Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 17, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
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 | 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 | 839,251,000 | |
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 | 819-2000 | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, no par value | |
Trading Symbol | D | |
Security Exchange Name | NYSE | |
2016 Series A 5.25% Enhanced Junior Subordinated Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2016 Series A 5.25% Enhanced Junior Subordinated Notes | |
Trading Symbol | DRUA | |
Security Exchange Name | NYSE | |
2019 Series A Corporate Units | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2019 Series A Corporate Units | |
Trading Symbol | DCUE | |
Security Exchange Name | NYSE | |
Virginia Electric and Power Company | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | VA | |
Entity Registrant Name | VIRGINIA ELECTRIC AND POWER COMPANY | |
Entity Central Index Key | 0000103682 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 274,723 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-55337 | |
Entity Tax Identification Number | 54-0418825 | |
Entity Address, Address Line One | 120 Tredegar Street | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23219 | |
City Area Code | 804 | |
Local Phone Number | 819-2000 | |
Dominion Energy Gas Holdings, LLC | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
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 | DOMINION ENERGY GAS HOLDINGS, LLC | |
Entity Central Index Key | 0001603291 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-37591 | |
Entity Tax Identification Number | 46-3639580 | |
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 | 819-2000 | |
Dominion Energy Gas Holdings, LLC | 2014 Series C 4.6% Senior Notes | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 2014 Series C 4.6% Senior Notes | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Operating Revenue | [1] | $ 4,496 | $ 3,858 |
Operating Expenses | |||
Electric fuel and other energy-related purchases | 668 | 791 | |
Purchased (excess) electric capacity | 2 | 39 | |
Purchased gas | 427 | 730 | |
Other operations and maintenance | 1,043 | 1,002 | |
Depreciation, depletion and amortization | 673 | 651 | |
Other taxes | 284 | 292 | |
Impairment of assets and other charges | 768 | 835 | |
Total operating expenses | 3,865 | 4,340 | |
Income (loss) from operations | 631 | (482) | |
Other income (expense) | (399) | 388 | |
Interest and related charges | 490 | 469 | |
Loss from operations including noncontrolling interests before income tax expense (benefit) | (258) | (563) | |
Income tax expense (benefit) | (19) | 114 | |
Net Loss Including Noncontrolling Interests | (239) | (677) | |
Noncontrolling Interests | 31 | 3 | |
Net Income (Loss) | $ (270) | $ (680) | |
Earnings Per Common Share | |||
Net loss attributable to Dominion Energy - Basic | $ (0.34) | $ (0.86) | |
Net loss attributable to Dominion Energy - Diluted | $ (0.34) | $ (0.86) | |
Virginia Electric and Power Company | |||
Operating Revenue | [2] | $ 1,930 | $ 1,965 |
Operating Expenses | |||
Electric fuel and other energy-related purchases | [2] | 492 | 596 |
Purchased (excess) electric capacity | (9) | 33 | |
Affiliated suppliers | 87 | 86 | |
Other operations and maintenance | 331 | 193 | |
Depreciation, depletion and amortization | 311 | 304 | |
Other taxes | 87 | 85 | |
Impairment of assets and other charges | 764 | 546 | |
Total operating expenses | 2,063 | 1,843 | |
Income (loss) from operations | (133) | 122 | |
Other income (expense) | (52) | 37 | |
Interest and related charges | [2] | 126 | 135 |
Loss from operations including noncontrolling interests before income tax expense (benefit) | (311) | 24 | |
Income tax expense (benefit) | (31) | 4 | |
Net Income (Loss) | (280) | 20 | |
Dominion Energy Gas Holdings, LLC | |||
Operating Revenue | [3] | 556 | 566 |
Operating Expenses | |||
Purchased gas | [3] | 8 | 12 |
Other energy-related purchases | 1 | ||
Affiliated suppliers | 40 | 39 | |
Other operations and maintenance | 125 | 137 | |
Depreciation, depletion and amortization | 93 | 91 | |
Other taxes | 42 | 39 | |
Total operating expenses | 308 | 319 | |
Income (loss) from operations | 248 | 247 | |
Earnings from equity method investee | 15 | 13 | |
Other income (expense) | [3] | 49 | 42 |
Interest and related charges | [3] | 58 | 87 |
Income from continuing operations | 254 | 215 | |
Income tax expense (benefit) | 52 | 43 | |
Net Income from continuing operations | 202 | 172 | |
Net Income from discontinued operations | 54 | ||
Net Loss Including Noncontrolling Interests | 202 | 226 | |
Noncontrolling Interests | 33 | 36 | |
Net Income (Loss) | $ 169 | $ 190 | |
[1] | See Note 10 for amounts attributable to related parties. | ||
[2] | See Note 19 for amounts attributable to affiliates. | ||
[3] | See Note 19 for amounts attributable to related parties. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net income (loss) including noncontrolling interests | $ (239) | $ (677) | |
Net income (loss) | (270) | (680) | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred losses on derivatives-hedging activities | [1] | (266) | (24) |
Changes in unrealized net gains on investment securities | [2] | 9 | 16 |
Amounts reclassified to net income (loss): | |||
Net derivative (gains) losses-hedging activities | [3] | 22 | (31) |
Net realized (gains) losses on investment securities | [4] | (9) | 0 |
Net pension and other postretirement benefit costs | [5] | 19 | 8 |
Total other comprehensive loss | (225) | (31) | |
Comprehensive income (loss) including noncontrolling interests | (464) | (708) | |
Comprehensive income attributable to noncontrolling interests | 31 | 3 | |
Comprehensive loss attributable to Dominion Energy | (495) | (711) | |
Virginia Electric and Power Company | |||
Net income (loss) | (280) | 20 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred losses on derivatives-hedging activities | [6] | (45) | (7) |
Changes in unrealized net gains on investment securities | [7] | (2) | 2 |
Amounts reclassified to net income (loss): | |||
Net realized (gains) losses on investment securities | [8] | 1 | 0 |
Total other comprehensive loss | (46) | (5) | |
Comprehensive loss attributable to Dominion Energy | (326) | 15 | |
Dominion Energy Gas Holdings, LLC | |||
Net income (loss) including noncontrolling interests | 202 | 226 | |
Net income (loss) | 169 | 190 | |
Other comprehensive income (loss), net of taxes: | |||
Net deferred losses on derivatives-hedging activities | [9] | (91) | (27) |
Amounts reclassified to net income (loss): | |||
Net derivative (gains) losses-hedging activities | [10] | 6 | 3 |
Net pension and other postretirement benefit costs | [11] | 1 | 1 |
Total other comprehensive loss | (84) | (23) | |
Comprehensive income (loss) including noncontrolling interests | 118 | 203 | |
Comprehensive income attributable to noncontrolling interests | 33 | 35 | |
Comprehensive loss attributable to Dominion Energy | $ 85 | $ 168 | |
[1] | Net of $93 | ||
[2] | Net of $(4) million and $(6) million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[3] | Net of $(7) million and $10 million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[4] | Net of $4 million and $— million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[5] | Net of $(5) million and $(14) million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[6] | Net of $16 million and $2 million tax for the three months ended March 31, 2020 and 2019 | ||
[7] | Net of $— million and $(1) million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[8] | Net of $(1) million and $— million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[9] | Net of $32 million and $9 million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[10] | Net of $(2) million and $— million tax for the three months ended March 31, 2020 and 2019, respectively. | ||
[11] | Net of $(1) million tax for both the three months ended March 31, 2020 and 2019. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net deferred losses on derivative-hedging activities, tax | $ 93 | $ 5 |
Changes in unrealized net gains on investment securities, tax | (4) | (6) |
Net derivative (gains) losses-hedging activities, tax | (7) | 10 |
Net realized (gains) losses on investment securities, tax | 4 | 0 |
Net pension and other postretirement benefit costs, tax | (5) | (14) |
Virginia Electric and Power Company | ||
Net deferred losses on derivative-hedging activities, tax | 16 | 2 |
Changes in unrealized net gains on investment securities, tax | 0 | (1) |
Net realized (gains) losses on investment securities, tax | (1) | 0 |
Dominion Energy Gas Holdings, LLC | ||
Net deferred losses on derivative-hedging activities, tax | 32 | 9 |
Net derivative (gains) losses-hedging activities, tax | (2) | 0 |
Net pension and other postretirement benefit costs, tax | $ (1) | $ (1) |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | ||
Current Assets | ||||
Cash and cash equivalents | $ 1,192 | $ 166 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 2,177 | 2,278 | [1] | |
Other receivables (less allowance for doubtful accounts of $3 at both dates) | [2] | 248 | 367 | [1] |
Inventories | 1,677 | 1,742 | [1] | |
Regulatory assets | 668 | 879 | [1] | |
Other | 574 | 656 | [1] | |
Total current assets | 6,536 | 6,088 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 5,313 | 6,192 | [1] | |
Investment in equity method affiliates | 1,886 | 1,646 | [1] | |
Other | 376 | 379 | [1] | |
Total investments | 7,575 | 8,217 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 95,341 | 97,466 | [1] | |
Accumulated depreciation, depletion and amortization | (27,945) | (28,384) | [1] | |
Total property, plant and equipment, net | 67,396 | 69,082 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 8,946 | 8,946 | [1] | |
Regulatory assets | 9,564 | 7,687 | [1] | |
Other | 4,109 | 3,803 | [1] | |
Total deferred charges and other assets | 22,619 | 20,436 | [1] | |
Total assets | 104,126 | 103,823 | [1] | |
Current Liabilities | ||||
Securities due within one year | 2,919 | 3,162 | [3] | |
Short-term debt | 2,190 | 911 | [3] | |
Accounts payable | 842 | 1,115 | [3] | |
Accrued interest, payroll and taxes | 1,089 | 1,323 | [3] | |
Regulatory liabilities | 641 | 497 | [3] | |
Reserves for SCANA legal proceedings | 560 | 696 | [3] | |
Derivative liabilities | 793 | 408 | [3] | |
Other | [4] | 1,414 | 1,827 | [3] |
Total current liabilities | 10,448 | 9,939 | [3] | |
Long-Term Debt | ||||
Long-term debt | 31,097 | 30,313 | [3] | |
Junior subordinated notes | 3,407 | 3,406 | [3] | |
Finance leases | 111 | 105 | [3] | |
Total long-term debt | 34,615 | 33,824 | [3] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 6,158 | 6,277 | [3] | |
Regulatory liabilities | 10,589 | 11,001 | [3] | |
Derivative liabilities | 853 | 332 | [3] | |
Other | 8,711 | 8,417 | [3] | |
Total deferred credits and other liabilities | 26,311 | 26,027 | [3] | |
Total liabilities | 71,374 | 69,790 | [3] | |
Commitments and Contingencies (see Note 17) | [3] | |||
Equity | ||||
Preferred stock (See Note 16) | 2,387 | 2,387 | [3] | |
Common stock - no par | [5] | 23,902 | 23,824 | [3] |
Retained earnings | 6,455 | 7,576 | [3] | |
Accumulated other comprehensive income (loss) | (2,018) | (1,793) | [3] | |
Total shareholders' equity | 30,726 | 31,994 | [3] | |
Noncontrolling interests | 2,026 | 2,039 | [3] | |
Total equity | 32,752 | 34,033 | [3] | |
Total liabilities and equity | 104,126 | 103,823 | [3] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 71 | 17 | [6] | |
Customer receivables (less allowance for doubtful accounts) | 1,063 | 1,163 | [6] | |
Other receivables (less allowance for doubtful accounts of $3 at both dates) | 93 | 106 | [6] | |
Affiliated receivables | 3 | 27 | [6] | |
Inventories | 868 | 873 | [6] | |
Regulatory assets | 295 | 433 | [6] | |
Other | [7] | 54 | 57 | [6] |
Total current assets | 2,447 | 2,676 | [6] | |
Investments | ||||
Nuclear decommissioning trust funds | 2,468 | 2,881 | [6] | |
Other | 3 | 3 | [6] | |
Total investments | 2,471 | 2,884 | [6] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 44,446 | 47,038 | [6] | |
Accumulated depreciation, depletion and amortization | (13,434) | (14,156) | [6] | |
Total property, plant and equipment, net | 31,012 | 32,882 | [6] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 3,724 | 1,863 | [6] | |
Other | [7] | 1,394 | 1,123 | [6] |
Total deferred charges and other assets | 5,118 | 2,986 | [6] | |
Total assets | 41,048 | 41,428 | [6] | |
Current Liabilities | ||||
Securities due within one year | 5 | 4 | [6] | |
Short-term debt | 135 | 243 | [6] | |
Accounts payable | 261 | 334 | [6] | |
Payables to affiliates | 339 | 210 | [6] | |
Affiliated current borrowings | [6] | 107 | ||
Accrued interest, payroll and taxes | 270 | 253 | [6] | |
Regulatory liabilities | [8] | 181 | 167 | |
Asset retirement obligations | 78 | 340 | [6] | |
Derivative liabilities | [7] | 481 | 243 | [6] |
Other | 732 | 738 | [6] | |
Total current liabilities | 2,301 | 2,472 | [6] | |
Long-Term Debt | ||||
Long-term debt | 12,327 | 12,325 | [6] | |
Finance leases | 23 | 16 | [6] | |
Total long-term debt | 12,350 | 12,341 | [6] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,807 | 2,962 | [6] | |
Asset retirement obligations | 3,516 | 3,241 | [6] | |
Regulatory liabilities | 4,820 | 5,074 | [6] | |
Derivative liabilities | [9] | 534 | 223 | |
Other | [7] | 1,698 | 1,349 | [6] |
Total deferred credits and other liabilities | 12,841 | 12,626 | [6] | |
Total liabilities | 27,492 | 27,439 | [6] | |
Commitments and Contingencies (see Note 17) | [6] | |||
Equity | ||||
Common stock - no par | [10] | 5,738 | 5,738 | [6] |
Other paid-in capital | 1,113 | 1,113 | [6] | |
Retained earnings | 6,780 | 7,167 | [6] | |
Accumulated other comprehensive income (loss) | (75) | (29) | [6] | |
Total shareholders' equity | 13,556 | 13,989 | [6] | |
Total liabilities and equity | 41,048 | 41,428 | [6] | |
Dominion Energy Gas Holdings, LLC | ||||
Current Assets | ||||
Cash and cash equivalents | [11] | 46 | 27 | [12] |
Customer receivables (less allowance for doubtful accounts) | 157 | 173 | [12] | |
Other receivables (less allowance for doubtful accounts of $3 at both dates) | [13] | 33 | 26 | [12] |
Affiliated receivables | 87 | 362 | [12] | |
Affiliated notes receivable | 262 | |||
Inventories | 125 | 122 | [12] | |
Gas imbalances | [13] | 39 | 52 | [12] |
Regulatory assets | [14] | 10 | 8 | |
Other | 84 | 96 | [12] | |
Total current assets | 833 | 858 | [12] | |
Investments | ||||
Affiliated notes receivable | 3,437 | 3,437 | [12] | |
Investment in equity method affiliates | 312 | 312 | [12] | |
Total investments | 3,749 | 3,749 | [12] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 15,224 | 15,166 | [12] | |
Accumulated depreciation, depletion and amortization | (3,620) | (3,538) | [12] | |
Total property, plant and equipment, net | 11,604 | 11,628 | [12] | |
Deferred Charges and Other Assets | ||||
Goodwill | 1,471 | 1,471 | [12] | |
Regulatory assets | [15] | 40 | 40 | |
Other | [13] | 1,087 | 1,078 | [12] |
Total deferred charges and other assets | 2,558 | 2,549 | [12] | |
Total assets | 18,744 | 18,784 | [12] | |
Current Liabilities | ||||
Securities due within one year | 699 | 700 | [12] | |
Short-term debt | 30 | 62 | [12] | |
Accounts payable | 40 | 59 | [12] | |
Payables to affiliates | 131 | 82 | [12] | |
Affiliated current borrowings | 256 | 260 | [12] | |
Accrued interest, payroll and taxes | 143 | 128 | [12] | |
Regulatory liabilities | [16] | 38 | 41 | |
Derivative liabilities | [17] | 69 | 33 | |
Other | [13] | 190 | 161 | [12] |
Total current liabilities | 1,489 | 1,452 | [12] | |
Long-Term Debt | ||||
Long-term debt | 4,817 | 4,821 | [12] | |
Finance leases | 5 | 5 | [12] | |
Total long-term debt | 4,822 | 4,826 | [12] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 1,277 | 1,288 | [12] | |
Regulatory liabilities | [18] | 804 | 800 | |
Derivative liabilities | [19] | 138 | 53 | |
Other | 1,078 | 989 | [12] | |
Total deferred credits and other liabilities | 2,355 | 2,277 | [12] | |
Total liabilities | 8,666 | 8,555 | [12] | |
Commitments and Contingencies (see Note 17) | [12] | |||
Equity | ||||
Membership interests | 8,968 | 9,031 | [12] | |
Accumulated other comprehensive income (loss) | (271) | (187) | [12] | |
Total members' equity | 8,697 | 8,844 | [12] | |
Noncontrolling interests | 1,381 | 1,385 | [12] | |
Total equity | 10,078 | 10,229 | [12] | |
Total liabilities and equity | $ 18,744 | $ 18,784 | [12] | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date | |||
[2] | See Note 10 for amounts attributable to related parties. | |||
[3] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | See Note 10 for amounts attributable to related parties | |||
[5] | 1.8 billion shares authorized; 839 million shares and 838 million shares outstanding at March 31, 2020 and December 31, 2019, respectively. | |||
[6] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[7] | See Note 19 for amounts attributable to affiliates. | |||
[8] | Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. | |||
[9] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | |||
[10] | 500,000 shares authorized; 274,723 shares | |||
[11] | At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively. | |||
[12] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[13] | See Note 19 for amounts attributable to related parties. | |||
[14] | Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[15] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[16] | Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[17] | Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[18] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[19] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | ||
Customer receivables, allowance for doubtful accounts | $ 20 | $ 20 | [1] | |
Other receivables, allowance for doubtful accounts | [2] | $ 3 | $ 3 | [1] |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 | ||
Common stock, shares outstanding | 839,000,000 | 838,000,000 | ||
Virginia Electric and Power Company | ||||
Customer receivables, allowance for doubtful accounts | $ 8 | $ 9 | [3] | |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 | [3] | |
Common stock, shares authorized | 500,000 | 500,000 | ||
Common stock, shares outstanding | 274,723 | 274,723 | ||
Dominion Energy Gas Holdings, LLC | ||||
Customer receivables, allowance for doubtful accounts | $ 2 | $ 2 | [4] | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | See Note 10 for amounts attributable to related parties. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
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 | Noncontrolling Interests | |
Beginning balance at Dec. 31, 2018 | $ 22,048 | $ 12,588 | $ 9,219 | $ (1,700) | $ 20,107 | $ 1,941 | ||
Beginning balance (in shares) at Dec. 31, 2018 | 681 | |||||||
Net income (loss) including noncontrolling interests | (677) | (680) | (680) | 3 | ||||
Issuance of common stock | 247 | $ 247 | 247 | |||||
Issuance of common stock (in shares) | 3 | |||||||
Acquisition of SCANA | 6,818 | $ 6,818 | 6,818 | |||||
Acquisition of SCANA (in shares) | 96 | |||||||
Acquisition of public interest in Dominion Energy Midstream | (40) | $ 1,181 | 1,181 | (1,221) | ||||
Acquisition of public interest in Dominion Energy Midstream (in shares) | 22 | |||||||
Dividends and distributions | (766) | (733) | (733) | (33) | ||||
Other comprehensive loss, net of tax | (31) | (31) | (31) | |||||
Ending balance at Mar. 31, 2019 | 27,599 | $ 20,834 | 7,806 | (1,731) | 26,909 | 690 | ||
Ending balance (in shares) at Mar. 31, 2019 | 802 | |||||||
Beginning balance at Dec. 31, 2019 | 34,033 | [1] | $ 2,387 | $ 23,824 | 7,576 | (1,793) | 31,994 | 2,039 |
Beginning balance (in shares) at Dec. 31, 2019 | 2 | 838 | ||||||
Cumulative-effect of changes in accounting principles | (48) | (48) | (48) | |||||
Net income (loss) including noncontrolling interests | (239) | (270) | (270) | 31 | ||||
Issuance of common stock | 78 | $ 78 | 78 | |||||
Issuance of common stock (in shares) | 1 | |||||||
Preferred stock dividends and distributions | (16) | (16) | (16) | |||||
Common stock dividends and distributions | (832) | (788) | (788) | (44) | ||||
Other comprehensive loss, net of tax | (225) | (225) | (225) | |||||
Other | 1 | 1 | 1 | |||||
Ending balance at Mar. 31, 2020 | $ 32,752 | $ 2,387 | $ 23,902 | $ 6,455 | $ (2,018) | $ 30,726 | $ 2,026 | |
Ending balance (in shares) at Mar. 31, 2020 | 2 | 839 | ||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 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, 2020 | Mar. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends declared per common share | $ 0.940 | $ 0.9175 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Operating Activities | |||
Net income (loss) including noncontrolling interests | $ (239) | $ (677) | |
Net income (loss) | (270) | (680) | |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 759 | 734 | |
Deferred income taxes and investment tax credits | (65) | 106 | |
Provision for refunds and rate credits to electric utility customers | 0 | 988 | |
Impairment of assets and other charges | 768 | 835 | |
Net losses (gains) on nuclear decommissioning trust funds and other investments | 526 | (271) | |
Revision to future ash pond and landfill closure costs | 0 | (113) | |
Other adjustments | 4 | (11) | |
Changes in: | |||
Accounts receivable | 245 | 153 | |
Inventories | 71 | 53 | |
Deferred fuel and purchased gas costs, net | 162 | 27 | |
Prepayments | 38 | 89 | |
Accounts payable | (164) | (284) | |
Accrued interest, payroll and taxes | (234) | (329) | |
Customer deposits | (13) | (35) | |
Margin deposit assets and liabilities | 46 | 93 | |
Other operating assets and liabilities | (271) | (187) | |
Net cash provided by operating activities | 1,633 | 1,171 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (1,462) | (1,002) | |
Cash and restricted cash acquired in the SCANA Combination | 389 | ||
Acquisition of solar development projects | (8) | (29) | |
Proceeds from sales of securities | 602 | 506 | |
Purchases of securities | (631) | (494) | |
Proceeds from sales of assets and equity method investments | 14 | 154 | |
Contributions to equity method affiliates | (11) | (69) | |
Acquisitions of equity method investments | (178) | ||
Other | 33 | (7) | |
Net cash used in investing activities | (1,641) | (552) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | 1,279 | 1,905 | |
Issuance of short-term notes | 500 | 0 | |
Repayment of credit facility borrowings | 0 | (113) | |
Issuance of long-term debt | 950 | 600 | |
Repayment of long-term debt | (932) | (2,217) | |
Issuance of common stock | 78 | 247 | |
Common dividend payments | (788) | (733) | |
Other | (81) | (72) | |
Net cash provided by (used in) financing activities | 1,006 | (383) | |
Increase (decrease) in cash, restricted cash and equivalents | 998 | 236 | |
Cash, restricted cash and equivalents at beginning of period | 269 | 391 | |
Cash, restricted cash and equivalents at end of period | 1,267 | 627 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | [1],[2] | 343 | 201 |
Financing leases | [1],[2] | 17 | 11 |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income (loss) | (280) | 20 | |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 357 | 346 | |
Deferred income taxes and investment tax credits | (135) | (49) | |
Impairment of assets and other charges | 764 | 546 | |
Revision to future ash pond and landfill closure costs | (113) | ||
Other adjustments | 53 | (39) | |
Changes in: | |||
Accounts receivable | 123 | 62 | |
Affiliated receivables and payables | 24 | (63) | |
Inventories | 5 | (19) | |
Deferred fuel and purchased gas costs, net | 70 | 24 | |
Prepayments | (5) | (2) | |
Accounts payable | 99 | (33) | |
Accrued interest, payroll and taxes | 13 | 15 | |
Other operating assets and liabilities | 59 | (66) | |
Net realized and unrealized changes related to derivative activities | (12) | 14 | |
Asset retirement obligations | 14 | ||
Net cash provided by operating activities | 1,149 | 643 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (764) | (563) | |
Purchases of nuclear fuel | (25) | (11) | |
Acquisition of solar development projects | (6) | (27) | |
Proceeds from sales of securities | 294 | 253 | |
Purchases of securities | (310) | (269) | |
Other | 37 | (3) | |
Net cash used in investing activities | (774) | (620) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (108) | 281 | |
Repayment of affiliated current borrowings, net | (106) | (200) | |
Common dividend payments | (108) | (118) | |
Other | (1) | (1) | |
Net cash provided by (used in) financing activities | (323) | (38) | |
Increase (decrease) in cash, restricted cash and equivalents | 52 | (15) | |
Cash, restricted cash and equivalents at beginning of period | 24 | 38 | |
Cash, restricted cash and equivalents at end of period | 76 | 23 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 210 | 117 | |
Financing leases | 10 | 5 | |
Dominion Energy Gas Holdings, LLC | |||
Operating Activities | |||
Net income (loss) including noncontrolling interests | 202 | 226 | |
Net income (loss) | 169 | 190 | |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 93 | 113 | |
Deferred income taxes and investment tax credits | 15 | 21 | |
Other adjustments | (8) | 4 | |
Changes in: | |||
Accounts receivable | 9 | (32) | |
Affiliated receivables and payables | 325 | (26) | |
Inventories | (3) | (20) | |
Prepayments | 14 | 33 | |
Accounts payable | (11) | (23) | |
Accrued interest, payroll and taxes | 16 | (40) | |
Customer deposits | (32) | ||
Other operating assets and liabilities | 33 | (14) | |
Pension and other postretirement benefits | (18) | (35) | |
Net cash provided by operating activities | 667 | 175 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (76) | (150) | |
Advances to affiliates | (262) | ||
Other | (4) | (1) | |
Net cash used in investing activities | (342) | (151) | |
Financing Activities | |||
Issuance (repayment) of short-term debt, net | (32) | 270 | |
Repayment of affiliated current borrowings, net | (5) | (145) | |
Repayment of credit facility borrowings | (73) | ||
Repayment of long-term debt | (300) | ||
Issuance of affiliated long-term debt | 395 | ||
Dividends and distributions | (269) | (159) | |
Other | (1) | ||
Net cash provided by (used in) financing activities | (306) | (13) | |
Increase (decrease) in cash, restricted cash and equivalents | 19 | 11 | |
Cash, restricted cash and equivalents at beginning of period | 39 | 198 | |
Cash, restricted cash and equivalents at end of period | 58 | 209 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | 13 | 31 | |
Financing leases | $ 1 | $ 2 | |
[1] | See Note 16 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream. | ||
[2] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. |
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 CompanyCommon Stock | Virginia Electric and Power CompanyOther Paid-In Capital | Virginia Electric and Power CompanyRetained Earnings | Virginia Electric and Power CompanyAOCI | ||
Beginning balance at Dec. 31, 2018 | $ (1,700) | $ 13,047 | $ 5,738 | $ 1,113 | $ 6,208 | $ (12) | |||||
Beginning balance (in shares) at Dec. 31, 2018 | 681,000 | 275 | |||||||||
Net income (loss) | $ (680) | 20 | 20 | ||||||||
Dividends and distributions | (766) | $ (733) | (118) | (118) | |||||||
Other comprehensive income (loss), net of tax | (31) | (31) | (5) | (5) | |||||||
Ending balance at Mar. 31, 2019 | (1,731) | 12,944 | $ 5,738 | 1,113 | 6,110 | (17) | |||||
Ending balance (in shares) at Mar. 31, 2019 | 802,000 | 275 | |||||||||
Beginning balance at Dec. 31, 2019 | 31,994 | [1] | (1,793) | 13,989 | [2] | $ 5,738 | 1,113 | 7,167 | (29) | ||
Beginning balance (in shares) at Dec. 31, 2019 | 838,000 | 275 | |||||||||
Net income (loss) | (270) | (280) | (280) | ||||||||
Dividends and distributions | (108) | (108) | |||||||||
Other comprehensive income (loss), net of tax | (225) | (225) | (46) | (46) | |||||||
Other | 1 | $ 1 | 1 | 1 | |||||||
Ending balance at Mar. 31, 2020 | $ 30,726 | $ (2,018) | $ 13,556 | $ 5,738 | $ 1,113 | $ 6,780 | $ (75) | ||||
Ending balance (in shares) at Mar. 31, 2020 | 839,000 | 275 | |||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Dominion Energy Gas Holdings, L
Dominion Energy Gas Holdings, LLC Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | AOCI | Total Shareholders' Equity | Noncontrolling Interests | Dominion Energy Gas Holdings, LLC | Dominion Energy Gas Holdings, LLCPredecessor Equity | Dominion Energy Gas Holdings, LLCMember Interests | Dominion Energy Gas Holdings, LLCAOCI | Dominion Energy Gas Holdings, LLCTotal Shareholders' Equity | Dominion Energy Gas Holdings, LLCNoncontrolling Interests | ||
Beginning balance at Dec. 31, 2018 | $ 22,048 | $ (1,700) | $ 20,107 | $ 1,941 | $ 8,865 | $ 1,804 | $ 4,566 | $ (169) | $ 6,201 | $ 2,664 | ||
Net income (loss) including noncontrolling interests | (677) | (680) | 3 | 226 | 74 | 116 | 190 | 36 | ||||
Acquisition of public interest in Dominion Energy Midstream | (40) | 1,181 | (1,221) | (40) | 1,181 | 1,181 | (1,221) | |||||
Dividends and distributions | (766) | (733) | (33) | (159) | (113) | (113) | (46) | |||||
Other comprehensive loss, net of tax | (31) | (31) | (31) | (23) | (23) | (1) | ||||||
Other comprehensive loss, net of tax | (22) | (22) | ||||||||||
Other | (8) | (8) | (8) | |||||||||
Ending balance at Mar. 31, 2019 | 27,599 | (1,731) | 26,909 | 690 | 8,861 | $ 2,938 | 4,682 | (191) | 7,429 | 1,432 | ||
Beginning balance at Dec. 31, 2019 | 34,033 | [1] | (1,793) | 31,994 | 2,039 | 10,229 | [2] | 9,031 | (187) | 8,844 | 1,385 | |
Net income (loss) including noncontrolling interests | (239) | (270) | 31 | 202 | 169 | 169 | 33 | |||||
Dividends and distributions | (269) | (232) | (232) | (37) | ||||||||
Other comprehensive loss, net of tax | (225) | (225) | (225) | (84) | (84) | |||||||
Other comprehensive loss, net of tax | (84) | (84) | ||||||||||
Other | (1) | (1) | ||||||||||
Ending balance at Mar. 31, 2020 | $ 32,752 | $ (2,018) | $ 30,726 | $ 2,026 | $ 10,078 | $ 8,968 | $ (271) | $ 8,697 | $ 1,381 | |||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||||||||||
[2] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Nature of Operations
Nature of Operations | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Energy Gas. Dominion Energy’s operations also include DESC, an equity investment in Atlantic Coast Pipeline and regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S. Dominion Energy’s nonregulated operations include merchant generation and retail energy marketing operations. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Energy Gas is a holding company that conducts business activities through FERC-regulated interstate natural gas transmission pipeline and underground storage systems in the eastern and Rocky Mountain regions of the U.S., as well as the Cove Point LNG Facility. In addition, Dominion Energy Gas owns a 50% |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2020 and their results of operations, changes in equity and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2020, Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain merchant projects upon the occurrence of certain events, none of which are expected to occur in the next 12 months. Brookfield’s 25% interest in Cove Point (effective December 2019) and the public’s ownership interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy Gas’ Consolidated Financial Statements. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in the Companies’ 2019 Consolidated Financial Statements and Notes have been reclassified to conform to the 2020 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, 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, 2019, with the exception of the items described below. 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, 2020 and 2019: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period March 31, 2020 March 31, 2019 December 31, 2019 December 31, 2018 (millions) Dominion Energy Cash and cash equivalents $ 1,192 $ 422 $ 166 $ 268 Restricted cash and equivalents (1) 75 205 103 123 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 1,267 $ 627 $ 269 $ 391 Virginia Power Cash and cash equivalents $ 71 $ 14 $ 17 $ 29 Restricted cash and equivalents (1) 5 9 7 9 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 76 $ 23 $ 24 $ 38 Dominion Energy Gas Cash and cash equivalents (2) $ 46 $ 147 $ 27 $ 108 Restricted cash and equivalents (1) 12 62 12 90 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 58 $ 209 $ 39 $ 198 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. (2) At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively. Property, Plant and Equipment In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019. In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax), primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019. In March 2020, Virginia Power committed to retire certain coal- and oil-fired generating units before the end of their useful lives based on economic and other factors, including but not limited to market power prices and the VCEA. These units will be retired after they meet their capacity obligations to PJM in 2023. In the first quarter of 2020, Virginia Power updated depreciation rates for its nuclear plants to reflect lower depreciation rates as a result of the expected approval of license extensions from the NRC. This adjustment resulted in a decrease of $8 million ($6 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income and a $0.01 increase in Dominion Energy’s EPS, for the three months ended March 31, 2020. This revision is expected to decrease annual depreciation expense by approximately $31 million ($23 million after-tax) and increase Dominion Energy’s EPS by $0.03 for the year ended December 31, 2020. Credit Risk Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. Effective January 2020, expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees. Investments Debt and Equity Securities with Readily Determinable Fair Value Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities. • Debt securities classified as trading securities • Debt securities classified as available-for-sale securities In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method. Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by Dominion Energy and Virginia Power in the nuclear decommissioning trusts. Dominion Energy and Virginia Power record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, Dominion Energy and Virginia Power may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Dominion Energy and Virginia Power qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in Virginia Power’s nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income. Equity Securities without Readily Determinable Fair Values The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include: • Equity method investments • Cost method investments Other-Than-Temporary Impairment The Companies periodically review their equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any equity method investment is determined to be other-than-temporary, the investment is written down to its fair value at the end of the reporting period. Credit Impairment Effective January 2020, Dominion Energy and Virginia Power periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in Dominion Energy and Virginia Power’s Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations. Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Acquisitions and Dispositions | Note 3. Acquisitions and Dispositions Acquisition of SCANA In January 2019, Dominion Energy issued 95.6 million shares of Dominion Energy common stock, valued at $6.8 billion, representing 0.6690 of a share of Dominion Energy common stock for each share of SCANA common stock, in connection with the completion of the SCANA Combination. SCANA, through its regulated subsidiaries, is primarily engaged in the generation, transmission and distribution of electricity in the central, southern and southwestern portions of South Carolina and in the distribution of natural gas in North Carolina and South Carolina. In addition, at the closing of the SCANA Combination, SCANA marketed natural gas to retail customers in the southeast U.S. Following completion of the SCANA Combination, SCANA operates as a wholly-owned subsidiary of Dominion Energy. In addition, SCANA’s debt totaled $6.9 billion at closing. The SCANA Combination expanded Dominion Energy’s portfolio of regulated electric generation, transmission and distribution and regulated natural gas distribution infrastructure operations. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information on the SCANA Combination, including merger approval and conditions, information on assets acquired and liabilities assumed and purchase price allocation. In addition, see Note 17 for a discussion of certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. In accordance with the SCANA Merger Approval Order, Dominion Energy incurred certain charges to its Consolidated Statements of Income for the following: • In the first quarter of 2019, DESC recorded a reduction in operating revenue and a corresponding regulatory liability of $1.0 billion representing a refund of amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period, effective January 2019, As a result, Dominion Energy’s Consolidated Statement of Income for the three months ended March 31, 2019 includes a $756 million after-tax charge. • Dominion Energy committed to forgo recovery of $105 million of certain property, plant and equipment associated with the NND Project. As a result, Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2019 includes a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges. • Dominion Energy committed to forgo recovery of $264 million of certain income tax-related regulatory assets associated with the NND Project. As a result, Dominion Energy’s Consolidated Statement of Income for the three months ended March 31, 2019 includes a charge of $198 million included in income tax expense. Results of Operations and Unaudited Pro Forma Information The impact of the SCANA Combination on Dominion Energy’s operating revenue was an increase of $914 million and $170 million for the three months ended March 31, 2020 and 2019, respectively, in the Consolidated Statements of Income. The impact of the SCANA Combination on net income attributable to Dominion Energy was an increase of $54 million and a decrease of $1.1 billion for the three months ended March 31, 2020 and 2019, respectively, in the Consolidated Statements of Income. Dominion Energy incurred merger and integration-related costs of $19 million for the three months ended March 31, 2020, recorded in other operations and maintenance expense in the Consolidated Statements of Income. For the three months ended March 31, 2019, Dominion Energy incurred merger and integration-related costs of which $115 million was recorded in other operations and maintenance expense and $9 million was recorded in interest and related charges in the Consolidated Statements of Income. These costs consist of professional fees, charitable contribution commitments, employee-related expenses, certain financing costs and other miscellaneous costs. The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended March 31, 2019 (1) (millions, except EPS) Operating Revenue $ 4,887 Net income attributable to Dominion Energy 605 Earnings Per Common Share – $ 0.76 Earnings Per Common Share – $ 0.76 (1) Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. Dominion Energy Gas Restructuring The Dominion Energy Gas Restructuring is considered to be a reorganization of entities under common control. As a result, Dominion Energy Gas’ basis in DCP and DMLPHCII, which includes the general partner of Dominion Energy Midstream, a controlling 75% interest in Cove Point, DECG, Dominion Energy Questar Pipeline, a 50% noncontrolling interest in White River Hub and a 25.93% noncontrolling interest in Iroquois, is equal to Dominion Energy’s cost basis in the assets and liabilities of such entities since the applicable inception dates of common control. In November 2019, following completion of the Dominion Energy Gas Restructuring, DCP and DMLPHCII are wholly-owned subsidiaries of Dominion Energy Gas and therefore are consolidated by Dominion Energy Gas. The accompanying Consolidated Financial Statements and Notes of Dominion Energy Gas have been retrospectively adjusted to include the historical results and financial position of DCP and DMLPHCII. The 25% interest in Cove Point retained by Dominion Energy, and subsequently sold to Brookfield in December 2019, and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest. The Dominion Energy Gas Restructuring includes the disposition of East Ohio and DGP by Dominion Energy Gas in November 2019. This restructuring represents a strategic shift in the operations of Dominion Energy Gas as Dominion Energy Gas’ operations consist of LNG import/export and storage and regulated gas transmission and storage operations. As a result, the accompanying Consolidated Financial Statements and Notes of Dominion Energy Gas have been retrospectively adjusted to include the historical results and financial position of East Ohio and DGP as discontinued operations until November 2019, presented within the Corporate and Other segment. As the Dominion Energy Gas Restructuring is considered to be a reorganization of entities under common control, Dominion Energy Gas has reflected the disposition as an equity transaction. The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended March 31, 2019 (millions) Operating revenue $ 229 Depreciation and amortization 21 Other operating expenses 148 Other income 18 Interest and related charges 10 Income tax expense 14 Net income from discontinued operations $ 54 Capital expenditures and significant noncash items relating to East Ohio included the following: Three Months Ended March 31, 2019 (millions) Capital expenditures $ 65 Significant noncash items Accrued capital expenditures 6 The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended March 31, 2019 (millions) Operating revenue $ 45 Depreciation and amortization 1 Other operating expenses 44 Net income from discontinued operations $ — Capital expenditures and significant noncash items of DGP included the following: Three Months Ended March 31, 2019 (millions) Capital expenditures $ 3 |
Operating Revenue
Operating Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended March 31, 2020 2019 (millions) Dominion Energy Regulated electric sales: Residential $ 1,158 $ 646 Commercial 798 496 Industrial 182 30 Government and other retail 219 200 Wholesale 33 48 Nonregulated electric sales 232 316 Regulated gas sales: Residential 548 602 Commercial 191 191 Other 28 38 Nonregulated gas sales 83 247 Regulated gas transportation and storage: FERC-regulated 281 277 State-regulated 232 213 Nonregulated gas transportation and storage 175 174 Other regulated revenues (1) 75 58 Other nonregulated revenues (1)(2) 88 95 Total operating revenue from contracts with customers 4,323 3,631 Other revenues (3) 173 227 Total operating revenue $ 4,496 $ 3,858 Virginia Power Regulated electric sales: Residential $ 896 $ 923 Commercial 614 636 Industrial 97 112 Government and other retail 203 204 Wholesale 24 37 Other regulated revenues (2) 62 33 Other nonregulated revenues (1)(2) 13 6 Total operating revenue from contracts with customers 1,909 1,951 Other revenues (2)(3) 21 14 Total operating revenue $ 1,930 $ 1,965 Dominion Energy Gas Regulated gas sales - wholesale $ 2 $ 2 Nonregulated gas sales (2) 1 2 Regulated gas transportation and storage 344 340 Nonregulated gas transportation and storage 175 174 Management service revenue (2) 31 44 Other regulated revenues (1)(2) 1 3 Other nonregulated revenues (1)(2) 1 — Total operating revenue from contracts with customers 555 565 Other revenues 1 1 Total operating revenue $ 556 $ 566 1 ) Amounts above include sales which are considered to be goods transferred at a point in time. For the three months ended March 31, 2020 and 2019, such amounts included $ 39 million and $48 million, respectively, at Dominion Energy and $1 million for both the three months ended March 31, 2020 and 2019, at Dominion Energy Gas, consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the three months ended March 31, 2020 and 2019, such sales were $4 million and $3 million, respectively, at Dominion Energy and $3 million and $1 million, respectively, at Virginia Power. 2) See Notes 10 and 19 for amounts attributable to related parties and affiliates. 3) Includes alternative revenue . For the three months ended March 31, 2020 and 2019 , such amounts included $ 36 million and $ 14 million, respectively , at Dominion Energy and $ 17 million and $ 8 million, respectively, at Virginia Power. The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year contracts in place at March 31, 2020 2020 2021 2022 2023 2024 Thereafter Total (millions) Dominion Energy $ 1,222 $ 1,562 $ 1,474 $ 1,312 $ 1,187 $ 13,089 $ 19,846 Virginia Power 2 1 — — — — 3 Dominion Energy Gas 1,336 1,714 1,581 1,395 1,242 13,270 20,538 Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At March 31, 2020 and December 31, 2019, Dominion Energy’s contract asset balances were $26 million and $28 million, respectively. Dominion Energy Gas’ contract asset balances were $37 million and $40 million at March 31, 2020 and December 31, 2019, respectively. Dominion Energy and Dominion Energy Gas’ contract assets are recorded in other deferred charges and other assets in the Consolidated Balance Sheets. Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At March 31, 2020 and December 31, 2019, Dominion Energy’s contract liability balances were $86 million and $123 million, respectively. At March 31, 2020 and December 31, 2019, Virginia Power’s contract liability balances were $23 million and $24 million, respectively. At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ contract liability balances were $21 million and $20 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2020 and 2019, Dominion Energy recognized revenue of $105 million and $85 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2020 and 2019, Virginia Power recognized $24 million and $22 million, respectively, from the beginning contract liability balance. During the three months ended March 31, 2020 and 2019, Dominion Energy Gas recognized $1 million and $25 million from the beginning contract liability balance. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 5. Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows: Dominion Energy Virginia Power Dominion Energy Gas Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 4.4 2.2 4.8 4.6 2.9 3.4 Investment tax credits (4.1 ) (1.5 ) (6.4 ) (3.2 ) — — Production tax credits (0.4 ) (0.8 ) (0.8 ) (1.0 ) — — Reversal of excess deferred income taxes (9.5 ) (5.1 ) (8.1 ) (5.0 ) (0.7 ) (0.7 ) Write-off of regulatory assets — (34.1 ) — — — — AFUDC - equity (1.6 ) (1.4 ) (0.7 ) — (0.4 ) (0.5 ) Other, net (2.5 ) (0.6 ) 0.3 0.1 (2.4 ) (1) (3.3 ) (1) Effective tax rate 7.3 % (20.3 )% 10.1 % 16.5 % 20.4 % 19.9 % (1) Includes (2.7)% and (3.6) % relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively For the Companies’ rate-regulated entities, deferred taxes will reverse at the weighted average rate used to originate the deferred tax liability, which in some cases will be 35 %. The Companies have recorded an estimate of excess deferred income tax amortization in 2020. The reversal of these excess deferred income taxes will impact the effective tax rate and rates charged to customers. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. In March 2020, the CARES Act was enacted which includes several significant business tax provisions that modify or temporarily suspend certain provisions of the 2017 Tax Reform Act. The CARES Act provisions are intended to improve cash flow and liquidity by, among other things, providing a temporary five-year In connection with the SCANA Combination, Dominion Energy committed to forgo, or limit, the recovery of certain income tax-related regulatory assets associated with the NND Project. Dominion Energy’s 2019 effective tax rate reflects deferred income tax expense of $198 million in satisfaction of this commitment. Dominion Energy’s 2019 effective tax rate also reflects the changes in consolidated state income taxes resulting from the SCANA Combination. As of March 31, 2020, 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, 2019, for a discussion of these unrecognized tax benefits. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 (millions, except EPS) Net loss attributable to Dominion Energy $ (270 ) $ (680 ) Preferred stock dividends (see Note 16) (16 ) — Net loss attributable to Dominion Energy – Basic & Diluted (286 ) (680 ) Average shares of common stock outstanding – Basic & Diluted 838.2 793.1 Earnings Per Common Share – Basic & Diluted $ (0.34 ) $ (0.86 ) As a result of a net loss for both the three months ended March 31, 2020 and 2019, the issuance of common stock under potentially-dilutive securities, as discussed in Note 8 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, was considered antidilutive and therefore excluded from the calculation of diluted EP S |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Note 7. Accumulated Other Comprehensive Income Dominion Energy The following table presents Dominion Energy’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive loss from equity method investees Total (millions) Three Months Ended March 31, 2020 Beginning balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) Other comprehensive income before reclassifications: gains (losses) (266 ) 9 — — (257 ) Amounts reclassified from AOCI: (gains) losses (1) 22 (9 ) 19 — 32 Net current period other comprehensive income (loss) (244 ) — 19 — (225 ) Ending balance $ (651 ) $ 37 $ (1,402 ) $ (2 ) $ (2,018 ) Three Months Ended March 31, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (24 ) 16 — — (8 ) Amounts reclassified from AOCI: (gains) losses (1) (31 ) — 8 — (23 ) Net current period other comprehensive income (loss) (55 ) 16 8 — (31 ) Ending balance $ (290 ) $ 18 $ (1,457 ) $ (2 ) $ (1,731 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (7 ) Operating revenue 3 Purchased gas Interest rate contracts 27 Interest and related charges Foreign currency contracts 6 Other income (expense) Total 29 Tax (7 ) Income tax expense (benefit) Total, net of tax $ 22 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (13 ) Other income (expense) Total (13 ) Tax 4 Income tax expense (benefit) Total, net of tax $ (9 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (6 ) Other income (expense) Amortization of actuarial losses 30 Other income (expense) Total 24 Tax (5 ) Income tax expense (benefit) Total, net of tax $ 19 Three Months Ended March 31, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (54 ) Operating revenue (3 ) Purchased gas Interest rate contracts 10 Interest and related charges Foreign currency contracts 6 Other income (expense) Total (41 ) Tax 10 Income tax expense (benefit) Total, net of tax $ (31 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income (expense) Amortization of actuarial losses 27 Other income (expense) Total 22 Tax (14 ) Income tax expense (benefit) Total, net of tax $ 8 Virginia Power The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended March 31, 2020 Beginning balance $ (34 ) $ 5 $ (29 ) Other comprehensive income before reclassifications: gains (losses) (45 ) (2 ) (47 ) Amounts reclassified from AOCI: (gains) losses (1) — 1 1 Net current period other comprehensive income (loss) (45 ) (1 ) (46 ) Ending balance $ (79 ) $ 4 $ (75 ) Three Months Ended March 31, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (7 ) 2 (5 ) Amounts reclassified from AOCI: (gains) losses — — — Net current period other comprehensive income (loss) (7 ) 2 (5 ) Ending balance $ (20 ) $ 3 $ (17 ) (1) See table below for details about these reclassifications. The following table presents Virginia Power’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2020 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ 2 Other income (loss) Total 2 Tax (1 ) Income tax expense (benefit) Total, net of tax $ 1 Dominion Energy Gas The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrecognized pension costs Total (millions) Three Months Ended March 31, 2020 Beginning balance $ (81 ) $ (106 ) $ (187 ) Other comprehensive income before reclassifications: gains (losses) (91 ) — (91 ) Amounts reclassified from AOCI: (gains) losses (1) 6 1 7 Net current period other comprehensive income (loss) (85 ) 1 (84 ) Ending balance $ (166 ) $ (105 ) $ (271 ) Three Months Ended March 31, 2019 Beginning balance $ (25 ) $ (144 ) $ (169 ) Other comprehensive income before reclassifications: gains (losses) (27 ) — (27 ) Amounts reclassified from AOCI: (gains) losses (1) 3 1 4 Net current period other comprehensive income (loss) (24 ) 1 (23 ) Less other comprehensive income (loss) attributable to noncontrolling interest (1 ) — (1 ) Ending balance $ (48 ) $ (143 ) $ (191 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2020 Deferred (gains) and losses on derivatives-hedging activities: Interest rate contracts $ 2 Interest and related charges Foreign currency contracts 6 Other income Total 8 Tax (2 ) Income tax expense Total, net of tax $ 6 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 Three Months Ended March 31, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (2 ) Net income from discontinued operations Interest rate contracts (1 ) Interest and related charges Foreign currency contracts 6 Other income Total 3 Tax — Income tax expense Total, net of tax $ 3 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements The Companies’ fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. See Note 9 in this report for further information about the Companies’ derivatives and hedge accounting activities. The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards, futures, and swaps contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards, futures, and swaps calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at March 31, 2020. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards: Natural gas (2) $ 48 Discounted cash flow Market price (per Dth) (3) (2) - 3 (1 ) FTRs 1 Discounted cash flow Market price (per MWh) (3) (1) - 2 — Total assets $ 49 Liabilities Financial forwards: FTRs $ 4 Discounted cash flow Market price (per MWh) (3) (2) - 2 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 2 1 Price volatility (4) 45% - 83% 57 % Total liabilities $ 6 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) Recurring Fair Value Measurements Dominion Energy The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2020 Assets Derivatives: Commodity $ — $ 72 $ 49 $ 121 Interest rate — 29 — 29 Investments (1) Equity securities: U.S. 3,313 — — 3,313 Fixed income: Corporate debt instruments — 496 — 496 Government securities 437 739 — 1,176 Cash equivalents and other 18 2 — 20 Total assets $ 3,768 $ 1,338 $ 49 $ 5,155 Liabilities Derivatives: Commodity $ — $ 43 $ 6 $ 49 Interest rate — 1,580 — 1,580 Foreign currency — 17 — 17 Total liabilities $ — $ 1,640 $ 6 $ 1,646 At December 31, 2019 Assets Derivatives: Commodity $ — $ 55 $ 19 $ 74 Interest rate — 11 — 11 Foreign currency — 8 — 8 Investments (1) Equity securities: U.S. 4,195 — — 4,195 Fixed income: Corporate debt instruments — 463 — 463 Government securities 473 719 — 1,192 Cash equivalents and other 19 1 — 20 Total assets $ 4,687 $ 1,257 $ 19 $ 5,963 Liabilities Derivatives: Commodity $ — $ 75 $ 56 $ 131 Interest rate — 606 — 606 Foreign currency — 3 — 3 Total liabilities $ — $ 684 $ 56 $ 740 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $277 million and $274 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2020 2019 (millions) Beginning balance $ (37 ) $ 64 Total realized and unrealized gains (losses): Included in earnings: Operating revenue — (1 ) Electric fuel and other energy-related purchases (22 ) (4 ) Included in regulatory assets/liabilities 80 7 Settlements 22 (1 ) Purchases — (10 ) Transfers out of Level 3 — (2 ) Ending balance $ 43 $ 53 There are no unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the quarters ended March 31, 2020 and 2019. Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2020. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards: Natural gas (2) $ 48 Discounted cash flow Market price (per Dth) (3) (2) - 2 (1 ) FTRs 1 Discounted cash flow Market price (per MWh) (3) (1) - 2 — Total assets $ 49 Liabilities Financial forwards: FTRs $ 4 Discounted cash flow Market price (per MWh) (3) (2) - 2 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 2 1 Price volatility (4) 45% - 83% 57 % Total liabilities $ 6 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets . Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2020 Assets Derivatives: Commodity $ — $ 2 $ 49 $ 51 Investments (1) Equity securities: U.S. 1,506 — — 1,506 Fixed income: Corporate debt instruments — 285 — 285 Government securities 162 357 — 519 Total assets $ 1,668 $ 644 $ 49 $ 2,361 Liabilities Derivatives: Commodity $ — $ 18 $ 6 $ 24 Interest rate — 991 — 991 Total liabilities $ — $ 1,009 $ 6 $ 1,015 At December 31, 2019 Assets Derivatives: Commodity $ — $ 3 $ 19 $ 22 Interest rate — 2 — 2 Investments (1) Equity securities: U.S. 1,920 — — 1,920 Fixed income: Corporate debt instruments — 256 — 256 Government securities 186 361 — 547 Cash equivalents and other — 1 — 1 Total assets $ 2,106 $ 623 $ 19 $ 2,748 Liabilities Derivatives: Commodity $ — $ 47 $ 56 $ 103 Interest rate — 363 — 363 Total liabilities $ — $ 410 $ 56 $ 466 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $157 million and $159 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2020 2019 (millions) Beginning balance $ (37 ) $ 60 Total realized and unrealized losses: Included in earnings: Electric fuel and other energy-related purchases (22 ) (4 ) Included in regulatory assets/liabilities 80 8 Settlements 22 (5 ) Ending balance $ 43 $ 59 There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2020 and 2019. Dominion Energy Gas The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions. Level 1 Level 2 Level 3 Total (millions) At March 31, 2020 Liabilities Interest rate $ — $ 190 $ — $ 190 Foreign currency — 17 — 17 Total liabilities $ — $ 207 $ — $ 207 At December 31, 2019 Assets Foreign currency $ — $ 8 $ — $ 8 Total assets $ — $ 8 $ — $ 8 Liabilities Interest rate $ — $ 83 $ — $ 83 Foreign currency — 3 — 3 Total liabilities $ — $ 86 $ — $ 86 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: March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt (2) $ 32,984 $ 35,685 $ 32,055 $ 36,155 Junior subordinated notes (3) 4,407 4,381 4,797 4,953 Virginia Power Long-term debt (3) $ 12,327 $ 13,998 $ 12,326 $ 14,281 Dominion Energy Gas Long-term debt (4) $ 5,516 $ 5,479 $ 5,520 $ 5,738 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At March 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively. (3) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedge Accounting Activities | Note 9. Derivatives and Hedge Accounting Activities The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives. Derivative assets and liabilities are presented gross on the Companies’ Consolidated Balance Sheets. Dominion Energy’s derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Virginia Power and Dominion Energy Gas’ derivative contracts include over-the-counter transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements, and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency, or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for further information regarding credit-related contingent features for the Companies’ derivative instruments. Dominion Energy Balance Sheet Presentation The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 55 $ 3 $ — $ 52 $ 35 $ 21 $ — $ 14 Exchange 64 16 34 14 37 21 — 16 Interest rate contracts: Over-the-counter 29 21 — 8 11 3 — 8 Foreign currency contracts: Over-the-counter — — — — 8 8 — — Total derivatives, subject to a master netting or similar arrangement $ 148 $ 40 $ 34 $ 74 $ 91 $ 53 $ — $ 38 (1) Excludes $2 March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 27 $ 3 $ 1 $ 23 $ 105 $ 21 $ — $ 84 Exchange 16 16 — — 21 21 — — Interest rate contracts: Over-the-counter 1,580 21 23 1,536 606 8 35 563 Foreign currency contracts: Over-the-counter 17 — — 17 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 1,640 $ 40 $ 24 $ 1,576 $ 735 $ 53 $ 35 $ 647 (1) Excludes $6 Volumes The following table presents the volume of Dominion Energy’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 81 36 Basis 268 574 Electricity (MWh): Fixed price 3,088,875 — FTRs 18,836,472 — Liquids (Gal) (2) 39,690,000 — Interest rate (3) $ 2,450,000,000 $ 5,582,850,761 Foreign currency (3) € - € 250,000,000 (1) Includes options. (2) Includes NGLs. (3) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at March 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (2 ) $ (2 ) 21 months Electricity 14 14 9 months NGL 1 1 9 months Interest rate (655 ) (50 ) 381 months Foreign currency (9 ) (1 ) 75 months Total $ (651 ) $ (38 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates and foreign currency exchange rates. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings and presented in the same line item. There were no derivative instruments designated in fair value hedges during the three months ended March 31, 2020. Gains and losses on derivatives in fair value hedge relationships were immaterial for the three months ended March 31, 2019. The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Asset (Liability) (1) Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) (2) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (millions) Long-term debt $ (1,154 ) $ (1,154 ) $ (4 ) $ (4 ) (1) Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively. (2) Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) March 31, 2020 ASSETS Current Assets Commodity $ — $ 80 $ 80 Interest rate — 11 11 Total current derivative assets (1) — 91 91 Noncurrent Assets Commodity — 41 41 Interest rate — 18 18 Total noncurrent derivative assets (2) — 59 59 Total derivative assets $ — $ 150 $ 150 LIABILITIES Current Liabilities Commodity $ — $ 45 $ 45 Interest rate 515 232 747 Foreign currency 1 — 1 Total current derivative liabilities 516 277 793 Noncurrent Liabilities Commodity — 4 4 Interest rate 722 111 833 Foreign currency 16 — 16 Total noncurrent derivative liabilities 738 115 853 Total derivative liabilities $ 1,254 $ 392 $ 1,646 December 31, 2019 ASSETS Current Assets Commodity $ 30 $ 37 $ 67 Interest rate 1 — 1 Total current derivative assets (1) 31 37 68 Noncurrent Assets Commodity 1 6 7 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 19 6 25 Total derivative assets $ 50 $ 43 $ 93 LIABILITIES Current Liabilities Commodity $ 6 $ 77 $ 83 Interest rate 321 1 322 Foreign currency 3 — 3 Total current derivative liabilities 330 78 408 Noncurrent Liabilities Commodity 1 47 48 Interest rate 267 17 284 Total noncurrent derivative liabilities 268 64 332 Total derivative liabilities $ 598 $ 142 $ 740 (1) Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 7 Purchased gas (3 ) Total commodity $ — $ 4 $ — Interest rate (3) (336 ) (27 ) (563 ) Foreign currency (4) (23 ) (6 ) — Total $ (359 ) $ (29 ) $ (563 ) Three Months Ended March 31, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 54 Purchased gas 3 Total commodity $ 66 $ 57 $ — Interest rate (3) (84 ) (10 ) (84 ) Foreign currency (4) (11 ) (6 ) — Total $ (29 ) $ 41 $ (84 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense). Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, 2020 2019 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 65 $ 3 Purchased gas (14 ) 3 Electric fuel and other energy-related purchases (65 ) (9 ) Interest rate (2) (61 ) — Total $ (75 ) $ (3 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. Virginia Power Balance Sheet Presentation The tables below present Virginia Power’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 48 $ 1 $ — $ 47 $ 19 $ 18 $ — $ 1 Interest rate contracts: Over-the-counter — — — — 2 — — 2 Total derivatives, subject to a master netting or similar arrangement $ 48 $ 1 $ — $ 47 $ 21 $ 18 $ — $ 3 (1) Excludes $3 March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 4 $ 1 $ 1 $ 2 $ 59 $ 18 $ — $ 41 Interest rate contracts: Over-the-counter 991 — — 991 363 — — 363 Total derivatives, subject to a master netting or similar arrangement $ 995 $ 1 $ 1 $ 993 $ 422 $ 18 $ — $ 404 (1) Excludes $20 Volumes The following table presents the volume of Virginia Power’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 37 14 Basis 160 536 Electricity (MWh): FTRs 18,836,472 — Interest rate (2) $ 900,000,000 $ 1,150,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at March 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (79 ) $ (1 ) 381 months Total $ (79 ) $ (1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of interest rates contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) March 31, 2020 ASSETS Current Assets Commodity $ — $ 14 $ 14 Total current derivative assets (1) — 14 14 Noncurrent Assets Commodity — 37 37 Total noncurrent derivative assets (2) — 37 37 Total derivative assets $ — $ 51 $ 51 LIABILITIES Current Liabilities Commodity $ — $ 23 $ 23 Interest rate 458 — 458 Total current derivative liabilities 458 23 481 Noncurrent Liabilities Commodity — 1 1 Interest rate 533 — 533 Total noncurrent derivatives liabilities (3) 533 1 534 Total derivative liabilities $ 991 $ 24 $ 1,015 December 31, 2019 ASSETS Current Assets Commodity $ — $ 20 $ 20 Total current derivative assets (1) — 20 20 Noncurrent Assets Commodity — 2 2 Interest rate 2 — 2 Total noncurrent derivative assets (2) 2 2 4 Total derivative assets $ 2 $ 22 $ 24 LIABILITIES Current Liabilities Commodity $ — $ 58 $ 58 Interest rate 185 — 185 Total current derivative liabilities 185 58 243 Noncurrent Liabilities Commodity — 45 45 Interest rate 178 — 178 Total noncurrent derivatives liabilities (3) 178 45 223 Total derivative liabilities $ 363 $ 103 $ 466 (1) Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. ( 3 ) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2020 Derivative type and location of gains (losses): Interest rate (3) $ (61 ) $ — $ (565 ) Total $ (61 ) $ — $ (565 ) Three Months Ended March 31, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (9 ) $ — $ (84 ) Total $ (9 ) $ — $ (84 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, 2020 2019 (millions) Derivative type and location of gains (losses): Commodity (2) $ (65 ) $ (9 ) Total $ (65 ) $ (9 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. Dominion Energy Gas Balance Sheet Presentation The tables below present Dominion Energy Gas’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Foreign currency contracts: Over-the-counter $ — $ — $ — $ — $ 8 $ 8 $ — $ — Total derivatives, subject to a master netting or similar arrangement $ — $ — $ — $ — $ 8 $ 8 $ — $ — March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 190 $ — $ — $ 190 $ 83 $ 5 $ — $ 78 Foreign currency contracts: Over-the-counter 17 — — 17 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 207 $ — $ — $ 207 $ 86 $ 8 $ — $ 78 Volumes The following table presents the volume of Dominion Energy Gas’ derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Interest rate (1) $ 250,000,000 $ 1,050,000,000 Foreign currency (1) € - € 250,000,000 (1) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at March 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (157 ) $ (11 ) 297 months Foreign currency (9 ) (1 ) 75 months Total $ (166 ) $ (12 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates and foreign currency exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value- Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) March 31, 2020 LIABILITIES Current Liabilities Interest rate $ 57 $ 11 $ 68 Foreign currency 1 — 1 Total current derivative liabilities (2) 58 11 69 Noncurrent Liabilities Interest rate 119 3 122 Foreign currency 16 — 16 Total noncurrent derivative liabilities (3) 135 3 138 Total derivative liabilities $ 193 $ 14 $ 207 December 31, 2019 ASSETS Noncurrent Assets Foreign currency $ 8 $ — $ 8 Total noncurrent derivative assets (1) 8 — 8 Total derivative assets $ 8 $ — $ 8 LIABILITIES Current Liabilities Interest rate $ 30 $ — $ 30 Foreign currency 3 — 3 Total current derivative liabilities (2) 33 — 33 Noncurrent Liabilities Interest rate 53 — 53 Total noncurrent derivative liabilities (3) 53 — 53 Total derivative liabilities $ 86 $ — $ 86 ( 1 ) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. ( 2 ) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. ( 3 ) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. The following table presents the gains and losses on Dominion Energy Gas’ derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income (millions) Three Months Ended March 31, 2020 Derivative Type and Location of Gains (Losses): Interest rate (2) $ (100 ) $ (2 ) Foreign currency (3) (23 ) (6 ) Total $ (123 ) $ (8 ) Three Months Ended March 31, 2019 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ 2 Total commodity $ (1 ) $ 2 Interest rate (2) (24 ) 1 Foreign currency (3) (11 ) (6 ) Total $ (36 ) $ (3 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2020 2019 (millions) Derivative type and location of gains (losses): Interest rate (1) $ (8 ) $ — Total $ (8 ) $ — (1) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
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 $116 Decommissioning Trust Securities Dominion Energy holds equity and fixed income securities, insurance contracts and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Allowance for Credit Losses Fair Value (millions) March 31, 2020 Equity securities: (1) U.S. $ 1,813 $ 1,709 $ (161 ) $ — $ 3,361 Fixed income securities: (2) Corporate debt instruments 491 18 — (13 ) 496 Government securities 1,084 55 — (6 ) 1,133 Common/collective trust funds 118 2 — (2 ) 118 Insurance contracts 209 — — — 209 Cash equivalents and other (3) — — (4 ) — (4 ) Total $ 3,715 $ 1,784 $ (165 ) (4) $ (21 ) $ 5,313 December 31, 2019 Equity securities: (1) U.S. $ 1,807 $ 2,451 $ (20 ) $ — $ 4,238 Fixed income securities: (2) Corporate debt instruments 434 29 — — 463 Government securities 1,108 39 (2 ) — 1,145 Common/collective trust funds 115 4 — — 119 Insurance contracts 214 — — — 214 Cash equivalents and other (3) 13 — — — 13 Total $ 3,691 $ 2,523 $ (22 ) (4) $ — $ 6,192 (1) U (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income (expense). (3) Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively . (4) The fair value of securities in an unrealized loss position was $415 million and $298 million The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: Three Months Ended March 31, 2020 2019 (millions) Net gains (losses) recognized during the period $ (898 ) $ 414 Less: Net (gains) losses recognized during the period on securities sold during the period 14 (19 ) Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 (1) $ (884 ) $ 395 (1) Included in other income and the nuclear decommissioning trust regulatory liability. The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 178 Due after one year through five years 430 Due after five years through ten years 389 Due after ten years 750 Total $ 1,747 Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended March 31, 2020 2019 (millions) Proceeds from sales $ 602 $ 506 Realized gains (1) 66 43 Realized losses (1) 69 23 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Virginia Power Virginia Power holds equity and fixed income securities and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Allowance for Credit Losses Fair Value (millions) March 31, 2020 Equity securities: (1) U.S. $ 898 $ 796 $ (80 ) $ — $ 1,614 Fixed income securities: (2) Corporate debt instruments 284 9 — (8 ) 285 Government securities 504 18 — (4 ) 518 Common/collective trust funds 49 — — — 49 Cash equivalents and other (3) 2 — — — 2 Total $ 1,737 $ 823 $ (80 ) (4) $ (12 ) $ 2,468 December 31, 2019 Equity securities: (1) U.S. $ 894 $ 1,144 $ (11 ) $ — $ 2,027 Fixed income securities: (2) Corporate debt instruments 241 15 — — 256 Government securities 534 14 (2 ) — 546 Common/collective trust funds 51 — — — 51 Cash equivalents and other 1 — — — 1 Total $ 1,721 $ 1,173 $ (13 ) (4) $ — $ 2,881 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability . (3) Includes pending sales of securities of $2 million at March 31, 2020. (4) The fair value of securities in an unrealized loss position was $241 million and $185 million The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended March 31, 2020 2019 (millions) Net gains (losses) recognized during the period $ (423 ) $ 186 Less: Net (gains) losses recognized during the period on securities sold during the period 6 (1 ) Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 (1) $ (417 ) $ 185 (1) Included in other income and the nuclear decommissioning trust regulatory liability. The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 73 Due after one year through five years 200 Due after five years through ten years 211 Due after ten years 368 Total $ 852 Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended March 31, 2020 2019 (millions) Proceeds from sales $ 294 $ 253 Realized gains (1) 31 10 Realized losses (1) 31 9 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Equity Method Investments Dominion Energy Atlantic Coast Pipeline In September 2014, Dominion Energy, along with Duke and Southern, announced the formation of Atlantic Coast Pipeline. Atlantic Coast Pipeline is focused on constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of Dominion Energy, Duke and Southern plan to be customers of the pipeline under 20-year contracts. In March 2020, Dominion Energy completed the acquisition from Southern of its 5% membership interest in Atlantic Coast Pipeline and its 100% ownership interest in Pivotal LNG, Inc., for $184 million in aggregate, subject to certain purchase price adjustments. Pivotal LNG, Inc. includes a 50% noncontrolling interest in JAX LNG, LLC, an LNG supplier in Florida serving the growing marine and truck LNG markets. Following completion of the acquisition, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke owning the remaining interest. Atlantic Coast Pipeline continues to be reflected as an equity method investment as the power to direct the activities most significant to Atlantic Coast Pipeline is shared with Duke. As a result, Dominion Energy has the ability to exercise significant influence, but not control, over the investee. Dominion Energy recorded contributions of $16 million and $95 million during the three months ended March 31, 2020 and 2019, respectively, to Atlantic Coast Pipeline. At March 31, 2020 and December 31, 2019, Dominion Energy had $5 million and $7 million, respectively, of contributions payable to Atlantic Coast Pipeline included within other current liabilities in the Consolidated Balance Sheets. In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under its credit facility. See Note 17 for more information. The Atlantic Coast Pipeline Project is the subject of challenges in federal courts including, among others, challenges of the Atlantic Coast Pipeline Project’s biological opinion and incidental take statement, permits providing right of way crossings of certain federal lands, the Army Corps of Engineers 404 permit, the air permit for a compressor station at Buckingham, Virginia, and the FERC order approving the CPCN. Each of these challenges alleges non-compliance on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project is permitted to proceed. Since December 2018, notable developments in these challenges include a stay in December 2018 issued by the U.S. Court of Appeals for the Fourth Circuit and the same court’s July 2019 vacatur of the biological opinion and incidental take statement (which stay and subsequent vacatur halted most project construction activity), U.S. Court of Appeals for the Fourth Circuit decisions vacating the permits to cross certain federal forests and the air permit for a compressor station at Buckingham, Virginia, the U.S. Court of Appeals for the Fourth Circuit’s remand to Army Corps of Engineers of Atlantic Coast Pipeline’s Huntington District 404 verification and the U.S. Court of Appeals for the Fourth Circuit’s remand to the National Park Service of Atlantic Coast Pipeline’s Blue Ridge Parkway right-of-way. Atlantic Coast Pipeline continues to vigorously defend these challenges and is coordinating with the federal and state authorities to obtain new authorizations. Atlantic Coast Pipeline continues coordinating and working with U.S. Fish and Wildlife Service and other parties in preparation for a reissuance of the biological opinion and incidental take statement. In June 2019, the Solicitor General of the U.S. and Atlantic Coast Pipeline filed petitions requesting that the Supreme Court of the U.S. hear the case regarding the Appalachian Trail crossing. In February 2020, the Supreme Court of the U.S. heard oral arguments in the case and is expected to issue a ruling no later than June 2020. If a favorable ruling is not received, Atlantic Coast Pipeline is also evaluating possible legislative and administrative remedies to this issue. Given the legal challenges described above, the project is expected to enter full in-service in early 2022, with project costs estimated to be approximately $8 billion, excluding financing costs. Atlantic Coast Pipeline has reached agreements in principle with major customers to amend the contracted rate to share in certain delay cost increases, pending certain regulatory approvals. Project construction activities, schedules and costs are also subject to uncertainty due to permitting and/or work delays (including due to judicial or regulatory action), abnormal weather and other conditions that could result in further cost or schedule modifications, a suspension of AFUDC for Atlantic Coast Pipeline and/or impairment charges potentially material to Dominion Energy’s cash flows, financial position and/or results of operations. Blue Racer In the first quarter of 2019, Dominion Energy received $151 million of additional consideration, including applicable interest, in connection with the sale of Dominion Energy’s 50% limited partnership interest in Blue Racer in December 2018, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. Dominion Energy Gas Dominion Energy Gas’ equity earnings totaled $15 million and $13 million for the three months ended March 31, 2020 and 2019, respectively. Dominion Energy Gas received distributions of $15 million for both the three months ended March 31, 2020 and 2019. At both March 31, 2020 and December 31, 2019, the carrying amount of Dominion Energy Gas’ investment of $312 million, exceeded its share of underlying equity in net assets by $146 million. The difference reflects equity method goodwill and is not being amortized. Atlantic Coast Pipeline DETI provides services to Atlantic Coast Pipeline which totaled $20 million and $31 million for the three months ended March 31, 2020 and 2019, respectively, included in operating revenue in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. Amounts receivable related to these services were $8 million and $7 million at March 31, 2020 and December 31, 2019, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy and Dominion Energy Gas’ Consolidated Balance Sheets. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 11. Property, Plant and Equipment Acquisitions of Solar Projects There have been no updates to acquisitions of solar projects by Dominion Energy or Virginia Power 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, 2019. Acquisition of Gathering and Processing Assets In March 2020, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase existing natural gas gathering systems including pipelines, compressors and dehydration equipment for total consideration of $38 million. These facilities gather natural gas in Colorado, Utah and Wyoming. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: March 31, 2020 December 31, 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 21 $ 48 Deferred project costs and DSM programs for gas utilities (2) 12 21 Unrecovered gas costs (3) 31 102 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 119 109 Deferred nuclear refueling outage costs (6) 52 68 NND Project costs (7) 138 138 PJM transmission rates (8) 42 121 Other 253 272 Regulatory assets-current 668 879 Pension and other postretirement benefit costs (9) 1,410 1,431 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) 353 235 PJM transmission rates (8) 154 85 Deferred project costs for gas utilities (2) 560 521 Interest rate hedges (11) 1,319 741 AROs and related funding (12) 324 311 Cost of reacquired debt (13) 257 262 NND Project costs (7) 2,468 2,503 Ash pond and landfill closure costs (14) 2,118 1,016 Other 601 582 Regulatory assets-noncurrent 9,564 7,687 Total regulatory assets $ 10,232 $ 8,566 Regulatory liabilities: Provision for future cost of removal and AROs (15) $ 142 $ 142 Reserve for refunds and rate credits to electric utility customers (16) 138 143 Cost-of-service impact of 2017 Tax Reform Act (17) 48 4 Income taxes refundable through future rates (18) 138 77 Monetization of guarantee settlement (19) 67 67 Other 108 64 Regulatory liabilities-current 641 497 Income taxes refundable through future rates (18) 5,016 5,088 Provision for future cost of removal and AROs (15) 2,329 2,302 Nuclear decommissioning trust (20) 1,110 1,471 Monetization of guarantee settlement (19) 953 970 Reserve for refunds and rate credits to electric utility customers (16) 622 656 Overrecovered other postretirement benefit costs (21) 197 189 Other 362 325 Regulatory liabilities-noncurrent 10,589 11,001 Total regulatory liabilities $ 11,230 $ 11,498 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (6) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (9) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries. (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (11) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of March 31, 2020. (12) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. (13) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of March 31, 2020. (14) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. (1 5 ) Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (1 6 ) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (1 7 ) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (1 8 ) 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. ( 19 ) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (2 0 ) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. (2 1 ) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. March 31, 2020 December 31, 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 21 $ 48 Deferred rate adjustment clause costs (2)(3) 119 109 Deferred nuclear refueling outage costs (4) 52 68 PJM transmission rates (5) 42 121 Other 61 87 Regulatory assets-current 295 433 Deferred rate adjustment clause costs (2)(3)(6) 353 235 PJM transmission rates (5) 154 85 Interest rate hedges (7) 969 404 Ash pond and landfill closure costs (8) 2,118 1,016 Other 130 123 Regulatory assets-noncurrent 3,724 1,863 Total regulatory assets $ 4,019 $ 2,296 Regulatory liabilities: Provision for future cost of removal (9) $ 103 $ 103 Income taxes refundable through future rates (10) 54 54 Other 24 10 Regulatory liabilities-current (11) 181 167 Income taxes refundable through future rates (10) 2,441 2,438 Nuclear decommissioning trust (12) 1,110 1,471 Provision for future cost of removal (9) 1,078 1,054 Deferred cost of fuel used in electric generation (1) 75 30 Other 116 81 Regulatory liabilities-noncurrent 4,820 5,074 Total regulatory liabilities $ 5,001 $ 5,241 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (4) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (5) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (6) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (7) 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 26 years as of March 31, 2020. (8) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment. (9) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (10) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (11) Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. March 31, 2020 December 31, 2019 (millions) Dominion Energy Gas Regulatory assets: Unrecovered gas costs (1) $ 4 $ 2 Other 6 6 Regulatory assets-current (2) 10 8 Interest rate hedges (3) 32 32 Other 8 8 Regulatory assets-noncurrent (4) 40 40 Total regulatory assets $ 50 $ 48 Regulatory liabilities: Provision for future cost of removal and AROs (5) $ 18 $ 18 Overrecovered gas costs (1) 6 8 Other 14 15 Regulatory liabilities-current (6) 38 41 Income taxes refundable through future rates (7) 556 560 Provision for future cost of removal and AROs (5) 93 95 Overrecovered other postretirement benefit costs (8) 142 133 Other 13 12 Regulatory liabilities-noncurrent (9) 804 800 Total regulatory liabilities $ 842 $ 841 (1) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC. (2) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) 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 22 years. (4) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (5) Rates charged to customers by Dominion Energy Gas' 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. (6) Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (7) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (8) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. (9) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. At March 31, 2020, Dominion Energy, Virginia Power and Dominion Energy Gas’ regulatory assets include $4.8 billion, $3.4 billion and $48 million, 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, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 13. Regulatory Matters Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. FERC – Gas DETI In July 2017, FERC audit staff communicated to DETI that it had substantially completed an audit of DETI’s compliance with the accounting and reporting requirements of FERC’s Uniform System of Accounts and provided a description of matters and preliminary recommendations. In November 2017, the FERC audit staff issued its audit report which could have the potential to result in adjustments which could be material to Dominion Energy and Dominion Energy Gas’ results of operations. In December 2017, DETI provided its response to the audit report. DETI reached resolution of certain matters with FERC in the fourth quarter of 2018. Pending final resolution of the audit process and a determination by FERC, management is unable to estimate the potential impact of the remaining finding and no amounts have been recognized. 2017 Tax Reform Act Other than the items discussed below, which are pending or have been resolved during the period, there have been no changes to the 2017 Tax Reform Act matters discussed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. In March 2019, Questar Gas filed with the Utah and Wyoming Commissions as to the impact of excess deferred income taxes resulting from the 2017 Tax Reform Act. Questar Gas proposed to return the 2018 amortization of excess deferred income taxes to customers and to incorporate the remaining excess deferred income tax impact in its next general rate cases in each jurisdiction. In March 2020, the Utah Commission issued an order approving Questar Gas’ proposal to refund the January 2019 through February 2020 amortization of excess deferred income taxes over 12 months beginning in June 2020. In April 2020, at the request of the Wyoming Commission, this matter will be considered in conjunction with the base rate case that was filed in November 2019. This matter is pending. In October 2018, the Ohio Commission issued an order requiring rate-regulated utilities to file an application reflecting the impact of the 2017 Tax Reform Act on current rates by January 1, 2019. In December 2018, East Ohio filed its application proposing an approach to establishing rates and charges by and through which to return tax reform benefits to its customers. In December 2019, the Ohio Commission issued an order approving customer credits of approximately $600 million that will be shared with customers primarily over the remaining book life of the property to which the excess deferred income taxes relate. In addition, East Ohio will reduce rates approximately $19 million per year to account for the 2017 Tax Reform Act’s impact on its equity return component of rates charged to customers. A tax savings credit, which passes through the reduction in the federal income tax rate under the 2017 Tax Reform Act to customers in accordance with the settlement agreement approved by the Ohio Commission, became effective with the first billing cycle in April 2020. 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, 2019. Virginia Regulation Virginia 2020 Legislation In April 2020, the Governor of Virginia signed into law the VCEA, which along with related legislation forms a comprehensive framework affecting Virginia Power’s operations. The VCEA replaces Virginia’s voluntary renewable energy portfolio standard for Virginia Power with a mandatory program setting annual renewable energy portfolio standard requirements based on the percentage of total electric energy sold by Virginia Power, excluding existing nuclear generation and certain new carbon-free resources, reaching 100% by the end of 2045. The VCEA includes related requirements concerning deployment of wind, solar and energy storage resources, as well as provides for certain measures to increase net-metering, including an allocation for low-income customers, incentivizes energy efficiency programs and directs Virginia to participate in a carbon trading program. While the legislation affects several portions of Virginia Power’s operations, key provisions of the GTSA remain in effect, including the triennial review structure and timing, the use of the customer credit reinvestment offset and the $50 million cap on revenue reductions in the first triennial review proceeding. Key provisions of the VCEA and related legislation passed include the following: - Fossil Fuel Electric Generation generation, unless the resources are needed for grid reliability. In addition, the Virginia Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities, which could result in the reversal of previous retirement costs deemed recovered during the review period ending 2020. As discussed in Note 2, Virginia Power had recorded charges for early retirement of certain coal- and - oil fired generating units in the first quarters of 2020 and 2019. Virginia Power is currently evaluating the prospective impacts to depreciation rates for fossil fuel units that either must or may be retired before the end of their useful lives as a result of the legislation, excluding gas-fired generating facilities that are currently expected to be required for reliability. Any changes in depreciation rates are not expected to have a material impact to Virginia Power’s results of operations or cash flows based on the existing regulatory framework . - Renewable Generation: - Energy Efficiency: - Carbon trading program - Low-income customers Virginia Power expects to incur significant costs, including capital expenditures, to comply with the legislative requirements discussed above. The legislation allows for cost recovery under the existing or modified regulatory framework through rate adjustment clauses, rates for generation and distribution services or Virginia Power’s fuel factor, as approved by the Virginia Commission. Costs allocated to the North Carolina jurisdiction will be recovered, subject to approval by the North Carolina Commission, in accordance with the existing regulatory framework. Grid Transformation and Security Act of 2018 In July 2018, Virginia Power filed a petition with the Virginia Commission for approval of the first three years of its ten-year plan for electric distribution grid transformation projects as authorized by the GTSA. During the first three years of the plan, Virginia Power proposed to focus on the following seven foundational components of the overall grid transformation plan: (i) smart meters; (ii) customer information platform; (iii) reliability and resilience; (iv) telecommunications infrastructure; (v) cyber and physical security; (vi) predictive analytics; and (vii) emerging technology. The total estimated capital investment during 2019-2021 was $816 million and the proposed operations and maintenance expenses were $102 million. In January 2019, the Virginia Commission issued its final order approving capital spending for the first three years of the plan totaling $68 million on cyber and physical security and related telecommunications infrastructure (Phase IA). The Virginia Commission declined to approve the remainder of the proposed components for the first three years of the plan, the proposed spending for which was not found reasonable and prudent based on the record in the proceeding. In September 2019, Virginia Power filed a revised plan which includes six components: (i) smart meters; (ii) customer information platform; (iii) grid improvement projects; (iv) telecommunications infrastructure; (v) cyber security; and (vi) a smart charging electric vehicle infrastructure pilot program (Phase IB). For Phase IB, the total proposed capital investment during 2019 – 2021 was $ million and the proposed operations and maintenance investment was $ 78 million. In March 2020, the Virginia Commission issued an order approving $212 million of costs related to a new customer information platform, targeted grid hardening and corridor improvements, an electric vehicle Smart Charging Infrastructure Pilot Program, cyber security, stakeholder engagement and customer education and denied the costs associated with AMI, self-healing grid and certain other grid hardening projects alleging that the Company did not prove the reasonableness and prudency of these costs . In April 2020, Virginia Power filed a petition for reconsideration of the Virginia Commission’s order and requested clarification of certain matters, including the Smart Charging Infrastructure Pilot Program. Additionally, Virginia Power requested clarification of certain matters relating to an AMI time-of-use rate and the smart charging electric vehicle infrastructure pilot program. Subsequently, in April 2020, the Virginia Commission denied in full Virginia Power’s petition for reconsideration; however, it stated that its March 2020 order contained all necessary approvals for the smart charging electric vehicle infrastructure pilot program. Virginia Power intends to file a revised plan as early as late 2020 that will address the elements needed for a comprehensive plan, as outlined by the Virginia Commission in its order. Solar Facility Projects In July 2019, Virginia Power filed an application with the Virginia Commission for a CPCN to construct Sadler Solar, which is estimated to cost approximately $146 million, excluding financing costs. Sadler Solar is expected to commence commercial operations, subject to regulatory approvals associated with the project, in the fourth quarter of 2020. Virginia Power also applied for approval of Rider US-4 associated with this project with a proposed $9 million total revenue requirement for the rate year beginning June 1, 2020. In January 2020, the Virginia Commission issued a final order granting the CPCN to construct Sadler Solar, subject to a 20- year performance guarantee of the facility at a 22% solar capacity factor when normalized for force majeure events. In March 2020, the Virginia Commission approved a $7 million total annual revenue requirement. Virginia Fuel Expenses In February 2020, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $1.2 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2020 and a projected over-recovery of approximately $81 million for the prior year balance as of June 30, 2020. Virginia Power requested that the new fuel factor rate be implemented on an interim basis two months early, beginning on May 1, 2020. In March 2020, the Virginia Commission approved the interim rates. Virginia Power’s proposed fuel rate represents a fuel revenue decrease of approximately $393 million when applied to projected kilowatt-hour sales for the rate year beginning May 1, 2020. This matter is pending. Rate Adjustment Clauses Developments for significant riders associated with various Virginia Power projects are as follows: , Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Requirement (millions) Increase (Decrease) Over Previous Year (millions) Rider US-3 July 2019 March 2020 June 2020 $ 28 $ 18 North Carolina Regulation North Carolina Base Rate Case In March 2019, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $27 million effective November 1, 2019 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2020. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 7.52% based upon a fully-adjusted test period, compared to its authorized 9.90% return, and proposed a 10.75% ROE. In September 2019, Virginia Power revised its filing to reduce the non-fuel base rate increase to $24 million. In January 2020, the North Carolina Commission approved a 9.75% ROE and disallowed certain costs associated with coal ash remediation at Chesterfield power station. In February 2020, the North Carolina Commission issued its final order relating to base rates. In April 2020, Virginia Power filed a petition for reconsideration of the North Carolina Commission’s order as it relates to certain issues. This matter is pending. Pipeline Integrity and Safety Program The North Carolina Commission has authorized PSNC to use a tracker mechanism to recover the incurred capital investment and associated costs of complying with federal standards for pipeline integrity and safety requirements that are not in current base rates. In February 2020, the North Carolina Commission approved PSNC’s request to increase the integrity management annual revenue requirement to $28 million, an increase of $7 million over its previous filing, effective March 2020. South Carolina Regulation South Carolina Base Rate Case Pursuant to the SCANA Merger Approval Order, DESC will not file an application for a general rate case with the South Carolina Commission with a requested effective date for new rates earlier than January 2021. In April 2020, the South Carolina Commission issued an order vacating the portion of the SCANA Merger Approval Order requiring that new retail electric rates be implemented by January 1, 2021. DSM Programs DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2020, DESC filed an application with the South Carolina Commission seeking approval to recover $40 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. In April 2020, the South Carolina Commission approved the filing. Cost of Fuel In February 2020, DESC filed a proposal with the South Carolina Commission to decrease the total fuel cost component of retail electric rates. DESC’s proposed decrease would reduce annual base fuel component recoveries by $44 million and is projected to return to customers the existing over-collected balance while recovering DESC’s current base fuel costs over the 12-month period beginning with the first billing cycle of May 2020. In addition, DESC proposed an increase to its variable environmental and distributed energy resource components. In April 2020, the South Carolina Commission approved the filing. Ohio Regulation PIR Program In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In April 2020, the Ohio Commission approved East Ohio’s application to adjust the PIR recovery for 2019 costs. The filing reflects gross plant investment for 2019 of $209 million, cumulative gross plant investment of $1.8 billion and an annual revenue requirement of $218 million. FERC – Gas Cove Point In January 2020, pursuant to the terms of a previous settlement, Cove Point filed a general rate case for its FERC-jurisdictional services, with proposed rates to be effective March 1, 2020. Cove Point proposed an annual cost-of-service of approximately $182 million. In February 2020, FERC approved suspending the changes in rates for five months following the proposed effective date, until August 1, 2020, subject to refund. In February 2020, Cove Point submitted its annual electric power cost adjustment to FERC requesting approval to recover $28 million. FERC approved the adjustment in March 2020. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 14. Leases 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, 2019. Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2020 and 2019 include $32 million and $29 million, respectively, of rental revenue included in operating revenue and $23 million of depreciation expense for both periods, included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019. Dominion Energy At March 31, 2020 and December 31, 2019, Dominion Energy’s securities due within one year included $32 million and $31 million, respectively, and at both March 31, 2020 and December 31, 2019 Dominion Energy’s long-term debt included $267 million of debt issued by SBL Holdco, a VIE, net of issuance costs, that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in certain merchant solar facilities. Virginia Power Virginia Power had a long-term power and capacity contract with one non-utility generator with an aggregate summer generation capacity of approximately 218 MW under a contract which terminated in May 2019. Virginia Power paid $13 million for electric capacity and $1 million for electric energy to the non-utility generator in the three months ended March 31, 2019. Dominion Energy Gas Dominion Energy Gas purchased shared services from DECGS and DEQPS of $4 million and $7 million for the three months ended March 31, 2020 and $4 million and $8 million for the three months ended March 31, 2019. Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to both DECGS and DEQPS of $22 million and $15 million at March 31, 2020 and December 31, 2019, respectively. Virginia Power and Dominion Energy Gas Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $93 million and $31 million for the three months ended March 31, 2020, respectively, and $89 million and $28 million for the three months ended March 31, 2019, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $180 million and $102 million at March 31, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. Dominion Energy Gas’ Consolidated Balance Sheets include amounts due to DES of $39 million and $27 million at March 31, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. |
Significant Financing Transacti
Significant Financing Transactions | 3 Months Ended |
Mar. 31, 2020 | |
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. Dominion Energy At March 31, 2020, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 6,000 $ 2,071 $ 86 $ 3,843 (1) This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. In addition to the credit facility mentioned above, Dominion Energy also has a credit facility with a maturity date in June 2020 In March 2020, Dominion Energy entered into a $900 million 364-Day Revolving Credit Agreement. The agreement bears interest at a variable rate. At March 31, 2020, no amounts were outstanding. In April 2020, Dominion Energy borrowed $225 million under the agreement. The proceeds were used to provide for general working capital and other general corporate purposes. The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. DESC’s and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with Dominion Energy, Virginia Power and Dominion Energy Gas. At March 31, 2020, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively. In January 2020, DESC and GENCO applied to FERC for a two-year short-term borrowing authorization. In March 2020, FERC granted DESC authority through March 2021 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2020, FERC granted GENCO authority through March 2021 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less. In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which had an original stated maturity date of December 2017 with automatic one-year one-year In March 2020, Dominion Energy borrowed $500 million under a 364-Day Term Loan Credit Agreement that bears interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes. These borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at March 31,2020. The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. In April 2020, Dominion Energy borrowed $625 million under a 364-Day Term Loan Credit Agreement that bears interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes. The maximum allowed total debt to total capital ratio under the agreement 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 the joint revolving credit facility. This 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, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 6,000 $ 135 $ 9 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. Dominion Energy Gas Dominion Energy Gas’ short-term financing is supported through its access as co-borrower to the joint revolving credit facility. This credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. At March 31, 2020, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,500 $ 30 $ — (1) A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In February 2020, Dominion Energy redeemed the remaining principal outstanding of $111 million and $286 million of its June 2006 hybrids and its September 2006 hybrids, respectively, both which would have otherwise matured in 2066. All purchases were conducted in compliance with the applicable RCC, each of which was terminated in February 2020. Expenses related to the early redemption of the hybrids were $10 million reflected within interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2020. In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034. Expenses related to the early redemption of the senior notes were $7 million reflected within interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2020. In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively. Total expenses related to the early redemption of the medium-term notes were $14 million reflected within interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2020. In March 2020, Dominion Energy issued $400 million of 3.30% senior notes and $350 million of 3.60% senior notes that mature in 2025 and 2027, respectively. In March 2020, PSNC issued, through private placement, $200 million of 4.05% senior notes that mature in 2030. In April 2020, Dominion Energy issued $1.5 billion of 3.375% senior notes that mature in 2030. In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. Noncontrolling Interest in Dominion Energy Midstream In January 2019, Dominion Energy and Dominion Energy Midstream closed on an agreement and plan of merger pursuant to which Dominion Energy acquired each outstanding common unit representing limited partner interests in Dominion Energy Midstream not already owned by Dominion Energy through the issuance of 22.5 million shares of common stock valued at $1.6 billion. Under the terms of the agreement and plan of merger, each publicly held outstanding common unit representing limited partner interests in Dominion Energy Midstream was converted into the right to receive 0.2492 shares of Dominion Energy common stock. Immediately prior to the closing, each Series A Preferred Unit representing limited partner interests in Dominion Energy Midstream was converted into common units representing limited partner interests in Dominion Energy Midstream in accordance with the terms of Dominion Energy Midstream’s partnership agreement. The merger was accounted for by Dominion Energy following the guidance for a change in a parent company’s ownership interest in a consolidated subsidiary. Because Dominion Energy controls Dominion Energy Midstream both before and after the merger, the changes in Dominion Energy’s ownership interest in Dominion Energy Midstream were accounted for as an equity transaction and no gain or loss was recognized. In connection with the merger, Dominion Energy recognized $ 40 million of income taxes in equity primarily attributable to establishing additional regulatory liabilities related to excess deferred income taxes and changes in state income taxes. 2019 Corporate Units In June 2019, Dominion Energy issued $1.6 billion of 2019 Equity Units, initially in the form of 2019 Series A Corporate Units. The Corporate Units are listed on the NYSE under the symbol DCUE. The net proceeds were used for general corporate purposes and to repay short-term debt, including commercial paper. Each 2019 Series A Corporate Unit consists of a stock purchase contract and a 1/10, or 10%, undivided beneficial ownership interest in one share of Series A Preferred Stock. Beginning in June 2022, the Series A Preferred Stock is convertible at the option of the holder into Dominion Energy common stock under a formula based upon the average closing price of Dominion Energy common stock prior to the conversion date. The Series A Preferred Stock is redeemable in cash by Dominion Energy beginning September 2022 at the liquidation preference. Settlement of any conversion is payable in cash, common stock or a combination thereof, at Dominion Energy’s election. The stock purchase contracts obligate the holders to purchase shares of Dominion Energy common stock in June 2022. The purchase price to be paid under the stock purchase contracts is $100 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. The Series A Preferred Stock was pledged upon issuance as collateral to secure the purchase of common stock under the related stock purchase contracts. Dominion Energy pays cumulative dividends on the Series A Preferred Stock and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion Energy may elect to pay such dividends and/or payments in cash, shares of Dominion Energy common stock or a combination of cash and shares of Dominion Energy common stock. Dominion Energy may defer the contract adjustment payments for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion Energy may not make any distributions related to its capital stock, including dividends, redemptions, repurchases or liquidation payments. Also, during the deferral period, Dominion Energy may not make any payments on or redeem, repay or repurchase any debt securities that are equal in right of payment with, or subordinated to, the contract adjustment payments or make any payment on any guarantee of a security of a subsidiary if the guarantee ranks equal or junior to the contract adjustment payments. Unless all accumulated and unpaid dividends on the Series A Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series A Preferred Stock as to dividends or upon liquidation, as applicable, including dividends, redemptions, repurchases or liquidation payments. In such circumstances, Dominion Energy also may not make any contract adjustment payments or other similar types of payments, subject to certain exceptions. Dominion Energy has recorded the present value of the stock purchase contract payments as a liability offset to common stock. Stock purchase contract payments are recorded against this liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion Energy applies the treasury stock method to the stock purchase contracts and the if-converted method to the Series A Preferred Stock. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, the maximum number of shares of common stock Dominion Energy will issue in June 2022 is 21.8 million. Selected information about Dominion Energy’s 2019 Equity Units is presented below: Issuance Date Units Issued Total Net Proceeds (1) Total Preferred Stock (2) Cumulative Dividend Rate Stock Purchase Contract Annual Rate Stock Purchase Contract Liability (3) Stock Purchase Contract Settlement Date (millions except interest rates) 6/14/2019 16 $ 1,582 $ 1,610 1.75 % 5.5 % $ 250 6/1/2022 (1) Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets. (2) Dominion Energy recorded dividends of $ 7 million ($ 4.375 per share) for the three months ended March 31, 2020. ( 3 ) Payments of $20 million were made during the first quarter of 2020. The stock purchase contract liability was $192 million and $212 million at March 31, 2020 and December 31, 2019, respectively. Series B Preferred Stock In December 2019, Dominion Energy issued 800,000 shares of Series B Preferred Stock for $791 million, net of $9 million of issuance costs. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.65% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing June 15, 2020. Dominion Energy recorded dividends of $9 million ($11.625 per share) for the three months ended March 31, 2020. The dividend rate for the Series B Preferred Stock will be reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993%. Unless all accumulated and unpaid dividends on the Series B Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise. Dominion Energy may, at its option, redeem the Series B Preferred Stock in whole or in part on December 15, 2024 or on any subsequent fifth anniversary of such date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series B Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series B Preferred Stock that has certain adverse effects on the equity credit actually received by the Series B Preferred Stock. Holders of the Series B Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series B Preferred Stock or as otherwise required by applicable law. The Series B Preferred Stock is not subject to any sinking fund or other obligation of ours to redeem, repurchase or retire the Series B Preferred Stock. The preferred stock contains no conversion rights. Issuance of Common Stock See Note 3 to the Consolidated Financial Statements for information on the issuance of Dominion Energy common stock in January 2019 in connection with the SCANA Combination. Also in January 2019, Dominion Energy acquired all outstanding partnership interests of Dominion Energy Midstream not owned by Dominion Energy through the issuance of common stock as noted above. At-the-Market Program In June 2017, Dominion Energy filed an SEC shelf registration statement for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. In March 2020, Dominion Energy entered into four separate sales agency agreements to effect sales under a new at-the-market program and pursuant to which it may offer from time to time up to $500 million aggregate amount of its common stock. Dominion Energy has not issued any shares under this new program. Dividend Restrictions At March 31, 2020, DESC’s retained earnings are below the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is prohibited from the payment of dividends without regulatory approval until the balance of its retained earnings increases. There have been no significant changes to dividend restrictions affecting the Companies described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations. Environmental Matters The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations. Air CAA The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to address all requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements. MATS In February 2019, the EPA published a proposed rule to reverse its previous finding that it is appropriate and necessary to regulate hazardous air pollutant emissions from coal- and oil-fired electric generating units In April 2020, the EPA finalized its reconsideration and issued a final rule. The final rule is consistent with the EPA’s February 2019 proposal, and determines that it is not appropriate and necessary to regulate mercury and hazardous air pollutant emissions from coal- and oil-fired electric generating units. The final rule also states that the MATS rule remains in place and the emissions standards for affected coal- and oil-fired electric generating units will not change. The effective date of the action will be 60 days after publication in the Federal Register. Ozone Standards The EPA published final non-attainment designations for the October 2015 ozone standard in June 2018. States have until August 2021 to develop plans to address the new standard. Until the states have developed implementation plans for the standard, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations and cash flows. Oil and Gas NSPS In August 2012, the EPA issued an NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In June 2016, the EPA issued another NSPS regulation, for the oil and natural gas sector, to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. All projects which commenced construction after September 2015 are required to comply with this regulation. In October 2018, the EPA published a proposed rule reconsidering and amending portions of the 2016 rule, including but not limited to, the fugitive emissions requirements at well sites and compressor stations. The amended portions of the 2016 rule were effective immediately upon publication. Until the proposed rule regarding reconsideration is final, Dominion Energy and Dominion Energy Gas are implementing the 2016 regulation. Dominion Energy and Dominion Energy Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material. 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. ACE Rule applies to existing coal-fired power plants. The final rule includes unit-specific performance standards based on the degree of emission reduction levels achievable from unit efficiency improvements to be determined by the permitting agency. The ACE Rule requires states to develop plans by July 2022, to implement these performance standards. These state plans must be approved by the EPA by January 2024. While the impacts of this rule could be material to Dominion Energy and Virginia Power’s 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. Carbon Regulations In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and to set a significant emissions rate at 75,000 tons per year of CO 2 In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with the best operating practices. State Regulations In May 2019, VDEQ issued a final rule establishing a state carbon regulation program with a 28.0 million ton initial state-wide carbon cap in 2020. The cap is reduced by approximately three percent per year through 2030, resulting in an ultimate cap of 19.6 million tons. The final rule includes a provision for VDEQ to delay implementation of the rule and possible adjustments to the baseline cap pending authorization from the General Assembly and Governor of Virginia. In April 2020, Virginia legislation was enacted authorizing VDEQ to implement the final rule. The Virginia legislation also authorizes Virginia to participate in RGGI or another market-based carbon trading program. The existing regulatory framework in Virginia provides rate recovery mechanisms that are expected to substantially mitigate any such impact. This legislation is considered related legislation to the VCEA as discussed in Note 13. The VCEA institutes a mandatory renewable portfolio standard, enhances renewable generation and energy storage development, requires the retirement of certain generation facilities, establishes energy efficiency targets, expands net metering and directs Virginia’s participation in a market-based carbon trading program through 2050. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. Regulation 316(b) In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to Dominion Energy and Virginia Power’s 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 establishes updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. 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 remains December 2023. While the impacts of this rule could be material to Dominion Energy and Virginia Power’s 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, Dominion Energy, Virginia Power or Dominion Energy Gas 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, including certain sites acquired in the SCANA Combination, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed or expects to propose remediation plans associated with three sites, including one at Virginia Power, and expects to conduct remediation activities primarily in 2020. At both March 31, 2020 and December 31, 2019, Dominion Energy and Virginia Power have $34 million and $16 million, respectively, of reserves recorded. In addition, for one site associated with Dominion Energy, an updated work plan submitted to SCDHEC in September 2018, would increase costs by approximately $8 million if approved by federal and state agencies. Dominion Energy is associated with 13 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, Dominion Energy and Virginia Power are unable to make an estimate of the potential financial statement impacts. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. SCANA Legal Proceedings The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 include reserves of $560 million and $696 million, respectively, and insurance receivables of $6 million and $111 million, respectively, included within other receivables. During the three months ended March 31, 2020, Dominion Energy’s Consolidated Statements of Income include charges of $25 million ($25 million after-tax) included within other income (expense). During the three months ended March 31, 2019, Dominion Energy’s Consolidated Statements of Income include charges of $178 million ($133 million after-tax) included within impairment of assets and other charges. Ratepayer Class Actions In May 2018, a consolidated complaint against DESC, SCANA and the State of South Carolina was filed in the State Court of Common Pleas in Hampton County, South Carolina (the DESC Ratepayer Case). In September 2018, the court certified this case as a class action. The plaintiffs allege, among other things, that DESC was negligent and unjustly enriched, breached alleged fiduciary and contractual duties and committed fraud and misrepresentation in failing to properly manage the NND Project, and that DESC committed unfair trade practices and violated state anti-trust laws. The plaintiffs sought a declaratory judgment that DESC may not charge its customers for any past or continuing costs of the NND Project, sought to have SCANA and DESC’s assets frozen and all monies recovered from Toshiba Corporation and other sources be placed in a constructive trust for the benefit of ratepayers and sought specific performance of the alleged implied contract to construct the NND Project. In December 2018, the State Court of Common Pleas in Hampton County entered an order granting preliminary approval of a class action settlement and a stay of pre-trial proceedings in the DESC Ratepayer Case. The settlement agreement, contingent upon the closing of the SCANA Combination, provided that SCANA and DESC would establish an escrow account and proceeds from the escrow account would be distributed to the class members, after payment of certain taxes, attorneys' fees and other expenses and administrative costs. The escrow account would include (1) up to $2.0 billion, net of a credit of up to $2.0 billion in future electric bill relief, which would inure to the benefit of the escrow account in favor of class members over a period of time established by the South Carolina Commission in its order related to matters before the South Carolina Commission related to the NND Project, (2) a cash payment of $115 million and (3) the transfer of certain DESC-owned real estate or sales proceeds from the sale of such properties, which counsel for the DESC Ratepayer Class estimate to have an aggregate value between $60 million and $85 million. At the closing of the SCANA Combination, SCANA and DESC funded the cash payment portion of the escrow account. The court held a fairness hearing on the settlement in May 2019. In June 2019, the court entered an order granting final approval of the settlement, which order became effective July 2019. In July 2019, DESC transferred $117 million representing the cash payment, plus accrued interest, to the plaintiffs. In addition, property, plant and equipment with a net recorded value of $54 million is in the process of being transferred to the plaintiffs in coordination with the court-appointed real estate trustee to satisfy the settlement agreement. In September 2017, a purported class action was filed by Santee Cooper ratepayers against Santee Cooper, DESC, Palmetto Electric Cooperative, Inc. and Central Electric Power Cooperative, Inc. in the State Court of Common Pleas in Hampton County, South Carolina (the Santee Cooper Ratepayer Case). The allegations are substantially similar to those in the DESC Ratepayer Case. The plaintiffs seek a declaratory judgment that the defendants may not charge the purported class for reimbursement for past or future costs of the NND Project. In March 2018, the plaintiffs filed an amended complaint including as additional named defendants, including certain then current and former directors of Santee Cooper and SCANA. In June 2018, Santee Cooper filed a Notice of Petition for Original Jurisdiction with the Supreme Court of South Carolina. In December 2018, Santee Cooper filed its answer to the plaintiffs' fourth amended complaint and filed cross claims against DESC, which was denied. In October 2019, Santee Cooper voluntarily consented to stay its cross claims against DESC pending the outcome of the trial of the underlying case. In November 2019, DESC removed the case to the U.S. District Court for the District of South Carolina. In December 2019, the plaintiffs and Santee Cooper filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In March 2020, the parties executed a settlement agreement relating to this matter as well as the Luquire Case and the Glibowski Case described below. The settlement agreement provides that Dominion Energy and Santee Cooper will establish a fund for the benefit of class members in the amount of $520 million, of which Dominion Energy’s portion is $320 million of shares of Dominion Energy common stock. Also in March 2020, the court granted preliminary approval for the settlement agreement. This case is pending. In July 2019, a similar purported class action was filed by certain Santee Cooper ratepayers against DESC, SCANA, Dominion Energy and former directors and officers of SCANA in the State Court of Common Pleas in Orangeburg, South Carolina (the Luquire Case). In August 2019, DESC, SCANA and Dominion Energy were voluntarily dismissed from the case. The claims are similar to the Santee Cooper Ratepayer Case. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Glibowski Case. This case is pending. RICO Class Action In January 2018, a purported class action was filed, and subsequently amended, against SCANA, DESC and certain former executive officers in the U.S. District Court for the District of South Carolina (the Glibowski Case). The plaintiff alleges, among other things, that SCANA, DESC and the individual defendants participated in an unlawful racketeering enterprise in violation of RICO and conspired to violate RICO by fraudulently inflating utility bills to generate unlawful proceeds. The DESC Ratepayer Class Action settlement described previously contemplates dismissal of claims by DESC ratepayers in this case against DESC, SCANA and their officers. In August 2019, the individual defendants filed motions to dismiss. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Luquire Case. This case is pending. SCANA Shareholder Litigation In September 2017, a purported class action was filed against SCANA and certain former executive officers and directors in the U.S. District Court for the District of South Carolina. Subsequent additional purported class actions were separately filed against all or nearly all of these defendants (collectively the SCANA Securities Class Action). In January 2018, the U.S. District Court for the District of South Carolina consolidated these suits, and the plaintiffs filed a consolidated amended complaint in March 2018. The plaintiffs allege, among other things, that the defendants violated §10(b) of the Securities Exchange Act of 1934, as amended, and Rule promulgated thereunder, and that the individually named defendants are liable under §20(a) of the same act. In June 2018, the defendants filed motions to dismiss. In March 2019, the U.S. District Court for the District of South Carolina granted in part and denied in part the defendants’ motions to dismiss. In December 2019, the parties executed a settlement agreement pursuant to which SCANA will pay $192.5 million, up to $32.5 million of which can be satisfied through the issuance of shares of Dominion Energy common stock, subject to approval by the U.S. District Court for the District of South Carolina. In February 2020, the U.S. District Court for the District of South Carolina granted preliminary approval of the settlement agreement, pending a fairness hearing. In March 2020, SCANA funded an escrow account with $160 million in cash and the balance of the settlement will be paid upon final approval of the settlement by the court. In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. In January 2019, the defendants filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. In March 2020, the court denied the defendants’ motion to dismiss. In April 2020, the defendants filed a notice of appeal with the South Carolina Court of Appeals and a petition with the Supreme Court of South Carolina seeking appellate review of the denial of the motion to dismiss. This case is pending. In January 2018, a purported class action was filed against SCANA, Dominion Energy and certain former executive officers and directors of SCANA in the State Court of Common Pleas in Lexington County, South Carolina (the City of Warren Lawsuit). The plaintiff alleges, among other things, that defendants violated their fiduciary duties to shareholders by executing a merger agreement that would unfairly deprive plaintiffs of the true value of their SCANA stock, and that Dominion Energy aided and abetted these actions. Among other remedies, the plaintiff seeks to enjoin and/or rescind the merger. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In June 2018, the case was remanded back to the State Court of Common Pleas in Lexington County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with a similar appeal in the Metzler Lawsuit discussed below. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court. In February 2018, a purported class action was filed against Dominion Energy and certain former directors of SCANA and DESC in the State Court of Common Pleas in Richland County, South Carolina (the Metzler Lawsuit). The allegations made and the relief sought by the plaintiffs are substantially similar to that described for the City of Warren Lawsuit. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In August 2018, the case was remanded back to the State Court of Common Pleas in Richland County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with the City of Warren Lawsuit. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court. In September 2019, the U.S. District Court for the District of South Carolina granted the plaintiffs’ motion to consolidate the City of Warren Lawsuit and the Metzler Lawsuit. In October 2019, the plaintiffs filed an amended complaint against certain former directors and executive officers of SCANA and DESC, the U.S. District Court for the District of South Carolina denied the motion to dismiss In May 2019, a case was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In February 2020, the defendants filed a motion to dismiss. This case is pending. Employment Class Actions and Indemnification In August 2017, a case was filed in the U.S. District Court for the District of South Carolina on behalf of persons who were formerly employed at the NND Project. In July 2018, the court certified this case as a class action. In February 2019, certain of these plaintiffs filed an additional case, which case has been dismissed and the plaintiffs have joined the case filed August 2017. The plaintiffs allege, among other things, that SCANA, DESC, Fluor Corporation and Fluor Enterprises, Inc. violated the Worker Adjustment and Retraining Notification Act in connection with the decision to stop construction at the NND Project. The plaintiffs allege that the defendants failed to provide adequate advance written notice of their terminations of employment and are seeking damages, which could be as much as $100 million for 100% of the NND Project. In September 2018, a case was filed in the State Court of Common Pleas in Fairfield County, South Carolina by Fluor Enterprises, Inc. and Fluor Daniel Maintenance Services, Inc. against DESC and Santee Cooper. The plaintiffs make claims for indemnification, breach of contract and promissory estoppel arising from, among other things, the defendants' alleged failure and refusal to defend and indemnify the Fluor defendants in the aforementioned case. These cases are pending. FILOT Litigation and Related Matters In November 2017, Fairfield County filed a complaint and a motion for temporary injunction against DESC in the State Court of Common Pleas in Fairfield County, South Carolina, making allegations of breach of contract, fraud, negligent misrepresentation, breach of fiduciary duty, breach of implied duty of good faith and fair dealing and unfair trade practices related to DESC’s termination of the FILOT agreement between DESC and Fairfield County related to the NND Project. The plaintiff sought a temporary and permanent injunction to prevent DESC from terminating the FILOT agreement. The plaintiff withdrew the motion for temporary injunction in December 2017. This case is pending. 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. DESC has protested the proposed assessment, which remains pending. In September and October 2017, SCANA was served with subpoenas issued by the U.S. Attorney’s Office for the District of South Carolina and the Staff of the SEC’s Division of Enforcement seeking documents related to the NND Project. In February 2020, the SEC filed a complaint against SCANA, two of its former executive officers and DESC in the U.S. District Court for the District of South Carolina alleging that the defendants violated federal securities laws by making false and misleading statements about the NND Project. In April 2020, SCANA and DESC reached an agreement in principle with the Staff of the SEC’s Division of Enforcement to settle, without admitting or denying the allegations in the complaint. The Staff of the SEC’s Division of Enforcement has not yet presented the proposed settlement to the SEC. The agreement i |
Credit Risk
Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019. At March 31, 2020, Dominion Energy’s gross credit exposure related to energy marketing and price risk management activities totaled $172 million. Of this amount, investment grade counterparties, including those internally rated, represented 95%. No single counterparty, whether investment grade or non-investment grade, exceeded $55 million of exposure. At March 31, 2020, Virginia Power’s exposure related to wholesale customers totaled $65 million. Of this amount, investment grade counterparties, including those internally rated, represented 100%. No single counterparty, whether investment grade or non-investment grade, exceeded $55 million of exposure. At March 31, 2020, Dominion Energy Gas’ exposure primarily related to wholesale customers totaled $45 million. Of this amount, investment grade counterparties, including those internally rated, represented 92%. No single counterparty, whether investment grade or non-investment grade, exceeded $12 million of exposure. For the three months ended March 31, 2020 and 2019, the Export Customers comprised approximately 33% and 32%, respectively, of Dominion Energy Gas’ total operating revenue, with Dominion Energy Gas’ largest customer representing approximately 17% of such amount during both periods . Credit-Related Contingent Provisions The majority of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of March 31, 2020 and December 31, 2019, Dominion Energy would have been required to post $14 million and $10 million, respectively, of additional collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted $4 million of collateral at March 31, 2020 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash and had posted no collateral at December 31, 2019. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash was $18 million and $10 million at March 31, 2020 and December 31, 2019, respectively, which does not include the impact of any offsetting asset positions. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of March 31, 2020 and December 31, 2019, Virginia Power would have been required to post an additional $2 million and $8 million, respectively, of collateral to its counterparties. Credit-related contingent provisions for Dominion Energy Gas were not material as of March 31, 2020 and December 31, 2019. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 19. Related-Party Transactions Virginia Power and Dominion Energy Gas engage in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power and Dominion Energy Gas’ receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power and Dominion Energy Gas are included in Dominion Energy's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. Dominion Energy’s transactions with equity method investments are described in Note 10. A discussion of significant related-party transactions follows. Virginia Power Transactions with Affiliates Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2020, Virginia Power’s derivative assets and liabilities with affiliates were $2 million and $20 million, respectively. At December 31, 2019, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $53 million, respectively. See Note 9 for more 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, 2019. At March 31, 2020 and December 31, 2019, 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 $810 million and $782 million, respectively. At March 31, 2020 and December 31, 2019, 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 $303 million and $287 million, respectively. DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Virginia Power’s significant transactions with DES and other affiliates: Three Months Ended March 31, 2020 2019 (millions) Commodity purchases from affiliates $ 211 $ 272 Services provided by affiliates (1) 121 119 Services provided to affiliates 5 6 (1) Includes capitalized expenditures of Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were no short-term demand note borrowings from Dominion Energy as of March 31, 2020 and $107 million in short-term demand note borrowings from Dominion Energy as of December 31, 2019. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2020 and December 31, 2019. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the three months ended March 31, 2020 and 2019. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2020 and 2019. Dominion Energy Gas Transactions with Related Parties Dominion Energy Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Energy Gas provides transportation and storage services to affiliates. Dominion Energy Gas also enters into certain other contracts with affiliates and related parties, including construction services, which are presented separately from contracts involving commodities or services. As of March 31, 2020 and December 31, 2019, Dominion Energy Gas did not have any commodity derivative assets or liabilities with affiliates. See Notes 7 and 9 for more information. See Note 10 for information regarding transactions with Atlantic Coast Pipeline. See Note 3 for information regarding the Dominion Energy Gas Restructuring, an affiliated transaction. Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. At March 31, 2020 and December 31, 2019, amounts due from Dominion Energy associated with the Dominion Energy Pension Plan included in other deferred charges and other assets in the Consolidated Balance Sheets were $331 million and $326 million, respectively. At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan included in other deferred charges and other assets in the Consolidated Balance Sheets were $19 million and $17 million, respectively. DES, DECGS, DEQPS and other affiliates provide accounting, legal, finance, marketing and certain administrative and technical services to Dominion Energy Gas. Dominion Energy Gas provides certain services to related parties, including technical services. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES, DECGS and DEQPS to Dominion Energy Gas on the basis of direct and allocated methods in accordance with Dominion Energy Gas’ services agreements with DES, DECGS and DEQPS. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES, DECGS and DEQPS resources that are attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES, DECGS and DEQPS service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Dominion Energy Gas’ significant transactions with DES, DECGS, DEQPS and other affiliates and related parties: Three Months Ended March 31, 2020 2019 (millions) Sales of natural gas and transportation and storage services $ 64 $ 67 Purchases of natural gas and transportation storage services 3 — Services provided by related parties (1) 43 45 Services provided to related parties (2) 32 45 (1) Includes capitalized expenditures of $3 million and $6 million for the three months ended March 31, 2020 and 2019, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: March 31, 2020 December 31, 2019 (millions) Other receivables (1) $ 8 $ 7 Imbalances receivable from affiliates — 8 Imbalances payable to affiliates (2) 2 1 Other deferred charges and other assets 11 12 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. Affiliated receivables at March 31, 2020 and December 31, 2019 included $21 million and $22 million, respectively, of accrued unbilled revenue. This revenue is based on estimated amounts of services provided but not yet billed to various affiliates. Dominion Energy Gas’ affiliated borrowings and investments are discussed in Note 25 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. Dominion Energy Gas had $262 million in affiliated notes receivable under the Dominion Energy money pool as of March 31, 2020 and no outstanding receivables as of December 31, 2019. Interest income related to the affiliated notes receivable was immaterial for the three months ended March 31, 2020. Interest income on affiliated notes receivable from East Ohio and DGP for borrowings under intercompany revolving credit agreements with Dominion Energy Gas was $5 million for the three months ended March 31, 2019. Interest income earned on DMLPHCII’s promissory note to Dominion Energy was immaterial for the three months ended March 31, 2020 and 2019. Interest income related to Dominion Energy’s promissory note borrowings with Cove Point was $27 million for the three months ended March 31, 2019. At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ affiliated notes receivable from Dominion Energy totaled $1.8 billion. Interest income on these promissory notes was $11 million for the three months ended March 31, 2020. At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ affiliated notes receivable from East Ohio totaled $1.7 billion. Interest income on these promissory notes were $18 million for the three months ended March 31, 2020. Dominion Energy Gas’ borrowings under the intercompany revolving credit agreement with Dominion Energy totaled $256 million and $251 million as of March 31, 2020 and December 31, 2019. Interest charges related to Dominion Energy Gas’ total borrowings from Dominion Energy were less than $1 million for the three months ended March 31, 2020 and 2019. Interest charges related to DCP’s total borrowings from Dominion Energy under an intercompany revolving credit agreement totaled $29 million for the three months ended March 31, 2019. DCP had borrowings of $9 million with DES as of December 31, 2019. Interest related to DCP’s total borrowings from DES totaled less than $1 million for the three months ended March 31, 2020 and 2019. In the first quarter of 2019, Dominion Energy Midstream borrowed $395 million from Dominion Energy under a $400 million promissory note with Dominion Energy that was scheduled to mature in 2022. Interest charges of $2 million were incurred for the three months ended March 31, 2019. For the three months ended March 31, 2020 and 2019, Dominion Energy Gas, including entities acquired in the Dominion Energy Gas Restructuring, distributed $37 million and $46 million to Dominion Energy, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 20. Employee Benefit Plans Dominion Energy The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 (millions) Three Months Ended March 31, Service cost $ 43 $ 40 $ 7 $ 7 Interest cost 91 101 15 17 Expected return on plan assets (193 ) (177 ) (39 ) (33 ) Amortization of prior service credit — — (12 ) (13 ) Amortization of net actuarial loss 49 39 1 4 Settlements — 2 — — Net periodic benefit cost (credit) $ (10 ) $ 5 $ (28 ) $ (18 ) Employer Contributions During the three months ended March 31, 2020, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy does not expect to make contributions to its defined benefit pension plans and expects to contribute $12 million to other postretirement benefit plans through VEBAs, respectively, during the remainder of 2020. Dominion Energy Gas Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. See Note 19 for more information. The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 (millions) Three Months Ended March 31, Service cost $ 1 $ 4 $ 1 $ 1 Interest cost 3 8 1 3 Expected return on plan assets (14 ) (39 ) (5 ) (7 ) Amortization of prior service credit — — (1 ) (1 ) Amortization of net actuarial loss 2 5 — 1 Net periodic benefit credit $ (8 ) $ (22 ) $ (4 ) $ (3 ) Employer Contributions During the three months ended March 31, 2020, Dominion Energy Gas made no contributions to its qualified defined benefit pension plan or other postretirement benefit plans. Dominion Energy Gas does not expect to make contributions to its qualified defined benefit pension plan and expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2020. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2020 | |
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 Energy Virginia Power Dominion Energy Gas Dominion Energy Virginia Regulated electric distribution X X Regulated electric transmission X X Regulated electric generation fleet (1) X X Gas Transmission & Storage Regulated gas transmission and storage (2) X X LNG terminalling and storage X X Nonregulated retail energy marketing X Gas Distribution Regulated gas distribution and storage (3) 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 Generation Merchant electric generation fleet X (1) I ncludes Virginia Power’s nonjurisdictional generation operations. (2) Includes gathering and processing activities. (3) Includes Wexpro’s gas development and production 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). In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. As discussed in Note 1 in the Companies’ Annual Report on Form 10-K, in December 2019, Dominion Energy realigned its segments which resulted in the formation of five primary operating segments. The information for the three months ended March 31, 2019 presented herein has been recast to reflect the current segment presentation. In the three months ended March 31, 2020, Dominion Energy reported after-tax net expenses of $1.2 billion for specific items in the Corporate and Other segment, with $1.0 billion of net expenses attributable to its operating segments. In the three months ended March 31, 2019, Dominion Energy reported after-tax net expenses of $1.6 billion for specific items in the Corporate and Other segment, with $1.3 billion of net expenses attributable to its operating segments. The net expense for specific items attributable to Dominion Energy’s operating segments in 2020 primarily related to the impact of the following items: • A $754 million ($566 million after-tax) charge primarily related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; • A $538 million ($410 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Generation ($364 million after-tax) and; • Dominion Energy Virginia ($46 million after-tax). The net expense for specific items attributable to Dominion Energy’s operating segments in 2019 primarily related to the impact of the following items: • A $1.0 billion ($756 • A $369 million ($275 million after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; • A $198 million tax charge for $264 million of income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Dominion Energy South Carolina; • $178 million ($133 million after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina; • A $160 million ($119 million after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Dominion Energy Virginia; • $106 million ($81 million after-tax) of merger and integration-related costs associated with the SCANA Combination, attributable to Dominion Energy South Carolina; • A $105 million ($79 million after-tax) charge for property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forego recovery, attributable to Dominion Energy South Carolina; • A $253 million ($197 million after-tax) net gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Generation ($175 million after-tax) and; • Dominion Energy Virginia ($22 million after-tax). • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Dominion Energy Virginia. The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Energy Virginia Gas Transmission & Storage Gas Distribution Dominion Energy South Carolina Contracted Generation Corporate and Other Adjustments & Eliminations Consolidated Total (millions) Three Months Ended March 31, 2020 Total revenue from external customers $ 1,938 $ 644 $ 887 $ 713 $ 286 $ 28 $ — $ 4,496 Intersegment revenue (3 ) 57 3 1 4 279 (341 ) — Total operating revenue 1,935 701 890 714 290 307 (341 ) 4,496 Net income (loss) attributable to Dominion Energy 429 221 225 94 59 (1,298 ) - (270 ) Three Months Ended March 31, 2019 Total revenue from external customers $ 2,001 $ 984 $ 917 $ 689 $ 352 $ (1,052 ) $ (33 ) $ 3,858 Intersegment revenue (4 ) 54 4 — 3 277 (334 ) — Total operating revenue 1,997 1,038 921 689 355 (775 ) (367 ) 3,858 Net income (loss) attributable to Dominion Energy 361 222 205 71 102 (1,641 ) - (680 ) Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. As discussed in Note 1 in the Companies’ Annual Report on Form 10-K, in December 2019, Virginia Power realigned its segments which resulted in the formation of one primary operating segment. The information for the three months ended March 31, 2019 presented herein has been recast to reflect the current segment presentation. In the three months ended March 31, 2020, Virginia Power reported after-tax net expenses of $700 million for specific items in the Corporate and Other segment with $634 million of the net expenses attributable to its operating segment. In the three months ended March 31, 2019 Virginia Power reported after-tax expense of $344 million for specific items in the Corporate and Other segment, with $324 million of net expenses attributable to its operating segment. The net expenses for specific items in 2020 primarily related to the impact of the following items: • A $754 million ($561 million after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities; • A $62 million ($46 million after-tax) loss related to investments in nuclear decommissioning trust funds. The net expenses for specific items in 2019 primarily related to the impact of the following items: • A $369 million ($275 million after-tax) charge related to the early retirement of certain electric generation facilities; • A $160 million ($119 million after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure; and • A $29 million ($22 million after-tax) charge related to a portion of rate adjustment clauses for excess deferred taxes which are probable of being returned to customers, partially offset by • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019. The following table presents segment information pertaining to Virginia Power’s operations: Dominion Energy Virginia Corporate and Other Consolidated Total (millions) Three Months Ended March 31, 2020 Operating revenue $ 1,930 $ — $ 1,930 Net income (loss) 427 (707 ) (280 ) Three Months Ended March 31, 2019 Operating revenue $ 1,994 $ (29 ) $ 1,965 Net income (loss) 358 (338 ) 20 Dominion Energy Gas The Corporate and Other Segment of Dominion Energy Gas primarily includes specific items attributable to Dominion Energy Gas’ operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources and the effect of certain items recorded at Dominion Energy Gas as a result of Dominion Energy’s basis in the net assets contributed. In addition, Corporate and Other includes the net impact of discontinued operations, which are discussed in Note 3. As discussed in Note 1 in the Companies’ Annual Report on Form 10-K, in December 2019, Dominion Energy Gas realigned its segments which resulted in the formation of one primary operating segment. The information for the three months ended March 31, 2019 presented herein has been recast to reflect the current segment presentation. In both the three months ended March 31, 2020 and 2019, Dominion Energy Gas reported an immaterial amount of specific items in the Corporate and Other segment. The following table presents segment information pertaining to Dominion Energy Gas’ operations: Gas Transmission & Storage Corporate and Other Consolidated Total (millions) Three Months Ended March 31, 2020 Operating revenue $ 556 $ — $ 556 Net income (loss) attributable to Dominion Energy Gas 174 (5 ) 169 Three Months Ended March 31, 2019 Operating revenue $ 566 $ — $ 566 Net income from discontinued operations — 54 54 Net income (loss) attributable to Dominion Energy Gas 138 52 190 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2020 and their results of operations, changes in equity and cash flows for the three months ended March 31, 2020 and 2019. 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. At March 31, 2020, Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain merchant projects upon the occurrence of certain events, none of which are expected to occur in the next 12 months. Brookfield’s 25% interest in Cove Point (effective December 2019) and the public’s ownership interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy Gas’ Consolidated Financial Statements. |
Reclassifications | Certain amounts in the Companies’ 2019 Consolidated Financial Statements and Notes have been reclassified to conform to the 2020 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, 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, 2019, with the exception of the items described below. |
Cash, Restricted Cash and Equivalents | 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, 2020 and 2019: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period March 31, 2020 March 31, 2019 December 31, 2019 December 31, 2018 (millions) Dominion Energy Cash and cash equivalents $ 1,192 $ 422 $ 166 $ 268 Restricted cash and equivalents (1) 75 205 103 123 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 1,267 $ 627 $ 269 $ 391 Virginia Power Cash and cash equivalents $ 71 $ 14 $ 17 $ 29 Restricted cash and equivalents (1) 5 9 7 9 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 76 $ 23 $ 24 $ 38 Dominion Energy Gas Cash and cash equivalents (2) $ 46 $ 147 $ 27 $ 108 Restricted cash and equivalents (1) 12 62 12 90 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 58 $ 209 $ 39 $ 198 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. (2) At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
Property, Plant and Equipment | Property, Plant and Equipment In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019. In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax), primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019. In March 2020, Virginia Power committed to retire certain coal- and oil-fired generating units before the end of their useful lives based on economic and other factors, including but not limited to market power prices and the VCEA. These units will be retired after they meet their capacity obligations to PJM in 2023. In the first quarter of 2020, Virginia Power updated depreciation rates for its nuclear plants to reflect lower depreciation rates as a result of the expected approval of license extensions from the NRC. This adjustment resulted in a decrease of $8 million ($6 million after-tax) in depreciation expense in Virginia Power’s Consolidated Statements of Income and a $0.01 increase in Dominion Energy’s EPS, for the three months ended March 31, 2020. This revision is expected to decrease annual depreciation expense by approximately $31 million ($23 million after-tax) and increase Dominion Energy’s EPS by $0.03 for the year ended December 31, 2020. |
Credit Risk | Credit Risk Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction. Effective January 2020, expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees. |
Investments | Investments Debt and Equity Securities with Readily Determinable Fair Value Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities. • Debt securities classified as trading securities • Debt securities classified as available-for-sale securities In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method. Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by Dominion Energy and Virginia Power in the nuclear decommissioning trusts. Dominion Energy and Virginia Power record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, Dominion Energy and Virginia Power may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Dominion Energy and Virginia Power qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in Virginia Power’s nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income. Equity Securities without Readily Determinable Fair Values The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include: • Equity method investments • Cost method investments Other-Than-Temporary Impairment The Companies periodically review their equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any equity method investment is determined to be other-than-temporary, the investment is written down to its fair value at the end of the reporting period. Credit Impairment Effective January 2020, Dominion Energy and Virginia Power periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in Dominion Energy and Virginia Power’s Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations. Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. |
Fair Value Measurements | The Companies enter into certain physical and financial forwards, futures, options and swaps, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards, futures, and swaps contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards, futures, and swaps calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The option model calculates mark-to-market valuations using variations of the Black-Scholes option model. The inputs into the models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices, and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable. |
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. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations. |
Guarantees, Surety Bonds and Letters of Credit | Dominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 and 2019: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period March 31, 2020 March 31, 2019 December 31, 2019 December 31, 2018 (millions) Dominion Energy Cash and cash equivalents $ 1,192 $ 422 $ 166 $ 268 Restricted cash and equivalents (1) 75 205 103 123 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 1,267 $ 627 $ 269 $ 391 Virginia Power Cash and cash equivalents $ 71 $ 14 $ 17 $ 29 Restricted cash and equivalents (1) 5 9 7 9 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 76 $ 23 $ 24 $ 38 Dominion Energy Gas Cash and cash equivalents (2) $ 46 $ 147 $ 27 $ 108 Restricted cash and equivalents (1) 12 62 12 90 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 58 $ 209 $ 39 $ 198 (1) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. (2) At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Dominion Energy Gas Holdings, LLC | East Ohio | |
Schedule of Operations, Assets and Liabilities, Capital Expenditures and Significant Noncash Items Reported as Discontinued Operations | The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended March 31, 2019 (millions) Operating revenue $ 229 Depreciation and amortization 21 Other operating expenses 148 Other income 18 Interest and related charges 10 Income tax expense 14 Net income from discontinued operations $ 54 Capital expenditures and significant noncash items relating to East Ohio included the following: Three Months Ended March 31, 2019 (millions) Capital expenditures $ 65 Significant noncash items Accrued capital expenditures 6 |
Dominion Energy Gas Holdings, LLC | DGP | |
Schedule of Operations, Assets and Liabilities, Capital Expenditures and Significant Noncash Items Reported as Discontinued Operations | The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income: Three Months Ended March 31, 2019 (millions) Operating revenue $ 45 Depreciation and amortization 1 Other operating expenses 44 Net income from discontinued operations $ — Capital expenditures and significant noncash items of DGP included the following: Three Months Ended March 31, 2019 (millions) Capital expenditures $ 3 |
SCANA | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company. Three Months Ended March 31, 2019 (1) (millions, except EPS) Operating Revenue $ 4,887 Net income attributable to Dominion Energy 605 Earnings Per Common Share – $ 0.76 Earnings Per Common Share – $ 0.76 (1) Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended March 31, 2020 2019 (millions) Dominion Energy Regulated electric sales: Residential $ 1,158 $ 646 Commercial 798 496 Industrial 182 30 Government and other retail 219 200 Wholesale 33 48 Nonregulated electric sales 232 316 Regulated gas sales: Residential 548 602 Commercial 191 191 Other 28 38 Nonregulated gas sales 83 247 Regulated gas transportation and storage: FERC-regulated 281 277 State-regulated 232 213 Nonregulated gas transportation and storage 175 174 Other regulated revenues (1) 75 58 Other nonregulated revenues (1)(2) 88 95 Total operating revenue from contracts with customers 4,323 3,631 Other revenues (3) 173 227 Total operating revenue $ 4,496 $ 3,858 Virginia Power Regulated electric sales: Residential $ 896 $ 923 Commercial 614 636 Industrial 97 112 Government and other retail 203 204 Wholesale 24 37 Other regulated revenues (2) 62 33 Other nonregulated revenues (1)(2) 13 6 Total operating revenue from contracts with customers 1,909 1,951 Other revenues (2)(3) 21 14 Total operating revenue $ 1,930 $ 1,965 Dominion Energy Gas Regulated gas sales - wholesale $ 2 $ 2 Nonregulated gas sales (2) 1 2 Regulated gas transportation and storage 344 340 Nonregulated gas transportation and storage 175 174 Management service revenue (2) 31 44 Other regulated revenues (1)(2) 1 3 Other nonregulated revenues (1)(2) 1 — Total operating revenue from contracts with customers 555 565 Other revenues 1 1 Total operating revenue $ 556 $ 566 1 ) Amounts above include sales which are considered to be goods transferred at a point in time. For the three months ended March 31, 2020 and 2019, such amounts included $ 39 million and $48 million, respectively, at Dominion Energy and $1 million for both the three months ended March 31, 2020 and 2019, at Dominion Energy Gas, consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the three months ended March 31, 2020 and 2019, such sales were $4 million and $3 million, respectively, at Dominion Energy and $3 million and $1 million, respectively, at Virginia Power. 2) See Notes 10 and 19 for amounts attributable to related parties and affiliates. 3) Includes alternative revenue . For the three months ended March 31, 2020 and 2019 , such amounts included $ 36 million and $ 14 million, respectively , at Dominion Energy and $ 17 million and $ 8 million, respectively, at Virginia Power. |
Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized | The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year contracts in place at March 31, 2020 2020 2021 2022 2023 2024 Thereafter Total (millions) Dominion Energy $ 1,222 $ 1,562 $ 1,474 $ 1,312 $ 1,187 $ 13,089 $ 19,846 Virginia Power 2 1 — — — — 3 Dominion Energy Gas 1,336 1,714 1,581 1,395 1,242 13,270 20,538 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax | For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows: Dominion Energy Virginia Power Dominion Energy Gas Three Months Ended March 31, 2020 2019 2020 2019 2020 2019 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 4.4 2.2 4.8 4.6 2.9 3.4 Investment tax credits (4.1 ) (1.5 ) (6.4 ) (3.2 ) — — Production tax credits (0.4 ) (0.8 ) (0.8 ) (1.0 ) — — Reversal of excess deferred income taxes (9.5 ) (5.1 ) (8.1 ) (5.0 ) (0.7 ) (0.7 ) Write-off of regulatory assets — (34.1 ) — — — — AFUDC - equity (1.6 ) (1.4 ) (0.7 ) — (0.4 ) (0.5 ) Other, net (2.5 ) (0.6 ) 0.3 0.1 (2.4 ) (1) (3.3 ) (1) Effective tax rate 7.3 % (20.3 )% 10.1 % 16.5 % 20.4 % 19.9 % (1) Includes (2.7)% and (3.6) % relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 2019 (millions, except EPS) Net loss attributable to Dominion Energy $ (270 ) $ (680 ) Preferred stock dividends (see Note 16) (16 ) — Net loss attributable to Dominion Energy – Basic & Diluted (286 ) (680 ) Average shares of common stock outstanding – Basic & Diluted 838.2 793.1 Earnings Per Common Share – Basic & Diluted $ (0.34 ) $ (0.86 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Unrecognized pension and other postretirement benefit costs Other comprehensive loss from equity method investees Total (millions) Three Months Ended March 31, 2020 Beginning balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) Other comprehensive income before reclassifications: gains (losses) (266 ) 9 — — (257 ) Amounts reclassified from AOCI: (gains) losses (1) 22 (9 ) 19 — 32 Net current period other comprehensive income (loss) (244 ) — 19 — (225 ) Ending balance $ (651 ) $ 37 $ (1,402 ) $ (2 ) $ (2,018 ) Three Months Ended March 31, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (24 ) 16 — — (8 ) Amounts reclassified from AOCI: (gains) losses (1) (31 ) — 8 — (23 ) Net current period other comprehensive income (loss) (55 ) 16 8 — (31 ) Ending balance $ (290 ) $ 18 $ (1,457 ) $ (2 ) $ (1,731 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (7 ) Operating revenue 3 Purchased gas Interest rate contracts 27 Interest and related charges Foreign currency contracts 6 Other income (expense) Total 29 Tax (7 ) Income tax expense (benefit) Total, net of tax $ 22 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (13 ) Other income (expense) Total (13 ) Tax 4 Income tax expense (benefit) Total, net of tax $ (9 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (6 ) Other income (expense) Amortization of actuarial losses 30 Other income (expense) Total 24 Tax (5 ) Income tax expense (benefit) Total, net of tax $ 19 Three Months Ended March 31, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (54 ) Operating revenue (3 ) Purchased gas Interest rate contracts 10 Interest and related charges Foreign currency contracts 6 Other income (expense) Total (41 ) Tax 10 Income tax expense (benefit) Total, net of tax $ (31 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income (expense) Amortization of actuarial losses 27 Other income (expense) Total 22 Tax (14 ) Income tax expense (benefit) Total, net of tax $ 8 |
Virginia Electric and Power Company | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended March 31, 2020 Beginning balance $ (34 ) $ 5 $ (29 ) Other comprehensive income before reclassifications: gains (losses) (45 ) (2 ) (47 ) Amounts reclassified from AOCI: (gains) losses (1) — 1 1 Net current period other comprehensive income (loss) (45 ) (1 ) (46 ) Ending balance $ (79 ) $ 4 $ (75 ) Three Months Ended March 31, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (7 ) 2 (5 ) Amounts reclassified from AOCI: (gains) losses — — — Net current period other comprehensive income (loss) (7 ) 2 (5 ) Ending balance $ (20 ) $ 3 $ (17 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Virginia Power’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2020 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ 2 Other income (loss) Total 2 Tax (1 ) Income tax expense (benefit) Total, net of tax $ 1 |
Dominion Energy Gas Holdings, LLC | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrecognized pension costs Total (millions) Three Months Ended March 31, 2020 Beginning balance $ (81 ) $ (106 ) $ (187 ) Other comprehensive income before reclassifications: gains (losses) (91 ) — (91 ) Amounts reclassified from AOCI: (gains) losses (1) 6 1 7 Net current period other comprehensive income (loss) (85 ) 1 (84 ) Ending balance $ (166 ) $ (105 ) $ (271 ) Three Months Ended March 31, 2019 Beginning balance $ (25 ) $ (144 ) $ (169 ) Other comprehensive income before reclassifications: gains (losses) (27 ) — (27 ) Amounts reclassified from AOCI: (gains) losses (1) 3 1 4 Net current period other comprehensive income (loss) (24 ) 1 (23 ) Less other comprehensive income (loss) attributable to noncontrolling interest (1 ) — (1 ) Ending balance $ (48 ) $ (143 ) $ (191 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended March 31, 2020 Deferred (gains) and losses on derivatives-hedging activities: Interest rate contracts $ 2 Interest and related charges Foreign currency contracts 6 Other income Total 8 Tax (2 ) Income tax expense Total, net of tax $ 6 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 Three Months Ended March 31, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (2 ) Net income from discontinued operations Interest rate contracts (1 ) Interest and related charges Foreign currency contracts 6 Other income Total 3 Tax — Income tax expense Total, net of tax $ 3 Unrecognized pension costs: Actuarial losses $ 2 Other income Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at March 31, 2020. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards: Natural gas (2) $ 48 Discounted cash flow Market price (per Dth) (3) (2) - 3 (1 ) FTRs 1 Discounted cash flow Market price (per MWh) (3) (1) - 2 — Total assets $ 49 Liabilities Financial forwards: FTRs $ 4 Discounted cash flow Market price (per MWh) (3) (2) - 2 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 2 1 Price volatility (4) 45% - 83% 57 % Total liabilities $ 6 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Fair Value, Options, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2020 Assets Derivatives: Commodity $ — $ 72 $ 49 $ 121 Interest rate — 29 — 29 Investments (1) Equity securities: U.S. 3,313 — — 3,313 Fixed income: Corporate debt instruments — 496 — 496 Government securities 437 739 — 1,176 Cash equivalents and other 18 2 — 20 Total assets $ 3,768 $ 1,338 $ 49 $ 5,155 Liabilities Derivatives: Commodity $ — $ 43 $ 6 $ 49 Interest rate — 1,580 — 1,580 Foreign currency — 17 — 17 Total liabilities $ — $ 1,640 $ 6 $ 1,646 At December 31, 2019 Assets Derivatives: Commodity $ — $ 55 $ 19 $ 74 Interest rate — 11 — 11 Foreign currency — 8 — 8 Investments (1) Equity securities: U.S. 4,195 — — 4,195 Fixed income: Corporate debt instruments — 463 — 463 Government securities 473 719 — 1,192 Cash equivalents and other 19 1 — 20 Total assets $ 4,687 $ 1,257 $ 19 $ 5,963 Liabilities Derivatives: Commodity $ — $ 75 $ 56 $ 131 Interest rate — 606 — 606 Foreign currency — 3 — 3 Total liabilities $ — $ 684 $ 56 $ 740 (1) Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $277 million and $274 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2020 2019 (millions) Beginning balance $ (37 ) $ 64 Total realized and unrealized gains (losses): Included in earnings: Operating revenue — (1 ) Electric fuel and other energy-related purchases (22 ) (4 ) Included in regulatory assets/liabilities 80 7 Settlements 22 (1 ) Purchases — (10 ) Transfers out of Level 3 — (2 ) Ending balance $ 43 $ 53 |
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: March 31, 2020 December 31, 2019 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt (2) $ 32,984 $ 35,685 $ 32,055 $ 36,155 Junior subordinated notes (3) 4,407 4,381 4,797 4,953 Virginia Power Long-term debt (3) $ 12,327 $ 13,998 $ 12,326 $ 14,281 Dominion Energy Gas Long-term debt (4) $ 5,516 $ 5,479 $ 5,520 $ 5,738 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At March 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively. (3) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. (4) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. |
Virginia Electric and Power Company | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2020. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility. Fair Value (millions) Valuation Techniques Unobservable Input Range Weighted Average (1) Assets Physical and financial forwards: Natural gas (2) $ 48 Discounted cash flow Market price (per Dth) (3) (2) - 2 (1 ) FTRs 1 Discounted cash flow Market price (per MWh) (3) (1) - 2 — Total assets $ 49 Liabilities Financial forwards: FTRs $ 4 Discounted cash flow Market price (per MWh) (3) (2) - 2 — Physical options: Natural gas 2 Option model Market price (per Dth) (3) 1 - 2 1 Price volatility (4) 45% - 83% 57 % Total liabilities $ 6 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets . |
Fair Value, Options, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At March 31, 2020 Assets Derivatives: Commodity $ — $ 2 $ 49 $ 51 Investments (1) Equity securities: U.S. 1,506 — — 1,506 Fixed income: Corporate debt instruments — 285 — 285 Government securities 162 357 — 519 Total assets $ 1,668 $ 644 $ 49 $ 2,361 Liabilities Derivatives: Commodity $ — $ 18 $ 6 $ 24 Interest rate — 991 — 991 Total liabilities $ — $ 1,009 $ 6 $ 1,015 At December 31, 2019 Assets Derivatives: Commodity $ — $ 3 $ 19 $ 22 Interest rate — 2 — 2 Investments (1) Equity securities: U.S. 1,920 — — 1,920 Fixed income: Corporate debt instruments — 256 — 256 Government securities 186 361 — 547 Cash equivalents and other — 1 — 1 Total assets $ 2,106 $ 623 $ 19 $ 2,748 Liabilities Derivatives: Commodity $ — $ 47 $ 56 $ 103 Interest rate — 363 — 363 Total liabilities $ — $ 410 $ 56 $ 466 (1) Includes investments held in the nuclear decommissioning trusts. Excludes $157 million and $159 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: Three Months Ended March 31, 2020 2019 (millions) Beginning balance $ (37 ) $ 60 Total realized and unrealized losses: Included in earnings: Electric fuel and other energy-related purchases (22 ) (4 ) Included in regulatory assets/liabilities 80 8 Settlements 22 (5 ) Ending balance $ 43 $ 59 |
Dominion Energy Gas Holdings, LLC | |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions. Level 1 Level 2 Level 3 Total (millions) At March 31, 2020 Liabilities Interest rate $ — $ 190 $ — $ 190 Foreign currency — 17 — 17 Total liabilities $ — $ 207 $ — $ 207 At December 31, 2019 Assets Foreign currency $ — $ 8 $ — $ 8 Total assets $ — $ 8 $ — $ 8 Liabilities Interest rate $ — $ 83 $ — $ 83 Foreign currency — 3 — 3 Total liabilities $ — $ 86 $ — $ 86 |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Offsetting Assets | The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 55 $ 3 $ — $ 52 $ 35 $ 21 $ — $ 14 Exchange 64 16 34 14 37 21 — 16 Interest rate contracts: Over-the-counter 29 21 — 8 11 3 — 8 Foreign currency contracts: Over-the-counter — — — — 8 8 — — Total derivatives, subject to a master netting or similar arrangement $ 148 $ 40 $ 34 $ 74 $ 91 $ 53 $ — $ 38 (1) Excludes $2 |
Offsetting Liabilities | March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 27 $ 3 $ 1 $ 23 $ 105 $ 21 $ — $ 84 Exchange 16 16 — — 21 21 — — Interest rate contracts: Over-the-counter 1,580 21 23 1,536 606 8 35 563 Foreign currency contracts: Over-the-counter 17 — — 17 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 1,640 $ 40 $ 24 $ 1,576 $ 735 $ 53 $ 35 $ 647 (1) Excludes $6 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 81 36 Basis 268 574 Electricity (MWh): Fixed price 3,088,875 — FTRs 18,836,472 — Liquids (Gal) (2) 39,690,000 — Interest rate (3) $ 2,450,000,000 $ 5,582,850,761 Foreign currency (3) € - € 250,000,000 (1) Includes options. (2) Includes NGLs. (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 (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at March 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Commodities: Gas $ (2 ) $ (2 ) 21 months Electricity 14 14 9 months NGL 1 1 9 months Interest rate (655 ) (50 ) 381 months Foreign currency (9 ) (1 ) 75 months Total $ (651 ) $ (38 ) |
Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges: Carrying Amount of the Hedged Asset (Liability) (1) Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) (2) March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (millions) Long-term debt $ (1,154 ) $ (1,154 ) $ (4 ) $ (4 ) (1) Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively. (2) Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively. |
Fair Value of Derivatives | Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) March 31, 2020 ASSETS Current Assets Commodity $ — $ 80 $ 80 Interest rate — 11 11 Total current derivative assets (1) — 91 91 Noncurrent Assets Commodity — 41 41 Interest rate — 18 18 Total noncurrent derivative assets (2) — 59 59 Total derivative assets $ — $ 150 $ 150 LIABILITIES Current Liabilities Commodity $ — $ 45 $ 45 Interest rate 515 232 747 Foreign currency 1 — 1 Total current derivative liabilities 516 277 793 Noncurrent Liabilities Commodity — 4 4 Interest rate 722 111 833 Foreign currency 16 — 16 Total noncurrent derivative liabilities 738 115 853 Total derivative liabilities $ 1,254 $ 392 $ 1,646 December 31, 2019 ASSETS Current Assets Commodity $ 30 $ 37 $ 67 Interest rate 1 — 1 Total current derivative assets (1) 31 37 68 Noncurrent Assets Commodity 1 6 7 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 19 6 25 Total derivative assets $ 50 $ 43 $ 93 LIABILITIES Current Liabilities Commodity $ 6 $ 77 $ 83 Interest rate 321 1 322 Foreign currency 3 — 3 Total current derivative liabilities 330 78 408 Noncurrent Liabilities Commodity 1 47 48 Interest rate 267 17 284 Total noncurrent derivative liabilities 268 64 332 Total derivative liabilities $ 598 $ 142 $ 740 (1) Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 7 Purchased gas (3 ) Total commodity $ — $ 4 $ — Interest rate (3) (336 ) (27 ) (563 ) Foreign currency (4) (23 ) (6 ) — Total $ (359 ) $ (29 ) $ (563 ) Three Months Ended March 31, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 54 Purchased gas 3 Total commodity $ 66 $ 57 $ — Interest rate (3) (84 ) (10 ) (84 ) Foreign currency (4) (11 ) (6 ) — Total $ (29 ) $ 41 $ (84 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (3) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. (4) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense). |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, 2020 2019 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ 65 $ 3 Purchased gas (14 ) 3 Electric fuel and other energy-related purchases (65 ) (9 ) Interest rate (2) (61 ) — Total $ (75 ) $ (3 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. |
Virginia Electric and Power Company | |
Offsetting Assets | The tables below present Virginia Power’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Received Net Amounts (millions) Commodity contracts: Over-the-counter $ 48 $ 1 $ — $ 47 $ 19 $ 18 $ — $ 1 Interest rate contracts: Over-the-counter — — — — 2 — — 2 Total derivatives, subject to a master netting or similar arrangement $ 48 $ 1 $ — $ 47 $ 21 $ 18 $ — $ 3 (1) Excludes $3 |
Offsetting Liabilities | March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet (1) Financial Instruments Cash Collateral Paid Net Amounts (millions) Commodity contracts: Over-the-counter $ 4 $ 1 $ 1 $ 2 $ 59 $ 18 $ — $ 41 Interest rate contracts: Over-the-counter 991 — — 991 363 — — 363 Total derivatives, subject to a master netting or similar arrangement $ 995 $ 1 $ 1 $ 993 $ 422 $ 18 $ — $ 404 (1) Excludes $20 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price (1) 37 14 Basis 160 536 Electricity (MWh): FTRs 18,836,472 — Interest rate (2) $ 900,000,000 $ 1,150,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at March 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (79 ) $ (1 ) 381 months Total $ (79 ) $ (1 ) |
Fair Value of Derivatives | The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) March 31, 2020 ASSETS Current Assets Commodity $ — $ 14 $ 14 Total current derivative assets (1) — 14 14 Noncurrent Assets Commodity — 37 37 Total noncurrent derivative assets (2) — 37 37 Total derivative assets $ — $ 51 $ 51 LIABILITIES Current Liabilities Commodity $ — $ 23 $ 23 Interest rate 458 — 458 Total current derivative liabilities 458 23 481 Noncurrent Liabilities Commodity — 1 1 Interest rate 533 — 533 Total noncurrent derivatives liabilities (3) 533 1 534 Total derivative liabilities $ 991 $ 24 $ 1,015 December 31, 2019 ASSETS Current Assets Commodity $ — $ 20 $ 20 Total current derivative assets (1) — 20 20 Noncurrent Assets Commodity — 2 2 Interest rate 2 — 2 Total noncurrent derivative assets (2) 2 2 4 Total derivative assets $ 2 $ 22 $ 24 LIABILITIES Current Liabilities Commodity $ — $ 58 $ 58 Interest rate 185 — 185 Total current derivative liabilities 185 58 243 Noncurrent Liabilities Commodity — 45 45 Interest rate 178 — 178 Total noncurrent derivatives liabilities (3) 178 45 223 Total derivative liabilities $ 363 $ 103 $ 466 (1) Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. (2) Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. ( 3 ) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended March 31, 2020 Derivative type and location of gains (losses): Interest rate (3) $ (61 ) $ — $ (565 ) Total $ (61 ) $ — $ (565 ) Three Months Ended March 31, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (9 ) $ — $ (84 ) Total $ (9 ) $ — $ (84 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended March 31, 2020 2019 (millions) Derivative type and location of gains (losses): Commodity (2) $ (65 ) $ (9 ) Total $ (65 ) $ (9 ) (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Dominion Energy Gas Holdings, LLC | |
Offsetting Assets | The tables below present Dominion Energy Gas’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid: March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts Gross Assets Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Received Net Amounts (millions) Foreign currency contracts: Over-the-counter $ — $ — $ — $ — $ 8 $ 8 $ — $ — Total derivatives, subject to a master netting or similar arrangement $ — $ — $ — $ — $ 8 $ 8 $ — $ — |
Offsetting Liabilities | March 31, 2020 December 31, 2019 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts Gross Liabilities Presented in the Consolidated Balance Sheet Financial Instruments Cash Collateral Paid Net Amounts (millions) Interest rate contracts: Over-the-counter $ 190 $ — $ — $ 190 $ 83 $ 5 $ — $ 78 Foreign currency contracts: Over-the-counter 17 — — 17 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 207 $ — $ — $ 207 $ 86 $ 8 $ — $ 78 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy Gas’ derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions. Current Noncurrent Interest rate (1) $ 250,000,000 $ 1,050,000,000 Foreign currency (1) € - € 250,000,000 (1) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at March 31, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (157 ) $ (11 ) 297 months Foreign currency (9 ) (1 ) 75 months Total $ (166 ) $ (12 ) |
Fair Value of Derivatives | The following tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value- Derivatives Under Hedge Accounting Fair Value-Derivatives Not Under Hedge Accounting Total Fair Value (millions) March 31, 2020 LIABILITIES Current Liabilities Interest rate $ 57 $ 11 $ 68 Foreign currency 1 — 1 Total current derivative liabilities (2) 58 11 69 Noncurrent Liabilities Interest rate 119 3 122 Foreign currency 16 — 16 Total noncurrent derivative liabilities (3) 135 3 138 Total derivative liabilities $ 193 $ 14 $ 207 December 31, 2019 ASSETS Noncurrent Assets Foreign currency $ 8 $ — $ 8 Total noncurrent derivative assets (1) 8 — 8 Total derivative assets $ 8 $ — $ 8 LIABILITIES Current Liabilities Interest rate $ 30 $ — $ 30 Foreign currency 3 — 3 Total current derivative liabilities (2) 33 — 33 Noncurrent Liabilities Interest rate 53 — 53 Total noncurrent derivative liabilities (3) 53 — 53 Total derivative liabilities $ 86 $ — $ 86 ( 1 ) Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. ( 2 ) Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. ( 3 ) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the gains and losses on Dominion Energy Gas’ derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income: Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income (millions) Three Months Ended March 31, 2020 Derivative Type and Location of Gains (Losses): Interest rate (2) $ (100 ) $ (2 ) Foreign currency (3) (23 ) (6 ) Total $ (123 ) $ (8 ) Three Months Ended March 31, 2019 Derivative Type and Location of Gains (Losses): Commodity: Net income from discontinued operations $ 2 Total commodity $ (1 ) $ 2 Interest rate (2) (24 ) 1 Foreign currency (3) (11 ) (6 ) Total $ (36 ) $ (3 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. (2) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. (3) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2020 2019 (millions) Derivative type and location of gains (losses): Interest rate (1) $ (8 ) $ — Total $ (8 ) $ — (1) Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Dominion Energy’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Allowance for Credit Losses Fair Value (millions) March 31, 2020 Equity securities: (1) U.S. $ 1,813 $ 1,709 $ (161 ) $ — $ 3,361 Fixed income securities: (2) Corporate debt instruments 491 18 — (13 ) 496 Government securities 1,084 55 — (6 ) 1,133 Common/collective trust funds 118 2 — (2 ) 118 Insurance contracts 209 — — — 209 Cash equivalents and other (3) — — (4 ) — (4 ) Total $ 3,715 $ 1,784 $ (165 ) (4) $ (21 ) $ 5,313 December 31, 2019 Equity securities: (1) U.S. $ 1,807 $ 2,451 $ (20 ) $ — $ 4,238 Fixed income securities: (2) Corporate debt instruments 434 29 — — 463 Government securities 1,108 39 (2 ) — 1,145 Common/collective trust funds 115 4 — — 119 Insurance contracts 214 — — — 214 Cash equivalents and other (3) 13 — — — 13 Total $ 3,691 $ 2,523 $ (22 ) (4) $ — $ 6,192 (1) U (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income (expense). (3) Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively . (4) The fair value of securities in an unrealized loss position was $415 million and $298 million |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below: Three Months Ended March 31, 2020 2019 (millions) Net gains (losses) recognized during the period $ (898 ) $ 414 Less: Net (gains) losses recognized during the period on securities sold during the period 14 (19 ) Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 (1) $ (884 ) $ 395 (1) Included in other income and the nuclear decommissioning trust regulatory liability. |
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 178 Due after one year through five years 430 Due after five years through ten years 389 Due after ten years 750 Total $ 1,747 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended March 31, 2020 2019 (millions) Proceeds from sales $ 602 $ 506 Realized gains (1) 66 43 Realized losses (1) 69 23 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Virginia Electric and Power Company | |
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | Virginia Power’s decommissioning trust funds are summarized below: Amortized Cost Total Unrealized Gains Total Unrealized Losses Allowance for Credit Losses Fair Value (millions) March 31, 2020 Equity securities: (1) U.S. $ 898 $ 796 $ (80 ) $ — $ 1,614 Fixed income securities: (2) Corporate debt instruments 284 9 — (8 ) 285 Government securities 504 18 — (4 ) 518 Common/collective trust funds 49 — — — 49 Cash equivalents and other (3) 2 — — — 2 Total $ 1,737 $ 823 $ (80 ) (4) $ (12 ) $ 2,468 December 31, 2019 Equity securities: (1) U.S. $ 894 $ 1,144 $ (11 ) $ — $ 2,027 Fixed income securities: (2) Corporate debt instruments 241 15 — — 256 Government securities 534 14 (2 ) — 546 Common/collective trust funds 51 — — — 51 Cash equivalents and other 1 — — — 1 Total $ 1,721 $ 1,173 $ (13 ) (4) $ — $ 2,881 (1) Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability . (3) Includes pending sales of securities of $2 million at March 31, 2020. (4) The fair value of securities in an unrealized loss position was $241 million and $185 million |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended March 31, 2020 2019 (millions) Net gains (losses) recognized during the period $ (423 ) $ 186 Less: Net (gains) losses recognized during the period on securities sold during the period 6 (1 ) Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 (1) $ (417 ) $ 185 (1) Included in other income and the nuclear decommissioning trust regulatory liability. |
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 73 Due after one year through five years 200 Due after five years through ten years 211 Due after ten years 368 Total $ 852 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds. Three Months Ended March 31, 2020 2019 (millions) Proceeds from sales $ 294 $ 253 Realized gains (1) 31 10 Realized losses (1) 31 9 (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, 2020 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | Regulatory assets and liabilities include the following: March 31, 2020 December 31, 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 21 $ 48 Deferred project costs and DSM programs for gas utilities (2) 12 21 Unrecovered gas costs (3) 31 102 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 119 109 Deferred nuclear refueling outage costs (6) 52 68 NND Project costs (7) 138 138 PJM transmission rates (8) 42 121 Other 253 272 Regulatory assets-current 668 879 Pension and other postretirement benefit costs (9) 1,410 1,431 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) 353 235 PJM transmission rates (8) 154 85 Deferred project costs for gas utilities (2) 560 521 Interest rate hedges (11) 1,319 741 AROs and related funding (12) 324 311 Cost of reacquired debt (13) 257 262 NND Project costs (7) 2,468 2,503 Ash pond and landfill closure costs (14) 2,118 1,016 Other 601 582 Regulatory assets-noncurrent 9,564 7,687 Total regulatory assets $ 10,232 $ 8,566 Regulatory liabilities: Provision for future cost of removal and AROs (15) $ 142 $ 142 Reserve for refunds and rate credits to electric utility customers (16) 138 143 Cost-of-service impact of 2017 Tax Reform Act (17) 48 4 Income taxes refundable through future rates (18) 138 77 Monetization of guarantee settlement (19) 67 67 Other 108 64 Regulatory liabilities-current 641 497 Income taxes refundable through future rates (18) 5,016 5,088 Provision for future cost of removal and AROs (15) 2,329 2,302 Nuclear decommissioning trust (20) 1,110 1,471 Monetization of guarantee settlement (19) 953 970 Reserve for refunds and rate credits to electric utility customers (16) 622 656 Overrecovered other postretirement benefit costs (21) 197 189 Other 362 325 Regulatory liabilities-noncurrent 10,589 11,001 Total regulatory liabilities $ 11,230 $ 11,498 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (6) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (9) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries. (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (11) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of March 31, 2020. (12) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. (13) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of March 31, 2020. (14) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. (1 5 ) Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (1 6 ) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (1 7 ) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (1 8 ) 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. ( 19 ) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (2 0 ) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. (2 1 ) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. March 31, 2020 December 31, 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 21 $ 48 Deferred rate adjustment clause costs (2)(3) 119 109 Deferred nuclear refueling outage costs (4) 52 68 PJM transmission rates (5) 42 121 Other 61 87 Regulatory assets-current 295 433 Deferred rate adjustment clause costs (2)(3)(6) 353 235 PJM transmission rates (5) 154 85 Interest rate hedges (7) 969 404 Ash pond and landfill closure costs (8) 2,118 1,016 Other 130 123 Regulatory assets-noncurrent 3,724 1,863 Total regulatory assets $ 4,019 $ 2,296 Regulatory liabilities: Provision for future cost of removal (9) $ 103 $ 103 Income taxes refundable through future rates (10) 54 54 Other 24 10 Regulatory liabilities-current (11) 181 167 Income taxes refundable through future rates (10) 2,441 2,438 Nuclear decommissioning trust (12) 1,110 1,471 Provision for future cost of removal (9) 1,078 1,054 Deferred cost of fuel used in electric generation (1) 75 30 Other 116 81 Regulatory liabilities-noncurrent 4,820 5,074 Total regulatory liabilities $ 5,001 $ 5,241 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (4) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (5) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (6) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (7) 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 26 years as of March 31, 2020. (8) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment. (9) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (10) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (11) Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. March 31, 2020 December 31, 2019 (millions) Dominion Energy Gas Regulatory assets: Unrecovered gas costs (1) $ 4 $ 2 Other 6 6 Regulatory assets-current (2) 10 8 Interest rate hedges (3) 32 32 Other 8 8 Regulatory assets-noncurrent (4) 40 40 Total regulatory assets $ 50 $ 48 Regulatory liabilities: Provision for future cost of removal and AROs (5) $ 18 $ 18 Overrecovered gas costs (1) 6 8 Other 14 15 Regulatory liabilities-current (6) 38 41 Income taxes refundable through future rates (7) 556 560 Provision for future cost of removal and AROs (5) 93 95 Overrecovered other postretirement benefit costs (8) 142 133 Other 13 12 Regulatory liabilities-noncurrent (9) 804 800 Total regulatory liabilities $ 842 $ 841 (1) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC. (2) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) 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 22 years. (4) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (5) Rates charged to customers by Dominion Energy Gas' 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. (6) Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (7) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (8) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. (9) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Schedule of Regulatory Liabilities | Regulatory assets and liabilities include the following: March 31, 2020 December 31, 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 21 $ 48 Deferred project costs and DSM programs for gas utilities (2) 12 21 Unrecovered gas costs (3) 31 102 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 119 109 Deferred nuclear refueling outage costs (6) 52 68 NND Project costs (7) 138 138 PJM transmission rates (8) 42 121 Other 253 272 Regulatory assets-current 668 879 Pension and other postretirement benefit costs (9) 1,410 1,431 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10) 353 235 PJM transmission rates (8) 154 85 Deferred project costs for gas utilities (2) 560 521 Interest rate hedges (11) 1,319 741 AROs and related funding (12) 324 311 Cost of reacquired debt (13) 257 262 NND Project costs (7) 2,468 2,503 Ash pond and landfill closure costs (14) 2,118 1,016 Other 601 582 Regulatory assets-noncurrent 9,564 7,687 Total regulatory assets $ 10,232 $ 8,566 Regulatory liabilities: Provision for future cost of removal and AROs (15) $ 142 $ 142 Reserve for refunds and rate credits to electric utility customers (16) 138 143 Cost-of-service impact of 2017 Tax Reform Act (17) 48 4 Income taxes refundable through future rates (18) 138 77 Monetization of guarantee settlement (19) 67 67 Other 108 64 Regulatory liabilities-current 641 497 Income taxes refundable through future rates (18) 5,016 5,088 Provision for future cost of removal and AROs (15) 2,329 2,302 Nuclear decommissioning trust (20) 1,110 1,471 Monetization of guarantee settlement (19) 953 970 Reserve for refunds and rate credits to electric utility customers (16) 622 656 Overrecovered other postretirement benefit costs (21) 197 189 Other 362 325 Regulatory liabilities-noncurrent 10,589 11,001 Total regulatory liabilities $ 11,230 $ 11,498 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (6) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (7) Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (8) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (9) Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries. (10) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (11) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of March 31, 2020. (12) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. (13) Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of March 31, 2020. (14) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. (1 5 ) Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (1 6 ) Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (1 7 ) Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (1 8 ) 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. ( 19 ) Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. (2 0 ) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. (2 1 ) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. March 31, 2020 December 31, 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ 21 $ 48 Deferred rate adjustment clause costs (2)(3) 119 109 Deferred nuclear refueling outage costs (4) 52 68 PJM transmission rates (5) 42 121 Other 61 87 Regulatory assets-current 295 433 Deferred rate adjustment clause costs (2)(3)(6) 353 235 PJM transmission rates (5) 154 85 Interest rate hedges (7) 969 404 Ash pond and landfill closure costs (8) 2,118 1,016 Other 130 123 Regulatory assets-noncurrent 3,724 1,863 Total regulatory assets $ 4,019 $ 2,296 Regulatory liabilities: Provision for future cost of removal (9) $ 103 $ 103 Income taxes refundable through future rates (10) 54 54 Other 24 10 Regulatory liabilities-current (11) 181 167 Income taxes refundable through future rates (10) 2,441 2,438 Nuclear decommissioning trust (12) 1,110 1,471 Provision for future cost of removal (9) 1,078 1,054 Deferred cost of fuel used in electric generation (1) 75 30 Other 116 81 Regulatory liabilities-noncurrent 4,820 5,074 Total regulatory liabilities $ 5,001 $ 5,241 (1) Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. (2) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (3) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. (4) Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. (5) Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year (6) During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. (7) 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 26 years as of March 31, 2020. (8) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment. (9) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (10) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (11) Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. (12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. March 31, 2020 December 31, 2019 (millions) Dominion Energy Gas Regulatory assets: Unrecovered gas costs (1) $ 4 $ 2 Other 6 6 Regulatory assets-current (2) 10 8 Interest rate hedges (3) 32 32 Other 8 8 Regulatory assets-noncurrent (4) 40 40 Total regulatory assets $ 50 $ 48 Regulatory liabilities: Provision for future cost of removal and AROs (5) $ 18 $ 18 Overrecovered gas costs (1) 6 8 Other 14 15 Regulatory liabilities-current (6) 38 41 Income taxes refundable through future rates (7) 556 560 Provision for future cost of removal and AROs (5) 93 95 Overrecovered other postretirement benefit costs (8) 142 133 Other 13 12 Regulatory liabilities-noncurrent (9) 804 800 Total regulatory liabilities $ 842 $ 841 (1) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC. (2) Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. (3) 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 22 years. (4) Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. (5) Rates charged to customers by Dominion Energy Gas' 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. (6) Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. (7) Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. (8) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. (9) Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Schedule of Developments for Significant Riders Associated with Virginia Power Projects | Developments for significant riders associated with various Virginia Power projects are as follows: , Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Requirement (millions) Increase (Decrease) Over Previous Year (millions) Rider US-3 July 2019 March 2020 June 2020 $ 28 $ 18 |
Significant Financing Transac_2
Significant Financing Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2020, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows: Facility Limit Outstanding Commercial Paper Outstanding Letters of Credit Facility Capacity Available (millions) Joint revolving credit facility (1) $ 6,000 $ 2,071 $ 86 $ 3,843 (1) This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. |
Schedule of Equity Units | Selected information about Dominion Energy’s 2019 Equity Units is presented below: Issuance Date Units Issued Total Net Proceeds (1) Total Preferred Stock (2) Cumulative Dividend Rate Stock Purchase Contract Annual Rate Stock Purchase Contract Liability (3) Stock Purchase Contract Settlement Date (millions except interest rates) 6/14/2019 16 $ 1,582 $ 1,610 1.75 % 5.5 % $ 250 6/1/2022 (1) Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets. (2) Dominion Energy recorded dividends of $ 7 million ($ 4.375 per share) for the three months ended March 31, 2020. ( 3 ) Payments of $20 million were made during the first quarter of 2020. The stock purchase contract liability was $192 million and $212 million at March 31, 2020 and December 31, 2019, respectively. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 6,000 $ 135 $ 9 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Dominion Energy Gas Holdings, LLC | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At March 31, 2020, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1) $ 1,500 $ 30 $ — (1) A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Subsidiary Guarantees | At March 31, 2020, Dominion Energy had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 2,226 Nuclear obligations (2) 204 Cove Point (3) 1,900 Solar (4) 434 Other (5) 448 Total (6) $ 5,212 (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) Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. (4) Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. (5) Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. (6) Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Virginia Electric and Power Company | |
Schedule of Related Party Transactions | Presented below are Virginia Power’s significant transactions with DES and other affiliates: Three Months Ended March 31, 2020 2019 (millions) Commodity purchases from affiliates $ 211 $ 272 Services provided by affiliates (1) 121 119 Services provided to affiliates 5 6 (1) Includes capitalized expenditures of |
Dominion Energy Gas Holdings, LLC | |
Schedule of Related Party Transactions | Presented below are Dominion Energy Gas’ significant transactions with DES, DECGS, DEQPS and other affiliates and related parties: Three Months Ended March 31, 2020 2019 (millions) Sales of natural gas and transportation and storage services $ 64 $ 67 Purchases of natural gas and transportation storage services 3 — Services provided by related parties (1) 43 45 Services provided to related parties (2) 32 45 (1) Includes capitalized expenditures of $3 million and $6 million for the three months ended March 31, 2020 and 2019, respectively. (2) Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. |
Schedule of Related Party Transactions | The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets: March 31, 2020 December 31, 2019 (millions) Other receivables (1) $ 8 $ 7 Imbalances receivable from affiliates — 8 Imbalances payable to affiliates (2) 2 1 Other deferred charges and other assets 11 12 (1) Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. (2) Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost (Credit) | The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows: Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 (millions) Three Months Ended March 31, Service cost $ 43 $ 40 $ 7 $ 7 Interest cost 91 101 15 17 Expected return on plan assets (193 ) (177 ) (39 ) (33 ) Amortization of prior service credit — — (12 ) (13 ) Amortization of net actuarial loss 49 39 1 4 Settlements — 2 — — Net periodic benefit cost (credit) $ (10 ) $ 5 $ (28 ) $ (18 ) |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Net Periodic Benefit Cost (Credit) | The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows: Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 (millions) Three Months Ended March 31, Service cost $ 1 $ 4 $ 1 $ 1 Interest cost 3 8 1 3 Expected return on plan assets (14 ) (39 ) (5 ) (7 ) Amortization of prior service credit — — (1 ) (1 ) Amortization of net actuarial loss 2 5 — 1 Net periodic benefit credit $ (8 ) $ (22 ) $ (4 ) $ (3 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Schedule of Primary Operating Segments | A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations Dominion Energy Virginia Power Dominion Energy Gas Dominion Energy Virginia Regulated electric distribution X X Regulated electric transmission X X Regulated electric generation fleet (1) X X Gas Transmission & Storage Regulated gas transmission and storage (2) X X LNG terminalling and storage X X Nonregulated retail energy marketing X Gas Distribution Regulated gas distribution and storage (3) 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 Generation Merchant electric generation fleet X (1) I ncludes Virginia Power’s nonjurisdictional generation operations. (2) Includes gathering and processing activities. (3) Includes Wexpro’s gas development and production operations. |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Energy Virginia Gas Transmission & Storage Gas Distribution Dominion Energy South Carolina Contracted Generation Corporate and Other Adjustments & Eliminations Consolidated Total (millions) Three Months Ended March 31, 2020 Total revenue from external customers $ 1,938 $ 644 $ 887 $ 713 $ 286 $ 28 $ — $ 4,496 Intersegment revenue (3 ) 57 3 1 4 279 (341 ) — Total operating revenue 1,935 701 890 714 290 307 (341 ) 4,496 Net income (loss) attributable to Dominion Energy 429 221 225 94 59 (1,298 ) - (270 ) Three Months Ended March 31, 2019 Total revenue from external customers $ 2,001 $ 984 $ 917 $ 689 $ 352 $ (1,052 ) $ (33 ) $ 3,858 Intersegment revenue (4 ) 54 4 — 3 277 (334 ) — Total operating revenue 1,997 1,038 921 689 355 (775 ) (367 ) 3,858 Net income (loss) attributable to Dominion Energy 361 222 205 71 102 (1,641 ) - (680 ) |
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 Energy Virginia Corporate and Other Consolidated Total (millions) Three Months Ended March 31, 2020 Operating revenue $ 1,930 $ — $ 1,930 Net income (loss) 427 (707 ) (280 ) Three Months Ended March 31, 2019 Operating revenue $ 1,994 $ (29 ) $ 1,965 Net income (loss) 358 (338 ) 20 |
Dominion Energy Gas Holdings, LLC | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The following table presents segment information pertaining to Dominion Energy Gas’ operations: Gas Transmission & Storage Corporate and Other Consolidated Total (millions) Three Months Ended March 31, 2020 Operating revenue $ 556 $ — $ 556 Net income (loss) attributable to Dominion Energy Gas 174 (5 ) 169 Three Months Ended March 31, 2019 Operating revenue $ 566 $ — $ 566 Net income from discontinued operations — 54 54 Net income (loss) attributable to Dominion Energy Gas 138 52 190 |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Detail) | Mar. 31, 2020 | Dec. 31, 2019 |
White River Hub | ||
Subsidiary Sale Of Stock [Line Items] | ||
Percentage ownership in total units | 50.00% | |
White River Hub | Dominion Energy Gas Holdings, LLC | ||
Subsidiary Sale Of Stock [Line Items] | ||
Percentage ownership in total units | 50.00% | |
Iroquois | Dominion Energy Gas Holdings, LLC | ||
Subsidiary Sale Of Stock [Line Items] | ||
Percentage ownership in total units | 50.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($)FacilityMW | Jan. 31, 2019USD ($) | Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)$ / shares | |
Significant Accounting Policies [Line Items] | ||||||
Impairment of assets and other charges | $ 768 | $ 835 | ||||
Change in Estimated Useful Life | Merchant generation assets | Scenario Forecast | ||||||
Significant Accounting Policies [Line Items] | ||||||
Increase in EPS | $ / shares | $ 0.03 | |||||
Virginia Electric and Power Company | ||||||
Significant Accounting Policies [Line Items] | ||||||
Impairment of assets and other charges | 764 | $ 546 | ||||
MW Capacity | MW | 1,292 | |||||
Number of facilities in cold reserve units retired | Facility | 6 | |||||
Virginia Electric and Power Company | Change In Depreciation Rates From New Depreciation Study | ||||||
Significant Accounting Policies [Line Items] | ||||||
Increase (decrease) in depreciation expense | (8) | |||||
Increase (decrease) in depreciation expense, after tax | $ (6) | |||||
Increase in EPS | $ / shares | $ 0.01 | |||||
Virginia Electric and Power Company | Change in Estimated Useful Life | Merchant generation assets | Scenario Forecast | ||||||
Significant Accounting Policies [Line Items] | ||||||
Increase (decrease) in depreciation expense | $ (31) | |||||
Increase (decrease) in depreciation expense, after tax | $ (23) | |||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | ||||||
Significant Accounting Policies [Line Items] | ||||||
Impairment of assets and other charges | $ 754 | $ 369 | $ 160 | |||
Asset impairment charges after tax | $ 561 | $ 275 | $ 119 | |||
Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Merchant Solar Projects | Call Option | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage ownership in total units | 67.00% | 67.00% | ||||
Dominion Energy Midstream Partners, LP | Dominion Energy Gas Holdings, LLC | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of equity interest sold to noncontrolling interest owners | 25.00% | 25.00% | ||||
Four Brothers and Three Cedars | ||||||
Significant Accounting Policies [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | 50.00% | ||||
Four Brothers and Three Cedars | Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Merchant Solar Projects | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of equity interest sold to noncontrolling interest owners | 33.00% | 33.00% |
Significant Accounting Polici_5
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | $ 1,192 | $ 166 | [1] | $ 422 | $ 268 | |
Restricted cash and equivalents | [2] | 75 | 103 | 205 | 123 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 1,267 | 269 | 627 | 391 | ||
Virginia Electric and Power Company | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | 71 | 17 | [3] | 14 | 29 | |
Restricted cash and equivalents | [2] | 5 | 7 | 9 | 9 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 76 | 24 | 23 | 38 | ||
Dominion Energy Gas Holdings, LLC | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | [4] | 46 | 27 | [5] | 147 | 108 |
Restricted cash and equivalents | [2] | 12 | 12 | 62 | 90 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | $ 58 | $ 39 | $ 209 | $ 198 | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date | |||||
[2] | Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. | |||||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[4] | At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively. | |||||
[5] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Accounting Polici_6
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Dominion Energy Gas Holdings, LLC | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Cash, restricted cash and equivalents classified as discontinued operations | $ 4 | $ 9 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition And Dispositions [Line Items] | ||||
Stock issued during period for acquisition, value | $ 6,818 | |||
Regulatory Liabilities | $ 11,230 | $ 11,498 | ||
After tax charge in statements of income | (270) | (680) | ||
Impairment of assets and other charges | $ 768 | $ 835 | ||
SCANA | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Stock issued during period for acquisition, shares | 95.6 | |||
Stock issued during period for acquisition, value | $ 6,800 | |||
Common stock agreed to be issued, percentage | 0.669% | |||
Total outstanding debt | $ 6,900 | |||
Period to provide refund to customer | 11 years | |||
Regulatory Liabilities | $ 1,000 | |||
Reduction in operating revenue | (1,000) | |||
After tax charge in statements of income | (756) | |||
Impairment of assets and other charges | 178 | |||
Impairment of assets and other charges, after tax | 133 | |||
SCANA | NND Project | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Property, plant and equipment | 105 | |||
Impairment of assets and other charges | 105 | |||
Impairment of assets and other charges, after tax | 79 | |||
Income tax regulatory assets | $ 264 | |||
SCANA | NND Project | Income tax expense (benefit) | ||||
Business Acquisition And Dispositions [Line Items] | ||||
Impairment of assets and other charges | $ 198 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - SCANA - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||
Increase in operating revenue | $ 914 | $ 170 |
Increase (decrease) in net income | 54 | (1,100) |
Dominion Energy | Other Operations and Maintenance | ||
Business Acquisition [Line Items] | ||
Merger and integration-related costs | $ 19 | 115 |
Dominion Energy | Interest and Related Charges | ||
Business Acquisition [Line Items] | ||
Merger and integration-related costs | $ 9 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - SCANA $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)$ / shares | [1] | |
Business Acquisition [Line Items] | ||
Operating Revenue | $ | $ 4,887 | |
Net income attributable to Dominion Energy | $ | $ 605 | |
Earnings Per Common Share – Basic | $ / shares | $ 0.76 | |
Earnings Per Common Share – Diluted | $ / shares | $ 0.76 | |
[1] | Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Acquisitions and Dispositions_5
Acquisitions and Dispositions (Dominion Energy Gas Restructuring) (Narrative) (Detail) | Dec. 31, 2019 |
Cove Point | |
Business Acquisition And Dispositions [Line Items] | |
Percentage Of Controlling Ownership | 25.00% |
Percentage ownership in total units | 75.00% |
White River Hub | |
Business Acquisition And Dispositions [Line Items] | |
Percentage ownership in total units | 50.00% |
Iroquois | |
Business Acquisition And Dispositions [Line Items] | |
Percentage Of Controlling Ownership | 25.93% |
Acquisitions and Dispositions_6
Acquisitions and Dispositions (Schedule of Results of Operations Reported As Discontinued Operations) (Detail) - Dominion Energy Gas Holdings, LLC $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Net income (loss) from discontinued operations | $ 54 |
East Ohio | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Operating revenue | 229 |
Depreciation and amortization | 21 |
Other operating expenses | 148 |
Other income | 18 |
Interest and related charges | 10 |
Income tax expense | 14 |
Net income (loss) from discontinued operations | 54 |
DGP | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Operating revenue | 45 |
Depreciation and amortization | 1 |
Other operating expenses | $ 44 |
Acquisitions and Dispositions_7
Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Significant noncash items | |||
Accrued capital expenditures | [1],[2] | $ 343 | $ 201 |
Dominion Energy Gas Holdings, LLC | |||
Significant noncash items | |||
Accrued capital expenditures | $ 13 | 31 | |
East Ohio | Dominion Energy Gas Holdings, LLC | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Capital expenditures | 65 | ||
Significant noncash items | |||
Accrued capital expenditures | 6 | ||
DGP | Dominion Energy Gas Holdings, LLC | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Capital expenditures | $ 3 | ||
[1] | See Note 16 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream. | ||
[2] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. |
Operating Revenue (Schedule of
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | $ 4,323 | $ 3,631 | |
Other revenues | [1] | 173 | 227 |
Total operating revenue | 4,496 | 3,858 | |
Regulated Electric Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,158 | 646 | |
Regulated Electric Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 798 | 496 | |
Regulated Electric Sales | Industrial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 182 | 30 | |
Regulated Electric Sales | Government and Other Retail | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 219 | 200 | |
Regulated Electric Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 33 | 48 | |
Nonregulated Electric Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 232 | 316 | |
Regulated Gas Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 548 | 602 | |
Regulated Gas Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 191 | 191 | |
Regulated Gas Sales | Other | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 28 | 38 | |
Nonregulated Gas Sales | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 83 | 247 | |
Regulated Gas Transportation and Storage | FERC-regulated | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 281 | 277 | |
Regulated Gas Transportation and Storage | State-regulated | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 232 | 213 | |
Nonregulated gas transportation and storage | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 175 | 174 | |
Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2] | 75 | 58 |
Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | 88 | 95 |
Virginia Electric and Power Company | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1,909 | 1,951 | |
Other revenues | [1],[3] | 21 | 14 |
Total operating revenue | 1,930 | 1,965 | |
Virginia Electric and Power Company | Regulated Electric Sales | Residential | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 896 | 923 | |
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 614 | 636 | |
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 97 | 112 | |
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 203 | 204 | |
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 24 | 37 | |
Virginia Electric and Power Company | Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [3] | 62 | 33 |
Virginia Electric and Power Company | Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | 13 | 6 |
Dominion Energy Gas Holdings, LLC | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 555 | 565 | |
Other revenues | 1 | 1 | |
Total operating revenue | 556 | 566 | |
Dominion Energy Gas Holdings, LLC | Regulated Gas Sales | Wholesale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 2 | 2 | |
Dominion Energy Gas Holdings, LLC | Regulated Gas Transportation and Storage | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 344 | 340 | |
Dominion Energy Gas Holdings, LLC | Nonregulated gas transportation and storage | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 175 | 174 | |
Dominion Energy Gas Holdings, LLC | Other Regulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | 1 | 3 |
Dominion Energy Gas Holdings, LLC | Other Nonregulated Revenues | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [2],[3] | 1 | |
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Sale | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [3] | 1 | 2 |
Dominion Energy Gas Holdings, LLC | Management Service | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | [3] | $ 31 | $ 44 |
[1] | Includes alternative revenue . For the three months ended March 31, 2020 and 2019 , such amounts included $ 36 million and $ 14 million, respectively , at Dominion Energy and $ 17 million and $ 8 million, respectively, at Virginia Power. | ||
[2] | Amounts above include sales which are considered to be goods transferred at a point in time. For the three months ended March 31, 2020 and 2019, such amounts included $ 39 million and $48 million, respectively, at Dominion Energy and $1 million for both the three months ended March 31, 2020 and 2019, at Dominion Energy Gas, consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the three months ended March 31, 2020 and 2019, such sales were $4 million and $3 million, respectively, at Dominion Energy and $3 million and $1 million, respectively, at Virginia Power. | ||
[3] | See Notes 10 and 19 for amounts attributable to related parties and affiliates. |
Operating Revenue (Schedule o_2
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Public Utilities General Disclosures [Line Items] | |||
Other revenues | [1] | $ 173 | $ 227 |
NGL Midstream | Transferred at a Point in Time | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 39 | 48 | |
Renewable Energy Investment Tax Credits | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 4 | 3 | |
Alternative Revenue Programs | |||
Public Utilities General Disclosures [Line Items] | |||
Other revenues | 36 | 14 | |
Dominion Energy Gas Holdings, LLC | |||
Public Utilities General Disclosures [Line Items] | |||
Other revenues | 1 | 1 | |
Dominion Energy Gas Holdings, LLC | NGL Midstream | Transferred at a Point in Time | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 1 | 1 | |
Virginia Electric and Power Company | |||
Public Utilities General Disclosures [Line Items] | |||
Other revenues | [1],[2] | 21 | 14 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | |||
Public Utilities General Disclosures [Line Items] | |||
Operating revenue from contracts with customers | 3 | 1 | |
Virginia Electric and Power Company | Alternative Revenue Programs | |||
Public Utilities General Disclosures [Line Items] | |||
Other revenues | $ 17 | $ 8 | |
[1] | Includes alternative revenue . For the three months ended March 31, 2020 and 2019 , such amounts included $ 36 million and $ 14 million, respectively , at Dominion Energy and $ 17 million and $ 8 million, respectively, at Virginia Power. | ||
[2] | See Notes 10 and 19 for amounts attributable to related parties and affiliates. |
Operating Revenue (Schedule o_3
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail) $ in Millions | Mar. 31, 2020USD ($) |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 19,846 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,222 |
Revenue, expected to be recognized on multi-year contracts, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,562 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,474 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,312 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,187 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 13,089 |
Revenue, expected to be recognized on multi-year contracts, period | |
Virginia Electric and Power Company | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 3 |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 2 |
Revenue, expected to be recognized on multi-year contracts, period | 9 months |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 0 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 0 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 0 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 20,538 |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,336 |
Revenue, expected to be recognized on multi-year contracts, period | 9 months |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,714 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,581 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,395 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 1,242 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 13,270 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Operating Revenue (Schedule o_4
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail1) $ in Millions | Mar. 31, 2020USD ($) |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 19,846 |
Virginia Electric and Power Company | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | 3 |
Dominion Energy Gas Holdings, LLC | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 20,538 |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenues From Contract With Customer [Line Items] | |||
Contract asset balances | $ 26 | $ 28 | |
Contract liability balances | 86 | 123 | |
Revenue recognized from contract liability balances | 105 | $ 85 | |
Dominion Energy Gas Holdings, LLC | |||
Revenues From Contract With Customer [Line Items] | |||
Contract asset balances | 37 | 40 | |
Contract liability balances | 21 | 20 | |
Revenue recognized from contract liability balances | 1 | 25 | |
Virginia Electric and Power Company | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | 23 | $ 24 | |
Revenue recognized from contract liability balances | $ 24 | $ 22 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017 | ||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | 35.00% | |
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 4.40% | 2.20% | ||
Investment tax credits | (4.10%) | (1.50%) | ||
Production tax credits | (0.40%) | (0.80%) | ||
Reversal of excess deferred income taxes | (9.50%) | (5.10%) | ||
Write-off of regulatory assets | (34.10%) | |||
AFUDC - equity | (1.60%) | (1.40%) | ||
Other, net | (2.50%) | (0.60%) | ||
Effective tax rate | 7.30% | (20.30%) | ||
Virginia Electric and Power Company | ||||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | ||
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 4.80% | 4.60% | ||
Investment tax credits | (6.40%) | (3.20%) | ||
Production tax credits | (0.80%) | (1.00%) | ||
Reversal of excess deferred income taxes | (8.10%) | (5.00%) | ||
AFUDC - equity | (0.70%) | |||
Other, net | 0.30% | 0.10% | ||
Effective tax rate | 10.10% | 16.50% | ||
Dominion Energy Gas Holdings, LLC | ||||
Effective Income Tax Computation [Line Items] | ||||
U.S. statutory rate | 21.00% | 21.00% | ||
Increases (reductions) resulting from: | ||||
State taxes, net of federal benefit | 2.90% | 3.40% | ||
Reversal of excess deferred income taxes | (0.70%) | (0.70%) | ||
AFUDC - equity | (0.40%) | (0.50%) | ||
Other, net | [1] | (2.40%) | (3.30%) | |
Effective tax rate | 20.40% | 19.90% | ||
[1] | Includes (2.7)% and (3.6) % relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Noncontrolling Interest Income (Loss), Percent | (2.70%) | (3.60%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2017 | |
Effective Income Tax Computation [Line Items] | ||||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% | |
Net operating losses carryback period | 5 years | |||
Percentage of deductibility of interest expense | 50.00% | |||
SCANA | ||||
Effective Income Tax Computation [Line Items] | ||||
Deferred income tax expense | $ 198 |
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, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to Dominion Energy | $ (270) | $ (680) |
Preferred stock dividends (see Note 16) | (16) | |
Net loss attributable to Dominion Energy – Basic & Diluted | $ (286) | $ (680) |
Average shares of common stock outstanding – Basic & Diluted | 838.2 | 793.1 |
Earnings Per Common Share – Basic & Diluted | $ (0.34) | $ (0.86) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | [1] | $ 31,994 | ||
Total other comprehensive loss | (225) | $ (31) | ||
Ending balance | 30,726 | |||
Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 13,989 | [2] | 13,047 | |
Total other comprehensive loss | (46) | (5) | ||
Ending balance | 13,556 | 12,944 | ||
Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive loss | (84) | (23) | ||
Deferred Gains and Losses on Derivatives-Hedging Activities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (407) | (235) | ||
Other comprehensive income before reclassifications: gains (losses) | (266) | (24) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 22 | (31) | |
Total other comprehensive loss | (244) | (55) | ||
Ending balance | (651) | (290) | ||
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (34) | (13) | ||
Other comprehensive income before reclassifications: gains (losses) | (45) | (7) | ||
Total other comprehensive loss | (45) | (7) | ||
Ending balance | (79) | (20) | ||
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (81) | (25) | ||
Other comprehensive income before reclassifications: gains (losses) | (91) | (27) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 6 | 3 | |
Total other comprehensive loss | (85) | (24) | ||
Less other comprehensive income (loss) attributable to noncontrolling interest | (1) | |||
Ending balance | (166) | (48) | ||
Unrealized Gains and Losses on Investment Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 37 | 2 | ||
Other comprehensive income before reclassifications: gains (losses) | 9 | 16 | ||
Amounts reclassified from AOCI: (gains) losses | [3] | (9) | ||
Total other comprehensive loss | 16 | |||
Ending balance | 37 | 18 | ||
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 5 | 1 | ||
Other comprehensive income before reclassifications: gains (losses) | (2) | 2 | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 1 | ||
Total other comprehensive loss | (1) | 2 | ||
Ending balance | 4 | 3 | ||
Unrecognized Pension and Other Postretirement Benefit Costs | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,421) | (1,465) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 19 | 8 | |
Total other comprehensive loss | 19 | 8 | ||
Ending balance | (1,402) | (1,457) | ||
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (106) | (144) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 1 | 1 | |
Total other comprehensive loss | 1 | 1 | ||
Ending balance | (105) | (143) | ||
Other Comprehensive Loss From Equity Method Investees | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2) | (2) | ||
Ending balance | (2) | (2) | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,793) | (1,700) | ||
Other comprehensive income before reclassifications: gains (losses) | (257) | (8) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 32 | (23) | |
Total other comprehensive loss | (225) | (31) | ||
Ending balance | (2,018) | (1,731) | ||
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (29) | (12) | ||
Other comprehensive income before reclassifications: gains (losses) | (47) | (5) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 1 | ||
Total other comprehensive loss | (46) | (5) | ||
Ending balance | (75) | (17) | ||
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (187) | (169) | ||
Other comprehensive income before reclassifications: gains (losses) | (91) | (27) | ||
Amounts reclassified from AOCI: (gains) losses | [3] | 7 | 4 | |
Total other comprehensive loss | (84) | (23) | ||
Less other comprehensive income (loss) attributable to noncontrolling interest | (1) | |||
Ending balance | $ (271) | $ (191) | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[3] | See table below for details about these reclassifications. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | [1] | $ (4,496) | $ (3,858) |
Purchased gas | 427 | 730 | |
Interest and related charges | 490 | 469 | |
Other income (expense) | 399 | (388) | |
Income from operations before income tax expense | 258 | 563 | |
Income tax expense (benefit) | (19) | 114 | |
Virginia Electric and Power Company | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | [2] | (1,930) | (1,965) |
Interest and related charges | [2] | 126 | 135 |
Other income (expense) | 52 | (37) | |
Income from operations before income tax expense | 311 | (24) | |
Income tax expense (benefit) | (31) | 4 | |
Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | [3] | (556) | (566) |
Purchased gas | [3] | 8 | 12 |
Interest and related charges | [3] | 58 | 87 |
Other income (expense) | [3] | (49) | (42) |
Income tax expense (benefit) | 52 | 43 | |
Income (loss) including noncontrolling interests, net of tax | (202) | (172) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income from operations before income tax expense | 29 | (41) | |
Income tax expense (benefit) | (7) | 10 | |
Income (loss) including noncontrolling interests, net of tax | 22 | (31) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Income from operations before income tax expense | 8 | 3 | |
Income tax expense (benefit) | (2) | ||
Income (loss) including noncontrolling interests, net of tax | 6 | 3 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Commodity contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | (7) | (54) | |
Purchased gas | 3 | (3) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Commodity contracts | Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Operating revenue | (2) | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Interest rate contracts | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest and related charges | 27 | 10 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Interest rate contracts | Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Interest and related charges | 2 | (1) | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Foreign currency | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income (expense) | 6 | 6 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income (expense) | 6 | 6 | |
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Realized (gains) losses on sale of securities | (13) | ||
Income from operations before income tax expense | (13) | ||
Income tax expense (benefit) | 4 | ||
Income (loss) including noncontrolling interests, net of tax | (9) | ||
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | Virginia Electric and Power Company | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Realized (gains) losses on sale of securities | 2 | ||
Income from operations before income tax expense | 2 | ||
Income tax expense (benefit) | (1) | ||
Income (loss) including noncontrolling interests, net of tax | 1 | ||
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income (expense) | (6) | (5) | |
Amortization of actuarial losses | Amounts Reclassified From AOCI | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income (expense) | 30 | 27 | |
Unrecognized pension and other postretirement benefit costs | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrecognized pension and other postretirement benefit costs, before tax | 24 | 22 | |
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) | (5) | (14) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 19 | 8 | |
Unrecognized pension and other postretirement benefit costs | Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Unrecognized pension and other postretirement benefit costs, before tax | 2 | 2 | |
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) | (1) | (1) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 1 | 1 | |
Unrecognized pension and other postretirement benefit costs | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other income (expense) | $ 2 | $ 2 | |
[1] | See Note 10 for amounts attributable to related parties. | ||
[2] | See Note 19 for amounts attributable to affiliates. | ||
[3] | See Note 19 for amounts attributable to related parties. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)$ / MMBTU$ / MWh | Dec. 31, 2019USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 150 | $ 93 | |
Fair Value of Derivative Liabilities | 1,646 | 740 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 51 | 24 | |
Fair Value of Derivative Liabilities | 1,015 | 466 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 5,155 | 5,963 | |
Total liabilities | 1,646 | 740 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 2,361 | 2,748 | |
Total liabilities | 1,015 | 466 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 121 | 74 | |
Fair Value of Derivative Liabilities | 49 | 131 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 51 | 22 | |
Fair Value of Derivative Liabilities | 24 | 103 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 49 | 19 | |
Total liabilities | 6 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 49 | 19 | |
Total liabilities | 6 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 49 | 19 | |
Fair Value of Derivative Liabilities | 6 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 49 | 19 | |
Fair Value of Derivative Liabilities | 6 | $ 56 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 1 | ||
Fair Value of Derivative Liabilities | 4 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 1 | ||
Fair Value of Derivative Liabilities | $ 4 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | $ 48 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | $ 48 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | (2) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 3 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | (1) | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Liabilities | $ 2 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 45.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 45.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 2 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 83.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 83.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 57.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 57.00% | |
[1] | Represents market prices beyond defined terms for Levels 1 and 2. | ||
[2] | Averages weighted by volume. | ||
[3] | Includes basis. | ||
[4] | Represents volatilities unrepresented in published markets. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 150 | $ 93 | |
Derivative Liabilities | 1,646 | 740 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 51 | 24 | |
Derivative Liabilities | 1,015 | 466 | |
Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 207 | 86 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 5,155 | 5,963 | |
Total Liabilities | 1,646 | 740 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,361 | 2,748 | |
Total Liabilities | 1,015 | 466 | |
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 8 | ||
Total Liabilities | 207 | 86 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 3,313 | 4,195 |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,506 | 1,920 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 496 | 463 |
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 285 | 256 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,176 | 1,192 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 519 | 547 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 20 | 20 |
Fair Value, Measurements, Recurring | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 1 | ||
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 121 | 74 | |
Derivative Liabilities | 49 | 131 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 51 | 22 | |
Derivative Liabilities | 24 | 103 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 29 | 11 | |
Derivative Liabilities | 1,580 | 606 | |
Fair Value, Measurements, Recurring | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | ||
Derivative Liabilities | 991 | 363 | |
Fair Value, Measurements, Recurring | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 190 | 83 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 17 | 3 | |
Fair Value, Measurements, Recurring | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 17 | 3 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 3,768 | 4,687 | |
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,668 | 2,106 | |
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] | 3,313 | 4,195 |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 1,506 | 1,920 |
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] | 437 | 473 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 162 | 186 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 18 | 19 |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,338 | 1,257 | |
Total Liabilities | 1,640 | 684 | |
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 644 | 623 | |
Total Liabilities | 1,009 | 410 | |
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 8 | ||
Total Liabilities | 207 | 86 | |
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] | 496 | 463 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 285 | 256 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 739 | 719 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 357 | 361 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 2 | 1 |
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 1 | ||
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 72 | 55 | |
Derivative Liabilities | 43 | 75 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | 3 | |
Derivative Liabilities | 18 | 47 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 29 | 11 | |
Derivative Liabilities | 1,580 | 606 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 2 | ||
Derivative Liabilities | 991 | 363 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liabilities | 190 | 83 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 17 | 3 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 8 | ||
Derivative Liabilities | 17 | 3 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 49 | 19 | |
Total Liabilities | 6 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 49 | 19 | |
Total Liabilities | 6 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 49 | 19 | |
Derivative Liabilities | 6 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 49 | 19 | |
Derivative Liabilities | $ 6 | $ 56 | |
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $277 million and $274 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. | ||
[2] | Includes investments held in the nuclear decommissioning trusts. Excludes $157 million and $159 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 277 | $ 274 |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 157 | $ 159 |
Fair Value Measurements (Net Ch
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | $ (37) | $ 64 |
Total realized and unrealized gains (losses): | ||
Included in regulatory assets/liabilities | 80 | 7 |
Settlements | 22 | (1) |
Purchases | (10) | |
Transfers out of Level 3 | (2) | |
Ending balance | 43 | 53 |
Virginia Electric and Power Company | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning balance | (37) | 60 |
Total realized and unrealized gains (losses): | ||
Included in regulatory assets/liabilities | 80 | 8 |
Settlements | 22 | (5) |
Ending balance | 43 | 59 |
Operating Revenue | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | (1) | |
Electric Fuel and Other Energy-Related Purchases | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | (22) | (4) |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | ||
Total realized and unrealized gains (losses): | ||
Included in earnings | $ (22) | $ (4) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 |
Virginia Electric and Power Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1] | $ 32,984 | $ 32,055 |
Junior subordinated notes | [2] | 4,407 | 4,797 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[3] | 35,685 | 36,155 |
Junior subordinated notes | [2],[3] | 4,381 | 4,953 |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [2] | 12,327 | 12,326 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [2],[3] | 13,998 | 14,281 |
Dominion Energy Gas Holdings, LLC | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [4] | 5,516 | 5,520 |
Dominion Energy Gas Holdings, LLC | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [3],[4] | $ 5,479 | $ 5,738 |
[1] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At March 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively. | ||
[2] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[3] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. | ||
[4] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ 4 | $ 4 |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 148 | $ 91 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 40 | 53 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 34 | 0 | |
Net Amounts | 74 | 38 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 48 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 47 | 3 | |
Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 0 | |
Commodity | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 55 | 35 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 52 | 14 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 48 | 19 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 47 | 1 | |
Commodity | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 64 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 16 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 34 | 0 | |
Net Amounts | 14 | 16 | |
Interest rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 29 | 11 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 21 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 8 | 8 | |
Foreign currency | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 0 | 8 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 0 | |
Foreign currency | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 0 | 2 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 0 | 2 | |
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | $ 0 | $ 0 | |
[1] | Excludes $2 | ||
[2] | Excludes $3 |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 2 | $ 2 |
Virginia Electric and Power Company | ||
Offsetting Assets [Line Items] | ||
Derivative assets, not subject to a master netting or similar arrangement | $ 3 | $ 3 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 1,640 | $ 735 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 40 | 53 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 24 | 35 | |
Net Amounts | 1,576 | 647 | |
Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 995 | 422 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | 0 | |
Net Amounts | 993 | 404 | |
Dominion Energy Gas Holdings, LLC | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | 207 | 86 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 207 | 78 | |
Commodity | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 27 | 105 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 3 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | 0 | |
Net Amounts | 23 | 84 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 4 | 59 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 1 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 1 | 0 | |
Net Amounts | 2 | 41 | |
Commodity | Exchange | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 16 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 16 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 0 | 0 | |
Interest rate | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 1,580 | 606 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 21 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 23 | 35 | |
Net Amounts | 1,536 | 563 | |
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 991 | 363 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 0 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 991 | 363 | |
Interest rate | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | 190 | 83 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 5 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 190 | 78 | |
Foreign currency | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 17 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 17 | 0 | |
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | 17 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 0 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | $ 17 | $ 0 | |
[1] | Excludes $6 | ||
[2] | Excludes $20 |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 6 | $ 5 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 20 | $ 44 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2020 | USD ($)MWhBcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 81 | |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 37 | |
Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | 268 | ||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | 160 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 3,088,875 | ||
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 18,836,472 | ||
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 18,836,472 | ||
Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | gal | [2] | 39,690,000 | |
Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3] | $ 2,450,000,000 | |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3] | 900,000,000 | |
Interest Rate - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3] | $ 250,000,000 | |
Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | [3] | € 0 | |
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | [3] | 0 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 36 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 14 | |
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | 574 | ||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | 536 | ||
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 0 | ||
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 | ||
Liquids - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | gal | [2] | 0 | |
Interest Rate - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3] | $ 5,582,850,761 | |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | 1,150,000,000 | ||
Interest Rate - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | $ | [3] | $ 1,050,000,000 | |
Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | [3] | 250,000,000 | |
Foreign Exchange - Non- Current Derivative Contract | Dominion Energy Gas Holdings, LLC | |||
Derivative [Line Items] | |||
Interest rate / Foreign currency (US Dollars, Euros) | € | [3] | € 250,000,000 | |
[1] | Includes options. | ||
[2] | Includes NGLs. | ||
[3] | Maturity is determined based on final settlement period. |
Derivatives and Hedge Account_8
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (651) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (38) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (79) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (1) |
Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (166) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (12) |
Commodity | Natural Gas | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (2) |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (2) |
Maximum Term | 21 months |
Commodity | Natural Gas Liquids | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 1 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 1 |
Maximum Term | 9 months |
Commodity | Electricity | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ 14 |
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ 14 |
Maximum Term | 9 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (655) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (50) |
Maximum Term | 381 months |
Interest rate | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (79) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 381 months |
Interest rate | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (157) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (11) |
Maximum Term | 297 months |
Foreign currency | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (9) |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 75 months |
Foreign currency | Dominion Energy Gas Holdings, LLC | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (9) |
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 75 months |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Narrative) (Detail) | Mar. 31, 2020USD ($) |
Derivative Instrument Detail [Abstract] | |
Derivative instruments designated in fair value hedges | $ 0 |
Derivatives and Hedge Accoun_10
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Carrying Amount of the Hedged Asset (Liability) | [1] | $ (1,154) | $ (1,154) |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) | [2] | $ (4) | $ (4) |
[1] | Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively. | ||
[2] | Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively. |
Derivatives and Hedge Accoun_11
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Discontinued hedging liability | $ (1.1) | $ (397) |
Hedging adjustments on discontinued hedging relationships | $ (4) | $ 3 |
Derivatives and Hedge Accoun_12
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | ||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [1] | $ 91 | $ 68 | |
Derivative Asset, Noncurrent | [2] | 59 | 25 | |
Derivative Asset | 150 | 93 | ||
Derivative Liabilities, Current | 793 | 408 | [3] | |
Derivative Liabilities, Noncurrent | 853 | 332 | [3] | |
Derivative Liabilities | 1,646 | 740 | ||
Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [4] | 14 | 20 | |
Derivative Asset, Noncurrent | [5] | 37 | 4 | |
Derivative Asset | 51 | 24 | ||
Derivative Liabilities, Current | [6] | 481 | 243 | [7] |
Derivative Liabilities, Noncurrent | [8] | 534 | 223 | |
Derivative Liabilities | 1,015 | 466 | ||
Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | [9] | 8 | ||
Derivative Asset | 8 | |||
Derivative Liabilities, Current | [10] | 69 | 33 | |
Derivative Liabilities, Noncurrent | [11] | 138 | 53 | |
Derivative Liabilities | 207 | 86 | ||
Commodity | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 80 | 67 | ||
Derivative Asset, Noncurrent | 41 | 7 | ||
Derivative Liabilities, Current | 45 | 83 | ||
Derivative Liabilities, Noncurrent | 4 | 48 | ||
Commodity | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 14 | 20 | ||
Derivative Asset, Noncurrent | 37 | 2 | ||
Derivative Liabilities, Current | 23 | 58 | ||
Derivative Liabilities, Noncurrent | 1 | 45 | ||
Interest rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | 1 | ||
Derivative Asset, Noncurrent | 18 | 10 | ||
Derivative Liabilities, Current | 747 | 322 | ||
Derivative Liabilities, Noncurrent | 833 | 284 | ||
Interest rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 2 | |||
Derivative Liabilities, Current | 458 | 185 | ||
Derivative Liabilities, Noncurrent | 533 | 178 | ||
Interest rate | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Liabilities, Current | 68 | 30 | ||
Derivative Liabilities, Noncurrent | 122 | 53 | ||
Foreign currency | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 8 | |||
Derivative Liabilities, Current | 1 | 3 | ||
Derivative Liabilities, Noncurrent | 16 | |||
Foreign currency | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 8 | |||
Derivative Liabilities, Current | 1 | 3 | ||
Derivative Liabilities, Noncurrent | 16 | |||
Designated as Hedging Instrument | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [1] | 31 | ||
Derivative Asset, Noncurrent | [2] | 19 | ||
Derivative Asset | 50 | |||
Derivative Liabilities, Current | 516 | 330 | ||
Derivative Liabilities, Noncurrent | 738 | 268 | ||
Derivative Liabilities | 1,254 | 598 | ||
Designated as Hedging Instrument | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | [5] | 2 | ||
Derivative Asset | 2 | |||
Derivative Liabilities, Current | 458 | 185 | ||
Derivative Liabilities, Noncurrent | [8] | 533 | 178 | |
Derivative Liabilities | 991 | 363 | ||
Designated as Hedging Instrument | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | [9] | 8 | ||
Derivative Asset | 8 | |||
Derivative Liabilities, Current | [10] | 58 | 33 | |
Derivative Liabilities, Noncurrent | [11] | 135 | 53 | |
Derivative Liabilities | 193 | 86 | ||
Designated as Hedging Instrument | Commodity | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 30 | |||
Derivative Asset, Noncurrent | 1 | |||
Derivative Liabilities, Current | 6 | |||
Derivative Liabilities, Noncurrent | 1 | |||
Designated as Hedging Instrument | Interest rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 1 | |||
Derivative Asset, Noncurrent | 10 | |||
Derivative Liabilities, Current | 515 | 321 | ||
Derivative Liabilities, Noncurrent | 722 | 267 | ||
Designated as Hedging Instrument | Interest rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 2 | |||
Derivative Liabilities, Current | 458 | 185 | ||
Derivative Liabilities, Noncurrent | 533 | 178 | ||
Designated as Hedging Instrument | Interest rate | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Liabilities, Current | 57 | 30 | ||
Derivative Liabilities, Noncurrent | 119 | 53 | ||
Designated as Hedging Instrument | Foreign currency | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 8 | |||
Derivative Liabilities, Current | 1 | 3 | ||
Derivative Liabilities, Noncurrent | 16 | |||
Designated as Hedging Instrument | Foreign currency | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 8 | |||
Derivative Liabilities, Current | 1 | 3 | ||
Derivative Liabilities, Noncurrent | 16 | |||
Fair Value - Derivatives not under Hedge Accounting | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [1] | 91 | 37 | |
Derivative Asset, Noncurrent | [2] | 59 | 6 | |
Derivative Asset | 150 | 43 | ||
Derivative Liabilities, Current | 277 | 78 | ||
Derivative Liabilities, Noncurrent | 115 | 64 | ||
Derivative Liabilities | 392 | 142 | ||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [4] | 14 | 20 | |
Derivative Asset, Noncurrent | [5] | 37 | 2 | |
Derivative Asset | 51 | 22 | ||
Derivative Liabilities, Current | 23 | 58 | ||
Derivative Liabilities, Noncurrent | [8] | 1 | 45 | |
Derivative Liabilities | 24 | 103 | ||
Fair Value - Derivatives not under Hedge Accounting | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Liabilities, Current | [10] | 11 | ||
Derivative Liabilities, Noncurrent | [11] | 3 | ||
Derivative Liabilities | 14 | |||
Fair Value - Derivatives not under Hedge Accounting | Commodity | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 80 | 37 | ||
Derivative Asset, Noncurrent | 41 | 6 | ||
Derivative Liabilities, Current | 45 | 77 | ||
Derivative Liabilities, Noncurrent | 4 | 47 | ||
Fair Value - Derivatives not under Hedge Accounting | Commodity | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 14 | 20 | ||
Derivative Asset, Noncurrent | 37 | 2 | ||
Derivative Liabilities, Current | 23 | 58 | ||
Derivative Liabilities, Noncurrent | 1 | 45 | ||
Fair Value - Derivatives not under Hedge Accounting | Interest rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 11 | |||
Derivative Asset, Noncurrent | 18 | |||
Derivative Liabilities, Current | 232 | 1 | ||
Derivative Liabilities, Noncurrent | 111 | $ 17 | ||
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Dominion Energy Gas Holdings, LLC | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Liabilities, Current | 11 | |||
Derivative Liabilities, Noncurrent | $ 3 | |||
[1] | Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets. | |||
[2] | Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets. | |||
[3] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | |||
[5] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | |||
[6] | See Note 19 for amounts attributable to affiliates. | |||
[7] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[8] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | |||
[9] | Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[10] | Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[11] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Derivatives and Hedge Accoun_13
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ (359) | $ (29) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (29) | 41 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | (563) | (84) |
Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3] | (61) | (9) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | (565) | (84) |
Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5] | (123) | (36) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (8) | (3) | |
Commodity | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 66 | |
Amount of Gain (Loss) Reclassified From AOCI to Income | 4 | 57 | |
Commodity | Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5] | (1) | |
Amount of Gain (Loss) Reclassified From AOCI to Income | 2 | ||
Commodity | Net Income from discontinued operations | Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | 2 | ||
Commodity | Operating Revenue | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | 7 | 54 | |
Commodity | Purchased Gas | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Reclassified From AOCI to Income | (3) | 3 | |
Interest rate | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[6] | (336) | (84) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (27) | (10) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[6] | (563) | (84) |
Interest rate | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3],[7] | (61) | (9) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[7] | (565) | (84) |
Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5],[8] | (100) | (24) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [8] | (2) | 1 |
Foreign currency | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[9] | (23) | (11) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [9] | (6) | (6) |
Foreign currency | Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [5],[10] | (23) | (11) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [10] | $ (6) | $ (6) |
[1] | Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||
[3] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||
[4] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||
[5] | Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income. | ||
[6] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. | ||
[7] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. | ||
[8] | Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges | ||
[9] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense). | ||
[10] | Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income. |
Derivatives and Hedge Accoun_14
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, 2020 | Mar. 31, 2019 | ||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ (75) | $ (3) |
Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (65) | (9) |
Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3] | (8) | |
Commodity | Virginia Electric and Power Company | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[4] | (65) | (9) |
Commodity | Operating Revenue | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 65 | 3 |
Commodity | Purchased Gas | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (14) | 3 |
Commodity | Electric Fuel and Other Energy-Related Purchases | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (65) | $ (9) |
Interest rate | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1],[5] | (61) | |
Interest rate | Dominion Energy Gas Holdings, LLC | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | [3] | $ (8) | |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||
[2] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||
[3] | Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges | ||
[4] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. | ||
[5] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges. |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014mi | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018 | Dec. 31, 2019USD ($) | |||
Schedule of Equity Method Investments [Line Items] | |||||||
Cost to acquire equity method investments | $ 184 | ||||||
Contributions to equity method affiliates | 178 | ||||||
Other payables | [1] | 1,414 | $ 1,827 | [2] | |||
Investment in equity method affiliates | 1,886 | 1,646 | [3] | ||||
Revenue | 4,323 | $ 3,631 | |||||
Other receivables | [4] | 248 | 367 | [3] | |||
Dominion Energy Gas Holdings, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Other payables | [5] | 190 | 161 | [6] | |||
Equity in earnings on investments | 15 | 13 | |||||
Investment in equity method affiliates | 312 | 312 | [6] | ||||
Revenue | 555 | 565 | |||||
Other receivables | [5] | 33 | 26 | [6] | |||
Dominion Energy Gas Holdings, LLC | Partnership Interest | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity in earnings on investments | 15 | 13 | |||||
Distributions received from investment | 15 | 15 | |||||
Investment in equity method affiliates | 312 | 312 | |||||
Carrying amount of investment that exceeded share of underlying equity | $ 146 | 146 | |||||
Pivotal LNG | Dominion Energy Gas Holdings, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage acquired | 100.00% | ||||||
Atlantic Coast Pipeline | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Contributions to equity method affiliates | $ 16 | 95 | |||||
Project cost estimates | $ 8,000 | ||||||
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage acquired | 5.00% | ||||||
Percentage ownership in total units | 53.00% | ||||||
Atlantic Coast Pipeline | DETI | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Other payables | $ 5 | 7 | |||||
Revenue | 20 | 31 | |||||
Other receivables | $ 8 | 7 | |||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Length of natural gas pipeline (in miles) | mi | 600 | ||||||
Duration of contract | 20 years | ||||||
JAX LNG LLC | Pivotal LNG | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of interest held | 50.00% | ||||||
Blue Racer | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Additional consideration including interest received in connection with sale | $ 151 | ||||||
Ownership interest percentage of limited partner interests | 50.00% | ||||||
Trading Securities | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Rabbi trust securities | $ 116 | $ 120 | |||||
[1] | See Note 10 for amounts attributable to related parties | ||||||
[2] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||
[3] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date | ||||||
[4] | See Note 10 for amounts attributable to related parties. | ||||||
[5] | See Note 19 for amounts attributable to related parties. | ||||||
[6] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 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, 2020 | Dec. 31, 2019 | |||
Investment Holdings [Line Items] | ||||
Fixed income securities Fair Value | $ 1,747 | |||
Amortized Cost, Total | 3,715 | $ 3,691 | ||
Total Unrealized Gains | 1,784 | 2,523 | ||
Total Unrealized Losses | [1] | (165) | (22) | |
Allowance for Credit Losses, Total | (21) | |||
Fair Value, Total | 5,313 | 6,192 | ||
Fair value of securities in an unrealized loss position | 415 | 298 | ||
Net assets related to pending sales and purchases of securities | 12 | 1 | ||
Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Fair Value | 852 | |||
Amortized Cost, Total | 1,737 | 1,721 | ||
Total Unrealized Gains | 823 | 1,173 | ||
Total Unrealized Losses | [2] | (80) | (13) | |
Allowance for Credit Losses, Total | (12) | |||
Fair Value, Total | 2,468 | 2,881 | ||
Fair value of securities in an unrealized loss position | 241 | 185 | ||
Net assets related to pending sales and purchases of securities | 2 | |||
Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other Amortized Cost | [3] | 13 | ||
Cash equivalents and other Fair Value | [3] | (4) | 13 | |
Common/collective trust funds | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 118 | 115 | |
Fixed income securities Total Unrealized Gains | [4] | 2 | 4 | |
Fixed income securities Allowance for Credit Losses | [4] | (2) | ||
Fixed income securities Fair Value | [4] | 118 | 119 | |
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 49 | 51 | |
Fixed income securities Fair Value | [4] | 49 | 51 | |
Equity securities: | U.S. | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost | [5] | 1,813 | 1,807 | |
Equity securities Total Unrealized Gains | [5] | 1,709 | 2,451 | |
Equity securities Total Unrealized Losses | [5] | (161) | (20) | |
Equity securities Fair Value | [5] | 3,361 | 4,238 | |
Equity securities: | U.S. | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Equity securities Amortized Cost | [5] | 898 | 894 | |
Equity securities Total Unrealized Gains | [5] | 796 | 1,144 | |
Equity securities Total Unrealized Losses | [5] | (80) | (11) | |
Equity securities Fair Value | [5] | 1,614 | 2,027 | |
Corporate debt instruments | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 491 | 434 | |
Fixed income securities Total Unrealized Gains | [4] | 18 | 29 | |
Fixed income securities Allowance for Credit Losses | [4] | (13) | ||
Fixed income securities Fair Value | [4] | 496 | 463 | |
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 284 | 241 | |
Fixed income securities Total Unrealized Gains | [4] | 9 | 15 | |
Fixed income securities Allowance for Credit Losses | [4] | (8) | ||
Fixed income securities Fair Value | [4] | 285 | 256 | |
Government Securities | Fixed Income | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 1,084 | 1,108 | |
Fixed income securities Total Unrealized Gains | [4] | 55 | 39 | |
Fixed income securities Total Unrealized Losses | [4] | (2) | ||
Fixed income securities Allowance for Credit Losses | [4] | (6) | ||
Fixed income securities Fair Value | [4] | 1,133 | 1,145 | |
Government Securities | Fixed Income | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | [4] | 504 | 534 | |
Fixed income securities Total Unrealized Gains | [4] | 18 | 14 | |
Fixed income securities Total Unrealized Losses | [4] | (2) | ||
Fixed income securities Allowance for Credit Losses | [4] | (4) | ||
Fixed income securities Fair Value | [4] | 518 | 546 | |
Insurance Contracts | ||||
Investment Holdings [Line Items] | ||||
Fixed income securities Amortized Cost, Total | 209 | 214 | ||
Fixed income securities Fair Value | 209 | 214 | ||
Cash equivalents and other | Virginia Electric and Power Company | ||||
Investment Holdings [Line Items] | ||||
Cash equivalents and other Amortized Cost | 2 | [6] | 1 | |
Cash equivalents and other Fair Value | $ 2 | [6] | $ 1 | |
[1] | The fair value of securities in an unrealized loss position was $415 million and $298 million | |||
[2] | The fair value of securities in an unrealized loss position was $241 million and $185 million | |||
[3] | Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively | |||
[4] | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income (expense). | |||
[5] | U | |||
[6] | Includes pending sales of securities of $2 million at March 31, 2020. |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Investment Holdings [Line Items] | |||
Net gains (losses) recognized during the period | $ (898) | $ 414 | |
Less: Net (gains) losses recognized during the period on securities sold during the period | 14 | (19) | |
Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 | [1] | (884) | 395 |
Virginia Electric and Power Company | |||
Investment Holdings [Line Items] | |||
Net gains (losses) recognized during the period | (423) | 186 | |
Less: Net (gains) losses recognized during the period on securities sold during the period | 6 | (1) | |
Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 | [1] | $ (417) | $ 185 |
[1] | Included in other income 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, 2020USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 178 |
Due after one year through five years | 430 |
Due after five years through ten years | 389 |
Due after ten years | 750 |
Total | 1,747 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 73 |
Due after one year through five years | 200 |
Due after five years through ten years | 211 |
Due after ten years | 368 |
Total | $ 852 |
Investments (Selected Informati
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | $ 602 | $ 506 | |
Realized gains | [1] | 66 | 43 |
Realized losses | [1] | 69 | 23 |
Virginia Electric and Power Company | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | 294 | 253 | |
Realized gains | [1] | 31 | 10 |
Realized losses | [1] | $ 31 | $ 9 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Property, Plant and Equipment (
Property, Plant and Equipment (Narrative) (Detail) $ in Millions | 1 Months Ended |
Mar. 31, 2020USD ($) | |
Wexpro | Natural Gas Gathering Systems | Colorado, Utah and Wyoming | |
Property Plant And Equipment [Line Items] | |
Payments to acquire existing natural gas gathering systems | $ 38 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | $ 668 | $ 879 | [1] | ||
Regulatory assets-noncurrent | 9,564 | 7,687 | [1] | ||
Total regulatory assets | $ 10,232 | 8,566 | |||
Weighted Average | |||||
Regulatory Assets [Line Items] | |||||
Weighted average useful life | 27 years | ||||
SCANA | |||||
Regulatory Assets [Line Items] | |||||
Electric service customers over period | 20 years | ||||
Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | $ 295 | 433 | [2] | ||
Regulatory assets-noncurrent | 3,724 | 1,863 | [2] | ||
Total regulatory assets | 4,019 | 2,296 | |||
Excess deferred taxes adjusted in charge of operating revenue | 29 | ||||
Excess deferred taxes adjusted in charge of operating revenue net of tax | 22 | ||||
Write off of regulatory asset | 17 | $ 17 | |||
Write off of regulatory asset, after tax | $ 13 | $ 13 | |||
Virginia Electric and Power Company | Weighted Average | |||||
Regulatory Assets [Line Items] | |||||
Weighted average useful life | 26 years | ||||
Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [3] | $ 10 | 8 | ||
Regulatory assets-noncurrent | [4] | 40 | 40 | ||
Total regulatory assets | 50 | 48 | |||
Regulatory assets not expect to earn return | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [5] | 21 | 48 | ||
Regulatory assets not expect to earn return | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [6] | 21 | 48 | ||
Deferred project costs and DSM programs for gas utilities | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [7] | 12 | 21 | ||
Unrecovered gas costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [8] | 31 | 102 | ||
Unrecovered gas costs | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [9] | 4 | 2 | ||
Deferred rate adjustment clause costs for Virginia electric utility | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [10],[11] | 119 | 109 | ||
Regulatory assets-noncurrent | [10],[11],[12] | 353 | 235 | ||
Deferred nuclear refueling outage costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [13] | 52 | 68 | ||
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [13] | 52 | 68 | ||
PJM transmission rates | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [14] | 42 | 121 | ||
Regulatory assets-noncurrent | [14] | 154 | 85 | ||
PJM transmission rates | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [14] | 42 | 121 | ||
Regulatory assets-noncurrent | [14] | 154 | 85 | ||
Other | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 253 | 272 | |||
Regulatory assets-noncurrent | 601 | 582 | |||
Other | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 61 | 87 | |||
Regulatory assets-noncurrent | 130 | 123 | |||
Other | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | 6 | 6 | |||
Regulatory assets-noncurrent | 8 | 8 | |||
NND Project Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [15] | 138 | 138 | ||
Regulatory assets-noncurrent | [15] | 2,468 | 2,503 | ||
Pension and Other Postretirement Benefit Costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [16] | 1,410 | 1,431 | ||
Deferred project costs for gas utilities | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [7] | 560 | 521 | ||
Interest rate hedges | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [17] | 1,319 | 741 | ||
Interest rate hedges | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [18] | 969 | 404 | ||
Interest rate hedges | Dominion Energy Gas Holdings, LLC | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [19] | 32 | 32 | ||
AROs and related funding | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [20] | $ 324 | 311 | ||
Amortization period for deferred costs | 105 years | ||||
Cost of reacquired debt | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [21] | $ 257 | 262 | ||
Amortization period for deferred costs | 26 years | ||||
Ash pond and landfill closure costs | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [22] | $ 2,118 | 1,016 | ||
Regulatory assets expected collection period commencing year | 2021 | ||||
Ash pond and landfill closure costs | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 18 years | ||||
Ash pond and landfill closure costs | Minimum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 15 years | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-noncurrent | [23] | $ 2,118 | 1,016 | ||
Regulatory assets expected collection period commencing year | 2021 | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 18 years | ||||
Ash pond and landfill closure costs | Virginia Electric and Power Company | Minimum | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets amounts expected collection period | 15 years | ||||
Deferred Project Costs | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
Deferred Project Costs | Virginia Electric and Power Company | Maximum | |||||
Regulatory Assets [Line Items] | |||||
Amortization period for deferred costs | 18 months | ||||
Transmission Rate Design For Allocation Of Costs Of Service | FERC-regulated | |||||
Regulatory Assets [Line Items] | |||||
Duration of payment under settlement agreement | 10 years | ||||
Transmission Rate Design For Allocation Of Costs Of Service | Virginia Electric and Power Company | FERC-regulated | |||||
Regulatory Assets [Line Items] | |||||
Duration of payment under settlement agreement | 10 years | ||||
Deferred rate adjustment clause costs | Virginia Electric and Power Company | |||||
Regulatory Assets [Line Items] | |||||
Regulatory assets-current | [10],[24] | $ 119 | 109 | ||
Regulatory assets-noncurrent | [10],[12],[24] | $ 353 | $ 235 | ||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date | ||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[3] | Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[4] | Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets. | ||||
[5] | Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. | ||||
[6] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. | ||||
[7] | Primarily | ||||
[8] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. | ||||
[9] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC. | ||||
[10] | As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers. | ||||
[11] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. | ||||
[12] | During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery. | ||||
[13] | Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months. | ||||
[14] | Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year | ||||
[15] | Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. | ||||
[16] | 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. | ||||
[17] | Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of March 31, 2020. | ||||
[18] | 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 26 years as of March 31, 2020. | ||||
[19] | 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 22 years. | ||||
[20] | Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years. | ||||
[21] | Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of March 31, 2020. | ||||
[22] | Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. | ||||
[23] | Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment | ||||
[24] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 641 | $ 497 | [1] | |
Regulatory liabilities-noncurrent | 10,589 | 11,001 | [1] | |
Total regulatory liabilities | 11,230 | 11,498 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [2] | 181 | 167 | |
Regulatory liabilities-noncurrent | 4,820 | 5,074 | [3] | |
Total regulatory liabilities | 5,001 | 5,241 | ||
Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 38 | 41 | |
Regulatory liabilities-noncurrent | [5] | 804 | 800 | |
Total regulatory liabilities | 842 | 841 | ||
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [6] | 142 | 142 | |
Regulatory liabilities-noncurrent | [6] | 2,329 | 2,302 | |
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 103 | 103 | |
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [8] | 18 | 18 | |
Regulatory liabilities-noncurrent | [8] | 93 | 95 | |
Reserve for refunds and rate credits to electric utility customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [9] | 138 | 143 | |
Regulatory liabilities-noncurrent | [9] | 622 | 656 | |
Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [10] | 48 | 4 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [11] | 138 | 77 | |
Regulatory liabilities-noncurrent | [11] | 5,016 | 5,088 | |
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [12] | 54 | 54 | |
Regulatory liabilities-noncurrent | [12] | 2,441 | 2,438 | |
Income taxes refundable through future rates | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [13] | 556 | 560 | |
Monetization of guarantee settlement | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [14] | 67 | 67 | |
Regulatory liabilities-noncurrent | [14] | 953 | 970 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 108 | 64 | ||
Regulatory liabilities-noncurrent | 362 | 325 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 24 | 10 | ||
Regulatory liabilities-noncurrent | 116 | 81 | ||
Other | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 14 | 15 | ||
Regulatory liabilities-noncurrent | 13 | 12 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [15] | 1,110 | 1,471 | |
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [16] | 1,110 | 1,471 | |
Overrecovered Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [17] | 197 | 189 | |
Overrecovered Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [17] | 142 | 133 | |
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [18] | 75 | 30 | |
Provision For Future Cost Of Removal | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [7] | 1,078 | 1,054 | |
Overrecovered Gas Costs | Dominion Energy Gas Holdings, LLC | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [19] | $ 6 | $ 8 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets. | |||
[3] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[4] | Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[5] | Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. | |||
[6] | Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[7] | Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[8] | Rates charged to customers by Dominion Energy Gas' 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. | |||
[9] | Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. | |||
[10] | Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. | |||
[11] | 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. | |||
[12] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity | |||
[13] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. | |||
[14] | Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. | |||
[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 Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. | |||
[16] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. | |||
[17] | Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. | |||
[18] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. | |||
[19] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC. |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 4,800 |
Period for which expenditures are expected to be recovered | 2 years |
Virginia Electric and Power Company | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 3,400 |
Period for which expenditures are expected to be recovered | 2 years |
Dominion Energy Gas Holdings, LLC | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 48 |
Period for which expenditures are expected to be recovered | 2 years |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2020USD ($)MWGW | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Jan. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Jul. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Jul. 31, 2018USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2008 | Jan. 31, 2019USD ($) | |
Virginia Electric and Power Company | Rider US-3 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Approved cost of project | $ 18 | |||||||||||
Total annual revenue requirement | $ 28 | |||||||||||
East Ohio | Pipeline Infrastructure Replacement Program | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Percentage of pipeline system replaced | 25.00% | |||||||||||
Ohio Regulation | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Contract with customer credits tax reform | $ 600 | |||||||||||
Tax Reform Act's impact on its equity return | $ 19 | |||||||||||
Ohio Regulation | Subsequent Event | East Ohio | Pipeline Infrastructure Replacement Program | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Total annual revenue requirement | $ 218 | |||||||||||
Total estimated cost | 209 | |||||||||||
Total cumulative estimated cost | $ 1,800 | |||||||||||
Virginia Regulation | Virginia Electric and Power Company | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Proposed revenue requirement | $ 1,200 | |||||||||||
Proposed revenue requirement recovered balance | 81 | |||||||||||
Increase (decrease) in revenue requirement | $ (393) | |||||||||||
Virginia Regulation | Virginia Electric and Power Company | GTSA | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Estimated cost of project | $ 816 | $ 68 | ||||||||||
Operations and maintenance expenses | $ 78 | $ 102 | ||||||||||
Proposed cost of project | 503 | |||||||||||
Approved cost of project | 212 | |||||||||||
Virginia Regulation | Virginia Electric and Power Company | Solar Development Project | Rider US-3 | Operating Segments | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Estimated cost of project | $ 146 | |||||||||||
Proposed revenue requirement | $ 9 | |||||||||||
Solar capacity factor when normalized for force majeure events | 22.00% | |||||||||||
Approved annual revenue required | 7 | |||||||||||
Virginia Regulation | Subsequent Event | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources | 100.00% | |||||||||||
Cap on revenue reductions in the first triennial | $ 50 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Target to Reach by End of 2025 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Energy efficiency target percentage. based on energy savings from 2019 baseline | 5.00% | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Solar and Onshore Wind | Target to Reach by End of 2035 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | GW | 16.1 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Utility-scale Solar | Target to Reach by End of 2035 | Maximum | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | GW | 15 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Utility-scale Solar | Target to Reach by End of 2024 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | GW | 3 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Small-scale Solar | Target to Reach by End of 2035 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | GW | 1.1 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Energy Storage | Target to Reach by End of 2035 | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | MW | 2,700 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Offshore Wind Facility | Target to Reach by End of 2035 | Maximum | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | MW | 5,200 | |||||||||||
Constructed by utility capacity | MW | 3,000 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Offshore Wind Facility | Target to Reach by End of 2035 | Minimum | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Constructed by utility capacity | MW | 2,500 | |||||||||||
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Pumped Storage | Target to Reach by End of 2035 | Maximum | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Targeted capacity provided by legislation | MW | 800 | |||||||||||
North Carolina Regulation | Virginia Electric and Power Company | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Percentage of earned return | 7.52% | |||||||||||
Authorized return percentage | 9.90% | |||||||||||
Return of equity percentage | 10.75% | |||||||||||
Approved return on equity percentage | 9.75% | |||||||||||
North Carolina Regulation | Virginia Electric and Power Company | Annual Base Fuel Revenues | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in revenue requirement | $ 24 | $ 27 | ||||||||||
North Carolina Regulation | PSNC | Pipeline Integrity Tracker | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Increase (decrease) in revenue requirement | 7 | |||||||||||
Total annual revenue requirement | 28 | |||||||||||
South Carolina Regulation | Dominion Energy South Carolina Inc | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 40 | |||||||||||
Increase decrease in annual base fuel component recoveries | $ 44 | |||||||||||
Federal Energy Regulatory Commission | Cove Point | Atlantic Coast Pipeline | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Annual cost-of-service, amount | $ 182 | |||||||||||
Federal Energy Regulatory Commission | Cove Point | Supply Header Project | Atlantic Coast Pipeline | ||||||||||||
Public Utilities General Disclosures [Line Items] | ||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 28 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Developments for Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company - Rider US-3 $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-07 |
Approval Date | March 2020 |
Rate Year Beginning | 2020-06 |
Total Revenue Requirement (millions) | $ 28 |
Increase (decrease) in revenue requirement | $ 18 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - Power Purchase Arrangements - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases Disclosure [Line Items] | ||
Rental revenue | $ 32 | $ 29 |
Depreciation expense | $ 23 | $ 23 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)MWGenerator | ||
Virginia Electric and Power Company | ||||
Variable Interest Entity [Line Items] | ||||
Long term debt | $ 12,327 | $ 12,325 | [1] | |
Payables to affiliates | 339 | 210 | [1] | |
Dominion Energy Gas Holdings, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Long term debt | 4,817 | 4,821 | [2] | |
Payables to affiliates | 131 | 82 | [2] | |
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||
Variable Interest Entity [Line Items] | ||||
Securities due within one year | 32 | 31 | ||
Long term debt | 267 | $ 267 | ||
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company | ||||
Variable Interest Entity [Line Items] | ||||
Long term capacity contract non utility generators (generators) | Generator | 1 | |||
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW | 218 | |||
Payment for electric capacity | $ 13 | |||
Payment for electric energy | 1 | |||
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES | ||||
Variable Interest Entity [Line Items] | ||||
Shared services purchased | 93 | 89 | ||
Payables to affiliates | 180 | $ 102 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DECGS | ||||
Variable Interest Entity [Line Items] | ||||
Shared services purchased | 4 | 4 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DEQPS | ||||
Variable Interest Entity [Line Items] | ||||
Shared services purchased | 7 | 8 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DECGS and DEQPS | ||||
Variable Interest Entity [Line Items] | ||||
Payables to affiliates | 22 | 15 | ||
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES | ||||
Variable Interest Entity [Line Items] | ||||
Shared services purchased | 31 | $ 28 | ||
Payables to affiliates | $ 39 | $ 27 | ||
[1] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[2] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_3
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) | Mar. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1] |
Outstanding Commercial Paper | 2,071,000,000 | [1] |
Outstanding Letters of Credit | 86,000,000 | [1] |
Facility Capacity Available | 3,843,000,000 | [1] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [2] |
Outstanding Commercial Paper | 135,000,000 | [2] |
Outstanding Letters of Credit | 9,000,000 | [2] |
Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | [3] |
Outstanding Commercial Paper | 30,000,000 | [3] |
Outstanding Letters of Credit | $ 0 | [3] |
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |
[2] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |
[3] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At |
Significant Financing Transac_4
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) | Mar. 31, 2020USD ($) | |
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] |
Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | [3] |
Letter of Credit | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Letter of Credit | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 2,000,000,000 | |
Letter of Credit | Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | |
Line of Credit | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 1,500,000,000 | |
Line of Credit | Dominion Energy Gas Holdings, LLC | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 750,000,000 | |
[1] | This credit facility matures in March 2023 and can be used by the 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. | |
[2] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | |
[3] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At |
Significant Financing Transac_5
Significant Financing Transactions (Narrative) (Detail) | Jun. 14, 2019USD ($)$ / sharesshares | Jun. 30, 2022shares | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2019USD ($)shares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019USD ($)shares | Dec. 15, 2024$ / shares | Feb. 29, 2020USD ($) | Sep. 30, 2019USD ($) | ||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | [1] | $ 6,000,000,000 | $ 6,000,000,000 | ||||||||||
Short-term debt | 2,190,000,000 | $ 911,000,000 | [2] | 2,190,000,000 | |||||||||
Shares of common stock issued in acquisition, value | $ 6,818,000,000 | ||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | $ (40,000,000) | ||||||||||||
Total Preferred Stock | $ 2,387,000,000 | $ 2,387,000,000 | [2] | $ 2,387,000,000 | |||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 1,020 | ||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Issuance of common stock (in shares) | shares | 0 | ||||||||||||
Maximum | Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Of Stock Authorized Amount | $ 500,000,000 | ||||||||||||
Scenario Forecast | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 1,000 | ||||||||||||
Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Shares of common stock issued in acquisition | shares | 96,000,000 | ||||||||||||
Shares of common stock issued in acquisition, value | $ 6,818,000,000 | ||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | $ 1,181,000,000 | ||||||||||||
Issuance of common stock (in shares) | shares | 1,000,000 | 3,000,000 | |||||||||||
2019 Corporate Units | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Total Long-term Debt | $ 1,600,000,000 | ||||||||||||
Percentage of interest in undivided beneficial ownership | 10.00% | ||||||||||||
Total Preferred Stock | [3] | $ 1,610,000,000 | |||||||||||
Dividend rate percentage | 1.75% | ||||||||||||
Issuance of common stock (in shares) | shares | 16,000,000 | ||||||||||||
2019 Corporate Units | Scenario Forecast | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Shares to be issued under purchase contracts | shares | 21,800,000 | ||||||||||||
2019 Corporate Units | Common Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Purchase price to be paid under stock purchase contracts | $ / shares | $ 100 | ||||||||||||
SCANA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date, Description | The notes would have otherwise matured in May 2021 and February 2022, respectively. | ||||||||||||
Shares of common stock issued in acquisition | shares | 95,600,000 | ||||||||||||
Shares of common stock issued in acquisition, value | $ 6,800,000,000 | ||||||||||||
June 2006 Hybrids | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, amount redeemed | $ 111,000,000 | ||||||||||||
September 2006 Hybrids | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, amount redeemed | $ 286,000,000 | ||||||||||||
June 2006 and September 2006 Hybrids | Interest and Related Charges | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Expenses related to early redemption of hybrids | $ 10,000,000 | ||||||||||||
DESC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | 500,000,000 | 500,000,000 | |||||||||||
Short-term indebtedness outstanding | $ 2,200,000,000 | ||||||||||||
Debt maturity month and year | 2021-03 | ||||||||||||
Questar Gas | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | $ 250,000,000 | $ 250,000,000 | |||||||||||
GESC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Short-term indebtedness outstanding | $ 200,000,000 | ||||||||||||
Debt maturity month and year | 2021-03 | ||||||||||||
Dominion Energy Midstream Partners, LP | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Shares of common stock issued in acquisition | shares | 22,500,000 | ||||||||||||
Shares of common stock issued in acquisition, value | $ 1,600,000,000 | ||||||||||||
Common units conversion ratio | 0.2492 | ||||||||||||
Gain or loss recognized in equity transaction | $ 0 | ||||||||||||
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities | $ 40,000,000 | ||||||||||||
Dominion Energy | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Dividend rate percentage | 2.993% | ||||||||||||
Dominion Energy | Series B Preferred Stock | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Preferred stock shares authorized | shares | 800,000 | ||||||||||||
Total Preferred Stock | $ 791,000,000 | ||||||||||||
Issuance of costs | 9,000,000 | ||||||||||||
Preferred stock liquidation value | $ 1,000 | ||||||||||||
Dividend rate percentage | 4.65% | ||||||||||||
Dividend stock | $ 9,000,000 | ||||||||||||
Dividends Payable, Amount Per Share | $ / shares | $ 11.625 | $ 11.625 | |||||||||||
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | $ 30,000,000 | $ 30,000,000 | |||||||||||
Automatic renewal period | 1 year | ||||||||||||
Short-term debt | 0 | $ 0 | |||||||||||
Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Dominion Solar Projects III, Inc | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | 25,000,000 | $ 25,000,000 | |||||||||||
Automatic renewal period | 1 year | ||||||||||||
Short-term debt | 0 | $ 0 | |||||||||||
Term Loan Credit Agreement | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, outstanding amount | $ 500,000,000 | 500,000,000 | |||||||||||
Debt Instrument, Term | 364 days | ||||||||||||
Term Loan Credit Agreement | Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility, outstanding amount | $ 625,000,000 | ||||||||||||
Debt Instrument, Term | 364 days | ||||||||||||
Floating rate senior notes | SCANA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, amount redeemed | $ 66,000,000 | $ 66,000,000 | |||||||||||
Debt Instrument, Maturity Date, Description | The notes would have otherwise matured in June 2034. | ||||||||||||
Floating rate senior notes | Interest and Related Charges | SCANA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Expenses related to early redemption of hybrids | $ 7,000,000 | ||||||||||||
4.75% Medium Term Notes | SCANA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, amount redeemed | $ 183,000,000 | $ 183,000,000 | |||||||||||
Interest Rate | 4.75% | 4.75% | |||||||||||
4.125% Medium Term Notes | SCANA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt, amount redeemed | $ 155,000,000 | $ 155,000,000 | |||||||||||
Interest Rate | 4.125% | 4.125% | |||||||||||
4.75% and 4.125% Medium Term Notes | Interest and Related Charges | SCANA | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Expenses related to early redemption of hybrids | $ 14,000,000 | ||||||||||||
Senior Notes Due in 2025 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Rate | 3.30% | 3.30% | |||||||||||
Total Long-term Debt | $ 400,000,000 | $ 400,000,000 | |||||||||||
Debt maturity year | 2025 | ||||||||||||
Senior Notes Due in 2025 | Subsequent Event | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Rate | 3.375% | ||||||||||||
Total Long-term Debt | $ 1,500,000,000 | ||||||||||||
Debt maturity year | 2030 | ||||||||||||
Senior Notes Due in 2027 | Senior Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Rate | 3.60% | 3.60% | |||||||||||
Total Long-term Debt | $ 350,000,000 | $ 350,000,000 | |||||||||||
Debt maturity year | 2027 | ||||||||||||
Senior Notes Due in 2030 | PSNC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Rate | 4.05% | 4.05% | |||||||||||
Total Long-term Debt | $ 200,000,000 | $ 200,000,000 | |||||||||||
Debt maturity year | 2030 | ||||||||||||
2.579% Junior Subordinated Notes | Subsequent Event | Unsecured Junior Subordinated Notes | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt maturity month and year | 2020-07 | ||||||||||||
Interest Rate | 2.579% | ||||||||||||
Debt instrument repurchased and canceled amount | $ 7,000,000 | ||||||||||||
Letter of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | $ 2,000,000,000 | 2,000,000,000 | |||||||||||
Letter of Credit | Credit Facility, Maturing in June 2020 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | 21,000,000 | $ 21,000,000 | |||||||||||
Credit facility, outstanding amount | $ 21,000,000 | ||||||||||||
Line of credit facility, termination date | Jun. 30, 2020 | ||||||||||||
364-day Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Facility Limit | 900,000,000 | $ 900,000,000 | |||||||||||
Credit facility, outstanding amount | $ 0 | $ 0 | |||||||||||
Debt Instrument, Term | 364 days | ||||||||||||
364-day Revolving Credit Facility | Subsequent Event | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facility borrowings | $ 225,000,000 | ||||||||||||
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||||||||||||
[2] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||
[3] | Dominion Energy recorded dividends of $ 7 million ($ 4.375 per share) for the three months ended March 31, 2020. |
Significant Financing Transac_6
Significant Financing Transactions (Schedule of Equity Units) (Details) - USD ($) shares in Millions, $ in Millions | Jun. 14, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Capital Unit [Line Items] | |||||
Total Preferred Stock | $ 2,387 | $ 2,387 | [1] | ||
Stock Purchase Contract Liability | $ 192 | $ 212 | |||
2019 Corporate Units | |||||
Capital Unit [Line Items] | |||||
Units Issued | 16 | ||||
Total Net Proceeds | [2] | $ 1,582 | |||
Total Preferred Stock | [3] | $ 1,610 | |||
Cumulative Dividend Rate | 1.75% | ||||
Stock Purchase Contract Annual Rate | 5.50% | ||||
Stock Purchase Contract Liability | [4] | $ 250 | |||
Stock Purchase Contract Settlement Date | Jun. 1, 2022 | ||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets. | ||||
[3] | Dominion Energy recorded dividends of $ 7 million ($ 4.375 per share) for the three months ended March 31, 2020. | ||||
[4] | Payments of $20 million were made during the first quarter of 2020. The stock purchase contract liability was $192 million and $212 million at March 31, 2020 and December 31, 2019, respectively. |
Significant Financing Transac_7
Significant Financing Transactions (Schedule of Equity Units) (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 14, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Capital Unit [Line Items] | |||
Issuance costs | $ 28 | ||
Corporate units stock purchase contract liability payments | $ 20 | ||
Stock Purchase Contract Liability | 192 | $ 212 | |
Preferred Stock | |||
Capital Unit [Line Items] | |||
Issuance costs | 14 | ||
Recorded dividend | $ 7 | ||
Dividends Payable, Amount Per Share | $ 4.375 | ||
Common Stock | |||
Capital Unit [Line Items] | |||
Issuance costs | $ 14 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($) | May 31, 2019T | Feb. 28, 2019USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2017Petition | Aug. 31, 2016T | Mar. 31, 2020USD ($)FacilityIndicatorsitegal | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Loss Contingencies [Line Items] | ||||||||||||||||
Impairment of assets and other charges | $ 768 | $ 835 | ||||||||||||||
Property, plant and equipment, net | $ 67,396 | $ 69,082 | [1] | 67,396 | $ 69,082 | [1] | ||||||||||
Common Stock | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Litigation settlement, benefit fund | 320 | |||||||||||||||
DESC Ratepayer Case | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Litigation settlement, benefit fund | 520 | |||||||||||||||
SCANA | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Reserves | 560 | 696 | 560 | 696 | ||||||||||||
Other expense | 25 | |||||||||||||||
Other expense, after tax | 25 | |||||||||||||||
Impairment of assets and other charges | 178 | |||||||||||||||
Impairment of assets and other charges, after tax | 133 | |||||||||||||||
Escrow account | 160 | 160 | ||||||||||||||
Litigation settlement, amount received from SCANA | 192.5 | |||||||||||||||
SCANA | Subsequent Event | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Payment for civil monetary penalty from SCANA | $ 25 | |||||||||||||||
SCANA | DESC Ratepayer Case | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Escrow account | $ 2,000 | |||||||||||||||
Credit in future electric rate relief | 2,000 | |||||||||||||||
Cash payment | $ 117 | 115 | ||||||||||||||
Property, plant and equipment, net | $ 54 | |||||||||||||||
SCANA | Other Receivables | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Insurance receivables | 6 | 111 | 6 | 111 | ||||||||||||
DESC | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Contesting amount for filed liens in Fairfield country | $ 285 | |||||||||||||||
DESC | SCDOR | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Proposed assessment amount from audit | $ 410 | |||||||||||||||
Proportional share of NND project | 100.00% | |||||||||||||||
DESC | SOUTH CAROLINA | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Amount claimed by plaintiffs in legal matter | $ 100 | |||||||||||||||
Percentage claimed by plaintiffs in legal matter | 100.00% | |||||||||||||||
SCANA and DESC | Subsequent Event | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Disgorgement and prejudgment interest total, amount | $ 112.5 | |||||||||||||||
Minimum | SCANA | DESC Ratepayer Case | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Proceeds from sale of property | 60 | |||||||||||||||
Maximum | SCANA | Common Stock | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Litigation settlement amount through stock issuance | 32.5 | |||||||||||||||
Maximum | SCANA | DESC Ratepayer Case | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Proceeds from sale of property | $ 85 | |||||||||||||||
Virginia Electric and Power Company | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Impairment of assets and other charges | 764 | $ 546 | ||||||||||||||
Property, plant and equipment, net | $ 31,012 | $ 32,882 | [2] | $ 31,012 | 32,882 | [2] | ||||||||||
DESC | NND Project Costs | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Percentage ownership in total units | 55.00% | 55.00% | ||||||||||||||
Unfavorable Regulatory Action | VDEQ | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Significant emission rate initial carbon cap | T | 28,000,000 | |||||||||||||||
Significant emission rate carbon cap reduction percentage per year | 3.00% | |||||||||||||||
Significant emission rate ultimate carbon cap | T | 19,600,000 | |||||||||||||||
Unfavorable Regulatory Action | EPA | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | |||||||||||||||
Carbon Regulations | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Significant emission rate per rear 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 may be subject to final regulations | Facility | 13 | |||||||||||||||
CWA | Unfavorable Regulatory Action | Minimum | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Electric generating stations with water withdrawals per day | gal | 2,000,000 | |||||||||||||||
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of facilities that may be subject to final regulations | Facility | 7 | |||||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of separate petitions for reconsideration granted | Petition | 2 | |||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of sites remediation work substantially completed | site | 11 | |||||||||||||||
Number of sites with remediation plans | site | 3 | |||||||||||||||
Number of sites with an updated work plan | site | 1 | |||||||||||||||
Updated work plan, cost increase | $ 8 | |||||||||||||||
Number of additional sites which are not under investigation | site | 13 | |||||||||||||||
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 | $ 34 | 34 | ||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of sites with remediation plans | site | 1 | |||||||||||||||
Number of additional sites which are not under investigation | site | 2 | |||||||||||||||
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | Former Gas Plant Site With Post Closure Groundwater Monitoring Program | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Environmental remediation reserves | $ 16 | $ 16 | ||||||||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date | |||||||||||||||
[2] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Commitments and Contingencies_3
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | ||
Guarantee Obligations [Line Items] | |||||
Debt maximum borrowing capacity | [1] | $ 6,000,000,000 | $ 6,000,000,000 | ||
Cumulative-effect of changes in accounting principles | (48,000,000) | ||||
Maximum Exposure | [2] | 5,212,000,000 | 5,212,000,000 | ||
Commodity Transactions | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [3] | 2,226,000,000 | 2,226,000,000 | ||
Nuclear Obligations | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [4] | 204,000,000 | 204,000,000 | ||
Cove Point | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [5] | 1,900,000,000 | 1,900,000,000 | ||
Virginia Electric and Power Company | |||||
Guarantee Obligations [Line Items] | |||||
Debt maximum borrowing capacity | [6] | 6,000,000,000 | 6,000,000,000 | ||
Dominion Energy Gas Holdings, LLC | |||||
Guarantee Obligations [Line Items] | |||||
Debt maximum borrowing capacity | [7] | 1,500,000,000 | 1,500,000,000 | ||
Financial Guarantee | Equity Method Investee | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 27,000,000 | 27,000,000 | |||
Financial Guarantee | Revolving Credit Facility | Atlantic Coast Pipeline | |||||
Guarantee Obligations [Line Items] | |||||
Debt maximum borrowing capacity | $ 3,400,000,000 | $ 3,400,000,000 | |||
Percentage of ownership interest acquired | 5.00% | 5.00% | |||
Maximum potential loss exposure, guarantee percentage | 53.00% | 48.00% | |||
Guarantee liability | $ 60,000,000 | $ 60,000,000 | $ 14,000,000 | ||
Guarantee recorded amount | 1,800,000,000 | 1,800,000,000 | |||
Cumulative-effect of changes in accounting principles | (48,000,000) | ||||
Financial Guarantee | Scenario Forecast | Atlantic Coast Pipeline | Equity Method Investee | |||||
Guarantee Obligations [Line Items] | |||||
Additional borrowing | $ 32,000,000 | ||||
Solar | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [8] | 434,000,000 | 434,000,000 | ||
Other | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | [9] | 448,000,000 | 448,000,000 | ||
Surety Bond | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 164,000,000 | 164,000,000 | |||
Surety Bond | Virginia Electric and Power Company | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 79,000,000 | 79,000,000 | |||
Surety Bond | Dominion Energy Gas Holdings, LLC | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | 27,000,000 | 27,000,000 | |||
Financial Standby Letter of Credit | |||||
Guarantee Obligations [Line Items] | |||||
Maximum Exposure | $ 86,000,000 | $ 86,000,000 | |||
[1] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||||
[2] | Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. | ||||
[3] | Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. | ||||
[4] | Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. | ||||
[5] | Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount. | ||||
[6] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||||
[7] | A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At | ||||
[8] | Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | ||||
[9] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2020USD ($)counterparty | Mar. 31, 2019 | Dec. 31, 2019USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | $ 172,000,000 | ||
Additional collateral to be posted if the credit related contingent features were triggered | 14,000,000 | $ 10,000,000 | |
Collateral derivatives with credit-related contingent provision in a liability position | 4,000,000 | 0 | |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 18,000,000 | 10,000,000 | |
Virginia Electric and Power Company | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | 65,000,000 | ||
Additional collateral to be posted if the credit related contingent features were triggered | 2,000,000 | $ 8,000,000 | |
Wholesale Customers | Dominion Energy Gas Holdings, LLC | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | 45,000,000 | ||
Credit Concentration Risk | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | $ 55,000,000 | ||
Number of counterparties | counterparty | 0 | ||
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | $ 12,000,000 | ||
Number of counterparties | counterparty | 0 | ||
Credit Concentration Risk | Wholesale Customers | Sales Revenue, Net | Virginia Electric and Power Company | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Gross credit exposure | $ 55,000,000 | ||
Number of counterparties | counterparty | 0 | ||
Credit Concentration Risk | Export Customers | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 33.00% | 32.00% | |
Credit Concentration Risk | Largest Customer | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 17.00% | 17.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 95.00% | ||
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 100.00% | ||
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC | |||
Concentration Risk and Guarantor Obligations [Line Items] | |||
Concentration risk, percentage (percentage) | 92.00% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) shares in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |||
Related Party Transaction [Line Items] | |||||
Derivative Asset | $ 150,000,000 | $ 93,000,000 | |||
Derivative Liabilities | 1,646,000,000 | 740,000,000 | |||
DCP | IRCA | |||||
Related Party Transaction [Line Items] | |||||
Interest charges related to others | $ 29,000,000 | ||||
Virginia Electric and Power Company | |||||
Related Party Transaction [Line Items] | |||||
Derivative Asset | 51,000,000 | 24,000,000 | |||
Derivative Liabilities | 1,015,000,000 | 466,000,000 | |||
Payable to affiliates | [1] | 107,000,000 | |||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | 0 | |||
Issuance of common stock to Dominion | 0 | 0 | |||
Affiliated receivables | $ 3,000,000 | 27,000,000 | [1] | ||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to Dominion, noncurrent | 810,000,000 | 782,000,000 | |||
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from Dominion, noncurrent | 303,000,000 | 287,000,000 | |||
Virginia Electric and Power Company | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Derivative Asset | 2,000,000 | 3,000,000 | |||
Derivative Liabilities | 20,000,000 | 53,000,000 | |||
Virginia Electric and Power Company | Principal Owner | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | 0 | 107,000,000 | |||
Dominion Energy Gas Holdings, LLC | |||||
Related Party Transaction [Line Items] | |||||
Derivative Asset | 8,000,000 | ||||
Derivative Liabilities | 207,000,000 | 86,000,000 | |||
Payable to affiliates | 256,000,000 | 260,000,000 | [2] | ||
Affiliated receivables | 87,000,000 | 362,000,000 | [2] | ||
Merger and integration-related costs | 37,000,000 | $ 46,000,000 | |||
Dominion Energy Gas Holdings, LLC | IRCA | Revolving Credit Facility | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | 256,000,000 | 251,000,000 | |||
Dominion Energy Gas Holdings, LLC | IRCA | Maximum | Revolving Credit Facility | |||||
Related Party Transaction [Line Items] | |||||
Interest charges related to others | 1,000,000 | 1,000,000 | |||
Dominion Energy Gas Holdings, LLC | DCP | Revolving Credit Facility | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | 9,000,000 | ||||
Interest charges related to others | 1,000,000 | 1,000,000 | |||
Dominion Energy Gas Holdings, LLC | Commercial Paper | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | 1,800,000,000 | 1,800,000,000 | |||
Affiliated receivables | 262,000,000 | 0 | |||
Interest income | 11,000,000 | ||||
Dominion Energy Gas Holdings, LLC | Commercial Paper | East Ohio and DGP | IRCA | |||||
Related Party Transaction [Line Items] | |||||
Interest income | 5,000,000 | ||||
Dominion Energy Gas Holdings, LLC | Amounts Associated with the Dominion Pension Plan | Other Deferred Charges and Other Assets | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from Dominion, noncurrent | 331,000,000 | 326,000,000 | |||
Dominion Energy Gas Holdings, LLC | Amounts Associated with the Dominion Retiree Health and Welfare Plan | Other Deferred Charges and Other Assets | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from Dominion, noncurrent | 19,000,000 | 17,000,000 | |||
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Unbilled Revenues [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from Dominion, noncurrent | 21,000,000 | 22,000,000 | |||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | Commodity | |||||
Related Party Transaction [Line Items] | |||||
Derivative Asset | 0 | 0 | |||
Derivative Liabilities | 0 | 0 | |||
Cove Point | Commercial Paper | Term Loan Credit Agreement | |||||
Related Party Transaction [Line Items] | |||||
Interest income | 27,000,000 | ||||
East Ohio | Commercial Paper | |||||
Related Party Transaction [Line Items] | |||||
Affiliated receivables | 1,700,000,000 | $ 1,700,000,000 | |||
Interest income | $ 18,000,000 | ||||
Dominion Energy Midstream Partners, LP | Commercial Paper | Term Loan Credit Agreement | |||||
Related Party Transaction [Line Items] | |||||
Payable to affiliates | 395,000,000 | ||||
Interest charges related to others | 2,000,000 | ||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||
Debt maturity year | 2022 | ||||
[1] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||
[2] | Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Virginia Electric and Power Company | ||||
Related Party Transaction [Line Items] | ||||
Commodity purchases from affiliates | $ 211 | $ 272 | ||
Services provided by affiliates | [1] | 121 | 119 | |
Virginia Electric and Power Company | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related parties | 5 | 6 | ||
Dominion Energy Gas Holdings, LLC | ||||
Related Party Transaction [Line Items] | ||||
Commodity purchases from affiliates | 64 | 67 | ||
Services provided by affiliates | [2] | 43 | 45 | |
Services provided to related parties | [3] | 32 | $ 45 | |
Other receivables | [4] | 8 | $ 7 | |
Other deferred charges and other assets | 11 | 12 | ||
Dominion Energy Gas Holdings, LLC | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Services provided to related parties | 3 | |||
Imbalances receivable from affiliates | 8 | |||
Imbalances payable to affiliates | [5] | $ 2 | $ 1 | |
[1] | Includes capitalized expenditures of | |||
[2] | Includes capitalized expenditures of $3 million and $6 million for the three months ended March 31, 2020 and 2019, respectively. | |||
[3] | Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE. | |||
[4] | Represents amounts due from Atlantic Coast Pipeline, a related-party VIE. | |||
[5] | Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 1,462 | $ 1,002 |
Virginia Electric and Power Company | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 764 | 563 |
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 34 | 33 |
Dominion Energy Gas Holdings, LLC | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 76 | 150 |
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | $ 3 | $ 6 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 43 | $ 40 |
Interest cost | 91 | 101 |
Expected return on plan assets | (193) | (177) |
Amortization of net actuarial loss | 49 | 39 |
Settlements | 2 | |
Net periodic benefit cost (credit) | (10) | 5 |
Pension Benefits | Dominion Energy Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 4 |
Interest cost | 3 | 8 |
Expected return on plan assets | (14) | (39) |
Amortization of prior service credit | 0 | 0 |
Amortization of net actuarial loss | 2 | 5 |
Net periodic benefit cost (credit) | (8) | (22) |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 7 |
Interest cost | 15 | 17 |
Expected return on plan assets | (39) | (33) |
Amortization of prior service credit | (12) | (13) |
Amortization of net actuarial loss | 1 | 4 |
Net periodic benefit cost (credit) | (28) | (18) |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | 1 |
Interest cost | 1 | 3 |
Expected return on plan assets | (5) | (7) |
Amortization of prior service credit | (1) | (1) |
Amortization of net actuarial loss | 0 | 1 |
Net periodic benefit cost (credit) | $ (4) | $ (3) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions to qualified defined benefit pension plans and OPEB plans | $ 0 |
Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Contributions to qualified defined benefit pension plans and OPEB plans | 0 |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 | 0 |
Pension Benefits | Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 | 0 |
Other Postretirement Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 | 12,000,000 |
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 | $ 12,000,000 |
Operating Segments (Narrative)
Operating Segments (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ (225) | $ (31) | |
SCANA | |||
Segment Reporting Information [Line Items] | |||
Litigation settlement expense | $ 192.5 | ||
Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Asset early retirement expense after tax | 119 | ||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | (46) | (5) | |
Benefit from revision of future closure costs | 113 | ||
Benefit from revision of future closure costs, after tax | 84 | ||
Asset early retirement expense | 160 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
After- tax net expenses | 1,000 | 1,300 | |
Gain loss on investments held in nuclear decommissioning trust funds | 538 | ||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 410 | 197 | |
Operating Segments | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
After- tax net expenses | 634 | 324 | |
Asset early retirement expense after tax | 561 | 275 | |
Gain loss on investments held in nuclear decommissioning trust funds | 62 | ||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 46 | ||
Asset early retirement expense | 754 | 369 | |
Operating revenue recorded charge | 29 | ||
Operating revenue recorded charge, after tax | 22 | ||
Corporate and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
After- tax net expenses | 1,200 | 1,600 | |
Corporate and Other | Operating Segments | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
After- tax net expenses | 700 | 344 | |
Dominion Energy South Carolina Inc | |||
Segment Reporting Information [Line Items] | |||
Charge for refund of amounts from customers | 1,000 | ||
Charge for refund of amounts from customers, after tax | 756 | ||
Dominion Energy South Carolina Inc | SCANA | |||
Segment Reporting Information [Line Items] | |||
Tax benefit resulting from re-measurement of deferred income taxes as a result of the 2017 Tax Reform Act | 198 | ||
Income tax related to regulatory assets acquired | 264 | ||
Litigation settlement expense | 178 | ||
Litigation settlement expense, after tax | 133 | ||
Merger and integration-related costs | 106 | ||
Merger and integration-related costs, after tax | 81 | ||
Charge for property, plant and equipment acquired but committed to forgo recovery | 105 | ||
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax | 79 | ||
Dominion Energy Virginia | Virginia Electric and Power Company | Virginia Legislation | |||
Segment Reporting Information [Line Items] | |||
Benefit from revision of future closure costs | 113 | ||
Benefit from revision of future closure costs, after tax | 84 | ||
Dominion Energy Virginia | Virginia Electric and Power Company | Automated Meter Reading Program | |||
Segment Reporting Information [Line Items] | |||
Asset early retirement expense | 160 | ||
Asset early retirement expense after tax | 119 | ||
Dominion Energy Virginia | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gain loss on investments held in nuclear decommissioning trust funds | 253 | ||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 46 | 22 | |
Dominion Energy Virginia | Operating Segments | Virginia Electric and Power Company | Electric Generation Facilities | |||
Segment Reporting Information [Line Items] | |||
Asset early retirement expense | 754 | 369 | |
Asset early retirement expense after tax | 566 | 275 | |
Contracted Generation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ 364 | $ 175 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenue | [1] | $ 4,496 | $ 3,858 |
Net income (loss) | (270) | (680) | |
Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | [2] | 1,930 | 1,965 |
Net income (loss) | (280) | 20 | |
Dominion Energy Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | [3] | 556 | 566 |
Net income (loss) | 169 | 190 | |
Net Income from discontinued operations | 54 | ||
Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (341) | (334) | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 4,496 | 3,858 | |
Adjustments&Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (33) | ||
Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (341) | (367) | |
Dominion Energy Virginia | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,938 | 2,001 | |
Net income (loss) | 429 | 361 | |
Dominion Energy Virginia | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,930 | 1,994 | |
Net income (loss) | 427 | 358 | |
Dominion Energy Virginia | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | (3) | (4) | |
Dominion Energy Virginia | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1,935 | 1,997 | |
Gas, Transmission & Storage | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 644 | 984 | |
Net income (loss) | 221 | 222 | |
Gas, Transmission & Storage | Dominion Energy Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 556 | 566 | |
Net income (loss) | 174 | 138 | |
Net Income from discontinued operations | 0 | ||
Gas, Transmission & Storage | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 57 | 54 | |
Gas, Transmission & Storage | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 701 | 1,038 | |
Distribution | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 887 | 917 | |
Net income (loss) | 225 | 205 | |
Distribution | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 3 | 4 | |
Distribution | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 890 | 921 | |
Dominion Energy South Carolina | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 713 | 689 | |
Net income (loss) | 94 | 71 | |
Dominion Energy South Carolina | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 1 | ||
Dominion Energy South Carolina | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 714 | 689 | |
Contracted Generation | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 286 | 352 | |
Net income (loss) | 59 | 102 | |
Contracted Generation | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 4 | 3 | |
Contracted Generation | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 290 | 355 | |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 28 | (1,052) | |
Net income (loss) | (1,298) | (1,641) | |
Corporate and Other | Virginia Electric and Power Company | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | (29) | |
Net income (loss) | (707) | (338) | |
Corporate and Other | Dominion Energy Gas Holdings, LLC | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 0 | 0 | |
Net income (loss) | (5) | 52 | |
Net Income from discontinued operations | 54 | ||
Corporate and Other | Intersegment revenue | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | 279 | 277 | |
Corporate and Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Operating Revenue | $ 307 | $ (775) | |
[1] | See Note 10 for amounts attributable to related parties. | ||
[2] | See Note 19 for amounts attributable to affiliates. | ||
[3] | See Note 19 for amounts attributable to related parties. |