Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 16, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | 815,819,095 | |
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 | |
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 | |
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 | |
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 | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Operating Revenue | $ 3,607 | $ 3,782 | $ 10,651 | $ 10,506 | |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | 594 | 769 | 1,758 | 2,250 | |
Purchased (excess) electric capacity | 23 | 11 | 36 | 74 | |
Purchased (excess) gas | 37 | 158 | 561 | 1,120 | |
Other operations and maintenance | 977 | 867 | 2,720 | 2,824 | |
Depreciation, depletion and amortization | 595 | 586 | 1,751 | 1,713 | |
Other taxes | 203 | 202 | 663 | 698 | |
Impairment of assets and other charges | 1,151 | 85 | 1,963 | 1,219 | |
Total operating expenses | 3,580 | 2,678 | 9,452 | 9,898 | |
Income from operations | 27 | 1,104 | 1,199 | 608 | |
Other income | 281 | 129 | 327 | 526 | |
Interest and related charges | 306 | 370 | 1,136 | 1,133 | |
Income from continuing operations including noncontrolling interest before income tax expense (benefit) | 2 | 863 | 390 | 1 | |
Income tax expense (benefit) | (110) | (84) | (123) | 161 | |
Net Income (Loss) From Continuing Operations Including Noncontrolling Interest | 112 | 947 | 513 | (160) | |
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest | [1],[2] | 19 | 38 | (1,753) | 526 |
Net Income (Loss) Including Noncontrolling Interest | 131 | 985 | (1,240) | 366 | |
Noncontrolling Interest | (225) | 10 | (157) | 17 | |
Net Income (Loss) | 356 | 975 | (1,083) | 349 | |
Amounts attributable to Dominion Energy | |||||
Net Income (Loss) from continuing operations | 369 | 937 | 767 | (171) | |
Net Income (Loss) from discontinued operations | $ (13) | $ 38 | $ (1,850) | $ 520 | |
EPS - Basic | |||||
Net Income (Loss) from continuing operations | $ 0.42 | $ 1.14 | $ 0.86 | $ (0.22) | |
Net Income (Loss) from discontinued operations | (0.01) | 0.05 | (2.21) | 0.64 | |
Net Income (Loss) attributable to Dominion Energy | 0.41 | 1.19 | (1.35) | 0.42 | |
EPS - Diluted | |||||
Net Income (Loss) from continuing operations | 0.42 | 1.12 | 0.83 | (0.22) | |
Net Income (Loss) from discontinued operations | (0.01) | 0.05 | (2.21) | 0.64 | |
Net Income (Loss) attributable to Dominion Energy | $ 0.41 | $ 1.17 | $ (1.38) | $ 0.42 | |
Virginia Electric and Power Company | |||||
Operating Revenue | [3] | $ 2,248 | $ 2,264 | $ 5,983 | $ 6,167 |
Operating Expenses | |||||
Electric fuel and other energy-related purchases | [3] | 424 | 559 | 1,282 | 1,691 |
Purchased (excess) electric capacity | 3 | (1) | (14) | 45 | |
Affiliated suppliers | 69 | 74 | 236 | 287 | |
Other operations and maintenance | 456 | 379 | 1,083 | 1,010 | |
Depreciation, depletion and amortization | 324 | 313 | 942 | 916 | |
Other taxes | 85 | 82 | 257 | 257 | |
Impairment of assets and other charges | 200 | 38 | 1,008 | 781 | |
Total operating expenses | 1,561 | 1,444 | 4,794 | 4,987 | |
Income from operations | 687 | 820 | 1,189 | 1,180 | |
Other income | 34 | 15 | 34 | 68 | |
Interest and related charges | [3] | 135 | 138 | 398 | 408 |
Income before income tax expense | 586 | 697 | 825 | 840 | |
Income tax expense (benefit) | 111 | 95 | 140 | 118 | |
Net Income (Loss) | $ 475 | $ 602 | $ 685 | $ 722 | |
[1] | Includes income tax expense (benefit) of $(10) million and $136 million for the three months ended September 30, 2020 and 2019, respectively and $(572) million and $47 million for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[2] | See Note 10 for amounts attributable to related parties. | ||||
[3] | See Note 19 for amounts attributable to affiliates. |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Income tax expense (benefit) from discontinued operations | $ (10) | $ 136 | $ (572) | $ 47 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Net income (loss) including noncontrolling interest | $ 131 | $ 985 | $ (1,240) | $ 366 | |
Net income (loss) | 356 | 975 | (1,083) | 349 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [1] | 10 | (107) | (254) | (209) |
Changes in unrealized net gains (losses) on investment securities | [2] | 4 | 8 | 32 | 37 |
Changes in net unrecognized pension and other postretirement benefit costs | [3] | (261) | (4) | (262) | 109 |
Amounts reclassified to net income (loss): | |||||
Net derivative (gains) losses-hedging activities | [4] | 188 | (6) | 215 | (58) |
Net realized (gains) losses on investment securities | [5] | (1) | (4) | (15) | (5) |
Net pension and other postretirement benefit costs | [6] | 23 | 20 | 60 | 50 |
Changes in other comprehensive income from equity method investees | [7] | 1 | (1) | 1 | (1) |
Total other comprehensive income (loss) | (36) | (94) | (223) | (77) | |
Comprehensive income (loss) including noncontrolling interest | 95 | 891 | (1,463) | 289 | |
Comprehensive income (loss) attributable to noncontrolling interests | (225) | 10 | (157) | 17 | |
Comprehensive income (loss) attributable to Dominion Energy | 320 | 881 | (1,306) | 272 | |
Virginia Electric and Power Company | |||||
Net income (loss) | 475 | 602 | 685 | 722 | |
Other comprehensive income (loss), net of taxes: | |||||
Net deferred gains (losses) on derivatives-hedging activities | [8] | 5 | (16) | (39) | (34) |
Changes in unrealized net gains (losses) on investment securities | [9] | 0 | 1 | 4 | 5 |
Amounts reclassified to net income (loss): | |||||
Net derivative (gains) losses-hedging activities | [10] | 1 | 0 | 1 | 1 |
Net realized (gains) losses on investment securities | [11] | (1) | 0 | (2) | (1) |
Total other comprehensive income (loss) | 5 | (15) | (36) | (29) | |
Comprehensive income (loss) attributable to Dominion Energy | $ 480 | $ 587 | $ 649 | $ 693 | |
[1] | Net of $(4) million and $37 million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $85 million and $69 million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[2] | Net of $(2) million and $(2) million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $(12) million and $(13) million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[3] | Net of $91 million and $4 million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $94 million and $(45) million tax for the nine months ended September 30, 2020 and 2019, respectively . | ||||
[4] | Net of $(63) million and $1 million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $(72) million and $19 million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[5] | Net of $2 million and $1 million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $6 million and $1 million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[6] | Net of $(8) million and $(6) million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $(21) million and $(17) million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[7] | Net of $(1) million and $— million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $(1) million and $— million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[8] | Net of $(1) million and $5 million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $14 million and $11 million tax for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[9] | Net of $(1) million and $(1) million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $(2) million | ||||
[10] | Net of $— million and $— | ||||
[11] | Net of $— million and $1 million tax for the three months ended September 30, 2020 and 2019, respectively, and net of $1 million and $1 million tax for the nine months ended September 30, 2020 and 2019, respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net deferred losses on derivative-hedging activities, tax | $ (4) | $ 37 | $ 85 | $ 69 |
Changes in unrealized net gains (losses) on investment securities, tax | (2) | (2) | (12) | (13) |
Changes in net unrecognized pension and other postretirement benefit costs, tax | 91 | 4 | 94 | (45) |
Net derivative (gains) losses-hedging activities, tax | (63) | 1 | (72) | 19 |
Net realized (gains) losses on investment securities, tax | 2 | 1 | 6 | 1 |
Net pension and other postretirement benefit costs, tax | (8) | (6) | (21) | (17) |
Changes in other comprehensive income from equity method investees, tax | (1) | 0 | (1) | 0 |
Virginia Electric and Power Company | ||||
Net deferred losses on derivative-hedging activities, tax | (1) | 5 | 14 | 11 |
Changes in unrealized net gains (losses) on investment securities, tax | (1) | (1) | (2) | (2) |
Net derivative (gains) losses-hedging activities, tax | 0 | 0 | (1) | 0 |
Net realized (gains) losses on investment securities, tax | $ 0 | $ 1 | $ 1 | $ 1 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | ||
Current Assets | ||||
Cash and cash equivalents | $ 413 | $ 135 | [1] | |
Customer receivables (less allowance for doubtful accounts) | 2,002 | 2,085 | [1] | |
Other receivables (less allowance for doubtful accounts) | 174 | 340 | [1] | |
Inventories | 1,565 | 1,616 | [1] | |
Prepayments | 632 | 296 | [1] | |
Regulatory assets | 663 | 871 | [1] | |
Other | 232 | 218 | [1] | |
Current assets held for sale | [2] | 14,148 | 535 | [1] |
Total current assets | 19,829 | 6,096 | [1] | |
Investments | ||||
Nuclear decommissioning trust funds | 6,357 | 6,192 | [1] | |
Investment in equity method affiliates | 137 | 1,334 | [1] | |
Other | 396 | 379 | [1] | |
Total investments | 6,890 | 7,905 | [1] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 81,729 | 82,043 | [1] | |
Accumulated depreciation, depletion and amortization | (24,941) | (24,843) | [1] | |
Total property, plant and equipment, net | 56,788 | 57,200 | [1] | |
Deferred Charges and Other Assets | ||||
Goodwill | 7,395 | 7,395 | [1] | |
Regulatory assets | 9,449 | 7,652 | [1] | |
Other | 4,184 | 3,618 | [1] | |
Total deferred charges and other assets | 21,028 | 18,665 | [1] | |
Noncurrent assets held for sale | [1] | 13,957 | ||
Total assets | 104,535 | 103,823 | [1] | |
Current Liabilities | ||||
Securities due within one year | 2,700 | 2,462 | [1] | |
Supplemental 364-Day credit facility borrowings | 225 | |||
Short-term debt | 2,328 | 849 | [1] | |
Accounts payable | 738 | 1,023 | [1] | |
Accrued interest, payroll and taxes | 1,146 | 1,284 | [1] | |
Regulatory liabilities | 716 | 455 | [1] | |
Derivative liabilities | 223 | 394 | [1] | |
Other | [2] | 2,376 | 1,738 | [1] |
Current liabilities held for sale | 6,880 | 1,039 | [1] | |
Total current liabilities | 17,560 | 9,940 | [1] | |
Long-Term Debt | ||||
Long-term debt | 30,103 | 25,492 | [1] | |
Junior subordinated notes | 2,160 | 3,406 | [1] | |
Other | 882 | 100 | [1] | |
Total long-term debt | 33,145 | 28,998 | [1] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 5,812 | 6,277 | [1] | |
Regulatory liabilities | 10,170 | 10,204 | [1] | |
Derivative liabilities | 537 | 329 | [1] | |
Other | [2] | 9,245 | 8,288 | [1] |
Total deferred credits and other liabilities | 25,764 | 25,098 | [1] | |
Noncurrent liabilities held for sale | [1] | 5,754 | ||
Total liabilities | 76,469 | 69,790 | [1] | |
Commitments and Contingencies (see Note 17) | [1] | |||
Equity | ||||
Preferred stock (See Note 16) | 2,387 | 2,387 | [1] | |
Common stock - no par | [3] | 21,930 | 23,824 | [1] |
Retained earnings | 4,035 | 7,576 | [1] | |
Accumulated other comprehensive income (loss) | (2,016) | (1,793) | [1] | |
Total shareholders' equity | 26,336 | 31,994 | [1] | |
Noncontrolling interests | 1,730 | 2,039 | [1] | |
Total equity | 28,066 | 34,033 | [1] | |
Total liabilities and equity | 104,535 | 103,823 | [1] | |
Virginia Electric and Power Company | ||||
Current Assets | ||||
Cash and cash equivalents | 62 | 17 | [4] | |
Customer receivables (less allowance for doubtful accounts) | 1,337 | 1,163 | [4] | |
Other receivables (less allowance for doubtful accounts) | 73 | 106 | [4] | |
Affiliated receivables | 1 | 27 | [4] | |
Inventories | 828 | 873 | [4] | |
Regulatory assets | 218 | 433 | [4] | |
Other | [5] | 78 | 57 | [4] |
Total current assets | 2,597 | 2,676 | [4] | |
Investments | ||||
Nuclear decommissioning trust funds | 2,933 | 2,881 | [4] | |
Other | 3 | 3 | [4] | |
Total investments | 2,936 | 2,884 | [4] | |
Property, Plant and Equipment | ||||
Property, plant and equipment | 46,083 | 47,038 | [4] | |
Accumulated depreciation, depletion and amortization | (14,055) | (14,156) | [4] | |
Total property, plant and equipment, net | 32,028 | 32,882 | [4] | |
Deferred Charges and Other Assets | ||||
Regulatory assets | 3,610 | 1,863 | [4] | |
Other | [5] | 1,566 | 1,123 | [4] |
Total deferred charges and other assets | 5,176 | 2,986 | [4] | |
Total assets | 42,737 | 41,428 | [4] | |
Current Liabilities | ||||
Securities due within one year | 8 | 4 | [4] | |
Short-term debt | 422 | 243 | [4] | |
Accounts payable | 320 | 334 | [4] | |
Payables to affiliates | 328 | 210 | [4] | |
Affiliated current borrowings | 230 | 107 | [4] | |
Accrued interest, payroll and taxes | 339 | 253 | [4] | |
Regulatory liabilities | 312 | 167 | [4] | |
Asset retirement obligations | 91 | 340 | [4] | |
Derivative liabilities | [5] | 15 | 243 | [4] |
Other | 563 | 571 | [4] | |
Total current liabilities | 2,628 | 2,472 | [4] | |
Long-Term Debt | ||||
Long-term debt | 12,328 | 12,325 | [4] | |
Other | 477 | 16 | [4] | |
Total long-term debt | 12,805 | 12,341 | [4] | |
Deferred Credits and Other Liabilities | ||||
Deferred income taxes and investment tax credits | 2,720 | 2,962 | [4] | |
Asset retirement obligations | 3,568 | 3,241 | [4] | |
Regulatory liabilities | 5,324 | 5,074 | [4] | |
Derivative liabilities | [6] | 476 | 223 | |
Other | [5] | 1,377 | 1,349 | [4] |
Total deferred credits and other liabilities | 12,989 | 12,626 | [4] | |
Total liabilities | 28,422 | 27,439 | [4] | |
Commitments and Contingencies (see Note 17) | [4] | |||
Equity | ||||
Common stock - no par | [7] | 5,738 | 5,738 | [4] |
Other paid-in capital | 1,113 | 1,113 | [4] | |
Retained earnings | 7,529 | 7,167 | [4] | |
Accumulated other comprehensive income (loss) | (65) | (29) | [4] | |
Total shareholders' equity | 14,315 | 13,989 | ||
Total equity | 14,315 | 13,989 | [4] | |
Total liabilities and equity | 42,737 | 41,428 | [4] | |
SCANA | ||||
Current Liabilities | ||||
Reserves for SCANA legal proceedings | $ 228 | $ 696 | [1] | |
[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] | 1.8 billion shares authorized; 816 million shares and 838 million shares outstanding at September 30, 2020 and December 31, 2019, respectively. | |||
[4] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[5] | See Note 19 for amounts attributable to affiliates. | |||
[6] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. | |||
[7] | 500,000 shares authorized; 274,723 shares |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Customer receivables, allowance for doubtful accounts | $ 51 | $ 18 | [1] |
Other receivables, allowance for doubtful accounts | $ 3 | $ 3 | [1] |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 | |
Common stock, shares outstanding | 816,000,000 | 838,000,000 | |
Virginia Electric and Power Company | |||
Customer receivables, allowance for doubtful accounts | $ 30 | $ 9 | [2] |
Other receivables, allowance for doubtful accounts | $ 2 | $ 2 | [2] |
Common stock, shares authorized | 500,000 | 500,000 | |
Common stock, shares outstanding | 274,723 | 274,723 | |
[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. |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Cumulative-effect of Changes in Accounting Principles | Preferred Stock | Common Stock | Retained Earnings | Retained EarningsCumulative-effect of Changes in Accounting Principles | AOCI | Total Shareholders' Equity | Total Shareholders' EquityCumulative-effect of Changes in Accounting Principles | Noncontrolling Interests | ||
Beginning balance at Dec. 31, 2018 | $ 22,048 | $ 0 | $ 12,588 | $ 9,219 | $ (1,700) | $ 20,107 | $ 1,941 | |||||
Beginning balance (in shares) at Dec. 31, 2018 | 0 | 681 | ||||||||||
Net income (loss) including noncontrolling interest | 366 | 349 | 349 | 17 | ||||||||
Issuance of stock | 3,398 | $ 1,596 | $ 1,802 | 3,398 | ||||||||
Issuance of stock (in shares) | 2 | 24 | ||||||||||
Stock purchase contract component of 2019 Equity Units | [1] | (264) | $ (264) | (264) | ||||||||
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 | |||||||||||
Stock awards (net of change in unearned compensation) | 19 | $ 19 | 19 | |||||||||
Preferred stock dividends | [1] | (8) | (8) | (8) | ||||||||
Common stock dividends and distributions | (2,290) | (2,224) | (2,224) | (66) | ||||||||
Other comprehensive loss, net of tax | (77) | (77) | (77) | |||||||||
Other | (13) | (13) | (13) | |||||||||
Ending balance at Sep. 30, 2019 | 29,957 | $ 1,596 | $ 22,131 | 7,336 | (1,777) | 29,286 | 671 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 2 | 823 | ||||||||||
Beginning balance at Jun. 30, 2019 | 28,381 | $ 1,596 | $ 20,660 | 7,124 | (1,683) | 27,697 | 684 | |||||
Beginning balance (in shares) at Jun. 30, 2019 | 2 | 803 | ||||||||||
Net income (loss) including noncontrolling interest | 985 | 975 | 975 | 10 | ||||||||
Issuance of stock | 1,477 | $ 1,477 | 1,477 | |||||||||
Issuance of stock (in shares) | 20 | |||||||||||
Stock awards (net of change in unearned compensation) | 7 | $ 7 | 7 | |||||||||
Preferred stock dividends | [1] | (7) | (7) | (7) | ||||||||
Common stock dividends and distributions | (778) | (755) | (755) | (23) | ||||||||
Other comprehensive loss, net of tax | (94) | (94) | (94) | |||||||||
Other | (14) | (13) | (1) | (14) | ||||||||
Ending balance at Sep. 30, 2019 | 29,957 | $ 1,596 | $ 22,131 | 7,336 | (1,777) | 29,286 | 671 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 2 | 823 | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 34,033 | [2] | $ (48) | $ 2,387 | $ 23,824 | 7,576 | $ (48) | (1,793) | 31,994 | $ (48) | 2,039 | |
Beginning balance (in shares) at Dec. 31, 2019 | 2 | 838 | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||
Net income (loss) including noncontrolling interest | $ (1,240) | (1,083) | (1,083) | (157) | ||||||||
Issuance of stock | 481 | $ 481 | 481 | |||||||||
Issuance of stock (in shares) | 6 | |||||||||||
Stock repurchases | (2,385) | $ (2,385) | (2,385) | |||||||||
Stock repurchases (in shares) | (28) | |||||||||||
Stock awards (net of change in unearned compensation) | 22 | $ 22 | 22 | |||||||||
Preferred stock dividends | [1] | (48) | (48) | (48) | ||||||||
Common stock dividends and distributions | (2,515) | (2,362) | (2,362) | (153) | ||||||||
Other comprehensive loss, net of tax | (223) | (223) | (223) | |||||||||
Other | (11) | (12) | (12) | 1 | ||||||||
Ending balance at Sep. 30, 2020 | 28,066 | $ 2,387 | $ 21,930 | 4,035 | (2,016) | 26,336 | 1,730 | |||||
Ending balance (in shares) at Sep. 30, 2020 | 2 | 816 | ||||||||||
Beginning balance at Jun. 30, 2020 | 30,884 | $ 2,387 | $ 23,984 | 4,480 | (1,980) | 28,871 | 2,013 | |||||
Beginning balance (in shares) at Jun. 30, 2020 | 2 | 840 | ||||||||||
Net income (loss) including noncontrolling interest | 131 | 356 | 356 | (225) | ||||||||
Issuance of stock | 333 | $ 333 | 333 | |||||||||
Issuance of stock (in shares) | 4 | |||||||||||
Stock repurchases | (2,385) | $ (2,385) | (2,385) | |||||||||
Stock repurchases (in shares) | (28) | |||||||||||
Stock awards (net of change in unearned compensation) | 9 | $ 9 | 9 | |||||||||
Preferred stock dividends | [1] | (16) | (16) | (16) | ||||||||
Common stock dividends and distributions | (844) | (785) | (785) | (59) | ||||||||
Other comprehensive loss, net of tax | (36) | (36) | (36) | |||||||||
Other | (10) | (11) | (11) | 1 | ||||||||
Ending balance at Sep. 30, 2020 | $ 28,066 | $ 2,387 | $ 21,930 | $ 4,035 | $ (2,016) | $ 26,336 | $ 1,730 | |||||
Ending balance (in shares) at Sep. 30, 2020 | 2 | 816 | ||||||||||
[1] | See Note 16 for further information. | |||||||||||
[2] | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||
Dividends declared per common share | $ 0.940 | $ 0.9175 | $ 2.820 | $ 2.753 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Operating Activities | |||
Net income (loss) including noncontrolling interest | $ (1,240) | $ 366 | |
Net income (loss) | (1,083) | 349 | |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 2,178 | 2,235 | |
Deferred income taxes and investment tax credits | (380) | 112 | |
Provision for refunds and rate credits to electric utility customers | 0 | 936 | |
Impairment of assets and other charges | 2,207 | 982 | |
Loss for equity method investee | 2,376 | 0 | |
Charges related to a voluntary retirement program | 0 | 384 | |
Net gains on nuclear decommissioning trust funds and other investments | (101) | (418) | |
Revision to future ash pond and landfill closure costs | 0 | (113) | |
Other adjustments | 84 | (29) | |
Changes in: | |||
Accounts receivable | 291 | 354 | |
Inventories | 29 | (106) | |
Deferred fuel and purchased gas costs, net | 206 | 158 | |
Prepayments | (292) | 31 | |
Accounts payable | (186) | (446) | |
Accrued interest, payroll and taxes | (113) | (123) | |
Customer deposits | (9) | (94) | |
Margin deposit assets and liabilities | 3 | 54 | |
Net realized and unrealized changes related to derivative activities | 285 | 1 | |
Pension and other postretirement benefits | (170) | (107) | |
Other operating assets and liabilities | (358) | (468) | |
Net cash provided by operating activities | 4,810 | 3,709 | |
Investing Activities | |||
Plant construction and other property additions (including nuclear fuel) | (4,409) | (3,407) | |
Cash and restricted cash acquired in the SCANA Combination | 0 | 389 | |
Acquisition of solar development projects | (245) | (183) | |
Proceeds from sales of securities | 2,868 | 1,311 | |
Purchases of securities | (2,948) | (1,330) | |
Proceeds from sales of assets and equity method investments | 71 | 211 | |
Contributions to equity method affiliates | (92) | (187) | |
Acquisition of equity method investments | (178) | 0 | |
Other | 73 | 36 | |
Net cash used in investing activities | (4,860) | (3,160) | |
Financing Activities | |||
Issuance of short-term debt, net | 1,417 | 1,913 | |
Issuance of short-term notes | 1,125 | 3,000 | |
Repayment of short-term notes | (625) | 0 | |
Supplemental 364-Day credit facility borrowings | 225 | 0 | |
Repayment of credit facility borrowings | 0 | (113) | |
Issuance of long-term debt | 5,677 | 2,298 | |
Repayment of long-term debt | (2,546) | (8,595) | |
Issuance of 2019 Equity Units | 0 | 1,582 | |
Issuance of common stock | 159 | 1,802 | |
Repurchase of common stock | (2,385) | 0 | |
Common dividend payments | (2,362) | (2,224) | |
Dividends and distributions | 0 | 0 | |
Other | (346) | (163) | |
Net cash provided by (used in) financing activities | 339 | (500) | |
Increase (decrease) in cash, restricted cash and equivalents | 289 | 49 | |
Cash, restricted cash and equivalents at beginning of period | 269 | 391 | |
Cash, restricted cash and equivalents at end of period | 558 | 440 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | [1],[2] | 461 | 378 |
Leases | [1],[2],[3] | 45 | 102 |
Financing leases | 42 | 98 | |
Virginia Electric and Power Company | |||
Operating Activities | |||
Net income (loss) | 685 | 722 | |
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities: | |||
Depreciation, depletion and amortization (including nuclear fuel) | 1,068 | 1,045 | |
Deferred income taxes and investment tax credits | (259) | (141) | |
Impairment of assets and other charges | 1,004 | 646 | |
Charges related to a voluntary retirement program | 0 | 138 | |
Revision to future ash pond and landfill closure costs | 0 | (113) | |
Other adjustments | (23) | (60) | |
Changes in: | |||
Accounts receivable | (152) | (154) | |
Affiliated receivables and payables | 144 | 21 | |
Inventories | 46 | (34) | |
Deferred fuel and purchased gas costs, net | 144 | 232 | |
Prepayments | 1 | (4) | |
Accounts payable | (1) | (38) | |
Accrued interest, payroll and taxes | 81 | 73 | |
Net realized and unrealized changes related to derivative activities | (18) | 18 | |
Pension and other postretirement benefits | (273) | 54 | |
Other operating assets and liabilities | 67 | (370) | |
Asset retirement obligations | 51 | 33 | |
Net cash provided by operating activities | 2,565 | 2,068 | |
Investing Activities | |||
Plant construction and other property additions | (2,301) | (1,816) | |
Purchases of nuclear fuel | (170) | (96) | |
Acquisition of solar development projects | (26) | (169) | |
Proceeds from sales of securities | 694 | 677 | |
Purchases of securities | (729) | (717) | |
Other | 33 | (18) | |
Net cash used in investing activities | (2,499) | (2,139) | |
Financing Activities | |||
Issuance of short-term debt, net | 179 | 371 | |
Issuance (repayment) of affiliated current borrowings, net | 123 | (215) | |
Issuance of long-term debt | 427 | 698 | |
Repayment of long-term debt | (427) | (590) | |
Common dividend payments | (323) | (189) | |
Other | (6) | (5) | |
Net cash provided by (used in) financing activities | (27) | 70 | |
Increase (decrease) in cash, restricted cash and equivalents | 39 | (1) | |
Cash, restricted cash and equivalents at beginning of period | 24 | 38 | |
Cash, restricted cash and equivalents at end of period | 63 | 37 | |
Significant noncash investing and financing activities: | |||
Accrued capital expenditures | [4] | 234 | 231 |
Financing leases | [4] | $ 26 | $ 13 |
[1] | See Note 16 for noncash financing activities related to derivative restructuring, the acquisition of the public interest in Dominion Energy Midstream, the issuance of stock purchase contracts associated with the 2019 Equity Units and the issuance of common stock associated with the settlement of litigation. See Note 17 for noncash investing activities related to property, plant and equipment conveyed to satisfy litigation. See Note 18 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2019 for noncash financing activities related to the remarketing of RSNs. | ||
[2] | See Note 3 for noncash investing and financing activities related to the SCANA Combination. | ||
[3] | Includes $42 million and $98 million of financing leases at September 30, 2020 and 2019, respectively, and $3 million and $4 million of operating leases at September 30, 2020 and 2019, respectively. | ||
[4] | See Note 16 for noncash financing activities related to derivative restructuring. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Cash Flows [Abstract] | ||
Financing leases | $ 42 | $ 98 |
Operating leases | $ 3 | $ 4 |
Supplemental line of credit facility borrowings expiration period | 364 days |
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) | $ 349 | 722 | 722 | |||||||
Dividends | (189) | (189) | ||||||||
Other comprehensive income (loss), net of tax | (77) | (77) | (29) | (29) | ||||||
Other | (13) | $ (13) | (1) | (1) | ||||||
Ending balance at Sep. 30, 2019 | (1,777) | 13,550 | $ 5,738 | 1,113 | 6,740 | (41) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 823,000 | 275 | ||||||||
Beginning balance at Jun. 30, 2019 | (1,683) | 12,964 | $ 5,738 | 1,113 | 6,139 | (26) | ||||
Beginning balance (in shares) at Jun. 30, 2019 | 803,000 | 275 | ||||||||
Net income (loss) | 975 | 602 | 602 | |||||||
Other comprehensive income (loss), net of tax | (94) | (94) | (15) | (15) | ||||||
Other | (14) | $ (13) | $ (1) | (1) | (1) | |||||
Ending balance at Sep. 30, 2019 | (1,777) | 13,550 | $ 5,738 | 1,113 | 6,740 | (41) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 823,000 | 275 | ||||||||
Beginning balance at Dec. 31, 2019 | 31,994 | [1] | (1,793) | 13,989 | $ 5,738 | 1,113 | 7,167 | (29) | ||
Beginning balance (in shares) at Dec. 31, 2019 | 838,000 | 275 | ||||||||
Net income (loss) | (1,083) | 685 | 685 | |||||||
Dividends | (323) | (323) | ||||||||
Other comprehensive income (loss), net of tax | (223) | (223) | (36) | (36) | ||||||
Other | (11) | $ (12) | ||||||||
Ending balance at Sep. 30, 2020 | 26,336 | (2,016) | 14,315 | $ 5,738 | 1,113 | 7,529 | (65) | |||
Ending balance (in shares) at Sep. 30, 2020 | 816,000 | 275 | ||||||||
Beginning balance at Jun. 30, 2020 | (1,980) | 13,944 | $ 5,738 | 1,113 | 7,163 | (70) | ||||
Beginning balance (in shares) at Jun. 30, 2020 | 840,000 | 275 | ||||||||
Net income (loss) | 356 | 475 | 475 | |||||||
Dividends | (108) | (108) | ||||||||
Other comprehensive income (loss), net of tax | (36) | (36) | 5 | 5 | ||||||
Other | (10) | $ (11) | (1) | (1) | ||||||
Ending balance at Sep. 30, 2020 | $ 26,336 | $ (2,016) | $ 14,315 | $ 5,738 | $ 1,113 | $ 7,529 | $ (65) | |||
Ending balance (in shares) at Sep. 30, 2020 | 816,000 | 275 | ||||||||
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Nature of Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 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. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., regulated gas transportation and storage services in the Rocky Mountain region of the U.S., merchant electric generation and, following the completion of the GT&S Transaction in November 2020, a noncontrolling interest in Cove Point. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. See Note 3 for a description of the sale of substantially all of Dominion Energy’s gas transmission and storage operations to BHE through the GT&S Transaction completed in November 2020 and the proposed Q-Pipe Transaction. Beginning in September 2020, Dominion Energy manages its daily operations through four primary operating segments: Dominion Energy Virginia, Gas Distribution, Dominion Energy South Carolina and Contracted Assets. Dominion Energy also reports a Corporate and Other segment, which includes its corporate, service company and other functions (including unallocated debt) as well as nonregulated retail energy marketing operations, including Dominion Energy’s noncontrolling interest in Wrangler. Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the operating segments’ performance or in allocating resources. In addition, Corporate and Other includes the net impact of discontinued operations consisting of Dominion Energy’s gas transmission and storage operations as discussed in Note 3 and its equity investment in Atlantic Coast Pipeline as discussed in Note 10. See Note 21 for further discussion of the Companies’ operating segments. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 September 30, 2020, their results of operations and changes in equity for the three and nine months ended September 30, 2020 and 2019 and their cash flows for the nine months ended September 30, 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 September 30, 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, including any proposed sale by Dominion Energy of its interest. 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, 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 nine months ended September 30, 2020 and 2019: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period September 30, 2020 September 30, 2019 December 31, 2019 December 31, 2018 (millions) Dominion Energy Cash and cash equivalents (1) $ 462 $ 378 $ 166 $ 268 Restricted cash and equivalents (2)(3) 96 62 103 123 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 558 $ 440 $ 269 $ 391 Virginia Power Cash and cash equivalents $ 62 $ 29 $ 17 $ 29 Restricted cash and equivalents (3) 1 8 7 9 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 63 $ 37 $ 24 $ 38 (1) At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $49 million, $80 million, $31 million and $110 million of cash and cash equivalents included in current assets held for sale, respectively. (2) At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $16 million, $5 million, $12 million and $89 million of restricted cash and equivalents included in current assets held for sale, respectively (3) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. 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) in the first quarter of 2019, 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 in December 2020. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax) in the first quarter of 2019, 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 May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax) in the second quarter of 2019, included in impairment of assets and other charges in its Consolidated Statements of Income. In September 2019, the Companies abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million after-tax) and Virginia Power recorded a charge of $17 million ($12 million after-tax), included in impairment of assets and other charges in their Consolidated Statements of Income for the three and nine months ended September 30, 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 second quarter of 2020, Virginia Power recorded charges of $30 million ($22 million after-tax) associated with dismantling certain of these electric generation facilities, recorded in impairment of assets and other charges in its Consolidated Statements of Income. 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 in depreciation expense of $8 million ($6 million after-tax) and $24 million ($18 million after-tax) for the three and nine months ended September 30, 2020, respectively, in Virginia Power’s Consolidated Statements of Income and a $0.01 and $0.02 increase in Dominion Energy’s EPS, for the three and nine months ended September 30, 2020, respectively. 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. In the second quarter of 2020, DESC completed a nuclear decommissioning cost study related to Summer. As a result of the study, Dominion Energy recorded an $89 million increase to its nuclear decommissioning ARO, with a corresponding increase to property, plant and equipment. 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 the Companies in the nuclear decommissioning trusts. The Companies record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, the Companies may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Companies qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in 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 its 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, the Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations. Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings 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. New Accounting Standards In August 2020, the FASB issued revised accounting guidance for debt with conversion options and contracts in an entity’s own equity. The revised guidance eliminates the ability to assert cash settlement and exclude potential shares from the diluted EPS calculation for a contract that may be settled in stock or cash. The effective date is for interim and annual reporting periods beginning January 1, 2022 and may be adopted through a modified retrospective or fully retrospective method of transition. Upon adoption, Dominion Energy will no longer exclude the Series A Preferred Stock from the effect of dilutive securities and will also exclude the fair value adjustment reflected within net income attributable to Dominion Energy for the calculation of diluted EPS . |
Acquisitions and Dispositions
Acquisitions and Dispositions | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 Statement of Income for the nine months ended September 30, 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 nine months ended September 30, 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 $809 million and $979 million for the three months ended September 30, 2020 and 2019, respectively, and an increase of $2.4 billion and $2.1 billion for the nine months ended September 30, 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 $85 million and $97 million for the three months ended September 30, 2020 and 2019, respectively, and an increase of $197 million and a decrease of $1.1 billion for the nine months ended September 30, 2020 and 2019, respectively, in the Consolidated Statements of Income. Dominion Energy incurred merger and integration-related costs of $22 million and $64 million for the three and nine months ended September 30, 2020, respectively, of which $22 million and $61 million are recorded in other operations and maintenance expense in the Consolidated Statements of Income. Dominion Energy incurred merger and integration-related costs of $29 million and $596 million in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively. These amounts for the three and nine months ended September 30, 2019 include $4 million and $427 million, respectively, for a charge related to a voluntary retirement program. See Note 20 for additional information. Of the remaining merger and integration-related costs, $25 million and $169 million was recorded in other operations and maintenance expense in the Consolidated Statements of Income for the three and nine months ended September 30, 2019, respectively, and less than $1 million and $9 million was recorded in interest and related charges in the Consolidated Statement of Income for the three and nine months ended September 30, 2019, respectively . 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 September 30, 2019 (1) Nine Months Ended September 30, 2019 (1) (millions, except EPS) Operating Revenue $ 3,782 $ 11,513 Net income attributable to Dominion Energy 1,029 1,991 Earnings Per Common Share – $ 1.28 $ 2.47 Earnings Per Common Share – $ 1.26 $ 2.44 (1) Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. Disposition of Gas Transmission & Storage Operations to BHE In July 2020, Dominion Energy entered into an agreement with BHE with a total value of approximately $10 billion, comprised of approximately $4.0 billion of cash consideration (subject to customary closing adjustments) plus the assumption of long-term debt, to sell substantially all of its gas transmission and storage operations, including processing assets, as well as noncontrolling partnership interests in Iroquois, JAX LNG and White River Hub and a controlling interest in Cove Point (consisting of 100% of the general partner interest and 25% of the total limited partner interests). The agreement provides that Dominion Energy retains the assets and obligations of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. In October 2020, pursuant to a provision in the agreement with BHE, Dominion Energy elected to exclude Dominion Energy Questar Pipeline and certain other affiliated entities from the transaction as approval under the Hart-Scott-Rodino Act had not been obtained by mid-September 2020. Concurrently in October 2020, Dominion Energy and BHE entered into a separate agreement under which Dominion Energy will sell Dominion Energy Questar Pipeline and certain other affiliated entities for cash consideration of $1.3 billion and the assumption of related long-term debt. In November 2020, Dominion Energy completed the GT&S Transaction and received cash proceeds of $2.7 billion. This transaction is structured as an asset sale for tax purposes. Based on the recorded balances at September 30, 2020, Dominion Energy expects to recognize a pre-tax gain of approximately $200 million in the fourth quarter of 2020, including the write-off of $1.4 billion of goodwill and reflecting closing adjustments of approximately $200 million to be paid to BHE. Closing adjustments, including any required payment of cash, are expected to be finalized by early 2021. Also in November 2020, BHE provided a $1.3 billion deposit to Dominion Energy on the Q-Pipe Transaction. Dominion Energy will be required to repay all or substantially all of this deposit, or issue to BHE an equivalent value in shares of Dominion Energy common stock at Dominion Energy’s option, if the Q-Pipe Transaction does not close by December 30, 2021. Dominion Energy may not solicit or accept offers from alternative buyers for all or a material portion of the Q-Pipe Transaction until after March 31, 2021 and either party may terminate the Q-Pipe Transaction if closing has not occurred on or before June 30, 2021. If the Hart-Scott-Rodino Act approval has not been obtained by June 30, 2021, upon BHE’s request, Dominion Energy will seek an alternative buyer for all or a material portion of the Q-Pipe Transaction. The Q-Pipe Transaction is structured as an asset sale for tax purposes and is expected to close in early 2021, contingent on clearance or approval under the Hart-Scott-Rodino Act, and other customary closing and regulatory conditions. Based on the recorded balances at September 30, 2020, Dominion Energy expects to recognize a pre-tax gain of approximately $500 million upon closing, including the write-off of $191 million of goodwill, but excluding the effects of any closing adjustments. The operations included in both the GT&S Transaction and the Q-Pipe Transaction are presented in held-for-sale and discontinued operations effective July 2020. As a result, the previously reported amounts have been recast to reflect this presentation and depreciation and amortization ceased on the applicable assets. Dominion Energy retained a 50% noncontrolling interest in Cove Point that is accounted for as an equity method investment upon closing of the GT&S Transaction as Dominion Energy has the ability to exercise significant influence, but not control, over Cove Point. As Cove Point had previously been consolidated within Dominion Energy’s financial statements, balances associated with Cove Point prior to the closing of the GT&S Transaction are presented within held-for-sale and discontinued operations. The following table represents selected information regarding the results of operations of reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Operating revenue $ 511 $ 59 $ 497 $ 60 $ 1,554 $ 182 $ 1,627 $ 185 Operating Expense (1) 208 16 317 31 1,311 78 1,029 100 Other income (loss) (5 ) 1 13 1 27 3 42 3 Interest and related charges (2) 267 5 76 5 366 15 224 15 Income (loss) before income taxes 31 39 117 25 (96 ) 92 416 73 Income tax expense (benefit) (14 ) 5 117 19 (65 ) 19 42 6 Net income (loss) including noncontrolling interests 45 34 — 6 (31 ) 73 374 67 Noncontrolling interests 32 — — — 97 — 6 — Net income (loss) attributable to Dominion Energy $ 13 $ 34 $ — $ 6 $ (128 ) $ 73 $ 368 $ 67 (1) GT&S Transaction includes a charge of $482 million ($359 million after-tax) recorded in the second quarter of 2020 associated with the probable abandonment of a significant portion of the Supply Header Project as well as the establishment of a $75 million ARO as a result of the cancellation of the Atlantic Coast Pipeline Project. (2) GT&S Transaction includes a loss of $237 million recorded in the third quarter of 2020 associated with cash flow hedges of debt-related items that were determined to be probable of not occurring. The carrying amounts of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows: At September 30, 2020 (1) At December 31, 2019 GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Current assets (2) $ 398 $ 57 $ 445 $ 49 Equity method investments (3) 316 35 276 36 Property, plant and equipment, net (4) 10,449 1,109 10,764 1,103 Other deferred charges and other assets, including goodwill (5) and intangible assets 1,544 224 1,553 225 Current liabilities (6) 1,536 38 1,002 37 Long-term debt 3,916 425 4,401 425 Other deferred credits and liabilities 810 155 773 155 (1) All amounts at September 30, 2020 are classified as current in Dominion Energy’s Consolidated Balance Sheet. (2) Includes cash and cash equivalents of $24 million and $20 million as of September 30, 2020 and December 31, 2019, respectively, within the GT&S Transaction and $25 million and $11 million as of September 30, 2020 and December 31, 2019, respectively within the Q-Pipe Transaction. (3) Comprised of equity method investments in Iroquois and JAX LNG within the GT&S Transaction and White River Hub within the Q-Pipe Transaction. (4) GT&S Transaction includes $40 million recorded at September 30, 2020 for a potential modified Supply Header Project. (5) Includes goodwill of $1.4 billion and $191 million at both September 30, 2020 and December 31, 2019 within the GT&S Transaction and the Q-Pipe Transaction, respectively. (6) Includes $47 million ARO recorded at September 30, 2020 related to the Supply Header Project and current portions of long-term debt of $1.2 billion and $699 million as of September 30, 2020 and December 31, 2020, respectively, within the GT&S Transaction. Capital expenditures and significant noncash items relating to the disposal groups included the following: Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Capital expenditures $ 240 $ 27 $ 265 $ 32 Significant noncash items Impairment of assets and other charges 463 — 13 — Charge related to a voluntary retirement program — — 22 4 Depreciation, depletion and amortization 173 25 240 38 Accrued capital expenditures 43 2 42 3 In October 2020, Dominion Energy settled various derivatives related to, but not included in, the GT&S Transaction for a payment of $165 million. |
Operating Revenue
Operating Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Text Block [Abstract] | |
Operating Revenue | Note 4. Operating Revenue The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Dominion Energy Regulated electric sales: Residential $ 1,497 $ 1,440 $ 3,746 $ 3,180 Commercial 865 962 2,391 2,347 Industrial 190 227 548 474 Government and other retail 239 244 651 658 Wholesale 37 45 99 134 Nonregulated electric sales 218 197 627 688 Regulated gas sales: Residential 123 121 853 905 Commercial 50 52 304 311 Other 18 23 61 84 Nonregulated gas sales 12 51 124 369 Regulated gas transportation and storage - State 165 168 578 547 Other regulated revenues 61 54 236 184 Other nonregulated revenues (1)(2) 61 39 132 112 Total operating revenue from contracts with customers 3,536 3,623 10,350 9,993 Other revenues (3)(4) 71 159 301 513 Total operating revenue $ 3,607 $ 3,782 $ 10,651 $ 10,506 Virginia Power Regulated electric sales: Residential $ 1,146 $ 1,085 $ 2,860 $ 2,816 Commercial 645 732 1,805 2,049 Industrial 98 121 284 351 Government and other retail 223 224 603 625 Wholesale 25 31 70 97 Other regulated revenues 61 36 217 124 Other nonregulated revenues (1)(2) 33 21 66 54 Total operating revenue from contracts with customers 2,231 2,250 5,905 6,116 Other revenues (2)(3) 17 14 78 51 Total operating revenue $ 2,248 $ 2,264 $ 5,983 $ 6,167 ( 1 ) Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts included $5 million for the three months ended September 30, 2020, $12 million for the three months ended September 30, 2019, $16 million for the nine months ended September 30, 2020 and $29 million for the nine months ended September 30, 2019, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, amounts above include sales of renewable energy credits. Such amounts included $21 million and $16 million for the three months ended September 30, 2020, $12 million and $11 million for the three months ended September 30, 2019, $32 million and $24 million for the nine months ended September 30, 2020 and $19 million and $14 million for the nine months ended September 30, 2019, at Dominion Energy and Virginia Power, respectively. ( 2) See Notes 10 and 19 for amounts attributable to related parties and affiliates. ( 3) Amounts above include alternative revenue of $51 million and $9 million at Dominion Energy and $12 million and $9 million at Virginia Power for the three months ended September 30, 2020 and 2019, respectively, and $90 million and $44million at Dominion Energy and $63 million and $35 million at Virginia Power for the nine months ended September 30, 2020 and 2019, respectively. ( 4) Amounts above include revenue associated with services provided to discontinued operations of $ million and $4 million for both the three and nine months ended September 30, 2020 and 2019, respectively. The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year contracts in place at September 30, 2020 2020 2021 2022 2023 2024 Thereafter Total (millions) Dominion Energy $ 18 $ 66 $ 66 $ 64 $ 57 $ 516 $ 787 Virginia Power 1 1 — — — — 2 At September 30, 2020 and December 31, 2019, Dominion Energy’s contract liability balances were $120 million and $102 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. At September 30, 2020 and December 31, 2019, Virginia Power’s contract liability balances were $27 million and $24 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the nine months ended September 30, 2020 and 2019 Dominion Energy recognized revenue of $95 million and $83 million, respectively, from the beginning contract liability balances. During the nine months ended September 30, 2020 and 2019, Virginia Power recognized $24 million and $22 million, respectively, from the beginning contract liability balance. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, 2020 2019 2020 2019 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 1.5 (898.5 ) 4.7 4.5 Investment tax credits (30.5 ) (325.2 ) (5.6 ) (5.3 ) Production tax credits (2.4 ) (66.3 ) (0.9 ) (0.8 ) Reversal of excess deferred income taxes (14.5 ) (375.6 ) (1.9 ) (4.1 ) Write-off of regulatory assets — 16,565.9 — — Change in tax status (6.1 ) — — — AFUDC - equity (1.1 ) (55.8 ) (0.3 ) — Changes in state deferred taxes associated with assets held for sale (11.6 ) — — — Absence of tax on noncontrolling interest 14.1 — — — Other, net (1.8 ) (987.3 ) — (1.2 ) Effective tax rate (31.4 )% 13,878.2% 17.0 % 14.1 % 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. For the nine months ended September 30, 2020, Dominion Energy’s effective tax rate reflects an income tax benefit of $45 million associated with the remeasurement of consolidated state deferred taxes with the classification of gas transmission and storage operations as held for sale. In addition, Dominion Energy’s effective tax rate reflects an income tax expense of $55 million attributable to the noncontrolling interest primarily associated with the impairment of solar assets held in partnership form discussed in Note 11. In March 2020, the CARES Act was enacted which includes several significant business tax provisions that modify or temporarily suspend certain provisions of the 2017 Tax Reform Act. The CARES Act provisions are intended to improve cash flow and liquidity by, among other things, providing a temporary five-year carryback for certain net operating losses, accelerating the refund of previously generated corporate alternative minimum tax credits and temporarily loosening the business interest limitation to 50% of adjusted taxable income for certain businesses. Dominion Energy utilized the income tax provisions of the CARES Act to accelerate the recognition of certain tax attributes, but they did not provide a material benefit. In July 2020, the U.S. Department of Treasury issued final regulations providing guidance about the limitation on the deduction for business interest expenses and issued proposed regulations on the application of these rules to certain pass-through entities and partners in those entities under the 2017 Tax Reform Act as modified by the CARES Act. Dominion Energy is assessing the impact of these regulations, but expects interest expense to be deductible in 2020. Dominion Energy’s 2019 effective tax rate is a function of the nominal year-to-date pre-tax income primarily driven by charges associated with the SCANA Combination, charges at Virginia Power for the early retirement of assets and charges associated with the voluntary retirement program. 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 September 30, 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. Discontinued operations Income tax expense (benefit) reflected in discontinued operations is $(572) million and $47 million for the nine months ended September 30, 2020 and 2019, respectively. The 2020 income tax expense reflects a charge of $81 million for the write-off of tax-related regulatory assets associated with the Atlantic Coast Pipeline project. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions, except EPS) Net income (loss) attributable to Dominion Energy from continuing operations $ 369 $ 937 $ 767 $ (171 ) Preferred stock dividends (see Note 16) (16 ) (7 ) (48 ) (8 ) Net income (loss) attributable to Dominion Energy from continuing operations – Basic 353 930 719 (179 ) Dilutive effect of Series A Preferred Stock — (13 ) (28 ) — Net income (loss) attributable to Dominion Energy from continuing operations - Diluted $ 353 $ 917 $ 691 $ (179 ) Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted $ (13 ) $ 38 $ (1,850 ) $ 520 Average shares of common stock outstanding – Basic & Diluted 833.8 813.0 837.1 802.9 Net effect of dilutive securities — — — — Average shares of common stock outstanding – Diluted 833.8 813.0 837.1 802.9 EPS from continuing operations – Basic $ 0.42 $ 1.14 $ 0.86 $ (0.22 ) EPS from discontinued operations – Basic (0.01 ) 0.05 (2.21 ) 0.64 EPS attributable to Dominion Energy – Basic $ 0.41 $ 1.19 $ (1.35 ) $ 0.42 EPS from continuing operations – Diluted $ 0.42 $ 1.12 $ 0.83 $ (0.22 ) EPS from discontinued operations – Diluted (0.01 ) 0.05 (2.21 ) 0.64 EPS attributable to Dominion Energy – Diluted $ 0.41 $ 1.17 $ (1.38 ) $ 0.42 As a result of a net loss from continuing operations for the nine months ended September 30, 2019, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS. The 2019 Equity Units and the two September 2020 accelerated share purchase agreements are potentially dilutive securities. See Note 16 for more information. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2020 and the three months ended September 30, 2019, as the dilutive stock price threshold was not met. The forward stock purchase contracts included within the accelerated share repurchase agreements are excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2020 as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the effect of dilutive securities within diluted EPS, but a fair value adjustment is reflected within net income from continuing operations attributable to Dominion Energy for the calculation of diluted EPS from continuing operations for the nine months ended September 30, 2020 and the three months ended September 30, 2019, based upon the expectation that the conversion will be settled in cash rather than through the issuance of Dominion Energy common stock. Such fair value adjustment is not included within net income from continuing operations attributable to Dominion Energy for the calculation of diluted EPS from continuing operations for the three months ended September 30, 2020 as the dilutive stock price threshold was not met. The 2016 Equity Units are potentially dilutive securities, but were excluded from the calculation of diluted EPS for the three months ended September 30, 2019 as the dilutive stock price threshold was not met . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 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 September 30, 2020 Beginning balance $ (644 ) $ 51 $ (1,385 ) $ (2 ) $ (1,980 ) Other comprehensive income before reclassifications: gains (losses) 10 4 (261 ) 1 (246 ) Amounts reclassified from AOCI: (gains) losses (1) 188 (1 ) 23 — 210 Net current period other comprehensive income (loss) 198 3 (238 ) 1 (36 ) Ending balance $ (446 ) $ 54 $ (1,623 ) $ (1 ) $ (2,016 ) Three Months Ended September 30, 2019 Beginning balance $ (389 ) $ 30 $ (1,322 ) $ (2 ) $ (1,683 ) Other comprehensive income before reclassifications: gains (losses) (107 ) 8 (4 ) (1 ) (104 ) Amounts reclassified from AOCI: (gains) losses (1) (6 ) (4 ) 20 — 10 Net current period other comprehensive income (loss) (113 ) 4 16 (1 ) (94 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) Nine Months Ended September 30, 2020 Beginning balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) Other comprehensive income before reclassifications: gains (losses) (254 ) 32 (262 ) 1 (483 ) Amounts reclassified from AOCI: (gains) losses (1) 215 (15 ) 60 — 260 Net current period other comprehensive income (loss) (39 ) 17 (202 ) 1 (223 ) Ending balance $ (446 ) $ 54 $ (1,623 ) $ (1 ) $ (2,016 ) Nine Months Ended September 30, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (209 ) 37 109 (1 ) (64 ) Amounts reclassified from AOCI: (gains) losses (1) (58 ) (5 ) 50 — (13 ) Net current period other comprehensive income (loss) (267 ) 32 159 (1 ) (77 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) (1) See table below for details about these reclassifications. The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (8 ) Operating revenue Interest rate contracts 23 Interest and related charges 230 Discontinued operations Foreign currency contracts 6 Discontinued operations Total 251 Tax (63 ) Income tax expense (benefit) Total, net of tax $ 188 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (3 ) Other income Total (3 ) Tax 2 Income tax expense (benefit) Total, net of tax $ (1 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 36 Other income Total 31 Tax (8 ) Income tax expense (benefit) Total, net of tax $ 23 Three Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (34 ) Operating revenue 2 Purchased gas (1 ) Discontinued operations Interest rate contracts 12 Interest and related charges 2 Discontinued operations Foreign currency contracts 12 Discontinued operations Total (7 ) Tax 1 Income tax expense (benefit) Total, net of tax $ (6 ) Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (5 ) Other income Total (5 ) Tax 1 Income tax expense (benefit) Total, net of tax $ (4 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 31 Other income Total 26 Tax (6 ) Income tax expense (benefit) Total, net of tax $ 20 Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Nine Months Ended September 30, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (22 ) Operating revenue 3 Purchased gas (2 ) Discontinued operations Interest rate contracts 66 Interest and related charges 236 Discontinued operations Foreign currency contracts 6 Discontinued operations Total 287 Tax (72 ) Income tax expense (benefit) Total, net of tax $ 215 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (21 ) Other income Total (21 ) Tax 6 Income tax expense (benefit) Total, net of tax $ (15 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 97 Other income Total 81 Tax (21 ) Income tax expense (benefit) Total, net of tax $ 60 Nine Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (123 ) Operating revenue (1 ) Purchased gas (4 ) Discontinued operations Interest rate contracts 35 Interest and related charges 2 Discontinued operations Foreign currency contracts 14 Discontinued operations Total (77 ) Tax 19 Income tax expense (benefit) Total, net of tax $ (58 ) Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (6 ) Other income Total (6 ) Tax 1 Income tax expense (benefit) Total, net of tax $ (5 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (18 ) Other income Amortization of actuarial losses 85 Other income Total 67 Tax (17 ) Income tax expense (benefit) Total, net of tax $ 50 Virginia Power The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended September 30, 2020 Beginning balance $ (78 ) $ 8 $ (70 ) Other comprehensive income before reclassifications: gains (losses) 5 — 5 Amounts reclassified from AOCI: (gains) losses (1) 1 (1 ) — Net current period other comprehensive income (loss) 6 (1 ) 5 Ending balance $ (72 ) $ 7 $ (65 ) Three Months Ended September 30, 2019 Beginning balance $ (30 ) $ 4 $ (26 ) Other comprehensive income before reclassifications: gains (losses) (16 ) 1 (15 ) Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) (16 ) 1 (15 ) Ending balance $ (46 ) $ 5 $ (41 ) Nine Months Ended September 30, 2020 Beginning balance $ (34 ) $ 5 $ (29 ) Other comprehensive income before reclassifications: gains (losses) (39 ) 4 (35 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (2 ) (1 ) Net current period other comprehensive income (loss) (38 ) 2 (36 ) Ending balance $ (72 ) $ 7 $ (65 ) Nine Months Ended September 30, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (34 ) 5 (29 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (1 ) — Net current period other comprehensive income (loss) (33 ) 4 (29 ) Ending balance $ (46 ) $ 5 $ (41 ) (1) See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019. 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 September 30, 2020 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (1 ) Other income Total (1 ) Tax — Income tax expense Total, net of tax $ (1 ) Nine Months Ended September 30, 2020 (Gains) losses on cash flow hedges: Interest rate contracts $ 2 Interest and related charges Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (3 ) Other income Total (3 ) Tax 1 Income tax expense Total, net of tax $ (2 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 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) $ 102 Discounted cash flow Market price (per Dth) (3) (2) - 3 (1 ) FTRs 32 Discounted cash flow Market price (per MWh) (3) (1) - 5 1 Physical options: Natural gas 3 Option model Market price (per Dth) (3) 1 - 6 4 Price volatility (4) 19% - 61% 35 % Total assets $ 137 Liabilities Financial forwards: FTRs $ 10 Discounted cash flow Market price (per MWh) (3) (5) - 4 — Total liabilities $ 10 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) Nonrecurring Fair Value Measurements Dominion Energy See Notes 10 and 11 for information on nonrecurring fair value measurements associated with charges recorded related to Fowler Ridge and non-wholly-owned merchant solar facilities, respectively. Recurring Fair Value Measurements Dominion Energy The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2020 Assets Derivatives: Commodity $ — $ 49 $ 137 $ 186 Interest rate — 60 — 60 Foreign currency — 6 — 6 Investments (1) Equity securities: U.S. 4,146 — — 4,146 Fixed income: Corporate debt instruments — 617 — 617 Government securities 499 746 — 1,245 Cash equivalents and other 31 12 — 43 Total assets $ 4,676 $ 1,490 $ 137 $ 6,303 Liabilities Derivatives: Commodity $ — $ 41 $ 10 $ 51 Interest rate — 721 — 721 Foreign currency — 4 — 4 Total liabilities $ — $ 766 $ 10 $ 776 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 $ million and $ million of assets at September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Beginning balance $ 123 $ 75 $ (37 ) $ 64 Total realized and unrealized gains (losses): Included in earnings: Operating revenue — — — 2 Purchased gas — — — 1 Electric fuel and other energy-related purchases — (5 ) (26 ) (12 ) Included in regulatory assets/liabilities 4 (76 ) 164 (51 ) Settlements — 5 26 7 Purchases — — — (10 ) Transfers out of Level 3 — — — (2 ) Ending balance $ 127 $ (1 ) $ 127 $ (1 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date: Operating revenue $ — $ — $ — $ 2 Purchased gas — — — 1 Total $ — $ — $ — $ 3 Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 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) $ 102 Discounted cash flow Market price (per Dth) (3) (2) - 3 (1 ) FTRs 32 Discounted cash flow Market price (per MWh) (3) (1) - 5 1 Physical options: Natural gas 3 Option model Market price (per Dth) (3) 1 - 6 4 Price volatility (4) 19% - 61% 35 % Total assets $ 137 Liabilities Financial forwards: FTRs $ 10 Discounted cash flow Market price (per MWh) (3) (5) - 4 — Total liabilities $ 10 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets . Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2020 Assets Derivatives: Commodity $ — $ 8 $ 137 $ 145 Investments (1) Equity securities: U.S. 1,928 — — 1,928 Fixed income: Corporate debt instruments — 352 — 352 Government securities 176 310 — 486 Cash equivalents and other 14 — — 14 Total assets $ 2,118 $ 670 $ 137 $ 2,925 Liabilities Derivatives: Commodity $ — $ 6 $ 10 $ 16 Interest rate — 475 — 475 Total liabilities $ — $ 481 $ 10 $ 491 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 $150 million and $159 million of assets at September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Beginning balance $ 123 $ 77 $ (37 ) $ 60 Total realized and unrealized gains (losses): Included in earnings: Electric fuel and other energy-related purchases — (5 ) (26 ) (12 ) Included in regulatory assets/liabilities 4 (76 ) 164 (50 ) Settlements — 5 26 3 Ending balance $ 127 $ 1 $ 127 $ 1 There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2020 and 2019. 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: September 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt (2)(3) $ 37,045 $ 43,872 $ 32,055 $ 36,155 Supplemental 364-Day credit facility borrowings 225 225 — — Junior subordinated notes (4) 3,410 3,589 4,797 4,953 Virginia Power Long-term debt (4) $ 12,328 $ 15,410 $ 12,326 $ 14,281 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At September 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million and $4 million, respectively. (3) Includes amounts classified as held for sale, see Note 3. ( 4 ) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. |
Derivatives and Hedge Accountin
Derivatives and Hedge Accounting Activities | 9 Months Ended |
Sep. 30, 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’s 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: September 30, 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 $ 148 $ 17 $ — $ 131 $ 35 $ 21 $ — $ 14 Exchange 36 31 — 5 37 21 — 16 Interest rate contracts: Over-the-counter 60 9 — 51 11 3 — 8 Foreign currency contracts: Over-the-counter 6 6 — — 8 8 — — Total derivatives, subject to a master netting or similar arrangement $ 250 $ 63 $ — $ 187 $ 91 $ 53 $ — $ 38 (1) Excludes $2 September 30, 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 $ 19 $ 17 $ — $ 2 $ 105 $ 21 $ — $ 84 Exchange 31 31 — — 21 21 — — Interest rate contracts: Over-the-counter 721 11 20 690 606 8 35 563 Foreign currency contracts: Over-the-counter 4 4 — — 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 775 $ 63 $ 20 $ 692 $ 735 $ 53 $ 35 $ 647 (1) Excludes $1 Volumes The following table presents the volume of Dominion Energy’s derivative activity at September 30, 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) 74 13 Basis 240 517 Electricity (MWh): Fixed price 6,380,180 3,128,300 FTRs 73,133,287 — Liquids (Gal) (2) 11,004,000 — Interest rate (3) $ 1,600,000,000 $ 6,916,692,492 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 September 30, 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 ) 15 months Electricity 2 2 3 months Interest rate (446 ) (44 ) 399 months Total $ (446 ) $ (44 ) 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. In connection with the agreement Dominion Energy entered in July 2020 for the disposition of substantially all of its gas transmission and storage operations, certain cash flow hedges of debt-related items became probable of not occurring. See Note 3 for further information. Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings and presented in the same line item. There were no derivative instruments designated in fair value hedges during the three and nine months ended September 30, 2020. Gains and losses on derivatives in fair value hedge relationships were immaterial for the three and nine months ended September 30, 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) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (millions) Long-term debt $ (1,153 ) $ (1,154 ) $ (3 ) $ (4 ) (1) Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at September 30, 2020 and December 31, 2019, respectively. (2) Includes $(3) million and $3 million of hedging adjustments on discontinued hedging relationships at September 30, 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) September 30, 2020 ASSETS Current Assets Commodity $ — $ 80 $ 80 Interest rate — 12 12 Foreign currency 6 6 Total current derivative assets (1) — 98 98 Noncurrent Assets Commodity — 106 106 Interest rate — 48 48 Total noncurrent derivative assets (2) — 154 154 Total derivative assets $ — $ 252 $ 252 LIABILITIES Current Liabilities Commodity $ — $ 41 $ 41 Interest rate — 194 194 Foreign currency — 4 4 Total current derivative liabilities (3) — 239 239 Noncurrent Liabilities Commodity — 10 10 Interest rate 482 45 527 Total noncurrent derivative liabilities 482 55 537 Total derivative liabilities $ 482 $ 294 $ 776 December 31, 2019 ASSETS Current Assets Commodity $ 30 $ 37 $ 67 Interest rate 1 — 1 Total current derivative assets (1) 31 37 68 Noncurrent Assets Commodity 1 6 7 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 19 6 25 Total derivative assets $ 50 $ 43 $ 93 LIABILITIES Current Liabilities Commodity $ 6 $ 77 $ 83 Interest rate 321 1 322 Foreign currency 3 — 3 Total current derivative liabilities (3) 330 78 408 Noncurrent Liabilities Commodity 1 47 48 Interest rate 267 17 284 Total noncurrent derivative liabilities (4) 268 64 332 Total derivative liabilities $ 598 $ 142 $ 740 (1) Current derivative assets include $87 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets include $154 million and $16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively. The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities include $16 million and $14 million at September 30, 2020 and December 31, 2019, respectively, presented in held for sale in Dominion Energy’s Consolidated Balance Sheets. (4) Noncurrent derivative liabilities include $3 million at December 31, 2019 presented in held for sale in Dominion Energy’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 8 Total commodity $ — $ 8 $ — Interest rate: Interest and related charges $ (23 ) Discontinued operations (230 ) Total interest rate $ 8 $ (253 ) $ 62 Foreign currency (3) 6 (6 ) — Total $ 14 $ (251 ) $ 62 Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 34 Purchased gas (2 ) Discontinued operations 1 Total commodity $ (5 ) $ 33 $ — Interest rate: Interest and related charges $ (12 ) Discontinued operations (2 ) Total interest rate $ (124 ) $ (14 ) $ (190 ) Foreign currency (3) (15 ) (12 ) — Total $ (144 ) $ 7 $ (190 ) Nine Months Ended September 30, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 22 Purchased gas (3 ) Discontinued operations 2 Total commodity $ — $ 21 $ — Interest rate: Interest and related charges $ (66 ) Discontinued operations (236 ) Total interest rate $ (328 ) $ (302 ) $ (488 ) Foreign currency (3) (11 ) (6 ) — Total $ (339 ) $ (287 ) $ (488 ) Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 123 Purchased gas 1 Discontinued operations 4 Total commodity $ 96 $ 128 $ — Interest rate: Interest and related charges $ (35 ) Discontinued operations (2 ) Total interest rate $ (350 ) $ (37 ) $ (405 ) Foreign currency (3) (24 ) (14 ) — Total $ (278 ) $ 77 $ (405 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. ( 3 ) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in discontinued operations. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ (15 ) $ 6 $ 31 $ 34 Purchased gas 4 (9 ) (6 ) (15 ) Electric fuel and other energy-related purchases (6 ) (6 ) (79 ) (18 ) Discontinued operations (1 ) — 4 — Interest rate: Interest and related charges 57 — (21 ) — Discontinued operations 5 — (3 ) — Foreign currency: Discontinued operations 8 — 8 — Total $ 52 $ (9 ) $ (66 ) $ 1 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. 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: September 30, 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 $ 134 $ 10 $ — $ 124 $ 19 $ 18 $ — $ 1 Interest rate contracts: Over-the-counter — — — — 2 — — 2 Total derivatives, subject to a master netting or similar arrangement $ 134 $ 10 $ — $ 124 $ 21 $ 18 $ — $ 3 (1) Excludes $11 September 30, 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 $ 10 $ 10 $ — $ — $ 59 $ 18 $ — $ 41 Interest rate contracts: Over-the-counter 475 — — 475 363 — — 363 Total derivatives, subject to a master netting or similar arrangement $ 485 $ 10 $ — $ 475 $ 422 $ 18 $ — $ 404 (1) Excludes $6 Volumes The following table presents the volume of Virginia Power’s derivative activity at September 30, 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) 38 — Basis 140 498 Electricity (MWh): FTRs 73,133,287 — Interest rate (2) $ — $ 2,050,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (72 ) $ (1 ) 399 months Total $ (72 ) $ (1 ) The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of interest rates contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2020 ASSETS Current Assets Commodity $ — $ 48 $ 48 Total current derivative assets (1) — 48 48 Noncurrent Assets Commodity — 97 97 Total noncurrent derivative assets (2) — 97 97 Total derivative assets $ — $ 145 $ 145 LIABILITIES Current Liabilities Commodity $ — $ 15 $ 15 Total current derivative liabilities — 15 15 Noncurrent Liabilities Commodity — 1 1 Interest rate 475 — 475 Total noncurrent derivative liabilities (3) 475 1 476 Total derivative liabilities $ 475 $ 16 $ 491 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 derivative 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 September 30, 2020 Derivative type and location of gains (losses): Interest rate (3) $ 6 $ (1 ) $ 60 Total $ 6 $ (1 ) $ 60 Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (21 ) $ — $ (190 ) Total $ (21 ) $ — $ (190 ) Nine Months Ended September 30, 2020 Derivative type and location of gains (losses): Interest rate (3) $ (53 ) $ (2 ) $ (492 ) Total $ (53 ) $ (2 ) $ (492 ) Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (45 ) $ (1 ) $ (408 ) Total $ (45 ) $ (1 ) $ (408 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Derivative type and location of gains (losses): Commodity (2) $ (6 ) $ (6 ) $ (79 ) $ (18 ) Total $ (6 ) $ (6 ) $ (79 ) $ (18 ) (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. |
Investments
Investments | 9 Months Ended |
Sep. 30, 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 $132 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) September 30, 2020 Equity securities: (1) U.S. $ 1,735 $ 2,517 $ (73 ) $ — $ 4,179 Fixed income securities: (2) Corporate debt instruments 569 49 (1 ) — 617 Government securities 1,128 64 (1 ) — 1,191 Common/collective trust funds 138 4 — — 142 Insurance contracts 227 — — — 227 Cash equivalents and other (3) 1 1 (1 ) — 1 Total $ 3,798 $ 2,635 $ (76 ) (4) $ — (5) $ 6,357 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. (3) Includes pending purchases of securities of $36 million and $1 million at September 30, 2020 and December 31, 2019, respectively . (4) The fair value of securities in an unrealized loss position was $523 million and $298 million ( 5 ) The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020. 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Net gains recognized during the period $ 308 $ 40 $ 20 $ 610 Less: Net gains recognized during the period on securities sold during the period (15 ) (17 ) (6 ) (61 ) Unrealized gains recognized during the period on securities still held at September 30, 2020 and 2019 (1) $ 293 $ 23 $ 14 $ 549 (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 September 30, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 194 Due after one year through five years 503 Due after five years through ten years 485 Due after ten years 768 Total $ 1,950 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Proceeds from sales $ 1,208 $ 429 $ 2,868 $ 1,311 Realized gains (1) 48 53 188 152 Realized losses (1) 29 25 159 75 (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) September 30, 2020 Equity securities: (1) U.S. $ 919 $ 1,161 $ (48 ) $ — $ 2,032 Fixed income securities: (2) Corporate debt instruments 324 28 — — 352 Government securities 463 23 (1 ) — 485 Common/collective trust funds 45 — — — 45 Cash equivalents and other (3) 19 — — — 19 Total $ 1,770 $ 1,212 $ (49 ) (4) $ — (5) $ 2,933 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 o f $ 5 million at September 30, 2020 . (4) The fair value of securities in an unrealized loss position was $283 million and $185 million (5 ) The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020. The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Net gains (losses) recognized during the period $ 138 $ 30 $ (16 ) $ 286 Less: Net gains recognized during the period on securities sold during the period (6 ) (7 ) (3 ) (15 ) Unrealized gains (losses) recognized during the period on securities still held at September 30, 2020 and 2019 (1) $ 132 $ 23 $ (19 ) $ 271 (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 September 30, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 66 Due after one year through five years 234 Due after five years through ten years 268 Due after ten years 314 Total $ 882 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Proceeds from sales $ 164 $ 230 $ 694 $ 677 Realized gains (1) 18 21 73 46 Realized losses (1) 10 6 58 18 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Equity Method Investments Dominion Energy Dominion Energy recorded equity earnings on its investments of less than $1 million and $5 million for the nine months ended September 30, 2020 and 2019, respectively, in other income in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(2.3) and $ million for the nine months ended September 30, 2020 and 2019, respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions of $25 million and $28 million for the nine months ended September 30, 2020 and 2019, respectively. At September 30, 2020 and December 31, 2019, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $(19) million and $(35) million, respectively. At September 30, 2020, these differences are comprised of $27 million of equity method goodwill that is not being amortized and a net $(46) million basis difference primarily attributable to an unfunded commitment made to Align RNG . At December 31, 2019, these differences are comprised of $11 million of equity method goodwill that is not being amortized and a net $(46) million basis difference from Dominion Energy’s investments in Fowler Ridge, Atlantic Coast Pipeline and an unfunded commitment made to Align RNG. Atlantic Coast Pipeline In September 2014, Dominion Energy, along with Duke Energy and Southern, announced the formation of Atlantic Coast Pipeline for the purpose of constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of Dominion Energy, Duke Energy and Southern had planned to be customers of the pipeline under 20-year contracts. In March 2020, Dominion Energy completed the acquisition from Southern of its 5% membership interest in Atlantic Coast Pipeline and its 100% ownership interest in Pivotal LNG, Inc., for $184 million in aggregate, subject to certain purchase price adjustments. Pivotal LNG, Inc. includes a 50% noncontrolling interest in JAX LNG. Following completion of the acquisition, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke Energy owning the remaining interest. Atlantic Coast Pipeline continues to be reflected as an equity method investment as the power to direct the activities most significant to Atlantic Coast Pipeline is shared with Duke Energy. As a result, Dominion Energy has the ability to exercise significant influence, but not control, over the investee. The Atlantic Coast Pipeline Project had been the subject of challenges in federal courts including, among others, challenges of the Atlantic Coast Pipeline Project’s biological opinion and incidental take statement, permits providing right of way crossings of certain federal lands, the Army Corps of Engineers 404 permit, the air permit for a compressor station at Buckingham, Virginia, and the FERC order approving the CPCN. Each of these challenges alleged non-compliance on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project was permitted to proceed. Since December 2018, notable developments in these challenges included a stay in December 2018 issued by the U.S. Court of Appeals for the Fourth Circuit and the same court’s July 2019 vacatur of the biological opinion and incidental take statement (which stay and subsequent vacatur halted most project construction activity), the U.S. Court of Appeals for the Fourth Circuit decisions vacating the permits to cross certain federal forests and the air permit for a compressor station at Buckingham, Virginia, the U.S. Court of Appeals for the Fourth Circuit’s remand to the Army Corps of Engineers of Atlantic Coast Pipeline’s Huntington District 404 verification and the U.S. Court of Appeals for the Fourth Circuit’s remand to the National Park Service of Atlantic Coast Pipeline’s Blue Ridge Parkway right-of-way. In June 2019, the Solicitor General of the U.S. and Atlantic Coast Pipeline filed petitions requesting that the Supreme Court of the U.S. hear the case regarding the Appalachian Trail crossing and in June 2020, the Supreme Court of the U.S. ruled in favor of the Atlantic Coast Pipeline, reversing the lower court’s decision and remanding the case back to the U.S. Court of Appeals for the Fourth Circuit. The project also faced new and serious challenges from uncertainty related to NWP 12, specifically, from the decision of the U.S. District Court for the District of Montana in April 2020 vacating an NWP 12 issued by the Army Corps of Engineers, including among other things gas pipelines, followed by a U.S. Court of Appeals for the Ninth Circuit ruling in May 2020 denying a stay of that decision. In July 2020, the Supreme Court of the U.S. issued an order allowing other new oil and gas pipeline projects to use the NWP 12 process pending appeal to the U.S. Court of Appeals for the Ninth Circuit; however, that did not decrease the uncertainty associated with an eventual ruling. The Montana district court decision was viewed as likely to prompt similar challenges in other federal circuit courts related to permits issued under NWP 12, including for the Atlantic Coast Pipeline Project. In July 2020, as a result of the continued permitting delays, growing legal uncertainties and the need to incur significant capital expenditures to maintain project timing before such uncertainties could be resolved, Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Project. As a result of the determination of the probable abandonment of the Atlantic Coast Pipeline Project in June 2020, Dominion Energy recorded equity method earnings (losses) of $(61) million ($(45) million after-tax) and $(2.3) billion ($(1.8) billion after-tax) for the three and nine months ended September 30, 2020 and $ 31 million ($ 31 million after-tax) and $ 84 million ($ 85 million after-tax) for the three and nine months ended September 30, 2019 , respectively . In connection with Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations , Dominion Energy has reflected the results of its equity method investment in Atlantic Coast Pipeline as discontinued operations in its C onsolidated S tatements of Income . At September 30, 2020, Dominion Energy has also recorded a liability of $ billion within other current liabilities in its Consolidated Balance Sheet, as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its credit facility and AROs. In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility with a stated maturity date of October 2021 Dominion Energy recorded contributions of $45 million and $47 million during the three months ended September 30, 2020 and 2019, respectively, and $74 million and $175 million during the nine months ended September 30, 2020 and 2019, respectively, to Atlantic Coast Pipeline. At September 30, 2020 and December 31, 2019, Dominion Energy had $15 million and $7 million, respectively, of contributions payable to Atlantic Coast Pipeline included within other current liabilities in its Consolidated Balance Sheets. Dominion Energy expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows. DETI provided services to Atlantic Coast Pipeline which totaled $7 million and $24 million for the three months ended September 30, 2020 and 2019, respectively, and $44 million and $81 million for the nine months ended September 30, 2020 and 2019, respectively, included in discontinued operations in Dominion Energy’s Consolidated Statements of Income. Amounts receivable related to these services were less than $1 million and $7 million at September 30, 2020 and December 31, 2019, respectively, composed entirely of accrued unbilled revenue, included in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. 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. Fowler Ridge In September 2020, Dominion Energy sold its 50% noncontrolling partnership interest in Fowler Ridge to BP and terminated an affiliate’s long-term power, capacity and renewable energy credit contract with Fowler Ridge for a net payment by Dominion Energy of $150 million. Dominion Energy recognized a loss of $221 million ($165 million after-tax) on the contract termination, included in impairment of assets and other charges in its Consolidated Statements of Income for the three and nine months ended September 30, 2020. The $150 million payment was allocated between the contract termination and sale based on the relative fair value of each using an income approach. The fair value determinations for the payment allocations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including the amount of future cash flows and discount rate reflecting risks inherent in the future cash flows and market prices. |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 11. Property, Plant and Equipment Acquisitions of Solar Projects Other than the items discussed below, there have been no updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. The following table presents acquisitions by Virginia Power of solar projects. Virginia Power expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity August 2018 May 2019 Virginia Grasshopper $ 128 October 2020 80 June 2019 August 2019 Virginia Belcher 160 Expected 2021 88 May 2020 May 2020 Virginia Pumpkinseed 130 Expected 2022 60 (1) Includes acquisition cost. The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity August 2019 August 2019 Virginia Myrtle $ 32 June 2020 15 May 2020 May 2020 South Carolina Blackville 15 Expected 2020 7 May 2020 May 2020 South Carolina Denmark 15 Expected 2020 6 May 2020 August 2020 South Carolina Yemassee 20 Expected 2021 10 May 2020 October 2020 South Carolina Trask 25 Expected 2021 12 June 2020 June 2020 Ohio Hardin I 255 Expected 2020 150 July 2020 July 2020 Virginia Madison 125 Expected 2022 63 August 2020 Expected 2022 Ohio Hardin II 295 Expected 2023 150 (1) Includes acquisition cost. In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities, primarily at schools in Virginia, with in-service dates in 2020 or 2021. Through October 2020, Dominion Energy anticipates a total projected cost of approximately $41 million under these agreements with an associated aggregate generation capacity of 20 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Acquisition of Gathering and Processing Assets In March 2020, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase existing natural gas gathering systems including pipelines, compressors and dehydration equipment for total consideration of $38 million. These facilities gather natural gas in Colorado, Utah and Wyoming. Non-Wholly-Owned Merchant Solar Facilities In the third quarter of 2020, Dominion Energy performed a strategic review of its long-term intentions for its contracted merchant solar generation assets in partnerships outside of its core electric service territories in consideration of the impact of the VCEA and Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations. Based on an evaluation of Dominion Energy’s interests in these long-lived assets for recoverability under a probability weighted approach, Dominion Energy determined the assets were impaired. As a result of this evaluation, Dominion Energy recorded a charge of $665 million ($293 million after-tax attributable to Dominion Energy and $267 million attributable to noncontrolling interest) in impairment of assets and other charges in its Consolidated Statements of Income for both the three and nine months ended September 30, 2020 to adjust the property, plant and equipment down to its estimated fair value of $1.4 billion. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices. |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Regulated Operations [Abstract] | |
Regulatory Assets and Liabilities | Note 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following: September 30, 2020 December 31, 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred project costs and DSM programs for gas utilities (2) 38 21 Unrecovered gas costs (3) 89 99 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 14 109 Deferred nuclear refueling outage costs (6) 57 68 NND Project costs (7) 138 138 PJM transmission rates (8) 95 121 Other 232 267 Regulatory assets-current 663 871 Pension and other postretirement benefit costs (9) 1,598 1,431 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10)(11) 390 235 PJM transmission rates (8) 46 85 Deferred project costs for gas utilities (2) 588 521 Interest rate hedges (12) 1,207 709 AROs and related funding (13) 311 311 Cost of reacquired debt (14) 248 262 NND Project costs (7) 2,399 2,503 Ash pond and landfill closure costs (15) 2,160 1,016 Other 502 579 Regulatory assets-noncurrent 9,449 7,652 Total regulatory assets $ 10,112 $ 8,523 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 82 $ — Provision for future cost of removal and AROs (16) 124 124 Reserve for refunds and rate credits to electric utility customers (17) 133 143 Cost-of-service impact of 2017 Tax Reform Act (18) 23 4 Income taxes refundable through future rates (19) 135 71 Monetization of guarantee settlement (20) 67 67 Other 152 46 Regulatory liabilities-current 716 455 Income taxes refundable through future rates (19) 4,378 4,529 Provision for future cost of removal and AROs (16) 2,183 2,208 Nuclear decommissioning trust (21) 1,496 1,471 Monetization of guarantee settlement (20) 920 970 Reserve for refunds and rate credits to electric utility customers (17) 570 656 Reserve for future credits to Virginia electric customers (22) 200 — Overrecovered other postretirement benefit costs (23) 74 54 Other 349 316 Regulatory liabilities-noncurrent 10,170 10,204 Total regulatory liabilities $ 10,886 $ 10,659 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing 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) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. (12) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of September 30, 2020. (13) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years . (14) (1 5 ) 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 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. (1 7 ) 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 8 ) 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. ( 19 ) 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. (2 0 ) 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 1 ) 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. (22) Represents a reserve for benefits expected to be provided to retail electric customers in Virginia in connection with the quadrennial review of Virginia Power’s base rates scheduled to occur in 2021. During the third quarter of 2020, Virginia Power recorded a reserve of $200 million reflected in impairment of assets and other charges in its Consolidated Statements of Income for benefits expected to be provided through the use of a customer credit reinvestment offset in accordance with the GTSA. 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 additional information. (2 3 ) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. September 30, 2020 December 31, 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred rate adjustment clause costs (2)(3) 14 109 Deferred nuclear refueling outage costs (4) 57 68 PJM transmission rates (5) 95 121 Other 52 87 Regulatory assets-current 218 433 Deferred rate adjustment clause costs (2)(3)(6)(7) 390 235 PJM transmission rates (5) 46 85 Interest rate hedges (8) 895 404 Ash pond and landfill closure costs (9) 2,160 1,016 Other 119 123 Regulatory assets-noncurrent 3,610 1,863 Total regulatory assets $ 3,828 $ 2,296 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 82 $ — Provision for future cost of removal (10) 103 103 Income taxes refundable through future rates (11) 54 54 Other 73 10 Regulatory liabilities-current 312 167 Income taxes refundable through future rates (11) 2,406 2,438 Nuclear decommissioning trust (12) 1,496 1,471 Provision for future cost of removal (10) 1,014 1,054 Reserve for future credits to Virginia electric customers (13) 200 — Deferred cost of fuel used in electric generation (1) 42 30 Other 166 81 Regulatory liabilities-noncurrent 5,324 5,074 Total regulatory liabilities $ 5,636 $ 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 excess deferred income taxes 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) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of September 30, 2020. (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 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. (10) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (11) 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 . (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. (13) Represents a reserve for benefits expected to be provided to retail electric customers in Virginia in connection with the quadrennial review of Virginia Power’s base rates scheduled to occur in 2021. During the third quarter of 2020, Virginia Power recorded a reserve of $200 million reflected in impairment of assets and other charges in its Consolidated Statements of Income for benefits expected to be provided through the use of a customer credit reinvestment offset in accordance with the GTSA. 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 additional information. At September 30, 2020, Dominion Energy and Virginia Power regulatory assets include $4.6 billion and $3.3 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 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 have been material to Dominion Energy’s 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. In November 2020, Dominion Energy completed the sale of DETI as part of the GT&S Transaction. 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 was considered in conjunction with the base rate case that was filed in November 2019. In June 2020, the Wyoming Commission approved a proposal to share the benefits of deferred income taxes for the period January 2018 through August 2020 with customers over a one-year period beginning in September 2020. In addition, new base rates that went into effect in September 2020 include the prospective impacts of sharing excess deferred income taxes with customers. In October 2018, the Ohio Commission issued an order requiring rate-regulated utilities to file an application reflecting the impact of the 2017 Tax Reform Act on current rates by January 1, 2019. In December 2018, East Ohio filed its application proposing an approach to establishing rates and charges by and through which to return tax reform benefits to its customers. In December 2019, the Ohio Commission issued an order approving customer credits of approximately $600 million that will be shared with customers primarily over the remaining book life of the property to which the excess deferred income taxes relate. In addition, East Ohio will reduce rates approximately $19 million per year to account for the 2017 Tax Reform Act’s impact on its equity return component of rates charged to customers. A tax savings credit, which passes through the reduction in the federal income tax rate under the 2017 Tax Reform Act to customers in accordance with the settlement agreement approved by the Ohio Commission, became effective with the first billing cycle in April 2020. 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 - Renewable Generation: - Energy Efficiency: are found to have caused Virginia Power to earn more than 50 basis points below a fair rate of return on its rates for generation and distribution services. - Carbon trading program - 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. In May 2020 and July 2020, Virginia Power entered into and closed on separate agreements to acquire Grassfield Solar, Norge Solar and Sycamore Solar. The projects are expected to cost approximately $170 million in aggregate once constructed, including the initial acquisition cost. The facilities are expected to generate 82 MW combined and be placed into service by the end of 2022. In October 2020, Virginia Power filed an application with the Virginia Commission for CPCNs to construct and operate these projects. Virginia Power also applied for approval of Rider CE associated with the projects with a proposed $11 million revenue requirement for the rate year beginning June 1, 2021. This matter is pending. 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 $503 million and the proposed operations and maintenance investment was $78 million. In March 2020, the Virginia Commission issued an order approving $212 million of costs related to a new customer information platform, targeted grid hardening and corridor improvements, an electric vehicle Smart Charging Infrastructure Pilot Program, cyber security, stakeholder engagement and customer education and denied the costs associated with AMI, self-healing grid and certain other grid hardening projects alleging that Virginia Power did not prove the reasonableness and prudency of these costs. In April 2020, Virginia Power filed a petition for reconsideration of the Virginia Commission’s order and requested clarification of certain matters, including the Smart Charging Infrastructure Pilot Program. Additionally, Virginia Power requested clarification of certain matters relating to an AMI time-of-use rate and the smart charging electric vehicle infrastructure pilot program. Subsequently, in April 2020, the Virginia Commission denied in full Virginia Power’s petition for reconsideration; however, it stated that its March 2020 order contained all necessary approvals for the smart charging electric vehicle infrastructure pilot program. Virginia Power intends to file a revised plan 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 first quarter of 2021. 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. In June 2020, the Virginia Commission approved a revised fuel rate based on an updated projected over-recovery of $103 million for the prior year balance as of June 30, 2020. Rate Adjustment Clauses Below is a discussion of significant riders associated with various Virginia Power projects: • The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2020, Virginia Power proposed a $1.0 billion total revenue requirement consisting of $474 million for the transmission component of Virginia Power’s base rates and $529 million for Rider T1 for the rate year beginning September 1, 2020. This total revenue requirement represents a $73 million increase versus the revenues to be produced during the rate year under current rates. In July 2020, the Virginia Commission approved the filing. • The Virginia Commission previously approved Riders C1A, C2A and C3A in connection with cost recovery for DSM programs. In December 2019, Virginia Power filed a petition to approve an additional 10 new energy efficiency programs and one new demand response DSM program for five years, subject to future extension, with a $186 million cost cap, and proposed a total $60 million revenue requirement for the rate year beginning September 1, 2020. This total revenue requirement represents an $11 million increase over the previous year. In July 2020, the Virginia Commission approved the filing. • The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by Virginia legislation. In June 2020, Virginia Power proposed an $80 million total revenue requirement consisting of $44 million for previously approved phases and $36 million for phase five costs for Rider U for the rate year beginning April 1, 2021. This total revenue requirement represents a $28 million increase over the previous year. This matter is pending Additional significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Requirement (millions) Increase (Decrease) Over Previous Year (millions) Rider US-3 July 2019 March 2020 June 2020 $ 28 $ 18 Rider BW October 2019 June 2020 September 2020 99 (20 ) Rider US-2 October 2019 July 2020 September 2020 10 (5 ) Rider E January 2020 September 2020 November 2020 85 (19 ) Rider B June 2020 Pending April 2021 24 (8 ) Rider GV June 2020 Pending April 2021 154 22 Rider R June 2020 Pending April 2021 59 15 Rider S June 2020 Pending April 2021 194 (1 ) Rider W June 2020 Pending April 2021 120 14 Rider US-3 July 2020 Pending June 2021 39 10 Rider US-4 July 2020 Pending June 2021 12 4 Rider BW October 2020 Pending September 2021 113 14 Rider US-2 October 2020 Pending September 2021 10 0 Electric Transmission Projects In December 2019, Virginia Power filed an application with the Virginia Commission for a CPCN to construct a new Evergreen Mills switching station and add approximately one mile of overhead 230 kV double circuit transmission lines from both the existing Brambleton-Yardley Ridge line and Brambleton-Poland Road line in Loudoun County, Virginia, estimated to cost approximately $30 million. In May 2020, the Virginia Commission issued an order approving in part and denying in part the petition. The Virginia Commission approved Virginia Power’s request to construct the new Evergreen Mills switching station and the new 230 kV double circuit transmission line from the existing Brambleton-Yardley Ridge line with a total estimated cost of $25 million. Additional Virginia Power electric transmission projects applied for and/or approved are as follows: Description and Location of Project Application Date Approval Date Type of Line Miles of Lines Cost Estimate (millions) Rebuild and operate five segments between the Loudoun and Ox substations August 2019 June 2020 230 kV 19 $ 70 Build new Lockridge substation and line loop in Loudoun County, Virginia December 2019 October 2020 230 kV <1 35 Rebuild and operate two lines in Chesterfield County, Virginia January 2020 June 2020 230 kV 3 15 Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia May 2020 Pending 500 kV 37 110 Relocate and replace a transmission line underground between the Tysons substation and the future Spring Hill substation September 2020 Pending 230 kV <1 30 Rebuild and install new line in the Counties of New Kent, King William, King and Queen, Essex and Richmond, Virginia October 2020 Pending 230 kV 41 100 North Carolina Regulation North Carolina Base Rate Case In March 2019, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $27 million effective November 1, 2019 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2020. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 7.52% based upon a fully-adjusted test period, compared to its authorized 9.90% return, and proposed a 10.75% ROE. In September 2019, Virginia Power revised its filing to reduce the non-fuel base rate increase to $24 million. In January 2020, the North Carolina Commission approved a 9.75% ROE and disallowed certain costs associated with coal ash remediation at Chesterfield power station. In February 2020, the North Carolina Commission issued its final order relating to base rates. In July 2020, Virginia Power filed a notice of appeal and exceptions to the Supreme Court of North Carolina, arguing that the North Carolina Commission committed reversible error on certain issues relating to the ratemaking treatment of certain coal ash remediation costs. This matter is pending. North Carolina Fuel Filing In August 2020, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. Virginia Power proposed a total $15 million decrease to the fuel component of its electric rates for the rate year beginning February 1, 2021. 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 Electric Base Rate Case In August 2020, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $178 million, or 7.75%, effective on or after the first billing cycle of March 2021. The base rate increase was proposed to recover the significant investment in assets and operating resources required to serve an expanding customer base, maintain the safety, reliability and efficiency of DESC’s system and meet increasingly stringent reliability, security and environmental requirements for the benefit of South Carolina customers. DESC presented an earned ROE of 5.90% based upon a fully-adjusted test period. The proposed rates would provide for an earned ROE equal to the current authorized earned ROE of 10.25%. This matter is pending. 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. Electric Transmission Projects In 2020, DESC began several electric transmission projects in connection with two new nuclear plants under development by Southern. These transmission projects are required to be in place prior to these plants beginning operations to maintain reliability. DESC anticipates the projects to go into service in phases, costing approximately $75 million in aggregate. In February 2020, DESC filed an application with the South Carolina Commission requesting approval to construct and operate 28 miles of 230 kV transmission lines in Aiken County, South Carolina estimated to cost approximately $30 million. In June 2020, the South Carolina Commission approved the filing. Natural Gas Rates In June 2020, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2020 with a total revenue requirement of $409 million. This represents a $9 million overall annual increase to its natural gas rates under the terms of the Natural Gas Rate Stabilization Act effective with the first billing cycle of November 2020. In October 2020, the South Carolina Commission approved a total revenue requirement of $406 million effective with the first billing cycle of November 2020. This represents a $6 million overall annual increase to DESC’s natural gas rates. Additionally, the South Carolina Commission authorized an allowed ROE of 9.90%, a reduction from the prior ROE of 10.25%. The South Carolina Commission also approved an agreement between the South Carolina Office of Regulatory Staff and DESC that DESC will file its next retail natural gas general rate proceeding no later than April 2023. 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. West Virginia Regulation West Virginia Base Rate Case In September 2020, Hope filed its base rate case and schedules with the West Virginia Commission. Hope proposed a non-fuel, base rate increase of $28 million. The base rate increase was proposed to recover the significant investment in distribution infrastructure and costs associated with the acquisition of over 2,000 miles of gathering assets, both for the benefit of West Virginia customers. The proposed rates would provide for an ROE of 10.25% compared to the authorized ROE of 9.45%. The rates are expected to go into effect in July 2021. This matter is pending. PREP In May 2020, Hope filed a PREP application with the West Virginia Commission requesting approval to recover PREP costs related to $39 million and $54 million of projected capital investment for 2020 and 2021, respectively. The application also includes a true-up of PREP costs related to the 2019 actual capital investment of $27 million and sets forth $13 million of annual PREP costs to be recovered in proposed rates effective November 1, 2020. In October 2020, the West Virginia Commission approved PREP rates effective November 1, 2020. Utah Regulation Rural Expansion Project In December 2019, Questar Gas filed an application with the Utah Commission for a CPCN to construct natural gas infrastructure to extend service to Eureka, Utah. The project is expected to include 11 miles of high-pressure pipeline and up to 360 service lines and to be in service in late 2021. Questar Gas also requested approval of a rural expansion rate adjustment tracker to recover the construction costs of the project. In August 2020, the Utah Commission approved the CPCN and the rural expansion rate adjustment tracker. Wyoming Regulation Wyoming Base Rate Case In November 2019, Questar Gas filed its base rate case and schedules with the Wyoming Commission. Questar Gas proposed a non-fuel, base rate increase of $4 million effective September 2020. The base rate increase was proposed to replace aging infrastructure and expand its system. Questar Gas presented an earned return of 7.46%, based upon a fully-adjusted test period, compared to its authorized 9.5% return, and proposed a 10.5% ROE. In June 2020, the Wyoming Commission approved a base rate increase of $2 million annually, with rates effective September 1, 2020. This revenue requirement increase was based on an approved ROE of 9.35%. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 14. Leases Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. Dominion Energy’s Consolidated Statements of Income include $61 million and $146 million for the three and nine months ended September 30, 2020, respectively, and $64 million and $146 million for the three and nine months ended September 30, 2019, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $26 million and $76 million for the three and nine months ended September 30, 2020, respectively, and $23 million and $70 million for the three and nine months ended September 30, 2019, respectively, of depreciation expense included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. Corporate Office Leasing Arrangement In December 2019, Dominion Energy signed an agreement with a lessor, as amended in May 2020, to construct and lease a new corporate office property in Richmond, Virginia. The lessor is providing equity and has obtained financing commitments from debt investors, totaling $465 million, to fund the estimated project costs. If Dominion Energy ultimately proceeds with the project through completion, the project is expected to be completed by September 2024. Dominion Energy has been appointed to act as the construction agent for the lessor, during which time Dominion Energy will request cash draws from the lessor and debt investors to fund all project costs. If the project is terminated under certain events, Dominion Energy could be required to pay up to 100% of the then funded amount. The lease term will commence once construction is substantially complete and the facility is able to be occupied and will end in December 2027. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 83 % of project costs, for the difference between the project costs and sale proceeds. Dominion Energy is not considered the owner during construction for financial accounting purposes and, therefore, will not reflect the construction activity in its consolidated financial statements. Dominion Energy expects to recognize a right-of-use asset and a corresponding finance lease liability at the commencement of the lease term. Dominion Energy will be considered the owner of the leased property for tax purposes, and as a result, will be entitled to tax deductions for depreciation and interest expense. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 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 both September 30, 2020 and December 31, 2019, Dominion Energy’s securities due within one year included $31 million, and at September 30, 2020 and December 31, 2019 Dominion Energy’s long-term debt included $260 million and $267 million, respectively, 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. In May 2019, Virginia Power entered into an agreement and paid $135 million to terminate the remaining contract with the non-utility generator, effective April 2019. A $135 million ($100 million after-tax) charge was recorded in impairment of assets and other charges in Virginia Power’s Consolidated Statements of Income during the second quarter of 2019. Virginia Power paid $13 million for electric capacity and $1 million for electric energy to the non-utility generator in the nine months ended September 30, 2019. Virginia Power purchased shared services from DES, an affiliated VIE, of $81 million for the three months ended September 30, 2020, $83 million for the three months ended September 30, 2019, $260 million for the nine months ended September, 30, 2020 and $301 million for the nine months ended September 30, 2019. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $171 million and $102 million at September 30, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. |
Significant Financing Transacti
Significant Financing Transactions | 9 Months Ended |
Sep. 30, 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 September 30, 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)(2) $ 6,000 $ 2,113 $ 96 $ 3,791 (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) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. In addition to the credit facility mentioned above, Dominion Energy also has a credit facility which had an original stated maturity date of June 2020 June 2022 In March 2020, Dominion Energy entered into a $900 million 364-Day Revolving Credit Agreement. The agreement bears interest at a variable rate. At September 30, 2020, $225 million was outstanding under the agreement. The proceeds from these borrowings were used to provide for general working capital and other general corporate purposes. The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility. DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At September 30, 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 September 30, 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 bore interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes. In June 2020, Dominion Energy repaid the outstanding balance in full. In November 2017, Dominion Energy filed a SEC shelf registration statement for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability Investment SM 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 September 30, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1)(2) $ 6,000 $ 422 $ 9 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 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. (2) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. 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 of which would have otherwise matured in 2066. All purchases were conducted in compliance with the applicable RCC, each of which was terminated in February 2020. Expenses related to the early redemption of the hybrids were $10 million reflected within interest and related charges in the Consolidated Statements of Income for the nine months ended September 30, 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 nine months ended September 30, 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 nine months ended September 30, 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. In June 2020, Dominion Energy prepaid the remaining balance of $993 million. In June 2020, East Ohio issued, through private placement, $500 million of 1.30% senior notes, $500 million of 2.00% senior notes and $800 million of 3.00% senior notes that mature in 2025, 2030 and 2050, respectively. East Ohio used the proceeds from this offering to repay intercompany promissory notes with Dominion Energy Gas and a portion of its intercompany revolving credit agreement balance with Dominion Energy. In June 2020, Virginia Power remarketed one series of tax-exempt bonds, with an aggregate outstanding principal of $105 million to new investors. The bonds will bear interest at a coupon rate of 1.20% until May 2024, after which they will bear interest at a market rate to be determined at that time. In September 2020, Virginia Power remarketed three series of tax-exempt bonds, with an aggregate outstanding principal of $322 million to new investors. One of the bonds will bear interest at a coupon rate of 0.45% until April 2022, after which it will bear interest at a market rate to be determined at that time. Two of the bonds will bear interest at a coupon rate of 0.75% until September 2025, after which they will bear interest at a market rate to be determined at that time. In September 2020, Dominion Energy issued $1.0 billion of floating rate senior notes that mature in 2023. Derivative Restructuring In June 2020, Dominion Energy amended a portfolio of interest rate swaps with a notional value of $2.0 billion, extending the mandatory termination dates from 2020 and 2021 to December 2024. The transaction is viewed as a noncash financing activity with an embedded interest rate swap. As a result, in June 2020, Dominion Energy recorded $326 million in other long-term debt, representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 1.19%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates from 2020 to December 2023. The transaction is viewed as a noncash financing activity with an embedded interest rate swap. As a result, in August 2020, Virginia Power recorded $443 million in other long-term debt, representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 0.34%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. The interest rate swaps were in a hedge relationship prior to the transaction. Virginia Power de-designated the hedge relationships prior to the transaction and then designated the new interest rate swap in a hedge relationship after the transaction. 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) and $21 million ($13.125 per share) for the three and nine months ended September 30, 2020, respectively. ( 3 ) Payments of $62 million and $17 million were made during the nine months ended September 30, 2020 and 2019, respectively. The stock purchase contract liability was $150 million and $212 million at September 30, 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) and $27 million ($34.875 per share) for the three and nine months ended September 30, 2020, respectively. The dividend rate for the Series B Preferred Stock will be reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993%. Unless all accumulated and unpaid dividends on the Series B Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise. Dominion Energy may, at its option, redeem the Series B Preferred Stock in whole or in part on December 15, 2024 or on any subsequent fifth anniversary of such date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series B Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series B Preferred Stock that has certain adverse effects on the equity credit actually received by the Series B Preferred Stock. Holders of the Series B Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series B Preferred Stock or as otherwise required by applicable law. The Series B Preferred Stock is not subject to any sinking fund or other obligation of Dominion Energy’s 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. Dominion Energy maintains Dominion Energy Direct® and a number of employee savings plans through which contributions may be invested in Dominion Energy’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In August 2020, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans. In September 2020, Dominion Energy issued 4.1 million shares of its common stock to satisfy its obligation under a settlement agreement for the Santee Cooper Ratepayer Case discussed in Note 17. These shares were immediately repurchased as discussed below. 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 had the ability to offer from time to time up to $500 million aggregate amount of its common stock. Dominion Energy did not issue any shares under this program which expired in June 2020. In June 2020, Dominion Energy filed a new shelf registration statement for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program. In August 2020, Dominion Energy entered into five separate sales agency agreements to effect sales under a new at-the-market program. Under the sales agency agreements, Dominion Energy may, from time to time, offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. Sales by Dominion Energy through the sales agents or by forward sellers pursuant to a forward sale agreement cannot exceed $1.0 billion in the aggregate. Dominion Energy has not issued any shares or entered into any forward sale agreements under this new program. Repurchase of Common Stock In July 2020, the Board of Directors authorized the repurchase of up to $3.0 billion of Dominion Energy’s common stock and rescinded the prior two authorizations from 2005 and 2007. The repurchase program does not include a specific timetable or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors. In August 2020, Dominion Energy began repurchasing shares under an open market agreement with a financial institution. During the third quarter of 2020, Dominion Energy repurchased 7.2 million shares of Dominion Energy common stock for $562 million. In September 2020, Dominion Energy entered into two prepaid accelerated share repurchase agreements with separate financial institutions as counterparties. Dominion Energy made payments totaling $1.5 billion to the counterparties in exchange for an aggregate of approximately 17.2 million shares of Dominion Energy common stock, which represents approximately 90% of $1.5 billion worth of Dominion Energy shares based on the closing price of such shares on the date the agreements were executed. Dominion Energy recorded a reduction to common stock of $1.5 billion during the third quarter of 2020. Dominion Energy anticipates that the total final number of shares repurchased under the terms of the agreements will be determined by December 2020. Such number will be based on the average of the daily volume-weighted average stock prices of Dominion Energy’s common stock during the term of the applicable purchase period, less a discount. In September 2020, Dominion Energy repurchased 4.1 million shares of Dominion Energy common stock in a private transaction for $323 million. In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock in addition to the repurchase program authorized in July 2020. The repurchase program does not include a specific timetable or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through the open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors. Dividend Restrictions At September 30, 2020, DESC’s retained earnings exceed the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is permitted to pay dividends without additional regulatory approval provided that such amounts would not bring the retained earnings balance below the threshold. There have been no other 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 | 9 Months Ended |
Sep. 30, 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 May 2020, the EPA’s final rule became effective. The final rule is consistent with the EPA’s February 2019 proposal, and determines that it is not appropriate and necessary to regulate mercury and hazardous air pollutant emissions from coal- and oil-fired electric generating units. The final rule also states that the MATS rule remains in place and the emissions standards for affected coal- and oil-fired electric generating units will not change. Ozone Standards The EPA published final non-attainment designations for the October 2015 ozone standard in June 2018. States have until August 2021 to develop plans to address the new standard. Until the states have developed implementation plans for the standard, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations and cash flows. Oil and Gas NSPS In August 2012, the EPA issued an NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers and compressors in the upstream sector. In June 2016, the EPA issued another NSPS regulation, for the oil and natural gas sector, to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. All projects which commenced construction after September 2015 are required to comply with this regulation. In October 2018, the EPA published a proposed rule reconsidering and amending portions of the 2016 rule, including but not limited to, the fugitive emissions requirements at well sites and compressor stations. The amended portions of the 2016 rule were effective immediately upon publication. In August 2020, the EPA issued two final amendments related to the reconsideration of the NSPS for the oil and natural gas sector applicable to VOC and methane emissions. Together, the two amendments have the effect of rescinding both the methane portion of the NSPS for all segments of the oil and natural gas sector, rescinding all NSPS for the transmission and storage segment, and modifying some of the NSPS VOC requirements for facilities in the production and processing segments. The two amendments have been challenged in the U.S. Court of Appeals for the D.C. Circuit but remain in effect pending the outcome of the litigation. Dominion Energy is 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. The 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 the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities. 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 was to be reduced by approximately three percent per year through 2030, resulting in an ultimate cap of 19.6 million tons. The final rule included a provision for VDEQ to delay implementation of the rule pending authorization from the General Assembly and Governor of Virginia. In April 2020, Virginia legislation was enacted authorizing VDEQ to implement the final rule. In June 2020, the VDEQ signed the CO 2 The legislation discussed above is considered related legislation to the VCEA as discussed in Note 13. The VCEA institutes a mandatory renewable portfolio standard, enhances renewable generation and energy storage development, requires the retirement of certain generation facilities, establishes energy efficiency targets, expands net metering and directs Virginia’s participation in a market-based carbon trading program through 2050. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. Regulation 316(b) In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities. Effluent Limitations Guidelines In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the EPA’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates for certain waste streams regulations in the Effluent Limitations Guidelines final rule from November 2018 to November 2020; however, the latest date for compliance for these regulations was December 2023 . . While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities. Waste Management and Remediation The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups. From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows. Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At 11 sites associated with Dominion Energy, including certain sites acquired in the SCANA Combination, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed or expects to propose remediation plans associated with three sites, including one at Virginia Power, and expects to conduct remediation activities primarily by the end of 2021. At both September 30, 2020 and December 31, 2019, Dominion Energy and Virginia Power have $30 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 $11 million if approved by federal and state agencies. In September 2020, this plan was submitted to the Army Corps of Engineers. Dominion Energy is associated with 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, the Companies are unable to make an estimate of the potential financial statement impacts. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. SCANA Legal Proceedings The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. 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 September 30, 2020 and December 31, 2019 include reserves of $228 million and $696 million, respectively, and insurance receivables of $8 million and $111 million, respectively, included within other receivables. During both the three and nine months ended September 30, 2020, Dominion Energy’s Consolidated Statements of Income include charges of $44 million ($33 million after-tax) included within impairment of assets and other charges. In addition, Dominion Energy’s Consolidated Statements of Income for the nine months ended September 30, 2020 include charges of $25 million ($25 million after-tax) included within other income (expense). During the three and nine months ended September 30, 2019, Dominion Energy’s Consolidated Statements of Income include charges of $38 million ($28 million after-tax) and $316 million ($236 million after-tax), respectively, 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. Through August 2020, property, plant and equipment with a net recorded value of $27 million had been transferred to the plaintiffs in coordination with the court-appointed real estate trustee to satisfy the settlement agreement. In September 2020, the court entered an order approving a final resolution of the transfer of real estate or sales proceeds with a cash contribution of $38.5 million by DESC and the conveyance of property, plant and equipment with a net recorded value of $3 million. In October 2020, DESC completed the conveyance of property, plant and equipment and funded this cash contribution. In September 2017, a purported class action was filed by Santee Cooper ratepayers against Santee Cooper, DESC, Palmetto Electric Cooperative, Inc. and Central Electric Power Cooperative, Inc. in the State Court of Common Pleas in Hampton County, South Carolina (the Santee Cooper Ratepayer Case). The allegations are substantially similar to those in the DESC Ratepayer Case. The plaintiffs seek a declaratory judgment that the defendants may not charge the purported class for reimbursement for past or future costs of the NND Project. In March 2018, the plaintiffs filed an amended complaint including as additional named defendants, including certain then current and former directors of Santee Cooper and SCANA. In June 2018, Santee Cooper filed a Notice of Petition for Original Jurisdiction with the Supreme Court of South Carolina. In December 2018, Santee Cooper filed its answer to the plaintiffs' fourth amended complaint and filed cross claims against DESC, which was denied. In October 2019, Santee Cooper voluntarily consented to stay its cross claims against DESC pending the outcome of the trial of the underlying case. In November 2019, DESC removed the case to the U.S. District Court for the District of South Carolina. In December 2019, the plaintiffs and Santee Cooper filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In March 2020, the parties executed a settlement agreement relating to this matter as well as the Luquire Case and the Glibowski Case described below. The settlement agreement provides that Dominion Energy and Santee Cooper will establish a fund for the benefit of class members in the amount of $ 520 million, of which Dominion Energy’s portion is $ 320 million of shares of Dominion Energy common stock . Also in March 2020, the court granted p reliminary approval for the settlement agreement . In July 2020, the court issued a final approval of the settlement agreement. In September 2020, Dominion Energy issued $ 322 million of shares of Dominion Energy common stock to satisfy its obligation under the settlement agreement , including interest charges. In July 2019, a similar purported class action was filed by certain Santee Cooper ratepayers against DESC, SCANA, Dominion Energy and former directors and officers of SCANA in the State Court of Common Pleas in Orangeburg, South Carolina (the Luquire Case). In August 2019, DESC, SCANA and Dominion Energy were voluntarily dismissed from the case. The claims are similar to the Santee Cooper Ratepayer Case. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Glibowski Case. This case was dismissed as part of the Santee Cooper Ratepayer Case settlement described above. RICO Class Action In January 2018, a purported class action was filed, and subsequently amended, against SCANA, DESC and certain former executive officers in the U.S. District Court for the District of South Carolina (the Glibowski Case). The plaintiff alleges, among other things, that SCANA, DESC and the individual defendants participated in an unlawful racketeering enterprise in violation of RICO and conspired to violate RICO by fraudulently inflating utility bills to generate unlawful proceeds. The DESC Ratepayer Class Action settlement described previously contemplates dismissal of claims by DESC ratepayers in this case against DESC, SCANA and their officers. In August 2019, the individual defendants filed motions to dismiss. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Luquire Case. This case was dismissed as part of the Santee Cooper Ratepayer Case settlement described above. SCANA Shareholder Litigation In September 2017, a purported class action was filed against SCANA and certain former executive officers and directors in the U.S. District Court for the District of South Carolina. Subsequent additional purported class actions were separately filed against all or nearly all of these defendants (collectively the SCANA Securities Class Action). In January 2018, the U.S. District Court for the District of South Carolina consolidated these suits, and the plaintiffs filed a consolidated amended complaint in March 2018. The plaintiffs allege, among other things, that the defendants violated §10(b) of the Securities Exchange Act of 1934, as amended, and Rule promulgated thereunder, and that the individually named defendants are liable under §20(a) of the same act. In June 2018, the defendants filed motions to dismiss. In March 2019, the U.S. District Court for the District of South Carolina granted in part and denied in part the defendants’ motions to dismiss. In December 2019, the parties executed a settlement agreement pursuant to which SCANA will pay $192.5 million, up to $32.5 million of which can be satisfied through the issuance of shares of Dominion Energy common stock, subject to approval by the U.S. District Court for the District of South Carolina. In February 2020, the U.S. District Court for the District of South Carolina granted preliminary approval of the settlement agreement, pending a fairness hearing. In March 2020, SCANA funded an escrow account with $160 million in cash and the balance of the settlement will be paid upon final approval of the settlement by the court. In July 2020, the court granted final approval of the settlement agreement. In August 2020, SCANA paid the balance of $32.5 million in cash to satisfy the settlement. In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. In January 2019, the defendants filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. In March 2020, the court denied the defendants’ motion to dismiss. In April 2020, the defendants filed a notice of appeal with the South Carolina Court of Appeals and a petition with the Supreme Court of South Carolina seeking appellate review of the denial of the motion to dismiss. In June 2020, the plaintiffs filed a motion to dismiss the appeal with the South Carolina Court of Appeals, which was granted in July 2020. In August 2020, the Supreme Court of South Carolina denied the defendants’ petition seeking appellate review. Also in August 2020, the defendants filed a petition for rehearing with the South Carolina Court of Appeals relating to the July 2020 ruling by the court, which was denied in October 2020. 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 plaintiff alleges, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In February 2020, the defendants filed a motion to dismiss. This case is pending. Employment Class Actions and Indemnification In August 2017, a case was filed in the U.S. District Court for the District of South Carolina on behalf of persons who were formerly employed at the NND Project. In July 2018, the court certified this case as a class action. In February 2019, certain of these plaintiffs filed an 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 unfai |
Credit Risk
Credit Risk | 9 Months Ended |
Sep. 30, 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 September 30, 2020, Dominion Energy’s gross credit exposure related to energy marketing and price risk management activities totaled $160 million. Of this amount, investment grade counterparties, including those internally rated, represented 94%. No single counterparty, whether investment grade or non-investment grade, exceeded $42 million of exposure. At September 30, 2020, Virginia Power’s exposure related to wholesale customers totaled $10 million. Of this amount, investment grade counterparties, including those internally rated, represented 93%. No single counterparty, whether investment grade or non-investment grade, exceeded $3 million of exposure. Credit-Related Contingent Provisions The majority of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of September 30, 2020 and December 31, 2019, Dominion Energy would have been required to post $13 million and $10 million, respectively, of additional collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted $1 million of collateral at September 30, 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 $14 million and $10 million at September 30, 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 September 30, 2020 and December 31, 2019, Virginia Power would have been required to post an additional $1 million and $8 million, respectively, of collateral to its counterparties. See Note 9 for further information about derivative instruments. |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 19. Related-Party Transactions Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. Dominion Energy’s transactions with equity method investments are described in Note 10. A discussion of significant related-party transactions follows. Virginia Power Transactions with Affiliates Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At September 30, 2020, Virginia Power’s derivative assets and liabilities with affiliates were $11 million and $7 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. In August 2020, Virginia Power made a payment to Dominion Energy for $313 million related to its participation in the Dominion Energy Pension Plan. At September 30, 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 $556 million and $782 million, respectively. At September 30, 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 $334 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Commodity purchases from affiliates $ 135 $ 170 $ 450 $ 561 Services provided by affiliates (1) 108 107 343 387 Services provided to affiliates 5 5 14 19 (1) Includes capitalized expenditures of $39 million and $33 million for the three months ended September 30, 2020 and 2019, respectively, and Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $230 million and $107 million in short-term demand note borrowings from Dominion Energy as of September 30, 2020 and December 31, 2019, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of September 30, 2020 and December 31, 2019. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the three and nine months ended September 30, 2020 and 2019. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three and nine months ended September 30, 2020 and 2019. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Note 20. Employee Benefit Plans Dominion Energy The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $3 million and $12 million for the three and nine months ended September 30, 2020, respectively, and $4 million and $12 million for the three and nine months ended September 30, 2019, respectively, presented in discontinued operations. The non-service cost components of net period benefit (credit) cost are reflected in other income in Dominion Energy’s Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 (millions) Three Months Ended September 30, Service cost $ 45 $ 41 $ 8 $ 7 Interest cost 82 97 15 17 Expected return on plan assets (197 ) (177 ) (39 ) (37 ) Amortization of prior service cost (credit) (1 ) — (12 ) (13 ) Amortization of net actuarial loss 58 42 1 2 Settlements and curtailments (1) 3 2 — — Net periodic benefit cost (credit) $ (10 ) $ 5 $ (27 ) $ (24 ) Nine Months Ended September 30, Service cost $ 131 $ 121 $ 22 $ 20 Interest cost 263 296 45 51 Expected return on plan assets (582 ) (530 ) (117 ) (105 ) Amortization of prior service cost (credit) — 1 (37 ) (39 ) Amortization of net actuarial loss 155 124 4 9 Settlements and curtailments (1) 5 75 — 42 Net periodic benefit cost (credit) $ (28 ) $ 87 $ (83 ) $ (22 ) (1) 2019 amounts relate primarily to a voluntary retirement program. In October 2020, Dominion Energy reached an agreement with a collective bargaining unit to merge a portion of a pension plan sponsored by Dominion Energy into the Dominion Energy Pension Plan. As a condition to this agreement, Dominion Energy will provide certain benefits to the retirees represented by the collective bargaining unit and expects to record a charge of $25 million ($19 million after-tax) in the fourth quarter of 2020. Voluntary Retirement Program In March 2019, the Companies announced a voluntary retirement program to employees that meet certain age and service requirements. In the second quarter of 2019, upon the determinations made concerning the number of employees that elected to participate in the program, Dominion Energy recorded a charge of $423 million ($316 million after-tax) included within other operations and maintenance expense ($247 million), other taxes ($21 million), other income ($111 million) and discontinued operations ($44 million) and Virginia Power recorded a charge of $194 million ($144 million after-tax) included within other operations and maintenance expense ($186 million) and other taxes ($8 million) in their respective Consolidated Statements of Income. See Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. Pension Remeasurement In the third quarter of 2020, Dominion Energy remeasured certain pension plans due to a curtailment resulting from entering an agreement to sell substantially all of its gas transmission and storage operations to BHE. The remeasurement resulted in an increase in the pension benefit obligation of $497 million and a decrease in the fair value of the pension plan assets of $87 million. The impact of the remeasurement on net periodic pension benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to increase the net periodic benefit credit by approximately $4 million for the year ending December 31, 2020, excluding the impacts of curtailments. The discount rate used for the remeasurement was 3.11% - 3.16% with all other assumptions used for the remeasurement consistent with the measurement as of December 31, 2019. E mployer Contributions During the nine months ended September 30, 2020, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy expects to utilize $250 million of the proceeds from the GT&S Transaction to contribute to its qualified defined benefit pension plans by the end of 2020. Dominion Energy does not expect to make any contributions to VEBAs associated with its other postretirement plans in 2020. |
Operating Segments
Operating Segments | 9 Months Ended |
Sep. 30, 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 Virginia Regulated electric distribution X X Regulated electric transmission X X Regulated electric generation fleet (1) X X Gas Distribution Regulated gas distribution and storage (2) X Dominion Energy South Carolina Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Regulated gas distribution and storage X Contracted Assets Merchant electric generation fleet X Noncontrolling interest in Cove Point X (1) I ncludes Virginia Power’s nonjurisdictional generation operations. (2) 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) as well as nonregulated retail energy marketing operations, including Dominion Energy’s noncontrolling interest in Wrangler. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources as well as the net impact of the gas transmission and storage operations held in discontinued operations, which are discussed in Note 3. In the nine months ended September 30, 2020, Dominion Energy reported after-tax net expenses of $3.4 billion for specific items in the Corporate and Other segment, with $1.3 billion of net expenses attributable to its operating segments. In the nine months ended September 30, 2019, Dominion Energy reported after-tax net expenses of $1.7 billion for specific items in the Corporate and Other segment, with $1.8 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 $751 million ($564 million after-tax) charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; • A $405 million ($298 million after-tax) charge associated with certain merchant solar generation facilities, attributable to Contracted Assets; • A $221 million ($171 million after-tax) charge associated with the sale of Fowler Ridge, attributable to Contracted Assets; and • A $200 million ($149 million after-tax) charge for the expected customer credit reinvestment offset to be provided to Virginia retail electric utility customers under the GTSA, attributable to Dominion Energy Virginia. 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 million • $408 million ($306 million after-tax) of merger and integration-related costs associated with the SCANA Combination, including a $394 million ($295 million after-tax) charge related to a voluntary retirement program, attributable to: • Dominion Energy Virginia ($149 million after-tax); • Gas Distribution ($55 million after-tax); • Dominion Energy South Carolina ($64 million after-tax) and; • Contracted Assets ($38 million after-tax). • 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; • $278 million ($209 million after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina; • 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; • A $160 million ($119 million after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Dominion Energy Virginia; • A $135 million ($100 million after-tax) charge related to Virginia Power’s contract termination with a non-utility generator, attributable to Dominion Energy Virginia; and • A $114 million ($86 million after-tax) charge for property, plant and equipment acquired in the SCANA Combination primarily for which Dominion Energy committed to forego recovery, attributable to Dominion Energy South Carolina; partially offset by • A $364 million ($272 million after-tax) net gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Assets ($238 million after-tax) and; • Dominion Energy Virginia ($34 million after-tax); and • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Dominion Energy Virginia. In September 2020, Dominion Energy updated its segments. The historical information presented herein has been recast to reflect the current segment presentation. The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Energy Virginia Gas Distribution Dominion Energy South Carolina Contracted Assets Corporate and Other Adjustments & Eliminations Consolidated Total (millions) Three Months Ended September 30, 2020 Total revenue from external customers $ 2,257 $ 311 $ 758 $ 288 $ (11 ) $ 9 $ 3,612 Intersegment revenue (3 ) 3 1 13 233 (252 ) (5 ) Total operating revenue 2,254 314 759 301 222 (243 ) 3,607 Net income (loss) from discontinued operations — — — 51 (32 ) — 19 Net income (loss) attributable to Dominion Energy 613 64 157 112 (590 ) — 356 Three Months Ended September 30, 2019 Total revenue from external customers $ 2,275 $ 321 $ 792 $ 260 $ 124 $ 12 $ 3,784 Intersegment revenue (6 ) 6 1 11 225 (239 ) (2 ) Total operating revenue 2,269 327 793 271 349 (227 ) 3,782 Net income from discontinued operations — — — 38 — — 38 Net income attributable to Dominion Energy 629 43 166 86 51 — 975 Nine Months Ended September 30, 2020 Total revenue from external customers $ 6,013 $ 1,597 $ 2,105 $ 810 $ 112 $ 36 $ 10,673 Intersegment revenue (10 ) 9 3 36 703 (763 ) (22 ) Total operating revenue 6,003 1,606 2,108 846 815 (727 ) 10,651 Net income (loss) from discontinued operations — — — 153 (1,906 ) — (1,753 ) Net income (loss) attributable to Dominion Energy 1,479 375 326 295 (3,558 ) — (1,083 ) Nine Months Ended September 30, 2019 Total revenue from external customers $ 6,219 $ 1,635 $ 2,182 $ 816 $ (409 ) $ 62 $ 10,505 Intersegment revenue (10 ) 13 3 62 832 (899 ) 1 Total operating revenue 6,209 1,648 2,185 878 423 (837 ) 10,506 Net income from discontinued operations — — — 133 393 — 526 Net income (loss) attributable to Dominion Energy 1,383 314 332 296 (1,976 ) — 349 Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. As discussed in Note 1 in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, in December 2019, Virginia Power realigned its segments which resulted in the formation of one primary operating segment. The information for the nine months ended September 30, 2019 presented herein has been recast to reflect the current segment presentation. In the nine months ended September 30, 2020, Virginia Power reported after-tax net expenses of $815 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segment. In the nine months ended September 30, 2019, Virginia Power reported after-tax expense of $673 million for specific items in the Corporate and Other segment, with $653 million of net expenses attributable to its operating segment. The net expense for specific items attributable to Virginia Power’s operating segment in 2020 primarily related to a $751 million ($559 million after-tax) charge related to the planned early retirement of certain electric generation facilities and a $200 million ($149 million after-tax) charge for the expected customer credit reinvestment offset to be provided to Virginia retail electric utility customers under the GTSA . 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 $197 million ($146 million after-tax) charge related to a voluntary retirement program; • A $160 million ($119 million after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure; • A $135 million ($100 million after-tax) charge related to a contract termination with a non-utility generator; and • A $62 million ($46 million after-tax) charge related the abandonment of a project at an electric generating facility; partially offset by • A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019. The following table presents segment information pertaining to Virginia Power’s operations: Dominion Energy Virginia Corporate and Other Consolidated Total (millions) Three Months Ended September 30, 2020 Operating revenue $ 2,248 $ — $ 2,248 Net income (loss) 615 (140 ) 475 Three Months Ended September 30, 2019 Operating revenue $ 2,264 $ — $ 2,264 Net income (loss) 628 (26 ) 602 Nine Months Ended September 30, 2020 Operating revenue $ 5,983 $ — $ 5,983 Net income (loss) 1,477 (792 ) 685 Nine Months Ended September 30, 2019 Operating revenue $ 6,196 $ (29 ) $ 6,167 Net income (loss) 1,379 (657 ) 722 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2020, their results of operations and changes in equity for the three and nine months ended September 30, 2020 and 2019 and their cash flows for the nine months ended September 30, 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 September 30, 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, including any proposed sale by Dominion Energy of its interest. |
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, 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 nine months ended September 30, 2020 and 2019: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period September 30, 2020 September 30, 2019 December 31, 2019 December 31, 2018 (millions) Dominion Energy Cash and cash equivalents (1) $ 462 $ 378 $ 166 $ 268 Restricted cash and equivalents (2)(3) 96 62 103 123 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 558 $ 440 $ 269 $ 391 Virginia Power Cash and cash equivalents $ 62 $ 29 $ 17 $ 29 Restricted cash and equivalents (3) 1 8 7 9 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 63 $ 37 $ 24 $ 38 (1) At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $49 million, $80 million, $31 million and $110 million of cash and cash equivalents included in current assets held for sale, respectively. (2) At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $16 million, $5 million, $12 million and $89 million of restricted cash and equivalents included in current assets held for sale, respectively (3) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
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) in the first quarter of 2019, 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 in December 2020. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax) in the first quarter of 2019, 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 May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax) in the second quarter of 2019, included in impairment of assets and other charges in its Consolidated Statements of Income. In September 2019, the Companies abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million after-tax) and Virginia Power recorded a charge of $17 million ($12 million after-tax), included in impairment of assets and other charges in their Consolidated Statements of Income for the three and nine months ended September 30, 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 second quarter of 2020, Virginia Power recorded charges of $30 million ($22 million after-tax) associated with dismantling certain of these electric generation facilities, recorded in impairment of assets and other charges in its Consolidated Statements of Income. 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 in depreciation expense of $8 million ($6 million after-tax) and $24 million ($18 million after-tax) for the three and nine months ended September 30, 2020, respectively, in Virginia Power’s Consolidated Statements of Income and a $0.01 and $0.02 increase in Dominion Energy’s EPS, for the three and nine months ended September 30, 2020, respectively. 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. In the second quarter of 2020, DESC completed a nuclear decommissioning cost study related to Summer. As a result of the study, Dominion Energy recorded an $89 million increase to its nuclear decommissioning ARO, with a corresponding increase to property, plant and equipment. |
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 the Companies in the nuclear decommissioning trusts. The Companies record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, the Companies may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The Companies qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in 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 its 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, the Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations. Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings 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. |
New Accounting Standards | New Accounting Standards In August 2020, the FASB issued revised accounting guidance for debt with conversion options and contracts in an entity’s own equity. The revised guidance eliminates the ability to assert cash settlement and exclude potential shares from the diluted EPS calculation for a contract that may be settled in stock or cash. The effective date is for interim and annual reporting periods beginning January 1, 2022 and may be adopted through a modified retrospective or fully retrospective method of transition. Upon adoption, Dominion Energy will no longer exclude the Series A Preferred Stock from the effect of dilutive securities and will also exclude the fair value adjustment reflected within net income attributable to Dominion Energy for the calculation of diluted EPS . |
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. |
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) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2020 and 2019: Cash, Restricted Cash and Equivalents at End of Period Cash, Restricted Cash and Equivalents at Beginning of Period September 30, 2020 September 30, 2019 December 31, 2019 December 31, 2018 (millions) Dominion Energy Cash and cash equivalents (1) $ 462 $ 378 $ 166 $ 268 Restricted cash and equivalents (2)(3) 96 62 103 123 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 558 $ 440 $ 269 $ 391 Virginia Power Cash and cash equivalents $ 62 $ 29 $ 17 $ 29 Restricted cash and equivalents (3) 1 8 7 9 Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 63 $ 37 $ 24 $ 38 (1) At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $49 million, $80 million, $31 million and $110 million of cash and cash equivalents included in current assets held for sale, respectively. (2) At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $16 million, $5 million, $12 million and $89 million of restricted cash and equivalents included in current assets held for sale, respectively (3) Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | |
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 reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income: Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Operating revenue $ 511 $ 59 $ 497 $ 60 $ 1,554 $ 182 $ 1,627 $ 185 Operating Expense (1) 208 16 317 31 1,311 78 1,029 100 Other income (loss) (5 ) 1 13 1 27 3 42 3 Interest and related charges (2) 267 5 76 5 366 15 224 15 Income (loss) before income taxes 31 39 117 25 (96 ) 92 416 73 Income tax expense (benefit) (14 ) 5 117 19 (65 ) 19 42 6 Net income (loss) including noncontrolling interests 45 34 — 6 (31 ) 73 374 67 Noncontrolling interests 32 — — — 97 — 6 — Net income (loss) attributable to Dominion Energy $ 13 $ 34 $ — $ 6 $ (128 ) $ 73 $ 368 $ 67 (1) GT&S Transaction includes a charge of $482 million ($359 million after-tax) recorded in the second quarter of 2020 associated with the probable abandonment of a significant portion of the Supply Header Project as well as the establishment of a $75 million ARO as a result of the cancellation of the Atlantic Coast Pipeline Project. (2) GT&S Transaction includes a loss of $237 million recorded in the third quarter of 2020 associated with cash flow hedges of debt-related items that were determined to be probable of not occurring. Capital expenditures and significant noncash items relating to the disposal groups included the following: Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Capital expenditures $ 240 $ 27 $ 265 $ 32 Significant noncash items Impairment of assets and other charges 463 — 13 — Charge related to a voluntary retirement program — — 22 4 Depreciation, depletion and amortization 173 25 240 38 Accrued capital expenditures 43 2 42 3 |
Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations | The carrying amounts of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows: At September 30, 2020 (1) At December 31, 2019 GT&S Transaction Q-Pipe Transaction GT&S Transaction Q-Pipe Transaction (millions) Current assets (2) $ 398 $ 57 $ 445 $ 49 Equity method investments (3) 316 35 276 36 Property, plant and equipment, net (4) 10,449 1,109 10,764 1,103 Other deferred charges and other assets, including goodwill (5) and intangible assets 1,544 224 1,553 225 Current liabilities (6) 1,536 38 1,002 37 Long-term debt 3,916 425 4,401 425 Other deferred credits and liabilities 810 155 773 155 (1) All amounts at September 30, 2020 are classified as current in Dominion Energy’s Consolidated Balance Sheet. (2) Includes cash and cash equivalents of $24 million and $20 million as of September 30, 2020 and December 31, 2019, respectively, within the GT&S Transaction and $25 million and $11 million as of September 30, 2020 and December 31, 2019, respectively within the Q-Pipe Transaction. (3) Comprised of equity method investments in Iroquois and JAX LNG within the GT&S Transaction and White River Hub within the Q-Pipe Transaction. (4) GT&S Transaction includes $40 million recorded at September 30, 2020 for a potential modified Supply Header Project. (5) Includes goodwill of $1.4 billion and $191 million at both September 30, 2020 and December 31, 2019 within the GT&S Transaction and the Q-Pipe Transaction, respectively. (6) Includes $47 million ARO recorded at September 30, 2020 related to the Supply Header Project and current portions of long-term debt of $1.2 billion and $699 million as of September 30, 2020 and December 31, 2020, respectively, within the GT&S Transaction. |
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 September 30, 2019 (1) Nine Months Ended September 30, 2019 (1) (millions, except EPS) Operating Revenue $ 3,782 $ 11,513 Net income attributable to Dominion Energy 1,029 1,991 Earnings Per Common Share – $ 1.28 $ 2.47 Earnings Per Common Share – $ 1.26 $ 2.44 (1) Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Operating Revenue (Tables)
Operating Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulated And Unregulated Operating Revenue [Abstract] | |
Schedule of Operating Revenue | The Companies’ operating revenue consists of the following: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Dominion Energy Regulated electric sales: Residential $ 1,497 $ 1,440 $ 3,746 $ 3,180 Commercial 865 962 2,391 2,347 Industrial 190 227 548 474 Government and other retail 239 244 651 658 Wholesale 37 45 99 134 Nonregulated electric sales 218 197 627 688 Regulated gas sales: Residential 123 121 853 905 Commercial 50 52 304 311 Other 18 23 61 84 Nonregulated gas sales 12 51 124 369 Regulated gas transportation and storage - State 165 168 578 547 Other regulated revenues 61 54 236 184 Other nonregulated revenues (1)(2) 61 39 132 112 Total operating revenue from contracts with customers 3,536 3,623 10,350 9,993 Other revenues (3)(4) 71 159 301 513 Total operating revenue $ 3,607 $ 3,782 $ 10,651 $ 10,506 Virginia Power Regulated electric sales: Residential $ 1,146 $ 1,085 $ 2,860 $ 2,816 Commercial 645 732 1,805 2,049 Industrial 98 121 284 351 Government and other retail 223 224 603 625 Wholesale 25 31 70 97 Other regulated revenues 61 36 217 124 Other nonregulated revenues (1)(2) 33 21 66 54 Total operating revenue from contracts with customers 2,231 2,250 5,905 6,116 Other revenues (2)(3) 17 14 78 51 Total operating revenue $ 2,248 $ 2,264 $ 5,983 $ 6,167 ( 1 ) Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts included $5 million for the three months ended September 30, 2020, $12 million for the three months ended September 30, 2019, $16 million for the nine months ended September 30, 2020 and $29 million for the nine months ended September 30, 2019, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, amounts above include sales of renewable energy credits. Such amounts included $21 million and $16 million for the three months ended September 30, 2020, $12 million and $11 million for the three months ended September 30, 2019, $32 million and $24 million for the nine months ended September 30, 2020 and $19 million and $14 million for the nine months ended September 30, 2019, at Dominion Energy and Virginia Power, respectively. ( 2) See Notes 10 and 19 for amounts attributable to related parties and affiliates. ( 3) Amounts above include alternative revenue of $51 million and $9 million at Dominion Energy and $12 million and $9 million at Virginia Power for the three months ended September 30, 2020 and 2019, respectively, and $90 million and $44million at Dominion Energy and $63 million and $35 million at Virginia Power for the nine months ended September 30, 2020 and 2019, respectively. ( 4) Amounts above include revenue associated with services provided to discontinued operations of $ million and $4 million for both the three and nine months ended September 30, 2020 and 2019, respectively. |
Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized | The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice. Revenue expected to be recognized on multi-year contracts in place at September 30, 2020 2020 2021 2022 2023 2024 Thereafter Total (millions) Dominion Energy $ 18 $ 66 $ 66 $ 64 $ 57 $ 516 $ 787 Virginia Power 1 1 — — — — 2 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended September 30, 2020 2019 2020 2019 U.S. statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 1.5 (898.5 ) 4.7 4.5 Investment tax credits (30.5 ) (325.2 ) (5.6 ) (5.3 ) Production tax credits (2.4 ) (66.3 ) (0.9 ) (0.8 ) Reversal of excess deferred income taxes (14.5 ) (375.6 ) (1.9 ) (4.1 ) Write-off of regulatory assets — 16,565.9 — — Change in tax status (6.1 ) — — — AFUDC - equity (1.1 ) (55.8 ) (0.3 ) — Changes in state deferred taxes associated with assets held for sale (11.6 ) — — — Absence of tax on noncontrolling interest 14.1 — — — Other, net (1.8 ) (987.3 ) — (1.2 ) Effective tax rate (31.4 )% 13,878.2% 17.0 % 14.1 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions, except EPS) Net income (loss) attributable to Dominion Energy from continuing operations $ 369 $ 937 $ 767 $ (171 ) Preferred stock dividends (see Note 16) (16 ) (7 ) (48 ) (8 ) Net income (loss) attributable to Dominion Energy from continuing operations – Basic 353 930 719 (179 ) Dilutive effect of Series A Preferred Stock — (13 ) (28 ) — Net income (loss) attributable to Dominion Energy from continuing operations - Diluted $ 353 $ 917 $ 691 $ (179 ) Net income (loss) attributable to Dominion Energy from discontinued operations - Basic & Diluted $ (13 ) $ 38 $ (1,850 ) $ 520 Average shares of common stock outstanding – Basic & Diluted 833.8 813.0 837.1 802.9 Net effect of dilutive securities — — — — Average shares of common stock outstanding – Diluted 833.8 813.0 837.1 802.9 EPS from continuing operations – Basic $ 0.42 $ 1.14 $ 0.86 $ (0.22 ) EPS from discontinued operations – Basic (0.01 ) 0.05 (2.21 ) 0.64 EPS attributable to Dominion Energy – Basic $ 0.41 $ 1.19 $ (1.35 ) $ 0.42 EPS from continuing operations – Diluted $ 0.42 $ 1.12 $ 0.83 $ (0.22 ) EPS from discontinued operations – Diluted (0.01 ) 0.05 (2.21 ) 0.64 EPS attributable to Dominion Energy – Diluted $ 0.41 $ 1.17 $ (1.38 ) $ 0.42 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 Beginning balance $ (644 ) $ 51 $ (1,385 ) $ (2 ) $ (1,980 ) Other comprehensive income before reclassifications: gains (losses) 10 4 (261 ) 1 (246 ) Amounts reclassified from AOCI: (gains) losses (1) 188 (1 ) 23 — 210 Net current period other comprehensive income (loss) 198 3 (238 ) 1 (36 ) Ending balance $ (446 ) $ 54 $ (1,623 ) $ (1 ) $ (2,016 ) Three Months Ended September 30, 2019 Beginning balance $ (389 ) $ 30 $ (1,322 ) $ (2 ) $ (1,683 ) Other comprehensive income before reclassifications: gains (losses) (107 ) 8 (4 ) (1 ) (104 ) Amounts reclassified from AOCI: (gains) losses (1) (6 ) (4 ) 20 — 10 Net current period other comprehensive income (loss) (113 ) 4 16 (1 ) (94 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) Nine Months Ended September 30, 2020 Beginning balance $ (407 ) $ 37 $ (1,421 ) $ (2 ) $ (1,793 ) Other comprehensive income before reclassifications: gains (losses) (254 ) 32 (262 ) 1 (483 ) Amounts reclassified from AOCI: (gains) losses (1) 215 (15 ) 60 — 260 Net current period other comprehensive income (loss) (39 ) 17 (202 ) 1 (223 ) Ending balance $ (446 ) $ 54 $ (1,623 ) $ (1 ) $ (2,016 ) Nine Months Ended September 30, 2019 Beginning balance $ (235 ) $ 2 $ (1,465 ) $ (2 ) $ (1,700 ) Other comprehensive income before reclassifications: gains (losses) (209 ) 37 109 (1 ) (64 ) Amounts reclassified from AOCI: (gains) losses (1) (58 ) (5 ) 50 — (13 ) Net current period other comprehensive income (loss) (267 ) 32 159 (1 ) (77 ) Ending balance $ (502 ) $ 34 $ (1,306 ) $ (3 ) $ (1,777 ) (1) See table below for details about these reclassifications. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents Dominion Energy’s reclassifications out of AOCI by component: Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Three Months Ended September 30, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (8 ) Operating revenue Interest rate contracts 23 Interest and related charges 230 Discontinued operations Foreign currency contracts 6 Discontinued operations Total 251 Tax (63 ) Income tax expense (benefit) Total, net of tax $ 188 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (3 ) Other income Total (3 ) Tax 2 Income tax expense (benefit) Total, net of tax $ (1 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 36 Other income Total 31 Tax (8 ) Income tax expense (benefit) Total, net of tax $ 23 Three Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (34 ) Operating revenue 2 Purchased gas (1 ) Discontinued operations Interest rate contracts 12 Interest and related charges 2 Discontinued operations Foreign currency contracts 12 Discontinued operations Total (7 ) Tax 1 Income tax expense (benefit) Total, net of tax $ (6 ) Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (5 ) Other income Total (5 ) Tax 1 Income tax expense (benefit) Total, net of tax $ (4 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (5 ) Other income Amortization of actuarial losses 31 Other income Total 26 Tax (6 ) Income tax expense (benefit) Total, net of tax $ 20 Details about AOCI components Amounts reclassified from AOCI Affected line item in the Consolidated Statements of Income (millions) Nine Months Ended September 30, 2020 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (22 ) Operating revenue 3 Purchased gas (2 ) Discontinued operations Interest rate contracts 66 Interest and related charges 236 Discontinued operations Foreign currency contracts 6 Discontinued operations Total 287 Tax (72 ) Income tax expense (benefit) Total, net of tax $ 215 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (21 ) Other income Total (21 ) Tax 6 Income tax expense (benefit) Total, net of tax $ (15 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (16 ) Other income Amortization of actuarial losses 97 Other income Total 81 Tax (21 ) Income tax expense (benefit) Total, net of tax $ 60 Nine Months Ended September 30, 2019 Deferred (gains) and losses on derivatives-hedging activities: Commodity contracts $ (123 ) Operating revenue (1 ) Purchased gas (4 ) Discontinued operations Interest rate contracts 35 Interest and related charges 2 Discontinued operations Foreign currency contracts 14 Discontinued operations Total (77 ) Tax 19 Income tax expense (benefit) Total, net of tax $ (58 ) Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (6 ) Other income Total (6 ) Tax 1 Income tax expense (benefit) Total, net of tax $ (5 ) Unrecognized pension and other postretirement benefit costs: Amortization of prior-service costs (credits) $ (18 ) Other income Amortization of actuarial losses 85 Other income Total 67 Tax (17 ) Income tax expense (benefit) Total, net of tax $ 50 |
Virginia Electric and Power Company | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents Virginia Power’s changes in AOCI by component, net of tax: Deferred gains and losses on derivatives- hedging activities Unrealized gains and losses on investment securities Total (millions) Three Months Ended September 30, 2020 Beginning balance $ (78 ) $ 8 $ (70 ) Other comprehensive income before reclassifications: gains (losses) 5 — 5 Amounts reclassified from AOCI: (gains) losses (1) 1 (1 ) — Net current period other comprehensive income (loss) 6 (1 ) 5 Ending balance $ (72 ) $ 7 $ (65 ) Three Months Ended September 30, 2019 Beginning balance $ (30 ) $ 4 $ (26 ) Other comprehensive income before reclassifications: gains (losses) (16 ) 1 (15 ) Amounts reclassified from AOCI: (gains) losses (1) — — — Net current period other comprehensive income (loss) (16 ) 1 (15 ) Ending balance $ (46 ) $ 5 $ (41 ) Nine Months Ended September 30, 2020 Beginning balance $ (34 ) $ 5 $ (29 ) Other comprehensive income before reclassifications: gains (losses) (39 ) 4 (35 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (2 ) (1 ) Net current period other comprehensive income (loss) (38 ) 2 (36 ) Ending balance $ (72 ) $ 7 $ (65 ) Nine Months Ended September 30, 2019 Beginning balance $ (13 ) $ 1 $ (12 ) Other comprehensive income before reclassifications: gains (losses) (34 ) 5 (29 ) Amounts reclassified from AOCI: (gains) losses (1) 1 (1 ) — Net current period other comprehensive income (loss) (33 ) 4 (29 ) Ending balance $ (46 ) $ 5 $ (41 ) (1) See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019. |
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 September 30, 2020 (Gains) losses on cash flow hedges: Interest rate contracts $ 1 Interest and related charges Total 1 Tax — Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (1 ) Other income Total (1 ) Tax — Income tax expense Total, net of tax $ (1 ) Nine Months Ended September 30, 2020 (Gains) losses on cash flow hedges: Interest rate contracts $ 2 Interest and related charges Total 2 Tax (1 ) Income tax expense Total, net of tax $ 1 Unrealized (gains) and losses on investment securities: Realized (gains) losses on sale of securities $ (3 ) Other income Total (3 ) Tax 1 Income tax expense Total, net of tax $ (2 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at September 30, 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) $ 102 Discounted cash flow Market price (per Dth) (3) (2) - 3 (1 ) FTRs 32 Discounted cash flow Market price (per MWh) (3) (1) - 5 1 Physical options: Natural gas 3 Option model Market price (per Dth) (3) 1 - 6 4 Price volatility (4) 19% - 61% 35 % Total assets $ 137 Liabilities Financial forwards: FTRs $ 10 Discounted cash flow Market price (per MWh) (3) (5) - 4 — Total liabilities $ 10 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets. |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2020 Assets Derivatives: Commodity $ — $ 49 $ 137 $ 186 Interest rate — 60 — 60 Foreign currency — 6 — 6 Investments (1) Equity securities: U.S. 4,146 — — 4,146 Fixed income: Corporate debt instruments — 617 — 617 Government securities 499 746 — 1,245 Cash equivalents and other 31 12 — 43 Total assets $ 4,676 $ 1,490 $ 137 $ 6,303 Liabilities Derivatives: Commodity $ — $ 41 $ 10 $ 51 Interest rate — 721 — 721 Foreign currency — 4 — 4 Total liabilities $ — $ 766 $ 10 $ 776 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 $ million and $ million of assets at September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Beginning balance $ 123 $ 75 $ (37 ) $ 64 Total realized and unrealized gains (losses): Included in earnings: Operating revenue — — — 2 Purchased gas — — — 1 Electric fuel and other energy-related purchases — (5 ) (26 ) (12 ) Included in regulatory assets/liabilities 4 (76 ) 164 (51 ) Settlements — 5 26 7 Purchases — — — (10 ) Transfers out of Level 3 — — — (2 ) Ending balance $ 127 $ (1 ) $ 127 $ (1 ) The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date: Operating revenue $ — $ — $ — $ 2 Purchased gas — — — 1 Total $ — $ — $ — $ 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows: September 30, 2020 December 31, 2019 Carrying Amount Estimated Fair Value (1) Carrying Amount Estimated Fair Value (1) (millions) Dominion Energy Long-term debt (2)(3) $ 37,045 $ 43,872 $ 32,055 $ 36,155 Supplemental 364-Day credit facility borrowings 225 225 — — Junior subordinated notes (4) 3,410 3,589 4,797 4,953 Virginia Power Long-term debt (4) $ 12,328 $ 15,410 $ 12,326 $ 14,281 (1) Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. (2) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At September 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million and $4 million, respectively. (3) Includes amounts classified as held for sale, see Note 3. ( 4 ) Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. |
Virginia Electric and Power Company | |
Fair Value Inputs, Assets, Quantitative Information | The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at September 30, 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) $ 102 Discounted cash flow Market price (per Dth) (3) (2) - 3 (1 ) FTRs 32 Discounted cash flow Market price (per MWh) (3) (1) - 5 1 Physical options: Natural gas 3 Option model Market price (per Dth) (3) 1 - 6 4 Price volatility (4) 19% - 61% 35 % Total assets $ 137 Liabilities Financial forwards: FTRs $ 10 Discounted cash flow Market price (per MWh) (3) (5) - 4 — Total liabilities $ 10 (1) Averages weighted by volume. (2) Includes basis. (3) Represents market prices beyond defined terms for Levels 1 and 2. (4) Represents volatilities unrepresented in published markets . |
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows: Significant Unobservable Inputs Position Change to Input Impact on Fair Value Measurement Market price Buy Increase (decrease) Gain (loss) Market price Sell Increase (decrease) Loss (gain) Price volatility Buy Increase (decrease) Gain (loss) Price volatility Sell Increase (decrease) Loss (gain) |
Fair Value, by Balance Sheet Grouping | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level 1 Level 2 Level 3 Total (millions) At September 30, 2020 Assets Derivatives: Commodity $ — $ 8 $ 137 $ 145 Investments (1) Equity securities: U.S. 1,928 — — 1,928 Fixed income: Corporate debt instruments — 352 — 352 Government securities 176 310 — 486 Cash equivalents and other 14 — — 14 Total assets $ 2,118 $ 670 $ 137 $ 2,925 Liabilities Derivatives: Commodity $ — $ 6 $ 10 $ 16 Interest rate — 475 — 475 Total liabilities $ — $ 481 $ 10 $ 491 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 $150 million and $159 million of assets at September 30, 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Beginning balance $ 123 $ 77 $ (37 ) $ 60 Total realized and unrealized gains (losses): Included in earnings: Electric fuel and other energy-related purchases — (5 ) (26 ) (12 ) Included in regulatory assets/liabilities 4 (76 ) 164 (50 ) Settlements — 5 26 3 Ending balance $ 127 $ 1 $ 127 $ 1 |
Derivatives and Hedge Account_2
Derivatives and Hedge Accounting Activities (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 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 $ 148 $ 17 $ — $ 131 $ 35 $ 21 $ — $ 14 Exchange 36 31 — 5 37 21 — 16 Interest rate contracts: Over-the-counter 60 9 — 51 11 3 — 8 Foreign currency contracts: Over-the-counter 6 6 — — 8 8 — — Total derivatives, subject to a master netting or similar arrangement $ 250 $ 63 $ — $ 187 $ 91 $ 53 $ — $ 38 (1) Excludes $2 |
Offsetting Liabilities | September 30, 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 $ 19 $ 17 $ — $ 2 $ 105 $ 21 $ — $ 84 Exchange 31 31 — — 21 21 — — Interest rate contracts: Over-the-counter 721 11 20 690 606 8 35 563 Foreign currency contracts: Over-the-counter 4 4 — — 3 3 — — Total derivatives, subject to a master netting or similar arrangement $ 775 $ 63 $ 20 $ 692 $ 735 $ 53 $ 35 $ 647 (1) Excludes $1 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at September 30, 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) 74 13 Basis 240 517 Electricity (MWh): Fixed price 6,380,180 3,128,300 FTRs 73,133,287 — Liquids (Gal) (2) 11,004,000 — Interest rate (3) $ 1,600,000,000 $ 6,916,692,492 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 September 30, 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 ) 15 months Electricity 2 2 3 months Interest rate (446 ) (44 ) 399 months Total $ (446 ) $ (44 ) |
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) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 (millions) Long-term debt $ (1,153 ) $ (1,154 ) $ (3 ) $ (4 ) (1) Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at September 30, 2020 and December 31, 2019, respectively. (2) Includes $(3) million and $3 million of hedging adjustments on discontinued hedging relationships at September 30, 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) September 30, 2020 ASSETS Current Assets Commodity $ — $ 80 $ 80 Interest rate — 12 12 Foreign currency 6 6 Total current derivative assets (1) — 98 98 Noncurrent Assets Commodity — 106 106 Interest rate — 48 48 Total noncurrent derivative assets (2) — 154 154 Total derivative assets $ — $ 252 $ 252 LIABILITIES Current Liabilities Commodity $ — $ 41 $ 41 Interest rate — 194 194 Foreign currency — 4 4 Total current derivative liabilities (3) — 239 239 Noncurrent Liabilities Commodity — 10 10 Interest rate 482 45 527 Total noncurrent derivative liabilities 482 55 537 Total derivative liabilities $ 482 $ 294 $ 776 December 31, 2019 ASSETS Current Assets Commodity $ 30 $ 37 $ 67 Interest rate 1 — 1 Total current derivative assets (1) 31 37 68 Noncurrent Assets Commodity 1 6 7 Interest rate 10 — 10 Foreign currency 8 — 8 Total noncurrent derivative assets (2) 19 6 25 Total derivative assets $ 50 $ 43 $ 93 LIABILITIES Current Liabilities Commodity $ 6 $ 77 $ 83 Interest rate 321 1 322 Foreign currency 3 — 3 Total current derivative liabilities (3) 330 78 408 Noncurrent Liabilities Commodity 1 47 48 Interest rate 267 17 284 Total noncurrent derivative liabilities (4) 268 64 332 Total derivative liabilities $ 598 $ 142 $ 740 (1) Current derivative assets include $87 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (2) Noncurrent derivative assets include $154 million and $16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively. The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. (3) Current derivative liabilities include $16 million and $14 million at September 30, 2020 and December 31, 2019, respectively, presented in held for sale in Dominion Energy’s Consolidated Balance Sheets. (4) Noncurrent derivative liabilities include $3 million at December 31, 2019 presented in held for sale in Dominion Energy’s Consolidated Balance Sheets. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income. Derivatives in cash flow hedging relationships Amount of Gain (Loss) Recognized in AOCI on Derivatives (1) Amount of Gain (Loss) Reclassified From AOCI to Income Increase (Decrease) in Derivatives Subject to Regulatory Treatment (2) (millions) Three Months Ended September 30, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 8 Total commodity $ — $ 8 $ — Interest rate: Interest and related charges $ (23 ) Discontinued operations (230 ) Total interest rate $ 8 $ (253 ) $ 62 Foreign currency (3) 6 (6 ) — Total $ 14 $ (251 ) $ 62 Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 34 Purchased gas (2 ) Discontinued operations 1 Total commodity $ (5 ) $ 33 $ — Interest rate: Interest and related charges $ (12 ) Discontinued operations (2 ) Total interest rate $ (124 ) $ (14 ) $ (190 ) Foreign currency (3) (15 ) (12 ) — Total $ (144 ) $ 7 $ (190 ) Nine Months Ended September 30, 2020 Derivative type and location of gains (losses): Commodity: Operating revenue $ 22 Purchased gas (3 ) Discontinued operations 2 Total commodity $ — $ 21 $ — Interest rate: Interest and related charges $ (66 ) Discontinued operations (236 ) Total interest rate $ (328 ) $ (302 ) $ (488 ) Foreign currency (3) (11 ) (6 ) — Total $ (339 ) $ (287 ) $ (488 ) Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Commodity: Operating revenue $ 123 Purchased gas 1 Discontinued operations 4 Total commodity $ 96 $ 128 $ — Interest rate: Interest and related charges $ (35 ) Discontinued operations (2 ) Total interest rate $ (350 ) $ (37 ) $ (405 ) Foreign currency (3) (24 ) (14 ) — Total $ (278 ) $ 77 $ (405 ) (1) Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. ( 3 ) Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in discontinued operations. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Derivative type and location of gains (losses): Commodity: Operating revenue $ (15 ) $ 6 $ 31 $ 34 Purchased gas 4 (9 ) (6 ) (15 ) Electric fuel and other energy-related purchases (6 ) (6 ) (79 ) (18 ) Discontinued operations (1 ) — 4 — Interest rate: Interest and related charges 57 — (21 ) — Discontinued operations 5 — (3 ) — Foreign currency: Discontinued operations 8 — 8 — Total $ 52 $ (9 ) $ (66 ) $ 1 (1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. |
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: September 30, 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 $ 134 $ 10 $ — $ 124 $ 19 $ 18 $ — $ 1 Interest rate contracts: Over-the-counter — — — — 2 — — 2 Total derivatives, subject to a master netting or similar arrangement $ 134 $ 10 $ — $ 124 $ 21 $ 18 $ — $ 3 (1) Excludes $11 |
Offsetting Liabilities | September 30, 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 $ 10 $ 10 $ — $ — $ 59 $ 18 $ — $ 41 Interest rate contracts: Over-the-counter 475 — — 475 363 — — 363 Total derivatives, subject to a master netting or similar arrangement $ 485 $ 10 $ — $ 475 $ 422 $ 18 $ — $ 404 (1) Excludes $6 |
Schedule of Volume of Derivative Activity | The following table presents the volume of Virginia Power’s derivative activity at September 30, 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) 38 — Basis 140 498 Electricity (MWh): FTRs 73,133,287 — Interest rate (2) $ — $ 2,050,000,000 (1) Includes options. (2) Maturity is determined based on final settlement period. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at September 30, 2020: AOCI After-Tax Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax Maximum Term (millions) Interest rate $ (72 ) $ (1 ) 399 months Total $ (72 ) $ (1 ) |
Fair Value of Derivatives | The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets: Fair Value – Derivatives under Hedge Accounting Fair Value – Derivatives not under Hedge Accounting Total Fair Value (millions) September 30, 2020 ASSETS Current Assets Commodity $ — $ 48 $ 48 Total current derivative assets (1) — 48 48 Noncurrent Assets Commodity — 97 97 Total noncurrent derivative assets (2) — 97 97 Total derivative assets $ — $ 145 $ 145 LIABILITIES Current Liabilities Commodity $ — $ 15 $ 15 Total current derivative liabilities — 15 15 Noncurrent Liabilities Commodity — 1 1 Interest rate 475 — 475 Total noncurrent derivative liabilities (3) 475 1 476 Total derivative liabilities $ 475 $ 16 $ 491 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 derivative 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 September 30, 2020 Derivative type and location of gains (losses): Interest rate (3) $ 6 $ (1 ) $ 60 Total $ 6 $ (1 ) $ 60 Three Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (21 ) $ — $ (190 ) Total $ (21 ) $ — $ (190 ) Nine Months Ended September 30, 2020 Derivative type and location of gains (losses): Interest rate (3) $ (53 ) $ (2 ) $ (492 ) Total $ (53 ) $ (2 ) $ (492 ) Nine Months Ended September 30, 2019 Derivative type and location of gains (losses): Interest rate (3) $ (45 ) $ (1 ) $ (408 ) Total $ (45 ) $ (1 ) $ (408 ) (1) Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. (2) Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. (3) Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance | Derivatives not designated as hedging instruments Amount of Gain (Loss) Recognized in Income on Derivatives (1) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (millions) Derivative type and location of gains (losses): Commodity (2) $ (6 ) $ (6 ) $ (79 ) $ (18 ) Total $ (6 ) $ (6 ) $ (79 ) $ (18 ) (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. |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2020 Equity securities: (1) U.S. $ 1,735 $ 2,517 $ (73 ) $ — $ 4,179 Fixed income securities: (2) Corporate debt instruments 569 49 (1 ) — 617 Government securities 1,128 64 (1 ) — 1,191 Common/collective trust funds 138 4 — — 142 Insurance contracts 227 — — — 227 Cash equivalents and other (3) 1 1 (1 ) — 1 Total $ 3,798 $ 2,635 $ (76 ) (4) $ — (5) $ 6,357 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. (3) Includes pending purchases of securities of $36 million and $1 million at September 30, 2020 and December 31, 2019, respectively . (4) The fair value of securities in an unrealized loss position was $523 million and $298 million ( 5 ) The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020. |
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Net gains recognized during the period $ 308 $ 40 $ 20 $ 610 Less: Net gains recognized during the period on securities sold during the period (15 ) (17 ) (6 ) (61 ) Unrealized gains recognized during the period on securities still held at September 30, 2020 and 2019 (1) $ 293 $ 23 $ 14 $ 549 (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 September 30, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 194 Due after one year through five years 503 Due after five years through ten years 485 Due after ten years 768 Total $ 1,950 |
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Proceeds from sales $ 1,208 $ 429 $ 2,868 $ 1,311 Realized gains (1) 48 53 188 152 Realized losses (1) 29 25 159 75 (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) September 30, 2020 Equity securities: (1) U.S. $ 919 $ 1,161 $ (48 ) $ — $ 2,032 Fixed income securities: (2) Corporate debt instruments 324 28 — — 352 Government securities 463 23 (1 ) — 485 Common/collective trust funds 45 — — — 45 Cash equivalents and other (3) 19 — — — 19 Total $ 1,770 $ 1,212 $ (49 ) (4) $ — (5) $ 2,933 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 o f $ 5 million at September 30, 2020 . (4) The fair value of securities in an unrealized loss position was $283 million and $185 million (5 ) The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020. |
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Net gains (losses) recognized during the period $ 138 $ 30 $ (16 ) $ 286 Less: Net gains recognized during the period on securities sold during the period (6 ) (7 ) (3 ) (15 ) Unrealized gains (losses) recognized during the period on securities still held at September 30, 2020 and 2019 (1) $ 132 $ 23 $ (19 ) $ 271 (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 September 30, 2020 by contractual maturity is as follows: Amount (millions) Due in one year or less $ 66 Due after one year through five years 234 Due after five years through ten years 268 Due after ten years 314 Total $ 882 |
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Proceeds from sales $ 164 $ 230 $ 694 $ 677 Realized gains (1) 18 21 73 46 Realized losses (1) 10 6 58 18 (1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Property Plant And Equipment (T
Property Plant And Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Dominion Energy And Virginia Electric And Power Company | |
Schedule of Business Acquisitions, by Acquisition | The following table presents acquisitions by Virginia Power of solar projects. Virginia Power expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity August 2018 May 2019 Virginia Grasshopper $ 128 October 2020 80 June 2019 August 2019 Virginia Belcher 160 Expected 2021 88 May 2020 May 2020 Virginia Pumpkinseed 130 Expected 2022 60 (1) Includes acquisition cost. |
Dominion Energy | |
Schedule of Business Acquisitions, by Acquisition | The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Date Agreement Entered Date Agreement Closed Project Location Project Name Project Cost (millions) (1) Date of Commercial Operations MW Capacity August 2019 August 2019 Virginia Myrtle $ 32 June 2020 15 May 2020 May 2020 South Carolina Blackville 15 Expected 2020 7 May 2020 May 2020 South Carolina Denmark 15 Expected 2020 6 May 2020 August 2020 South Carolina Yemassee 20 Expected 2021 10 May 2020 October 2020 South Carolina Trask 25 Expected 2021 12 June 2020 June 2020 Ohio Hardin I 255 Expected 2020 150 July 2020 July 2020 Virginia Madison 125 Expected 2022 63 August 2020 Expected 2022 Ohio Hardin II 295 Expected 2023 150 (1) Includes acquisition cost. |
Regulatory Assets and Liabili_2
Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities include the following: September 30, 2020 December 31, 2019 (millions) Dominion Energy Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred project costs and DSM programs for gas utilities (2) 38 21 Unrecovered gas costs (3) 89 99 Deferred rate adjustment clause costs for Virginia electric utility (4)(5) 14 109 Deferred nuclear refueling outage costs (6) 57 68 NND Project costs (7) 138 138 PJM transmission rates (8) 95 121 Other 232 267 Regulatory assets-current 663 871 Pension and other postretirement benefit costs (9) 1,598 1,431 Deferred rate adjustment clause costs for Virginia electric utility (4)(5)(10)(11) 390 235 PJM transmission rates (8) 46 85 Deferred project costs for gas utilities (2) 588 521 Interest rate hedges (12) 1,207 709 AROs and related funding (13) 311 311 Cost of reacquired debt (14) 248 262 NND Project costs (7) 2,399 2,503 Ash pond and landfill closure costs (15) 2,160 1,016 Other 502 579 Regulatory assets-noncurrent 9,449 7,652 Total regulatory assets $ 10,112 $ 8,523 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 82 $ — Provision for future cost of removal and AROs (16) 124 124 Reserve for refunds and rate credits to electric utility customers (17) 133 143 Cost-of-service impact of 2017 Tax Reform Act (18) 23 4 Income taxes refundable through future rates (19) 135 71 Monetization of guarantee settlement (20) 67 67 Other 152 46 Regulatory liabilities-current 716 455 Income taxes refundable through future rates (19) 4,378 4,529 Provision for future cost of removal and AROs (16) 2,183 2,208 Nuclear decommissioning trust (21) 1,496 1,471 Monetization of guarantee settlement (20) 920 970 Reserve for refunds and rate credits to electric utility customers (17) 570 656 Reserve for future credits to Virginia electric customers (22) 200 — Overrecovered other postretirement benefit costs (23) 74 54 Other 349 316 Regulatory liabilities-noncurrent 10,170 10,204 Total regulatory liabilities $ 10,886 $ 10,659 (1) Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. (2) Primarily (3) Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. (4) Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information. (5) As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing 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) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. (12) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of September 30, 2020. (13) Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years . (14) (1 5 ) 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 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. (1 7 ) 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 8 ) 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. ( 19 ) 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. (2 0 ) 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 1 ) 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. (22) Represents a reserve for benefits expected to be provided to retail electric customers in Virginia in connection with the quadrennial review of Virginia Power’s base rates scheduled to occur in 2021. During the third quarter of 2020, Virginia Power recorded a reserve of $200 million reflected in impairment of assets and other charges in its Consolidated Statements of Income for benefits expected to be provided through the use of a customer credit reinvestment offset in accordance with the GTSA. 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 additional information. (2 3 ) Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. September 30, 2020 December 31, 2019 (millions) Virginia Power Regulatory assets: Deferred cost of fuel used in electric generation (1) $ — $ 48 Deferred rate adjustment clause costs (2)(3) 14 109 Deferred nuclear refueling outage costs (4) 57 68 PJM transmission rates (5) 95 121 Other 52 87 Regulatory assets-current 218 433 Deferred rate adjustment clause costs (2)(3)(6)(7) 390 235 PJM transmission rates (5) 46 85 Interest rate hedges (8) 895 404 Ash pond and landfill closure costs (9) 2,160 1,016 Other 119 123 Regulatory assets-noncurrent 3,610 1,863 Total regulatory assets $ 3,828 $ 2,296 Regulatory liabilities: Deferred cost of fuel used in electric generation (1) $ 82 $ — Provision for future cost of removal (10) 103 103 Income taxes refundable through future rates (11) 54 54 Other 73 10 Regulatory liabilities-current 312 167 Income taxes refundable through future rates (11) 2,406 2,438 Nuclear decommissioning trust (12) 1,496 1,471 Provision for future cost of removal (10) 1,014 1,054 Reserve for future credits to Virginia electric customers (13) 200 — Deferred cost of fuel used in electric generation (1) 42 30 Other 166 81 Regulatory liabilities-noncurrent 5,324 5,074 Total regulatory liabilities $ 5,636 $ 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 excess deferred income taxes 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) During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. (8) Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of September 30, 2020. (9) Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 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. (10) Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (11) 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 . (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. (13) Represents a reserve for benefits expected to be provided to retail electric customers in Virginia in connection with the quadrennial review of Virginia Power’s base rates scheduled to occur in 2021. During the third quarter of 2020, Virginia Power recorded a reserve of $200 million reflected in impairment of assets and other charges in its Consolidated Statements of Income for benefits expected to be provided through the use of a customer credit reinvestment offset in accordance with the GTSA. 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 additional information. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) - Virginia Electric and Power Company | 9 Months Ended |
Sep. 30, 2020 | |
Public Utilities General Disclosures [Line Items] | |
Summary of Additional Significant Riders Associated with Virginia Power Projects | Additional significant riders associated with various Virginia Power projects are as follows: Rider Name Application Date Approval Date Rate Year Beginning Total Revenue Requirement (millions) Increase (Decrease) Over Previous Year (millions) Rider US-3 July 2019 March 2020 June 2020 $ 28 $ 18 Rider BW October 2019 June 2020 September 2020 99 (20 ) Rider US-2 October 2019 July 2020 September 2020 10 (5 ) Rider E January 2020 September 2020 November 2020 85 (19 ) Rider B June 2020 Pending April 2021 24 (8 ) Rider GV June 2020 Pending April 2021 154 22 Rider R June 2020 Pending April 2021 59 15 Rider S June 2020 Pending April 2021 194 (1 ) Rider W June 2020 Pending April 2021 120 14 Rider US-3 July 2020 Pending June 2021 39 10 Rider US-4 July 2020 Pending June 2021 12 4 Rider BW October 2020 Pending September 2021 113 14 Rider US-2 October 2020 Pending September 2021 10 0 |
Summary of Additional Significant Virginia Power Electric Transmission Projects Approved and Applied | Additional Virginia Power electric transmission projects applied for and/or approved are as follows: Description and Location of Project Application Date Approval Date Type of Line Miles of Lines Cost Estimate (millions) Rebuild and operate five segments between the Loudoun and Ox substations August 2019 June 2020 230 kV 19 $ 70 Build new Lockridge substation and line loop in Loudoun County, Virginia December 2019 October 2020 230 kV <1 35 Rebuild and operate two lines in Chesterfield County, Virginia January 2020 June 2020 230 kV 3 15 Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia May 2020 Pending 500 kV 37 110 Relocate and replace a transmission line underground between the Tysons substation and the future Spring Hill substation September 2020 Pending 230 kV <1 30 Rebuild and install new line in the Counties of New Kent, King William, King and Queen, Essex and Richmond, Virginia October 2020 Pending 230 kV 41 100 |
Significant Financing Transac_2
Significant Financing Transactions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 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)(2) $ 6,000 $ 2,113 $ 96 $ 3,791 (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) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. |
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) and $21 million ($13.125 per share) for the three and nine months ended September 30, 2020, respectively. ( 3 ) Payments of $62 million and $17 million were made during the nine months ended September 30, 2020 and 2019, respectively. The stock purchase contract liability was $150 million and $212 million at September 30, 2020 and December 31, 2019, respectively. |
Virginia Electric and Power Company | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities | At September 30, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility was as follows: Facility Limit (1) Outstanding Commercial Paper Outstanding Letters of Credit (millions) Joint revolving credit facility (1)(2) $ 6,000 $ 422 $ 9 (1) The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 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. (2) In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Subsidiary Guarantees | At September 30, 2020, Dominion Energy had issued the following subsidiary guarantees: Maximum Exposure (millions) Commodity transactions (1) $ 2,220 Nuclear obligations (2) 224 Cove Point (3) 1,900 Solar (4) 453 Other (5) 920 Total (6) $ 5,717 (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. As discussed in Note 3, in November 2020 Cove Point became an equity method investment of Dominion Energy. (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 and in Note 14 in this report. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (millions) Commodity purchases from affiliates $ 135 $ 170 $ 450 $ 561 Services provided by affiliates (1) 108 107 343 387 Services provided to affiliates 5 5 14 19 (1) Includes capitalized expenditures of $39 million and $33 million for the three months ended September 30, 2020 and 2019, respectively, and |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost (Credit) | The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $3 million and $12 million for the three and nine months ended September 30, 2020, respectively, and $4 million and $12 million for the three and nine months ended September 30, 2019, respectively, presented in discontinued operations. The non-service cost components of net period benefit (credit) cost are reflected in other income in Dominion Energy’s Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows: Pension Benefits Other Postretirement Benefits 2020 2019 2020 2019 (millions) Three Months Ended September 30, Service cost $ 45 $ 41 $ 8 $ 7 Interest cost 82 97 15 17 Expected return on plan assets (197 ) (177 ) (39 ) (37 ) Amortization of prior service cost (credit) (1 ) — (12 ) (13 ) Amortization of net actuarial loss 58 42 1 2 Settlements and curtailments (1) 3 2 — — Net periodic benefit cost (credit) $ (10 ) $ 5 $ (27 ) $ (24 ) Nine Months Ended September 30, Service cost $ 131 $ 121 $ 22 $ 20 Interest cost 263 296 45 51 Expected return on plan assets (582 ) (530 ) (117 ) (105 ) Amortization of prior service cost (credit) — 1 (37 ) (39 ) Amortization of net actuarial loss 155 124 4 9 Settlements and curtailments (1) 5 75 — 42 Net periodic benefit cost (credit) $ (28 ) $ 87 $ (83 ) $ (22 ) (1) 2019 amounts relate primarily to a voluntary retirement program. |
Operating Segments (Tables)
Operating Segments (Tables) | 9 Months Ended |
Sep. 30, 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: (1) I ncludes Virginia Power’s nonjurisdictional generation operations. (2) Includes Wexpro’s gas development and production operations. |
Schedule of Segment Reporting Information, by Segment | In September 2020, Dominion Energy updated its segments. The historical information presented herein has been recast to reflect the current segment presentation. The following table presents segment information pertaining to Dominion Energy’s operations: Dominion Energy Virginia Gas Distribution Dominion Energy South Carolina Contracted Assets Corporate and Other Adjustments & Eliminations Consolidated Total (millions) Three Months Ended September 30, 2020 Total revenue from external customers $ 2,257 $ 311 $ 758 $ 288 $ (11 ) $ 9 $ 3,612 Intersegment revenue (3 ) 3 1 13 233 (252 ) (5 ) Total operating revenue 2,254 314 759 301 222 (243 ) 3,607 Net income (loss) from discontinued operations — — — 51 (32 ) — 19 Net income (loss) attributable to Dominion Energy 613 64 157 112 (590 ) — 356 Three Months Ended September 30, 2019 Total revenue from external customers $ 2,275 $ 321 $ 792 $ 260 $ 124 $ 12 $ 3,784 Intersegment revenue (6 ) 6 1 11 225 (239 ) (2 ) Total operating revenue 2,269 327 793 271 349 (227 ) 3,782 Net income from discontinued operations — — — 38 — — 38 Net income attributable to Dominion Energy 629 43 166 86 51 — 975 Nine Months Ended September 30, 2020 Total revenue from external customers $ 6,013 $ 1,597 $ 2,105 $ 810 $ 112 $ 36 $ 10,673 Intersegment revenue (10 ) 9 3 36 703 (763 ) (22 ) Total operating revenue 6,003 1,606 2,108 846 815 (727 ) 10,651 Net income (loss) from discontinued operations — — — 153 (1,906 ) — (1,753 ) Net income (loss) attributable to Dominion Energy 1,479 375 326 295 (3,558 ) — (1,083 ) Nine Months Ended September 30, 2019 Total revenue from external customers $ 6,219 $ 1,635 $ 2,182 $ 816 $ (409 ) $ 62 $ 10,505 Intersegment revenue (10 ) 13 3 62 832 (899 ) 1 Total operating revenue 6,209 1,648 2,185 878 423 (837 ) 10,506 Net income from discontinued operations — — — 133 393 — 526 Net income (loss) attributable to Dominion Energy 1,383 314 332 296 (1,976 ) — 349 |
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 September 30, 2020 Operating revenue $ 2,248 $ — $ 2,248 Net income (loss) 615 (140 ) 475 Three Months Ended September 30, 2019 Operating revenue $ 2,264 $ — $ 2,264 Net income (loss) 628 (26 ) 602 Nine Months Ended September 30, 2020 Operating revenue $ 5,983 $ — $ 5,983 Net income (loss) 1,477 (792 ) 685 Nine Months Ended September 30, 2019 Operating revenue $ 6,196 $ (29 ) $ 6,167 Net income (loss) 1,379 (657 ) 722 |
Nature of Operations (Details)
Nature of Operations (Details) | 9 Months Ended |
Sep. 30, 2020Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segments | 4 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | May 31, 2019USD ($) | Mar. 31, 2019USD ($)FacilityMW | Jan. 31, 2019USD ($) | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)$ / shares | |
Significant Accounting Policies [Line Items] | |||||||||||
Impairment of assets and other charges | $ 1,151 | $ 85 | $ 1,963 | $ 1,219 | |||||||
Increase to nuclear decommissioning asset retirement obligation | $ 89 | ||||||||||
Change In Depreciation Rates From New Depreciation Study | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Increase in EPS | $ / shares | $ 0.01 | $ 0.02 | |||||||||
Change In Depreciation Rates From New Depreciation Study | Merchant generation assets | Scenario Forecast | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Increase in EPS | $ / shares | $ 0.03 | ||||||||||
Impairment of Assets and Other Charges | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Impairment of assets and other charges | $ 26 | ||||||||||
Asset impairment charges after tax | 19 | ||||||||||
Virginia Electric and Power Company | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Impairment of assets and other charges | $ 200 | $ 38 | $ 1,008 | $ 781 | |||||||
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) | (24) | |||||||||
Increase (decrease) in depreciation expense, after tax | $ (6) | $ (18) | |||||||||
Virginia Electric and Power Company | Change In Depreciation Rates From New Depreciation Study | 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 | Electric Generation Facilities | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Charges recorded with dismantling | 30 | ||||||||||
Charges recorded with dismantling after tax | $ 22 | ||||||||||
Virginia Electric and Power Company | Impairment of Assets and Other Charges | |||||||||||
Significant Accounting Policies [Line Items] | |||||||||||
Impairment of assets and other charges | $ 754 | 17 | $ 62 | $ 369 | $ 160 | ||||||
Asset impairment charges after tax | $ 561 | $ 12 | $ 46 | $ 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% | |||||||||
Cove Point | Brookfield | |||||||||||
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 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash and cash equivalents | [1] | $ 462 | $ 166 | $ 378 | $ 268 | |
Restricted cash and equivalents | [2],[3] | 96 | 103 | 62 | 123 | |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 558 | 269 | 440 | 391 | ||
Cash and cash equivalents | 413 | 135 | [4] | |||
Virginia Electric and Power Company | ||||||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||||
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows | 63 | 24 | 37 | 38 | ||
Cash and cash equivalents | 62 | 17 | [5] | 29 | 29 | |
Restricted cash and equivalents | [3] | $ 1 | $ 7 | $ 8 | $ 9 | |
[1] | At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $49 million, $80 million, $31 million and $110  million of cash and cash equivalents included in current assets held for sale, respectively. | |||||
[2] | At September 30, 2020, September 30, 2019, December 31, 2019 and December 31, 2018, Dominion Energy had $16 million, $5 million, $12 million and $89 million of restricted cash and equivalents included in current assets held for sale, respectively | |||||
[3] | Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets. | |||||
[4] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||||
[5] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Accounting Polici_6
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - Current Assets Held for Sale - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | $ 49 | $ 31 | $ 80 | $ 110 |
Restricted cash and equivalents | $ 16 | $ 12 | $ 5 | $ 89 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition And Dispositions [Line Items] | ||||||
Stock issued during period for acquisition, value | $ 6,818 | |||||
Impairment of assets and other charges | $ 1,151 | $ 85 | $ 1,963 | 1,219 | ||
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 | |||||
Impairment of assets and other charges | 44 | 38 | 44 | 316 | ||
Impairment of assets and other charges, after tax | $ 33 | 28 | $ 33 | 236 | ||
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 | |||||
SCANA | Dominion Energy South Carolina Inc | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Period to provide refund to customer | 11 years | |||||
Charge for refund of amounts from customers | 1,000 | $ 1,000 | 1,000 | |||
After tax charge in statements of income | 756 | |||||
SCANA | Dominion Energy South Carolina Inc | NND Project | ||||||
Business Acquisition And Dispositions [Line Items] | ||||||
Income tax regulatory assets | $ 264 | 264 | ||||
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 ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Increase in operating revenue | $ 809,000,000 | $ 979,000,000 | $ 2,400,000,000 | $ 2,100,000,000 |
Increase (decrease) in net income | 85,000,000 | 97,000,000 | 197,000,000 | (1,100,000,000) |
Merger and integration-related costs | 408,000,000 | |||
Dominion Energy | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | 22,000,000 | 29,000,000 | 64,000,000 | 596,000,000 |
Dominion Energy | Voluntary Retirement Program | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | 4,000,000 | 427,000,000 | ||
Dominion Energy | Other Operations and Maintenance | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | $ 22,000,000 | 25,000,000 | $ 61,000,000 | 169,000,000 |
Dominion Energy | Interest and Related Charges | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | $ 9,000,000 | |||
Dominion Energy | Interest and Related Charges | Maximum | ||||
Business Acquisition [Line Items] | ||||
Merger and integration-related costs | $ 1,000,000 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - SCANA - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | ||
Business Acquisition [Line Items] | |||
Operating Revenue | [1] | $ 3,782 | $ 11,513 |
Net income attributable to Dominion Energy | [1] | $ 1,029 | $ 1,991 |
Earnings Per Common Share – Basic | [1] | $ 1.28 | $ 2.47 |
Earnings Per Common Share – Diluted | [1] | $ 1.26 | $ 2.44 |
[1] | Amounts include adjustments for non-recurring costs directly related to the SCANA Combination. |
Acquisitions and Dispositions_5
Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations to BHE) (Narrative) (Detail) - USD ($) $ in Millions | Nov. 30, 2020 | Sep. 30, 2020 | Nov. 01, 2020 | Oct. 31, 2020 | Jul. 31, 2020 |
Gas, Transmission & Storage | Subsequent Event | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Derivative payment | $ 165 | ||||
Gas, Transmission & Storage | BHE | Dominion Energy Questar Pipeline | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Goodwill write-off | $ 191 | ||||
Q-Pipe Transaction | BHE | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Disposal group, expects to recognize pre-tax gain upon closing | $ 500 | ||||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | BHE | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Disposal group, total value of consideration | $ 10,000 | ||||
Disposal group, closing adjustments | $ 4,000 | ||||
Percentage ownership in total units | 50.00% | ||||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | BHE | Subsequent Event | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Disposal group, total value of consideration | $ 2,700 | ||||
Disposal group, closing adjustments | 200 | ||||
Disposal group, expects to recognize pre-tax gain upon closing | 200 | ||||
Goodwill write-off | $ 1,400 | ||||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | BHE | Subsequent Event | Dominion Energy Questar Pipeline | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Disposal group, cash consideration | $ 1,300 | ||||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | BHE | General Partner Interest | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Percentage ownership in total units | 100.00% | ||||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | BHE | Limited Partner Interests | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Percentage ownership in total units | 25.00% | ||||
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | BHE | Subsequent Event | Dominion Energy Questar Pipeline | |||||
Business Acquisition And Dispositions [Line Items] | |||||
Disposal group, including discontinued operation, deposits | $ 1,300 |
Acquisitions and Dispositions_6
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Income tax expense (benefit) | $ (10) | $ 136 | $ (572) | $ 47 | |
Net income (loss) including noncontrolling interests | [1],[2] | 19 | 38 | (1,753) | 526 |
Net income (loss) attributable to Dominion Energy | (13) | 38 | (1,850) | 520 | |
Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Operating revenue | 1 | 4 | |||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Operating revenue | 511 | 497 | 1,554 | 1,627 | |
Operating Expense | [3] | 208 | 317 | 1,311 | 1,029 |
Other income (loss) | (5) | 13 | 27 | 42 | |
Interest and related charges | [4] | 267 | 76 | 366 | 224 |
Income (loss) before income taxes | 31 | 117 | (96) | 416 | |
Income tax expense (benefit) | (14) | 117 | (65) | 42 | |
Net income (loss) including noncontrolling interests | 45 | 0 | (31) | 374 | |
Noncontrolling interests | 32 | 0 | 97 | 6 | |
Net income (loss) attributable to Dominion Energy | 13 | 0 | (128) | 368 | |
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Operating revenue | 59 | 60 | 182 | 185 | |
Operating Expense | [3] | 16 | 31 | 78 | 100 |
Other income (loss) | 1 | 1 | 3 | 3 | |
Interest and related charges | [4] | 5 | 5 | 15 | 15 |
Income (loss) before income taxes | 39 | 25 | 92 | 73 | |
Income tax expense (benefit) | 5 | 19 | 19 | 6 | |
Net income (loss) including noncontrolling interests | 34 | 6 | 73 | 67 | |
Net income (loss) attributable to Dominion Energy | $ 34 | $ 6 | $ 73 | $ 67 | |
[1] | Includes income tax expense (benefit) of $(10) million and $136 million for the three months ended September 30, 2020 and 2019, respectively and $(572) million and $47 million for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[2] | See Note 10 for amounts attributable to related parties. | ||||
[3] | GT&S Transaction includes a charge of $482 million ($359 million after-tax) recorded in the second quarter of 2020 associated with the probable abandonment of a significant portion of the Supply Header Project as well as the establishment of a $75 million ARO as a result of the cancellation of the Atlantic Coast Pipeline Project. | ||||
[4] | GT&S Transaction includes a loss of $237 million recorded in the third quarter of 2020 associated with cash flow hedges of debt-related items that were determined to be probable of not occurring. |
Acquisitions and Dispositions_7
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Impairment of assets and other charges | $ 1,151 | $ 85 | $ 1,963 | $ 1,219 | |
Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Loss associated with cash flow hedges of debt-related items | $ 237 | ||||
Supply Header Project | Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Impairment of assets and other charges | $ 482 | ||||
Asset impairment charges after tax | 359 | ||||
Atlantic Coast Pipeline Project | Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Asset retirement obligations | $ 75 |
Acquisitions and Dispositions_8
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Current assets | [1] | $ 14,148 | $ 535 | [2] | |
Current liabilities | 6,880 | 1,039 | [2] | ||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Current assets | [4] | 398 | [3] | 445 | |
Equity method investments | [5] | 316 | [3] | 276 | |
Property, plant and equipment, net | [6] | 10,449 | [3] | 10,764 | |
Other deferred charges and other assets, including goodwill and intangible assets | [7] | 1,544 | [3] | 1,553 | |
Current liabilities | [8] | 1,536 | [3] | 1,002 | |
Long-term debt | 3,916 | [3] | 4,401 | ||
Other deferred credits and liabilities | 810 | [3] | 773 | ||
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Current assets | [4] | 57 | [3] | 49 | |
Equity method investments | [5] | 35 | [3] | 36 | |
Property, plant and equipment, net | [6] | 1,109 | [3] | 1,103 | |
Other deferred charges and other assets, including goodwill and intangible assets | [7] | 224 | [3] | 225 | |
Current liabilities | [8] | 38 | [3] | 37 | |
Long-term debt | 425 | [3] | 425 | ||
Other deferred credits and liabilities | $ 155 | [3] | $ 155 | ||
[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] | All amounts at September 30, 2020 are classified as current in Dominion Energy’s Consolidated Balance Sheet | ||||
[4] | Includes cash and cash equivalents of $24 million and $20 million as of September 30, 2020 and December 31, 2019, respectively, within the GT&S Transaction and $25 million and $11 million as of September 30, 2020 and December 31, 2019, respectively within the Q-Pipe Transaction. | ||||
[5] | Comprised of equity method investments in Iroquois and JAX LNG within the GT&S Transaction and White River Hub within the Q-Pipe Transaction | ||||
[6] | GT&S Transaction includes $40 million recorded at September 30, 2020 for a potential modified Supply Header Project. | ||||
[7] | Includes goodwill of $1.4 billion and $191 million at both September 30, 2020 and December 31, 2019 within the GT&S Transaction and the Q-Pipe Transaction, respectively. | ||||
[8] | Includes $47 million ARO recorded at September 30, 2020 related to the Supply Header Project and current portions of long-term debt of $1.2 billion and $699 million as of September 30, 2020 and December 31, 2020, respectively, within the GT&S Transaction |
Acquisitions and Dispositions_9
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Goodwill | $ 7,395 | $ 7,395 | [1] |
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Cash, restricted cash and equivalents of discontinued operations | 24 | 20 | |
Goodwill | 1,400 | 1,400 | |
Current portions of long-term debt | 1,200 | 699 | |
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | Supply Header Project | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Property, plant and equipment | 40 | ||
Asset retirement obligation, Current | 47 | ||
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Cash, restricted cash and equivalents of discontinued operations | 25 | 11 | |
Goodwill | $ 191 | $ 191 | |
[1] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Acquisitions and Disposition_10
Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Significant noncash items | |||||
Charges related to a voluntary retirement program | $ 0 | $ 384 | |||
Depreciation, depletion and amortization | $ 595 | $ 586 | 1,751 | 1,713 | |
Accrued capital expenditures | [1],[2] | 461 | 378 | ||
Dominion Energy Gas Holdings, LLC | Gas, Transmission & Storage | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Capital expenditures | 240 | 265 | |||
Significant noncash items | |||||
Impairment of assets and other charges | 463 | 13 | |||
Charges related to a voluntary retirement program | 0 | 22 | |||
Depreciation, depletion and amortization | 173 | 240 | |||
Accrued capital expenditures | 43 | 42 | |||
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Capital expenditures | 27 | 32 | |||
Significant noncash items | |||||
Impairment of assets and other charges | 0 | 0 | |||
Charges related to a voluntary retirement program | 0 | 4 | |||
Depreciation, depletion and amortization | 25 | 38 | |||
Accrued capital expenditures | $ 2 | $ 3 | |||
[1] | See Note 16 for noncash financing activities related to derivative restructuring, the acquisition of the public interest in Dominion Energy Midstream, the issuance of stock purchase contracts associated with the 2019 Equity Units and the issuance of common stock associated with the settlement of litigation. See Note 17 for noncash investing activities related to property, plant and equipment conveyed to satisfy litigation. See Note 18 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2019 for noncash financing activities related to the remarketing of RSNs. | ||||
[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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | $ 3,536 | $ 3,623 | $ 10,350 | $ 9,993 | |
Other revenues | [1],[2] | 71 | 159 | 301 | 513 |
Total operating revenue | 3,607 | 3,782 | 10,651 | 10,506 | |
Regulated Electric Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 1,497 | 1,440 | 3,746 | 3,180 | |
Regulated Electric Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 865 | 962 | 2,391 | 2,347 | |
Regulated Electric Sales | Industrial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 190 | 227 | 548 | 474 | |
Regulated Electric Sales | Government and Other Retail | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 239 | 244 | 651 | 658 | |
Regulated Electric Sales | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 37 | 45 | 99 | 134 | |
Nonregulated Electric Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 218 | 197 | 627 | 688 | |
Regulated Gas Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 123 | 121 | 853 | 905 | |
Regulated Gas Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 50 | 52 | 304 | 311 | |
Regulated Gas Sales | Other | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 18 | 23 | 61 | 84 | |
Nonregulated Gas Sales | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 12 | 51 | 124 | 369 | |
Regulated Gas Transportation and Storage - State | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 165 | 168 | 578 | 547 | |
Other Regulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3] | 61 | 54 | 236 | 184 |
Other Nonregulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3],[4] | 61 | 39 | 132 | 112 |
Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 2,231 | 2,250 | 5,905 | 6,116 | |
Other revenues | [2],[4] | 17 | 14 | 78 | 51 |
Total operating revenue | 2,248 | 2,264 | 5,983 | 6,167 | |
Virginia Electric and Power Company | Regulated Electric Sales | Residential | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 1,146 | 1,085 | 2,860 | 2,816 | |
Virginia Electric and Power Company | Regulated Electric Sales | Commercial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 645 | 732 | 1,805 | 2,049 | |
Virginia Electric and Power Company | Regulated Electric Sales | Industrial | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 98 | 121 | 284 | 351 | |
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 223 | 224 | 603 | 625 | |
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 25 | 31 | 70 | 97 | |
Virginia Electric and Power Company | Other Regulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 61 | 36 | 217 | 124 | |
Virginia Electric and Power Company | Other Nonregulated Revenues | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | [3],[4] | $ 33 | $ 21 | $ 66 | $ 54 |
[1] | Amounts above include revenue associated with services provided to discontinued operations of $ million and $4 million for both the three and nine months ended September 30, 2020 and 2019, respectively. | ||||
[2] | Amounts above include alternative revenue of $51 million and $9 million at Dominion Energy and $12 million and $9 million at Virginia Power for the three months ended September 30, 2020 and 2019, respectively, and $90 million and $44million at Dominion Energy and $63 million and $35 million at Virginia Power for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[3] | Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts included $5 million for the three months ended September 30, 2020, $12 million for the three months ended September 30, 2019, $16 million for the nine months ended September 30, 2020 and $29 million for the nine months ended September 30, 2019, primarily consisting of sales of commodities related to nonregulated extraction activities and other miscellaneous products. Additionally, amounts above include sales of renewable energy credits. Such amounts included $21 million and $16 million for the three months ended September 30, 2020, $12 million and $11 million for the three months ended September 30, 2019, $32 million and $24 million for the nine months ended September 30, 2020 and $19 million and $14 million for the nine months ended September 30, 2019, at Dominion Energy and Virginia Power, respectively. | ||||
[4] | See Notes 10 and 19 for amounts attributable to related parties and affiliates. |
Operating Revenue (Schedule o_2
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | $ 3,536 | $ 3,623 | $ 10,350 | $ 9,993 | |
Other revenues | [1],[2] | 71 | 159 | 301 | 513 |
Gas, Transmission & Storage | |||||
Public Utilities General Disclosures [Line Items] | |||||
Revenue associated with discontinued operations | 1 | 4 | |||
NGL Midstream | Transferred at a Point in Time | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 5 | 12 | 16 | 29 | |
Renewable Energy Investment Tax Credits | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 21 | 12 | 32 | 19 | |
Alternative Revenue Programs | |||||
Public Utilities General Disclosures [Line Items] | |||||
Other revenues | 51 | 9 | 90 | 44 | |
Virginia Electric and Power Company | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 2,231 | 2,250 | 5,905 | 6,116 | |
Other revenues | [2],[3] | 17 | 14 | 78 | 51 |
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits | |||||
Public Utilities General Disclosures [Line Items] | |||||
Operating revenue from contracts with customers | 16 | 11 | 24 | 14 | |
Virginia Electric and Power Company | Alternative Revenue Programs | |||||
Public Utilities General Disclosures [Line Items] | |||||
Other revenues | $ 12 | $ 9 | $ 63 | $ 35 | |
[1] | Amounts above include revenue associated with services provided to discontinued operations of $ million and $4 million for both the three and nine months ended September 30, 2020 and 2019, respectively. | ||||
[2] | Amounts above include alternative revenue of $51 million and $9 million at Dominion Energy and $12 million and $9 million at Virginia Power for the three months ended September 30, 2020 and 2019, respectively, and $90 million and $44million at Dominion Energy and $63 million and $35 million at Virginia Power for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[3] | 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 | Sep. 30, 2020USD ($) |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 787 |
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 | $ 18 |
Revenue, expected to be recognized on multi-year contracts, period | 3 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 | $ 66 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 66 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 64 |
Revenue, expected to be recognized on multi-year contracts, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 57 |
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 | $ 516 |
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 | $ 2 |
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 | $ 1 |
Revenue, expected to be recognized on multi-year contracts, period | 3 months |
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 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 | $ 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: 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 |
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 | Sep. 30, 2020USD ($) |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 787 |
Virginia Electric and Power Company | |
Revenues From Contract With Customer [Line Items] | |
Revenue, expected to be recognized on multi-year contracts | $ 2 |
Operating Revenue (Narrative) (
Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | $ 95 | $ 83 | |
Other Current Liabilities and Other Deferred Credits and Other Liabilities | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | 120 | $ 102 | |
Virginia Electric and Power Company | |||
Revenues From Contract With Customer [Line Items] | |||
Revenue recognized from contract liability balances | 24 | $ 22 | |
Virginia Electric and Power Company | Other Current Liabilities and Other Deferred Credits and Other Liabilities | |||
Revenues From Contract With Customer [Line Items] | |||
Contract liability balances | $ 27 | $ 24 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 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 | 1.50% | (898.50%) | |
Investment tax credits | (30.50%) | (325.20%) | |
Production tax credits | (2.40%) | (66.30%) | |
Reversal of excess deferred income taxes | (14.50%) | (375.60%) | |
Write-off of regulatory assets | 0.00% | 16565.90% | |
Change in tax status | (6.10%) | 0.00% | |
AFUDC - equity | (1.10%) | (55.80%) | |
Changes in state deferred taxes associated with assets held for sale | (11.60%) | 0.00% | |
Absence of tax on noncontrolling interest | 14.10% | 0.00% | |
Other, net | (1.80%) | (987.30%) | |
Effective tax rate | (31.40%) | 13878.20% | |
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 | 4.70% | 4.50% | |
Investment tax credits | (5.60%) | (5.30%) | |
Production tax credits | (0.90%) | (0.80%) | |
Reversal of excess deferred income taxes | (1.90%) | (4.10%) | |
Write-off of regulatory assets | 0.00% | 0.00% | |
Change in tax status | 0.00% | 0.00% | |
AFUDC - equity | (0.30%) | 0.00% | |
Changes in state deferred taxes associated with assets held for sale | 0.00% | 0.00% | |
Absence of tax on noncontrolling interest | 0.00% | 0.00% | |
Other, net | 0.00% | (1.20%) | |
Effective tax rate | 17.00% | 14.10% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2017 | |
Effective Income Tax Computation [Line Items] | |||||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% | ||
Income tax benefit associated with remeasurement of state deferred taxes | $ 45 | ||||
Income tax expense attributable to noncontrolling interest | 55 | ||||
Income tax expense (benefit) | $ (110) | $ (84) | (123) | $ 161 | |
Discontinued Operations | |||||
Effective Income Tax Computation [Line Items] | |||||
Income tax expense (benefit) | (572) | $ 47 | |||
Discontinued Operations | Atlantic Coast Pipeline | Supply Header Project | |||||
Effective Income Tax Computation [Line Items] | |||||
Income tax charge due to write off of tax-related regulatory assets | 81 | ||||
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) from continuing operations | $ 369 | $ 937 | $ 767 | $ (171) |
Preferred stock dividends (see Note 16) | (16) | (7) | (48) | (8) |
Net income (loss) attributable to Dominion Energy from continuing operations – Basic | 353 | 930 | 719 | (179) |
Dilutive effect of Series A Preferred Stock | (13) | (28) | ||
Net income (loss) attributable to Dominion Energy from continuing operations - Diluted | 353 | 917 | 691 | (179) |
Net Income (Loss) from discontinued operations | $ (13) | $ 38 | $ (1,850) | $ 520 |
Average shares of common stock outstanding – Basic & Diluted | 833.8 | 813 | 837.1 | 802.9 |
Average shares of common stock outstanding – Diluted | 833.8 | 813 | 837.1 | 802.9 |
EPS from continuing operations – Basic | $ 0.42 | $ 1.14 | $ 0.86 | $ (0.22) |
EPS from discontinued operations – Basic | (0.01) | 0.05 | (2.21) | 0.64 |
EPS attributable to Dominion Energy – Basic | 0.41 | 1.19 | (1.35) | 0.42 |
EPS from continuing operations – Diluted | 0.42 | 1.12 | 0.83 | (0.22) |
EPS from discontinued operations – Diluted | (0.01) | 0.05 | (2.21) | 0.64 |
EPS attributable to Dominion Energy – Diluted | $ 0.41 | $ 1.17 | $ (1.38) | $ 0.42 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | [1] | $ 31,994 | |||
Total other comprehensive income (loss) | $ (36) | $ (94) | (223) | $ (77) | |
Ending balance | 26,336 | 26,336 | |||
Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 13,944 | 12,964 | 13,989 | 13,047 | |
Total other comprehensive income (loss) | 5 | (15) | (36) | (29) | |
Ending balance | 14,315 | 13,550 | 14,315 | 13,550 | |
Deferred Gains and Losses on Derivatives-Hedging Activities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (644) | (389) | (407) | (235) | |
Other comprehensive income before reclassifications: gains (losses) | 10 | (107) | (254) | (209) | |
Amounts reclassified from AOCI: (gains) losses | [2] | 188 | (6) | 215 | (58) |
Total other comprehensive income (loss) | 198 | (113) | (39) | (267) | |
Ending balance | (446) | (502) | (446) | (502) | |
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (78) | (30) | (34) | (13) | |
Other comprehensive income before reclassifications: gains (losses) | 5 | (16) | (39) | (34) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 1 | 0 | 1 | 1 |
Total other comprehensive income (loss) | 6 | (16) | (38) | (33) | |
Ending balance | (72) | (46) | (72) | (46) | |
Unrealized Gains and Losses on Investment Securities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 51 | 30 | 37 | 2 | |
Other comprehensive income before reclassifications: gains (losses) | 4 | 8 | 32 | 37 | |
Amounts reclassified from AOCI: (gains) losses | [2] | (1) | (4) | (15) | (5) |
Total other comprehensive income (loss) | 3 | 4 | 17 | 32 | |
Ending balance | 54 | 34 | 54 | 34 | |
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 8 | 4 | 5 | 1 | |
Other comprehensive income before reclassifications: gains (losses) | 0 | 1 | 4 | 5 | |
Amounts reclassified from AOCI: (gains) losses | [3] | (1) | 0 | (2) | (1) |
Total other comprehensive income (loss) | (1) | 1 | 2 | 4 | |
Ending balance | 7 | 5 | 7 | 5 | |
Unrecognized Pension and Other Postretirement Benefit Costs | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (1,385) | (1,322) | (1,421) | (1,465) | |
Other comprehensive income before reclassifications: gains (losses) | (261) | (4) | (262) | 109 | |
Amounts reclassified from AOCI: (gains) losses | [2] | 23 | 20 | 60 | 50 |
Total other comprehensive income (loss) | (238) | 16 | (202) | 159 | |
Ending balance | (1,623) | (1,306) | (1,623) | (1,306) | |
Other Comprehensive Loss From Equity Method Investees | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (2) | (2) | (2) | (2) | |
Other comprehensive income before reclassifications: gains (losses) | 1 | (1) | 1 | (1) | |
Amounts reclassified from AOCI: (gains) losses | [2] | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | 1 | (1) | 1 | (1) | |
Ending balance | (1) | (3) | (1) | (3) | |
Accumulated Other Comprehensive Income (Loss) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (1,980) | (1,683) | (1,793) | (1,700) | |
Other comprehensive income before reclassifications: gains (losses) | (246) | (104) | (483) | (64) | |
Amounts reclassified from AOCI: (gains) losses | [2] | 210 | 10 | 260 | (13) |
Total other comprehensive income (loss) | (36) | (94) | (223) | (77) | |
Ending balance | (2,016) | (1,777) | (2,016) | (1,777) | |
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (70) | (26) | (29) | (12) | |
Other comprehensive income before reclassifications: gains (losses) | 5 | (15) | (35) | (29) | |
Amounts reclassified from AOCI: (gains) losses | [3] | 0 | 0 | (1) | 0 |
Total other comprehensive income (loss) | 5 | (15) | (36) | (29) | |
Ending balance | $ (65) | $ (41) | $ (65) | $ (41) | |
[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 table below for details about these reclassifications. | ||||
[3] | See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | $ (3,607) | $ (3,782) | $ (10,651) | $ (10,506) | |
Interest and related charges | 306 | 370 | 1,136 | 1,133 | |
Other income | (281) | (129) | (327) | (526) | |
Income tax expense (benefit) | (110) | (84) | (123) | 161 | |
Income (loss) including noncontrolling interests, net of tax | (112) | (947) | (513) | 160 | |
Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | [1] | (2,248) | (2,264) | (5,983) | (6,167) |
Interest and related charges | [1] | 135 | 138 | 398 | 408 |
Other income | (34) | (15) | (34) | (68) | |
Income from operations before income tax expense | (586) | (697) | (825) | (840) | |
Income tax expense (benefit) | 111 | 95 | 140 | 118 | |
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations before income tax expense | 251 | (7) | 287 | (77) | |
Income tax expense (benefit) | 63 | 1 | (72) | 19 | |
Income (loss) including noncontrolling interests, net of tax | 188 | (6) | 215 | (58) | |
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Commodity contracts | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Operating revenue | (8) | (34) | (22) | (123) | |
Purchased gas | 2 | 3 | 1 | ||
Discontinued operations | (1) | (2) | (4) | ||
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Interest rate contracts | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | (23) | 12 | 66 | 35 | |
Discontinued operations | 230 | 2 | 236 | 2 | |
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Foreign currency | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Discontinued operations | 6 | 12 | 6 | 14 | |
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 | (3) | (5) | (21) | (6) | |
Income from operations before income tax expense | (3) | (5) | (21) | (6) | |
Income tax expense (benefit) | 2 | 1 | 6 | 1 | |
Income (loss) including noncontrolling interests, net of tax | (1) | (4) | (15) | (5) | |
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 | (1) | (3) | |||
Income from operations before income tax expense | (1) | (3) | |||
Income tax expense (benefit) | 0 | 1 | |||
Income (loss) including noncontrolling interests, net of tax | (1) | (2) | |||
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | (5) | (5) | (16) | (18) | |
Amortization of actuarial losses | Amounts Reclassified From AOCI | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other income | 36 | 31 | 97 | 85 | |
Unrecognized pension and other postretirement benefit costs | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, before tax | 31 | 26 | 81 | 67 | |
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) | (8) | (6) | (21) | (17) | |
Unrecognized pension and other postretirement benefit costs, net of tax | 23 | 20 | 60 | 50 | |
Deferred Gains and Losses on Derivatives-Hedging Activities | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, net of tax | [2] | 188 | (6) | 215 | (58) |
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Unrecognized pension and other postretirement benefit costs, net of tax | [3] | 1 | $ 0 | 1 | $ 1 |
Deferred Gains and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income from operations before income tax expense | 1 | 2 | |||
Income tax expense (benefit) | 0 | (1) | |||
Income (loss) including noncontrolling interests, net of tax | 1 | 1 | |||
Deferred Gains and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Interest rate contracts | Virginia Electric and Power Company | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Interest and related charges | $ 1 | $ 2 | |||
[1] | See Note 19 for amounts attributable to affiliates. | ||||
[2] | See table below for details about these reclassifications. | ||||
[3] | See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and nine months ended September 30, 2019 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020USD ($)$ / MMBTU$ / MWh | Dec. 31, 2019USD ($) | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | $ 252 | $ 93 | |
Fair Value of Derivative Liabilities | 776 | 740 | |
Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 145 | 24 | |
Fair Value of Derivative Liabilities | 491 | 466 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 6,303 | 5,963 | |
Total liabilities | 776 | 740 | |
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 2,925 | 2,748 | |
Total liabilities | 491 | 466 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 186 | 74 | |
Fair Value of Derivative Liabilities | 51 | 131 | |
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 145 | 22 | |
Fair Value of Derivative Liabilities | 16 | 103 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 137 | 19 | |
Total liabilities | 10 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Total assets | 137 | 19 | |
Total liabilities | 10 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | 137 | 19 | |
Fair Value of Derivative Liabilities | 10 | 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 | 137 | 19 | |
Fair Value of Derivative Liabilities | 10 | $ 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 | 32 | ||
Fair Value of Derivative Liabilities | 10 | ||
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 | 32 | ||
Fair Value of Derivative Liabilities | $ 10 | ||
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (5) | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | (5) | |
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 | Liabilities | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1] | 5 | |
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] | 5 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | 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 | Liabilities | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MWh | [1],[2] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value of Derivative Assets | [3] | $ 102 | |
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] | $ 102 | |
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] | 3 | |
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 Assets | $ 3 | ||
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 Assets | $ 3 | ||
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Assets | 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 | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 1 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Assets | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 19.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Assets | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 19.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1] | 6 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Assets | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 61.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Assets | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [4] | 61.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Assets | Market Price [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Market Price | $ / MMBTU | [1],[2] | 4 | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Assets | Price Volatility [Member] | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 35.00% | |
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Assets | Price Volatility [Member] | Virginia Electric and Power Company | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Price volatility (percentage) | [2],[4] | 35.00% | |
[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 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 252 | $ 93 | |
Derivative Liabilities | 776 | 740 | |
Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 145 | 24 | |
Derivative Liabilities | 491 | 466 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 6,303 | 5,963 | |
Total Liabilities | 776 | 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 | 2,925 | 2,748 | |
Total Liabilities | 491 | 466 | |
Fair Value, Measurements, Recurring | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,146 | 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] | 1,928 | 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] | 617 | 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] | 352 | 256 |
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 1,245 | 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] | 486 | 547 |
Fair Value, Measurements, Recurring | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 43 | 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 | 14 | 1 | |
Fair Value, Measurements, Recurring | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 186 | 74 | |
Derivative Liabilities | 51 | 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 | 145 | 22 | |
Derivative Liabilities | 16 | 103 | |
Fair Value, Measurements, Recurring | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 60 | 11 | |
Derivative Liabilities | 721 | 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 | 475 | 363 | |
Fair Value, Measurements, Recurring | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6 | 8 | |
Derivative Liabilities | 4 | 3 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 4,676 | 4,687 | |
Total Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 2,118 | 2,106 | |
Total Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 4,146 | 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] | 1,928 | 1,920 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 499 | 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] | 176 | 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] | 31 | 19 |
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 14 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Commodity | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 1,490 | 1,257 | |
Total Liabilities | 766 | 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 | 670 | 623 | |
Total Liabilities | 481 | 410 | |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 617 | 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] | 352 | 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] | 746 | 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] | 310 | 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] | 12 | 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 | 0 | 1 | |
Fair Value, Measurements, Recurring | Level 2 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 49 | 55 | |
Derivative Liabilities | 41 | 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 | 8 | 3 | |
Derivative Liabilities | 6 | 47 | |
Fair Value, Measurements, Recurring | Level 2 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 60 | 11 | |
Derivative Liabilities | 721 | 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 | 475 | 363 | |
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6 | 8 | |
Derivative Liabilities | 4 | 3 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total assets | 137 | 19 | |
Total Liabilities | 10 | 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 | 137 | 19 | |
Total Liabilities | 10 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [2] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | [1] | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Commodity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 137 | 19 | |
Derivative Liabilities | 10 | 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 | 137 | 19 | |
Derivative Liabilities | 10 | 56 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Interest rate | Virginia Electric and Power Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liabilities | $ 0 | $ 0 | |
[1] | Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $ million and $ million of assets at September 30, 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 $150 million and $159 million of assets at September 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. |
Fair Value Measurements (Asse_2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value using NAV | $ 297 | $ 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 | $ 150 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 123 | $ 75 | $ (37) | $ 64 |
Total realized and unrealized gains (losses): | ||||
Included in regulatory assets/liabilities | 4 | (76) | 164 | (51) |
Settlements | 0 | 5 | 26 | 7 |
Purchases | 0 | 0 | 0 | (10) |
Transfers out of Level 3 | 0 | 0 | 0 | (2) |
Ending balance | 127 | (1) | 127 | (1) |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 0 | 0 | 3 |
Virginia Electric and Power Company | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 123 | 77 | (37) | 60 |
Total realized and unrealized gains (losses): | ||||
Included in regulatory assets/liabilities | 4 | (76) | 164 | (50) |
Settlements | 0 | 5 | 26 | 3 |
Ending balance | 127 | 1 | 127 | 1 |
Operating Revenue | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 2 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 0 | 0 | 2 |
Purchased Gas | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | 0 | 0 | 0 | 1 |
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date | 0 | 0 | 0 | 1 |
Electric Fuel and Other Energy-Related Purchases | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | 0 | (5) | (26) | (12) |
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company | ||||
Total realized and unrealized gains (losses): | ||||
Included in earnings | $ 0 | $ (5) | $ (26) | $ (12) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Virginia Electric and Power Company | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains or losses included in earnings in Level 3 fair value category | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[2] | $ 37,045 | $ 32,055 |
Supplemental 364-Day credit facility borrowings | 225 | 0 | |
Junior subordinated notes | [3] | 3,410 | 4,797 |
Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [1],[2],[4] | 43,872 | 36,155 |
Supplemental 364-Day credit facility borrowings | [4] | 225 | 0 |
Junior subordinated notes | [3],[4] | 3,589 | 4,953 |
Virginia Electric and Power Company | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [3] | 12,328 | 12,326 |
Virginia Electric and Power Company | Estimate of Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | [3],[4] | $ 15,410 | $ 14,281 |
[1] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At September 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million and $4 million, respectively. | ||
[2] | Includes amounts classified as held for sale, see Note 3. | ||
[3] | Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium. | ||
[4] | Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Valuation of certain fair value hedges associated with fixed rate debt | $ 3 | $ 4 |
Supplemental line of credit facility borrowings expiration period | 364 days |
Derivatives and Hedge Account_3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | $ 250 | $ 91 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 63 | 53 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 187 | 38 | |
Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 134 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 124 | 3 | |
Commodity | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 148 | 35 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 17 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 131 | 14 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [2] | 134 | 19 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 124 | 1 | |
Commodity | Exchange | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 36 | 37 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 31 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 5 | 16 | |
Interest rate | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 60 | 11 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 9 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received | 0 | 0 | |
Net Amounts | 51 | 8 | |
Foreign currency | Over-the-counter | |||
Offsetting Assets [Line Items] | |||
Gross Assets Presented in the Consolidated Balance Sheet | [1] | 6 | 8 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 6 | 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 | |
[1] | Excludes $2 | ||
[2] | Excludes $11 |
Derivatives and Hedge Account_4
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 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 | $ 11 | $ 3 |
Derivatives and Hedge Account_5
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | $ 775 | $ 735 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 63 | 53 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 20 | 35 | |
Net Amounts | 692 | 647 | |
Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 485 | 422 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 475 | 404 | |
Commodity | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 19 | 105 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 17 | 21 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 2 | 84 | |
Commodity | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 10 | 59 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 10 | 18 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | 0 | 41 | |
Commodity | Exchange | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 31 | 21 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 31 | 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] | 721 | 606 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 11 | 8 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 20 | 35 | |
Net Amounts | 690 | 563 | |
Interest rate | Over-the-counter | Virginia Electric and Power Company | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [2] | 475 | 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 | 475 | 363 | |
Foreign currency | Over-the-counter | |||
Offsetting Liabilities [Line Items] | |||
Gross Liabilities Presented in the Consolidated Balance Sheet | [1] | 4 | 3 |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments | 4 | 3 | |
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral | 0 | 0 | |
Net Amounts | $ 0 | $ 0 | |
[1] | Excludes $1 | ||
[2] | Excludes $6 |
Derivatives and Hedge Account_6
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 1 | $ 5 |
Virginia Electric and Power Company | ||
Offsetting Liabilities [Line Items] | ||
Derivative liabilities, not subject to a master netting or similar arrangement | $ 6 | $ 44 |
Derivatives and Hedge Account_7
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 9 months ended Sep. 30, 2020 | USD ($)MWhBcfgal | EUR (€) | |
Fixed Price - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 74 | |
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 38 | |
Basis - Natural Gas - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | 240 | ||
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | 140 | ||
Fixed Price - Electricity - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 6,380,180 | ||
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 73,133,287 | ||
Financial Transmission Rights - Electricity- Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 73,133,287 | ||
Liquids - Current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | gal | [2] | 11,004,000 | |
Interest Rate - Current Derivative Contract | |||
Derivative [Line Items] | |||
Derivative payment | $ | [3] | $ 1,600,000,000 | |
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Derivative payment | $ | [3] | $ 0 | |
Foreign Exchange - Current Derivative Contract | |||
Derivative [Line Items] | |||
Derivative payment | € | [3] | € 250,000,000 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 13 | |
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | [1] | 0 | |
Basis - Natural Gas - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of derivative activity | 517 | ||
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Volume of derivative activity | 498 | ||
Fixed Price - Electricity - Non-current Derivative Contract | |||
Derivative [Line Items] | |||
Volume of electricity | MWh | 3,128,300 | ||
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] | |||
Derivative payment | $ | [3] | $ 6,916,692,492 | |
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company | |||
Derivative [Line Items] | |||
Derivative payment | $ | $ 2,050,000,000 | ||
Foreign Exchange - Non- Current Derivative Contract | |||
Derivative [Line Items] | |||
Derivative payment | € | [3] | € 0 | |
[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 | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (446) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (44) |
Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | (72) |
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | (1) |
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 | 15 months |
Commodity | Electricity | |
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 | 3 months |
Interest rate | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (446) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (44) |
Maximum Term | 399 months |
Interest rate | Virginia Electric and Power Company | |
Derivative Instruments Gain Loss [Line Items] | |
AOCI After-Tax | $ (72) |
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax | $ (1) |
Maximum Term | 399 months |
Derivatives and Hedge Account_9
Derivatives and Hedge Accounting Activities (Narrative) (Detail) | Sep. 30, 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 | Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Carrying Amount of the Hedged Asset (Liability) | [1] | $ (1,153) | $ (1,154) |
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) | [2] | $ (3) | $ (4) |
[1] | Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at September 30, 2020 and December 31, 2019, respectively. | ||
[2] | Includes $(3) million and $3 million of hedging adjustments on discontinued hedging relationships at September 30, 2020 and December 31, 2019, respectively. |
Derivatives and Hedge Accoun_11
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Discontinued hedging liability | $ (1,100) | $ (397) |
Hedging adjustments on discontinued hedging relationships | $ (3) | $ 3 |
Derivatives and Hedge Accoun_12
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | ||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [1] | $ 98 | $ 68 | |
Derivative Asset, Noncurrent | [2] | 154 | 25 | |
Derivative Asset | 252 | 93 | ||
Derivative Liabilities, Current | 223 | 394 | [3] | |
Derivative Liabilities, Current | [4] | 239 | 408 | |
Derivative Liabilities, Noncurrent | 537 | 329 | [3] | |
Derivative Liabilities, Noncurrent | [5] | 537 | 332 | |
Derivative Liabilities | 776 | 740 | ||
Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [6] | 48 | 20 | |
Derivative Asset, Noncurrent | [7] | 97 | 4 | |
Derivative Asset | 145 | 24 | ||
Derivative Liabilities, Current | [8] | 15 | 243 | [9] |
Derivative Liabilities, Noncurrent | [10] | 476 | 223 | |
Derivative Liabilities | 491 | 466 | ||
Commodity | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 80 | 67 | ||
Derivative Asset, Noncurrent | 106 | 7 | ||
Derivative Liabilities, Current | 41 | 83 | ||
Derivative Liabilities, Noncurrent | 10 | 48 | ||
Commodity | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 48 | 20 | ||
Derivative Asset, Noncurrent | 97 | 2 | ||
Derivative Liabilities, Current | 15 | 58 | ||
Derivative Liabilities, Noncurrent | 1 | 45 | ||
Interest rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 12 | 1 | ||
Derivative Asset, Noncurrent | 48 | 10 | ||
Derivative Liabilities, Current | 194 | 322 | ||
Derivative Liabilities, Noncurrent | 527 | 284 | ||
Interest rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 2 | |||
Derivative Liabilities, Current | 185 | |||
Derivative Liabilities, Noncurrent | 475 | 178 | ||
Foreign currency | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 6 | |||
Derivative Asset, Noncurrent | 8 | |||
Derivative Liabilities, Current | 4 | 3 | ||
Designated as Hedging Instrument | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [1] | 0 | 31 | |
Derivative Asset, Noncurrent | [2] | 0 | 19 | |
Derivative Asset | 0 | 50 | ||
Derivative Liabilities, Current | [4] | 0 | 330 | |
Derivative Liabilities, Noncurrent | [5] | 482 | 268 | |
Derivative Liabilities | 482 | 598 | ||
Designated as Hedging Instrument | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [6] | 0 | 0 | |
Derivative Asset, Noncurrent | [7] | 0 | 2 | |
Derivative Asset | 0 | 2 | ||
Derivative Liabilities, Current | 0 | 185 | ||
Derivative Liabilities, Noncurrent | [10] | 475 | 178 | |
Derivative Liabilities | 475 | 363 | ||
Designated as Hedging Instrument | Commodity | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | 30 | ||
Derivative Asset, Noncurrent | 0 | 1 | ||
Derivative Liabilities, Current | 0 | 6 | ||
Derivative Liabilities, Noncurrent | 0 | 1 | ||
Designated as Hedging Instrument | Commodity | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | 0 | ||
Derivative Asset, Noncurrent | 0 | 0 | ||
Derivative Liabilities, Current | 0 | 0 | ||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Designated as Hedging Instrument | Interest rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | 1 | ||
Derivative Asset, Noncurrent | 0 | 10 | ||
Derivative Liabilities, Current | 0 | 321 | ||
Derivative Liabilities, Noncurrent | 482 | 267 | ||
Designated as Hedging Instrument | Interest rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 2 | |||
Derivative Liabilities, Current | 185 | |||
Derivative Liabilities, Noncurrent | 475 | 178 | ||
Designated as Hedging Instrument | Foreign currency | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 0 | |||
Derivative Asset, Noncurrent | 8 | |||
Derivative Liabilities, Current | 0 | 3 | ||
Fair Value - Derivatives not under Hedge Accounting | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [1] | 98 | 37 | |
Derivative Asset, Noncurrent | [2] | 154 | 6 | |
Derivative Asset | 252 | 43 | ||
Derivative Liabilities, Current | [4] | 239 | 78 | |
Derivative Liabilities, Noncurrent | [5] | 55 | 64 | |
Derivative Liabilities | 294 | 142 | ||
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | [6] | 48 | 20 | |
Derivative Asset, Noncurrent | [7] | 97 | 2 | |
Derivative Asset | 145 | 22 | ||
Derivative Liabilities, Current | 15 | 58 | ||
Derivative Liabilities, Noncurrent | [10] | 1 | 45 | |
Derivative Liabilities | 16 | 103 | ||
Fair Value - Derivatives not under Hedge Accounting | Commodity | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 80 | 37 | ||
Derivative Asset, Noncurrent | 106 | 6 | ||
Derivative Liabilities, Current | 41 | 77 | ||
Derivative Liabilities, Noncurrent | 10 | 47 | ||
Fair Value - Derivatives not under Hedge Accounting | Commodity | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 48 | 20 | ||
Derivative Asset, Noncurrent | 97 | 2 | ||
Derivative Liabilities, Current | 15 | 58 | ||
Derivative Liabilities, Noncurrent | 1 | 45 | ||
Fair Value - Derivatives not under Hedge Accounting | Interest rate | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 12 | 0 | ||
Derivative Asset, Noncurrent | 48 | 0 | ||
Derivative Liabilities, Current | 194 | 1 | ||
Derivative Liabilities, Noncurrent | 45 | 17 | ||
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Virginia Electric and Power Company | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Noncurrent | 0 | |||
Derivative Liabilities, Current | 0 | |||
Derivative Liabilities, Noncurrent | 0 | 0 | ||
Fair Value - Derivatives not under Hedge Accounting | Foreign currency | ||||
Derivatives Fair Value [Line Items] | ||||
Derivative Asset, Current | 6 | |||
Derivative Asset, Noncurrent | 0 | |||
Derivative Liabilities, Current | $ 4 | $ 0 | ||
[1] | Current derivative assets include $87 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively.  The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | |||
[2] | Noncurrent derivative assets include $154 million and $16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively.  The remainder is recorded in noncurrent assets held for sale 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 liabilities include $16 million and $14 million at September 30, 2020 and December 31, 2019, respectively, presented in held for sale in Dominion Energy’s Consolidated Balance Sheets. | |||
[5] | Noncurrent derivative liabilities include $3 million at December 31, 2019 presented in held for sale in Dominion Energy’s Consolidated Balance Sheets. | |||
[6] | Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets. | |||
[7] | Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. | |||
[8] | See Note 19 for amounts attributable to affiliates. | |||
[9] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | |||
[10] | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. |
Derivatives and Hedge Accoun_13
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | ||
Derivatives Fair Value [Line Items] | ||||
Current derivative assets | [1] | $ 98 | $ 68 | |
Noncurrent derivative assets | [2] | 154 | 25 | |
Current derivative liabilities | 223 | 394 | [3] | |
Noncurrent derivative liabilities | 537 | 329 | [3] | |
Other Current Assets | ||||
Derivatives Fair Value [Line Items] | ||||
Current derivative assets | 87 | 61 | ||
Other Deferred Charges and Other Assets | ||||
Derivatives Fair Value [Line Items] | ||||
Noncurrent derivative assets | 154 | 16 | ||
Held for Sale | ||||
Derivatives Fair Value [Line Items] | ||||
Current derivative liabilities | $ 16 | 14 | ||
Noncurrent derivative liabilities | $ 3 | |||
[1] | Current derivative assets include $87 million and $61 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively.  The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | |||
[2] | Noncurrent derivative assets include $154 million and $16 million in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019, respectively.  The remainder is recorded in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets. | |||
[3] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Derivatives and Hedge Accoun_14
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | $ 14 | $ (144) | $ (339) | $ (278) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (251) | 7 | (287) | 77 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 62 | (190) | (488) | (405) |
Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3] | 6 | (21) | (53) | (45) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (1) | 0 | (2) | (1) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4] | 60 | (190) | (492) | (408) |
Commodity | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 0 | (5) | 0 | 96 |
Amount of Gain (Loss) Reclassified From AOCI to Income | 8 | 33 | 21 | 128 | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 0 | 0 |
Commodity | Operating Revenue | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | 8 | 34 | 22 | 123 | |
Commodity | Purchased Gas | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Reclassified From AOCI to Income | (2) | (3) | 1 | ||
Commodity | Discontinued operations | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 0 | 0 | 0 | |
Amount of Gain (Loss) Reclassified From AOCI to Income | 1 | 2 | 4 | ||
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 0 | |
Interest rate | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 8 | (124) | (328) | (350) |
Amount of Gain (Loss) Reclassified From AOCI to Income | (253) | (14) | (302) | (37) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 62 | (190) | (488) | (405) |
Interest rate | Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [3],[5] | 6 | (21) | (53) | (45) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [5] | (1) | 0 | (2) | (1) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [4],[5] | 60 | (190) | (492) | (408) |
Interest rate | Interest and Related Charges | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 0 | 0 | 0 | 0 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (23) | (12) | (66) | (35) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 0 | 0 |
Interest rate | Discontinued operations | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1] | 0 | 0 | 0 | 0 |
Amount of Gain (Loss) Reclassified From AOCI to Income | (230) | (2) | (236) | (2) | |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2] | 0 | 0 | 0 | 0 |
Foreign currency | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | [1],[6] | 6 | (15) | (11) | (24) |
Amount of Gain (Loss) Reclassified From AOCI to Income | [6] | (6) | (12) | (6) | (14) |
Increase (Decrease) in Derivatives Subject to Regulatory Treatment | [2],[6] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[2] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[3] | Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[4] | Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[5] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges. | ||||
[6] | Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in discontinued operations. |
Derivatives and Hedge Accoun_15
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 52 | $ (9) | $ (66) | $ 1 |
Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2] | (6) | (6) | (79) | (18) |
Commodity | Virginia Electric and Power Company | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [2],[3] | (6) | (6) | (79) | (18) |
Commodity | Operating Revenue | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (15) | 6 | 31 | 34 |
Commodity | Purchased Gas | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 4 | (9) | (6) | (15) |
Commodity | Electric Fuel and Other Energy-Related Purchases | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (6) | (6) | (79) | (18) |
Commodity | Discontinued operations | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | (1) | 0 | 4 | 0 |
Interest rate | Interest and Related Charges | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 57 | 0 | (21) | 0 |
Interest rate | Discontinued operations | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | 5 | 0 | (3) | 0 |
Foreign currency | Discontinued operations | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income on Derivatives | [1] | $ 8 | $ 0 | $ 8 | $ 0 |
[1] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income. | ||||
[2] | Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income. | ||||
[3] | Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases. |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2020USD ($) | Oct. 31, 2017USD ($) | Sep. 30, 2014mi | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018 | Jul. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in earnings(losses) on investments | $ 5,000,000 | |||||||||||||
Net income (loss) from discontinued operations including noncontrolling interest | [1],[2] | $ 19,000,000 | $ 38,000,000 | $ (1,753,000,000) | 526,000,000 | |||||||||
Distributions received from investment | 25,000,000 | 28,000,000 | ||||||||||||
Carrying amount of investment that exceeded share of underlying equity | $ (19,000,000) | (19,000,000) | (19,000,000) | $ (35,000,000) | ||||||||||
Equity method investment goodwill | 27,000,000 | 27,000,000 | 27,000,000 | 11,000,000 | ||||||||||
Current liabilities | 6,880,000,000 | 6,880,000,000 | 6,880,000,000 | 1,039,000,000 | [3] | |||||||||
Maximum obligation amount under credit facility | [4],[5] | 6,000,000,000 | 6,000,000,000 | 6,000,000,000 | ||||||||||
Guarantee liability | [6] | 5,717,000,000 | 5,717,000,000 | 5,717,000,000 | ||||||||||
Cumulative-effect of changes in accounting principles | 4,035,000,000 | 4,035,000,000 | 4,035,000,000 | 7,576,000,000 | [3] | |||||||||
Contributions to equity method affiliates | 92,000,000 | 187,000,000 | ||||||||||||
Other payables | [2] | 2,376,000,000 | 2,376,000,000 | 2,376,000,000 | 1,738,000,000 | [3] | ||||||||
Revenue | 3,536,000,000 | 3,623,000,000 | 10,350,000,000 | 9,993,000,000 | ||||||||||
Other receivables | 174,000,000 | 174,000,000 | 174,000,000 | 340,000,000 | [3] | |||||||||
Atlantic Coast Pipeline | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in earnings(losses) on investments | (61,000,000) | 31,000,000 | (2,300,000,000) | 84,000,000 | ||||||||||
Cost to acquire equity method investments | $ 184,000,000 | |||||||||||||
Equity in earnings(losses) on investments after tax | (45,000,000) | 31,000,000 | (1,800,000,000) | 85,000,000 | ||||||||||
Contributions to equity method affiliates | 45,000,000 | 47,000,000 | 74,000,000 | 175,000,000 | ||||||||||
Atlantic Coast Pipeline | Financial Guarantee | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Guarantee liability | 14,000,000 | |||||||||||||
Atlantic Coast Pipeline | Revolving Credit Facility | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Maximum obligation amount under credit facility | $ 3,400,000,000 | $ 1,900,000,000 | ||||||||||||
Credit facility, maturity date | Oct. 31, 2021 | |||||||||||||
Credit facility, amount borrowed | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | |||||||||||
Atlantic Coast Pipeline | Revolving Credit Facility | Financial Guarantee | Cumulative Effect Period Of Adoption Adjustment | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cumulative-effect of changes in accounting principles | (48,000,000) | (48,000,000) | (48,000,000) | |||||||||||
Atlantic Coast Pipeline | Other Current Liabilities | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Current liabilities | 1,100,000,000 | 1,100,000,000 | 1,100,000,000 | |||||||||||
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage acquired | 5.00% | |||||||||||||
Percentage ownership in total units | 53.00% | |||||||||||||
Atlantic Coast Pipeline | DETI | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Other payables | $ 15,000,000 | 15,000,000 | 15,000,000 | 7,000,000 | ||||||||||
Revenue | $ 7,000,000 | $ 24,000,000 | $ 44,000,000 | 81,000,000 | ||||||||||
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Length of natural gas pipeline (in miles) | mi | 600 | |||||||||||||
Duration of contract | 20 years | |||||||||||||
Blue Racer | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Additional consideration including interest received in connection with sale | $ 151,000,000 | |||||||||||||
Ownership interest percentage of limited partner interests | 50.00% | |||||||||||||
Fowler Ridge | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Percentage of interest held | 50.00% | 50.00% | 50.00% | |||||||||||
Net payment of long-term power and capacity contract | $ 150,000,000 | |||||||||||||
Contract termination loss | 221,000,000 | |||||||||||||
Contract termination loss net of tax | 165,000,000 | |||||||||||||
Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity in earnings(losses) on investments | $ 1,000,000 | |||||||||||||
Maximum | Atlantic Coast Pipeline | DETI | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Other receivables | 1,000,000 | $ 1,000,000 | 1,000,000 | 7,000,000 | ||||||||||
Atlantic Coast Pipeline | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Net income (loss) from discontinued operations including noncontrolling interest | (2,300,000,000) | $ 84,000,000 | ||||||||||||
Pivotal LNG | Dominion Energy Gas Holdings, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Ownership percentage acquired | 100.00% | |||||||||||||
Pivotal LNG | JAX LNG LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Percentage of interest held | 50.00% | |||||||||||||
Finite Lived Equity Method Investment Basis Difference | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investment goodwill | (46,000,000) | (46,000,000) | (46,000,000) | (46,000,000) | ||||||||||
Trading Securities | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Rabbi trust securities | $ 132,000,000 | $ 132,000,000 | $ 132,000,000 | $ 120,000,000 | ||||||||||
[1] | Includes income tax expense (benefit) of $(10) million and $136 million for the three months ended September 30, 2020 and 2019, respectively and $(572) million and $47 million for the nine months ended September 30, 2020 and 2019, respectively. | |||||||||||||
[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] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | |||||||||||||
[5] | 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 $2.0 billion of letters of credit. | |||||||||||||
[6] | Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 and in Note 14 in this report. |
Investments (Equity and Fixed I
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | ||
Investment Holdings [Line Items] | |||||
Fixed income securities Fair Value | $ 1,950,000,000 | $ 1,950,000,000 | |||
Amortized Cost, Total | 3,798,000,000 | 3,798,000,000 | $ 3,691,000,000 | ||
Total Unrealized Gains | 2,635,000,000 | 2,635,000,000 | 2,523,000,000 | ||
Total Unrealized Losses | [1] | (76,000,000) | (76,000,000) | (22,000,000) | |
Allowance for Credit Losses, Total | 0 | 0 | 0 | $ 0 | |
Fair Value, Total | 6,357,000,000 | 6,357,000,000 | 6,192,000,000 | ||
Net assets related to pending sales and purchases of securities | 36,000,000 | 36,000,000 | 1,000,000 | ||
Fair value of securities in an unrealized loss position | 523,000,000 | 523,000,000 | 298,000,000 | ||
Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Fair Value | 882,000,000 | 882,000,000 | |||
Amortized Cost, Total | 1,770,000,000 | 1,770,000,000 | 1,721,000,000 | ||
Total Unrealized Gains | 1,212,000,000 | 1,212,000,000 | 1,173,000,000 | ||
Total Unrealized Losses | [2] | (49,000,000) | (49,000,000) | (13,000,000) | |
Allowance for Credit Losses, Total | 0 | 0 | 0 | $ 0 | |
Fair Value, Total | 2,933,000,000 | 2,933,000,000 | 2,881,000,000 | ||
Net assets related to pending sales and purchases of securities | 5,000,000 | 5,000,000 | |||
Fair value of securities in an unrealized loss position | 283,000,000 | 283,000,000 | 185,000,000 | ||
Decrease in allowance for credit loss | 12,000,000 | ||||
Fixed Income | |||||
Investment Holdings [Line Items] | |||||
Allowance for Credit Losses, Total | 21,000,000 | 21,000,000 | |||
Common/collective trust funds | Fixed Income | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | [3] | 138,000,000 | 138,000,000 | 115,000,000 | |
Fixed income securities Total Unrealized Gains | [3] | 4,000,000 | 4,000,000 | ||
Fixed income securities Total Unrealized Losses | [3] | 0 | 0 | ||
Fixed income securities Allowance for Credit Losses | [3] | 0 | 0 | 0 | |
Fixed income securities Fair Value | [3] | 142,000,000 | 142,000,000 | 119,000,000 | |
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | [3] | 45,000,000 | 45,000,000 | 51,000,000 | |
Fixed income securities Total Unrealized Gains | [3] | 0 | 0 | ||
Fixed income securities Total Unrealized Losses | [3] | 0 | 0 | ||
Fixed income securities Allowance for Credit Losses | [3] | 0 | 0 | 0 | |
Fixed income securities Fair Value | [3] | 45,000,000 | 45,000,000 | 51,000,000 | |
Equity securities: | U.S. | |||||
Investment Holdings [Line Items] | |||||
Equity securities Amortized Cost | [4] | 1,735,000,000 | 1,735,000,000 | 1,807,000,000 | |
Equity securities Total Unrealized Gains | [4] | 2,517,000,000 | 2,451,000,000 | ||
Equity securities Total Unrealized Losses | [4] | (73,000,000) | (20,000,000) | ||
Equity securities Allowance for Credit Losses | [4] | 0 | 0 | 0 | |
Equity securities Fair Value | [4] | 4,179,000,000 | 4,179,000,000 | 4,238,000,000 | |
Equity securities: | U.S. | Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Equity securities Amortized Cost | [4] | 919,000,000 | 919,000,000 | 894,000,000 | |
Equity securities Total Unrealized Gains | [4] | 1,161,000,000 | 1,144,000,000 | ||
Equity securities Total Unrealized Losses | [4] | (48,000,000) | (11,000,000) | ||
Equity securities Allowance for Credit Losses | [4] | 0 | 0 | 0 | |
Equity securities Fair Value | [4] | 2,032,000,000 | 2,032,000,000 | 2,027,000,000 | |
Corporate debt instruments | Fixed Income | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | [3] | 569,000,000 | 569,000,000 | 434,000,000 | |
Fixed income securities Total Unrealized Gains | [3] | 49,000,000 | 29,000,000 | ||
Fixed income securities Total Unrealized Losses | [3] | (1,000,000) | 0 | ||
Fixed income securities Allowance for Credit Losses | [3] | 0 | 0 | 0 | |
Fixed income securities Fair Value | [3] | 617,000,000 | 617,000,000 | 463,000,000 | |
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | [3] | 324,000,000 | 324,000,000 | 241,000,000 | |
Fixed income securities Total Unrealized Gains | [3] | 28,000,000 | 15,000,000 | ||
Fixed income securities Total Unrealized Losses | [3] | 0 | 0 | ||
Fixed income securities Allowance for Credit Losses | [3] | 0 | 0 | 0 | |
Fixed income securities Fair Value | [3] | 352,000,000 | 352,000,000 | 256,000,000 | |
Government Securities | Fixed Income | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | [3] | 1,128,000,000 | 1,128,000,000 | 1,108,000,000 | |
Fixed income securities Total Unrealized Gains | [3] | 64,000,000 | 39,000,000 | ||
Fixed income securities Total Unrealized Losses | [3] | (1,000,000) | (2,000,000) | ||
Fixed income securities Allowance for Credit Losses | [3] | 0 | 0 | 0 | |
Fixed income securities Fair Value | [3] | 1,191,000,000 | 1,191,000,000 | 1,145,000,000 | |
Government Securities | Fixed Income | Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | [3] | 463,000,000 | 463,000,000 | 534,000,000 | |
Fixed income securities Total Unrealized Gains | [3] | 23,000,000 | 14,000,000 | ||
Fixed income securities Total Unrealized Losses | [3] | (1,000,000) | (2,000,000) | ||
Fixed income securities Allowance for Credit Losses | [3] | 0 | 0 | 0 | |
Fixed income securities Fair Value | [3] | 485,000,000 | 485,000,000 | 546,000,000 | |
Insurance Contracts | |||||
Investment Holdings [Line Items] | |||||
Fixed income securities Amortized Cost, Total | 227,000,000 | 227,000,000 | 214,000,000 | ||
Fixed income securities Total Unrealized Gains | 0 | 0 | |||
Fixed income securities Total Unrealized Losses | 0 | 0 | |||
Fixed income securities Allowance for Credit Losses | 0 | 0 | 0 | ||
Fixed income securities Fair Value | 227,000,000 | 227,000,000 | 214,000,000 | ||
Cash equivalents and other | |||||
Investment Holdings [Line Items] | |||||
Cash equivalents and other, Amortized Cost | 1,000,000 | 1,000,000 | 13,000,000 | ||
Cash equivalents and other, Total Unrealized Gains | 1,000,000 | 1,000,000 | |||
Cash equivalents and other, Total Unrealized Losses | (1,000,000) | (1,000,000) | |||
Cash equivalents and other, Allowance for Credit Losses | 0 | 0 | 0 | ||
Cash equivalents and other, Fair Value | 1,000,000 | 1,000,000 | 13,000,000 | ||
Cash equivalents and other | Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Cash equivalents and other, Amortized Cost | 19,000,000 | 19,000,000 | 1,000,000 | ||
Cash equivalents and other, Allowance for Credit Losses | 0 | 0 | 0 | ||
Cash equivalents and other, Fair Value | $ 19,000,000 | $ 19,000,000 | $ 1,000,000 | ||
[1] | The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020. | ||||
[2] | The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million. These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020. There were no further changes in the allowance for credit losses between June 30, 2020 and September 30, 2020. | ||||
[3] | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income. | ||||
[4] | U |
Investments (Portion of Unreali
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Investment Holdings [Line Items] | |||||
Net gains (losses) recognized during the period | $ 308 | $ 40 | $ 20 | $ 610 | |
Less: Net gains recognized during the period on securities sold during the period | (15) | (17) | (6) | (61) | |
Unrealized gains (losses) recognized during the period on securities still held at September 30, 2020 and 2019 | [1] | 293 | 23 | 14 | 549 |
Virginia Electric and Power Company | |||||
Investment Holdings [Line Items] | |||||
Net gains (losses) recognized during the period | 138 | 30 | (16) | 286 | |
Less: Net gains recognized during the period on securities sold during the period | (6) | (7) | (3) | (15) | |
Unrealized gains (losses) recognized during the period on securities still held at September 30, 2020 and 2019 | [1] | $ 132 | $ 23 | $ (19) | $ 271 |
[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 | Sep. 30, 2020USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | $ 194 |
Due after one year through five years | 503 |
Due after five years through ten years | 485 |
Due after ten years | 768 |
Total | 1,950 |
Virginia Electric and Power Company | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less | 66 |
Due after one year through five years | 234 |
Due after five years through ten years | 268 |
Due after ten years | 314 |
Total | $ 882 |
Investments (Selected Informati
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales | $ 1,208 | $ 429 | $ 2,868 | $ 1,311 | |
Realized gains | [1] | 48 | 53 | 188 | 152 |
Realized losses | [1] | 29 | 25 | 159 | 75 |
Virginia Electric and Power Company | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Proceeds from sales | 164 | 230 | 694 | 677 | |
Realized gains | [1] | 18 | 21 | 73 | 46 |
Realized losses | [1] | $ 10 | $ 6 | $ 58 | $ 18 |
[1] | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. |
Schedule of Acquisitions of Sol
Schedule of Acquisitions of Solar Projects (Detail) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Mar. 31, 2019MW | Sep. 30, 2020USD ($)MW | Sep. 30, 2019USD ($) | ||
Property Plant And Equipment [Line Items] | ||||
Project Cost | $ 245 | $ 183 | ||
Acquisition of Solar Project Myrtle in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-08 | |||
Date Agreement Closed | 2019-08 | |||
Project Cost | [1] | $ 32 | ||
Date of Commercial Operations | June 2020 | |||
MW Capacity | MW | 15 | |||
Acquisition of Solar Project Blackville in South Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-05 | |||
Date Agreement Closed | 2020-05 | |||
Project Cost | [1] | $ 15 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 7 | |||
Acquisition of Solar Project Denmark in South Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-05 | |||
Date Agreement Closed | 2020-05 | |||
Project Cost | [1] | $ 15 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 6 | |||
Acquisition of Solar Project Yemassee in South Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-05 | |||
Date Agreement Closed | 2020-08 | |||
Project Cost | [1] | $ 20 | ||
Date of Commercial Operations | Expected 2021 | |||
MW Capacity | MW | 10 | |||
Acquisition of Solar Project Trask in South Carolina | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-05 | |||
Date Agreement Closed | 2020-10 | |||
Project Cost | [1] | $ 25 | ||
Date of Commercial Operations | Expected 2021 | |||
MW Capacity | MW | 12 | |||
Acquisition of Solar Project Hardin I in Ohio | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-06 | |||
Date Agreement Closed | 2020-06 | |||
Project Cost | [1] | $ 255 | ||
Date of Commercial Operations | Expected 2020 | |||
MW Capacity | MW | 150 | |||
Acquisition of Solar Project Madison in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-07 | |||
Date Agreement Closed | 2020-07 | |||
Project Cost | [1] | $ 125 | ||
Date of Commercial Operations | Expected 2022 | |||
MW Capacity | MW | 63 | |||
Acquisition of Solar Project Hardin II in Ohio | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-08 | |||
Date Agreement Closed | Expected 2022 | |||
Project Cost | [1] | $ 295 | ||
Date of Commercial Operations | Expected 2023 | |||
MW Capacity | MW | 150 | |||
Virginia Electric and Power Company | ||||
Property Plant And Equipment [Line Items] | ||||
Project Cost | $ 26 | $ 169 | ||
MW Capacity | MW | 1,292 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Grasshopper in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2018-08 | |||
Date Agreement Closed | 2019-05 | |||
Project Cost | [1] | $ 128 | ||
Date of Commercial Operations | October 2020 | |||
MW Capacity | MW | 80 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Belcher in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2019-06 | |||
Date Agreement Closed | 2019-08 | |||
Project Cost | [1] | $ 160 | ||
Date of Commercial Operations | Expected 2021 | |||
MW Capacity | MW | 88 | |||
Virginia Electric and Power Company | Acquisition of Solar Project Pumpkinseed in Virginia | ||||
Property Plant And Equipment [Line Items] | ||||
Date Agreement Entered | 2020-05 | |||
Date Agreement Closed | 2020-05 | |||
Project Cost | [1] | $ 130 | ||
Date of Commercial Operations | Expected 2022 | |||
MW Capacity | MW | 60 | |||
[1] | Includes acquisition cost |
Property, Plant and Equipment (
Property, Plant and Equipment (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)MW | Sep. 30, 2019USD ($) | |
Property Plant And Equipment [Line Items] | |||||
Impairment of assets and other charges | $ 1,151 | $ 85 | $ 1,963 | $ 1,219 | |
Dominion Energy | |||||
Property Plant And Equipment [Line Items] | |||||
Impairment of assets and other charges | 665 | 665 | |||
Asset impairment charges after tax | 293 | 293 | |||
Impairment of assets and other charges attributable to noncontrolling interest | 267 | 267 | |||
Property, plant and equipment down to estimated fair value | 1,400 | ||||
Wexpro | Natural Gas Gathering Systems | Colorado, Utah and Wyoming | |||||
Property Plant And Equipment [Line Items] | |||||
Payments to acquire existing natural gas gathering systems | $ 38 | ||||
Acquisition of Solar Project at Schools in Virginia | |||||
Property Plant And Equipment [Line Items] | |||||
Anticipated projected cost | $ 41 | $ 41 | |||
Aggregate generation capacity | MW | 20 |
Regulatory Assets and Liabili_3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | $ 663 | $ 871 | [1] | |||
Regulatory assets-noncurrent | 9,449 | 7,652 | [1] | |||
Total regulatory assets | $ 10,112 | 8,523 | ||||
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 | $ 218 | 433 | [2] | |||
Regulatory assets-noncurrent | 3,610 | 1,863 | [2] | |||
Total regulatory assets | 3,828 | 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 | $ 16 | $ 17 | ||||
Write off of regulatory asset, after tax | $ 15 | $ 13 | ||||
Regulatory reserve | $ 200 | |||||
Virginia Electric and Power Company | Weighted Average | ||||||
Regulatory Assets [Line Items] | ||||||
Weighted average useful life | 26 years | |||||
Regulatory assets not expect to earn return | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [3] | $ 0 | 48 | |||
Regulatory assets not expect to earn return | Virginia Electric and Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [4] | 0 | 48 | |||
Deferred project costs and DSM programs for gas utilities | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [5] | 38 | 21 | |||
Unrecovered gas costs | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [6] | 89 | 99 | |||
Deferred rate adjustment clause costs for Virginia electric utility | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [7],[8] | 14 | 109 | |||
Regulatory assets-noncurrent | [7],[8],[9],[10] | 390 | 235 | |||
Deferred nuclear refueling outage costs | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [11] | 57 | 68 | |||
Deferred nuclear refueling outage costs | Virginia Electric and Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [11] | 57 | 68 | |||
PJM transmission rates | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [12] | 95 | 121 | |||
Regulatory assets-noncurrent | [12] | 46 | 85 | |||
PJM transmission rates | Virginia Electric and Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [12] | 95 | 121 | |||
Regulatory assets-noncurrent | [13] | 46 | 85 | |||
Other | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | 232 | 267 | ||||
Regulatory assets-noncurrent | 502 | 579 | ||||
Other | Virginia Electric and Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | 52 | 87 | ||||
Regulatory assets-noncurrent | 119 | 123 | ||||
NND Project Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-current | [14] | 138 | 138 | |||
Regulatory assets-noncurrent | [14] | 2,399 | 2,503 | |||
Pension and Other Postretirement Benefit Costs | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [15] | 1,598 | 1,431 | |||
Deferred project costs for gas utilities | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [5] | 588 | 521 | |||
Interest rate hedges | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [16] | 1,207 | 709 | |||
Interest rate hedges | Virginia Electric and Power Company | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [17] | 895 | 404 | |||
AROs and related funding | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [18] | $ 311 | 311 | |||
Amortization period for deferred costs | 105 years | |||||
Cost of reacquired debt | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [19] | $ 248 | 262 | |||
Amortization period for deferred costs | 26 years | |||||
Ash pond and landfill closure costs | ||||||
Regulatory Assets [Line Items] | ||||||
Regulatory assets-noncurrent | [20] | $ 2,160 | 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 | [21] | $ 2,160 | 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 | [7],[22] | $ 14 | 109 | |||
Regulatory assets-noncurrent | [7],[9],[22],[23] | $ 390 | $ 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] | Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. | |||||
[4] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. | |||||
[5] | Primarily | |||||
[6] | Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority. | |||||
[7] | 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. | |||||
[8] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information. | |||||
[9] | 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. | |||||
[10] | During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. | |||||
[11] | 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. | |||||
[12] | Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year | |||||
[13] | Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year | |||||
[14] | 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. | |||||
[15] | 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. | |||||
[16] | 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 September 30, 2020. | |||||
[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 26 years as of September 30, 2020. | |||||
[18] | Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years . | |||||
[19] | 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 September 30, 2020. | |||||
[20] | 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. | |||||
[21] | 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. | |||||
[22] | Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of excess deferred income taxes from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information. | |||||
[23] | During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. |
Regulatory Assets and Liabili_4
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | ||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | $ 716 | $ 455 | [1] | |
Regulatory liabilities-noncurrent | 10,170 | 10,204 | [1] | |
Total regulatory liabilities | 10,886 | 10,659 | ||
Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 312 | 167 | [2] | |
Regulatory liabilities-noncurrent | 5,324 | 5,074 | [2] | |
Total regulatory liabilities | 5,636 | 5,241 | ||
Provision for future cost of removal and AROs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [3] | 124 | 124 | |
Regulatory liabilities-noncurrent | [3] | 2,183 | 2,208 | |
Provision for future cost of removal and AROs | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [4] | 103 | 103 | |
Reserve for refunds and rate credits to electric utility customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [5] | 133 | 143 | |
Regulatory liabilities-noncurrent | [5] | 570 | 656 | |
Cost-of-service impact of 2017 Tax Reform Act | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [6] | 23 | 4 | |
Income taxes refundable through future rates | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [7] | 135 | 71 | |
Regulatory liabilities-noncurrent | [7] | 4,378 | 4,529 | |
Income taxes refundable through future rates | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [8] | 54 | 54 | |
Regulatory liabilities-noncurrent | [8] | 2,406 | 2,438 | |
Monetization of guarantee settlement | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [9] | 67 | 67 | |
Regulatory liabilities-noncurrent | [9] | 920 | 970 | |
Deferred cost of fuel used in electric generation | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [10] | 82 | 0 | |
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | [11] | 82 | 0 | |
Regulatory liabilities-noncurrent | [11] | 42 | 30 | |
Other | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 152 | 46 | ||
Regulatory liabilities-noncurrent | 349 | 316 | ||
Other | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-current | 73 | 10 | ||
Regulatory liabilities-noncurrent | 166 | 81 | ||
Nuclear decommissioning trust | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [12] | 1,496 | 1,471 | |
Nuclear decommissioning trust | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [13] | 1,496 | 1,471 | |
Reserve for future credits to Virginia electric customers | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [14] | 200 | ||
Reserve for future credits to Virginia electric customers | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [14] | 200 | ||
Overrecovered Other Postretirement Benefit Costs | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [15] | 74 | 54 | |
Provision For Future Cost Of Removal | Virginia Electric and Power Company | ||||
Regulatory Liabilities [Line Items] | ||||
Regulatory liabilities-noncurrent | [4] | $ 1,014 | $ 1,054 | |
[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] | Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[4] | Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. | |||
[5] | Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. | |||
[6] | Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information. | |||
[7] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity. | |||
[8] | Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity . | |||
[9] | Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.  See Note 3 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] | Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations. | |||
[11] | Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations. | |||
[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, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs. | |||
[13] | Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. | |||
[14] | Represents a reserve for benefits expected to be provided to retail electric customers in Virginia in connection with the quadrennial review of Virginia Power’s base rates scheduled to occur in 2021. During the third quarter of 2020, Virginia Power recorded a reserve of $200 million reflected in impairment of assets and other charges in its Consolidated Statements of Income for benefits expected to be provided through the use of a customer credit reinvestment offset in accordance with the GTSA. 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 additional information. | |||
[15] | Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred. |
Regulatory Assets and Liabili_5
Regulatory Assets and Liabilities (Narrative) (Detail) $ in Billions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Public Utilities General Disclosures [Line Items] | |
Regulatory assets not expect to earn return | $ 4.6 |
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 | $ 3.3 |
Period for which expenditures are expected to be recovered | 2 years |
Regulatory Matters (Narrative)
Regulatory Matters (Narrative) (Detail) $ in Millions | Nov. 01, 2020USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($)mi | Aug. 31, 2020USD ($) | Jul. 31, 2020USD ($)GW | Jun. 30, 2020USD ($) | May 31, 2020USD ($)kV | Apr. 30, 2020USD ($)MWGW | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($)kVmi | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($)akVServiceLinemi | Nov. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Jul. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Jul. 31, 2018USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2008 | Jan. 31, 2019USD ($) |
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Number of new demand response programs | a | 1 | ||||||||||||||||||||||
Pipeline Integrity and Safety Program | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Rate year beginning | 2020-03 | ||||||||||||||||||||||
Rider DSM | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Approval date | 2020-04 | ||||||||||||||||||||||
Application date | 2020-01 | ||||||||||||||||||||||
Cost of Fuel | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Rate year beginning | 2020-05 | ||||||||||||||||||||||
Approval date | 2020-04 | ||||||||||||||||||||||
Application date | 2020-02 | ||||||||||||||||||||||
PIR Program | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Percentage of pipeline system replaced | 25.00% | ||||||||||||||||||||||
PREP | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Rate year beginning | 2020-11 | ||||||||||||||||||||||
Application date | 2020-05 | ||||||||||||||||||||||
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 Electric and Power Company | Rider US-4 | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | $ 12 | ||||||||||||||||||||||
Rate year beginning | 2021-06 | ||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 4 | ||||||||||||||||||||||
Application date | 2020-07 | ||||||||||||||||||||||
Virginia Electric and Power Company | Riders C1A C2A and C3A | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 11 | ||||||||||||||||||||||
Amount of cost recovery | 186 | ||||||||||||||||||||||
Virginia Power | Grassfield Solar, Norge Solar and Sycamore Solar | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Targeted capacity provided by legislation | GW | 82 | ||||||||||||||||||||||
Proposed cost of project | $ 170 | ||||||||||||||||||||||
Virginia Power | Grassfield Solar, Norge Solar and Sycamore Solar | Subsequent Event | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Public utilities, projects proposed revenue requirement | $ 11 | ||||||||||||||||||||||
Dominion Energy South Carolina Inc | Transmission Lines in Aiken County South Carolina | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Estimated cost of project | $ 30 | ||||||||||||||||||||||
Ohio Regulation | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Contract with customer credits tax reform | $ 600 | ||||||||||||||||||||||
Tax Reform Act's impact on its equity return | 19 | ||||||||||||||||||||||
Ohio Regulation | PIR Program | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Approved annual revenue required | $ 218 | ||||||||||||||||||||||
Total estimated cost | 209 | 209 | |||||||||||||||||||||
Total cumulative estimated cost | $ 1,800 | ||||||||||||||||||||||
Virginia Regulation | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources | 100.00% | ||||||||||||||||||||||
Cap on revenue reductions in the first triennial | $ 50 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Annual Fuel Factor | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | $ 1,200 | ||||||||||||||||||||||
Rate year beginning | 2020-05 | 2020-07 | |||||||||||||||||||||
Proposed revenue requirement recovered balance | $ 103 | $ 81 | |||||||||||||||||||||
Increase (decrease) in revenue requirement | $ (393) | ||||||||||||||||||||||
Approval date | 2020-06 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Rider T1 | Operating Segments | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Approved annual revenue required | $ 73 | ||||||||||||||||||||||
Total revenue requirement | $ 529 | ||||||||||||||||||||||
Approval date | 2020-07 | ||||||||||||||||||||||
Application date | 2020-05 | ||||||||||||||||||||||
Beginning date of total revenue requirement | Sep. 1, 2020 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Riders C1A C2A and C3A | Operating Segments | Energy Efficiency Program | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Approved annual revenue required | $ 60 | ||||||||||||||||||||||
Number of new energy efficiency programs | a | 10 | ||||||||||||||||||||||
Period for cost cap | 5 years | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Rider U | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 28 | ||||||||||||||||||||||
Projected capital investment | 80 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | GTSA | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Proposed cost of project | $ 503 | ||||||||||||||||||||||
Estimated cost of project | $ 816 | $ 68 | |||||||||||||||||||||
Operations and maintenance expenses | 78 | $ 102 | |||||||||||||||||||||
Increase (decrease) in revenue requirement | 212 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Transmission Component of Virginia Power's | Rider T1 | Operating Segments | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | $ 474 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Fifth Phase | Rider U | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Projected capital investment | 36 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Previous Phase | Rider U | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Projected capital investment | 44 | ||||||||||||||||||||||
Virginia Regulation | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Solar Development Project | Rider US-4 | |||||||||||||||||||||||
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 | Virginia Electric and Power Company | Electric Transmission Projects | Brambleton-Yardley Ridge line and Brambleton-Poland Road line in Loudoun County, Virginia | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Estimated cost of project | $ 30 | 30 | |||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||
Virginia Regulation | Virginia Electric and Power Company | Electric Transmission Projects | Brambleton-Yardley Ridge line | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Estimated cost of project | $ 25 | ||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||
Federal Energy Regulatory Commission | Virginia Electric and Power Company | Operating Segments | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | $ 1,000 | ||||||||||||||||||||||
North Carolina Regulation | Virginia Electric and Power Company | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 15 | ||||||||||||||||||||||
Approved return on equity percentage | 9.75% | ||||||||||||||||||||||
North Carolina Regulation | Virginia Electric and Power Company | Base Rate Case | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 24 | $ 27 | |||||||||||||||||||||
Percentage of earned return | 7.52% | ||||||||||||||||||||||
Authorized return percentage | 9.90% | ||||||||||||||||||||||
Return of equity percentage | 10.75% | ||||||||||||||||||||||
North Carolina Regulation | PSNC | Pipeline Integrity and Safety Program | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | 28 | ||||||||||||||||||||||
Increase (decrease) in revenue requirement | 7 | ||||||||||||||||||||||
South Carolina Regulation | Gas Rate Case | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | $ 409 | ||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 9 | ||||||||||||||||||||||
Return of equity percentage | 10.25% | ||||||||||||||||||||||
Authorized return percentage | 9.90% | ||||||||||||||||||||||
South Carolina Regulation | Subsequent Event | Gas Rate Case | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Total revenue requirement | 406 | ||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 6 | ||||||||||||||||||||||
South Carolina Regulation | South Carolina Electric Base Rate Case | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 178 | ||||||||||||||||||||||
Return of equity percentage | 5.90% | ||||||||||||||||||||||
Approved return on equity percentage | 10.25% | ||||||||||||||||||||||
Increase (decrease) in revenue requirement, percentage | 7.75% | ||||||||||||||||||||||
South Carolina Regulation | Dominion Energy South Carolina Inc | Rider DSM | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Annual transportation cost rate adjustment, approval amount requested to recover amount | $ 40 | ||||||||||||||||||||||
South Carolina Regulation | Dominion Energy South Carolina Inc | Cost of Fuel | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase decrease in annual base fuel component recoveries | $ 44 | ||||||||||||||||||||||
South Carolina Regulation | Dominion Energy South Carolina Inc | Transmission Lines in Aiken County South Carolina | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Capacity of transmission line (kV) | kV | 230 | ||||||||||||||||||||||
Length of kV line (miles | mi | 28 | ||||||||||||||||||||||
South Carolina Regulation | Dominion Energy South Carolina Inc | Scenario Forecast | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Estimated cost of project | $ 75 | ||||||||||||||||||||||
West Virginia Regulation | South Carolina Electric Base Rate Case | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 28 | ||||||||||||||||||||||
Return of equity percentage | 10.25% | ||||||||||||||||||||||
Approved return on equity percentage | 9.45% | ||||||||||||||||||||||
Public Utilities distribution infrastructure gathering assets | mi | 2,000 | ||||||||||||||||||||||
West Virginia Regulation | Hope Gas, Inc. | PREP | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Amount of cost recovery | $ 27 | ||||||||||||||||||||||
West Virginia Regulation | Hope Gas, Inc. | Scenario Forecast | PREP | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Amount of cost recovery | $ 13 | ||||||||||||||||||||||
Projected capital investment | $ 54 | $ 39 | |||||||||||||||||||||
Utah Regulation | Rural Expansion Project | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Public utilities, high-pressure pipeline | mi | 11 | ||||||||||||||||||||||
Public utilities, number of service pipeline | ServiceLine | 360 | ||||||||||||||||||||||
Wyoming Base Rate Case | Questar Gas | |||||||||||||||||||||||
Public Utilities General Disclosures [Line Items] | |||||||||||||||||||||||
Increase (decrease) in revenue requirement | $ 2 | ||||||||||||||||||||||
Return of equity percentage | 10.50% | ||||||||||||||||||||||
Approved return on equity percentage | 9.35% | ||||||||||||||||||||||
Authorized return percentage | 9.50% | ||||||||||||||||||||||
Base fuel cost | $ 4 | ||||||||||||||||||||||
Percentage of earned return | 7.46% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Rider US-3 | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-07 |
Approval Date | March 2020 |
Rate Year Beginning | 2020-06 |
Total Revenue Requirement (millions) | $ 28 |
Increase (decrease) in revenue requirement | $ 18 |
Rider BW | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-10 |
Approval Date | June 2020 |
Rate Year Beginning | 2020-09 |
Total Revenue Requirement (millions) | $ 99 |
Increase (decrease) in revenue requirement | $ (20) |
Rider B | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-06 |
Approval Date | Pending |
Rate Year Beginning | 2021-04 |
Total Revenue Requirement (millions) | $ 24 |
Increase (decrease) in revenue requirement | $ (8) |
Rider GV | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-06 |
Approval Date | Pending |
Rate Year Beginning | 2021-04 |
Total Revenue Requirement (millions) | $ 154 |
Increase (decrease) in revenue requirement | $ 22 |
Rider US-2 | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-10 |
Approval Date | July 2020 |
Rate Year Beginning | 2020-09 |
Total Revenue Requirement (millions) | $ 10 |
Increase (decrease) in revenue requirement | $ (5) |
Rider R | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-06 |
Approval Date | Pending |
Rate Year Beginning | 2021-04 |
Total Revenue Requirement (millions) | $ 59 |
Increase (decrease) in revenue requirement | $ 15 |
Rider E | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-01 |
Approval Date | September 2020 |
Rate Year Beginning | 2020-11 |
Total Revenue Requirement (millions) | $ 85 |
Increase (decrease) in revenue requirement | $ (19) |
Rider S | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-06 |
Approval Date | Pending |
Rate Year Beginning | 2021-04 |
Total Revenue Requirement (millions) | $ 194 |
Increase (decrease) in revenue requirement | $ (1) |
Rider W | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-06 |
Approval Date | Pending |
Rate Year Beginning | 2021-04 |
Total Revenue Requirement (millions) | $ 120 |
Increase (decrease) in revenue requirement | $ 14 |
Rider US-3 | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-07 |
Approval Date | Pending |
Rate Year Beginning | 2021-06 |
Total Revenue Requirement (millions) | $ 39 |
Increase (decrease) in revenue requirement | $ 10 |
Rider US-4 | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-07 |
Approval Date | Pending |
Rate Year Beginning | 2021-06 |
Total Revenue Requirement (millions) | $ 12 |
Increase (decrease) in revenue requirement | $ 4 |
Rider BW | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-10 |
Approval Date | Pending |
Rate Year Beginning | 2021-09 |
Total Revenue Requirement (millions) | $ 113 |
Increase (decrease) in revenue requirement | $ 14 |
Rider US-2 | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-10 |
Approval Date | Pending |
Rate Year Beginning | 2021-09 |
Total Revenue Requirement (millions) | $ 10 |
Increase (decrease) in revenue requirement | $ 0 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)kVmi | |
Rebuild and operate five segments between the Loudoun and Ox substations | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-08 |
Approval Date | 2020-06 |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles | mi | 19 |
The total estimated capital investment | $ | $ 70 |
Build new Lockridge substation and line loop in Loudoun County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2019-12 |
Approval Date | 2020-10 |
Capacity of transmission line (kV) | kV | 230 |
The total estimated capital investment | $ | $ 35 |
Rebuild and operate two lines in Chesterfield County, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-01 |
Approval Date | 2020-06 |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles | mi | 3 |
The total estimated capital investment | $ | $ 15 |
Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-05 |
Approval Date | Pending |
Capacity of transmission line (kV) | kV | 500 |
Length of kV line (miles | mi | 37 |
The total estimated capital investment | $ | $ 110 |
Relocate and replace a transmission line underground between the Tysons substation and the future Spring Hill substation | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-09 |
Approval Date | Pending |
Capacity of transmission line (kV) | kV | 230 |
The total estimated capital investment | $ | $ 30 |
Rebuild and Install New Line in Counties of New Kent, King William, King and Queen Essex and Richmond, Virginia | |
Public Utilities General Disclosures [Line Items] | |
Application Date | 2020-10 |
Approval Date | Pending |
Capacity of transmission line (kV) | kV | 230 |
Length of kV line (miles | mi | 41 |
The total estimated capital investment | $ | $ 100 |
Leases (Narrative) (Detail)
Leases (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property | |||||
Leases Disclosure [Line Items] | |||||
Required percentage payment for specific full recourse events | 100.00% | ||||
Extension term of lease | 5 years | ||||
Required percentage payment to lessor for difference between project costs and sales proceeds | 83.00% | ||||
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property | |||||
Leases Disclosure [Line Items] | |||||
Amount of financing commitments to fund estimated project costs | $ 465 | ||||
Power Purchase Arrangements | |||||
Leases Disclosure [Line Items] | |||||
Rental revenue | $ 61 | $ 64 | $ 146 | $ 146 | |
Depreciation expense | $ 26 | $ 23 | $ 76 | $ 70 |
Variable Interest Entities (Nar
Variable Interest Entities (Narrative) (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
May 31, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)MWGenerator | ||
Virginia Electric and Power Company | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Long term debt | $ 12,328 | $ 12,328 | $ 12,325 | [1] | ||||
Payables to affiliates | 328 | 328 | 210 | [1] | ||||
Variable Interest Entity, Primary Beneficiary | SBL Holdco | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Securities due within one year | 31 | 31 | 31 | |||||
Long term debt | 260 | 260 | $ 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 contract termination | $ 135 | $ 135 | $ 135 | |||||
Payment for contract termination after tax | $ 100 | 100 | ||||||
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 | 81 | $ 83 | 260 | $ 301 | ||||
Payables to affiliates | $ 171 | $ 171 | $ 102 | |||||
[1] | Virginia Power’s 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) | Sep. 30, 2020USD ($) | [1] |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [2] |
Outstanding Commercial Paper | 2,113,000,000 | [2] |
Outstanding Letters of Credit | 96,000,000 | [2] |
Facility Capacity Available | 3,791,000,000 | [2] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [3] |
Outstanding Commercial Paper | 422,000,000 | [3] |
Outstanding Letters of Credit | $ 9,000,000 | [3] |
[1] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | |
[2] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |
[3] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Significant Financing Transac_4
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) | Sep. 30, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 6,000,000,000 | [1],[2] |
Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | 6,000,000,000 | [1],[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 | |
Line of Credit | Virginia Electric and Power Company | ||
Line of Credit Facility [Line Items] | ||
Facility Limit | $ 1,500,000,000 | |
[1] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | |
[2] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | |
[3] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit. |
Significant Financing Transac_5
Significant Financing Transactions (Narrative) (Detail) | Jun. 14, 2019USD ($)$ / sharesshares | Jun. 30, 2022shares | Nov. 30, 2020USD ($) | Sep. 30, 2020USD ($)Bondagreementshares | Aug. 31, 2020USD ($)shares | Jun. 30, 2020USD ($)Bond | May 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Jan. 31, 2019USD ($)shares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019shares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019USD ($)shares | Dec. 15, 2024$ / shares | Jul. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Nov. 30, 2017USD ($) | ||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | [1],[2] | $ 6,000,000,000 | $ 6,000,000,000 | $ 6,000,000,000 | |||||||||||||||||
Short-term debt | 2,328,000,000 | $ 849,000,000 | [3] | 2,328,000,000 | 2,328,000,000 | ||||||||||||||||
Other long-term debt | 882,000,000 | 100,000,000 | [3] | 882,000,000 | 882,000,000 | ||||||||||||||||
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 | [3] | 2,387,000,000 | 2,387,000,000 | ||||||||||||||||
Preferred stock, redemption price per share | $ / shares | $ 1,020 | ||||||||||||||||||||
Stock repurchased, value | 2,385,000,000 | 2,385,000,000 | |||||||||||||||||||
Number of prepaid accelerated share repurchase agreements | agreement | 2 | ||||||||||||||||||||
Accelerated share repurchase, payments | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||||||
Accelerated share repurchase, cash paid for number of shares exchange | shares | 17,200,000 | 17,200,000 | 17,200,000 | ||||||||||||||||||
Decrease in common stock | $ 1,500,000,000 | ||||||||||||||||||||
Common stock worth based on closing Price | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||||||
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 | 4,000,000 | 20,000,000 | 6,000,000 | 24,000,000 | |||||||||||||||||
Stock repurchase program, authorized amount | $ 3,000,000,000 | ||||||||||||||||||||
Stock repurchased, shares | shares | 4,100,000 | 28,000,000 | 28,000,000 | ||||||||||||||||||
Stock repurchased, value | $ 323,000,000 | $ 2,385,000,000 | $ 2,385,000,000 | ||||||||||||||||||
Common Stock | Open Market Agreement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stock repurchased, shares | shares | 7,200,000 | ||||||||||||||||||||
Stock repurchased, value | $ 562,000,000 | ||||||||||||||||||||
Common Stock | Settlement Agreement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 4,100,000 | ||||||||||||||||||||
Common Stock | Scenario Forecast | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stock repurchased, value | $ 1,000,000,000 | ||||||||||||||||||||
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 | [4] | $ 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 | ||||||||||||||||||||
Interest Rate Swap | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Derivative notional value | $ 2,000,000,000 | ||||||||||||||||||||
Derivative maturity month and year | 2024-12 | ||||||||||||||||||||
Other long-term debt | $ 326,000,000 | ||||||||||||||||||||
Derivative imputed interest rate | 1.19% | ||||||||||||||||||||
SCANA | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, maturity date, description | In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively. | ||||||||||||||||||||
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 | ||||||||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Issuance of common stock (in shares) | shares | 0 | 0 | |||||||||||||||||||
Shelf Registration for Sale of Common Stock through At-the-market Program | Maximum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Sale of stock authorized amount | $ 1,000,000,000 | $ 500,000,000 | |||||||||||||||||||
DESC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 500,000,000 | 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 | $ 250,000,000 | ||||||||||||||||||
GESC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Short-term indebtedness outstanding | $ 200,000,000 | ||||||||||||||||||||
Debt maturity month and year | 2021-03 | ||||||||||||||||||||
Virginia Electric and Power Company | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | [1],[5] | 6,000,000,000 | 6,000,000,000 | $ 6,000,000,000 | |||||||||||||||||
Short-term debt | 422,000,000 | $ 243,000,000 | [6] | 422,000,000 | 422,000,000 | ||||||||||||||||
Other long-term debt | $ 477,000,000 | $ 16,000,000 | [6] | $ 477,000,000 | $ 477,000,000 | ||||||||||||||||
Issuance of common stock (in shares) | shares | 0 | 0 | 0 | 0 | |||||||||||||||||
Virginia Electric and Power Company | Tax Exempt Bonds | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Number of series of tax exempt bonds | Bond | 3 | 1 | |||||||||||||||||||
Long-term debt | $ 322,000,000 | $ 105,000,000 | $ 322,000,000 | $ 322,000,000 | |||||||||||||||||
Virginia Power | Interest Rate Swap | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Derivative notional value | $ 900,000,000 | ||||||||||||||||||||
Derivative maturity month and year | 2023-12 | ||||||||||||||||||||
Other long-term debt | $ 443,000,000 | ||||||||||||||||||||
Derivative imputed interest rate | 0.34% | ||||||||||||||||||||
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 | $ 27,000,000 | |||||||||||||||||||
Recorded dividends per share | $ / shares | $ 11.625 | $ 34.875 | |||||||||||||||||||
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 | $ 30,000,000 | ||||||||||||||||||
Automatic renewal period | 1 year | ||||||||||||||||||||
Short-term debt | 0 | 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 | $ 25,000,000 | ||||||||||||||||||
Automatic renewal period | 1 year | ||||||||||||||||||||
Short-term debt | 0 | 0 | $ 0 | ||||||||||||||||||
Term Loan Credit Agreement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Credit facility, outstanding amount | $ 625,000,000 | $ 500,000,000 | |||||||||||||||||||
Debt Instrument, Term | 364 days | 364 days | |||||||||||||||||||
Floating Rate Demand Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Short-term debt | 215,000,000 | $ 75,000,000 | 215,000,000 | 215,000,000 | |||||||||||||||||
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 3,000,000,000 | ||||||||||||||||||||
Debt instrument, maximum principal outstanding amount | $ 1,000,000,000 | ||||||||||||||||||||
Floating rate senior notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Total Long-term Debt | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||||||
Debt maturity year | 2023 | ||||||||||||||||||||
Floating rate senior notes | SCANA | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt, amount redeemed | $ 66,000,000 | ||||||||||||||||||||
Debt instrument, maturity date, description | In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034. | ||||||||||||||||||||
Floating rate senior notes | Interest and Related Charges | SCANA | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Expenses related to early redemption of hybrids | $ 7,000,000 | ||||||||||||||||||||
4.75% Medium Term Notes | SCANA | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt, amount redeemed | $ 183,000,000 | ||||||||||||||||||||
Interest Rate | 4.75% | ||||||||||||||||||||
4.125% Medium Term Notes | SCANA | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt, amount redeemed | $ 155,000,000 | ||||||||||||||||||||
Interest Rate | 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 | 1.30% | 3.30% | |||||||||||||||||||
Total Long-term Debt | $ 500,000,000 | $ 400,000,000 | |||||||||||||||||||
Debt maturity year | 2025 | 2025 | |||||||||||||||||||
Senior Notes Due in 2027 | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 3.60% | ||||||||||||||||||||
Total Long-term Debt | $ 350,000,000 | ||||||||||||||||||||
Debt maturity year | 2027 | ||||||||||||||||||||
Senior Notes Due in 2030 | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 2.00% | 3.375% | |||||||||||||||||||
Total Long-term Debt | $ 500,000,000 | $ 1,500,000,000 | |||||||||||||||||||
Debt maturity year | 2030 | 2030 | |||||||||||||||||||
Senior Notes Due in 2030 | PSNC | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 4.05% | ||||||||||||||||||||
Total Long-term Debt | $ 200,000,000 | ||||||||||||||||||||
Debt maturity year | 2030 | ||||||||||||||||||||
2.579% Junior Subordinated Notes | 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 | $ 993,000,000 | $ 7,000,000 | |||||||||||||||||||
Senior Notes Due in 2050 | Senior Notes | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 3.00% | ||||||||||||||||||||
Total Long-term Debt | $ 800,000,000 | ||||||||||||||||||||
Debt maturity year | 2050 | ||||||||||||||||||||
1.20% Tax-Exempt Bond | Virginia Electric and Power Company | Tax Exempt Bonds | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 1.20% | ||||||||||||||||||||
0.45% Tax Exempt Bond | Virginia Electric and Power Company | Tax Exempt Bonds | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 0.45% | 0.45% | 0.45% | ||||||||||||||||||
Number of series of tax exempt bonds | Bond | 1 | ||||||||||||||||||||
0.75% Tax Exempt Bond | Virginia Electric and Power Company | Tax Exempt Bonds | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Interest Rate | 0.75% | 0.75% | 0.75% | ||||||||||||||||||
Number of series of tax exempt bonds | Bond | 2 | ||||||||||||||||||||
Letter of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 2,000,000,000 | $ 2,000,000,000 | $ 2,000,000,000 | ||||||||||||||||||
Letter of Credit | Virginia Electric and Power Company | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||||||||||||||
Letter of Credit | Credit Facility, Maturing in June 2020 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 30,000,000 | $ 21,000,000 | |||||||||||||||||||
Credit facility, outstanding amount | 28,000,000 | 28,000,000 | $ 28,000,000 | ||||||||||||||||||
Credit facility, maturity date | Jun. 30, 2022 | Jun. 30, 2020 | |||||||||||||||||||
364-Day Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Facility Limit | $ 900,000,000 | ||||||||||||||||||||
Credit facility, outstanding amount | $ 225,000,000 | $ 225,000,000 | $ 225,000,000 | ||||||||||||||||||
Debt Instrument, Term | 364 days | ||||||||||||||||||||
[1] | In October 2020, the joint revolving credit facility was amended to remove Dominion Energy Gas as a co-borrower. | ||||||||||||||||||||
[2] | This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit. | ||||||||||||||||||||
[3] | Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. | ||||||||||||||||||||
[4] | Dominion Energy recorded dividends of $7 million ($4.375 per share) and $21 million ($13.125 per share) for the three and nine months ended September 30, 2020, respectively. | ||||||||||||||||||||
[5] | The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At September 30, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit. | ||||||||||||||||||||
[6] | Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date. |
Significant Financing Transac_6
Significant Financing Transactions (Schedule of Equity Units) (Detail) - USD ($) shares in Millions, $ in Millions | Jun. 14, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | ||
Capital Unit [Line Items] | |||||
Total Preferred Stock | $ 2,387 | $ 2,387 | [1] | ||
Stock Purchase Contract Liability | $ 150 | $ 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) and $21 million ($13.125 per share) for the three and nine months ended September 30, 2020, respectively. | ||||
[4] | Payments of $62 million and $17 million were made during the nine months ended September 30, 2020 and 2019, respectively. The stock purchase contract liability was $150 million and $212 million at September 30, 2020 and December 31, 2019, respectively. |
Significant Financing Transac_7
Significant Financing Transactions (Schedule of Equity Units) (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 14, 2019 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Capital Unit [Line Items] | |||||
Issuance costs | $ 28 | ||||
Corporate units stock purchase contract liability payments | $ 62 | $ 17 | |||
Stock Purchase Contract Liability | $ 150 | 150 | $ 212 | ||
Preferred Stock | |||||
Capital Unit [Line Items] | |||||
Issuance costs | 14 | ||||
Recorded dividend | $ 7 | $ 21 | |||
Recorded dividends per share | $ 4.375 | $ 13.125 | |||
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 | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Oct. 31, 2020 | Sep. 30, 2020USD ($) | Aug. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($) | May 31, 2019T | Feb. 28, 2019USD ($) | Aug. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Apr. 30, 2017Petition | Aug. 31, 2016T | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)FacilityIndicatorsitegal | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Impairment of assets and other charges | $ 1,151 | $ 85 | $ 1,963 | $ 1,219 | |||||||||||||||||||
Property, plant and equipment, net | $ 56,788 | $ 57,200 | [1] | 56,788 | 56,788 | $ 57,200 | [1] | ||||||||||||||||
Nuclear Obligations | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Liability protection per nuclear incident available amount | $ 13,800 | $ 13,900 | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Litigation settlement, benefit fund | $ 320 | ||||||||||||||||||||||
Litigation settlement amount through stock issuance | 322 | ||||||||||||||||||||||
DESC Ratepayer Case | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Litigation settlement, benefit fund | 520 | ||||||||||||||||||||||
SCANA | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Reserves for SCANA legal proceedings | 228 | 696 | [1] | 228 | 228 | 696 | [1] | ||||||||||||||||
Other expense | 25 | ||||||||||||||||||||||
Other expense, after tax | 25 | ||||||||||||||||||||||
Impairment of assets and other charges | 44 | 38 | 44 | 316 | |||||||||||||||||||
Impairment of assets and other charges, after tax | 33 | 28 | 33 | 236 | |||||||||||||||||||
Escrow account | $ 160 | $ 160 | |||||||||||||||||||||
Litigation settlement, amount received from SCANA | $ 32.5 | 192.5 | |||||||||||||||||||||
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 | |||||||||||||||||||||
Proceeds from sale of property | 38.5 | ||||||||||||||||||||||
Property, plant and equipment, net | 3 | $ 27 | 3 | 3 | |||||||||||||||||||
SCANA | Other Receivables | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Insurance receivables | 8 | 111 | 8 | 8 | 111 | ||||||||||||||||||
DESC | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Contesting amount for filed liens in Fairfield country | $ 285 | ||||||||||||||||||||||
DESC | SCDOR | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Proposed assessment amount from audit | $ 410 | ||||||||||||||||||||||
Proportional share of NND project | 100.00% | ||||||||||||||||||||||
DESC | SOUTH CAROLINA | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Amount claimed by plaintiffs in legal matter | $ 100 | ||||||||||||||||||||||
Percentage claimed by plaintiffs in legal matter | 100.00% | ||||||||||||||||||||||
SCANA and DESC | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Disgorgement and prejudgment interest total, amount | $ 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 | 200 | $ 38 | 1,008 | $ 781 | |||||||||||||||||||
Property, plant and equipment, net | $ 32,028 | $ 32,882 | [2] | $ 32,028 | $ 32,028 | 32,882 | [2] | ||||||||||||||||
DESC | NND Project Costs | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Percentage ownership in total units | 55.00% | 55.00% | 55.00% | ||||||||||||||||||||
Unfavorable Regulatory Action | VDEQ | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Significant emission rate initial carbon cap | T | 28,000,000 | ||||||||||||||||||||||
Significant emission rate carbon cap reduction percentage per year | 3.00% | ||||||||||||||||||||||
Significant emission rate ultimate carbon cap | T | 19,600,000 | ||||||||||||||||||||||
Significant emission rate regional carbon cap | T | 27,100,000 | ||||||||||||||||||||||
Unfavorable Regulatory Action | EPA | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Electric generating station facilities heightened entrainment analysis per day | gal | 125,000,000 | ||||||||||||||||||||||
Carbon Regulations | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
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 are 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 are 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 | ||||||||||||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Minimum | Subsequent Event | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Loss contingencies individual circumstances period | 2021 | ||||||||||||||||||||||
CWA | Unfavorable Regulatory Action | EPA | Maximum | Subsequent Event | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category | |||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||
Loss contingencies individual circumstances period | 2028 | ||||||||||||||||||||||
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 | $ 11 | ||||||||||||||||||||||
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 | $ 30 | 30 | |||||||||||||||||||||
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) | Sep. 30, 2020USD ($) | |
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 5,717,000,000 | [1] |
Financial Guarantee | Third Parties | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 10,000,000 | |
Surety Bond | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 156,000,000 | |
Surety Bond | Virginia Electric and Power Company | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 90,000,000 | |
Financial Standby Letter of Credit | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 96,000,000 | |
[1] | 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 and in Note 14 in this report. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail) | Sep. 30, 2020USD ($) | |
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 5,717,000,000 | [1] |
Commodity Transactions | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 2,220,000,000 | [2] |
Nuclear Obligations | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 224,000,000 | [3] |
Solar | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 453,000,000 | [4] |
Other | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | 920,000,000 | [5] |
Cove Point | ||
Guarantee Obligations [Line Items] | ||
Maximum Exposure | $ 1,900,000,000 | [6] |
[1] | 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 and in Note 14 in this report. | |
[2] | Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services. | |
[3] | Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility. | |
[4] | Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects. | |
[5] | Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit. | |
[6] | 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. As discussed in Note 3, in November 2020 Cove Point became an equity method investment of Dominion Energy. |
Credit Risk (Narrative) (Detail
Credit Risk (Narrative) (Detail) | 9 Months Ended | |
Sep. 30, 2020USD ($)counterparty | Dec. 31, 2019USD ($) | |
Concentration Risk and Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 160,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 13,000,000 | $ 10,000,000 |
Collateral derivatives with credit-related contingent provision in a liability position | 1,000,000 | 0 |
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position | 14,000,000 | 10,000,000 |
Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Gross credit exposure | 10,000,000 | |
Additional collateral to be posted if the credit related contingent features were triggered | 1,000,000 | $ 8,000,000 |
Credit Concentration Risk | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Gross credit exposure | $ 42,000,000 | |
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 | $ 3,000,000 | |
Number of counterparties | counterparty | 0 | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 94.00% | |
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company | ||
Concentration Risk and Guarantor Obligations [Line Items] | ||
Concentration risk, percentage (percentage) | 93.00% |
Related-Party Transactions (Nar
Related-Party Transactions (Narrative) (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Related Party Transaction [Line Items] | |||||||
Derivative Asset | $ 252,000,000 | $ 252,000,000 | $ 93,000,000 | ||||
Derivative Liabilities | 776,000,000 | 776,000,000 | 740,000,000 | ||||
Virginia Electric and Power Company | |||||||
Related Party Transaction [Line Items] | |||||||
Derivative Asset | 145,000,000 | 145,000,000 | 24,000,000 | ||||
Derivative Liabilities | 491,000,000 | 491,000,000 | 466,000,000 | ||||
Payable to affiliates | 230,000,000 | 230,000,000 | 107,000,000 | [1] | |||
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries | $ 0 | $ 0 | 0 | ||||
Issuance of common stock to Dominion | 0 | 0 | 0 | 0 | |||
Virginia Electric and Power Company | Pension Benefits | Amounts Associated With Dominion Pension Plan | |||||||
Related Party Transaction [Line Items] | |||||||
Payment made to Dominion | $ 313,000,000 | ||||||
Amounts due to Dominion, noncurrent | $ 556,000,000 | $ 556,000,000 | 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 | 334,000,000 | 334,000,000 | 287,000,000 | ||||
Virginia Electric and Power Company | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Derivative Asset | 11,000,000 | 11,000,000 | 3,000,000 | ||||
Derivative Liabilities | 7,000,000 | 7,000,000 | 53,000,000 | ||||
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements | |||||||
Related Party Transaction [Line Items] | |||||||
Payable to affiliates | $ 230,000,000 | $ 230,000,000 | $ 107,000,000 | ||||
[1] | Virginia Power’s 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) - Virginia Electric and Power Company - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Related Party Transaction [Line Items] | |||||
Commodity purchases from affiliates | $ 135 | $ 170 | $ 450 | $ 561 | |
Services provided by affiliates | [1] | 108 | 107 | 343 | 387 |
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Services provided to affiliates | $ 5 | $ 5 | $ 14 | $ 19 | |
[1] | Includes capitalized expenditures of $39 million and $33 million for the three months ended September 30, 2020 and 2019, respectively, and |
Related-Party Transactions (Par
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 2,301 | $ 1,816 | ||
Services provided by affiliates | Affiliated Entity | ||||
Related Party Transaction [Line Items] | ||||
Capital expenditures | $ 39 | $ 33 | $ 107 | $ 100 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Contributions to qualified defined benefit pension plans and OPEB plans | $ 0 | |||||||
Voluntary Retirement Program | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | $ 423,000,000 | |||||||
Voluntary retirement program related charges net of tax | 316,000,000 | |||||||
Voluntary Retirement Program | Other Operations and Maintenance | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | 247,000,000 | |||||||
Voluntary Retirement Program | Other Taxes | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | 21,000,000 | |||||||
Voluntary Retirement Program | Other Income | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | 111,000,000 | |||||||
Voluntary Retirement Program | Net Income Including Noncontrolling Interest From Discontinued Operations | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | 44,000,000 | |||||||
Voluntary Retirement Program | Virginia Electric and Power Company | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | 194,000,000 | |||||||
Voluntary retirement program related charges net of tax | 144,000,000 | |||||||
Voluntary Retirement Program | Virginia Electric and Power Company | Other Operations and Maintenance | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | 186,000,000 | |||||||
Voluntary Retirement Program | Virginia Electric and Power Company | Other Taxes | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Voluntary retirement program related charges | $ 8,000,000 | |||||||
Pension Benefits | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Service cost | $ 45,000,000 | $ 41,000,000 | 131,000,000 | $ 121,000,000 | ||||
Remeasurement resulted in increase in pension benefit obligation | 497,000,000 | |||||||
Increase in fair value of plan assets | 87,000,000 | |||||||
Net periodic benefit (credit) cost | (10,000,000) | 5,000,000 | (28,000,000) | 87,000,000 | ||||
Pension Benefits | Minimum | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Discount rate percentage | 3.11% | |||||||
Pension Benefits | Maximum | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Discount rate percentage | 3.16% | |||||||
Other Postretirement Benefits | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Service cost | 8,000,000 | 7,000,000 | 22,000,000 | 20,000,000 | ||||
Net periodic benefit (credit) cost | (27,000,000) | (24,000,000) | (83,000,000) | (22,000,000) | ||||
Scenario Forecast | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Benefits to retirees expected charge | $ 25,000,000 | |||||||
Benefits to retirees expected charge after tax | 19,000,000 | |||||||
Scenario Forecast | Pension Benefits | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Net periodic benefit (credit) cost | $ 4,000,000 | |||||||
Expected contribution defined benefit pension plans and OPEB plans through VEBAs for the remainder of 2020 | $ 250,000,000 | 250,000,000 | ||||||
Scenario Forecast | Other Postretirement Benefits | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Contribution to voluntary employees beneficiary association | $ 0 | |||||||
Discontinued Operations | ||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||
Service cost | $ 3,000,000 | $ 4,000,000 | $ 12,000,000 | $ 12,000,000 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 45 | $ 41 | $ 131 | $ 121 | |
Interest cost | 82 | 97 | 263 | 296 | |
Expected return on plan assets | (197) | (177) | (582) | (530) | |
Amortization of prior service cost (credit) | (1) | 0 | 0 | 1 | |
Amortization of net actuarial loss | 58 | 42 | 155 | 124 | |
Settlements and curtailments | [1] | 3 | 2 | 5 | 75 |
Net periodic benefit cost (credit) | (10) | 5 | (28) | 87 | |
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 8 | 7 | 22 | 20 | |
Interest cost | 15 | 17 | 45 | 51 | |
Expected return on plan assets | (39) | (37) | (117) | (105) | |
Amortization of prior service cost (credit) | (12) | (13) | (37) | (39) | |
Amortization of net actuarial loss | 1 | 2 | 4 | 9 | |
Settlements and curtailments | [1] | 0 | 0 | 0 | 42 |
Net periodic benefit cost (credit) | $ (27) | $ (24) | $ (83) | $ (22) | |
[1] | 2019 amounts relate primarily to a voluntary retirement program. |
Operating Segments - Dominion E
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2020 | Dec. 31, 2019 | May 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||||||||
Asset early retirement expense | $ 89 | |||||||||
Charge for Expected customer credit reinvestment offset | $ 200 | |||||||||
Charge for Expected customer credit reinvestment offset, net of tax | 149 | |||||||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ (36) | $ (94) | (223) | $ (77) | ||||||
Virginia Electric and Power Company | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge related to a voluntary retirement program | 197 | |||||||||
Charge related to a voluntary retirement program, after-tax | 146 | |||||||||
Asset early retirement expense after tax | 275 | |||||||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ 5 | (15) | (36) | (29) | ||||||
Benefit from revision of future closure costs | 113 | |||||||||
Benefit from revision of future closure costs, after tax | 84 | |||||||||
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Payment for contract termination | $ 135 | $ 135 | 135 | |||||||
Payment for contract termination after tax | $ 100 | 100 | ||||||||
SCANA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Merger and integration-related costs | 408 | |||||||||
Merger and integration-related costs, after tax | 306 | |||||||||
Charge related to a voluntary retirement program | 394 | |||||||||
Charge related to a voluntary retirement program, after-tax | 295 | |||||||||
Litigation settlement expense | $ 32.5 | $ 192.5 | ||||||||
Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
After- tax net expenses | 1,300 | 1,800 | ||||||||
Charge associated with certain merchant solar generation facilities | 405 | |||||||||
Charge associated with certain merchant solar generation facilities, net of tax | 298 | |||||||||
Gain loss on investments held in nuclear decommissioning trust funds | 364 | |||||||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 272 | |||||||||
Operating Segments | Virginia Electric and Power Company | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
After- tax net expenses | 815 | 653 | ||||||||
Asset early retirement expense after tax | 559 | |||||||||
Charge for Expected customer credit reinvestment offset | 200 | |||||||||
Charge for Expected customer credit reinvestment offset, net of tax | 149 | |||||||||
Operating Segments | Fowler Ridge | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge associated with the sale of Fowler Ridge | 221 | |||||||||
Charge associated with the sale of Fowler Ridge, net of tax | 171 | |||||||||
Corporate and Other | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
After- tax net expenses | 3,400 | 1,700 | ||||||||
Corporate and Other | Operating Segments | Virginia Electric and Power Company | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
After- tax net expenses | 815 | 673 | ||||||||
Dominion Energy South Carolina Inc | SCANA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge for refund of amounts from customers | 1,000 | 1,000 | $ 1,000 | |||||||
Charge for refund of amounts from customers, after tax | 756 | |||||||||
Charge related to a voluntary retirement program, after-tax | 64 | |||||||||
Litigation settlement expense | 278 | |||||||||
Litigation settlement expense, after tax | 209 | |||||||||
Charge for property, plant and equipment acquired but committed to forgo recovery | 114 | |||||||||
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax | 86 | |||||||||
Dominion Energy South Carolina Inc | SCANA | NND Project | ||||||||||
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 | 264 | ||||||||
Dominion Energy Virginia | Virginia Legislation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Benefit from revision of future closure costs | 113 | |||||||||
Benefit from revision of future closure costs, after tax | 84 | |||||||||
Dominion Energy Virginia | Automated Meter Reading Program | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Asset early retirement expense | 160 | |||||||||
Asset early retirement expense after tax | 119 | |||||||||
Dominion Energy Virginia | SCANA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge related to a voluntary retirement program, after-tax | 149 | |||||||||
Dominion Energy Virginia | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 34 | |||||||||
Dominion Energy Virginia | Operating Segments | Electric Generation Facilities | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Asset early retirement expense | 751 | 369 | ||||||||
Asset early retirement expense after tax | $ 564 | 275 | ||||||||
Gas Distribution | SCANA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge related to a voluntary retirement program, after-tax | 55 | |||||||||
Contracted Assets | SCANA | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Charge related to a voluntary retirement program, after-tax | 38 | |||||||||
Contracted Assets | Operating Segments | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ 238 |
Operating Segments (Schedule of
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | $ 3,607 | $ 3,782 | $ 10,651 | $ 10,506 | |
Net income (loss) from discontinued operations including noncontrolling interest | [1],[2] | 19 | 38 | (1,753) | 526 |
Net income (loss) | 356 | 975 | (1,083) | 349 | |
Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | [3] | 2,248 | 2,264 | 5,983 | 6,167 |
Net income (loss) | 475 | 602 | 685 | 722 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 3,612 | 3,784 | 10,673 | 10,505 | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | (5) | (2) | (22) | 1 | |
Adjustments & Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 9 | 12 | 36 | 62 | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | (252) | (239) | (763) | (899) | |
Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | (243) | (227) | (727) | (837) | |
Dominion Energy Virginia | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 2,254 | 2,269 | 6,003 | 6,209 | |
Net income (loss) | 613 | 629 | 1,479 | 1,383 | |
Dominion Energy Virginia | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 2,248 | 2,264 | 5,983 | 6,196 | |
Net income (loss) | 615 | 628 | 1,477 | 1,379 | |
Dominion Energy Virginia | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 2,257 | 2,275 | 6,013 | 6,219 | |
Dominion Energy Virginia | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | (3) | (6) | (10) | (10) | |
Gas Distribution | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 314 | 327 | 1,606 | 1,648 | |
Net income (loss) | 64 | 43 | 375 | 314 | |
Gas Distribution | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 311 | 321 | 1,597 | 1,635 | |
Gas Distribution | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 3 | 6 | 9 | 13 | |
Dominion Energy South Carolina | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 759 | 793 | 2,108 | 2,185 | |
Net income (loss) | 157 | 166 | 326 | 332 | |
Dominion Energy South Carolina | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 758 | 792 | 2,105 | 2,182 | |
Dominion Energy South Carolina | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 1 | 1 | 3 | 3 | |
Contracted Assets | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 301 | 271 | 846 | 878 | |
Net income (loss) from discontinued operations including noncontrolling interest | 51 | 38 | 153 | 133 | |
Net income (loss) | 112 | 86 | 295 | 296 | |
Contracted Assets | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 288 | 260 | 810 | 816 | |
Contracted Assets | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 13 | 11 | 36 | 62 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 222 | 349 | 815 | 423 | |
Net income (loss) from discontinued operations including noncontrolling interest | (32) | 0 | (1,906) | 393 | |
Net income (loss) | (590) | 51 | (3,558) | (1,976) | |
Corporate and Other | Virginia Electric and Power Company | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | 0 | 0 | 0 | (29) | |
Net income (loss) | (140) | (26) | (792) | (657) | |
Corporate and Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | (11) | 124 | 112 | (409) | |
Corporate and Other | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenue | $ 233 | $ 225 | $ 703 | $ 832 | |
[1] | Includes income tax expense (benefit) of $(10) million and $136 million for the three months ended September 30, 2020 and 2019, respectively and $(572) million and $47 million for the nine months ended September 30, 2020 and 2019, respectively. | ||||
[2] | See Note 10 for amounts attributable to related parties. | ||||
[3] | See Note 19 for amounts attributable to affiliates. |
Operating Segments - Virginia P
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Charge for Expected customer credit reinvestment offset | $ 200 | |||
Charge for Expected customer credit reinvestment offset, net of tax | 149 | |||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ (36) | $ (94) | (223) | $ (77) |
Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
Asset early retirement expense | 369 | |||
Asset early retirement expense after tax | 275 | |||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | $ 5 | $ (15) | (36) | (29) |
Charge related to a voluntary retirement program | 197 | |||
Charge related to a voluntary retirement program, after-tax | 146 | |||
Asset planned early retirement expense | 160 | |||
Asset planned early retirement expense, after tax | 119 | |||
Operating revenue recorded charge | 135 | |||
Operating revenue recorded charge, after tax | 100 | |||
Cancellation abandonment expense | 62 | |||
Cancellation abandonment expense, after tax | 46 | |||
Benefit from revision of future closure costs | 113 | |||
Benefit from revision of future closure costs, after tax | 84 | |||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
After- tax net expenses | 1,300 | 1,800 | ||
Gain loss on investments held in nuclear decommissioning trust funds | 364 | |||
Gain loss on investments held in nuclear decommissioning trust funds, after tax | 272 | |||
Operating Segments | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After- tax net expenses | 3,400 | 1,700 | ||
Operating Segments | Virginia Electric and Power Company | ||||
Segment Reporting Information [Line Items] | ||||
After- tax net expenses | 815 | 653 | ||
Asset early retirement expense | 751 | |||
Asset early retirement expense after tax | 559 | |||
Charge for Expected customer credit reinvestment offset | 200 | |||
Charge for Expected customer credit reinvestment offset, net of tax | 149 | |||
Operating Segments | Virginia Electric and Power Company | Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
After- tax net expenses | $ 815 | $ 673 |