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D Dominion Energy

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 23, 2021
Document Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes
Entity Incorporation, State or Country CodeVA
Entity Registrant NameDOMINION ENERGY, INC.
Entity Central Index Key0000715957
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding806,524,337
Entity Current Reporting StatusYes
Entity Shell Companyfalse
Entity File Number001-08489
Entity Tax Identification Number54-1229715
Entity Address, Address Line One120 Tredegar Street
Entity Address, City or TownRichmond
Entity Address, State or ProvinceVA
Entity Address, Postal Zip Code23219
City Area Code804
Local Phone Number819-2000
Common Stock
Document Information [Line Items]
Title of 12(b) SecurityCommon Stock, no par value
Trading SymbolD
Security Exchange NameNYSE
2016 Series A 5.25% Enhanced Junior Subordinated Notes
Document Information [Line Items]
Title of 12(b) Security2016 Series A 5.25% Enhanced Junior Subordinated Notes
Trading SymbolDRUA
Security Exchange NameNYSE
2019 Series A Corporate Units
Document Information [Line Items]
Title of 12(b) Security2019 Series A Corporate Units
Trading SymbolDCUE
Security Exchange NameNYSE
Virginia Electric and Power Company
Document Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes
Entity Incorporation, State or Country CodeVA
Entity Registrant NameVIRGINIA ELECTRIC AND POWER COMPANY
Entity Central Index Key0000103682
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding274,723
Entity Current Reporting StatusYes
Entity Shell Companyfalse
Entity File Number000-55337
Entity Tax Identification Number54-0418825
Entity Address, Address Line One120 Tredegar Street
Entity Address, City or TownRichmond
Entity Address, State or ProvinceVA
Entity Address, Postal Zip Code23219
City Area Code804
Local Phone Number819-2000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating Revenue $ 3,870 $ 3,938
Operating Expenses
Electric fuel and other energy-related purchases550 657
Purchased (excess) electric capacity11 2
Purchased gas484 434
Other operations and maintenance987 891
Depreciation, depletion and amortization608 578
Other taxes257 240
Impairment of assets and other charges95 768
Total operating expenses2,992 3,570
Income (loss) from operations878 368
Other income (expense)367 (454)
Interest and related charges53 432
Income (loss) from continuing operations including noncontrolling interests before income tax expense (benefit)1,192 (518)
Income tax expense (benefit)212 (50)
Net Income (Loss) From Continuing Operations Including Noncontrolling Interests980 (468)
Net Income From Discontinued Operations Including Noncontrolling Interests[1],[2]28 229
Net Income (Loss) Including Noncontrolling Interests1,008 (239)
Noncontrolling Interests31
Net Income (Loss)1,008 (270)
Amounts attributable to Dominion Energy
Net Income (Loss) from continuing operations980 (466)
Net Income from discontinued operations $ 28 $ 196
EPS - Basic
Net income (loss) from continuing operations $ 1.19 $ (0.57)
Net income from discontinued operations0.040.23
Net income (loss) attributable to Dominion Energy1.23(0.34)
EPS - Diluted
Net income (loss) from continuing operations1.19(0.57)
Net income from discontinued operations0.040.23
Net income (loss) attributable to Dominion Energy $ 1.23 $ (0.34)
Virginia Electric and Power Company
Operating Revenue[3] $ 1,830 $ 1,930
Operating Expenses
Electric fuel and other energy-related purchases[3]406 492
Purchased (excess) electric capacity(3)(9)
Affiliated suppliers87 87
Other operations and maintenance426 331
Depreciation, depletion and amortization324 311
Other taxes93 87
Impairment of assets and other charges (benefit)(51)764
Total operating expenses1,282 2,063
Income (loss) from operations548 (133)
Other income (expense)32 (52)
Interest and related charges[3]136 126
Income (loss) before income tax expense444 (311)
Income tax expense (benefit)70 (31)
Net Income (Loss) $ 374 $ (280)
[1]Includes income tax expense of $7 million and $31 million for the three months ended March 31, 2021 and 2020, 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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Income tax expense (benefit) from discontinued operations $ 7 $ 31

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net income (loss) including noncontrolling interests $ 1,008 $ (239)
Net income (loss)1,008 (270)
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities[1]39 (266)
Changes in unrealized net gains (losses) on investment securities[2](31)9
Changes in net unrecognized pension and other postretirement benefit costs[3]6
Amounts reclassified to net income (loss):
Net derivative losses-hedging activities[4]13 22
Net realized (gains) losses on investment securities[5]1 (9)
Net pension and other postretirement benefit costs[6]18 19
Total other comprehensive income (loss)46 (225)
Comprehensive income (loss) including noncontrolling interests1,054 (464)
Comprehensive income attributable to noncontrolling interests31
Comprehensive income (loss) attributable to Dominion Energy1,054 (495)
Virginia Electric and Power Company
Net income (loss)374 (280)
Other comprehensive income (loss), net of taxes:
Net deferred gains (losses) on derivatives-hedging activities[7]32 (45)
Changes in unrealized net gains (losses) on investment securities[8](5)(2)
Amounts reclassified to net income (loss):
Net derivative losses-hedging activities[9]1 0
Net realized (gains) losses on investment securities[10]1 1
Total other comprehensive income (loss)29 (46)
Comprehensive income (loss) attributable to Dominion Energy $ 403 $ (326)
[1]Net of $(13) million and $93 million tax for the three months ended March 31, 2021 and 2020, respectively.
[2]Net of $10 million and $(4) million tax for the three months ended March 31, 2021 and 2020, respectively.
[3]Net of $(4) million and $— million tax for the three months ended March 31, 2021 and 2020, respectively .
[4]Net of $(4) million and $(7) million tax for the three months ended March 31, 2021 and 2020, respectively.
[5]Net of $— million and $4 million tax for the three months ended March 31, 2021 and 2020, respectively.
[6]Net of $(7) million and $(5) million tax for the three months ended March 31, 2021 and 2020, respectively.
[7]Net of $(11) million and $16 million tax for the three months ended March 31, 2021 and 2020, respectively.
[8]Net of $— million and $— million tax for the three months ended March 31, 2021 and 2020, respectively.
[9]Net of $— million and $— million tax for the three months ended March 31, 2021 and 2020, respectively.
[10]Net of $— million and $(1) million tax for the three months ended March 31, 2021 and 2020, respectively.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net deferred losses on derivative-hedging activities, tax $ (13) $ 93
Changes in unrealized net gains (losses) on investment securities, tax10 (4)
Changes in net unrecognized pension and other postretirement benefit costs, tax(4)0
Net derivative (gains) losses-hedging activities, tax(4)(7)
Net realized (gains) losses on investment securities, tax0 4
Net pension and other postretirement benefit costs, tax(7)(5)
Virginia Electric and Power Company
Net deferred losses on derivative-hedging activities, tax(11)16
Changes in unrealized net gains (losses) on investment securities, tax0 0
Net derivative (gains) losses-hedging activities, tax0 0
Net realized (gains) losses on investment securities, tax $ 0 $ (1)

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current Assets
Cash and cash equivalents $ 477 $ 172 [1]
Customer receivables (less allowance for doubtful accounts)1,841 2,295 [1]
Other receivables (less allowance for doubtful accounts)239 212 [1]
Inventories1,476 1,550 [1]
Regulatory assets650 699 [1]
Other479 476 [1]
Current assets held for sale1,500 1,482 [1]
Total current assets6,662 6,886 [1]
Investments
Nuclear decommissioning trust funds7,139 6,900 [1]
Investment in equity method affiliates2,949 2,934 [1]
Other405 404 [1]
Total investments10,493 10,238 [1]
Property, Plant and Equipment
Property, plant and equipment84,035 82,959 [1]
Accumulated depreciation, depletion and amortization(25,614)(25,111)[1]
Total property, plant and equipment, net58,421 57,848 [1]
Deferred Charges and Other Assets
Goodwill7,381 7,381 [1]
Regulatory assets8,793 9,133 [1]
Other4,953 4,419 [1]
Total deferred charges and other assets21,127 20,933 [1]
Total assets96,703 95,905 [1]
Current Liabilities
Securities due within one year2,639 1,937 [1]
Supplemental 364-Day credit facility borrowings[1]225
Short-term debt2,815 895 [1]
Accounts payable848 944 [1]
Accrued interest, payroll and taxes957 1,133 [1]
Regulatory liabilities641 809 [1]
Liability to Atlantic Coast Pipeline97 1,052 [1]
Q-Pipe Transaction deposit1,290 1,290 [1]
Derivative liabilities[2]221 415
Other[3]1,924 1,933 [1]
Current liabilities held for sale625 625 [1]
Total current liabilities11,836 10,843 [1]
Long-Term Debt
Long-term debt30,209 30,915 [1]
Junior subordinated notes2,162 2,161 [1]
Other877 881 [1]
Total long-term debt33,248 33,957 [1]
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits6,202 5,953 [1]
Regulatory liabilities10,202 10,187 [1]
Other8,177 8,504 [1]
Total deferred credits and other liabilities24,581 24,644 [1]
Total liabilities69,665 69,444 [1]
Commitments and Contingencies (see Note 17) [1]
Equity
Preferred stock (See Note 16)2,387 2,387 [1]
Common stock - no par[4]21,310 21,258 [1]
Retained earnings4,673 4,189 [1]
Accumulated other comprehensive income (loss)(1,671)(1,717)[1]
Total shareholders' equity26,699 26,117 [1]
Noncontrolling interests339 344 [1]
Total equity27,038 26,461 [1]
Total liabilities and equity96,703 95,905 [1]
Virginia Electric and Power Company
Current Assets
Cash and cash equivalents56 35 [5]
Customer receivables (less allowance for doubtful accounts)926 1,315 [5]
Other receivables (less allowance for doubtful accounts)86 91 [5]
Affiliated receivables10 5 [5]
Inventories840 862 [5]
Regulatory assets292 295 [5]
Other[6]52 59 [5]
Total current assets2,262 2,662 [5]
Investments
Nuclear decommissioning trust funds3,322 3,197 [5]
Other3 3 [5]
Total investments3,325 3,200 [5]
Property, Plant and Equipment
Property, plant and equipment47,431 46,736 [5]
Accumulated depreciation, depletion and amortization(14,446)(14,167)[5]
Total property, plant and equipment, net32,985 32,569 [5]
Deferred Charges and Other Assets
Regulatory assets3,235 3,509 [5]
Other[6]1,977 1,714 [5]
Total deferred charges and other assets5,212 5,223 [5]
Total assets43,784 43,654 [5]
Current Liabilities
Securities due within one year458 8 [5]
Short-term debt420 45 [5]
Accounts payable311 332 [5]
Payables to affiliates125 266 [5]
Affiliated current borrowings177 380 [5]
Accrued interest, payroll and taxes307 253 [5]
Regulatory liabilities272 425 [5]
Asset retirement obligations159 166 [5]
Derivative liabilities[6]171 390 [5]
Other591 562 [5]
Total current liabilities2,991 2,827 [5]
Long-Term Debt
Long-term debt12,759 13,207 [5]
Other481 480 [5]
Total long-term debt13,240 13,687 [5]
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits2,873 2,779 [5]
Asset Retirement Obligations Noncurrent3,681 3,654 [5]
Regulatory liabilities5,402 5,338 [5]
Other[6]786 812 [5]
Total deferred credits and other liabilities12,742 12,583 [5]
Total liabilities28,973 29,097 [5]
Commitments and Contingencies (see Note 17) [5]
Equity
Common stock - no par[7]5,738 5,738 [5]
Other paid-in capital1,113 1,113 [5]
Retained earnings7,983 7,758 [5]
Accumulated other comprehensive income (loss)(23)(52)[5]
Total shareholders' equity14,811 14,557 [5]
Total liabilities and equity $ 43,784 $ 43,654 [5]
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[2]Current derivative liabilities include $217 million and $412 million at March 31, 2021 and December 31, 2020, respectively, presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. The remainder is in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets.
[3]See Note 10 for amounts attributable to related parties.
[4]1.8 billion shares authorized; 806 million shares outstanding at both March 31, 2021 and December 31, 2020.
[5]Virginia Power’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[6]See Note 19 for amounts attributable to affiliates.
[7]500,000 shares authorized; 274,723 shares

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Customer receivables, allowance for doubtful accounts $ 39 $ 42 [1]
Other receivables, allowance for doubtful accounts $ 3 $ 3 [1]
Common stock, shares authorized1,800,000,000 1,800,000,000 [1]
Common stock, shares outstanding806,000,000 806,000,000 [1]
Virginia Electric and Power Company
Customer receivables, allowance for doubtful accounts $ 18 $ 23 [2]
Other receivables, allowance for doubtful accounts $ 2 $ 2 [2]
Common stock, shares authorized500,000 500,000
Common stock, shares outstanding274,723 274,723
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[2]Virginia Power’s Consolidated Balance Sheet at December 31, 2020 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 MillionsTotalCumulative-effect of Changes in Accounting PrinciplesPreferred StockCommon StockRetained EarningsRetained EarningsCumulative-effect of Changes in Accounting PrinciplesAOCITotal Shareholders' EquityTotal Shareholders' EquityCumulative-effect of Changes in Accounting PrinciplesNoncontrolling Interests
Beginning balance at Dec. 31, 2019 $ 34,033 $ (48) $ 2,387 $ 23,824 $ 7,576 $ (48) $ (1,793) $ 31,994 $ (48) $ 2,039
Beginning balance (in shares) at Dec. 31, 20192 838
Accounting Standards Update [Extensible List]us-gaap:AccountingStandardsUpdate201602Member
Net income (loss) including noncontrolling interests $ (239)(270)(270)31
Issuance of stock78 $ 78 78
Issuance of stock (in shares)1
Preferred stock dividends (See Note 16)(16)(16)(16)
Common stock dividends and distributions(832)(788)(788)(44)
Other comprehensive income (loss), net of tax(225)(225)(225)
Other1 1 1
Ending balance at Mar. 31, 202032,752 $ 2,387 $ 23,902 6,455 (2,018)30,726 2,026
Ending balance (in shares) at Mar. 31, 20202 839
Beginning balance at Dec. 31, 201934,033 $ (48) $ 2,387 $ 23,824 7,576 $ (48)(1,793)31,994 $ (48)2,039
Beginning balance (in shares) at Dec. 31, 20192 838
Ending balance at Dec. 31, 202026,461 [1] $ 2,387 $ 21,258 4,189 (1,717)26,117 344
Ending balance (in shares) at Dec. 31, 20202 806
Net income (loss) including noncontrolling interests1,008 1,008 1,008
Issuance of stock48 $ 48 48
Stock awards (net of change in unearned compensation)4 4 4
Preferred stock dividends (See Note 16)(16)(16)(16)
Common stock dividends and distributions(514)(508)(508)(6)
Other comprehensive income (loss), net of tax46 46 46
Other1 1
Ending balance at Mar. 31, 2021 $ 27,038 $ 2,387 $ 21,310 $ 4,673 $ (1,671) $ 26,699 $ 339
Ending balance (in shares) at Mar. 31, 20212 806
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Dividends declared per common share $ 0.630 $ 0.940

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Operating Activities
Net income (loss) including noncontrolling interests $ 1,008 $ (239)
Net income (loss)1,008 (270)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)685 759
Deferred income taxes and investment tax credits216 (65)
Impairment of assets and other charges95 768
Net losses (gains) on nuclear decommissioning trust funds and other investments(152)526
Other adjustments4 4
Changes in:
Accounts receivable334 245
Inventories73 71
Deferred fuel and purchased gas costs, net(149)162
Prepayments24 38
Accounts payable21 (164)
Accrued interest, payroll and taxes(177)(234)
Customer deposits(9)(13)
Margin deposit assets and liabilities(60)46
Net realized and unrealized changes related to derivative activities(218)36
Other operating assets and liabilities(243)(307)
Net cash provided by operating activities1,452 1,633
Investing Activities
Plant construction and other property additions (including nuclear fuel)(1,328)(1,462)
Acquisition of solar development projects(23)(8)
Proceeds from sales of securities1,765 602
Purchases of securities(1,765)(631)
Contributions to equity method affiliates(977)(11)
Acquisition of equity method investments0 (178)
Other20 47
Net cash used in investing activities(2,308)(1,641)
Financing Activities
Issuance of short-term debt, net1,921 1,279
Issuance of short-term notes0 500
Repayment of supplemental 364-day credit facility borrowings(225)0
Issuance of long-term debt150 950
Repayment of long-term debt(161)(932)
Issuance of common stock48 78
Common dividend payments(508)(788)
Dividends and distributions0 0
Other(54)(81)
Net cash provided by (used in) financing activities1,171 1,006
Increase (decrease) in cash, restricted cash and equivalents315 998
Cash, restricted cash and equivalents at beginning of period247 269
Cash, restricted cash and equivalents at end of period562 1,267
Virginia Electric and Power Company
Operating Activities
Net income (loss)374 (280)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)365 357
Deferred income taxes and investment tax credits87 (135)
Impairment of assets and other charges (benefit)(51)764
Other adjustments(29)53
Changes in:
Accounts receivable317 123
Affiliated receivables and payables(144)24
Inventories21 5
Deferred fuel and purchased gas costs, net(159)70
Prepayments(4)(5)
Accounts payable0 99
Accrued interest, payroll and taxes54 13
Net realized and unrealized changes related to derivative activities18 (12)
Other operating assets and liabilities(65)73
Net cash provided by operating activities784 1,149
Investing Activities
Plant construction and other property additions(766)(764)
Purchases of nuclear fuel(46)(25)
Acquisition of solar development projects(10)(6)
Proceeds from sales of securities789 294
Purchases of securities(791)(310)
Other41 37
Net cash used in investing activities(783)(774)
Financing Activities
Issuance of short-term debt, net375 (108)
Issuance (repayment) of affiliated current borrowings, net(203)(106)
Common dividend payments(150)(108)
Other(2)(1)
Net cash provided by (used in) financing activities20 (323)
Increase (decrease) in cash, restricted cash and equivalents21 52
Cash, restricted cash and equivalents at beginning of period35 24
Cash, restricted cash and equivalents at end of period $ 56 $ 76

Virginia Electric and Power Com

Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($) shares in Thousands, $ in MillionsTotalCommon StockRetained EarningsAOCIVirginia Electric and Power CompanyVirginia Electric and Power CompanyCommon StockVirginia Electric and Power CompanyOther Paid-In CapitalVirginia Electric and Power CompanyRetained EarningsVirginia Electric and Power CompanyAOCI
Beginning balance at Dec. 31, 2019 $ (1,793) $ 13,989 $ 5,738 $ 1,113 $ 7,167 $ (29)
Beginning balance (in shares) at Dec. 31, 2019838,000 275
Net income (loss) $ (270)(280)(280)
Dividends(108)(108)
Other comprehensive income (loss), net of tax(225)(225)(46)(46)
Other1 $ 1 1 1
Ending balance at Mar. 31, 2020(2,018)13,556 $ 5,738 1,113 6,780 (75)
Ending balance (in shares) at Mar. 31, 2020839,000 275
Beginning balance at Dec. 31, 202026,117 [1](1,717)14,557 [2] $ 5,738 1,113 7,758 (52)
Beginning balance (in shares) at Dec. 31, 2020806,000 275
Net income (loss)1,008 374 374
Dividends(150)(150)
Other comprehensive income (loss), net of tax46 46 29 29
Other1 1 1
Ending balance at Mar. 31, 2021 $ 26,699 $ (1,671) $ 14,811 $ 5,738 $ 1,113 $ 7,983 $ (23)
Ending balance (in shares) at Mar. 31, 2021806,000 275
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[2]Virginia Power’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.

Nature of Operations

Nature of Operations3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of OperationsNote 1. Nature of Operations Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S., nonregulated electric generation and, following completion of the GT&S Transaction in November 2020, a noncontrolling interest in Cove Point. See Note 3 for a description of the sale of substantially all of Dominion Energy’s gas transmission and storage operations to BHE through the GT&S Transaction completed in November 2020 and the proposed Q-Pipe Transaction of Dominion Energy’s remaining regulated gas transmission and storage services in the Rocky Mountain region of the U.S.

Significant Accounting Policies

Significant Accounting Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting PoliciesNote 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, 2020. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2021 and their results of operations, changes in equity and cash flows for the three months ended March 31, 2021 and 2020. Such adjustments are normal and recurring in nature unless otherwise noted. The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2021, 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 nonregulated solar projects and Brookfield’s 25% interest in Cove Point (effective December 2019 until November 2020) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain nonregulated solar 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’ 2020 Consolidated Financial Statements and Notes have been reclassified to conform to the 2021 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, 2020, with the exception of the items described below. Cash, Restricted Cash and Equivalents Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020:
Cash, Restricted Cash and Equivalents at End of Period
Cash, Restricted Cash and Equivalents at Beginning of Period
March 31, 2021
March 31, 2020
December 31, 2020
December 31, 2019
(millions)
Dominion Energy
Cash and cash equivalents ( 1)
$
491
$
1,192
$
179
$
166
Restricted cash and equivalents ( 2)(3)
71
75
68
103
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
$
562
$
1,267
$
247
$
269
Virginia Power
Cash and cash equivalents
$
56
$
71
$
35
$
17
Restricted cash and equivalents ( 3)

5

7
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
$
56
$
76
$
35
$
24
(1)
At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $14 million, $59 million, $7 million and $31 million of cash and cash equivalents included in current assets held for sale, respectively.
(2)
At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $3 million, $12 million, $3 million and $12 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. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Three Months Ended March 31,
2021
2020
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures
$
341
$
343
Leases ( 1)
9
17
(1)
Includes $2 million and $17 million of financing leases at March 31, 2021 and 2020, respectively, and $7 million of operating leases at March 31, 2021. The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Three Months Ended March 31,
2021
2020
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures
$
262
$
210
Financing leases
1
10
Property, Plant and Equipment 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.

Acquisitions and Dispositions

Acquisitions and Dispositions3 Months Ended
Mar. 31, 2021
Text Block [Abstract]
Acquisitions and DispositionsNote 3. Acquisitions and Dispositions 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 as discussed in Note 3 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In connection with closing of the GT&S Transaction, Dominion Energy and BHE entered into a transition services agreement under which Dominion Energy will continue to provide specified administrative services to support the operations of the disposed business for up to 24 months after closing. In addition, BHE will provide certain administrative services to Dominion Energy. Dominion Energy recorded revenue of $5 million associated with the transition service agreement in operating revenue in its Consolidated Statements of Income for the three months ended March 31, 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, effective April 1, 2021, solicit or accept offers from alternative buyers for all or a material portion of the Q-Pipe Transaction 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 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 March 31, 2021, Dominion Energy expects to recognize a pre-tax gain of approximately $450 million ($320 million after-tax) upon closing, including the write-off of $191 million of goodwill, but excluding the effects of any closing adjustments. The operations included in both the GT&S Transaction and the Q-Pipe Transaction are presented in held-for-sale and discontinued operations effective July 2020. As a result, the previously reported amounts have been recast to reflect this presentation and depreciation and amortization ceased on the applicable assets. As Cove Point had previously been consolidated within Dominion Energy’s financial statements, balances associated with Cove Point prior to the closing of the GT&S Transaction are presented within held-for-sale and discontinued operations. See Note 10 for further information regarding Dominion Energy’s equity method investment in Cove Point. The following table represents selected information regarding the results of operations, which are reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:
Three Months Ended March 31, 2021
Three Months Ended March 31, 2020
Q-Pipe Transaction
GT&S Transaction
Q-Pipe Transaction
(millions)
Operating revenue
$
67
$
563
$
65
Operating expense
19
333
33
Other income

20
1
Interest and related charges
5
53
4
Income before income taxes
43
197
29
Income tax expense
8
27
4
Net income including noncontrolling interests
35
170
25
Noncontrolling interests

33

Net income attributable to Dominion Energy
$
35
$
137
$
25
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 March 31, 2021
At December 31, 2020
Q-Pipe Transaction
Q-Pipe Transaction
(millions)
Current assets ( 1)
$
49
$
47
Equity method investments ( 2)
35
35
Property, plant and equipment, net
1,120
1,113
Other deferred charges and other assets, including goodwill and intangible assets ( 3)
224
224
Current liabilities
30
30
Long-term debt
426
426
Other deferred credits and liabilities
154
154
(1)
Includes cash and cash equivalents
(2)
Comprised of an equity method investment in White River Hub
(3)
Includes goodwill of $191 million at both March 31, 2021 and December 31, 2020. Capital expenditures and significant noncash items relating to the disposal groups included the following:
Three Months Ended March 31, 2021
Three Months Ended March 31, 2020
Q-Pipe Transaction
GT&S Transaction
Q-Pipe Transaction
(millions)
Capital expenditures
$
3
$
73
$
6
Significant noncash items
Depreciation, depletion and amortization

82
13
Accrued capital expenditures
2
16

Operating Revenue

Operating Revenue3 Months Ended
Mar. 31, 2021
Text Block [Abstract]
Operating RevenueNote 4. Operating Revenue The Companies’ operating revenue consists of the following:
Three Months Ended March 31,
2021
2020
(millions)
Dominion Energy
Regulated electric sales:
Residential
$
1,155
$
1,158
Commercial
719
798
Industrial
178
182
Government and other retail
189
219
Wholesale
43
33
Nonregulated electric sales
249
232
Regulated gas sales:
Residential
630
548
Commercial
206
191
Other
34
28
Nonregulated gas sales
52
83
Regulated gas transportation and storage
271
232
Other regulated revenues
66
92
Other nonregulated revenues ( 1)(2)
48
31
Total operating revenue from contracts with customers
3,840
3,827
Other revenues ( 3)(4)
30
111
Total operating revenue
$
3,870
$
3,938
Virginia Power
Regulated electric sales:
Residential
$
889
$
896
Commercial
547
614
Industrial
91
97
Government and other retail
176
203
Wholesale
26
24
Other regulated revenues
57
62
Other nonregulated revenues ( 1)(2)
21
13
Total operating revenue from contracts with customers
1,807
1,909
Other revenues ( 2)(3)
23
21
Total operating revenue
$
1,830
$
1,930
(1)
Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts include $7 million for both the three months ended March 31, 2021 and 2020, 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 $6 million and $4 million for the three months ended March 31, 2021 and $4 million and $3 million for the three months ended March 31, 2020, 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 $22 million and $36 million at Dominion Energy and $20 million and $17 million at Virginia Power for the three months ended March 31, 2021 and 2020, respectively.
(4)
The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice.
Revenue expected to be recognized on multi-year contracts in place at March 31, 2021
2021
2022
2023
2024
2025
Thereafter
Total
(millions)
Dominion Energy
$
51
$
68
$
66
$
59
$
51
$
493
$
788
At March 31, 2021 and December 31, 2020, Dominion Energy’s contract liability balances were $74 million and $130 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. At March 31, 2021 and December 31, 2020, Virginia Power’s contract liability balances were $32 million and $36 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2021 and 2020, Dominion Energy recognized revenue of $122 million and $93 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2021 and 2020, Virginia Power recognized $36 million and $24 million, respectively, from the beginning contract liability balance.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesNote 5. Income Taxes For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
Dominion Energy
Virginia Power
Three Months Ended March 31,
2021
2020
2021
2020
U.S. statutory rate
21.0
%
21.0
%
21.0
%
21.0
%
Increases (reductions) resulting from:
State taxes, net of federal benefit
3.5
3.3
4.5
4.8
Investment tax credits
(3.8
)
(7.0
)
(6.6
)
(6.4
)
Production tax credits
(0.3
)
(0.8
)
(0.6
)
(0.8
)
Reversal of excess deferred income taxes
(2.2
)
(7.8
)
(2.2
)
(8.1
)
AFUDC - equity
(0.4
)
(0.7
)
(0.7
)
(0.7
)
Other, net

1.7
0.3
0.3
Effective tax rate
17.8
%
9.7
%
15.7
%
10.1
%
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 2021. 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, 2020 for more information. As of March 31, 2021, 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, 2020, for a discussion of these unrecognized tax benefits. In April 2021, a state legislative change was enacted for tax years beginning January 1, 2022. Dominion Energy expects to record an approximate $20 million deferred tax benefit, inclusive of an approximate $15 million benefit at Virginia Power, in the second quarter of 2021. Discontinued operations Income tax expense reflected in discontinued operations is $7 million and $31 million for the three months ended March 31, 2021 and 2020, respectively.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareNote 6. Earnings Per Share The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
Three Months Ended March 31,
2021
2020
(millions, except EPS)
Net income (loss) attributable to Dominion Energy from continuing operations
$
980
$
(466
)
Preferred stock dividends (see Note 16)
(16
)
(16
)
Net income (loss) attributable to Dominion Energy from continuing operations – Basic
964
(482
)
Dilutive effect of Series A Preferred Stock


Net income (loss) attributable to Dominion Energy from continuing operations - Diluted
$
964
$
(482
)
Net income attributable to Dominion Energy from discontinued operations - Basic & Diluted
$
28
$
196
Average shares of common stock outstanding – Basic & Diluted
805.9
838.2
Net effect of dilutive securities


Average shares of common stock outstanding – Diluted
805.9
838.2
EPS from continuing operations – Basic
$
1.19
$
(0.57
)
EPS from discontinued operations – Basic
0.04
0.23
EPS attributable to Dominion Energy – Basic
$
1.23
$
(0.34
)
EPS from continuing operations – Diluted
1.19
$
(0.57
)
EPS from discontinued operations – Diluted
0.04
0.23
EPS attributable to Dominion Energy – Diluted
$
1.23
$
(0.34
) The 2019 Equity Units and the Q-Pipe Transaction deposit are potentially dilutive securities. See Note 3 in this report and Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 for more information. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2021, as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the calculation of diluted EPS from continuing operations based upon the expectation that the conversion will be settled in cash rather than through the issuance of Dominion Energy common stock. For the three months ended March 31, 2021, a fair value adjustment related to the Series A Preferred Stock included within the 2019 Equity Units is excluded from the calculation of diluted EPS from continuing operations, as such fair value adjustment was not dilutive during the period. As a result of a net loss attributable to Dominion Energy from continuing operations for the three months ended March 31, 2020, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS from continuing operations. The impact of settling the deposit associated with the Q-Pipe Transaction in shares is excluded from the calculation of diluted EPS from continuing operations for the three months ended March 31, 2021 based upon the expectation Dominion Energy would settle in cash rather than through the issuance of Dominion Energy common stock.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive IncomeNote 7. Accumulated Other Comprehensive Income Dominion Energy The following table presents Dominion Energy’s changes in AOCI by component, net of tax:
Deferred gains and losses on derivatives- hedging activities
Unrealized gains and losses on investment securities
Unrecognized pension and other postretirement benefit costs
Other comprehensive loss from equity method investees
Total
(millions)
Three Months Ended March 31, 2021
Beginning balance
$
(419
)
$
62
$
(1,359
)
$
(1
)
$
(1,717
)
Other comprehensive income before reclassifications: gains (losses)
39
(31
)
6

14
Amounts reclassified from AOCI: (gains) losses ( 1)
13
1
18

32
Net current period other comprehensive income (loss)
52
(30
)
24

46
Ending balance
$
(367
)
$
32
$
(1,335
)
$
(1
)
$
(1,671
)
Three Months Ended March 31, 2020
Beginning balance
$
(407
)
$
37
$
(1,421
)
$
(2
)
$
(1,793
)
Other comprehensive income before reclassifications: gains (losses)
(266
)
9


(257
)
Amounts reclassified from AOCI: (gains) losses ( 1)
22
(9
)
19

32
Net current period other comprehensive income (loss)
(244
)

19

(225
)
Ending balance
$
(651
)
$
37
$
(1,402
)
$
(2
)
$
(2,018
)
(1)
See table below for details about these reclassifications. The following table presents Dominion Energy’s reclassifications out of AOCI by component:
Details about AOCI components
Amounts reclassified from AOCI
Affected line item in the Consolidated Statements of Income
(millions)
Three Months Ended March 31, 2021
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts
$
1
Purchased gas
Interest rate contracts
16
Interest and related charges
Total
17
Tax
(4
)
Income tax expense (benefit)
Total, net of tax
$
13
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
1
Other income (expense)
Total
1
Tax

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 (expense)
Amortization of actuarial losses
30
Other income (expense)
Total
25
Tax
(7
)
Income tax expense (benefit)
Total, net of tax
$
18
Three Months Ended March 31, 2020
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts
$
(6
)
Operating revenue
3
Purchased gas
(1
)
Discontinued operations
Interest rate contracts
25
Interest and related charges
2
Discontinued operations
Foreign currency contracts
6
Discontinued operations
Total
29
Tax
(7
)
Income tax expense (benefit)
Total, net of tax
$
22
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
(13
)
Other income (expense)
Total
(13
)
Tax
4
Income tax expense (benefit)
Total, net of tax
$
(9
)
Unrecognized pension and other postretirement benefit costs:
Amortization of prior-service costs (credits)
$
(6
)
Other income (expense)
Amortization of actuarial losses
30
Other income (expense)
Total
24
Tax
(5
)
Income tax expense (benefit)
Total, net of tax
$
19
Virginia Power The following table presents Virginia Power’s changes in AOCI by component, net of tax:
Deferred gains and losses on derivatives- hedging activities
Unrealized gains and losses on investment securities
Total
(millions)
Three Months Ended March 31, 2021
Beginning balance
$
(60
)
$
8
$
(52
)
Other comprehensive income before reclassifications: gains (losses)
32
(5
)
27
Amounts reclassified from AOCI: losses ( 1)
1
1
2
Net current period other comprehensive income (loss)
33
(4
)
29
Ending balance
$
(27
)
$
4
$
(23
)
Three Months Ended March 31, 2020
Beginning balance
$
(34
)
$
5
$
(29
)
Other comprehensive income before reclassifications: losses
(45
)
(2
)
(47
)
Amounts reclassified from AOCI: losses ( 1)

1
1
Net current period other comprehensive income (loss)
(45
)
(1
)
(46
)
Ending balance
$
(79
)
$
4
$
(75
)
(1)
See table below for details about these reclassifications. The following table presents Virginia Power’s reclassifications out of AOCI by component:
Details about AOCI components
Amounts reclassified from AOCI
Affected line item in the Consolidated Statements of Income
(millions)
Three Months Ended March 31, 2021
(Gains) losses on cash flow hedges:
Interest rate contracts
$
1
Interest and related charges
Total
1
Tax

Income tax expense (benefit)
Total, net of tax
$
1
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
1
Other income (expense)
Total
1
Tax

Income tax expense (benefit)
Total, net of tax
$
1
Three Months Ended March 31, 2020
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
2
Other income (expense)
Total
2
Tax
(1
)
Income tax expense (benefit)
Total, net of tax
$
1

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value MeasurementsNote 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, 2020. 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. 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. For Level 3 fair value measurements, certain forward market prices are considered unobservable. The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at March 31, 2021. The range and weighted average are presented in dollars for market price inputs.
Fair Value (millions)
Valuation Techniques
Unobservable Input
Range
Weighted Average ( 1)
Assets
Physical and financial forwards:
Natural gas ( 2)
$
56
Discounted cash flow
Market price (per Dth)
(3)
(2) - 3
(1
)
FTRs
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 3

Total assets
$
58
Liabilities
Financial forwards:
FTRs
$
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 2

Total liabilities
$
2
(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2. 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) Recurring Fair Value Measurements Dominion Energy The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
Level 1
Level 2
Level 3
Total
(millions)
At March 31, 2021
Assets
Derivatives:
Commodity
$

$
51
$
58
$
109
Interest rate

740

740
Investments ( 1)
Equity securities:
U.S.
4,569


4,569
Fixed income:
Corporate debt instruments

722

722
Government securities
728
727

1,455
Cash equivalents and other
18


18
Total assets
$
5,315
$
2,240
$
58
$
7,613
Liabilities
Derivatives:
Commodity
$

$
76
$
2
$
78
Interest rate

186

186
Total liabilities
$

$
262
$
2
$
264
At December 31, 2020
Assets
Derivatives:
Commodity
$

$
57
$
110
$
167
Interest rate

230

230
Investments ( 1)
Equity securities:
U.S.
4,648


4,648
Fixed income:
Corporate debt instruments

629

629
Government securities
508
730

1,238
Cash equivalents and other
32
15

47
Total assets
$
5,188
$
1,661
$
110
$
6,959
Liabilities
Derivatives:
Commodity
$

$
48
$
7
$
55
Interest rate

431

431
Total liabilities
$

$
479
$
7
$
486
(1)
Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $399 million and $ 340 million of assets at March 31, 2021 and December 31, 2020 , respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
Three Months Ended
March 31,
2021
2020
(millions)
Beginning balance
$
103
$
(37
)
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases
(21
)
(22
)
Included in regulatory assets/liabilities
(47
)
80
Settlements
21
22
Ending balance
$
56
$
43
There are less than $1 million of unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2021. There were no unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2020. Virginia Power The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2021. The range and weighted average are presented in dollars for market price inputs.
Fair Value (millions)
Valuation Techniques
Unobservable Input
Range
Weighted Average ( 1)
Assets
Physical and financial forwards:
Natural gas ( 2)
$
56
Discounted cash flow
Market price (per Dth)
(3)
(2) - 3
(1
)
FTRs
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 3

Total assets
$
58
Liabilities
Financial forwards:
FTRs
$
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 2

Total liabilities
$
2
(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2. 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) The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
Level 1
Level 2
Level 3
Total
(millions)
At March 31, 2021
Assets
Derivatives:
Commodity
$

$
18
$
58
$
76
Interest rate

283

283
Investments ( 1)
Equity securities:
U.S.
2,132


2,132
Fixed income:
Corporate debt instruments

400

400
Government securities
340
277

617
Total assets
$
2,472
$
978
$
58
$
3,508
Liabilities
Derivatives:
Commodity
$

$
26
$
2
$
28
Interest rate

150

150
Total liabilities
$

$
176
$
2
$
178
At December 31, 2020
Assets
Derivatives:
Commodity
$

$
5
$
110
$
115
Interest rate

66

66
Investments ( 1)
Equity securities:
U.S.
2,171


2,171
Fixed income:
Corporate debt instruments

348

348
Government securities
201
309

510
Cash equivalents and other
13


13
Total assets
$
2,385
$
728
$
110
$
3,223
Liabilities
Derivatives:
Commodity
$

$
22
$
7
$
29
Interest rate

376

376
Total liabilities
$

$
398
$
7
$
405
(1)
Includes investments held in the nuclear decommissioning trusts. Excludes $ 199 million and $ 167 million of assets at March 31, 2021 and December 31, 2020 , respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy. The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
Three Months Ended
March 31,
2021
2020
(millions)
Beginning balance
$
103
$
(37
)
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases
(21
)
(22
)
Included in regulatory assets/liabilities
(47
)
80
Settlements
21
22
Ending balance
$
56
$
43
There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2021 and 2020. Fair Value of Financial Instruments Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:
March 31, 2021
December 31, 2020
Carrying Amount
Estimated Fair Value ( 1)
Carrying Amount
Estimated Fair Value ( 1)
(millions)
Dominion Energy
Long-term debt ( 2)(3)
$
31,991
$
36,334
$
31,996
$
38,773
Supplemental 364-Day credit facility borrowings


225
225
Junior subordinated notes ( 4)
3,412
3,579
3,411
3,633
Virginia Power
Long-term debt ( 4)
$
13,209
$
15,174
$
13,207
$
16,455
(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. At both March 31, 2021 and December 31, 2020, the carrying amount includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million.
(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 Activities3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives and Hedge Accounting ActivitiesNote 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, 2020. 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. The Companies’ derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of setoff through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of setoff through counterparty nonperformance, insolvency or other conditions. In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of securities, none of which are subject to restrictions. Cash collateral, as presented in the table below, is used to offset derivative assets and liabilities. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for further information regarding credit-related contingent features for the Companies’ derivative instruments. Dominion Energy Balance Sheet Presentation The tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
March 31, 2021
December 31, 2020
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
$
76
$
18
$

$
58
$
117
$
9
$

$
108
Exchange
33
33


49
24

25
Interest rate contracts:
Over-the-counter
740
19

721
230
13

217
Total derivatives, subject to a master netting or similar arrangement
$
849
$
70
$

$
779
$
396
$
46
$

$
350
(1)
Excludes less than $1
March 31, 2021
December 31, 2020
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
$
28
$
18
$

$
10
$
30
$
9
$

$
21
Exchange
50
33
17

24
24


Interest rate contracts:
Over-the-counter
186
19
11
156
431
13
17
401
Total derivatives, subject to a master netting or similar arrangement
$
264
$
70
$
28
$
166
$
485
$
46
$
17
$
422
(1)
Excludes less than $ 1 million and $ 1 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, which are not subject to master netting or similar arrangements. Volumes The following table presents the volume of Dominion Energy’s derivative activity at March 31, 2021. 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)
60
19
Basis
202
496
Electricity (MWh):
Fixed price
10,745,307
9,789,934
FTRs
18,264,727

Interest rate ( 2)
$
1,250
$
5,407
(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 Dominion Energy’s Consolidated Balance Sheet at March 31, 2021:
AOCI After-Tax
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax
Maximum Term
(millions)
Interest rate
$
(367
)
$
(40
)
393 months
Total
$
(367
)
$
(40
)
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value 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 as fair value hedges during the three months ended March 31, 2021 and March 31, 2020. The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:
Carrying Amount of the Hedged Asset (Liability) ( 1)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) ( 2)
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
(millions)
Long-term debt
$
(1,153
)
$
(1,153
)
$
(3
)
$
(3
)
(1)
Includes $(1.2) billion related to discontinued hedging relationships at both March 31, 2021 and December 31, 2020.
(2)
Includes $(3) million of hedging adjustments on discontinued hedging relationships at both March 31, 2021 and December 31, 2020. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets:
Fair Value – Derivatives under Hedge Accounting
Fair Value – Derivatives not under Hedge Accounting
Total Fair Value
(millions)
March 31, 2021
ASSETS
Current Assets
Commodity
$

$
24
$
24
Interest rate

12
12
Total current derivative assets ( 1)

36
36
Noncurrent Assets
Commodity

85
85
Interest rate
287
441
728
Total noncurrent derivative assets ( 2)
287
526
813
Total derivative assets
$
287
$
562
$
849
LIABILITIES
Current Liabilities
Commodity
$

$
61
$
61
Interest rate
150
10
160
Total current derivative liabilities ( 3)
150
71
221
Noncurrent Liabilities
Commodity

17
17
Interest rate

26
26
Total noncurrent derivative liabilities ( 4)

43
43
Total derivative liabilities
$
150
$
114
$
264
December 31, 2020
ASSETS
Current Assets
Commodity
$

$
58
$
58
Interest rate

9
9
Total current derivative assets ( 1)

67
67
Noncurrent Assets
Commodity

109
109
Interest rate
66
155
221
Total noncurrent derivative assets ( 2)
66
264
330
Total derivative assets
$
66
$
331
$
397
LIABILITIES
Current Liabilities
Commodity
$

$
42
$
42
Interest rate
363
10
373
Total current derivative liabilities ( 3)
363
52
415
Noncurrent Liabilities
Commodity

13
13
Interest rate
19
39
58
Total noncurrent derivative liabilities ( 4)
19
52
71
Total derivative liabilities
$
382
$
104
$
486
(1)
Current derivative assets include $31 million and $63 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Current derivative liabilities include $217 million and $412 million at March 31, 2021 and December 31, 2020, respectively, presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. The remainder is in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets.
(4)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets. The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income.
Derivatives in cash flow hedging relationships
Amount of Gain (Loss) Recognized in AOCI on Derivatives ( 1)
Amount of Gain (Loss) Reclassified From AOCI to Income
Increase (Decrease) in Derivatives Subject to Regulatory Treatment ( 2)
(millions)
Three Months Ended March 31, 2021
Derivative type and location of gains (losses):
Commodity:
Purchased gas
$

$
(1
)
$

Interest rate:
Interest and related charges
52
(16
)
408
Total
$
52
$
(17
)
$
408
Three Months Ended March 31, 2020
Derivative type and location of gains (losses):
Commodity:
Operating revenue
$
6
Purchased gas
(3
)
Discontinued operations
1
Total Commodity
$

$
4
$

Interest rate:
Interest and related charges
(25
)
Discontinued operations
(2
)
Total interest rate
(336
)
(27
)
(563
)
Foreign currency ( 3)
(23
)
(6
)

Total
$
(359
)
$
(29
)
$
(563
)
(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 Statement 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
March 31,
2021
2020
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue
$
(41
)
$
51
Purchased gas

(11
)
Electric fuel and other energy-related purchases
(44
)
(65
)
Discontinued operations

11
Interest rate:
Interest and related charges
319
(53
)
Discontinued operations

(8
)
Total
$
234
$
(75
)
(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:
March 31, 2021
December 31, 2020
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
$
71
$
15
$

$
56
$
111
$
6
$

$
105
Exchange
3
3


1
1


Interest rate contracts:
Over-the-counter
283
19

264
66
7

59
Total derivatives, subject to a master netting or similar arrangement
$
357
$
37
$

$
320
$
178
$
14
$

$
164
(1)
Excludes $2
March 31, 2021
December 31, 2020
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
$
15
$

$
4
$
6
$
6
$

$

Exchange
4
3
1

1
1


Interest rate contracts:
Over-the-counter
150
19

131
376
7

369
Total derivatives, subject to a master netting or similar arrangement
$
173
$
37
$
1
$
135
$
383
$
14
$

$
369
(1)
Excludes $ 5 million and $ 22 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, which are not subject to master netting or similar arrangements. Volumes The following table presents the volume of Virginia Power’s derivative activity at March 31, 2021. 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)
35
18
Basis
151
495
Electricity (MWh):
Fixed price
3,770,002
3,029,859
FTRs
18,264,727

Interest rate ( 2)
$
850
$
1,200
(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 March 31, 2021:
AOCI After-Tax
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax
Maximum Term
(millions)
Interest rate
$
(27
)
$
(2
)
393 months
Total
$
(27
)
$
(2
)
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest payments) in earnings, thereby achieving the realization of interest rates contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets:
Fair Value – Derivatives under Hedge Accounting
Fair Value – Derivatives not under Hedge Accounting
Total Fair Value
(millions)
March 31, 2021
ASSETS
Current Assets
Commodity
$

$
11
$
11
Total current derivative assets ( 1)

11
11
Noncurrent Assets
Commodity

65
65
Interest rate
283

283
Total noncurrent derivative assets ( 2)
283
65
348
Total derivative assets
$
283
$
76
$
359
LIABILITIES
Current Liabilities
Commodity
$

$
21
$
21
Interest rate
150

150
Total current derivative liabilities
150
21
171
Noncurrent Liabilities
Commodity

7
7
Total noncurrent derivative liabilities ( 3)

7
7
Total derivative liabilities
$
150
$
28
$
178
December 31, 2020
ASSETS
Current Assets
Commodity
$

$
22
$
22
Total current derivative assets ( 1)

22
22
Noncurrent Assets
Commodity

93
93
Interest rate
66

66
Total noncurrent derivative assets ( 2)
66
93
159
Total derivative assets
$
66
$
115
$
181
LIABILITIES
Current Liabilities
Commodity
$

$
28
$
28
Interest rate
362

362
Total current derivative liabilities
362
28
390
Noncurrent Liabilities
Commodity

1
1
Interest rate
14

14
Total noncurrent derivative liabilities ( 3)
14
1
15
Total derivative liabilities
$
376
$
29
$
405
(1)
Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets.
(3)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets. The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:
Derivatives in cash flow hedging relationships
Amount of Gain (Loss) Recognized in AOCI on Derivatives ( 1)
Amount of Gain (Loss) Reclassified From AOCI to Income
Increase (Decrease) in Derivatives Subject to Regulatory Treatment ( 2)
(millions)
Three Months Ended March 31, 2021
Derivative type and location of gains (losses):
Interest rate ( 3)
$
43
$
(1
)
$
407
Total
$
43
$
(1
)
$
407
Three Months Ended March 31, 2020
Derivative type and location of gains (losses):
Interest rate ( 3)
$
(61
)
$

$
(565
)
Total
$
(61
)
$

$
(565
)
(1)
Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.
(2)
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.
(3)
Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.
Derivatives not designated as hedging instruments
Amount of Gain (Loss) Recognized in Income on Derivatives ( 1)
Three Months Ended
March 31,
2021
2020
(millions)
Derivative type and location of gains (losses):
Commodity:
Electric fuel and other energy-related purchases
$
(44
)
$
(65
)
Operating revenue
(2
)

Total
$
(46
)
$
(65
)
(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.

Investments

Investments3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
InvestmentsNote 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 $139 Decommissioning Trust Securities Dominion Energy holds equity and fixed income securities, insurance contracts and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Dominion Energy’s decommissioning trust funds are summarized below:
Amortized Cost
Total Unrealized Gains
Total Unrealized Losses
Allowance for Credit Losses
Fair Value
(millions)
March 31, 2021
Equity securities: (1)
U.S.
$
1,573
$
3,036
$
(10
)
$
4,599
Fixed income securities: (2)
Corporate debt instruments
698
32
(8
)
$

722
Government securities
1,369
47
(14
)

1,402
Common/collective trust funds
221
6


227
Insurance contracts
237


237
Cash equivalents and other ( 3)
(51
)
3


(48
)
Total
$
4,047
$
3,124
$
(32
)
(4)
$

$
7,139
December 31, 2020
Equity securities: (1)
U.S.
$
1,756
$
2,948
$
(24
)
$
4,680
Fixed income securities: (2)
Corporate debt instruments
572
58
(1
)
$

629
Government securities
1,119
66
(1
)

1,184
Common/collective trust funds
170
5


175
Insurance contracts
237


237
Cash equivalents and other ( 3)
(8
)
4
(1
)

(5
)
Total
$
3,846
$
3,081
$
(27
)
(4)
$

$
6,900
(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. Changes in allowance for credit losses are included in other income.
(3)
Includes pending purchases of securities of $63 million and $49 million at March 31, 2021 and December 31, 2020, respectively.
(4)
The fair value of securities in an unrealized loss position was $937 million and $293 million at March 31, 2021 and December 31, 2020, respectively. The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:
Three Months Ended March 31,
2021
2020
(millions)
Net gains (losses) recognized during the period
$
279
$
(898
)
Less: Net (gains) losses recognized during the period on securities sold during the period
(178
)
14
Unrealized gains (losses) recognized during the period on securities still held at period end ( 1)
$
101
$
(884
)
(1)
Included in other income and the nuclear decommissioning trust regulatory liability. The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2021 by contractual maturity is as follows:
Amount
(millions)
Due in one year or less
$
292
Due after one year through five years
640
Due after five years through ten years
614
Due after ten years
805
Total
$
2,351
Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
Three Months Ended March 31,
2021
2020
(millions)
Proceeds from sales
$
1,765
$
602
Realized gains ( 1)
232
66
Realized losses ( 1)
59
69
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability. Virginia Power Virginia Power holds equity and fixed income securities and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below:
Amortized Cost
Total Unrealized Gains
Total Unrealized Losses
Allowance for Credit Losses
Fair Value
(millions)
March 31, 2021
Equity securities: (1)
U.S.
$
839
$
1,414
$
(9
)
$
2,244
Fixed income securities: (2)
Corporate debt instruments
385
18
(3
)
$

400
Government securities
601
18
(3
)

616
Common/collective trust funds
86



86
Cash equivalents and other ( 3)
(24
)



(24
)
Total
$
1,887
$
1,450
$
(15
)
(4)
$

$
3,322
December 31, 2020
Equity securities: (1)
U.S.
$
929
$
1,371
$
(21
)
$
2,279
Fixed income securities: (2)
Corporate debt instruments
315
33

$

348
Government securities
484
25


509
Common/collective trust funds
58



58
Cash equivalents and other ( 3)
3



3
Total
$
1,789
$
1,429
$
(21
)
(4)
$

$
3,197
(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 purchases of securities of $24 million and $10 million at March 31, 2021 and December 31, 2020, respectively.
(4)
The fair value of securities in an unrealized loss position was $434 million and $142 million The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:
Three Months Ended March 31,
2021
2020
(millions)
Net gains (losses) recognized during the period
$
143
$
(423
)
Less: Net (gains) losses recognized during the period on securities sold during the period
(88
)
6
Unrealized gains (losses) recognized during the period on securities still held at period end ( 1)
$
55
$
(417
)
(1)
Included in other income and the nuclear decommissioning trust regulatory liability. The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2021 by contractual maturity is as follows:
Amount
(millions)
Due in one year or less
$
111
Due after one year through five years
314
Due after five years through ten years
365
Due after ten years
312
Total
$
1,102
Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
Three Months Ended March 31,
2021
2020
(millions)
Proceeds from sales
$
789
$
294
Realized gains ( 1)
106
31
Realized losses ( 1)
23
31
(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 $80 million and $4 million for the three months ended March 31, 2021 and 2020, respectively, in other income in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(8) and $35 million for the three months ended March 31, 2021 and 2020, respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions of $73 million and $5 million for the three months ended March 31, 2021 and 2020, respectively. At March 31, 2021 and December 31, 2020, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $224 million and $213 million, respectively. At March 31, 2021, these differences are comprised of $27 million of equity method goodwill that is not being amortized, a $226 million basis difference from Dominion Energy’s investments in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(29) million basis difference primarily attributable to an unfunded commitment made to Align RNG. At December 31, 2020, these differences are comprised of $27 million of equity method goodwill that is not being amortized, a $227 million basis difference from Dominion Energy’s investments in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(41) million basis difference primarily attributable to an unfunded commitment made to Align RNG. Cove Point In November 2020, in conjunction with the GT&S Transaction, Dominion Energy sold 100% of its general partner interest and 25% of the total limited partner interest in Cove Point. Dominion Energy retained a 50% noncontrolling limited partnership interest in Cove Point which is accounted for as an equity method investment, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020. Income before income taxes recorded by Cove Point for the three months ended March 31, 2021 and 2020, was $138 million and $133 million, respectively. For the periods prior to closing of the GT&S Transaction, earnings attributable to Dominion Energy are presented in discontinued operations and subsequent to the closing, earnings attributable to Dominion Energy are presented within other income in its Consolidated Statements of Income. Dominion Energy recorded distributions from Cove Point of $73 million for the three months ended March 31, 2021. No contributions were made to Cove Point for the three months ended March 31, 2021. Atlantic Coast Pipeline A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. At March 31, 2021 and December 31, 2020, Dominion Energy has recorded a liability of $97 million and $1.1 billion, respectively, in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its credit facility, through February 2021, and AROs. In February 2021, Atlantic Coast Pipeline repaid the outstanding borrowed amounts and terminated its revolving credit facility. As of December 31, 2020, Atlantic Coast Pipeline had borrowed $1.8 billion against the revolving credit facility. Concurrently, Dominion Energy’s related guarantee agreement to support its portion of Atlantic Coast Pipeline’s borrowings was also terminated. Dominion Energy’s Consolidated Balance Sheets included a liability of $6 million associated with this guarantee agreement at December 31, 2020. Dominion Energy recorded contributions of $965 million and $16 million during the three months ended March 31, 2021 and 2020, respectively, to Atlantic Coast Pipeline. 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 $20 million for the three months ended March 31, 2020, included in discontinued operations in Dominion Energy’s Consolidated Statements of Income. Wrangler A description of Dominion Energy’s investment in Wrangler is included in Note 9 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. At March 31, 2021 and December 31, 2020, $72 million and $63 million of assets and $15 million and $15 million of liabilities, respectively, associated with the remaining nonregulated retail energy marketing operations expected to be contributed to Wrangler by December 2021 were classified as held for sale and were included in current assets held for sale and current liabilities held for sale on Dominion Energy’s Consolidated Balance Sheets, respectively. The related disposal group is primarily comprised of customer receivables, goodwill, inventories and accounts payable.

Property, Plant and Equipment

Property, Plant and Equipment3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property, Plant and EquipmentNote 11. Property, Plant and Equipment Acquisitions of Nonregulated 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, 2020. The following table presents acquisitions by Virginia Power of non-jurisdictional 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
February 2021
Expected 2021
Virginia
Bookers Mill
$
200
Expected 2023
127
(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
May 2020
October 2020
South Carolina
Trask
$
22
March 2021
12
August 2020
Expected 2021
Ohio
Hardin II
300
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 throughout 2021. As of March 2021, Dominion Energy anticipates a total projected cost of approximately $59 million under these agreements with an associated aggregate generation capacity of 29 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

Regulatory Assets and Liabiliti

Regulatory Assets and Liabilities3 Months Ended
Mar. 31, 2021
Regulated Operations [Abstract]
Regulatory Assets and LiabilitiesNote 12. Regulatory Assets and Liabilities Regulatory assets and liabilities include the following:
March 31, 2021
December 31, 2020
(millions)
Dominion Energy
Regulatory assets:
Deferred project costs and DSM programs for gas utilities ( 1)
$
17
$
35
Unrecovered gas costs ( 2)
63
78
Deferred rider costs for Virginia electric utility ( 3)
123
98
Deferred nuclear refueling outage costs ( 4)
54
53
NND Project costs ( 5)
138
138
PJM transmission rates ( 6)
48
71
Other
207
226
Regulatory assets-current
650
699
Pension and other postretirement benefit costs ( 7)
1,304
1,363
Deferred rider costs for Virginia electric utility ( 3)
347
311
Deferred project costs for gas utilities ( 1)
658
632
Interest rate hedges ( 8)
624
1,042
AROs and related funding ( 9)
340
331
Cost of reacquired debt ( 10)
242
245
NND Project costs ( 5)
2,330
2,364
Ash pond and landfill closure costs ( 11)
2,317
2,301
Deferred cost of fuel used in electric generation ( 12)
82

Other
549
544
Regulatory assets-noncurrent
8,793
9,133
Total regulatory assets
$
9,443
$
9,832
Regulatory liabilities:
Deferred cost of fuel used in electric generation ( 12)
$
33
$
58
Provision for future cost of removal and AROs ( 13)
183
183
Reserve for refunds to electric utility customers ( 14)
127
128
Reserve for future credits to Virginia electric customers ( 15)

120
Cost-of-service impact of 2017 Tax Reform Act ( 16)

12
Income taxes refundable through future rates ( 17)
119
124
Monetization of guarantee settlement ( 18)
67
67
Other
112
117
Regulatory liabilities-current
641
809
Income taxes refundable through future rates ( 17)
4,365
4,376
Provision for future cost of removal and AROs ( 13)
2,180
2,150
Nuclear decommissioning trust ( 19)
1,805
1,719
Monetization of guarantee settlement ( 18)
886
903
Reserve for refunds to electric utility customers ( 14)
505
540
Overrecovered other postretirement benefit costs ( 20)
84
111
Other
377
388
Regulatory liabilities-noncurrent
10,202
10,187
Total regulatory liabilities
$
10,843
$
10,996
(1)
Primarily
(2)
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 for more information.
(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 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, 2020 for more information.
(6)
Reflects current portion of amounts to be recovered through retail rates in Virginia for payments Virginia Power expects to make to PJM through 2026 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.
(7)
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.
(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 27 years as of March 31, 2021.
(9)
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 .
(10)
Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of March 31, 2021. (11)
(12)
Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.
(13)
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.
(14)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. 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, 2020 for more information.
(15)
Represents a reserve related to the use of a CCRO in accordance with the GTSA associated with the 2021 Triennial Review. See Note 13 for additional information.
(16)
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, 2020 for more information.
(17)
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.
(18)
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, 2020 for more information.
(19)
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.
(20)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
March 31, 2021
December 31, 2020
(millions)
Virginia Power
Regulatory assets:
Deferred rider costs ( 1)
$
123
$
98
Deferred nuclear refueling outage costs ( 2)
54
53
PJM transmission rates ( 3)
48
71
Other
67
73
Regulatory assets-current
292
295
Deferred rider costs ( 1)
347
311
Interest rate hedges ( 4)
327
733
Ash pond and landfill closure costs ( 5)
2,317
2,301
Deferred cost of fuel used in electric generation ( 6)
82

Other
162
164
Regulatory assets-noncurrent
3,235
3,509
Total regulatory assets
$
3,527
$
3,804
Regulatory liabilities:
Deferred cost of fuel used in electric generation ( 6)
$
33
$
58
Provision for future cost of removal ( 7)
152
152
Reserve for future credits to Virginia electric customers ( 8)

120
Income taxes refundable through future rates ( 9)
54
54
Other
33
41
Regulatory liabilities-current
272
425
Income taxes refundable through future rates ( 9)
2,406
2,404
Nuclear decommissioning trust ( 10)
1,805
1,719
Provision for future cost of removal ( 7)
996
980
Deferred cost of fuel used in electric generation ( 6)
2
54
Other
193
181
Regulatory liabilities-noncurrent
5,402
5,338
Total regulatory liabilities
$
5,674
$
5,763
(1)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 for more information.
(2)
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.
(3)
Reflects current portion of amounts to be recovered through retail rates in Virginia for payments Virginia Power expects to make to PJM through 2026 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.
(4)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of March 31, 2021.
(5)
Primarily reflects legislation enacted in Virginia in 2019, which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 13 for additional information. (6)
(7)
Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(8)
Represents a reserve related to the use of a CCRO in accordance with the GTSA associated with the 2021 Triennial Review. See Note 13 for additional information.
(9)
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.
(10)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs. At March 31, 2021, Dominion Energy and Virginia Power regulatory assets include $4.1 billion and $2.8 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 Matters3 Months Ended
Mar. 31, 2021
Regulated Operations [Abstract]
Regulatory MattersNote 13. Regulatory Matters Regulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations. Other Regulatory Matters Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020. Virginia Regulation 2021 Triennial Review In March 2021, Virginia Power filed its base rate case and accompanying schedules in support of the 2021 Triennial Review. In its filing, Virginia Power did not request an increase in base rates for generation and distribution services and proposed that base rates remain at their existing level. Virginia Power’s earnings test analysis, as filed, demonstrates it earned a combined ROE of 10.85% on its generation and distribution services for the test period, before accounting for forgiven customer balances. Pursuant to Virginia legislation, forgiven customer balances are excluded from the cost of service in determining test period revenues as part of the 2021 Triennial Review. To the extent that the Virginia Commission determines total earnings for the test period to be above Virginia Power’s authorized earnings band, the forgiven balance amounts are offset against the available revenues in the determination of any customer bill credits, or utilization of a CCRO. Virginia Commission approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects that Virginia Power elects to include as a CCRO under the GTSA. In its filing, Virginia Power has elected to utilize $26 million of the Coastal Virginia Offshore Wind Pilot project investment as a CCRO to offset available revenues. Should the Virginia Commission determine that there are additional available revenues for earnings sharing, then Virginia Power has contingently elected to offset those revenues with additional Virginia Commission approved qualifying CCRO investments. shall not be set lower than the average of either (i) the returns reported for the three previous years by not less than a majority of comparable utilities in the Southeastern U.S., with certain limitations as described in the Regulation Act, or (ii) the authorized returns that are set by the applicable regulatory commissions for the same select peer group. In the third and fourth quarters of 2020, Virginia Power recorded a net charge of $130 million related to the use of a CCRO in accordance with the GTSA. In the first quarter of 2021, Virginia Power recorded a benefit of $130 million ($97 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust its reserve related to the use of a CCRO in accordance with the GTSA. These amounts reflect the impact related to jurisdictional customers as a result of the 2021 Triennial Review as well as the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology. Utility Disconnection Moratorium Legislation In November 2020, legislation was enacted in Virginia relating to the moratorium on utility disconnections during the COVID-19 pandemic and resulted in Virginia Power forgiving Virginia jurisdictional retail electric customer balances that were more than 30 days past due as of September 30, 2020. As a result, Virginia Power recorded a charge of $127 million in the fourth quarter of 2020. In connection with the Virginia 2021 budget process, in the first quarter of 2021 Virginia Power recorded a charge of $76 million ($56 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income for Virginia jurisdictional retail electric customer balances that were more than 30 days past due as of December 31, 2020 that Virginia Power is required to forgive. These forgiven customer balances are factored into Virginia Power’s 2021 Triennial Review as discussed above . Solar Facility Projects In May 2020 and July 2020, Virginia Power entered into and closed on separate agreements to acquire Grassfield Solar, Norge Solar and Sycamore Solar. The projects are expected to cost approximately $170 million in aggregate once constructed, including the initial acquisition cost. The facilities are expected to generate 82 MW combined and be placed into service in 2021 and 2022. In October 2020, Virginia Power filed an application with the Virginia Commission for CPCNs to construct and operate these projects as part of its efforts to meet the renewable generation development requirements under the VCEA. In April 2021, the Virginia Commission approved the application. Riders Below is a discussion of significant riders associated with various Virginia Power projects:

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. In February 2021, the Virginia Commission approved the filing .

Pursuant to Virginia legislation, Virginia Power can recover the costs related to the closure of CCR units. In February 2021, Virginia Power filed for approval of Rider CCR with a proposed $216 million revenue requirement for the rate year beginning December 1, 2021.

10 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 B
June 2020
February 2021
April 2021
24
(8
)
Rider GV
June 2020
February 2021
April 2021
153
21
Rider R
June 2020
February 2021
April 2021
58
14
Rider S
June 2020
February 2021
April 2021
194
(1
)
Rider W
June 2020
February 2021
April 2021
120
14
Rider US-3
July 2020
March 2021
June 2021
38
10
Rider US-4
July 2020
March 2021
June 2021
10
3
Electric Transmission Projects
Description and Location of Project
Application Date
Approval Date
Type of Line
Miles of Lines
Cost Estimate (millions)
Elmont-Ladysmith rebuild and related projects in the Counties of Hanover and Caroline, Virginia
April 2021
Pending
500 kV
26
$
95
North Carolina Regulation PSNC Base Rate Case In April 2021, PSNC filed its general rate case application, direct testimony, exhibits, and schedules with the North Carolina Commission. PSNC proposed a non-fuel, base rate increase of $53 million to be effective November 1, 2021. After considering the benefits of the 2017 Tax Reform Act, the net revenue increase to customers would be approximately $42 million. The base rate increase was proposed to recover the significant investment in infrastructure to serve a growing customer base, improve safety and reliability of the transmission and distribution system and enhance energy efficiency and sustainability. The proposed rates would provide for an ROE of 10.25% compared to the currently authorized ROE of 9.7%. This matter is pending. South Carolina Regulation DSM Programs DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2021, DESC filed an application with the South Carolina Commission seeking approval to recover $48 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. In April 2021, the South Carolina Commission approved the filing. Cost of Fuel DESC’s retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. Ohio Regulation PIR Program In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In February 2021, East Ohio filed an application requesting approval to adjust the PIR cost recovery rates for 2020 costs. The filing reflects gross plant investment for 2020 of $178 million, cumulative gross plant investment of $2.0 billion and an annual revenue requirement of $243 million. CEP Program In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs associated with CEP investments. In April 2021, East Ohio filed an application requesting approval to adjust the CEP cost recovery rates for 2019 and 2020 costs. The filing reflects gross plant investment for 2019 of $137 million, gross plant investment for 2020 of $99 million, cumulative gross plant investment of $957 million and a revenue requirement of $119 million. This matter is pending. Utah Regulation Purchased Gas In April 2021, Questar Gas submitted a filing with the Utah Commission for a $43 million gas cost increase with rates effective June 2021. This matter is pending.

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesNote 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, 2020. Dominion Energy’s Consolidated Statements of Income include $34 million and $32 million for the three months ended March 31, 2021 and 2020, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $27 million and $23 million for the three months ended March 31, 2021 and 2020, 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 provided equity and had obtained financing commitments from debt investors, totaling $465 million, to fund the estimated project costs. In March 2021, Dominion Energy notified the lessor of its intention to terminate the leasing arrangement effective April 2021. As a result, Dominion Energy recorded a charge of $71 million ($53 million after-tax) in the first quarter of 2021, included in impairments of assets and other charges in its Consolidated Statements of Income, primarily for amounts required to be repaid to the lessor.

Variable Interest Entities

Variable Interest Entities3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Variable Interest EntitiesNote 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, 2020. Dominion Energy At March 31, 2021 and December 31, 2020, Dominion Energy’s securities due within one year included $34 million and $32 million, respectively, and at March 31, 2021 and December 31, 2020, Dominion Energy’s long-term debt included $238 million and $239 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 purchased shared services from DES, an affiliated VIE, of $96 million and $93 million for the three months ended March 31, 2021 and 2020, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $35 million and $175 million at March 31, 2021 and December 31, 2020, respectively, recorded in payables to affiliates.

Significant Financing Transacti

Significant Financing Transactions3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Significant Financing TransactionsNote 16. Significant Financing Transactions Credit Facilities and Short-term Debt The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Dominion Energy At March 31, 2021, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
Facility Limit
Outstanding Commercial Paper
Outstanding Letters of Credit
Facility Capacity Available
(millions)
Joint revolving credit facility ( 1)
$
6,000
$
2,477
$
99
$
3,424
(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 DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At March 30, 2021, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively. In January 2021, DESC and GENCO applied to FERC for a two-year short-term borrowing authorization. In March 2021, FERC granted DESC authority through March 2023 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 2021, FERC granted GENCO authority through March 2023 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less. In addition to the credit facility mentioned above, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $30 million in letters of credit and matures in June 2022 In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which had an original stated maturity date of December 2017 with automatic one-year one-year In March 2020, Dominion Energy entered into a $900 million 364-Day Revolving Credit Agreement that bore interest at a variable rate. At December 31, 2020, $225 million was outstanding under the agreement. In March 2021, the agreement reached maturity and Dominion Energy repaid the outstanding borrowed amount in full. Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability Investment SM Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020. At March 31, 2021 and December 31, 2020, Dominion Energy’s Consolidated Balance Sheets include $ 338 million and $ 268 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt. Virginia Power Virginia Power’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility. This credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes. At March 31, 2021, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:
Facility Limit ( 1)
Outstanding Commercial Paper
Outstanding Letters of Credit
(millions)
Joint revolving credit facility ( 1)
$
6,000
$
420
$
12
(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 March 31, 2021, 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. Long-term Debt Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt. In March 2021, PSNC issued, through private placement, $150 million of 3.10% senior notes that mature in 2051. In April 2021, Dominion Energy issued $600 million of 1.45% senior notes and $500 million of 3.30% senior notes that mature in 2026 and 2041, respectively. Preferred Stock Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At both March 31, 2021 and December 31, 2020, Dominion Energy had issued and outstanding 2.4 million shares of preferred stock, 1.6 million and 0.8 million of which were designated as the Series A Preferred Stock and the Series B Preferred Stock, respectively. Dominion Energy’s Series A Preferred Stock and Series B Preferred Stock are described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020. Dominion Energy recorded dividends of $7 million ($4.375 per share) and $9 million ($11.625 per share) during both the three months ended March 31, 2021 and 2020 on the Series A Preferred Stock and Series B Preferred Stock, respectively. The stock purchase contract liability associated with Dominion Energy’s 2019 Equity Units was $108 million and $129 million at March 31, 2021 and December 31, 2020, respectively. Stock purchase contract payments of $21 million and $20 million were made during the three months ended March 31, 2021 and 2020, respectively. 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. Issuance of Common Stock Dominion Energy recorded, net of fees and commissions, $48 million and $78 million from the issuance of less than 1 million and 1 million shares of common stock for the three months ended March 31, 2021 and 2020, respectively, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020. At-the-Market Program In August 2020, Dominion Energy entered into sales agency agreements to effect sales under an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2020. As of March 31, 2021, Dominion Energy has not issued any shares or entered into any forward sale agreements under this program. Repurchase of Common Stock In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report Form 10-K for the year ended December 31, 2020 . Dominion Energy did not repurchase any shares of common stock during the first quarter of 2021.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and ContingenciesNote 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 The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation's air quality. At a minimum, states are required to establish regulatory programs to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements. Ozone Standards The EPA published final non-attainment designations for the October 2015 ozone 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. ACE Rule In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. While the EPA has stated its intention to replace the ACE Rule, it is unknown at this time if or how the EPA will issue a replacement for the ACE Rule and how that replacement will affect the Companies’ operations, financial condition and/or cash flows. Carbon Regulations In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of 75,000 tons per year of CO 2 In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with best operating practices. In January 2021, the EPA published a final rule affirming that fossil fuel-fired electric generating units meet the requirement that a source category “significantly contribute” to endangering air pollution for the purposes of regulating GHG emissions from new, modified and reconstructed stationary sources. The January 2021 rule also established a threshold for the “significant contribution” threshold that would have meant that no other source category, such as oil and gas facilities, petroleum refineries, and boilers, would meet that requirement at this time. In April 2021, the U.S. Court of Appeals for the D.C. Circuit granted an unopposed motion by the EPA to vacate and remand the January 2021 rule. The proposed revision to the performance standards for coal-fired steam generating units remains pending. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows. Water The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities. Regulation 316(b) In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two 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 . compliance dates will vary based on circumstances and the determination by state regulators and may range from 2021 to 2028 . While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities. Waste Management and Remediation The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups. From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows. Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At 12 sites associated with Dominion Energy, including certain sites acquired in the SCANA Combination, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed or expects to propose remediation plans associated with three sites, including one at Virginia Power, and expects to conduct remediation activities primarily by the end of 2021. At March 31, 2021 and December 31, 2020, Dominion Energy had $40 million and $42 million, respectively, and Virginia Power had $25 million and $26 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 12 additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts. Other Legal Matters The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows. SCANA Legal Proceedings The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2021 and December 31, 2020 include reserves of $268 million and $208 million, respectively, included within other current liabilities, and insurance receivables at both dates of $8 million, included within other receivables. During the three months ended March 31, 2021, Dominion Energy’s Consolidated Statements of Income include charges of $60 million ($45 million after-tax) included within impairment of assets and other charges. During the three months ended March 31, 2020, Dominion Energy’s Consolidated Statements of Income include charges of $25 million ($25 million after-tax) included within other income (expense). 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). The plaintiffs alleged, 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. In December 2018, the State Court of Common Pleas in Hampton County entered an order granting preliminary approval of a class action settlement. The court entered an order granting final approval of the settlement in June 2019, which became effective in July 2019. The settlement agreement, contingent upon the closing of the SCANA Combination, provided that SCANA and DESC establish an escrow account and proceeds from the escrow account would be distributed to the plaintiffs, 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 plaintiffs estimated 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. 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, which was completed by DESC in October 2020. 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 were substantially similar to those in the DESC Ratepayer Case. 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 provided that Dominion Energy and Santee Cooper establish a fund for the benefit of class members in the amount of $520 million, of which Dominion Energy’s portion was $320 million of shares of Dominion Energy common stock. 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 were 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 alleged, 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. 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 alleged, among other things, that the defendants violated §10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, and that the individually named defendants are liable under §20(a) of the same act. In December 2019, the parties executed a settlement agreement pursuant to which SCANA would pay $192.5 million, up to $32.5 million of which could be satisfied through the issuance of shares of Dominion Energy common stock, subject to court approval. 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, and granted final approval in July 2020. In March 2020, SCANA funded an escrow account with $160 million in cash and paid the balance of $32.5 million in cash in August 2020 to satisfy the settlement. In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. In January 2019, the defendants filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. In March 2020, the court denied the defendants’ motion to dismiss. In April 2020, the defendants filed a notice of appeal with the South Carolina Court of Appeals and a petition with the Supreme Court of South Carolina seeking appellate review of the denial of the motion to dismiss. In June 2020, the plaintiffs filed a motion to dismiss the appeal with the South Carolina Court of Appeals, which was granted in July 2020. In August 2020, the Supreme Court of South Carolina denied the defendants’ petition seeking appellate review. Also in August 2020, the defendants filed a petition for rehearing with the South Carolina Court of Appeals relating to the July 2020 ruling by the court, which was denied in October 2020. In November 2020, SCANA filed a petition of certiorari with the Supreme Court of South Carolina seeking appellate review of the denial of SCANA’s motion to dismiss. This case is pending. In January 2018, a purported class action was filed against SCANA, Dominion Energy and certain former executive officers and directors of SCANA in the State Court of Common Pleas in Lexington County, South Carolina (the City of Warren Lawsuit). The plaintiff alleges, among other things, that defendants violated their fiduciary duties to shareholders by executing a merger agreement that would unfairly deprive plaintiffs of the true value of their SCANA stock, and that Dominion Energy aided and abetted these actions. Among other remedies, the plaintiff seeks to enjoin and/or rescind the merger. In February 2018, 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 September 2019, the U.S. District Court for the District of South Carolina granted the plaintiffs’ motion to consolidate the City of Warren Lawsuit and the Metzler Lawsuit. In October 2019, the plaintiffs filed an amended complaint against certain former directors and executive officers of SCANA and DESC, which stated substantially similar allegations to those in the City of Warren Lawsuit and the Metzler Lawsuit as well as an inseparable fraud claim. In November 2019, the defendants filed a motion to dismiss. In April 2020, the U.S. District Court for the District of South Carolina denied the motion to dismiss. In May 2020, SCANA filed a motion to intervene, which was denied in August 2020. In September 2020, SCANA filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. This case is pending. In May 2019, a case was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. The plaintiff alleges, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In February 2020, the defendants filed a motion to dismiss. This case is pending. Employment Class Actions and Indemnification In August 2017, a case was filed in the U.S. District Court for the District of South Carolina on behalf of persons who were formerly employed at the NND Project. In July 2018, the court certified this case as a class action. In February 2019, certain of these plaintiffs filed an 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 January 2021, the U.S. District Court for the District of South Carolina granted summary judgment in favor of SCANA, DESC, Fluor Corporation and Fluor Enterprises, Inc. In February 2021, the plaintiffs filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. This case is pending. 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. This case is pending. FILOT Litigation and Related Matters In November 2017, Fairfield County filed a complaint and a motion for temporary injunction against DESC in the State Court of Common Pleas in Fairfield County, South Carolina, making allegations of breach of contract, fraud, negligent misrepresentation, breach of fiduciary duty, breach of implied duty of good faith and fair dealing and unfair trade practices related to DESC’s termination of the FILOT agreement between DESC and Fairfield County related to the NND Project. The plaintiff sought a temporary and permanent injunction to prevent DESC from terminating the FILOT agreement. The plaintiff withdrew the motion for temporary injunction in December 2017. This case is pending. Governmental Proceedings and Investigations In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In September and October 2017, SCANA was served with subpoenas issued by the U.S. Attorney’s Office for the District of South Carolina and the Staff of the SEC’s Division of Enforcement seeking documents related to the NND Project. In February 2020, the SEC filed a complaint against SCANA, two of its former executive officers and DESC in the U.S. District Court for the District of South Carolina alleging that the defendants violated federal securities laws by making false and misleading statements about the NND Project. In April 2020, SCANA and DESC reached an agreement in principle with the Staff of the SEC’s Division of Enforcement to settle, without admitting or denying the allegations in the complaint. $25 million, and SCANA and DESC to pay disgorgement and prejudgment interest totaling $112.5 million, which disgorgement and prejudgment interest amount were deemed satisfied by the settlements in the SCANA Securities Class Action and the DESC Ratepayer Case. In addition, the South Carolina Law Enforcement Division is conducting a criminal investigation into the handling of the NND Project by SCANA and DESC. Dominion Energy is cooperating fully with the investigations by the U.S. Attorney’s Office and the South Carolina Law Enforcement Division, including responding to additional subpoenas and document requests. Dominion Energy has also entered into a cooperation agreement with the U.S. Attorney’s Office and the South Carolina Attorney General’s Office. The cooperation agreement provides that in consideration of its full cooperation with these investigations to the satisfaction of both agencies, neither such agency will criminally prosecute or bring any civil action against Dominion Energy or any of its current, previous, or future direct or indirect subsidiaries related to the NND Project. A former executive officer of SCANA entered a plea agreement with the U.S. Attorney’s Office and the South Carolina Attorney General’s Office in June 2020 and entered a guilty plea with the U.S. District Court for the District of South Carolina in July 2020. Another former executive officer of SCANA entered a plea agreement with the U.S. Attorney's Office and the South Carolina Attorney General's Office in November 2020 and entered guilty pleas in the U.S. District Court for the District of South Carolina and in South Carolina state court in February 2021. As a result of the pleas, Dominion Energy has terminated indemnity for these former executive officers related to these two cases. Abandoned NND Project DESC, for itself and as agent for Santee Cooper, entered into an engineering, construction and procurement contract with Westinghouse and WECTEC in 2008 for the design and construction of the NND Project, of which DESC’s ownership share is 55%. Various difficulties were encountered in connection with the project. The ability of Westinghouse and WECTEC to adhere to established budgets and construction schedules was affected by many variables, including unanticipated difficulties encountered in connection with project engineering and the construction of project components, constrained financial resources of the contractors, regulatory, legal, training and construction processes associated with securing approvals, permits and licenses and necessary amendments to them within projected time frames, the availability of labor and materials at estimated costs and the efficiency of project labor. There were also contractor and supplier performance issues, difficulties in timely meeting critical regulatory requirements, contract disputes, and changes in key contractors or subcontractors. These matters preceded the filing for bankruptcy protection by Westinghouse and WECTEC in March 2017, and were the subject of comprehensive analyses performed by SCANA and Santee Cooper. Based on the results of SCANA’s analysis, and in light of Santee Cooper's decision to suspend construction on the NND Project, in July 2017, SCANA determined to stop the construction of the units and to pursue recovery of costs incurred in connection with the construction under the abandonment provisions of the Base Load Review Act or through other means. This decision by SCANA became the focus of numerous legislative, regulatory and legal proceedings

Credit Risk

Credit Risk3 Months Ended
Mar. 31, 2021
Risks And Uncertainties [Abstract]
Credit RiskNote 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, 2020. At March 31, 2021, Dominion Energy’s credit exposure totaled $124 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 87%. No single counterparty, whether investment grade or non-investment grade, exceeded $38 million of exposure. At March 31, 2021, Virginia Power’s exposure related to wholesale customers totaled $7 million. Of this amount, investment grade counterparties, including those internally rated, represented 52%. No single counterparty, whether investment grade or non-investment grade, exceeded $2 million of exposure. Credit-Related Contingent Provisions Certain of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of March 31, 2021 and December 31, 2020, Dominion Energy would have been required to post $11 million and $14 million, respectively, of additional collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted $1 million of collateral at December 31, 2020 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. 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 $11 million and $15 million at March 31, 2021 and December 31, 2020, 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, Virginia Power would not have been required to post any additional collateral to its counterparties at March 31, 2021 and would have been required to post an additional $2 million of collateral to its counterparties at December 31, 2020. See Note 9 for further information about derivative instruments.

Related-Party Transactions

Related-Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related-Party TransactionsNote 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 March 31, 2021, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $5 million, respectively. At December 31, 2020, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $22 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, 2020. At March 31, 2021 and December 31, 2020, 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 $457 million and $436 million, respectively. At March 31, 2021 and December 31, 2020, 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 $373 million and $354 million, respectively. DES and other affiliates provide accounting, legal, finance and certain administrative and technical services to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage. The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable. Presented below are Virginia Power’s significant transactions with DES and other affiliates:
Three Months Ended March 31,
2021
2020
(millions)
Commodity purchases from affiliates
$
181
$
211
Services provided by affiliates ( 1)
125
121
Services provided to affiliates
5
5
(1)
Includes capitalized expenditures of $38 million and $34 million for the three months ended March 31, 2021 and 2020, respectively. Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $177 million and $380 million in short-term demand note borrowings from Dominion Energy as of March 31, 2021 and December 31, 2020, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2021 and December 31, 2020. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the three months ended March 31, 2021 and 2020. There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2021 and 2020.

Employee Benefit Plans

Employee Benefit Plans3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit PlansNote 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 $5 million for the three months ended March 31, 2020, 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
2021
2020
2021
2020
(millions)
Three Months Ended March 31,
Service cost
$
42
$
43
$
6
$
7
Interest cost
79
91
12
15
Expected return on plan assets
(208
)
(193
)
(44
)
(39
)
Amortization of prior service (credit) cost


(10
)
(12
)
Amortization of net actuarial loss
48
49
1
1
Settlements
(2
)



Net periodic benefit (credit) cost
$
(41
)
$
(10
)
$
(35
)
$
(28
) Employer Contributions During the three months ended March 31, 2021, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy does not expect to make any contributions to its qualified defined benefit pension plans or to VEBAs associated with its other postretirement plans in 2021.

Operating Segments

Operating Segments3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Operating SegmentsNote 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
Nonregulated electric generation fleet
X
Noncontrolling interest in Cove Point
X
(1)
I ncludes Virginia Power’s nonjurisdictional generation operations.
(2)
Includes renewable natural gas operations as well as 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 three months ended March 31, 2021, Dominion Energy reported after-tax net income of $71 million in the Corporate and Other segment, including $115 million of after-tax net income for specific items with $87 million of after-tax net expenses attributable to its operating segments. In the three months ended March 31, 2020, Dominion Energy reported after-tax net expenses of $1.1 billion in the Corporate and Other segment, including $1.1 billion of after-tax net expenses for specific items with $1.0 billion of after-tax net expenses attributable to its operating segments. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2021 primarily related to the impact of the following items:

A $151 million ($112 million after-tax) loss from an unbilled revenue reduction at Virginia Power, attributable to Dominion Energy Virginia;

A $76 million ($56 million after-tax) charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process, attributable to Dominion Energy Virginia;

A $60 million ($45 million after-tax) charge associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina; and

A $51 million ($38 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia; partially offset by

A $134 million ($100 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:

Contracted Assets ($88 million after-tax) and;

Dominion Energy Virginia ($12 million after-tax); and

A $130 million ($97 million after-tax) benefit for a change in the CCRO reserve associated with the 2021 Triennial Review, attributable to Dominion Energy Virginia. The net expense for specific items attributable to Dominion Energy’s operating segments in 2020 primarily related to the impact of the following items:

A $754 million ($566 million after-tax) charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; and

A $538 million ($410 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

Contracted Assets ($364 million after-tax) and;

Dominion Energy Virginia ($46 million after-tax). 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 March 31, 2021
Total revenue from external customers
$
1,987
$
975
$
752
$
268
$
(130
)
$
17
$
3,869
Intersegment revenue
(2
)
1
2
21
230
(251
)
1
Total operating revenue
1,985
976
754
289
100
(234
)
3,870
Net income from discontinued operations




28

28
Net income attributable to Dominion Energy
434
251
102
150
71

1,008
Three Months Ended March 31, 2020
Total revenue from external customers
$
1,938
$
886
$
713
$
288
$
109
$
15
$
3,949
Intersegment revenue
(3
)
4
1
8
242
(263
)
(11
)
Total operating revenue
1,935
890
714
296
351
(248
)
3,938
Net income from discontinued operations



51
178

229
Net income (loss) attributable to Dominion Energy
429
224
94
111
(1,128
)

(270
) Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. In the three months ended March 31, 2021, Virginia Power reported after-tax net expenses of $58 million in the Corporate and Other segment, including $117 million of after-tax net expenses for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2020, Virginia Power reported after-tax net expenses of $707 million in the Corporate and Other segment, including $634 million of after-tax net expenses for specific items all of which was attributable to its operating segment. The net expenses for specific items attributable to Virginia Power’s operating segment in 2021 primarily related to the impact of the following items:

A $151 million ($112 million after-tax) loss from an unbilled revenue reduction;

A $76 million ($56 million after-tax) charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process; and

A $51 million ($38 million after-tax) charge associated with storm damage and service restoration in its service territory; partially offset by

A $130 million ($97 million after-tax) benefit for a change in the CCRO reserve associated with the 2021 Triennial Review. The net expenses for specific items attributable to Virginia Power’s operating segment in 2020 primarily related to the impact of the following items:

A $754 million ($561 million after-tax) charge related to the planned early retirement of certain Virginia Power electric generation facilities; and

A $62 million ($46 million after-tax) loss related to investments in nuclear decommissioning trust funds. The following table presents segment information pertaining to Virginia Power’s operations:
Dominion Energy Virginia
Corporate and Other
Consolidated Total
(millions)
Three Months Ended March 31, 2021
Operating revenue
$
1,981
$
(151
)
$
1,830
Net income (loss)
432
(58
)
374
Three Months Ended March 31, 2020
Operating revenue
$
1,930
$

$
1,930
Net income (loss)
427
(707
)
(280
)

Significant Accounting Polici_2

Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of AccountingAs 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, 2020. In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2021 and their results of operations, changes in equity and cash flows for the three months ended March 31, 2021 and 2020. Such adjustments are normal and recurring in nature unless otherwise noted.
EstimatesThe 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.
ConsolidationThe Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2021, 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 nonregulated solar projects and Brookfield’s 25% interest in Cove Point (effective December 2019 until November 2020) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain nonregulated solar projects upon the occurrence of certain events, including any proposed sale by Dominion Energy of its interest.
ReclassificationsCertain amounts in the Companies’ 2020 Consolidated Financial Statements and Notes have been reclassified to conform to the 2021 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, 2020, with the exception of the items described below.
Cash, Restricted Cash and EquivalentsCash, Restricted Cash and Equivalents Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020:
Cash, Restricted Cash and Equivalents at End of Period
Cash, Restricted Cash and Equivalents at Beginning of Period
March 31, 2021
March 31, 2020
December 31, 2020
December 31, 2019
(millions)
Dominion Energy
Cash and cash equivalents ( 1)
$
491
$
1,192
$
179
$
166
Restricted cash and equivalents ( 2)(3)
71
75
68
103
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
$
562
$
1,267
$
247
$
269
Virginia Power
Cash and cash equivalents
$
56
$
71
$
35
$
17
Restricted cash and equivalents ( 3)

5

7
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
$
56
$
76
$
35
$
24
(1)
At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $14 million, $59 million, $7 million and $31 million of cash and cash equivalents included in current assets held for sale, respectively.
(2)
At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $3 million, $12 million, $3 million and $12 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. Supplemental Cash Flow Information The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Three Months Ended March 31,
2021
2020
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures
$
341
$
343
Leases ( 1)
9
17
(1)
Includes $2 million and $17 million of financing leases at March 31, 2021 and 2020, respectively, and $7 million of operating leases at March 31, 2021. The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Three Months Ended March 31,
2021
2020
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures
$
262
$
210
Financing leases
1
10
Property, Plant and EquipmentProperty, Plant and Equipment 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.
Fair Value MeasurementsThe 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. 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. For Level 3 fair value measurements, certain forward market prices are considered unobservable.
Regulatory Matters Involving Potential Loss ContingenciesRegulatory Matters Involving Potential Loss Contingencies As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.
Commitments and ContingenciesAs 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 CreditDominion Energy also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Reconciliation of Total Cash, Restricted Cash and EquivalentsThe following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020:
Cash, Restricted Cash and Equivalents at End of Period
Cash, Restricted Cash and Equivalents at Beginning of Period
March 31, 2021
March 31, 2020
December 31, 2020
December 31, 2019
(millions)
Dominion Energy
Cash and cash equivalents ( 1)
$
491
$
1,192
$
179
$
166
Restricted cash and equivalents ( 2)(3)
71
75
68
103
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
$
562
$
1,267
$
247
$
269
Virginia Power
Cash and cash equivalents
$
56
$
71
$
35
$
17
Restricted cash and equivalents ( 3)

5

7
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
$
56
$
76
$
35
$
24
(1)
At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $14 million, $59 million, $7 million and $31 million of cash and cash equivalents included in current assets held for sale, respectively.
(2)
At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $3 million, $12 million, $3 million and $12 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.
Schedule of Supplemental Cash Flow InformationThe following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Three Months Ended March 31,
2021
2020
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures
$
341
$
343
Leases ( 1)
9
17
(1)
Includes $2 million and $17 million of financing leases at March 31, 2021 and 2020, respectively, and $7 million of operating leases at March 31, 2021. The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Three Months Ended March 31,
2021
2020
(millions)
Significant noncash investing and financing activities:
Accrued capital expenditures
$
262
$
210
Financing leases
1
10

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables) - Dominion Energy Gas Holdings, LLC - GT&S Transaction3 Months Ended
Mar. 31, 2021
Results of Operations Reported within Discontinued OperationsThe following table represents selected information regarding the results of operations, which are reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:
Three Months Ended March 31, 2021
Three Months Ended March 31, 2020
Q-Pipe Transaction
GT&S Transaction
Q-Pipe Transaction
(millions)
Operating revenue
$
67
$
563
$
65
Operating expense
19
333
33
Other income

20
1
Interest and related charges
5
53
4
Income before income taxes
43
197
29
Income tax expense
8
27
4
Net income including noncontrolling interests
35
170
25
Noncontrolling interests

33

Net income attributable to Dominion Energy
$
35
$
137
$
25
Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued OperationsThe 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 March 31, 2021
At December 31, 2020
Q-Pipe Transaction
Q-Pipe Transaction
(millions)
Current assets ( 1)
$
49
$
47
Equity method investments ( 2)
35
35
Property, plant and equipment, net
1,120
1,113
Other deferred charges and other assets, including goodwill and intangible assets ( 3)
224
224
Current liabilities
30
30
Long-term debt
426
426
Other deferred credits and liabilities
154
154
(1)
Includes cash and cash equivalents
(2)
Comprised of an equity method investment in White River Hub
(3)
Includes goodwill of $191 million at both March 31, 2021 and December 31, 2020.
Capital Expenditures and Significant Noncash Items Relating to the Disposal GroupsCapital expenditures and significant noncash items relating to the disposal groups included the following:
Three Months Ended March 31, 2021
Three Months Ended March 31, 2020
Q-Pipe Transaction
GT&S Transaction
Q-Pipe Transaction
(millions)
Capital expenditures
$
3
$
73
$
6
Significant noncash items
Depreciation, depletion and amortization

82
13
Accrued capital expenditures
2
16

Operating Revenue (Tables)

Operating Revenue (Tables)3 Months Ended
Mar. 31, 2021
Regulated And Unregulated Operating Revenue [Abstract]
Schedule of Operating RevenueThe Companies’ operating revenue consists of the following:
Three Months Ended March 31,
2021
2020
(millions)
Dominion Energy
Regulated electric sales:
Residential
$
1,155
$
1,158
Commercial
719
798
Industrial
178
182
Government and other retail
189
219
Wholesale
43
33
Nonregulated electric sales
249
232
Regulated gas sales:
Residential
630
548
Commercial
206
191
Other
34
28
Nonregulated gas sales
52
83
Regulated gas transportation and storage
271
232
Other regulated revenues
66
92
Other nonregulated revenues ( 1)(2)
48
31
Total operating revenue from contracts with customers
3,840
3,827
Other revenues ( 3)(4)
30
111
Total operating revenue
$
3,870
$
3,938
Virginia Power
Regulated electric sales:
Residential
$
889
$
896
Commercial
547
614
Industrial
91
97
Government and other retail
176
203
Wholesale
26
24
Other regulated revenues
57
62
Other nonregulated revenues ( 1)(2)
21
13
Total operating revenue from contracts with customers
1,807
1,909
Other revenues ( 2)(3)
23
21
Total operating revenue
$
1,830
$
1,930
(1)
Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts include $7 million for both the three months ended March 31, 2021 and 2020, 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 $6 million and $4 million for the three months ended March 31, 2021 and $4 million and $3 million for the three months ended March 31, 2020, 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 $22 million and $36 million at Dominion Energy and $20 million and $17 million at Virginia Power for the three months ended March 31, 2021 and 2020, respectively.
(4)
Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be RecognizedThe table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice.
Revenue expected to be recognized on multi-year contracts in place at March 31, 2021
2021
2022
2023
2024
2025
Thereafter
Total
(millions)
Dominion Energy
$
51
$
68
$
66
$
59
$
51
$
493
$
788

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective Income TaxFor continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
Dominion Energy
Virginia Power
Three Months Ended March 31,
2021
2020
2021
2020
U.S. statutory rate
21.0
%
21.0
%
21.0
%
21.0
%
Increases (reductions) resulting from:
State taxes, net of federal benefit
3.5
3.3
4.5
4.8
Investment tax credits
(3.8
)
(7.0
)
(6.6
)
(6.4
)
Production tax credits
(0.3
)
(0.8
)
(0.6
)
(0.8
)
Reversal of excess deferred income taxes
(2.2
)
(7.8
)
(2.2
)
(8.1
)
AFUDC - equity
(0.4
)
(0.7
)
(0.7
)
(0.7
)
Other, net

1.7
0.3
0.3
Effective tax rate
17.8
%
9.7
%
15.7
%
10.1
%

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share ComputationThe following table presents the calculation of Dominion Energy’s basic and diluted EPS:
Three Months Ended March 31,
2021
2020
(millions, except EPS)
Net income (loss) attributable to Dominion Energy from continuing operations
$
980
$
(466
)
Preferred stock dividends (see Note 16)
(16
)
(16
)
Net income (loss) attributable to Dominion Energy from continuing operations – Basic
964
(482
)
Dilutive effect of Series A Preferred Stock


Net income (loss) attributable to Dominion Energy from continuing operations - Diluted
$
964
$
(482
)
Net income attributable to Dominion Energy from discontinued operations - Basic & Diluted
$
28
$
196
Average shares of common stock outstanding – Basic & Diluted
805.9
838.2
Net effect of dilutive securities


Average shares of common stock outstanding – Diluted
805.9
838.2
EPS from continuing operations – Basic
$
1.19
$
(0.57
)
EPS from discontinued operations – Basic
0.04
0.23
EPS attributable to Dominion Energy – Basic
$
1.23
$
(0.34
)
EPS from continuing operations – Diluted
1.19
$
(0.57
)
EPS from discontinued operations – Diluted
0.04
0.23
EPS attributable to Dominion Energy – Diluted
$
1.23
$
(0.34
)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)3 Months Ended
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss)The following table presents Dominion Energy’s changes in AOCI by component, net of tax:
Deferred gains and losses on derivatives- hedging activities
Unrealized gains and losses on investment securities
Unrecognized pension and other postretirement benefit costs
Other comprehensive loss from equity method investees
Total
(millions)
Three Months Ended March 31, 2021
Beginning balance
$
(419
)
$
62
$
(1,359
)
$
(1
)
$
(1,717
)
Other comprehensive income before reclassifications: gains (losses)
39
(31
)
6

14
Amounts reclassified from AOCI: (gains) losses ( 1)
13
1
18

32
Net current period other comprehensive income (loss)
52
(30
)
24

46
Ending balance
$
(367
)
$
32
$
(1,335
)
$
(1
)
$
(1,671
)
Three Months Ended March 31, 2020
Beginning balance
$
(407
)
$
37
$
(1,421
)
$
(2
)
$
(1,793
)
Other comprehensive income before reclassifications: gains (losses)
(266
)
9


(257
)
Amounts reclassified from AOCI: (gains) losses ( 1)
22
(9
)
19

32
Net current period other comprehensive income (loss)
(244
)

19

(225
)
Ending balance
$
(651
)
$
37
$
(1,402
)
$
(2
)
$
(2,018
)
(1)
See table below for details about these reclassifications.
Reclassification out of Accumulated Other Comprehensive IncomeThe following table presents Dominion Energy’s reclassifications out of AOCI by component:
Details about AOCI components
Amounts reclassified from AOCI
Affected line item in the Consolidated Statements of Income
(millions)
Three Months Ended March 31, 2021
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts
$
1
Purchased gas
Interest rate contracts
16
Interest and related charges
Total
17
Tax
(4
)
Income tax expense (benefit)
Total, net of tax
$
13
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
1
Other income (expense)
Total
1
Tax

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 (expense)
Amortization of actuarial losses
30
Other income (expense)
Total
25
Tax
(7
)
Income tax expense (benefit)
Total, net of tax
$
18
Three Months Ended March 31, 2020
Deferred (gains) and losses on derivatives-hedging activities:
Commodity contracts
$
(6
)
Operating revenue
3
Purchased gas
(1
)
Discontinued operations
Interest rate contracts
25
Interest and related charges
2
Discontinued operations
Foreign currency contracts
6
Discontinued operations
Total
29
Tax
(7
)
Income tax expense (benefit)
Total, net of tax
$
22
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
(13
)
Other income (expense)
Total
(13
)
Tax
4
Income tax expense (benefit)
Total, net of tax
$
(9
)
Unrecognized pension and other postretirement benefit costs:
Amortization of prior-service costs (credits)
$
(6
)
Other income (expense)
Amortization of actuarial losses
30
Other income (expense)
Total
24
Tax
(5
)
Income tax expense (benefit)
Total, net of tax
$
19
Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss)The following table presents Virginia Power’s changes in AOCI by component, net of tax:
Deferred gains and losses on derivatives- hedging activities
Unrealized gains and losses on investment securities
Total
(millions)
Three Months Ended March 31, 2021
Beginning balance
$
(60
)
$
8
$
(52
)
Other comprehensive income before reclassifications: gains (losses)
32
(5
)
27
Amounts reclassified from AOCI: losses ( 1)
1
1
2
Net current period other comprehensive income (loss)
33
(4
)
29
Ending balance
$
(27
)
$
4
$
(23
)
Three Months Ended March 31, 2020
Beginning balance
$
(34
)
$
5
$
(29
)
Other comprehensive income before reclassifications: losses
(45
)
(2
)
(47
)
Amounts reclassified from AOCI: losses ( 1)

1
1
Net current period other comprehensive income (loss)
(45
)
(1
)
(46
)
Ending balance
$
(79
)
$
4
$
(75
)
(1)
See table below for details about these reclassifications.
Reclassification out of Accumulated Other Comprehensive IncomeThe following table presents Virginia Power’s reclassifications out of AOCI by component:
Details about AOCI components
Amounts reclassified from AOCI
Affected line item in the Consolidated Statements of Income
(millions)
Three Months Ended March 31, 2021
(Gains) losses on cash flow hedges:
Interest rate contracts
$
1
Interest and related charges
Total
1
Tax

Income tax expense (benefit)
Total, net of tax
$
1
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
1
Other income (expense)
Total
1
Tax

Income tax expense (benefit)
Total, net of tax
$
1
Three Months Ended March 31, 2020
Unrealized (gains) and losses on investment securities:
Realized (gains) losses on sale of securities
$
2
Other income (expense)
Total
2
Tax
(1
)
Income tax expense (benefit)
Total, net of tax
$
1

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Inputs, Assets, Quantitative InformationThe following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at March 31, 2021. The range and weighted average are presented in dollars for market price inputs.
Fair Value (millions)
Valuation Techniques
Unobservable Input
Range
Weighted Average ( 1)
Assets
Physical and financial forwards:
Natural gas ( 2)
$
56
Discounted cash flow
Market price (per Dth)
(3)
(2) - 3
(1
)
FTRs
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 3

Total assets
$
58
Liabilities
Financial forwards:
FTRs
$
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 2

Total liabilities
$
2
(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
Fair Value, Option, Qualitative DisclosuresSensitivity 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)
Fair Value, by Balance Sheet GroupingThe following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
Level 1
Level 2
Level 3
Total
(millions)
At March 31, 2021
Assets
Derivatives:
Commodity
$

$
51
$
58
$
109
Interest rate

740

740
Investments ( 1)
Equity securities:
U.S.
4,569


4,569
Fixed income:
Corporate debt instruments

722

722
Government securities
728
727

1,455
Cash equivalents and other
18


18
Total assets
$
5,315
$
2,240
$
58
$
7,613
Liabilities
Derivatives:
Commodity
$

$
76
$
2
$
78
Interest rate

186

186
Total liabilities
$

$
262
$
2
$
264
At December 31, 2020
Assets
Derivatives:
Commodity
$

$
57
$
110
$
167
Interest rate

230

230
Investments ( 1)
Equity securities:
U.S.
4,648


4,648
Fixed income:
Corporate debt instruments

629

629
Government securities
508
730

1,238
Cash equivalents and other
32
15

47
Total assets
$
5,188
$
1,661
$
110
$
6,959
Liabilities
Derivatives:
Commodity
$

$
48
$
7
$
55
Interest rate

431

431
Total liabilities
$

$
479
$
7
$
486
(1)
Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $399 million and $ 340 million of assets at March 31, 2021 and December 31, 2020 , 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 ReconciliationThe following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
Three Months Ended
March 31,
2021
2020
(millions)
Beginning balance
$
103
$
(37
)
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases
(21
)
(22
)
Included in regulatory assets/liabilities
(47
)
80
Settlements
21
22
Ending balance
$
56
$
43
Schedule of Carrying Values and Estimated Fair Values of Debt InstrumentsFor the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:
March 31, 2021
December 31, 2020
Carrying Amount
Estimated Fair Value ( 1)
Carrying Amount
Estimated Fair Value ( 1)
(millions)
Dominion Energy
Long-term debt ( 2)(3)
$
31,991
$
36,334
$
31,996
$
38,773
Supplemental 364-Day credit facility borrowings


225
225
Junior subordinated notes ( 4)
3,412
3,579
3,411
3,633
Virginia Power
Long-term debt ( 4)
$
13,209
$
15,174
$
13,207
$
16,455
(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. At both March 31, 2021 and December 31, 2020, the carrying amount includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million.
(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 InformationThe following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2021. The range and weighted average are presented in dollars for market price inputs.
Fair Value (millions)
Valuation Techniques
Unobservable Input
Range
Weighted Average ( 1)
Assets
Physical and financial forwards:
Natural gas ( 2)
$
56
Discounted cash flow
Market price (per Dth)
(3)
(2) - 3
(1
)
FTRs
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 3

Total assets
$
58
Liabilities
Financial forwards:
FTRs
$
2
Discounted cash flow
Market price (per MWh)
(3)
(2) - 2

Total liabilities
$
2
(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
Fair Value, Option, Qualitative DisclosuresSensitivity 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)
Fair Value, by Balance Sheet GroupingThe following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
Level 1
Level 2
Level 3
Total
(millions)
At March 31, 2021
Assets
Derivatives:
Commodity
$

$
18
$
58
$
76
Interest rate

283

283
Investments ( 1)
Equity securities:
U.S.
2,132


2,132
Fixed income:
Corporate debt instruments

400

400
Government securities
340
277

617
Total assets
$
2,472
$
978
$
58
$
3,508
Liabilities
Derivatives:
Commodity
$

$
26
$
2
$
28
Interest rate

150

150
Total liabilities
$

$
176
$
2
$
178
At December 31, 2020
Assets
Derivatives:
Commodity
$

$
5
$
110
$
115
Interest rate

66

66
Investments ( 1)
Equity securities:
U.S.
2,171


2,171
Fixed income:
Corporate debt instruments

348

348
Government securities
201
309

510
Cash equivalents and other
13


13
Total assets
$
2,385
$
728
$
110
$
3,223
Liabilities
Derivatives:
Commodity
$

$
22
$
7
$
29
Interest rate

376

376
Total liabilities
$

$
398
$
7
$
405
(1)
Includes investments held in the nuclear decommissioning trusts. Excludes $ 199 million and $ 167 million of assets at March 31, 2021 and December 31, 2020 , 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 ReconciliationThe following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
Three Months Ended
March 31,
2021
2020
(millions)
Beginning balance
$
103
$
(37
)
Total realized and unrealized gains (losses):
Included in earnings:
Electric fuel and other energy-related purchases
(21
)
(22
)
Included in regulatory assets/liabilities
(47
)
80
Settlements
21
22
Ending balance
$
56
$
43

Derivatives and Hedge Account_2

Derivatives and Hedge Accounting Activities (Tables)3 Months Ended
Mar. 31, 2021
Offsetting AssetsThe tables below present Dominion Energy’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
March 31, 2021
December 31, 2020
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
$
76
$
18
$

$
58
$
117
$
9
$

$
108
Exchange
33
33


49
24

25
Interest rate contracts:
Over-the-counter
740
19

721
230
13

217
Total derivatives, subject to a master netting or similar arrangement
$
849
$
70
$

$
779
$
396
$
46
$

$
350
(1)
Excludes less than $1
Offsetting LiabilitiesMarch 31, 2021
December 31, 2020
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
$
28
$
18
$

$
10
$
30
$
9
$

$
21
Exchange
50
33
17

24
24


Interest rate contracts:
Over-the-counter
186
19
11
156
431
13
17
401
Total derivatives, subject to a master netting or similar arrangement
$
264
$
70
$
28
$
166
$
485
$
46
$
17
$
422
(1)
Excludes less than $ 1 million and $ 1 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative ActivityThe following table presents the volume of Dominion Energy’s derivative activity at March 31, 2021. 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)
60
19
Basis
202
496
Electricity (MWh):
Fixed price
10,745,307
9,789,934
FTRs
18,264,727

Interest rate ( 2)
$
1,250
$
5,407
(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 Dominion Energy’s Consolidated Balance Sheet at March 31, 2021:
AOCI After-Tax
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax
Maximum Term
(millions)
Interest rate
$
(367
)
$
(40
)
393 months
Total
$
(367
)
$
(40
)
Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value HedgesThe following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:
Carrying Amount of the Hedged Asset (Liability) ( 1)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) ( 2)
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
(millions)
Long-term debt
$
(1,153
)
$
(1,153
)
$
(3
)
$
(3
)
(1)
Includes $(1.2) billion related to discontinued hedging relationships at both March 31, 2021 and December 31, 2020.
(2)
Includes $(3) million of hedging adjustments on discontinued hedging relationships at both March 31, 2021 and December 31, 2020.
Fair Value of DerivativesFair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets:
Fair Value – Derivatives under Hedge Accounting
Fair Value – Derivatives not under Hedge Accounting
Total Fair Value
(millions)
March 31, 2021
ASSETS
Current Assets
Commodity
$

$
24
$
24
Interest rate

12
12
Total current derivative assets ( 1)

36
36
Noncurrent Assets
Commodity

85
85
Interest rate
287
441
728
Total noncurrent derivative assets ( 2)
287
526
813
Total derivative assets
$
287
$
562
$
849
LIABILITIES
Current Liabilities
Commodity
$

$
61
$
61
Interest rate
150
10
160
Total current derivative liabilities ( 3)
150
71
221
Noncurrent Liabilities
Commodity

17
17
Interest rate

26
26
Total noncurrent derivative liabilities ( 4)

43
43
Total derivative liabilities
$
150
$
114
$
264
December 31, 2020
ASSETS
Current Assets
Commodity
$

$
58
$
58
Interest rate

9
9
Total current derivative assets ( 1)

67
67
Noncurrent Assets
Commodity

109
109
Interest rate
66
155
221
Total noncurrent derivative assets ( 2)
66
264
330
Total derivative assets
$
66
$
331
$
397
LIABILITIES
Current Liabilities
Commodity
$

$
42
$
42
Interest rate
363
10
373
Total current derivative liabilities ( 3)
363
52
415
Noncurrent Liabilities
Commodity

13
13
Interest rate
19
39
58
Total noncurrent derivative liabilities ( 4)
19
52
71
Total derivative liabilities
$
382
$
104
$
486
(1)
Current derivative assets include $31 million and $63 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively. The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Current derivative liabilities include $217 million and $412 million at March 31, 2021 and December 31, 2020, respectively, presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. The remainder is in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets.
(4)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, LocationThe following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income.
Derivatives in cash flow hedging relationships
Amount of Gain (Loss) Recognized in AOCI on Derivatives ( 1)
Amount of Gain (Loss) Reclassified From AOCI to Income
Increase (Decrease) in Derivatives Subject to Regulatory Treatment ( 2)
(millions)
Three Months Ended March 31, 2021
Derivative type and location of gains (losses):
Commodity:
Purchased gas
$

$
(1
)
$

Interest rate:
Interest and related charges
52
(16
)
408
Total
$
52
$
(17
)
$
408
Three Months Ended March 31, 2020
Derivative type and location of gains (losses):
Commodity:
Operating revenue
$
6
Purchased gas
(3
)
Discontinued operations
1
Total Commodity
$

$
4
$

Interest rate:
Interest and related charges
(25
)
Discontinued operations
(2
)
Total interest rate
(336
)
(27
)
(563
)
Foreign currency ( 3)
(23
)
(6
)

Total
$
(359
)
$
(29
)
$
(563
)
(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 Statement of Income are classified in discontinued operations.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial PerformanceDerivatives not designated as hedging instruments
Amount of Gain (Loss) Recognized in Income on Derivatives ( 1)
Three Months Ended
March 31,
2021
2020
(millions)
Derivative type and location of gains (losses):
Commodity:
Operating revenue
$
(41
)
$
51
Purchased gas

(11
)
Electric fuel and other energy-related purchases
(44
)
(65
)
Discontinued operations

11
Interest rate:
Interest and related charges
319
(53
)
Discontinued operations

(8
)
Total
$
234
$
(75
)
(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 AssetsThe tables below present Virginia Power’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
March 31, 2021
December 31, 2020
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
$
71
$
15
$

$
56
$
111
$
6
$

$
105
Exchange
3
3


1
1


Interest rate contracts:
Over-the-counter
283
19

264
66
7

59
Total derivatives, subject to a master netting or similar arrangement
$
357
$
37
$

$
320
$
178
$
14
$

$
164
(1)
Excludes $2
Offsetting LiabilitiesMarch 31, 2021
December 31, 2020
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
$
15
$

$
4
$
6
$
6
$

$

Exchange
4
3
1

1
1


Interest rate contracts:
Over-the-counter
150
19

131
376
7

369
Total derivatives, subject to a master netting or similar arrangement
$
173
$
37
$
1
$
135
$
383
$
14
$

$
369
(1)
Excludes $ 5 million and $ 22 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative ActivityThe following table presents the volume of Virginia Power’s derivative activity at March 31, 2021. 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)
35
18
Basis
151
495
Electricity (MWh):
Fixed price
3,770,002
3,029,859
FTRs
18,264,727

Interest rate ( 2)
$
850
$
1,200
(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 March 31, 2021:
AOCI After-Tax
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax
Maximum Term
(millions)
Interest rate
$
(27
)
$
(2
)
393 months
Total
$
(27
)
$
(2
)
Fair Value of DerivativesThe following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets:
Fair Value – Derivatives under Hedge Accounting
Fair Value – Derivatives not under Hedge Accounting
Total Fair Value
(millions)
March 31, 2021
ASSETS
Current Assets
Commodity
$

$
11
$
11
Total current derivative assets ( 1)

11
11
Noncurrent Assets
Commodity

65
65
Interest rate
283

283
Total noncurrent derivative assets ( 2)
283
65
348
Total derivative assets
$
283
$
76
$
359
LIABILITIES
Current Liabilities
Commodity
$

$
21
$
21
Interest rate
150

150
Total current derivative liabilities
150
21
171
Noncurrent Liabilities
Commodity

7
7
Total noncurrent derivative liabilities ( 3)

7
7
Total derivative liabilities
$
150
$
28
$
178
December 31, 2020
ASSETS
Current Assets
Commodity
$

$
22
$
22
Total current derivative assets ( 1)

22
22
Noncurrent Assets
Commodity

93
93
Interest rate
66

66
Total noncurrent derivative assets ( 2)
66
93
159
Total derivative assets
$
66
$
115
$
181
LIABILITIES
Current Liabilities
Commodity
$

$
28
$
28
Interest rate
362

362
Total current derivative liabilities
362
28
390
Noncurrent Liabilities
Commodity

1
1
Interest rate
14

14
Total noncurrent derivative liabilities ( 3)
14
1
15
Total derivative liabilities
$
376
$
29
$
405
(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, LocationThe following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:
Derivatives in cash flow hedging relationships
Amount of Gain (Loss) Recognized in AOCI on Derivatives ( 1)
Amount of Gain (Loss) Reclassified From AOCI to Income
Increase (Decrease) in Derivatives Subject to Regulatory Treatment ( 2)
(millions)
Three Months Ended March 31, 2021
Derivative type and location of gains (losses):
Interest rate ( 3)
$
43
$
(1
)
$
407
Total
$
43
$
(1
)
$
407
Three Months Ended March 31, 2020
Derivative type and location of gains (losses):
Interest rate ( 3)
$
(61
)
$

$
(565
)
Total
$
(61
)
$

$
(565
)
(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 PerformanceDerivatives not designated as hedging instruments
Amount of Gain (Loss) Recognized in Income on Derivatives ( 1)
Three Months Ended
March 31,
2021
2020
(millions)
Derivative type and location of gains (losses):
Commodity:
Electric fuel and other energy-related purchases
$
(44
)
$
(65
)
Operating revenue
(2
)

Total
$
(46
)
$
(65
)
(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.

Investments (Tables)

Investments (Tables)3 Months Ended
Mar. 31, 2021
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust FundsDominion Energy’s decommissioning trust funds are summarized below:
Amortized Cost
Total Unrealized Gains
Total Unrealized Losses
Allowance for Credit Losses
Fair Value
(millions)
March 31, 2021
Equity securities: (1)
U.S.
$
1,573
$
3,036
$
(10
)
$
4,599
Fixed income securities: (2)
Corporate debt instruments
698
32
(8
)
$

722
Government securities
1,369
47
(14
)

1,402
Common/collective trust funds
221
6


227
Insurance contracts
237


237
Cash equivalents and other ( 3)
(51
)
3


(48
)
Total
$
4,047
$
3,124
$
(32
)
(4)
$

$
7,139
December 31, 2020
Equity securities: (1)
U.S.
$
1,756
$
2,948
$
(24
)
$
4,680
Fixed income securities: (2)
Corporate debt instruments
572
58
(1
)
$

629
Government securities
1,119
66
(1
)

1,184
Common/collective trust funds
170
5


175
Insurance contracts
237


237
Cash equivalents and other ( 3)
(8
)
4
(1
)

(5
)
Total
$
3,846
$
3,081
$
(27
)
(4)
$

$
6,900
(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. Changes in allowance for credit losses are included in other income.
(3)
Includes pending purchases of securities of $63 million and $49 million at March 31, 2021 and December 31, 2020, respectively.
(4)
The fair value of securities in an unrealized loss position was $937 million and $293 million at March 31, 2021 and December 31, 2020, respectively.
Unrealized Gain Loss on EquityThe portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:
Three Months Ended March 31,
2021
2020
(millions)
Net gains (losses) recognized during the period
$
279
$
(898
)
Less: Net (gains) losses recognized during the period on securities sold during the period
(178
)
14
Unrealized gains (losses) recognized during the period on securities still held at period end ( 1)
$
101
$
(884
)
(1)
Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity DateThe fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2021 by contractual maturity is as follows:
Amount
(millions)
Due in one year or less
$
292
Due after one year through five years
640
Due after five years through ten years
614
Due after ten years
805
Total
$
2,351
Marketable SecuritiesPresented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
Three Months Ended March 31,
2021
2020
(millions)
Proceeds from sales
$
1,765
$
602
Realized gains ( 1)
232
66
Realized losses ( 1)
59
69
(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 FundsVirginia Power’s decommissioning trust funds are summarized below:
Amortized Cost
Total Unrealized Gains
Total Unrealized Losses
Allowance for Credit Losses
Fair Value
(millions)
March 31, 2021
Equity securities: (1)
U.S.
$
839
$
1,414
$
(9
)
$
2,244
Fixed income securities: (2)
Corporate debt instruments
385
18
(3
)
$

400
Government securities
601
18
(3
)

616
Common/collective trust funds
86



86
Cash equivalents and other ( 3)
(24
)



(24
)
Total
$
1,887
$
1,450
$
(15
)
(4)
$

$
3,322
December 31, 2020
Equity securities: (1)
U.S.
$
929
$
1,371
$
(21
)
$
2,279
Fixed income securities: (2)
Corporate debt instruments
315
33

$

348
Government securities
484
25


509
Common/collective trust funds
58



58
Cash equivalents and other ( 3)
3



3
Total
$
1,789
$
1,429
$
(21
)
(4)
$

$
3,197
(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 purchases of securities of $24 million and $10 million at March 31, 2021 and December 31, 2020, respectively.
(4)
The fair value of securities in an unrealized loss position was $434 million and $142 million
Unrealized Gain Loss on EquityThe portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:
Three Months Ended March 31,
2021
2020
(millions)
Net gains (losses) recognized during the period
$
143
$
(423
)
Less: Net (gains) losses recognized during the period on securities sold during the period
(88
)
6
Unrealized gains (losses) recognized during the period on securities still held at period end ( 1)
$
55
$
(417
)
(1)
Included in other income and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity DateThe fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2021 by contractual maturity is as follows:
Amount
(millions)
Due in one year or less
$
111
Due after one year through five years
314
Due after five years through ten years
365
Due after ten years
312
Total
$
1,102
Marketable SecuritiesPresented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
Three Months Ended March 31,
2021
2020
(millions)
Proceeds from sales
$
789
$
294
Realized gains ( 1)
106
31
Realized losses ( 1)
23
31
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

Property Plant And Equipment (T

Property Plant And Equipment (Tables)3 Months Ended
Mar. 31, 2021
Dominion Energy And Virginia Electric And Power Company
Schedule of Business Acquisitions, by AcquisitionThe following table presents acquisitions by Virginia Power of non-jurisdictional 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
February 2021
Expected 2021
Virginia
Bookers Mill
$
200
Expected 2023
127
(1)
Includes acquisition cost
Dominion Energy
Schedule of Business Acquisitions, by AcquisitionThe 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
May 2020
October 2020
South Carolina
Trask
$
22
March 2021
12
August 2020
Expected 2021
Ohio
Hardin II
300
Expected 2023
150
(1)
Includes acquisition cost

Regulatory Assets and Liabili_2

Regulatory Assets and Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Regulated Operations [Abstract]
Schedule of Regulatory Assets and LiabilitiesRegulatory assets and liabilities include the following:
March 31, 2021
December 31, 2020
(millions)
Dominion Energy
Regulatory assets:
Deferred project costs and DSM programs for gas utilities ( 1)
$
17
$
35
Unrecovered gas costs ( 2)
63
78
Deferred rider costs for Virginia electric utility ( 3)
123
98
Deferred nuclear refueling outage costs ( 4)
54
53
NND Project costs ( 5)
138
138
PJM transmission rates ( 6)
48
71
Other
207
226
Regulatory assets-current
650
699
Pension and other postretirement benefit costs ( 7)
1,304
1,363
Deferred rider costs for Virginia electric utility ( 3)
347
311
Deferred project costs for gas utilities ( 1)
658
632
Interest rate hedges ( 8)
624
1,042
AROs and related funding ( 9)
340
331
Cost of reacquired debt ( 10)
242
245
NND Project costs ( 5)
2,330
2,364
Ash pond and landfill closure costs ( 11)
2,317
2,301
Deferred cost of fuel used in electric generation ( 12)
82

Other
549
544
Regulatory assets-noncurrent
8,793
9,133
Total regulatory assets
$
9,443
$
9,832
Regulatory liabilities:
Deferred cost of fuel used in electric generation ( 12)
$
33
$
58
Provision for future cost of removal and AROs ( 13)
183
183
Reserve for refunds to electric utility customers ( 14)
127
128
Reserve for future credits to Virginia electric customers ( 15)

120
Cost-of-service impact of 2017 Tax Reform Act ( 16)

12
Income taxes refundable through future rates ( 17)
119
124
Monetization of guarantee settlement ( 18)
67
67
Other
112
117
Regulatory liabilities-current
641
809
Income taxes refundable through future rates ( 17)
4,365
4,376
Provision for future cost of removal and AROs ( 13)
2,180
2,150
Nuclear decommissioning trust ( 19)
1,805
1,719
Monetization of guarantee settlement ( 18)
886
903
Reserve for refunds to electric utility customers ( 14)
505
540
Overrecovered other postretirement benefit costs ( 20)
84
111
Other
377
388
Regulatory liabilities-noncurrent
10,202
10,187
Total regulatory liabilities
$
10,843
$
10,996
(1)
Primarily
(2)
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 for more information.
(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 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, 2020 for more information.
(6)
Reflects current portion of amounts to be recovered through retail rates in Virginia for payments Virginia Power expects to make to PJM through 2026 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.
(7)
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.
(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 27 years as of March 31, 2021.
(9)
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 .
(10)
Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt. The reacquired debt costs had a weighted-average life of approximately 26 years as of March 31, 2021. (11)
(12)
Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.
(13)
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.
(14)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. 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, 2020 for more information.
(15)
Represents a reserve related to the use of a CCRO in accordance with the GTSA associated with the 2021 Triennial Review. See Note 13 for additional information.
(16)
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, 2020 for more information.
(17)
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.
(18)
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, 2020 for more information.
(19)
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.
(20)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
March 31, 2021
December 31, 2020
(millions)
Virginia Power
Regulatory assets:
Deferred rider costs ( 1)
$
123
$
98
Deferred nuclear refueling outage costs ( 2)
54
53
PJM transmission rates ( 3)
48
71
Other
67
73
Regulatory assets-current
292
295
Deferred rider costs ( 1)
347
311
Interest rate hedges ( 4)
327
733
Ash pond and landfill closure costs ( 5)
2,317
2,301
Deferred cost of fuel used in electric generation ( 6)
82

Other
162
164
Regulatory assets-noncurrent
3,235
3,509
Total regulatory assets
$
3,527
$
3,804
Regulatory liabilities:
Deferred cost of fuel used in electric generation ( 6)
$
33
$
58
Provision for future cost of removal ( 7)
152
152
Reserve for future credits to Virginia electric customers ( 8)

120
Income taxes refundable through future rates ( 9)
54
54
Other
33
41
Regulatory liabilities-current
272
425
Income taxes refundable through future rates ( 9)
2,406
2,404
Nuclear decommissioning trust ( 10)
1,805
1,719
Provision for future cost of removal ( 7)
996
980
Deferred cost of fuel used in electric generation ( 6)
2
54
Other
193
181
Regulatory liabilities-noncurrent
5,402
5,338
Total regulatory liabilities
$
5,674
$
5,763
(1)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 for more information.
(2)
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.
(3)
Reflects current portion of amounts to be recovered through retail rates in Virginia for payments Virginia Power expects to make to PJM through 2026 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.
(4)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of March 31, 2021.
(5)
Primarily reflects legislation enacted in Virginia in 2019, which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 13 for additional information. (6)
(7)
Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(8)
Represents a reserve related to the use of a CCRO in accordance with the GTSA associated with the 2021 Triennial Review. See Note 13 for additional information.
(9)
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.
(10)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.

Regulatory Matters (Tables)

Regulatory Matters (Tables) - Virginia Electric and Power Company3 Months Ended
Mar. 31, 2021
Public Utilities General Disclosures [Line Items]
Summary of Additional Significant Riders Associated with Virginia Power ProjectsAdditional 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 B
June 2020
February 2021
April 2021
24
(8
)
Rider GV
June 2020
February 2021
April 2021
153
21
Rider R
June 2020
February 2021
April 2021
58
14
Rider S
June 2020
February 2021
April 2021
194
(1
)
Rider W
June 2020
February 2021
April 2021
120
14
Rider US-3
July 2020
March 2021
June 2021
38
10
Rider US-4
July 2020
March 2021
June 2021
10
3
Summary of Virginia Electric Transmission ProjectsElectric Transmission Projects
Description and Location of Project
Application Date
Approval Date
Type of Line
Miles of Lines
Cost Estimate (millions)
Elmont-Ladysmith rebuild and related projects in the Counties of Hanover and Caroline, Virginia
April 2021
Pending
500 kV
26
$
95

Significant Financing Transac_2

Significant Financing Transactions (Tables)3 Months Ended
Mar. 31, 2021
Debt Instrument [Line Items]
Schedule of Line of Credit FacilitiesAt March 31, 2021, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:
Facility Limit
Outstanding Commercial Paper
Outstanding Letters of Credit
Facility Capacity Available
(millions)
Joint revolving credit facility ( 1)
$
6,000
$
2,477
$
99
$
3,424
(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
Virginia Electric and Power Company
Debt Instrument [Line Items]
Schedule of Line of Credit FacilitiesAt March 31, 2021, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:
Facility Limit ( 1)
Outstanding Commercial Paper
Outstanding Letters of Credit
(millions)
Joint revolving credit facility ( 1)
$
6,000
$
420
$
12
(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 March 31, 2021, 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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Subsidiary GuaranteesAt March 31, 2021, Dominion Energy had issued the following subsidiary guarantees:
Maximum Exposure
(millions)
Commodity transactions ( 1)
$
1,851
Nuclear obligations ( 2)
202
Solar ( 3)
463
Other ( 4)
982
Total ( 5)
$
3,498
(1)
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
(2)
Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
(3)
Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects.
(4)
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy's guarantees for the new corporate office properties and an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2020 and in Note 14 in this report.

Related-Party Transactions (Tab

Related-Party Transactions (Tables)3 Months Ended
Mar. 31, 2021
Virginia Electric and Power Company
Schedule of Related Party TransactionsPresented below are Virginia Power’s significant transactions with DES and other affiliates:
Three Months Ended March 31,
2021
2020
(millions)
Commodity purchases from affiliates
$
181
$
211
Services provided by affiliates ( 1)
125
121
Services provided to affiliates
5
5
(1)
Includes capitalized expenditures of $38 million and $34 million for the three months ended March 31, 2021 and 2020, respectively.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)3 Months Ended
Mar. 31, 2021
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 $5 million for the three months ended March 31, 2020, 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
2021
2020
2021
2020
(millions)
Three Months Ended March 31,
Service cost
$
42
$
43
$
6
$
7
Interest cost
79
91
12
15
Expected return on plan assets
(208
)
(193
)
(44
)
(39
)
Amortization of prior service (credit) cost


(10
)
(12
)
Amortization of net actuarial loss
48
49
1
1
Settlements
(2
)



Net periodic benefit (credit) cost
$
(41
)
$
(10
)
$
(35
)
$
(28
)

Operating Segments (Tables)

Operating Segments (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting Information [Line Items]
Schedule of Primary Operating SegmentsThe Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:
Primary Operating Segment
Description of Operations
Dominion Energy
Virginia Power
Dominion Energy Virginia
Regulated electric distribution
X
X
Regulated electric transmission
X
X
Regulated electric generation fleet ( 1)
X
X
Gas Distribution
Regulated gas distribution and storage ( 2)
X
Dominion Energy South Carolina
Regulated electric distribution
X
Regulated electric transmission
X
Regulated electric generation fleet
X
Regulated gas distribution and storage
X
Contracted Assets
Nonregulated electric generation fleet
X
Noncontrolling interest in Cove Point
X
(1)
I ncludes Virginia Power’s nonjurisdictional generation operations.
(2)
Includes renewable natural gas operations as well as Wexpro’s gas development and production operations.
Schedule of Segment Reporting Information, by SegmentIn 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 March 31, 2021
Total revenue from external customers
$
1,987
$
975
$
752
$
268
$
(130
)
$
17
$
3,869
Intersegment revenue
(2
)
1
2
21
230
(251
)
1
Total operating revenue
1,985
976
754
289
100
(234
)
3,870
Net income from discontinued operations




28

28
Net income attributable to Dominion Energy
434
251
102
150
71

1,008
Three Months Ended March 31, 2020
Total revenue from external customers
$
1,938
$
886
$
713
$
288
$
109
$
15
$
3,949
Intersegment revenue
(3
)
4
1
8
242
(263
)
(11
)
Total operating revenue
1,935
890
714
296
351
(248
)
3,938
Net income from discontinued operations



51
178

229
Net income (loss) attributable to Dominion Energy
429
224
94
111
(1,128
)

(270
)
Virginia Electric and Power Company
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by SegmentThe following table presents segment information pertaining to Virginia Power’s operations:
Dominion Energy Virginia
Corporate and Other
Consolidated Total
(millions)
Three Months Ended March 31, 2021
Operating revenue
$
1,981
$
(151
)
$
1,830
Net income (loss)
432
(58
)
374
Three Months Ended March 31, 2020
Operating revenue
$
1,930
$

$
1,930
Net income (loss)
427
(707
)
(280
)

Significant Accounting Polici_4

Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020
Significant Accounting Policies [Line Items]
Impairment of assets and other charges $ 95 $ 768
Virginia Electric and Power Company | Impairment of Assets and Other Charges
Significant Accounting Policies [Line Items]
Impairment of assets and other charges76 $ 127 754
Asset impairment charges after tax $ 56 $ 561
Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Nonregulated Solar Projects | Call Option
Significant Accounting Policies [Line Items]
Percentage ownership in total units67.00%
Cove Point | Brookfield
Significant Accounting Policies [Line Items]
Percentage of equity interest sold to noncontrolling interest owners25.00%
Four Brothers and Three Cedars
Significant Accounting Policies [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired50.00%
Four Brothers and Three Cedars | Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Nonregulated Solar Projects
Significant Accounting Policies [Line Items]
Percentage of equity interest sold to noncontrolling interest owners33.00%

Significant Accounting Polici_5

Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents[1] $ 491 $ 179 $ 1,192 $ 166
Restricted cash and equivalents[2],[3]71 68 75 103
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows562 247 1,267 269
Cash and cash equivalents477 172 [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 Flows56 35 76 24
Cash and cash equivalents56 35 [5]71 17
Restricted cash and equivalents[3] $ 0 $ 0 $ 5 $ 7
[1]At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $14 million, $59 million, $7 million and $31 million of cash and cash equivalents included in current assets held for sale, respectively.
[2]At March 31, 2021, March 31, 2020, December 31, 2020 and December 31, 2019, Dominion Energy had $3 million, $12 million, $3 million and $12 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, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[5]Virginia Power’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.

Significant Accounting Polici_6

Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents $ 477 $ 172 [1]
Current Assets Held for Sale
Cash Cash Equivalents And Restricted Cash [Line Items]
Cash and cash equivalents14 7 $ 59 $ 31
Restricted cash and equivalents $ 3 $ 3 $ 12 $ 12
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.

Significant Accounting Polici_7

Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Significant noncash investing and financing activities:
Accrued capital expenditures $ 341 $ 343
Leases[1]9 17
Financing leases2 17
Virginia Electric and Power Company
Significant noncash investing and financing activities:
Accrued capital expenditures262 210
Financing leases $ 1 $ 10
[1]Includes $2 million and $17 million of financing leases at March 31, 2021 and 2020, respectively, and $7 million of operating leases at March 31, 2021.

Significant Accounting Polici_8

Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accounting Policies [Abstract]
Financing leases $ 2 $ 17
Operating Leases $ 7

Acquisitions and Dispositions_2

Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations to BHE) (Narrative) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Nov. 30, 2020Oct. 31, 2020Jul. 31, 2020
GT&S Transaction
Business Acquisition And Dispositions [Line Items]
Operating revenue $ 1 $ 2
GT&S Transaction | BHE
Business Acquisition And Dispositions [Line Items]
Disposal group, total value of consideration $ 10,000
Disposal group, cash consideration $ 4,000
GT&S Transaction | BHE | General Partner Interest
Business Acquisition And Dispositions [Line Items]
Percentage ownership in total units100.00%
GT&S Transaction | BHE | Limited Partner Interests
Business Acquisition And Dispositions [Line Items]
Percentage ownership in total units25.00%
GT&S Transaction | Transition Service Agreement | BHE
Business Acquisition And Dispositions [Line Items]
Operating revenue5
Q-Pipe Transaction | BHE
Business Acquisition And Dispositions [Line Items]
Disposal group, cash consideration $ 1,300
Disposal group, including discontinued operation, deposits $ 1,300
Disposal group, recognized a pre-tax gain upon closing450
Disposal group, recognized a gain on disposal after tax320
Goodwill write-off $ 191

Acquisitions and Dispositions_3

Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income tax expense $ 7 $ 31
Net income including noncontrolling interests[1],[2]28 229
Net income attributable to Dominion Energy28 196
GT&S Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating revenue1 2
Disposition Of G T S Operations To B H E | Q-Pipe Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating revenue67 65
Operating Expense19 33
Other income0 1
Interest and related charges5 4
Income before income taxes43 29
Income tax expense8 4
Net income including noncontrolling interests35 25
Net income attributable to Dominion Energy $ 35 25
Disposition Of G T S Operations To B H E | GT&S Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Operating revenue563
Operating Expense333
Other income20
Interest and related charges53
Income before income taxes197
Income tax expense27
Net income including noncontrolling interests170
Noncontrolling interests33
Net income attributable to Dominion Energy $ 137
[1]Includes income tax expense of $7 million and $31 million for the three months ended March 31, 2021 and 2020, respectively.
[2]See Note 10 for amounts attributable to related parties.

Acquisitions and Dispositions_4

Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Current assets $ 1,500 $ 1,482 [1]
Current liabilities625 625 [1]
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Current assets[2]49 47
Equity method investments[3]35 35
Property, plant and equipment, net1,120 1,113
Other deferred charges and other assets, including goodwill and intangible assets[4]224 224
Current liabilities30 30
Long-term debt426 426
Other deferred credits and liabilities $ 154 $ 154
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[2]Includes cash and cash equivalents
[3]Comprised of an equity method investment in White River Hub
[4]Includes goodwill of $191 million at both March 31, 2021 and December 31, 2020.

Acquisitions and Dispositions_5

Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Held for Sale in Discontinued Operations) (Parenthetical) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Goodwill $ 7,381 $ 7,381 [1]
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash and cash equivalents13 7
Goodwill $ 191 $ 191
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.

Acquisitions and Dispositions_6

Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Significant noncash items
Depreciation, depletion and amortization $ 608 $ 578
Accrued capital expenditures341 343
Dominion Energy Gas Holdings, LLC | GT&S Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Capital expenditures73
Significant noncash items
Depreciation, depletion and amortization82
Accrued capital expenditures16
Dominion Energy Gas Holdings, LLC | Q-Pipe Transaction
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Capital expenditures3 6
Significant noncash items
Depreciation, depletion and amortization0 13
Accrued capital expenditures $ 2 $ 0

Operating Revenue (Schedule of

Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers $ 3,840 $ 3,827
Other revenues[1],[2]30 111
Total operating revenue3,870 3,938
Regulated Electric Sales | Residential
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers1,155 1,158
Regulated Electric Sales | Commercial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers719 798
Regulated Electric Sales | Industrial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers178 182
Regulated Electric Sales | Government and Other Retail
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers189 219
Regulated Electric Sales | Wholesale
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers43 33
Nonregulated Electric Sales
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers249 232
Regulated Gas Sales | Residential
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers630 548
Regulated Gas Sales | Commercial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers206 191
Regulated Gas Sales | Other
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers34 28
Nonregulated Gas Sales
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers52 83
Regulated Gas Transportation and Storage
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers271 232
Other Regulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers[3]66 92
Other Nonregulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers[3],[4]48 31
Virginia Electric and Power Company
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers1,807 1,909
Other revenues[2],[4]23 21
Total operating revenue1,830 1,930
Virginia Electric and Power Company | Regulated Electric Sales | Residential
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers889 896
Virginia Electric and Power Company | Regulated Electric Sales | Commercial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers547 614
Virginia Electric and Power Company | Regulated Electric Sales | Industrial
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers91 97
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers176 203
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers26 24
Virginia Electric and Power Company | Other Regulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers57 62
Virginia Electric and Power Company | Other Nonregulated Revenues
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers[3],[4] $ 21 $ 13
[1]
[2]Amounts above include alternative revenue of $22 million and $36 million at Dominion Energy and $20 million and $17 million at Virginia Power for the three months ended March 31, 2021 and 2020, respectively.
[3]Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts include $7 million for both the three months ended March 31, 2021 and 2020, 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 $6 million and $4 million for the three months ended March 31, 2021 and $4 million and $3 million for the three months ended March 31, 2020, 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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers $ 3,840 $ 3,827
Other revenues[1],[2]30 111
GT&S Transaction
Public Utilities General Disclosures [Line Items]
Revenue associated with discontinued operations1 2
NGL Midstream | Transferred at a Point in Time
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers7 7
Renewable Energy Investment Tax Credits
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers6 4
Alternative Revenue Programs
Public Utilities General Disclosures [Line Items]
Other revenues22 36
Virginia Electric and Power Company
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers1,807 1,909
Other revenues[2],[3]23 21
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits
Public Utilities General Disclosures [Line Items]
Operating revenue from contracts with customers4 3
Virginia Electric and Power Company | Alternative Revenue Programs
Public Utilities General Disclosures [Line Items]
Other revenues $ 20 $ 17
[1]
[2]Amounts above include alternative revenue of $22 million and $36 million at Dominion Energy and $20 million and $17 million at Virginia Power for the three months ended March 31, 2021 and 2020, 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 MillionsMar. 31, 2021USD ($)
Revenues From Contract With Customer [Line Items]
Revenue, expected to be recognized on multi-year contracts $ 788
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 $ 51
Revenue, expected to be recognized on multi-year contracts, period9 months
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 $ 68
Revenue, expected to be recognized on multi-year contracts, period1 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 $ 66
Revenue, expected to be recognized on multi-year contracts, period1 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 $ 59
Revenue, expected to be recognized on multi-year contracts, period1 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 $ 51
Revenue, expected to be recognized on multi-year contracts, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenues From Contract With Customer [Line Items]
Revenue, expected to be recognized on multi-year contracts $ 493
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 MillionsMar. 31, 2021USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, expected to be recognized on multi-year contracts $ 788

Operating Revenue (Narrative) (

Operating Revenue (Narrative) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenues From Contract With Customer [Line Items]
Revenue recognized from contract liability balances $ 122 $ 93
Other Current Liabilities and Other Deferred Credits and Other Liabilities
Revenues From Contract With Customer [Line Items]
Contract liability balances74 $ 130
Virginia Electric and Power Company
Revenues From Contract With Customer [Line Items]
Revenue recognized from contract liability balances36 $ 24
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 $ 32 $ 36

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Effective Income Tax Computation [Line Items]
U.S. statutory rate21.00%21.00%
Increases (reductions) resulting from:
State taxes, net of federal benefit3.50%3.30%
Investment tax credits(3.80%)(7.00%)
Production tax credits(0.30%)(0.80%)
Reversal of excess deferred income taxes(2.20%)(7.80%)
AFUDC - equity(0.40%)(0.70%)
Other, net1.70%
Effective tax rate17.80%9.70%
Virginia Electric and Power Company
Effective Income Tax Computation [Line Items]
U.S. statutory rate21.00%21.00%
Increases (reductions) resulting from:
State taxes, net of federal benefit4.50%4.80%
Investment tax credits(6.60%)(6.40%)
Production tax credits(0.60%)(0.80%)
Reversal of excess deferred income taxes(2.20%)(8.10%)
AFUDC - equity(0.70%)(0.70%)
Other, net0.30%0.30%
Effective tax rate15.70%10.10%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($) $ in Millions3 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Mar. 31, 2020Dec. 31, 2017
Income Taxes [Line Items]
Weighted average rate reversal of deferred taxes to originate the deferred tax liability35.00%
Income tax expense (benefit) from discontinued operations $ 7 $ 31
Scenario Forecast
Income Taxes [Line Items]
Deferred tax benefit $ 20
Scenario Forecast | Virginia Electric and Power Company
Income Taxes [Line Items]
Deferred tax benefit $ 15

Earnings Per Share (Calculation

Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) from continuing operations $ 980 $ (466)
Preferred stock dividends (see Note 16)(16)(16)
Net income (loss) attributable to Dominion Energy from continuing operations – Basic964 (482)
Net income (loss) attributable to Dominion Energy from continuing operations - Diluted964 (482)
Net Income from discontinued operations $ 28 $ 196
Average shares of common stock outstanding – Basic & Diluted805.9 838.2
Average shares of common stock outstanding – Diluted805.9 838.2
EPS from continuing operations – Basic $ 1.19 $ (0.57)
EPS from discontinued operations – Basic0.040.23
EPS attributable to Dominion Energy – Basic1.23(0.34)
EPS from continuing operations – Diluted1.19(0.57)
EPS from discontinued operations – Diluted0.040.23
EPS attributable to Dominion Energy – Diluted $ 1.23 $ (0.34)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance[1] $ 26,117
Total other comprehensive income (loss)46 $ (225)
Ending balance26,699
Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance14,557 [2]13,989
Total other comprehensive income (loss)29 (46)
Ending balance14,811 13,556
Deferred Gains and Losses on Derivatives-Hedging Activities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(419)(407)
Other comprehensive income before reclassifications: gains (losses)39 (266)
Amounts reclassified from AOCI: (gains) losses[3]13 22
Total other comprehensive income (loss)52 (244)
Ending balance(367)(651)
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(60)(34)
Other comprehensive income before reclassifications: gains (losses)32 (45)
Amounts reclassified from AOCI: (gains) losses[4]1
Total other comprehensive income (loss)33 (45)
Ending balance(27)(79)
Unrealized Gains and Losses on Investment Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance62 37
Other comprehensive income before reclassifications: gains (losses)(31)9
Amounts reclassified from AOCI: (gains) losses[3]1 (9)
Total other comprehensive income (loss)(30)
Ending balance32 37
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance8 5
Other comprehensive income before reclassifications: gains (losses)(5)(2)
Amounts reclassified from AOCI: (gains) losses[4]1 1
Total other comprehensive income (loss)(4)(1)
Ending balance4 4
Unrecognized Pension and Other Postretirement Benefit Costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(1,359)(1,421)
Other comprehensive income before reclassifications: gains (losses)6
Amounts reclassified from AOCI: (gains) losses[3]18 19
Total other comprehensive income (loss)24 19
Ending balance(1,335)(1,402)
Other Comprehensive Loss From Equity Method Investees
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(1)(2)
Other comprehensive income before reclassifications: gains (losses)0 0
Amounts reclassified from AOCI: (gains) losses[3]0 0
Total other comprehensive income (loss)0 0
Ending balance(1)(2)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(1,717)(1,793)
Other comprehensive income before reclassifications: gains (losses)14 (257)
Amounts reclassified from AOCI: (gains) losses[3]32 32
Total other comprehensive income (loss)46 (225)
Ending balance(1,671)(2,018)
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance(52)(29)
Other comprehensive income before reclassifications: gains (losses)27 (47)
Amounts reclassified from AOCI: (gains) losses[4]2 1
Total other comprehensive income (loss)29 (46)
Ending balance $ (23) $ (75)
[1]Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[2]Virginia Power’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[3]See table below for details about these reclassifications.
[4]See table below for details about these reclassifications

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Operating revenue $ (3,870) $ (3,938)
Interest and related charges53 432
Other income (expense)(367)454
Income tax expense (benefit)212 (50)
Income (loss) including noncontrolling interests, net of tax(980)468
Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Operating revenue[1](1,830)(1,930)
Interest and related charges[1]136 126
Other income (expense)(32)52
Income from operations before income tax expense(444)311
Income tax expense (benefit)70 (31)
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 expense17 29
Income tax expense (benefit)4 (7)
Income (loss) including noncontrolling interests, net of tax13 22
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Commodity contracts
Accumulated Other Comprehensive Income (Loss) [Line Items]
Operating revenue(6)
Purchased gas1 3
Discontinued operations(1)
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 charges16 25
Discontinued operations2
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Foreign currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Discontinued operations6
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Realized (gains) losses on sale of securities1 (13)
Income from operations before income tax expense1 (13)
Income tax expense (benefit)4
Income (loss) including noncontrolling interests, net of tax1 (9)
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss) [Line Items]
Realized (gains) losses on sale of securities1 2
Income from operations before income tax expense1 2
Income tax expense (benefit)(1)
Income (loss) including noncontrolling interests, net of tax1 1
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)(5)(6)
Amortization of actuarial losses | Amounts Reclassified From AOCI
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other income (expense)30 30
Unrecognized pension and other postretirement benefit costs
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized pension and other postretirement benefit costs, before tax25 24
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit)(7)(5)
Unrecognized pension and other postretirement benefit costs, net of tax18 19
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]13 $ 22
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
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 expense1
Income (loss) including noncontrolling interests, net of tax1
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
[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

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)$ / MMBTU$ / MWhDec. 31, 2020USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets $ 849 $ 397
Fair Value of Derivative Liabilities264 486
Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets359 181
Fair Value of Derivative Liabilities178 405
Fair Value, Measurements, Recurring
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets7,613 6,959
Total liabilities264 486
Fair Value, Measurements, Recurring | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets3,508 3,223
Total liabilities178 405
Fair Value, Measurements, Recurring | Commodity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets109 167
Fair Value of Derivative Liabilities78 55
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets76 115
Fair Value of Derivative Liabilities28 29
Fair Value, Measurements, Recurring | Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets58 110
Total liabilities2 7
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Total assets58 110
Total liabilities2 7
Fair Value, Measurements, Recurring | Level 3 | Commodity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets58 110
Fair Value of Derivative Liabilities2 7
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets58 110
Fair Value of Derivative Liabilities2 $ 7
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets2
Fair Value of Derivative Liabilities2
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 Assets2
Fair Value of Derivative Liabilities $ 2
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](2)
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](2)
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh[1](2)
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](2)
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]2
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]2
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh[1]3
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]3
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]0
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company
Fair Value, Option, Quantitative Disclosures [Line Items]
Market Price | $ / MWh[1],[2]0
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value of Derivative Assets[3] $ 56
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] $ 56
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)
[1]Represents market prices beyond defined terms for Levels 1 and 2.
[2]Averages weighted by volume.
[3]Includes basis.

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset $ 849 $ 397
Derivative Liabilities264 486
Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset359 181
Derivative Liabilities178 405
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets7,613 6,959
Total Liabilities264 486
Fair Value, Measurements, Recurring | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets3,508 3,223
Total Liabilities178 405
Fair Value, Measurements, Recurring | Equity securities: | U.S.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[1]4,569 4,648
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[2]2,132 2,171
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[1]722 629
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]400 348
Fair Value, Measurements, Recurring | Fixed Income | Government Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[1]1,455 1,238
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]617 510
Fair Value, Measurements, Recurring | Cash equivalents and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[1]18 47
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]
Investments13
Fair Value, Measurements, Recurring | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset109 167
Derivative Liabilities78 55
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset76 115
Derivative Liabilities28 29
Fair Value, Measurements, Recurring | Interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset740 230
Derivative Liabilities186 431
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 Asset283 66
Derivative Liabilities150 376
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets5,315 5,188
Total Liabilities0 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 assets2,472 2,385
Total Liabilities0 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]4,569 4,648
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[2]2,132 2,171
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]728 508
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]340 201
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments[1]18 32
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]
Investments13
Fair Value, Measurements, Recurring | Level 1 | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset0 0
Derivative Liabilities0 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 Asset0 0
Derivative Liabilities0 0
Fair Value, Measurements, Recurring | Level 1 | Interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset0 0
Derivative Liabilities0 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 Asset0 0
Derivative Liabilities0 0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets2,240 1,661
Total Liabilities262 479
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 assets978 728
Total Liabilities176 398
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]722 629
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]400 348
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]727 730
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]277 309
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]0 15
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]
Investments0
Fair Value, Measurements, Recurring | Level 2 | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset51 57
Derivative Liabilities76 48
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 Asset18 5
Derivative Liabilities26 22
Fair Value, Measurements, Recurring | Level 2 | Interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset740 230
Derivative Liabilities186 431
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 Asset283 66
Derivative Liabilities150 376
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets58 110
Total Liabilities2 7
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 assets58 110
Total Liabilities2 7
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]
Investments0
Fair Value, Measurements, Recurring | Level 3 | Commodity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset58 110
Derivative Liabilities2 7
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 Asset58 110
Derivative Liabilities2 7
Fair Value, Measurements, Recurring | Level 3 | Interest rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset0 0
Derivative Liabilities0 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 Asset0 0
Derivative Liabilities $ 0 $ 0
[1]Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $399 million and $ 340 million of assets at March 31, 2021 and December 31, 2020 , 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 $ 199 million and $ 167 million of assets at March 31, 2021 and December 31, 2020 , 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 MillionsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value using NAV $ 399 $ 340
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 $ 199 $ 167

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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance $ 103 $ (37)
Total realized and unrealized gains (losses):
Included in regulatory assets/liabilities(47)80
Settlements21 22
Ending balance56 43
Virginia Electric and Power Company
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance103 (37)
Total realized and unrealized gains (losses):
Included in regulatory assets/liabilities(47)80
Settlements21 22
Ending balance56 43
Electric Fuel and Other Energy-Related Purchases
Total realized and unrealized gains (losses):
Included in earnings(21)(22)
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company
Total realized and unrealized gains (losses):
Included in earnings $ (21) $ (22)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
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
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
Maximum
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 $ 1,000,000

Fair Value Measurements (Financ

Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[1],[2] $ 31,991 $ 31,996
Supplemental 364-Day credit facility borrowings0 225
Junior subordinated notes[3]3,412 3,411
Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[1],[2],[4]36,334 38,773
Supplemental 364-Day credit facility borrowings[4]0 225
Junior subordinated notes[3],[4]3,579 3,633
Virginia Electric and Power Company | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[2]13,209 13,207
Virginia Electric and Power Company | Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt[2],[4] $ 15,174 $ 16,455
[1]Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. At both March 31, 2021 and December 31, 2020, the carrying amount includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million.
[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 Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Fair Value Disclosures [Abstract]
Valuation of certain fair value hedges associated with fixed rate debt $ 3 $ 3
Supplemental line of credit facility borrowings expiration period1 year

Derivatives and Hedge Account_3

Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[1] $ 849 $ 396
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments70 46
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts779 350
Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[2]357 178
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments37 14
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts320 164
Commodity | Over-the-counter
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[1]76 117
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments18 9
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts58 108
Commodity | Over-the-counter | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[2]71 111
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments15 6
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts56 105
Commodity | Exchange
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[1]33 49
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments33 24
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts0 25
Commodity | Exchange | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[2]3 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments3 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts0 0
Interest rate | Over-the-counter
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[1]740 230
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments19 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts721 217
Interest rate | Over-the-counter | Virginia Electric and Power Company
Offsetting Assets [Line Items]
Gross Assets Presented in the Consolidated Balance Sheet[2]283 66
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments19 7
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received0 0
Net Amounts $ 264 $ 59
[1]Excludes less than $1
[2]Excludes $2

Derivatives and Hedge Account_4

Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Offsetting Assets [Line Items]
Derivative assets, not subject to a master netting or similar arrangement $ 1
Virginia Electric and Power Company
Offsetting Assets [Line Items]
Derivative assets, not subject to a master netting or similar arrangement $ 2 $ 3
Maximum
Offsetting Assets [Line Items]
Derivative assets, not subject to a master netting or similar arrangement $ 1

Derivatives and Hedge Account_5

Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[1] $ 264 $ 485
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments70 46
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral28 17
Net Amounts166 422
Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[2]173 383
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments37 14
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral1 0
Net Amounts135 369
Commodity | Over-the-counter
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[1]28 30
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments18 9
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral0 0
Net Amounts10 21
Commodity | Over-the-counter | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[2]19 6
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments15 6
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral0 0
Net Amounts4 0
Commodity | Exchange
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[1]50 24
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments33 24
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral17 0
Net Amounts0 0
Commodity | Exchange | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[2]4 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments3 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral1 0
Net Amounts0 0
Interest rate | Over-the-counter
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[1]186 431
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments19 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral11 17
Net Amounts156 401
Interest rate | Over-the-counter | Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Gross Liabilities Presented in the Consolidated Balance Sheet[2]150 376
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments19 7
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral0 0
Net Amounts $ 131 $ 369
[1]Excludes less than $ 1 million and $ 1 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, which are not subject to master netting or similar arrangements.
[2]Excludes $ 5 million and $ 22 million of derivative liabilities at March 31, 2021 and December 31, 2020, respectively, which are not subject to master netting or similar arrangements.

Derivatives and Hedge Account_6

Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Offsetting Liabilities [Line Items]
Derivative liabilities, not subject to a master netting or similar arrangement $ 1
Virginia Electric and Power Company
Offsetting Liabilities [Line Items]
Derivative liabilities, not subject to a master netting or similar arrangement $ 5 $ 22
Maximum
Offsetting Liabilities [Line Items]
Derivative liabilities, not subject to a master netting or similar arrangement $ 1

Derivatives and Hedge Account_7

Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail)3 Months Ended
Mar. 31, 2021USD ($)MWhBcf
Fixed Price - Natural Gas - Current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf60 [1]
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf35 [1]
Basis - Natural Gas - Current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf202
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf151
Fixed Price - Electricity - Current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh10,745,307
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh3,770,002
Financial Transmission Rights - Electricity- Current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh18,264,727
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh18,264,727
Interest Rate - Current Derivative Contract
Derivative [Line Items]
Derivative payment | $ $ 1,250,000,000 [2]
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment | $ $ 850,000,000 [2]
Fixed Price - Natural Gas - Non-current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf19 [1]
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf18 [1]
Basis - Natural Gas - Non-current Derivative Contract
Derivative [Line Items]
Volume of derivative activity | Bcf496
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of derivative activity | Bcf495
Fixed Price - Electricity - Non-current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh9,789,934
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh3,029,859
Financial Transmission Rights - Electricity- Non-current Derivative Contract
Derivative [Line Items]
Volume of electricity | MWh0
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Volume of electricity | MWh0
Interest Rate - Non-current Derivative Contract
Derivative [Line Items]
Derivative payment | $ $ 5,407,000,000 [2]
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company
Derivative [Line Items]
Derivative payment | $ $ 1,200,000,000 [2]
[1]Includes options.
[2]Maturity is determined based on final settlement period.

Derivatives and Hedge Account_8

Derivatives and Hedge Accounting Activities (Selected Information Related to Losses on Cash Flow Hedges Included in AOCI) (Detail) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax $ (367)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax(40)
Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax(27)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax(2)
Interest rate
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax(367)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (40)
Maximum Term393 months
Interest rate | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
AOCI After-Tax $ (27)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (2)
Maximum Term393 months

Derivatives and Hedge Account_9

Derivatives and Hedge Accounting Activities (Narrative) (Detail)Mar. 31, 2021USD ($)
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 MillionsMar. 31, 2021Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Carrying Amount of the Hedged Asset (Liability)[1] $ (1,153) $ (1,153)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities)[2] $ (3) $ (3)
[1]$(1.2) billion related to discontinued hedging relationships at both March 31, 2021 and December 31, 2020.
[2]Includes $(3) million of hedging adjustments on discontinued hedging relationships at both March 31, 2021 and December 31, 2020.

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 MillionsMar. 31, 2021Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Discontinued hedging liability $ (1,200) $ (1,200)
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 MillionsMar. 31, 2021Dec. 31, 2020
Derivatives Fair Value [Line Items]
Derivative Asset, Current[1] $ 36 $ 67
Derivative Asset, Noncurrent[2]813 330
Derivative Asset849 397
Derivative Liabilities, Current[3]221 415
Derivative Liabilities, Noncurrent[4]43 71
Derivative Liabilities264 486
Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current[5]11 22
Derivative Asset, Noncurrent[6]348 159
Derivative Asset359 181
Derivative Liabilities, Current[7]171 390 [8]
Derivative Liabilities, Noncurrent[9]7 15
Derivative Liabilities178 405
Commodity
Derivatives Fair Value [Line Items]
Derivative Asset, Current24 58
Derivative Asset, Noncurrent85 109
Derivative Liabilities, Current61 42
Derivative Liabilities, Noncurrent17 13
Commodity | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current11 22
Derivative Asset, Noncurrent65 93
Derivative Liabilities, Current21 28
Derivative Liabilities, Noncurrent7 1
Interest rate
Derivatives Fair Value [Line Items]
Derivative Asset, Current12 9
Derivative Asset, Noncurrent728 221
Derivative Liabilities, Current160 373
Derivative Liabilities, Noncurrent26 58
Interest rate | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Noncurrent283 66
Derivative Liabilities, Current150 362
Derivative Liabilities, Noncurrent14
Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Derivative Asset, Current[1]0 0
Derivative Asset, Noncurrent[2]287 66
Derivative Asset287 66
Derivative Liabilities, Current[3]150 363
Derivative Liabilities, Noncurrent[4]0 19
Derivative Liabilities150 382
Designated as Hedging Instrument | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current[5]0 0
Derivative Asset, Noncurrent[6]283 66
Derivative Asset283 66
Derivative Liabilities, Current150 362
Derivative Liabilities, Noncurrent[9]0 14
Derivative Liabilities150 376
Designated as Hedging Instrument | Commodity
Derivatives Fair Value [Line Items]
Derivative Asset, Current0 0
Derivative Asset, Noncurrent0 0
Derivative Liabilities, Current0 0
Derivative Liabilities, Noncurrent0 0
Designated as Hedging Instrument | Commodity | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current0 0
Derivative Asset, Noncurrent0 0
Derivative Liabilities, Current0 0
Derivative Liabilities, Noncurrent0 0
Designated as Hedging Instrument | Interest rate
Derivatives Fair Value [Line Items]
Derivative Asset, Current0 0
Derivative Asset, Noncurrent287 66
Derivative Liabilities, Current150 363
Derivative Liabilities, Noncurrent0 19
Designated as Hedging Instrument | Interest rate | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Noncurrent283 66
Derivative Liabilities, Current150 362
Derivative Liabilities, Noncurrent14
Fair Value - Derivatives not under Hedge Accounting
Derivatives Fair Value [Line Items]
Derivative Asset, Current[1]36 67
Derivative Asset, Noncurrent[2]526 264
Derivative Asset562 331
Derivative Liabilities, Current[3]71 52
Derivative Liabilities, Noncurrent[4]43 52
Derivative Liabilities114 104
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current[5]11 22
Derivative Asset, Noncurrent[6]65 93
Derivative Asset76 115
Derivative Liabilities, Current21 28
Derivative Liabilities, Noncurrent[9]7 1
Derivative Liabilities28 29
Fair Value - Derivatives not under Hedge Accounting | Commodity
Derivatives Fair Value [Line Items]
Derivative Asset, Current24 58
Derivative Asset, Noncurrent85 109
Derivative Liabilities, Current61 42
Derivative Liabilities, Noncurrent17 13
Fair Value - Derivatives not under Hedge Accounting | Commodity | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Current11 22
Derivative Asset, Noncurrent65 93
Derivative Liabilities, Current21 28
Derivative Liabilities, Noncurrent7 1
Fair Value - Derivatives not under Hedge Accounting | Interest rate
Derivatives Fair Value [Line Items]
Derivative Asset, Current12 9
Derivative Asset, Noncurrent441 155
Derivative Liabilities, Current10 10
Derivative Liabilities, Noncurrent26 39
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Virginia Electric and Power Company
Derivatives Fair Value [Line Items]
Derivative Asset, Noncurrent0 0
Derivative Liabilities, Current $ 0 0
Derivative Liabilities, Noncurrent $ 0
[1]Current derivative assets include $31 million and $63 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively.  The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets.
[2]Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
[3]Current derivative liabilities include $217 million and $412 million at March 31, 2021 and December 31, 2020, respectively, presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. The remainder is in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets.
[4]Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets.
[5]Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.
[6]Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets.
[7]See Note 19 for amounts attributable to affiliates.
[8]Virginia Power’s Consolidated Balance Sheet at December 31, 2020 has been derived from the audited Consolidated Balance Sheet at that date.
[9]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 MillionsMar. 31, 2021Dec. 31, 2020
Derivatives Fair Value [Line Items]
Current derivative assets[1] $ 36 $ 67
Current derivative liabilities[2]221 415
Other Current Assets
Derivatives Fair Value [Line Items]
Current derivative assets31 63
Other Current Liabilities
Derivatives Fair Value [Line Items]
Current derivative liabilities $ 217 $ 412
[1]Current derivative assets include $31 million and $63 million in other current assets in Dominion Energy’s Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020, respectively.  The remainder is recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets.
[2]Current derivative liabilities include $217 million and $412 million at March 31, 2021 and December 31, 2020, respectively, presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets. The remainder is in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets.

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 Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives[1] $ 52 $ (359)
Amount of Gain (Loss) Reclassified From AOCI to Income(17)(29)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment[2]408 (563)
Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives[3]43 (61)
Amount of Gain (Loss) Reclassified From AOCI to Income(1)0
Increase (Decrease) in Derivatives Subject to Regulatory Treatment[4]407 (565)
Commodity
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified From AOCI to Income4
Commodity | Operating Revenue
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified From AOCI to Income6
Commodity | Purchased Gas
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified From AOCI to Income(1)(3)
Commodity | Discontinued operations
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified From AOCI to Income1
Interest rate
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives[1](336)
Amount of Gain (Loss) Reclassified From AOCI to Income(27)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment[2](563)
Interest rate | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives[3],[5]43 (61)
Amount of Gain (Loss) Reclassified From AOCI to Income[5](1)0
Increase (Decrease) in Derivatives Subject to Regulatory Treatment[4],[5]407 (565)
Interest rate | Interest and Related Charges
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives[1]52
Amount of Gain (Loss) Reclassified From AOCI to Income(16)(25)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment[2] $ 408
Interest rate | Discontinued operations
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified From AOCI to Income(2)
Foreign currency
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivatives[1],[6](23)
Amount of Gain (Loss) Reclassified From AOCI to Income[6] $ (6)
[1]Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[2]Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[3]Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.
[4]Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.
[5]Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.
[6]Amounts recorded in Dominion Energy’s Consolidated Statement 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) - Fair Value - Derivatives not under Hedge Accounting - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1] $ 234 $ (75)
Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[2](46)(65)
Commodity | Operating Revenue
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1](41)51
Commodity | Operating Revenue | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[2](2)0
Commodity | Purchased Gas
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1]0 (11)
Commodity | Electric Fuel and Other Energy-Related Purchases
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1](44)(65)
Commodity | Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[2](44)(65)
Commodity | Discontinued operations
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1]0 11
Interest rate | Interest and Related Charges
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1]319 (53)
Interest rate | Discontinued operations
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income on Derivatives[1] $ 0 $ (8)
[1]Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[2]Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.

Investments (Narrative) (Detail

Investments (Narrative) (Detail) - USD ($)1 Months Ended3 Months Ended
Sep. 30, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Equity in earnings(losses) on investments $ 80,000,000 $ 4,000,000
Net income (loss) from discontinued operations including noncontrolling interest[1],[2]28,000,000 229,000,000
Distributions received from investment73,000,000 5,000,000
Carrying amount of investment that exceeded share of underlying equity224,000,000 $ 213,000,000
Equity method investment goodwill27,000,000 27,000,000
Income loss from continuing operations before income taxes extraordinary items noncontrolling interest1,192,000,000 (518,000,000)
Contributions to equity method affiliates977,000,000 11,000,000
Current liabilities625,000,000 625,000,000 [3]
Guarantee liability[4]3,498,000,000
Revenue3,840,000,000 3,827,000,000
Assets6,662,000,000 6,886,000,000 [3]
Liabilities11,836,000,000 10,843,000,000 [3]
Retail Energy Marketing Operations
Schedule of Equity Method Investments [Line Items]
Assets72,000,000 63,000,000
Liabilities15,000,000 15,000,000
Cove Point
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage of limited partner interests100.00%
Atlantic Coast Pipeline
Schedule of Equity Method Investments [Line Items]
Net income (loss) from discontinued operations including noncontrolling interest(8,000,000)35,000,000
Contributions to equity method affiliates965,000,000 16,000,000
Atlantic Coast Pipeline | DETI
Schedule of Equity Method Investments [Line Items]
Revenue20,000,000
Atlantic Coast Pipeline | Financial Guarantee
Schedule of Equity Method Investments [Line Items]
Guarantee liability6,000,000
Atlantic Coast Pipeline | Revolving Credit Facility
Schedule of Equity Method Investments [Line Items]
Credit facility, amount borrowed1,800,000,000
Atlantic Coast Pipeline | Other Current Liabilities
Schedule of Equity Method Investments [Line Items]
Current liabilities97,000,000 1,100,000,000
Cove Point
Schedule of Equity Method Investments [Line Items]