-utility property transferred | $ 28,000,000 | |||||||||||||||||
Fair value of utility property transferred | 10,000,000 | |||||||||||||||||
Gain upon completion of remaining transfer of utility properties | $ 11,000,000 | |||||||||||||||||
Fair value of additional utility property transferred | $ 3,000,000 | |||||||||||||||||
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 | Utility Property Transferred | SCDOR | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Gain on sales of assets | 9,000,000 | |||||||||||||||||
Gain on sales of assets after tax | $ 7,000,000 | |||||||||||||||||
Dominion Energy South Carolina Inc | Minimum | SCDOR | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Initial litigation settlement amount through stock issuance | $ 43,000,000 | |||||||||||||||||
Dominion Energy South Carolina Inc | Maximum | SCDOR | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Cash payment for remaining obligation | $ 1,000,000 | |||||||||||||||||
Unfavorable Regulatory Action | EPA | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Electric generating station facilities water withdrawals per day | gal | 2,000,000 | |||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | |||||||||||||||||
Carbon Regulations | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T | 75,000 | |||||||||||||||||
CWA | Unfavorable Regulatory Action | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Number of mandatory facility-specific factors | Indicator | 5 | |||||||||||||||||
Number of optional facility-specific factors | Indicator | 6 | |||||||||||||||||
Number of facilities that are subject to final regulations | Facility | 15 | |||||||||||||||||
CWA | Unfavorable Regulatory Action | 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 | 11 | |||||||||||||||||
Number of additional sites which are not under investigation | Site | 3 | |||||||||||||||||
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 | $ 31,000,000 | $ 32,000,000 | ||||||||||||||||
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 | $ 25,000,000 | 25,000,000 | ||||||||||||||||
Millstone, Summer, Surry and North Anna | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Amount of coverage purchased from commercial insurance pools | $ 500,000,000 | $ 450,000,000 | $ 500,000,000 | $ 450,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) | Mar. 31, 2024 USD ($) | |
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 4,396,000,000 | [1],[2] |
Guarantee obligations additional guarantees | 20,000,000 | |
Cove Point | ||
Guarantee Obligations [Line Items] | ||
Guarantee obligations cumulative maximum exposure | 1,900,000,000 | |
Surety Bond | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 316,000,000 | |
Surety Bond | Virginia Electric and Power Company | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 213,000,000 | |
Held for Sale | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | 33,000,000 | |
Financial Standby Letter of Credit | ||
Guarantee Obligations [Line Items] | ||
Guarantee liability | $ 34,000,000 | |
[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, 2023. 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. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year . At March 31, 2024 , no amounts have been recorded related to this guarantee. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail) $ in Millions | Mar. 31, 2024 USD ($) | |
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 4,396 | [1],[2] |
Commodity Transactions | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 2,842 | [3] |
Nuclear Obligations | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 245 | [4] |
Solar | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 215 | [5] |
Other | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 1,094 | [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, 2023. 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. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year . At March 31, 2024 , 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, 2024 | Dec. 31, 2023 | |
Guarantee Obligations [Line Items] | |||
Amount of financing commitments to fund estimated project costs | $ 365,000,000 | ||
Project completion period | 2019-08 | ||
Lease commenced term | 5 years | ||
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 | ||
Minimum | |||
Guarantee Obligations [Line Items] | |||
Lease extend term | 1 year |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) | 3 Months Ended | |
Mar. 31, 2024 USD ($) Counterparty | Dec. 31, 2023 USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | ||
Credit exposure | $ 274,000,000 | |
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 80,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 32,000,000 | $ 28,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 0 | 0 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 32,000,000 | 28,000,000 |
Maximum | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Letter of credit as collateral posted for derivatives in liability position | 1,000,000 | |
Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Credit exposure | $ 107,000,000 | |
Number of counterparties | Counterparty | 0 | |
Amount of exposure for single counterparty | $ 23,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 24,000,000 | 14,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 0 | 0 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | $ 24,000,000 | 14,000,000 |
Virginia Electric and Power Company | Maximum | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Letter of credit as collateral posted for derivatives in liability position | $ 1,000,000 | |
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 73% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 86% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |||
Related Party Transaction [Line Items] | |||||
Amounts due to Dominion, noncurrent | $ 7,549,000,000 | $ 7,396,000,000 | [1] | ||
Payable to affiliates | [2] | 2,093,000,000 | 2,078,000,000 | [1] | |
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] | |||||
Amounts due to Dominion, noncurrent | [3] | 5,524,000,000 | 5,401,000,000 | [4] | |
Payable to affiliates | [3] | 1,437,000,000 | 1,529,000,000 | [4] | |
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | $ 0 | |||
Issuance of stock (in shares) | 0 | 0 | |||
Commencing Period | 20 months | ||||
Lease commencement term | 2025-08 | ||||
Related party transaction costs | $ 240,000,000 | ||||
Cost of Revenue, Related Party, Type [Extensible Enumeration] | Affiliated Entity | ||||
Virginia Electric and Power Company | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Derivative assets | $ 4,000,000 | $ 1,000,000 | |||
Derivative liabilities | 59,000,000 | 79,000,000 | |||
Virginia Electric and Power Company | Affiliated Entity | Pension Benefits | Amounts Associated With Dominion Pension Plan | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to Dominion, noncurrent | 468,000,000 | 456,000,000 | |||
Virginia Electric and Power Company | Affiliated Entity | 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 | 602,000,000 | 584,000,000 | |||
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | $ 1,000,000 | $ 500,000,000 | |||
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. See Note 10 for amounts attributable to related parties. See Note 19 for amounts attributable to affiliates. Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date. |
Related-Party Transactions (Det
Related-Party Transactions (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Related Party Transaction [Line Items] | |||
Services provided to affiliates | $ 3,632 | $ 3,883 | |
Virginia Electric and Power Company | |||
Related Party Transaction [Line Items] | |||
Commodity purchases from affiliates | 198 | 214 | |
Services provided to affiliates | [1] | 2,489 | 2,384 |
Virginia Electric and Power Company | Related Party | |||
Related Party Transaction [Line Items] | |||
Services provided by affiliates | [2] | 155 | 147 |
Services provided to affiliates | $ 4 | $ 4 | |
[1] See Note 19 for amounts attributable to affiliates. Includes capitalized expenditures of $ 53 million and $ 54 million for the three months ended March 31, 2024 and 2023 , respectively. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 2,058 | $ 1,420 |
Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 53 | $ 54 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 22 | $ 24 |
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 | $ 109 | $ 111 |
Expected return on plan assets | (204) | (216) |
Amortization of net actuarial (gain) loss | 6 | |
Plan amendment | 22 | |
Net periodic benefit (credit) cost | (45) | (81) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 3 | $ 3 |
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 | $ 14 | $ 15 |
Expected return on plan assets | (42) | (38) |
Amortization of prior service cost (credit) | (9) | (9) |
Amortization of net actuarial (gain) loss | (2) | (1) |
Net periodic benefit (credit) cost | $ (36) | $ (30) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2024 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan operating expenses within discontinued operations | $ 23 | |||
Defined Contribution Plan Operating Expenses Within Discontinued Operations After Tax | 17 | |||
Defined contribution plan other operations and maintenance expense | 13 | |||
Defined contribution plan other operations and maintenance expense after tax | 10 | |||
Subsequent Event | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Contributions to qualified defined benefit pension plans | $ 7 | |||
Discontinued operations | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 3 | $ 4 | ||
Non-service cost (credit) | 14 | (11) | ||
Other Postretirement Benefits Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 3 | 3 | ||
Defined benefit plan, loss on sale | 2 | 1 | ||
Other Postretirement Benefits Plan | Closure of East Ohio Transaction | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Decrease in the fair value of the plan assets due to remeasurement | 19 | |||
Decrease in the fair value of the plan assets, transferred upon closing | 36 | |||
Decrease in the accumulated postretirement benefit obligation | 38 | |||
Decrease in the accumulated postretirement benefit obligation, transferred upon closing | 22 | |||
Defined benefit plan, loss on sale | $ (9) | |||
Other Postretirement Benefits Plan | Forecast | Closure of East Ohio Transaction | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase (decrease) in net periodic benefit credit | $ 1 | |||
Other Postretirement Benefits Plan | Minimum | Closure of East Ohio Transaction | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Remeasurement, discount rate | 5.61% | |||
Other Postretirement Benefits Plan | Maximum | Closure of East Ohio Transaction | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Remeasurement, discount rate | 5.62% | |||
Pension Benefits | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected contributions to qualified defined benefit pension plans in next fiscal year | $ 46 | |||
Service cost | 22 | $ 24 | ||
Defined benefit plan, loss on sale | (6) | |||
Pension Benefits | Closure of East Ohio Transaction | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Decrease in the pension benefit obligation due to remeasurement | 419 | |||
Decrease in the pension benefit obligation, amount transferred upon closing | 195 | |||
Decrease in the fair value of the plan assets due to remeasurement | 555 | |||
Decrease in the fair value of the plan assets, transferred upon closing | $ 531 | |||
Remeasurement, discount rate | 5.62% | |||
Defined benefit plan, loss on sale | $ 147 | |||
Pension Benefits | Forecast | Closure of East Ohio Transaction | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase (decrease) in net periodic benefit credit | $ 11 |
Operating Segments - Dominion E
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | $ 294 | $ 134 |
Charge in connection with settlement of an agreement | 47 | |
Charge in connection with settlement of an agreement, after tax | 35 | |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 124 | 304 |
Gain (loss) on investments | 266 | 123 |
Gain (loss) on investments, after tax | $ 202 | $ 90 |
Investment, Type [Extensible Enumeration] | Nuclear Decommissioning Trust Fund [Member] | Nuclear Decommissioning Trust Fund [Member] |
Corporate and Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | $ 48 | $ 393 |
After- tax net benefits (expenses) for specific items | 191 | 466 |
Contracted Energy | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments, after tax | 175 | 77 |
Loss related to economic hedging activities | 61 | |
Loss related to economic hedging activities after tax | 47 | |
Gain related to economic hedging activities | 332 | |
Gain related to economic hedging activities after tax | 253 | |
Charge in connection with settlement of an agreement | 47 | |
Charge in connection with settlement of an agreement, after tax | 35 | |
Dominion Energy Virginia | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments, after tax | $ 27 | $ 13 |
Investment, Type [Extensible Enumeration] | Nuclear Decommissioning Trust Fund [Member] | Nuclear Decommissioning Trust Fund [Member] |
Charge for amortization of a regulatory asset, 2021 Triennial Review | $ 61 | |
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax | $ 45 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 3,632 | $ 3,883 | |
Net Income from discontinued operations including noncontrolling interest | [1] | 114 | 281 |
Net income attributable to Dominion Energy | 674 | 981 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 3,632 | 3,883 | |
Adjustments & Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 0 | 0 | |
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income 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 | (237) | (236) | |
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (237) | (236) | |
Dominion Energy Virginia | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 2,489 | 2,384 | |
Operating Revenue | 2,489 | 2,384 | |
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income attributable to Dominion Energy | 424 | 386 | |
Dominion Energy Virginia | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | 0 | |
Dominion Energy South Carolina | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 892 | 844 | |
Operating Revenue | 893 | 845 | |
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income attributable to Dominion Energy | 80 | 91 | |
Dominion Energy South Carolina | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1 | 1 | |
Contracted Energy | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | 306 | 308 | |
Operating Revenue | 308 | 311 | |
Net Income from discontinued operations including noncontrolling interest | 0 | 0 | |
Net income attributable to Dominion Energy | 122 | 111 | |
Contracted Energy | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2 | 3 | |
Corporate and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenue from external customers | (55) | 347 | |
Operating Revenue | 179 | 579 | |
Net Income from discontinued operations including noncontrolling interest | 114 | 281 | |
Net income attributable to Dominion Energy | 48 | 393 | |
Corporate and Other | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 234 | $ 232 | |
[1] Includes income tax expense of $ 51 million and $ 56 million for the three months ended March 31, 2024 and 2023 , respectively. |
Operating Segments - Virginia P
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | $ 294 | $ 134 |
Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Gain (loss) on investments | 39 | 19 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | 124 | 304 |
Gain (loss) on investments | 266 | 123 |
Gain (loss) on investments, after tax | $ 202 | $ 90 |
Investment, Type [Extensible Enumeration] | Nuclear Decommissioning Trust Fund [Member] | Nuclear Decommissioning Trust Fund [Member] |
Operating Segments | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | $ 48 | $ 393 |
After- tax net benefits (expenses) for specific items | 191 | 466 |
Operating Segments | Virginia Electric and Power Company | ||
Segment Reporting Information [Line Items] | ||
Charge for amortization of a regulatory asset, 2021 Triennial Review | 61 | |
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax | 45 | |
Gain (loss) on investments | 37 | |
Gain (loss) on investments, after tax | $ 27 | |
Investment, Type [Extensible Enumeration] | Nuclear Decommissioning Trust Fund [Member] | |
Operating Segments | Virginia Electric and Power Company | Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
After- tax net benefits (expenses) | $ 41 | (31) |
After- tax net benefits (expenses) for specific items | $ 39 | $ (32) |
Operating Segments (Schedule _2
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 3,632 | $ 3,883 | |
Net Income (Loss) | 674 | 981 | |
Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | [1] | 2,489 | 2,384 |
Net Income (Loss) | 465 | 355 | |
Dominion Energy Virginia | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 2,489 | 2,384 | |
Net Income (Loss) | 424 | 386 | |
Corporate and Other | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | 0 | |
Net Income (Loss) | $ 41 | $ (31) | |
[1] See Note 19 for amounts attributable to affiliates. |