VIRGINIA ELECTRIC & POWER CO, 10-Q filed on 5/2/2024
Quarterly Report
v3.24.1.u1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2024
Apr. 26, 2024
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol D  
Security Exchange Name NYSE  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name DOMINION ENERGY, INC.  
Entity Central Index Key 0000715957  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   838,210,685
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-08489  
Entity Tax Identification Number 54-1229715  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2284  
Virginia Electric and Power Company    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name VIRGINIA ELECTRIC AND POWER COMPANY  
Entity Central Index Key 0000103682  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   324,245
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 000-55337  
Entity Tax Identification Number 54-0418825  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2284  
v3.24.1.u1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Revenue $ 3,632 $ 3,883
Operating Expenses    
Electric fuel and other energy-related purchases 959 1,022
Purchased electric capacity 12 8
Purchased gas 120 123
Other operations and maintenance 856 742
Depreciation and amortization 621 622
Other taxes 202 191
Impairment of assets and other charges 30 98
Losses (gains) on sales of assets (1) (2)
Total operating expenses 2,799 2,804
Income from operations 833 1,079
Other income (expense) 435 276
Interest and related charges 574 479
Income from continuing operations including noncontrolling interests before income tax expense 694 876
Income tax expense 134 176
Net Income From Continuing Operations 560 700
Net Income From Discontinued Operations [1] 114 281
Net Income Including Noncontrolling Interests 674 981
Net Income 674 981
Amounts attributable to Dominion Energy    
Net income from continuing operations 560 700
Net income from discontinued operations $ 114 $ 281
EPS - Basic    
Net income from continuing operations $ 0.64 $ 0.81
Net income from discontinued operations 0.14 0.34
Net income attributable to Dominion Energy 0.78 1.15
EPS - Diluted    
Net income from continuing operations 0.64 0.81
Net income from discontinued operations 0.14 0.34
Net income attributable to Dominion Energy $ 0.78 $ 1.15
Virginia Electric and Power Company    
Operating Revenue [2] $ 2,489 $ 2,384
Operating Expenses    
Electric fuel and other energy-related purchases [2] 701 799
Purchased electric capacity 13 8
Affiliated suppliers 102 93
Other operations and maintenance 429 348
Depreciation and amortization 448 447
Other taxes 93 85
Impairment of assets and other charges (benefits) (17) 7
Total operating expenses 1,769 1,787
Income from operations 720 597
Other income (expense) 63 36
Interest and related charges [2] 190 181
Income before income tax expense 593 452
Income tax expense 128 97
Net Income Including Noncontrolling Interests 465 355
Net Income $ 465 $ 355
[1] Includes income tax expense of $51 million and $56 million for the three months ended March 31, 2024 and 2023, respectively.
[2] See Note 19 for amounts attributable to affiliates.
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Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Income tax expense (benefit) from discontinued operations $ 51 $ 56
v3.24.1.u1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net income including noncontrolling interests $ 674 $ 981
Net income attributable to Dominion Energy 674 981
Other comprehensive income (loss), net of taxes:    
Net deferred gains (losses) on derivatives-hedging activities [1] 7 (9)
Changes in unrealized net gains (losses) on investment securities [2] (26) 17
Changes in net unrecognized pension and other postretirement benefit costs [3] (237)  
Amounts reclassified to net income (loss):    
Net derivative (gains) losses-hedging activities [4] 7 8
Net realized (gains) losses on investment securities [5] 6 1
Net pension and other postretirement benefit costs (credits) [6] 5 (11)
Changes in other comprehensive income from equity method investees [7]   1
Total other comprehensive income (loss) (238) 7
Comprehensive income including noncontrolling interests 436 988
Comprehensive income attributable to Dominion Energy 436 988
Virginia Electric and Power Company    
Net income including noncontrolling interests 465 355
Net income attributable to Dominion Energy 465 355
Other comprehensive income (loss), net of taxes:    
Net deferred gains (losses) on derivatives-hedging activities [8] 7 (9)
Changes in unrealized net gains (losses) on investment securities [9] (5) 4
Amounts reclassified to net income (loss):    
Net realized (gains) losses on investment securities [10] 1  
Total other comprehensive income (loss) 3 (5)
Comprehensive income attributable to Dominion Energy $ 468 $ 350
[1] Net of $(1) million and $3 million tax for the three months ended March 31, 2024 and 2023, respectively.
[2] Net of $10 million and $(7) million tax for the three months ended March 31, 2024 and 2023, respectively.
[3] Net of $84 million and $— million tax for the three months ended March 31, 2024 and 2023, respectively.
[4] Net of $(4) million and $(3) million tax for the three months ended March 31, 2024 and 2023, respectively.
[5] Net of $(2) million and $(1) million tax for the three months ended March 31, 2024 and 2023, respectively.
[6] Net of $(1) million and $4 million tax for the three months ended March 31, 2024 and 2023, respectively.
[7] Net of $— million and $— million tax for the three months ended March 31, 2024 and 2023, respectively.
[8] Net of $(1) million and $3 million tax for the three months ended March 31, 2024 and 2023, respectively.
[9] Net of $1 million and $(1) million tax for the three months ended March 31, 2024 and 2023, respectively.
[10] Net of $(1) million and $— million tax for the three months ended March 31, 2024 and 2023, respectively.
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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Net deferred gains (losses) on derivatives-hedging activities, tax $ (1) $ 3
Changes in unrealized net gains (losses) on investment securities, tax 10 (7)
Changes in net unrecognized pension and other postretirement benefit costs, tax 84  
Net derivative (gains) losses-hedging activities, tax (4) (3)
Net realized (gains) losses on investment securities, tax (2) (1)
Net pension and other postretirement benefit costs (credits), tax (1) 4
Virginia Electric and Power Company    
Net deferred gains (losses) on derivatives-hedging activities, tax (1) 3
Changes in unrealized net gains (losses) on investment securities, tax 1 $ (1)
Net realized (gains) losses on investment securities, tax $ (1)  
v3.24.1.u1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 265 $ 184 [1]
Customer receivables (less allowance for doubtful accounts) 2,148 2,251 [1]
Other receivables (less allowance for doubtful accounts) 241 258 [1]
Inventories 1,719 1,698 [1]
Regulatory assets [2] 1,092 1,309 [1]
Other [2] 1,018 1,158 [1]
Current assets held for sale 9,706 18,529 [1]
Total current assets 16,189 25,387 [1]
Investments    
Nuclear decommissioning trust funds 7,418 6,946 [1]
Investment in equity method affiliates 137 268 [1]
Other 339 324 [1]
Total investments 7,894 7,538 [1]
Property, Plant and Equipment    
Property, plant and equipment 85,497 83,417 [1]
Accumulated depreciation and amortization (24,941) (24,637) [1]
Total property, plant and equipment, net 60,556 58,780 [1]
Deferred Charges and Other Assets    
Goodwill 4,143 4,143 [1]
Regulatory assets [2] 7,859 8,356 [1]
Other 5,364 4,828 [1]
Total deferred charges and other assets 17,366 17,327 [1]
Total assets 102,005 109,032 [1]
Current Liabilities    
Securities due within one year [2] 2,344 6,589 [1]
Supplemental credit facility borrowings 450 450 [1]
Short-term debt 3,626 3,956 [1]
Accounts payable 721 921 [1]
Accrued interest, payroll and taxes [2] 1,286 1,075 [1]
Regulatory liabilities 512 522 [1]
Other [3] 2,093 2,078 [1]
Current liabilities held for sale 4,386 8,885 [1]
Total current liabilities 15,418 24,476 [1]
Long-Term Debt    
Long-term debt 32,960 32,368 [1]
Securitization bonds [2] 1,217 0 [1]
Junior subordinated notes 688 688 [1]
Other 199 192 [1]
Total long-term debt 35,064 33,248 [1]
Deferred Credits and Other Liabilities    
Deferred income taxes 6,421 6,611 [1]
Deferred investment tax credits 1,089 1,098 [1]
Regulatory liabilities 9,043 8,674 [1]
Other 7,549 7,396 [1]
Total deferred credits and other liabilities 24,102 23,779 [1]
Total liabilities 74,584 81,503 [1]
Commitments and Contingencies (see Note 17)
Shareholders' Equity    
Preferred stock (see Note 16) 1,783 1,783 [1]
Common stock - no par [4] 23,763 23,728 [1]
Retained earnings 3,619 3,524 [1]
Accumulated other comprehensive loss (1,744) (1,506) [1]
Shareholders' equity 27,421 27,529 [1]
Noncontrolling interests 0 0 [1]
Total shareholders' equity 27,421 27,529 [1]
Total liabilities and shareholders' equity 102,005 109,032 [1]
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents 119 90 [5]
Customer receivables (less allowance for doubtful accounts) 1,620 1,728 [5]
Other receivables (less allowance for doubtful accounts) 122 121 [5]
Affiliated receivables 212 50 [5]
Inventories 1,097 1,085 [5]
Regulatory assets [6] 744 868 [5]
Other [6],[7] 297 375 [5]
Total current assets 4,211 4,317 [5]
Investments    
Nuclear decommissioning trust funds 3,960 3,716 [5]
Other 4 4 [5]
Total investments 3,964 3,720 [5]
Property, Plant and Equipment    
Property, plant and equipment 62,668 60,963 [5]
Accumulated depreciation and amortization (17,377) (17,096) [5]
Total property, plant and equipment, net 45,291 43,867 [5]
Deferred Charges and Other Assets    
Regulatory assets [6] 4,352 4,317 [5]
Other [7] 2,626 2,397 [5]
Total deferred charges and other assets 6,978 6,714 [5]
Total assets 60,444 58,618 [5]
Current Liabilities    
Securities due within one year [6] 100 381 [5]
Short-term debt [6] 0 455 [5]
Accounts payable 453 597 [5]
Payables to affiliates 95 111 [5]
Affiliated current borrowings 1 500 [5]
Accrued interest, payroll and taxes [6] 414 293 [5]
Regulatory liabilities 284 321 [5]
Other [7] 1,437 1,529 [5]
Total current liabilities 2,784 4,187 [5]
Long-Term Debt    
Long-term debt 18,032 17,043 [5]
Securitization bonds [6] 1,217 0 [5]
Other [6] 86 72 [5]
Total long-term debt 19,335 17,115 [5]
Deferred Credits and Other Liabilities    
Deferred income taxes 3,931 3,624 [5]
Deferred investment tax credits 651 656 [5]
Regulatory liabilities 6,343 5,978 [5]
Other [7] 5,524 5,401 [5]
Total deferred credits and other liabilities 16,449 15,659 [5]
Total liabilities 38,568 36,961 [5]
Commitments and Contingencies (see Note 17)
Shareholders' Equity    
Common stock - no par [8] 8,987 8,987 [5]
Other paid-in capital 1,113 1,113 [5]
Retained earnings 11,757 11,541 [5]
Accumulated other comprehensive loss 19 16 [5]
Shareholders' equity 21,876 21,657 [5]
Total liabilities and shareholders' equity $ 60,444 $ 58,618 [5]
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] See Note 15 for amounts attributable to VIEs.
[3] See Note 10 for amounts attributable to related parties.
[4] 1.8 billion shares authorized; 838 million shares outstanding at both March 31, 2024 and December 31, 2023.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[6] See Note 15 for amounts attributable to VIEs.
[7] See Note 19 for amounts attributable to affiliates.
[8] 500,000 shares authorized; 324,245 shares outstanding at both March 31, 2024 and December 31, 2023.
v3.24.1.u1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Customer receivables, allowance for doubtful accounts $ 39 $ 38
Other receivables, allowance for doubtful accounts $ 1 $ 1
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 838,000,000 838,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 30 $ 30
Other receivables, allowance for doubtful accounts $ 1 $ 1
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 324,245 324,245
v3.24.1.u1
Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Preferred Stock
Common Stock
Retained Earnings
AOCI
Total Shareholders' Equity
Beginning balance at Dec. 31, 2022 $ 27,659 $ 1,783 $ 23,605 $ 3,843 $ (1,572) $ 27,659
Beginning balance (in shares) at Dec. 31, 2022   2 835      
Net income including noncontrolling interests 981     981   981
Issuance of stock 43   $ 43     43
Issuance of stock (in shares)     1      
Stock awards (net of change in unearned compensation) 4   $ 4     4
Preferred stock dividends (see Note 16) (20)     (20)   (20)
Common stock dividends and distributions (557)     (557)   (557)
Other comprehensive income (loss), net of tax 7       7 7
Other (1)     (1)   (1)
Ending balance at Mar. 31, 2023 28,118 $ 1,783 $ 23,652 4,248 (1,565) 28,118
Ending balance (in shares) at Mar. 31, 2023   2 836      
Beginning balance at Dec. 31, 2023 27,529 [1] $ 1,783 $ 23,728 3,524 (1,506) 27,529
Beginning balance (in shares) at Dec. 31, 2023   2 838      
Net income including noncontrolling interests 674     674   674
Issuance of stock 31   $ 31     31
Issuance of stock (in shares)     0      
Stock awards (net of change in unearned compensation) 4   $ 4     4
Preferred stock dividends (see Note 16) (20)     (20)   (20)
Common stock dividends and distributions (559)     (559)   (559)
Other comprehensive income (loss), net of tax (238)       (238) (238)
Ending balance at Mar. 31, 2024 $ 27,421 $ 1,783 $ 23,763 $ 3,619 $ (1,744) $ 27,421
Ending balance (in shares) at Mar. 31, 2024   2 838      
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.1.u1
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share $ 0.6675 $ 0.6675
v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income including noncontrolling interests $ 674 $ 981
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 694 803
Deferred income taxes (160) 191
Deferred investment tax credits (benefits) (10) (5)
Impairment of assets and other charges 109 98
Loss from East Ohio Transaction 102  
Net gains on nuclear decommissioning trust funds and other investments (294) (134)
Other adjustments 59 23
Changes in:    
Accounts receivable 133 519
Inventories 16 (21)
Prepayments and deposits, net 42 333
Deferred fuel and purchased gas costs, net 495 89
Accounts payable (126) (588)
Accrued interest, payroll and taxes 153 (161)
Net realized and unrealized changes related to derivative activities 257 232
Pension and other postretirement benefits (115) (122)
Other operating assets and liabilities (47) (141)
Net cash provided by operating activities 1,982 2,097
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (2,769) (2,220)
Acquisition of solar development projects (161) (11)
Proceeds from East Ohio Transaction 4,275  
Proceeds from sales of securities 695 544
Purchases of securities (757) (607)
Contributions to equity method affiliates (7) (10)
Distributions from equity method affiliates 126 1
Other (17) 1
Net cash provided by (used in) investing activities 1,385 (2,302)
Financing Activities    
Issuance (repayment) of short-term debt, net (330) 123
364-day term loan facility borrowings 3,000 2,500
Repayment of 364-day term loan facility borrowings (6,774)  
Issuance of long-term debt 1,000 1,500
Repayment and repurchase of long-term debt (942) (2,197)
Issuance of securitization bonds 1,282  
Supplemental credit facility borrowings   450
Issuance of common stock 31 43
Common dividend payments (559) (557)
Other (40) (42)
Net cash provided by (used in) financing activities (3,332) 1,820
Increase (decrease) in cash, restricted cash and equivalents 35 1,615
Cash, restricted cash and equivalents at beginning of period 301 341
Cash, restricted cash and equivalents at end of period 336 1,956
Virginia Electric and Power Company    
Operating Activities    
Net income including noncontrolling interests 465 355
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 486 492
Deferred income taxes 284 (1)
Deferred investment tax credits (benefits) (6) (4)
Impairment of assets and other charges (benefits) (17) 7
Net gains on nuclear decommissioning trust funds and other investments (39) (19)
Other adjustments (3) 10
Changes in:    
Accounts receivable 109 348
Affiliated receivables and payables (177) (52)
Inventories (13) (39)
Prepayments and deposits, net 34 260
Deferred fuel and purchased gas costs, net 131 193
Accounts payable (64) (103)
Accrued interest, payroll and taxes 121 73
Net realized and unrealized changes related to derivative activities 107 449
Other operating assets and liabilities 57 (21)
Net cash provided by operating activities 1,475 1,948
Investing Activities    
Plant construction and other property additions (2,058) (1,420)
Purchases of nuclear fuel (44) (52)
Acquisition of solar development projects 0 (11)
Proceeds from sales of securities 471 373
Purchases of securities (516) (405)
Other 2 (4)
Net cash provided by (used in) investing activities (2,145) (1,519)
Financing Activities    
Issuance (repayment) of short-term debt, net (455) 69
Repayment of affiliated current borrowings, net (499) (821)
Issuance of long-term debt 1,000 1,500
Repayment and repurchase of long-term debt (350) (1,148)
Issuance of securitization bonds 1,282  
Common dividend payments (250)  
Other (23) (31)
Net cash provided by (used in) financing activities 705 (431)
Increase (decrease) in cash, restricted cash and equivalents 35 (2)
Cash, restricted cash and equivalents at beginning of period 90 24
Cash, restricted cash and equivalents at end of period $ 125 $ 22
v3.24.1.u1
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
AOCI
Virginia Electric and Power Company
Virginia Electric and Power Company
Common Stock
Virginia Electric and Power Company
Other Paid-In Capital
Virginia Electric and Power Company
Retained Earnings
Virginia Electric and Power Company
AOCI
Beginning balance at Dec. 31, 2022       $ (1,572) $ 16,949 $ 5,738 $ 1,113 $ 10,089 $ 9
Beginning balance (in shares) at Dec. 31, 2022   835,000       275      
Net Income (Loss) $ 981       355     355  
Other comprehensive income (loss), net of tax 7     7 (5)       (5)
Other 1   $ 1            
Ending balance at Mar. 31, 2023       (1,565) 17,299 $ 5,738 1,113 10,444 4
Ending balance (in shares) at Mar. 31, 2023   836,000       275      
Beginning balance at Dec. 31, 2023 27,529 [1]     (1,506) 21,657 [2] $ 8,987 1,113 11,541 16
Beginning balance (in shares) at Dec. 31, 2023   838,000       324      
Net Income (Loss) 674       465     465  
Dividends         (250)     (250)  
Other comprehensive income (loss), net of tax (238)     (238) 3       3
Other         1     1  
Ending balance at Mar. 31, 2024 $ 27,421     $ (1,744) $ 21,876 $ 8,987 $ 1,113 $ 11,757 $ 19
Ending balance (in shares) at Mar. 31, 2024   838,000       324      
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 674 $ 981
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Nature of Operations
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S. and nonregulated electric generation. See Note 3 for a description of the sale of regulated gas distribution operations to Enbridge including the East Ohio Transaction, which was completed in March 2024, and the planned Questar Gas and PSNC Transactions.

v3.24.1.u1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2024, and results of operations, changes in equity and cash flows for the three months ended March 31, 2024 and 2023. Such adjustments are normal and recurring in nature unless otherwise noted.

The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements.

The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors.

Certain amounts in the Companies’ 2023 Consolidated Financial Statements and Notes have been reclassified to conform to the 2024 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023:

 

 

 

Cash, Restricted Cash and Equivalents
at End of Period

 

 

Cash, Restricted Cash and Equivalents
at Beginning of Period

 

 

 

March 31, 2024

 

 

March 31, 2023

 

 

December 31, 2023

 

 

December 31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

306

 

 

$

1,792

 

 

$

217

 

 

$

153

 

Restricted cash and equivalents(2)(4)

 

 

30

 

 

 

164

 

 

 

84

 

 

 

188

 

Cash, restricted cash and equivalents shown in the
   Consolidated Statements of Cash Flows

 

$

336

 

 

$

1,956

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

119

 

 

$

21

 

 

$

90

 

 

$

22

 

Restricted cash and equivalents(3)(4)

 

 

6

 

 

 

1

 

 

 

—

 

 

 

2

 

Cash, restricted cash and equivalents shown in the
   Consolidated Statements of Cash Flows

 

$

125

 

 

$

22

 

 

$

90

 

 

$

24

 

 

(1)
At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $41 million, $40 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $1 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
(4)
Includes $6 million attributable to VIEs at March 31, 2024.

 

Supplemental Cash Flow Information

 

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

753

 

 

$

671

 

Leases(2)

 

 

161

 

 

 

117

 
(1)
See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation.
(2)
Includes $26 million and $32 million of financing leases at March 31, 2024 and 2023, respectively, and $135 million and $85 million of operating leases at March 31, 2024 and 2023, respectively.

 

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

566

 

 

$

460

 

Leases(1)

 

 

142

 

 

 

99

 

 

(1)
Includes $22 million and $31 million of financing leases at March 31, 2024 and 2023, respectively, and $120 million and $68 million of operating leases at March 31, 2024 and 2023, respectively.

New Accounting Standards

Climate-Related Disclosures

In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as

a material component of plans to achieve climate-related targets or goals. This guidance, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
v3.24.1.u1
Acquisitions and Dispositions
 3 Months Ended
Mar. 31, 2024
Text Block [Abstract]  
Acquisitions and Dispositions

Note 3. Acquisitions and Dispositions

Business Review Dispositions

Sale of East Ohio

In September 2023, Dominion Energy entered into an agreement with Enbridge for the East Ohio Transaction, which included the sale of East Ohio and was valued at approximately $6.6 billion, consisting of a purchase price of approximately $4.3 billion in cash and approximately $2.3 billion of assumed indebtedness. The sale closed in March 2024 after all customary closing and regulatory conditions were satisfied, including clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS and FCC. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under 364-day term loan facilities. See Note 16 for additional information. The purchase price is subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The transaction was structured as a stock sale for tax purposes. In October 2023, as required under the sale agreement, Dominion Energy filed a notice with the Ohio Commission. The internal reorganization in connection with the East Ohio Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024.

Dominion Energy retained the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio’s union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $102 million ($108 million after-tax) upon the closing of the transaction, including the write-off of $1.5 billion of goodwill which was not deductible for tax purposes but excluding the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $29 million to reflect the recognition of deferred taxes on the outside basis of East Ohio’s stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 upon closing of the sale and became a component of current income tax expense on the loss on sale disclosed above. See Note 5 for additional information.

At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.

Sale of PSNC

In September 2023, Dominion Energy entered into an agreement with Enbridge for the PSNC Transaction, which includes the sale of PSNC and is valued at approximately $3.1 billion, consisting of a purchase price of approximately $2.2 billion in cash and approximately $1.0 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the PSNC Transaction is not conditioned upon the closing of the Questar Gas Transaction. The sale will be treated as a stock sale for tax purposes and is expected to close in the third quarter of 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and North Carolina Commission as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS, which was received in January 2024. In January 2024, Dominion Energy filed for approval with the FCC which was also received in January 2024. In October 2023, Dominion Energy filed for approval from the North Carolina Commission. The internal reorganization in connection with the PSNC Transaction was subject to approval by the North Carolina Commission. Dominion Energy filed for such approval in September 2023 which was received in November 2023. The internal reorganization was completed in December 2023.

Upon closing, Dominion Energy will retain the entirety of the assets and obligations, including related income tax and other deferred balances, of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. The PSNC Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $78 million due to Dominion Energy under certain conditions. Based on the recorded balances at March 31, 2024, Dominion Energy expects to recognize a pre-tax gain of approximately $10 million ($8 million after-tax) upon closing, including the write-off of $0.7 billion of goodwill which is not deductible for tax purposes but excluding the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $334 million to reflect the deferred taxes on the outside basis of PSNC’s stock upon meeting the classification as held for sale. These deferred taxes will reverse upon closing of the sale and become a component of current income tax expense on the gain on sale.

At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.

Sale of Questar Gas and Wexpro

In September 2023, Dominion Energy entered into an agreement with Enbridge for the Questar Gas Transaction, which includes the sale of Questar Gas, Wexpro and related affiliates and is valued at approximately $4.3 billion, consisting of a purchase price of approximately $3.0 billion in cash and approximately $1.3 billion of assumed indebtedness. The purchase price will be subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. Closing of the Questar Gas Transaction is not conditioned upon the closing of the PSNC Transaction. The sale will be treated as a stock sale for tax purposes and is expected to close in the second quarter of 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and Utah and Wyoming Commissions as well as other customary closing and regulatory conditions. In November 2023, the waiting period under the Hart-Scott-Rodino Act expired. Also in November 2023, Dominion Energy submitted its initial filing request for approval by CFIUS, which was received in January 2024. In January 2024, Dominion Energy filed for approval with the FCC, which was received in February 2024. In October 2023, Dominion Energy filed for approvals from the Utah and Wyoming Commissions. In March 2024, a settlement stipulation supporting approval of the Questar Gas Transaction was filed with the Utah Commission. In October 2023, Dominion Energy filed the notice with the Idaho Commission required for closing of the Questar Gas Transaction. The internal reorganization in connection with the Questar Gas Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024.

Upon closing, Dominion Energy will retain the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. The Questar Gas Transaction is subject to termination by either party if not completed by September 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $107 million due to Dominion Energy under certain conditions. In 2023, Dominion Energy recorded a charge of $284 million ($279 million after-tax), including amounts associated with an impairment of goodwill. Based on the recorded balances at March 31, 2024, Dominion Energy recorded an additional charge of $78 million ($78 million after-tax), including amounts associated with an impairment of goodwill. Upon closing, Dominion Energy will write off the remaining $0.7 billion of goodwill which is not deductible for tax purposes. Following the internal reorganization noted above and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $5 million. In 2023, Dominion Energy recorded a charge of $462 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 and became a component of current income tax expense. In addition, Dominion Energy recorded an incremental deferred tax benefit of $22 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock in the first quarter of 2024 which will reverse upon the closing of the Questar Gas Transaction. See Note 5 for additional information.

At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.

Other Sales

In February 2024, Dominion Energy entered into an agreement with AES to sell Birdseye and the Madison solar project for approximately $17 million in cash, subject to customary closing adjustments, which closed in April 2024. Dominion Energy recognized a charge of $68 million ($51 million after-tax) in the fourth quarter of 2023 to adjust the assets down to their realizable fair value. As a result, Dominion Energy expects any gain or loss on the sale, including the effects of final closing adjustments, to be inconsequential.

Financial Statement Information for Business Review Dispositions

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

 

 

Three Months Ended March 31, 2024

 

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

$

298

 

$

695

 

$

—

 

Operating expense(2)

 

 

254

 

 

158

 

 

575

 

 

1

 

Other income (expense)

 

 

(17

)

 

3

 

 

1

 

 

—

 

Interest and related charges

 

 

15

 

 

14

 

 

16

 

 

—

 

Income (loss) before income taxes

 

 

(57

)

 

129

 

 

105

 

 

(1

)

Income tax expense (benefit)

 

 

9

 

 

31

 

 

82

 

 

—

 

Net income (loss) attributable to Dominion Energy(3)

 

$

(66

)

$

98

 

$

23

 

$

(1

)
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.

 

 

 

Three Months Ended March 31, 2023

 

 

 

East Ohio
Transaction

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

312

 

$

326

 

$

730

 

$

1

 

Operating expense

 

 

216

 

 

208

 

 

579

 

 

3

 

Other income (expense)

 

 

8

 

 

2

 

 

1

 

 

—

 

Interest and related charges

 

 

15

 

 

13

 

 

16

 

 

—

 

Income (loss) before income taxes

 

 

89

 

 

107

 

 

136

 

 

(2

)

Income tax expense (benefit)

 

 

13

 

 

24

 

 

29

 

 

(1

)

Net income (loss) attributable to Dominion Energy(1)

 

$

76

 

$

83

 

$

107

 

$

(1

)
(1)
Excludes $(9) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for three months ended March 31, 2023.

The carrying value of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows:

 

At March 31, 2024

 

At December 31, 2023

 

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets(1)

$

266

 

$

505

 

$

(2

)

$

497

 

$

336

 

$

764

 

$

1

 

Property, plant and equipment, net

 

2,899

 

 

4,465

 

 

28

 

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

Other deferred charges and other
   assets, including goodwill(2) 
   and intangible assets

 

823

 

 

666

 

 

(1

)

 

2,659

 

 

834

 

 

766

 

 

—

 

Current liabilities(3)

 

180

 

 

282

 

 

5

 

 

560

 

 

224

 

 

389

 

 

7

 

Long-term debt

 

948

 

 

1,205

 

 

—

 

 

2,286

 

 

948

 

 

1,205

 

 

—

 

Other deferred credits and
   liabilities(4)

 

697

 

 

1,066

 

 

2

 

 

1,437

 

 

711

 

 

1,116

 

 

2

 
(1)
Includes cash and cash equivalents of $1 million and $2 million within the PSNC Transaction and $39 million and $26 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. Also includes regulatory assets of $68 million and $89 million within the PSNC Transaction and $53 million and $297 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction at December 31, 2023.
(2)
Includes goodwill of $673 million at both March 31, 2024 and December 31, 2023 within the PSNC Transaction and $642 million and $720 million at March 31, 2024 and December 31, 2023, respectively within the Questar Gas Transaction. Also includes regulatory assets of $83 million and $86 million within the PSNC Transaction and $(44) million and $(39) million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction at December 31, 2023.
(3)
Includes regulatory liabilities of $42 million and $44 million within the PSNC Transaction and $56 million and $55 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes regulatory liabilities of $54 million within the East Ohio Transaction at December 31, 2023.
(4)
Includes regulatory liabilities of $430 million and $435 million within the PSNC Transaction and $498 million and $502 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition includes regulatory liabilities of $711 million within the East Ohio Transaction at December 31, 2023.

Capital expenditures and significant noncash items relating to the disposal groups included the following:

 

Three Months Ended March 31, 2024

 

Three Months Ended March 31, 2023

 

 

East Ohio Transaction(1)

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

82

 

$

100

 

$

—

 

$

98

 

$

44

 

$

85

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion
   and amortization

 

—

 

 

—

 

 

—

 

 

—

 

 

35

 

 

22

 

 

44

 

 

1

 

Accrued capital expenditures

 

 

 

55

 

 

20

 

 

—

 

 

30

 

 

22

 

 

18

 

 

—

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.24.1.u1
Operating Revenue
 3 Months Ended
Mar. 31, 2024
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,365

 

 

$

1,286

 

 

 

$

1,052

 

 

$

1,010

 

Commercial

 

 

1,094

 

 

 

1,070

 

 

 

 

881

 

 

 

866

 

Industrial

 

 

213

 

 

 

220

 

 

 

 

106

 

 

 

116

 

Government and other retail

 

 

257

 

 

 

244

 

 

 

 

241

 

 

 

229

 

Wholesale

 

 

36

 

 

 

44

 

 

 

 

29

 

 

 

29

 

Nonregulated electric sales

 

 

220

 

 

 

257

 

 

 

 

14

 

 

 

11

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

151

 

 

 

136

 

 

 

 

 

 

 

 

Commercial

 

 

48

 

 

 

53

 

 

 

 

 

 

 

 

Other

 

 

19

 

 

 

23

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

4

 

 

 

4

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

88

 

 

 

78

 

 

 

 

84

 

 

 

74

 

Other nonregulated revenues(1)(2)

 

 

29

 

 

 

37

 

 

 

 

10

 

 

 

11

 

Total operating revenue from contracts with customers

 

 

3,524

 

 

 

3,452

 

 

 

 

2,417

 

 

 

2,346

 

Other revenues(1)(3)

 

 

108

 

 

 

431

 

 

 

 

72

 

 

 

38

 

Total operating revenue

 

$

3,632

 

 

$

3,883

 

 

 

$

2,489

 

 

$

2,384

 

 

(1)
See Note 19 for amounts attributable to affiliates.
(2)
Sales of renewable energy credits were $5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively, at Virginia Power.
(3)
Includes alternative revenue of $28 million and $27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively.

 

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2024.

At March 31, 2024 and December 31, 2023, Dominion Energy’s contract liability balances were $59 million and $47 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At March 31, 2024 and December 31, 2023, Virginia Power’s contract liability balances were $53 million and $40 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the three months ended March 31, 2024 and 2023, Dominion Energy recognized revenue of $43 million and $46 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2024 and 2023, Virginia Power recognized $40 million and $39 million, respectively, from the beginning contract liability balances.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5. Income Taxes

For continuing operations, including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

3.4

 

 

 

3.8

 

 

 

4.4

 

 

 

4.6

 

Investment tax credits

 

 

(1.3

)

 

 

(1.1

)

 

 

(0.7

)

 

 

(0.8

)

Production tax credits

 

 

(1.0

)

 

 

(0.4

)

 

 

(0.9

)

 

 

(0.7

)

Reversal of excess deferred income taxes

 

 

(2.1

)

 

 

(2.0

)

 

 

(1.7

)

 

 

(2.7

)

AFUDC - equity

 

 

(0.7

)

 

 

(0.1

)

 

 

(0.7

)

 

 

0.2

 

Other, net

 

 

0.1

 

 

 

(1.1

)

 

 

0.2

 

 

 

(0.2

)

Effective tax rate

 

 

19.4

%

 

 

20.1

%

 

 

21.6

%

 

 

21.4

%

 

The IRA created a nuclear production tax credit for electricity produced and sold starting in 2024. The Companies did not record these potential tax benefits for the three months ended March 31, 2024 given computational uncertainty (in part from the absence of U.S. Treasury guidance) and market pricing volatility. Depending on future developments, 2024 nuclear production tax credits could have a material benefit to the Companies’ results of operations and/or cash flows.

As of March 31, 2024, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax expense reflected in discontinued operations is $51 million and $56 million for the three months ended March 31, 2024 and 2023, respectively. Dominion Energy entered into agreements for the East Ohio, PSNC and Questar Gas Transactions in September 2023, each of which was or will be treated as a stock sale for income tax purposes. During 2023 in connection with the pending sales, Dominion Energy recorded a charge of $825 million to establish deferred tax liabilities to reflect the excess of financial reporting basis over tax basis in stock of the entities to be sold. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these transactions.

Dominion Energy recorded tax expense of $6 million in the first quarter of 2024, including the reversal of $29 million of these previously established deferred tax liabilities associated with East Ohio through income tax expense. Following the internal reorganization discussed in Note 3 and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $5 million, including the reversal of $462 million of these previously established deferred tax liabilities associated with Questar Gas, Wexpro and related affiliates through income tax expense.

In addition, Dominion Energy recorded a tax benefit of $22 million to establish a deferred tax asset reflecting the excess of tax basis over financial reporting basis for Questar Gas, Wexpro and related affiliates. These deferred taxes will reverse upon closing of the Questar Gas Transaction, which is expected to occur in the second quarter of 2024.

v3.24.1.u1
Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6. Earnings Per Share

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions, except EPS)

 

 

 

 

 

 

Net income attributable to Dominion Energy from continuing operations

 

$

560

 

 

$

700

 

Preferred stock dividends (see Note 16)

 

 

(20

)

 

 

(20

)

Net income attributable to Dominion Energy from continuing operations -
   Basic & Diluted

 

$

540

 

 

$

680

 

Net income (loss) attributable to Dominion Energy from discontinued operations -
   Basic & Diluted

 

$

114

 

 

$

281

 

Average shares of common stock outstanding - Basic

 

 

837.6

 

 

 

835.2

 

Net effect of dilutive securities(1)

 

 

—

 

 

 

0.3

 

Average shares of common stock outstanding - Diluted

 

 

837.6

 

 

 

835.5

 

EPS from continuing operations - Basic

 

$

0.64

 

 

$

0.81

 

EPS from discontinued operations - Basic

 

$

0.14

 

 

 

0.34

 

EPS attributable to Dominion Energy - Basic

 

$

0.78

 

 

$

1.15

 

EPS from continuing operations - Diluted

 

$

0.64

 

 

$

0.81

 

EPS from discontinued operations - Diluted

 

$

0.14

 

 

 

0.34

 

EPS attributable to Dominion Energy - Diluted

 

$

0.78

 

 

$

1.15

 
(1)
Dilutive securities for the three months ended March 31, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Pension
and other
postretirement
benefit costs(4)

 

 

Equity Method Investees(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(216

)

 

$

—

 

 

$

(1,290

)

 

$

—

 

 

$

(1,506

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

7

 

 

 

(26

)

 

 

(237

)

 

 

—

 

 

 

(256

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

8

 

 

 

6

 

 

 

—

 

 

 

14

 

Total

 

 

11

 

 

 

8

 

 

 

6

 

 

 

—

 

 

 

25

 

Income tax expense (benefit)

 

 

(4

)

 

 

(2

)

 

 

(1

)

 

 

—

 

 

 

(7

)

Total, net of tax

 

 

7

 

 

 

6

 

 

 

5

 

 

 

—

 

 

 

18

 

Net current period other comprehensive
    income (loss)

 

 

14

 

 

 

(20

)

 

 

(232

)

 

 

—

 

 

 

(238

)

Ending balance

 

$

(202

)

 

$

(20

)

 

$

(1,522

)

 

$

—

 

 

$

(1,744

)

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(9

)

 

 

17

 

 

 

—

 

 

 

1

 

 

 

9

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

2

 

 

 

(15

)

 

 

—

 

 

 

(13

)

Total

 

 

11

 

 

 

2

 

 

 

(15

)

 

 

—

 

 

 

(2

)

Income tax expense (benefit)

 

 

(3

)

 

 

(1

)

 

 

4

 

 

 

—

 

 

 

—

 

Total, net of tax

 

 

8

 

 

 

1

 

 

 

(11

)

 

 

—

 

 

 

(2

)

Net current period other comprehensive
    income (loss)

 

 

(1

)

 

 

18

 

 

 

(11

)

 

 

1

 

 

 

7

 

Ending balance

 

$

(250

)

 

$

(26

)

 

$

(1,287

)

 

$

(2

)

 

$

(1,565

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $68 million, $73 million, $83 million and $83 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(3)
Net of $6 million, $(2) million, $6 million and $13 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(4)
Net of $538 million, $456 million, $449 million and $445 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(5)
Net of $— million at March 31, 2024, December 31, 2023 and March 31, 2023 and $1 million at December 31, 2022.

 

Virginia Power

The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

15

 

 

$

1

 

 

$

16

 

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

7

 

 

 

(5

)

 

 

2

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Other income (expense)

 

 

—

 

 

 

2

 

 

 

2

 

Total

 

 

—

 

 

 

2

 

 

 

2

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

7

 

 

 

(4

)

 

 

3

 

Ending balance

 

$

22

 

 

$

(3

)

 

$

19

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16

 

 

$

(7

)

 

$

9

 

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(9

)

 

 

4

 

 

 

(5

)

Net current period other comprehensive income (loss)

 

 

(9

)

 

 

4

 

 

 

(5

)

Ending balance

 

$

7

 

 

$

(3

)

 

$

4

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(7) million, $(5) million, $(2) million and $(5) million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(3)
Net of $1 million, $— million, $1 million and $2 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
v3.24.1.u1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 8. Fair Value Measurements

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. See Note 9 in this report for additional information about the Companies’ derivatives and hedge accounting activities.

The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2024. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

 

 

Dominion Energy

 

Virginia Power

 

Valuation
Techniques

Unobservable
Input

 

Fair Value (millions)

 

Range

Weighted
Average(1)

 

Fair Value (millions)

 

Range

Weighted
Average(1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Discounted
   cash flow

Market price
   (per Dth)

(3)

$

5

 

(2)-2

—

 

$

5

 

(2)-2

—

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

2

 

(1)-3

1

 

 

2

 

(1)-3

1

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

209

 

24-111

51

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Option model

Market price
   (per Dth)

(3)

 

49

 

1-7

3

 

 

23

 

1-7

3

 

Price volatility

(4)

 

 

10%-75%

46%

 

 

 

23%-73%

52%

Total assets

 

 

 

$

265

 

 

 

 

$

30

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Discounted
   cash flow

Market price
   (per Dth)

(3)

$

4

 

(2)-0

(1)

 

$

4

 

(2)-0

(1)

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

64

 

(1)-4

2

 

 

64

 

(1)-4

2

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

7

 

24-115

63

 

 

 

 

 

Total liabilities

 

 

$

75

 

 

 

 

$

68

 

 

 
(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
(4)
Represents volatilities unrepresented in published markets.

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

Nonrecurring Fair Value Measurements

See Note 11 for information regarding an impairment charge recorded by Dominion Energy associated with a corporate office building.

Recurring Fair Value Measurements

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

281

 

 

$

265

 

 

$

546

 

 

$

—

 

 

$

74

 

 

$

30

 

 

$

104

 

Interest rate

 

 

—

 

 

 

895

 

 

 

—

 

 

 

895

 

 

 

—

 

 

 

172

 

 

 

—

 

 

 

172

 

Foreign currency exchange rate

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,970

 

 

 

—

 

 

 

—

 

 

 

4,970

 

 

 

2,568

 

 

 

—

 

 

 

—

 

 

 

2,568

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

300

 

 

 

—

 

 

 

300

 

Government securities

 

 

218

 

 

 

1,200

 

 

 

—

 

 

 

1,418

 

 

 

129

 

 

 

667

 

 

 

—

 

 

 

796

 

Other

 

 

222

 

 

 

—

 

 

 

—

 

 

 

222

 

 

 

176

 

 

 

—

 

 

 

—

 

 

 

176

 

Cash equivalents and other

 

 

2

 

 

 

3

 

 

 

—

 

 

 

5

 

 

 

2

 

 

 

1

 

 

 

—

 

 

 

3

 

Total assets

 

$

5,412

 

 

$

2,934

 

 

$

265

 

 

$

8,611

 

 

$

2,875

 

 

$

1,217

 

 

$

30

 

 

$

4,122

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

156

 

 

$

75

 

 

$

231

 

 

$

—

 

 

$

92

 

 

$

68

 

 

$

160

 

Interest rate

 

 

—

 

 

 

483

 

 

 

—

 

 

 

483

 

 

 

—

 

 

 

21

 

 

 

—

 

 

 

21

 

Foreign currency exchange rate

 

 

—

 

 

 

108

 

 

 

—

 

 

 

108

 

 

 

—

 

 

 

108

 

 

 

—

 

 

 

108

 

Total liabilities

 

$

—

 

 

$

747

 

 

$

75

 

 

$

822

 

 

$

—

 

 

$

221

 

 

$

68

 

 

$

289

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

325

 

 

$

225

 

 

$

550

 

 

$

—

 

 

$

96

 

 

$

21

 

 

$

117

 

Interest rate

 

 

—

 

 

 

800

 

 

 

—

 

 

 

800

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

181

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,527

 

 

 

—

 

 

 

—

 

 

 

4,527

 

 

 

2,362

 

 

 

—

 

 

 

—

 

 

 

2,362

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

500

 

 

 

—

 

 

 

500

 

 

 

—

 

 

 

274

 

 

 

—

 

 

 

274

 

Government securities

 

 

219

 

 

 

1,238

 

 

 

—

 

 

 

1,457

 

 

 

129

 

 

 

687

 

 

 

—

 

 

 

816

 

Cash equivalents and other

 

 

31

 

 

 

—

 

 

 

—

 

 

 

31

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,777

 

 

$

2,863

 

 

$

225

 

 

$

7,865

 

 

$

2,511

 

 

$

1,238

 

 

$

21

 

 

$

3,770

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

160

 

 

$

139

 

 

$

299

 

 

$

—

 

 

$

95

 

 

$

137

 

 

$

232

 

Interest rate

 

 

—

 

 

 

359

 

 

 

—

 

 

 

359

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

Total liabilities

 

$

—

 

 

$

558

 

 

$

139

 

 

$

697

 

 

$

—

 

 

$

179

 

 

$

137

 

 

$

316

 
(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $294 million and $457 million of assets at Dominion Energy, inclusive of $94 million and $217 million at Virginia Power, at March 31, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

86

 

 

$

422

 

 

$

(116

)

 

$

221

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

(8

)

 

 

—

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(121

)

 

 

(51

)

 

 

(119

)

 

 

(52

)

Discontinued operations

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

Included in regulatory assets/liabilities

 

 

131

 

 

 

(216

)

 

 

77

 

 

 

(166

)

Settlements

 

 

76

 

 

 

35

 

 

 

100

 

 

 

36

 

Purchases

 

 

27

 

 

 

16

 

 

 

20

 

 

 

16

 

Ending balance

 

$

190

 

 

$

206

 

 

$

(38

)

 

$

55

 

Dominion Energy had $(8) million and less than $1 million of unrealized gains (losses) included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three months ended March 31, 2024 and 2023, respectively. Virginia Power had no unrealized gains or losses for the three months ended March 31, 2024 and 2023.

Fair Value of Financial Instruments

Substantially all of the Companies’ financial instruments are recorded at fair value, with the exception of the instruments described below, which are reported at historical cost. Estimated fair values have been determined using available market information and valuation methodologies considered appropriate by management. The carrying amount of cash, restricted cash and equivalents, customer and other receivables, affiliated receivables, short-term debt, affiliated current borrowings, payables to affiliates and accounts payable are representative of fair value because of the short-term nature of these instruments. For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

36,529

 

 

$

34,197

 

 

$

18,032

 

 

$

16,665

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Securitization bonds(3)

 

 

1,282

 

 

 

1,280

 

 

 

1,282

 

 

 

1,280

 

Junior subordinated notes(2)

 

 

1,388

 

 

 

1,389

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

42,526

 

 

$

40,539

 

 

$

17,392

 

 

$

16,418

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Junior subordinated notes(2)

 

 

1,388

 

 

 

1,374

 

 

 

 

 

 

 

 

(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both March 31, 2024 and December 31, 2023.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.24.1.u1
Derivatives and Hedge Accounting Activities
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments and cash collateral or other instruments under master netting or similar arrangements are discussed in Notes 2 and 7 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments.

Balance Sheet Presentation

The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Assets
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

229

 

 

$

51

 

 

$

—

 

 

$

178

 

 

$

96

 

 

$

39

 

 

$

—

 

 

$

57

 

Exchange

 

 

114

 

 

 

65

 

 

 

—

 

 

 

49

 

 

 

4

 

 

 

4

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

895

 

 

 

311

 

 

 

—

 

 

 

584

 

 

 

172

 

 

 

2

 

 

 

—

 

 

 

170

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,241

 

 

$

430

 

 

$

—

 

 

$

811

 

 

$

275

 

 

$

48

 

 

$

—

 

 

$

227

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

289

 

 

$

26

 

 

$

—

 

 

$

263

 

 

$

112

 

 

$

13

 

 

$

—

 

 

$

99

 

Exchange

 

 

118

 

 

 

33

 

 

 

15

 

 

 

70

 

 

 

4

 

 

 

3

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

800

 

 

 

191

 

 

 

—

 

 

 

609

 

 

 

181

 

 

 

11

 

 

 

—

 

 

 

170

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,207

 

 

$

250

 

 

$

15

 

 

$

942

 

 

$

297

 

 

$

27

 

 

$

—

 

 

$

270

 

 

(1)
Excludes derivative assets of $203 million and $143 million at Dominion Energy and $4 million and $1 million at Virginia Power at March 31, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Liabilities
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

163

 

 

$

46

 

 

$

—

 

 

$

117

 

 

$

100

 

 

$

34

 

 

$

—

 

 

$

66

 

Exchange

 

 

65

 

 

 

65

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

483

 

 

 

316

 

 

 

—

 

 

 

167

 

 

 

21

 

 

 

7

 

 

 

—

 

 

 

14

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

108

 

 

 

3

 

 

 

—

 

 

 

105

 

 

 

108

 

 

 

3

 

 

 

—

 

 

 

105

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

819

 

 

$

430

 

 

$

—

 

 

$

389

 

 

$

233

 

 

$

48

 

 

$

—

 

 

$

185

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

266

 

 

$

26

 

 

$

30

 

 

$

210

 

 

$

153

 

 

$

13

 

 

$

30

 

 

$

110

 

Exchange

 

 

33

 

 

 

33

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

359

 

 

 

186

 

 

 

—

 

 

 

173

 

 

 

45

 

 

 

6

 

 

 

—

 

 

 

39

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

697

 

 

$

250

 

 

$

30

 

 

$

417

 

 

$

240

 

 

$

27

 

 

$

30

 

 

$

183

 

 

(1)
Excludes derivative liabilities of $3 million at Dominion Energy at March 31, 2024 and $56 million and $76 million at Virginia Power at March 31, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity at March 31, 2024. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

43

 

 

 

14

 

 

 

41

 

 

 

14

 

Basis(2)

 

 

200

 

 

 

360

 

 

 

155

 

 

 

360

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

18

 

 

 

37

 

 

 

8

 

 

 

7

 

FTRs

 

 

15

 

 

 

—

 

 

 

15

 

 

 

—

 

Interest rate(3) (in millions)

 

$

3,862

 

 

$

10,112

 

 

$

1,200

 

 

$

1,050

 

Foreign currency exchange rate(3) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,628 kr.

 

 

2,237 kr.

 

 

1,628 kr.

 

 

2,237 kr.

 

Euro

 

€302

 

 

€1,551

 

 

€302

 

 

€1,551

 
(1)
Includes options at Dominion Energy.
(2)
Includes options.
(3)
Maturity is determined based on final settlement period.

AOCI

The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at March 31, 2024:

 

 

 

Dominion Energy

 

Virginia Power

 

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(202

)

 

$

(31

)

 

381 months

 

$

22

 

 

$

—

 

 

381 months

Total

 

$

(202

)

 

$

(31

)

 

 

 

$

22

 

 

$

—

 

 

 

 

The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates.

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

256

 

 

$

256

 

 

$

—

 

 

$

86

 

 

$

86

 

Interest rate

 

 

94

 

 

 

332

 

 

 

426

 

 

 

94

 

 

 

—

 

 

 

94

 

Foreign currency exchange rate

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

3

 

Total current derivative assets(1)

 

 

94

 

 

 

591

 

 

 

685

 

 

 

94

 

 

 

89

 

 

 

183

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

290

 

 

 

290

 

 

 

—

 

 

 

18

 

 

 

18

 

Interest rate

 

 

78

 

 

 

391

 

 

 

469

 

 

 

78

 

 

 

—

 

 

 

78

 

Total noncurrent derivative assets(2)

 

 

78

 

 

 

681

 

 

 

759

 

 

 

78

 

 

 

18

 

 

 

96

 

Total derivative assets

 

$

172

 

 

$

1,272

 

 

$

1,444

 

 

$

172

 

 

$

107

 

 

$

279

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

191

 

 

$

191

 

 

$

—

 

 

$

136

 

 

$

136

 

Interest rate

 

 

21

 

 

 

96

 

 

 

117

 

 

 

21

 

 

 

—

 

 

 

21

 

Foreign currency exchange rate

 

 

—

 

 

 

35

 

 

 

35

 

 

 

—

 

 

 

35

 

 

 

35

 

Total current derivative liabilities(3)

 

 

21

 

 

 

322

 

 

 

343

 

 

 

21

 

 

 

171

 

 

 

192

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

40

 

 

 

40

 

 

 

—

 

 

 

24

 

 

 

24

 

Interest rate

 

 

—

 

 

 

366

 

 

 

366

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

73

 

 

 

73

 

 

 

—

 

 

 

73

 

 

 

73

 

Total noncurrent derivative liabilities(4)

 

 

—

 

 

 

479

 

 

 

479

 

 

 

—

 

 

 

97

 

 

 

97

 

Total derivative liabilities

 

$

21

 

 

$

801

 

 

$

822

 

 

$

21

 

 

$

268

 

 

$

289

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

312

 

 

$

312

 

 

$

—

 

 

$

91

 

 

$

91

 

Interest rate

 

 

143

 

 

 

298

 

 

 

441

 

 

 

143

 

 

 

—

 

 

 

143

 

Total current derivative assets(1)

 

 

143

 

 

 

610

 

 

 

753

 

 

 

143

 

 

 

91

 

 

 

234

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

238

 

 

 

238

 

 

 

—

 

 

 

26

 

 

 

26

 

Interest rate

 

 

38

 

 

 

321

 

 

 

359

 

 

 

38

 

 

 

—

 

 

 

38

 

Total noncurrent derivative assets(2)

 

 

38

 

 

 

559

 

 

 

597

 

 

 

38

 

 

 

26

 

 

 

64

 

Total derivative assets

 

$

181

 

 

$

1,169

 

 

$

1,350

 

 

$

181

 

 

$

117

 

 

$

298

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

244

 

 

$

244

 

 

$

—

 

 

$

188

 

 

$

188

 

Interest rate

 

 

45

 

 

 

76

 

 

 

121

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

11

 

 

 

11

 

 

 

—

 

 

 

11

 

 

 

11

 

Total current derivative liabilities(3)

 

 

45

 

 

 

331

 

 

 

376

 

 

 

45

 

 

 

199

 

 

 

244

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

55

 

 

 

55

 

 

 

—

 

 

 

44

 

 

 

44

 

Interest rate

 

 

—

 

 

 

238

 

 

 

238

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

28

 

 

 

28

 

 

 

—

 

 

 

28

 

 

 

28

 

Total noncurrent derivative liabilities(4)

 

 

—

 

 

 

321

 

 

 

321

 

 

 

—

 

 

 

72

 

 

 

72

 

Total derivative liabilities

 

$

45

 

 

$

652

 

 

$

697

 

 

$

45

 

 

$

271

 

 

$

316

 
(1)
Includes $23 million and $54 million recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative assets presented in other current assets in the Companies’ Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
(3)
Includes $1 million and $30 million recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative liabilities presented in other current liabilities in the Companies’ Consolidated Balance Sheets.
(4)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Derivatives in
   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)

 

 

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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

Total

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(12

)

 

 

(11

)

 

$

(120

)

 

$

(12

)

 

$

—

 

 

$

(120

)

Total

 

$

(12

)

 

$

(11

)

 

$

(120

)

 

$

(12

)

 

$

—

 

 

$

(120

)

 

(1)
Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(3)
Amounts recorded in the Companies’ Consolidated Statement of Income are classified in interest and related charges.

 

 

 

Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)

 

Derivatives not designated as hedging instruments

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

76

 

 

$

395

 

 

$

41

 

 

$

9

 

Electric fuel and other energy-related
    purchases

 

 

(148

)

 

 

(45

)

 

 

(146

)

 

 

(46

)

Discontinued operations

 

 

(24

)

 

 

94

 

 

 

 

 

 

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

(78

)

 

 

(76

)

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

(26

)

 

 

 

 

 

 

Total

 

$

(174

)

 

$

342

 

 

$

(105

)

 

$

(37

)

 

(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
v3.24.1.u1
Investments
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 10. Investments

Dominion Energy

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $141 million and $119 million at March 31, 2024 and December 31, 2023, respectively.

Decommissioning Trust Securities

The Companies hold equity and fixed income securities and cash equivalents, and Dominion Energy also holds insurance contracts, in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. The Companies’ decommissioning trust funds are summarized below:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,260

 

$

3,720

 

$

(10

)

 

 

 

$

4,970

 

 

$

733

 

$

1,936

 

$

(7

)

 

 

 

$

2,662

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

562

 

 

7

 

 

(27

)

 

$

—

 

 

542

 

 

 

319

 

 

2

 

 

(21

)

 

$

—

 

 

300

 

Government
   securities

 

1,441

 

 

12

 

 

(61

)

 

 

—

 

 

1,392

 

 

 

822

 

 

7

 

 

(34

)

 

 

—

 

 

795

 

Common/
   collective
   trust funds

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Other

 

211

 

 

—

 

 

—

 

 

 

—

 

 

211

 

 

 

176

 

 

—

 

 

—

 

 

 

—

 

 

176

 

Insurance
   contracts

 

245

 

 

—

 

 

—

 

 

 

 

 

245

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

58

 

 

—

 

 

—

 

 

 

—

 

 

58

 

 

 

27

 

 

—

 

 

—

 

 

 

—

 

 

27

 

Total

$

3,777

 

$

3,739

 

$

(98

)

(4)

$

—

 

$

7,418

 

 

$

2,077

 

$

1,945

 

$

(62

)

(4)

$

—

 

$

3,960

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,276

 

$

3,270

 

$

(10

)

 

 

 

$

4,536

 

 

$

759

 

$

1,706

 

$

(10

)

 

 

 

$

2,455

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

508

 

 

10

 

 

(27

)

 

$

—

 

 

491

 

 

 

292

 

 

3

 

 

(21

)

 

$

—

 

 

274

 

Government
   securities

 

1,426

 

 

28

 

 

(24

)

 

 

—

 

 

1,430

 

 

 

811

 

 

17

 

 

(12

)

 

 

—

 

 

816

 

Common/
   collective
   trust funds

 

161

 

 

—

 

 

—

 

 

 

—

 

 

161

 

 

 

124

 

 

—

 

 

—

 

 

 

—

 

 

124

 

Insurance
   contracts

 

244

 

 

—

 

 

—

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

84

 

 

—

 

 

—

 

 

 

—

 

 

84

 

 

 

47

 

 

—

 

 

—

 

 

 

—

 

 

47

 

Total

$

3,699

 

$

3,308

 

$

(61

)

(4)

$

—

 

$

6,946

 

 

$

2,033

 

$

1,726

 

$

(43

)

(4)

$

—

 

$

3,716

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Dominion Energy includes pending sales of securities of $45 million and $49 million at March 31, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $24 million and $27 million at March 31, 2024, and December 31, 2023, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $1.2 billion and $764 million at March 31, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $696 million and $384 million at March 31, 2024 and December 31, 2023, respectively.

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during
   the period

 

$

459

 

 

$

226

 

 

$

242

 

 

$

116

 

Less: Net (gains) losses recognized
   during the period on securities
   sold during the period

 

 

(10

)

 

 

2

 

 

 

(9

)

 

 

1

 

Unrealized gains (losses) recognized
   during the period on securities still
   held at period end(1)

 

$

449

 

 

$

228

 

 

$

233

 

 

$

117

 
(1)
Included in other income (expense) and the nuclear decommissioning trust regulatory liability.

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2024 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

30

 

 

$

16

 

Due after one year through five years

 

 

514

 

 

 

254

 

Due after five years through ten years

 

 

405

 

 

 

236

 

Due after ten years

 

 

985

 

 

 

589

 

Total

 

$

1,934

 

 

$

1,095

 

 

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

695

 

 

$

544

 

 

$

471

 

 

$

373

 

Realized gains(1)

 

 

32

 

 

 

21

 

 

 

23

 

 

 

17

 

Realized losses(1)

 

 

38

 

 

 

41

 

 

 

23

 

 

 

31

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

Equity Method Investments

Dominion Energy recorded equity earnings on its investments of less than $1 million and $2 million for the three months ended March 31, 2024 and 2023, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(10) million and $76 million for the three months ended March 31, 2024 and 2023, respectively, in discontinued operations, including amounts related to its investments in Cove Point and Atlantic Coast Pipeline discussed below. Dominion Energy received distributions of $131 million and $85 million for the three months ended March 31, 2024 and 2023, respectively. Dominion Energy made contributions of $3 million and $10 million for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024 and December 31, 2023, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $13 million and $18 million, respectively. At March 31, 2024, these differences are primarily comprised of $9 million of equity method goodwill that is not being amortized and $2 million attributable to capitalized interest. At December 31, 2023, these differences are primarily comprised of $9 million of equity method goodwill that is not being amortized and $3 million attributable to capitalized interest.

Cove Point

See Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for a discussion of the sale of Dominion Energy’s remaining interest in Cove Point to BHE, which closed in September 2023.

Dominion Energy recorded distributions from Cove Point of $83 million for the three months ended March 31, 2023.

Amounts presented within discontinued operations within Dominion Energy’s Consolidated Statements of Income related to Cove Point for the three months ended March 31, 2023 were $76 million for earnings on equity method investees, $62 million of interest expense and $3 million of income tax expense.

Atlantic Coast Pipeline

A description of Dominion Energy’s investment in Atlantic Coast Pipeline, including events that led to the cancellation of the Atlantic Coast Pipeline Project in July 2020, is included in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Dominion Energy recorded equity losses related to Atlantic Coast Pipeline of $11 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, in discontinued operations.

At March 31, 2024 and December 31, 2023, Dominion Energy has recorded a liability of $14 million and $4 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs.

Dominion Energy expects it could incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows.

Dominion Privatization

In February 2024, Dominion Energy received a distribution of $126 million from Dominion Privatization, which was accounted for as a return of an investment.

v3.24.1.u1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 11. Property, Plant and Equipment

Acquisitions of Nonregulated Solar Projects

Other than the item discussed below, there have been no significant updates to acquisitions of solar projects by the Companies from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

 

In March 2023, Dominion Energy entered into an agreement to acquire the Foxhound solar development project in Virginia (reflected in Contracted Energy) which closed in February 2024, and commenced commercial operations in April 2024. Dominion Energy will claim production tax credits on the energy generated and sold by the project.

Sale of Corporate Office Building

In the first quarter of 2023, Dominion Energy recorded a charge of $91 million ($68 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at both March 31, 2024 and December 31, 2023.

v3.24.1.u1
Regulatory Assets and Liabilities
 3 Months Ended
Mar. 31, 2024
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities

Note 12. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

March 31,
2024

 

December 31,
2023

 

 

March 31,
2024

 

December 31,
2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

105

 

$

245

 

 

$

34

 

$

95

 

Securitized cost of fuel used in electric generation(2)

 

 

100

 

 

—

 

 

 

100

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

168

 

 

270

 

 

 

168

 

 

270

 

Ash pond and landfill closure costs(4)

 

 

188

 

 

200

 

 

 

188

 

 

200

 

Deferred nuclear refueling outage costs(5)

 

 

64

 

 

63

 

 

 

64

 

 

63

 

NND Project costs(6)

 

 

138

 

 

138

 

 

 

 

 

 

Derivatives(7)

 

 

98

 

 

162

 

 

 

96

 

 

160

 

Other

 

 

231

 

 

231

 

 

 

94

 

 

80

 

Regulatory assets-current

 

 

1,092

 

 

1,309

 

 

 

744

 

 

868

 

Unrecognized pension and other postretirement benefit costs(8)

 

 

518

 

 

1,036

 

 

 

—

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

553

 

 

496

 

 

 

553

 

 

496

 

Interest rate hedges(9)

 

 

168

 

 

168

 

 

 

—

 

 

—

 

AROs and related funding(10)

 

 

381

 

 

379

 

 

 

 

 

 

NND Project costs(6)

 

 

1,914

 

 

1,949

 

 

 

 

 

 

Ash pond and landfill closure costs(4)

 

 

2,403

 

 

2,410

 

 

 

2,396

 

 

2,407

 

Deferred cost of fuel used in electric generation(1)

 

 

—

 

 

1,221

 

 

 

—

 

 

1,221

 

Securitized cost of fuel used in electric generation(2)

 

 

1,177

 

 

—

 

 

 

1,177

 

 

—

 

Derivatives(7)

 

 

142

 

 

107

 

 

 

104

 

 

66

 

Other

 

 

603

 

 

590

 

 

 

122

 

 

127

 

Regulatory assets-noncurrent

 

 

7,859

 

 

8,356

 

 

 

4,352

 

 

4,317

 

Total regulatory assets

 

$

8,951

 

$

9,665

 

 

$

5,096

 

$

5,185

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(11)

 

 

118

 

 

118

 

 

 

118

 

 

118

 

Reserve for refunds and rate credits to electric utility customers(12)

 

 

83

 

 

83

 

 

 

—

 

 

—

 

Income taxes refundable through future rates(13)

 

 

107

 

 

107

 

 

 

70

 

 

70

 

Monetization of guarantee settlement(14)

 

 

67

 

 

67

 

 

 

 

 

 

Derivatives(7)

 

 

10

 

 

7

 

 

 

—

 

 

—

 

Other

 

 

127

 

 

140

 

 

 

96

 

 

133

 

Regulatory liabilities-current

 

 

512

 

 

522

 

 

 

284

 

 

321

 

Income taxes refundable through future rates(13)

 

 

3,044

 

 

3,076

 

 

 

2,214

 

 

2,237

 

Provision for future cost of removal and AROs(11)

 

 

1,826

 

 

1,818

 

 

 

1,186

 

 

1,185

 

Nuclear decommissioning trust(15)

 

 

2,297

 

 

2,098

 

 

 

2,297

 

 

2,098

 

Monetization of guarantee settlement(14)

 

 

619

 

 

635

 

 

 

 

 

 

Interest rate hedges(9)

 

 

313

 

 

233

 

 

 

313

 

 

233

 

Reserve for refunds and rate credits to electric utility customers(12)

 

 

212

 

 

237

 

 

 

—

 

 

—

 

Overrecovered other postretirement benefit costs(16)

 

 

162

 

 

155

 

 

 

 

 

 

Derivatives(7)

 

 

194

 

 

136

 

 

 

—

 

 

—

 

Other

 

 

376

 

 

286

 

 

 

333

 

 

225

 

Regulatory liabilities-noncurrent

 

 

9,043

 

 

8,674

 

 

 

6,343

 

 

5,978

 

Total regulatory liabilities

 

$

9,555

 

$

9,196

 

 

$

6,627

 

$

6,299

 
(1)
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
(4)
Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made.
(5)
Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
(6)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(7)
Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
(8)
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $10 million and $215 million and regulatory liabilities of $(5) million and $12 million at March 31, 2024 and December 31, 2023, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio (at December 31, 2023 only), PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction.
(9)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2024.
(10)
Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
(11)
Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(12)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(13)
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
(14)
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
(15)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

At March 31, 2024, Dominion Energy and Virginia Power regulatory assets include $5.8 billion and $4.5 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years.
v3.24.1.u1
Regulatory Matters
 3 Months Ended
Mar. 31, 2024
Regulated Operations [Abstract]  
Regulatory Matters

Note 13. Regulatory Matters

 

Regulatory Matters Involving Potential Loss Contingencies

 

As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.

Other Regulatory Matters

 

Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Virginia Regulation - Recent Developments

2023 Biennial Review

In July 2023, Virginia Power filed its base rate case and accompanying schedules in support of the 2023 Biennial Review in accordance with legislation enacted in Virginia in April 2023. Virginia Power’s earnings test analysis, as filed, demonstrated it earned a combined ROE of 9.04% on its generation and distribution services for the test period, within 70 basis points of its authorized ROE of 9.35% established in the 2021 Triennial Review. Virginia Power did not request an increase in base rates for generation and distribution services and proposed that base rates remain at their existing level utilizing an ROE of 9.70% for the prospective test periods and a common equity capitalization to total capitalization ratio of 52.10%. Virginia Power noted that while its prospective test periods would result in a revenue deficiency, it did not request an increase to base rates given that the combination of certain riders with an aggregate annual revenue requirement of at least $350 million into base rates effective July 2023 cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review.

In November 2023, Virginia Power, the Virginia Commission staff and other parties filed a comprehensive settlement agreement with the Virginia Commission for approval. The comprehensive settlement agreement indicates that Virginia Power demonstrated it earned a combined ROE of 9.05% on its generation and distribution services for the test period, requires previously unrecovered severe weather event costs of $45 million to be recovered through base rates during the 2023-2024 biennial period, with carrying costs, and provides for $15 million in one-time credits to customers by September 2024.

In February 2024, the Virginia Commission approved the comprehensive settlement agreement and issued its order in this matter. In doing so, the Virginia Commission determined that Virginia Power’s earnings for the test period, considered as a whole, were within 70 basis points above or below its authorized ROE of 9.35%. The Virginia Commission also authorized an ROE of 9.70%, as directed by legislation enacted in Virginia in April 2023, for Virginia Power that will be applied to Virginia Power’s riders prospectively and that will also be utilized to measure base rate earnings for the 2025 Biennial Review. In connection with the order, Virginia Power recorded a net benefit of $17 million ($12 million after-tax) in the first quarter of 2024 within impairment of assets and other charges in its Consolidated Statements of Income for a regulatory asset for previously unrecovered severe weather event costs, which will be amortized by the end of 2024.

Virginia Fuel Expenses

In May 2023, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $2.3 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2023 and a projected $1.3 billion under-recovered balance as of June 30, 2023. As discussed in Note 13 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, Virginia Power proposed two alternatives to recover these under-collected fuel costs, including an option based on an anticipated securitization of up to $1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023, with such securitization approved by the Virginia Commission in November 2023 and completed by Virginia Power in February 2024. In March 2024, the Virginia Commission approved Virginia Power’s annual fuel factor based on the securitization option, which results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $541 million. In addition, the Virginia Commission approved Virginia Power’s proposal to alter the order in which revenue from certain customers who elect to pay market-based rates would be allocated between base rates and fuel, which results in a reduction to fuel revenue of $13 million.

In May 2024, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $2.2 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2024 and to return an estimated $266 million net over-recovered balance through June 30, 2024. Virginia Power’s proposed fuel rate represents a fuel revenue decrease of $636 million when applied to projected kilowatt-hour sales for the rate year beginning July 1, 2024. This matter is pending.

Renewable Generation Projects

In October 2023, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate four utility-scale projects totaling approximately 329 MW of solar generation as part of its efforts to meet the renewable generation development targets under the VCEA. The projects, as of October 2023, are expected to cost approximately $850 million in the aggregate, excluding financing costs, and be placed into service between 2024 and 2026. In March 2024, the Virginia Commission approved the petition.

Riders

Other than the following matters, there have been no significant developments regarding the riders associated with various Virginia Power projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Rider Name

 

Application Date

 

Approval Date

 

Rate Year
Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
from Previous
(millions)

 

Rider CCR

 

March 2024

 

Pending

 

December 2024

 

$

103

 

 

$

(91

)

Rider CE(2)

 

October 2023

 

March 2024

 

May 2024

 

 

133

 

 

 

44

 

Rider GT

 

August 2023

 

May 2024

 

June 2024

 

 

145

 

 

 

131

 

Rider T1(3)

 

May 2024

 

Pending

 

September 2024

 

 

1,170

 

 

 

291

 
(1)
In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $120 million as of March 31, 2024.
(2)
The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
(3)
Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.

Electric Transmission Projects

Other than the following matters, there have been no significant developments regarding the Virginia Power electric transmission projects disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Description and Location
of Project

 

Application Date

 

Approval Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Construct new Aspen and Golden substations,
  transmission lines and related projects in Loudoun
  County, Virginia

 

March 2024

 

Pending

 

500-
230 kV

 

10

 

$

690

 

Partial rebuild Fredericksburg-Aquia Harbour
  transmission lines and related projects in Stafford
  County and the City of Fredericksburg, Virginia

 

March 2024

 

Pending

 

230-
115 kV

 

24

 

 

135

 

Construct new Apollo-Twin Creeks transmission
  lines, new substations and related projects in
  Loudoun County, Virginia

 

March 2024

 

Pending

 

230 kV

 

2

 

 

285

 

Rebuild Dooms-Harrisonburg transmission lines
  and related projects in the Counties of Augusta
  and Rockingham and the Town of Grottoes,
  Virginia

 

April 2024

 

Pending

 

230 kV

 

22

 

 

60

 
(1)
Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $45 million and $100 million, respectively.

North Carolina Regulation

Virginia Power Base Rate Case

In March 2024, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $57 million effective November 1, 2024 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective February 1, 2025. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 5.01% based upon a fully-adjusted test period, compared to its authorized 9.75% return, and proposed a 10.60% ROE. This matter is pending.

PSNC Customer Usage Tracker

PSNC utilizes a customer usage tracker, a decoupling mechanism, which allows it to adjust its base rates semi-annually for residential and commercial customers based on average per customer consumption. In March 2024, PSNC submitted a filing with the North Carolina Commission for a $31 million decrease relating to the customer usage tracker. The North Carolina Commission approved the filing in March 2024 with rates effective April 2024.

South Carolina Regulation

Electric Base Rate Case

In March 2024, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. DESC proposed a non-fuel, base rate increase of $295 million, partially offset by a net decrease in storm damage and DSM components of $4 million. If approved, the overall proposed rate increase of $291 million, or 12.59%, would be effective on and after the first billing cycle of September 2024. The base rate increase was proposed to recover the significant investment in assets and operating resources required to serve an expanding customer base, maintain the safety, reliability and efficiency of DESC’s system and meet increasingly stringent reliability, security and environmental requirements for the benefit of South Carolina customers. DESC presented an earned ROE of 4.32% based upon a fully-adjusted test period. The proposed rates would provide for an earned ROE of 10.60% compared to the currently authorized ROE of 9.50%. This matter is pending.

Cost of Fuel

DESC’s retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In February 2024, DESC filed with the South Carolina Commission a proposal to decrease the total fuel cost component of retail electric rates. DESC’s proposed adjustment is designed to recover DESC’s current base fuel costs, including its existing under-collected balance, over the 12-month period beginning with the first billing cycle of May 2024. In addition, DESC proposed an increase to its variable environmental and avoided capacity cost component. The net effect is a proposed annual decrease of $315 million. In March 2024, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a settlement agreement with the South Carolina Commission for approval to make certain adjustments to the February 2024 filing that would result in a net annual decrease of $316 million. In April 2024, the South Carolina Commission voted to approve the settlement agreement, with rates effective May 2024.

DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2024, DESC filed an application with the South Carolina Commission seeking approval to recover $47 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. DESC requested that rates be effective with the first billing cycle of May 2024. In April 2024, the South Carolina Commission approved the request, effective with the first billing cycle of May 2024.

Electric - Transmission Project

In March 2024, DESC filed an application with the South Carolina Commission requesting approval of a CPCN to construct and operate the Church Creek - Charleston Transmission Line, comprised of a 7 mile 230 kV transmission line and associated facilities in Charleston County, South Carolina with an estimated total project cost of $40 million. This matter is pending.
v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases

Note 14. Leases

Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Dominion Energy’s Consolidated Statements of Income include $3 million and $5 million for the three months ended March 31, 2024 and 2023, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $3 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of depreciation expense included in depreciation and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

In April 2024, Dominion Energy agreed to pay $47 million in connection with a settlement of an agreement related to the offshore wind installation vessel under development and recorded a charge of $47 million ($35 million after-tax) in the first quarter of 2024 within impairments and other charges in its Consolidated Statements of Income.

v3.24.1.u1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

Note 15. Variable Interest Entities

There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $115 million and $113 million for the three months ended March 31, 2024 and 2023, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $33 million and $32 million at March 31, 2024 and December 31, 2023, respectively, recorded in payables to affiliates.

As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds. Virginia Power’s Consolidated Balance Sheets at March 31, 2024 included balances for VPFS in regulatory assets-current ($100 million), other current assets ($6 million), regulatory assets-noncurrent ($1.2 billion), securities due within one year ($65 million), accrued interest, payroll and taxes ($8 million) and securitization bonds ($1.2 billion).
v3.24.1.u1
Significant Financing Transactions
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Significant Financing Transactions

Note 16. Significant Financing Transactions

Credit Facilities and Short-term Debt

The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Other than the items discussed below, there have been no significant changes regarding the Companies’ credit facilities and short-term debt as described in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Dominion Energy

Dominion Energy’s short-term financing is supported by its $6.0 billion joint revolving credit facility that provides for a discount in the pricing of certain annual fees and amounts borrowed by Dominion Energy under the facility if Dominion Energy achieves certain annual renewable electric generation and diversity and inclusion objectives.

At March 31, 2024, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

3,164

 

 

$

34

 

 

$

2,802

 
(1)
This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.

DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with the Companies. At March 31, 2024, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively.

In addition to the credit facility mentioned above and Virginia Power’s letter of credit facilities mentioned below, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $30 million in letters of credit and will mature in June 2024. At December 31, 2023, Dominion Energy had $25 million in letters of credit outstanding under this facility. There were no such balances outstanding as of March 31, 2024.

In March 2023, Dominion Energy entered into an agreement with a financial institution which it expects to allow it to issue up to $100 million in letters of credit. At March 31, 2024 and December 31, 2023, $58 million and $54 million, respectively, in letters of credit were issued and outstanding under this agreement.

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. At March 31, 2024 and December 31, 2023, Dominion Energy’s Consolidated Balance Sheets include $462 million and $409 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

In March 2024, Dominion Energy repaid the full $2.5 billion outstanding under its $2.5 billion 364-day term loan facility entered into in January 2023 as amended in January 2024, using after-tax proceeds received in connection with the East Ohio Transaction. The debt was scheduled to mature in July 2024. At December 31, 2023, Dominion Energy’s Consolidated Balance Sheet included $2.5 billion with respect to such facility presented within securities due within one year.

In March 2024, Dominion Energy repaid $1.8 billion of its $2.25 billion 364-day term loan facility entered into in October 2023, using after-tax proceeds received in connection with the East Ohio Transaction. Subsequently in March 2024, Dominion Energy requested and received a $500 million increase to the amount of the facility and concurrently borrowed $500 million with the proceeds used for general corporate purposes. The debt is scheduled to mature in October 2024. The agreement contains certain mandatory early repayment provisions, including that any after-tax proceeds in connection with the PSNC and Questar Gas Transactions be applied to any outstanding borrowings under this facility. At March 31, 2024 and December 31, 2023, Dominion Energy’s Consolidated Balance Sheet includes $976 million and $2.25 billion, respectively, with respect to such facility presented within securities due within one year. The maximum allowed total debt to total capital ratio under this facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

Virginia Power

Virginia Power’s short-term financing is supported through its access as co-borrower to Dominion Energy’s $6.0 billion joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes.

At March 31, 2024, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:

 

 

 

Facility
Limit(1)

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

—

 

 

$

10

 
(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

In January 2023, Virginia Power entered into a letter of credit facility which allowed Virginia Power to issue up to $125 million in letters of credit and was scheduled to mature in January 2026. At December 31, 2023, less than $1 million in letters of credit were issued and outstanding under this facility with no amounts drawn under the letters of credit. As of March 31, 2024, the credit facility had been terminated.

In March 2023, Virginia Power entered into an agreement with a financial institution, which it expects to allow it to issue up to $200 million in letters of credit. At March 31, 2024 and December 31, 2023, $119 million and $124 million, respectively, in letters of credit were issued and outstanding under this agreement.

Long-term Debt

There have been no significant changes regarding the Companies’ long-term debt as described in Note 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Dominion Energy recognized a charge of $10 million during the three months ended March 31, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of Eagle Solar’s secured senior notes in February 2024.

Preferred Stock

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At March 31, 2024 and December 31, 2023, Dominion Energy had issued and outstanding 1.8 million shares of preferred stock, 0.8 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively.

Dominion Energy recorded dividends of $9 million ($11.625 per share) for both the three months ended March 31, 2024 and 2023 on the Series B Preferred Stock. Dominion Energy recorded dividends of $11 million ($10.875 per share) for both the three months ended March 31, 2024 and 2023 on the Series C Preferred Stock.

There have been no significant changes to Dominion Energy’s Series B Preferred Stock and Series C Preferred Stock as described in Note 19 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

Issuance of Common Stock

Dominion Energy recorded, net of fees and commissions, $43 million from the issuance of 1 million shares of common stock for the three months ended March 31, 2023 and $31 million from the issuance of less than one million shares of common stock for the three months ended March 31, 2024, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans and, in March 2024, began issuing new shares of common stock.

Repurchase of Common Stock

In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock, with $0.9 billion available as of March 31, 2024.

Dominion Energy did not repurchase any shares of common stock during three months ended March 31, 2024, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 17. Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

 

Environmental Matters

The Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations. They can result in increased capital, operating and other costs as a result of compliance, remediation, containment and monitoring obligations.

 

Air

The CAA, as amended, is a comprehensive program utilizing a broad range of regulatory tools to protect and preserve the nation’s air quality. At a minimum, states are required to establish regulatory programs to meet applicable requirements of the CAA. However, states may choose to develop regulatory programs that are more restrictive. Many of the Companies’ facilities are subject to the CAA’s permitting and other requirements.

 

Ozone Standards

The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which is applicable in August 2023 for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Until implementation plans for the 2015 ozone standards are fully developed and approved for all states in which the Companies operate, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.

 

ACE Rule

In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule regulated GHG emissions from existing coal-fired power plants pursuant to Section 111(d) of the CAA and required states to develop plans by July 2022 establishing unit-specific performance standards for existing coal-fired power plants. In January 2021, the U.S. Court of Appeals for the D.C. Circuit vacated the ACE Rule and remanded it to the EPA. This decision would take effect upon issuance of the court’s mandate. In March 2021, the court issued a partial mandate vacating and remanding all parts of the ACE Rule except for the portion of the ACE Rule that repealed the Clean Power Plan. In October 2021, the U.S. Supreme Court agreed to hear a challenge of the U.S. Court of Appeals for the D.C. Circuit’s decision on the ACE Rule. In June 2022, the U.S. Supreme Court reversed the D.C. Circuit’s decision on the ACE Rule and remanded the case back to the D.C. Circuit. In May 2023, the EPA proposed to repeal the ACE Rule as part of a package of proposed rules addressing CO2 emissions from new and existing fossil fuel-fired electric generating units. Until the EPA takes final action on this proposed rulemaking, the Companies cannot predict an impact to its operations, financial condition and/or cash flows.

 

Carbon Regulations

In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and exceed a significant emissions rate of 75,000 tons per year of CO2 equivalent emissions. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.

 

In December 2018, the EPA proposed revised Standards of Performance for Greenhouse Gas Emissions from New, Modified, and Reconstructed Stationary Sources. The proposed rule would amend the previous determination that the best system of emission reduction for newly constructed coal-fired steam generating units is no longer partial carbon capture and storage. Instead, the proposed revised best system of emission reduction for this source category is the most efficient demonstrated steam cycle (e.g., supercritical steam conditions for large units and subcritical steam conditions for small units) in combination with best operating practices. The proposed revision to the performance standards for coal-fired steam generating units remains pending. Until the EPA ultimately takes final action on this rulemaking, the Companies cannot predict the impact to their results of operations, financial condition and/or cash flows.

 

Water

The CWA, as amended, is a comprehensive program requiring a broad range of regulatory tools including a permit program to authorize and regulate discharges to surface waters with strong enforcement mechanisms. The Companies must comply with applicable aspects of the CWA programs at their operating facilities.

 

Regulation 316(b)

In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion Energy and Virginia Power currently have 15 and nine facilities, respectively, that are subject to the final regulations. Dominion Energy is

also working with the EPA and state regulatory agencies to assess the applicability of Section 316(b) to eight hydroelectric facilities, including three Virginia Power facilities. The Companies anticipate that they may have to install impingement control technologies at certain of these stations that have once-through cooling systems. The Companies are currently evaluating the need or potential for entrainment controls under the final rule as these decisions will be made on a case-by-case basis after a thorough review of detailed biological, technological, and cost benefit studies. DESC is conducting studies and implementing plans as required by the rule to determine appropriate intake structure modifications at certain facilities to ensure compliance with this rule. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.

 

Effluent Limitations Guidelines

In September 2015, the EPA released a final rule to revise the Effluent Limitations Guidelines for the Steam Electric Power Generating Category. The final rule established updated standards for wastewater discharges that apply primarily at coal and oil steam generating stations. Affected facilities are required to convert from wet to dry or closed cycle coal ash management, improve existing wastewater treatment systems and/or install new wastewater treatment technologies in order to meet the new discharge limits. In April 2017, the EPA granted two separate petitions for reconsideration of the Effluent Limitations Guidelines final rule and stayed future compliance dates in the rule. Also in April 2017, the U.S. Court of Appeals for the Fifth Circuit granted the EPA’s request for a stay of the pending consolidated litigation challenging the rule while the EPA addresses the petitions for reconsideration. In September 2017, the EPA signed a rule to postpone the earliest compliance dates for certain waste streams regulations in the Effluent Limitations Guidelines final rule from November 2018 to November 2020; however, the latest date for compliance for these regulations was December 2023. In October 2020, the EPA released the final rule that extends the latest dates for compliance. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. While the impacts of this rule could be material to the Companies’ results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.

 

Waste Management and Remediation

The operations of the Companies are subject to a variety of state and federal laws and regulations governing the management and disposal of solid and hazardous waste, and release of hazardous substances associated with current and/or historical operations. The CERCLA, as amended, and similar state laws, may impose joint, several and strict liability for cleanup on potentially responsible parties who owned, operated or arranged for disposal at facilities affected by a release of hazardous substances. In addition, many states have created programs to incentivize voluntary remediation of sites where historical releases of hazardous substances are identified and property owners or responsible parties decide to initiate cleanups.

 

From time to time, the Companies may be identified as a potentially responsible party in connection with the alleged release of hazardous substances or wastes at a site. Under applicable federal and state laws, the Companies could be responsible for costs associated with the investigation or remediation of impacted sites, or subject to contribution claims by other responsible parties for their costs incurred at such sites. The Companies also may identify, evaluate and remediate other potentially impacted sites under voluntary state programs. Remediation costs may be subject to reimbursement under the Companies’ insurance policies, rate recovery mechanisms, or both. Except as described below, the Companies do not believe these matters will have a material effect on results of operations, financial condition and/or cash flows.

 

Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At 11 sites associated with Dominion Energy, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2024 depending on receipt of final permits and approvals. At March 31, 2024 and December 31, 2023, Dominion Energy had $31 million and $32 million, respectively, of reserves recorded. At both March 31, 2024 and December 31, 2023, Virginia Power had $25 million of reserves recorded. Dominion Energy is associated with three additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts.

 

Other Legal Matters

The Companies are defendants in a number of lawsuits and claims involving unrelated incidents of property damage and personal injury. Due to the uncertainty surrounding these matters, the Companies are unable to make an estimate of the potential financial statement impacts; however, they could have a material impact on results of operations, financial condition and/or cash flows.

 

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination.

 

Matters Fully Resolved Prior to 2024 Impacting the Consolidated Financial Statements

 

Governmental Proceedings and Investigations

In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $43 million in shares of Dominion Energy common stock. In August 2021, Dominion Energy issued 0.6 million shares of its common stock to satisfy DESC’s obligation for the initial payment under the settlement agreement. In May 2022, Dominion Energy issued an additional 0.9 million shares of its common stock to partially satisfy DESC’s remaining obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In September 2022, DESC transferred certain non-utility property with a fair value of $28 million to the SCDOR under the settlement agreement. In December 2022, DESC transferred additional utility property with a fair value of $3 million to the SCDOR. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $10 million to the SCDOR resulting in a gain of $9 million ($7 million after-tax), recorded in losses (gains) on sales of assets in Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2023. In June 2023, DESC transferred the remaining utility property with a fair value of $11 million to the SCDOR. In July 2023, DESC made a less than $1 million cash payment to the SCDOR to fully satisfy its remaining obligation, including applicable interest, under the settlement agreement.

 

Nuclear Operations

Nuclear Insurance

Other than the items discussed below, there have been no significant changes regarding the Companies’ nuclear insurance as described in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

During the first quarter of 2024, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program increased from $16.2 billion to $16.3 billion. This increase does not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988. Additionally, the Companies increased the amount of coverage purchased from commercial insurance pools for Millstone, Summer, Surry and North Anna from $450 million to $500 million with the remainder provided through the mandatory industry retrospective rating plan.

 

Spent Nuclear Fuel

As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, the Companies entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.

 

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

 

At March 31, 2024, Dominion Energy had issued the following subsidiary guarantees:

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,842

 

Nuclear obligations(2)

 

 

245

 

Solar(3)

 

 

215

 

Other(4)

 

 

1,094

 

Total(5)(6)

 

$

4,396

 
(1)
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
(2)
Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
(3)
Includes guarantees to facilitate the development of solar projects.
(4)
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
(6)
In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year. At March 31, 2024, no amounts have been recorded related to this guarantee.

 

In addition, Dominion Energy had issued an additional $20 million of guarantees at March 31, 2024, primarily to support third parties. No amounts related to these guarantees have been recorded.

 

Dominion Energy also had issued four guarantees as of March 31, 2024 related to Cove Point, previously an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded.

 

Additionally, at March 31, 2024, Dominion Energy had purchased $316 million of surety bonds, including $213 million at Virginia Power and $33 million related to entities held for sale, and authorized the issuance of letters of credit by financial institutions of $34 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid.
v3.24.1.u1
Credit Risk
 3 Months Ended
Mar. 31, 2024
Risks and Uncertainties [Abstract]  
Credit Risk

Note 18. Credit Risk

The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

At March 31, 2024, Dominion Energy’s credit exposure totaled $274 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 86%. No single counterparty, whether investment grade or non-investment grade, exceeded $80 million of exposure. At March 31, 2024, Virginia Power’s exposure related to wholesale customers totaled $107 million. Of this amount, investment grade counterparties, including those internally rated, represented 73%. No single counterparty, whether investment grade or non-investment grade, exceeded $23 million of exposure.

Credit-Related Contingent Provisions

Certain of Dominion Energy and Virginia Power’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy and Virginia Power to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered, Dominion Energy and Virginia Power would have been required to post additional collateral to its counterparties of $32 million and $24 million, respectively, as of March 31, 2024, and $28 million and $14 million, respectively, as of December 31, 2023. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy and Virginia Power had no posted collateral at March 31, 2024 or December 31, 2023 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering less than $1 million of fair value of derivative instruments in a liability position at December 31, 2023. The aggregate fair value of all derivative instruments with credit related contingent provisions that are in a liability position and not fully collateralized with cash for Dominion Energy and Virginia Power was $32 million and $24 million, respectively, as of March 31, 2024 and $28 million and $14 million, respectively, as of December 31, 2023, which does not include the impact of any offsetting asset positions.

See Note 9 for additional information about derivative instruments.
v3.24.1.u1
Related-Party Transactions
 3 Months Ended
Mar. 31, 2024
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 19. Related-Party Transactions

Dominion Energy’s transactions with equity method investments are described in Note 10. Virginia Power engages in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power’s receivable and payable balances with affiliates are settled based on contractual terms or on a monthly basis, depending on the nature of the underlying transactions. Virginia Power is included in Dominion Energy’s consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. A discussion of Virginia Power’s significant related-party transactions follows.

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2024, Virginia Power’s derivative assets and liabilities with affiliates were $4 million and $59 million, respectively. At December 31, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $1 million and $79 million, respectively. See Note 9 for additional information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. At March 31, 2024 and December 31, 2023, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $468 million and $456 million, respectively. At March 31, 2024 and December 31, 2023, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $602 million and $584 million, respectively.

DES and other affiliates provide accounting, legal, finance and certain administrative and technical services and licenses to Virginia Power. In addition, Virginia Power provides certain services to affiliates, including charges for facilities and equipment usage.

The financial statements for all years presented include costs for certain general, administrative and corporate expenses assigned by DES to Virginia Power on the basis of direct and allocated methods in accordance with Virginia Power’s services agreements with DES. Where costs incurred cannot be determined by specific identification, the costs are allocated based on the proportional level of effort devoted by DES resources that is attributable to the entity, determined by reference to number of employees, salaries and wages and other similar measures for the relevant DES service. Management believes the assumptions and methodologies underlying the allocation of general corporate overhead expenses are reasonable.

Presented below are Virginia Power’s significant transactions with DES and other affiliates:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

198

 

 

$

214

 

Services provided by affiliates(1)

 

 

155

 

 

 

147

 

Services provided to affiliates

 

 

4

 

 

 

4

 
(1)
Includes capitalized expenditures of $53 million and $54 million for the three months ended March 31, 2024 and 2023, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $1 million and $500 million in short-term demand note borrowings from Dominion Energy as of March 31, 2024 and December 31, 2023, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of March 31, 2024 and December 31, 2023. Interest charges related to Virginia Power’s borrowings from Dominion Energy were less than $1 million and $24 million for the three months ended March 31, 2024 and 2023, respectively.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2024 and 2023.

In 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services.
v3.24.1.u1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 20. Employee Benefit Plans

Net Periodic Benefit (Credit) Cost

The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $3 million and $4 million for the three months ended March 31, 2024 and 2023, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income, except for $14 million and $(11) million for the three months ended March 31, 2024 and 2023, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Period Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

22

 

 

$

24

 

 

$

3

 

 

$

3

 

Interest cost

 

 

109

 

 

 

111

 

 

 

14

 

 

 

15

 

Expected return on plan assets

 

 

(204

)

 

 

(216

)

 

 

(42

)

 

 

(38

)

Amortization of prior service cost (credit)

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

(9

)

Amortization of net actuarial (gain) loss

 

 

6

 

 

 

—

 

 

 

(2

)

 

 

(1

)

Plan amendment

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(45

)

 

$

(81

)

 

$

(36

)

 

$

(30

)

Pension and Other Postretirement Benefit Plan Remeasurement

In the first quarter of 2024, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the close of the East Ohio Transaction. The remeasurement and transfer to Enbridge of pension plan assets and liabilities resulted in a decrease in the pension benefit obligation of $419 million, inclusive of $195 million transferred upon closing, and a decrease in the fair value of the pension plan assets of $555 million, inclusive of $531 million transferred upon closing. In addition, the remeasurement and transfer to Enbridge of other postretirement benefit plan assets and liabilities resulted in a decrease in the accumulated postretirement benefit obligation of $38 million, inclusive of $22 million transferred upon closing, and a decrease in the fair value of the other postretirement benefit plan assets of $19 million, inclusive of $36 million transferred upon closing. The impact of the remeasurement and transfer of pension and other postretirement benefit plan assets and liabilities on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to decrease the net periodic pension benefit credit by approximately $11 million and increase the net periodic other postretirement benefit credit by approximately $1 million for the year ending December 31, 2024, excluding the impact of a one-time plan amendment. The discount rate used for the remeasurement was 5.62% for the pension plans and 5.61%-5.62% for the other postretirement benefit plans. The net actuarial loss (gain) and prior service cost (credit) related to the transferred pension and other postretirement plan assets and liabilities included in the East Ohio Transaction loss on sale was $147 million for pension and $(9) million for other postretirement benefits.

All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2023.

Employer Contributions

During the three months ended March 31, 2024, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy expects to make $46 million of minimum required contributions to its qualified defined benefit pension plans in 2024. In April 2024, Dominion Energy made $7 million of contributions to its qualified defined benefit pension plans. Dominion Energy is not required to make any contributions to its VEBAs associated with its other postretirement plans in 2024. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

Other Employee Matters

In March 2024, Dominion Energy recorded a charge of $23 million ($17 million after-tax) within discontinued operations attributable to a contribution to its defined contribution employee savings plan associated with the closing of the East Ohio Transaction. Additionally, Dominion Energy recorded a charge of $13 million ($10 million after-tax) in other operations and maintenance expense related to a severance accrual for certain employees in connection with the business review.

v3.24.1.u1
Operating Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Operating Segments

Note 21. Operating Segments

The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:

Primary Operating Segment

 

Description of Operations

 

Dominion
Energy

 

Virginia
Power

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

Regulated electric transmission

 

X

 

X

 

 

Regulated electric generation fleet(1)

 

X

 

X

Dominion Energy South Carolina

 

Regulated electric distribution

 

X

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

Regulated electric generation fleet

 

X

 

 

 

 

Regulated gas distribution and storage

 

X

 

 

Contracted Energy(2)

 

Nonregulated electric generation fleet

 

X

 

 
(1)
Includes Virginia Power’s non-jurisdictional solar generation operations.
(2)
Includes renewable natural gas operations.

 

In addition to the operating segments above, the Companies also report a Corporate and Other segment.

 

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), PSNC and Questar Gas Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2023.

 

In the three months ended March 31, 2024, Dominion Energy reported after-tax net income of $48 million in the Corporate and Other segment, including $191 million of after-tax net income for specific items with $124 million of after-tax net income attributable to its operating segments. In the three months ended March 31, 2023, Dominion Energy reported after-tax net income of $393 million in the Corporate and Other segment, including $466 million of after-tax net income for specific items with $304 million of after-tax net income attributable to its operating segments.

 

The net income for specific items attributable to Dominion Energy’s operating segments in 2024 primarily related to the impact of the following items:

•
A $266 million ($202 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($175 million after-tax); and
•
Dominion Energy Virginia ($27 million after-tax);
•
A $61 million ($47 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; and
•
A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy.

 

The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items:

•
A $332 million ($253 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy;
•
A $123 million ($90 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($77 million after-tax); and
•
Dominion Energy Virginia ($13 million after-tax); and
•
A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia.

 

The following table presents segment information pertaining to Dominion Energy’s operations:

 

 

 

Dominion
Energy
Virginia

 

 

Dominion
Energy
South
Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments
& Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

2,489

 

 

$

892

 

 

$

306

 

 

$

(55

)

 

$

—

 

 

$

3,632

 

Intersegment revenue

 

 

—

 

 

 

1

 

 

 

2

 

 

 

234

 

 

 

(237

)

 

 

—

 

Total operating revenue

 

 

2,489

 

 

 

893

 

 

 

308

 

 

 

179

 

 

 

(237

)

 

 

3,632

 

Net income from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

114

 

 

 

—

 

 

 

114

 

Net income attributable to
     Dominion Energy

 

 

424

 

 

 

80

 

 

 

122

 

 

 

48

 

 

 

—

 

 

 

674

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

2,384

 

 

$

844

 

 

$

308

 

 

$

347

 

 

$

—

 

 

$

3,883

 

Intersegment revenue

 

 

—

 

 

 

1

 

 

 

3

 

 

 

232

 

 

 

(236

)

 

 

—

 

Total operating revenue

 

 

2,384

 

 

 

845

 

 

 

311

 

 

 

579

 

 

 

(236

)

 

 

3,883

 

Net income from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

281

 

 

 

—

 

 

 

281

 

Net income attributable to
     Dominion Energy

 

 

386

 

 

 

91

 

 

 

111

 

 

 

393

 

 

 

—

 

 

 

981

 

 

Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations.

Virginia Power

The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.

 

In the three months ended March 31, 2024, Virginia Power reported after-tax net income of $41 million in the Corporate and Other segment, including $39 million of after-tax net income for specific items all of which was attributable to its operating segment. In the three months ended March 31, 2023, Virginia Power reported after-tax net expenses of $31 million in the Corporate and Other segment, including $32 million of after-tax net expenses for specific items all of which was attributable to its operating segment.

 

The net income for specific items attributable to Virginia Power’s operating segment in 2024 primarily related to the impact of the following item:

•
A $37 million ($27 million after-tax) gain related to investments in nuclear decommissioning trust funds.

 

The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following item:

•
A $61 million ($45 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review.

 

The following table presents segment information pertaining to Virginia Power’s operations:

 

 

 

Dominion
Energy
Virginia

 

 

Corporate
and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,489

 

 

$

—

 

 

$

2,489

 

Net income

 

 

424

 

 

 

41

 

 

 

465

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,384

 

 

$

—

 

 

$

2,384

 

Net income (loss)

 

 

386

 

 

 

(31

)

 

 

355

 
v3.24.1.u1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Accounting

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2024, and results of operations, changes in equity and cash flows for the three months ended March 31, 2024 and 2023. Such adjustments are normal and recurring in nature unless otherwise noted.
Estimates

The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates.
Consolidation

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements.

Reclassifications

Certain amounts in the Companies’ 2023 Consolidated Financial Statements and Notes have been reclassified to conform to the 2024 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, with the exception of the items described below.
Cash, Restricted Cash and Equivalents

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023:

 

 

 

Cash, Restricted Cash and Equivalents
at End of Period

 

 

Cash, Restricted Cash and Equivalents
at Beginning of Period

 

 

 

March 31, 2024

 

 

March 31, 2023

 

 

December 31, 2023

 

 

December 31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

306

 

 

$

1,792

 

 

$

217

 

 

$

153

 

Restricted cash and equivalents(2)(4)

 

 

30

 

 

 

164

 

 

 

84

 

 

 

188

 

Cash, restricted cash and equivalents shown in the
   Consolidated Statements of Cash Flows

 

$

336

 

 

$

1,956

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

119

 

 

$

21

 

 

$

90

 

 

$

22

 

Restricted cash and equivalents(3)(4)

 

 

6

 

 

 

1

 

 

 

—

 

 

 

2

 

Cash, restricted cash and equivalents shown in the
   Consolidated Statements of Cash Flows

 

$

125

 

 

$

22

 

 

$

90

 

 

$

24

 

 

(1)
At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $41 million, $40 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $1 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
(4)
Includes $6 million attributable to VIEs at March 31, 2024.

 

Supplemental Cash Flow Information

 

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

753

 

 

$

671

 

Leases(2)

 

 

161

 

 

 

117

 
(1)
See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation.
(2)
Includes $26 million and $32 million of financing leases at March 31, 2024 and 2023, respectively, and $135 million and $85 million of operating leases at March 31, 2024 and 2023, respectively.

 

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

566

 

 

$

460

 

Leases(1)

 

 

142

 

 

 

99

 

 

(1)
Includes $22 million and $31 million of financing leases at March 31, 2024 and 2023, respectively, and $120 million and $68 million of operating leases at March 31, 2024 and 2023, respectively.
Fair Value Measurements

The Companies enter into certain physical and financial forwards, futures and options, which are considered Level 3 as they have one or more inputs that are not observable and are significant to the valuation. The discounted cash flow method is used to value Level 3 physical and financial forwards and futures contracts. An option model is used to value Level 3 physical options. The discounted cash flow model for forwards and futures calculates mark-to-market valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return and credit spreads. The inputs into the option models are the forward market prices, implied price volatilities, risk-free rate of return, the option expiration dates, the option strike prices, the original sales prices and volumes. For Level 3 fair value measurements, certain forward market prices and implied price volatilities are considered unobservable.
Regulatory Matters Involving Potential Loss Contingencies

Regulatory Matters Involving Potential Loss Contingencies

 

As a result of issues generated in the ordinary course of business, the Companies are involved in various regulatory matters. Certain regulatory matters may ultimately result in a loss; however, as such matters are in an initial procedural phase, involve uncertainty as to the outcome of pending reviews or orders, and/or involve significant factual issues that need to be resolved, it is not possible for the Companies to estimate a range of possible loss. For regulatory matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the regulatory process such that the Companies are able to estimate a range of possible loss. For regulatory matters that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any estimated range is based on currently available information, involves elements of judgment and significant uncertainties and may not represent the Companies’ maximum possible loss exposure. The circumstances of such regulatory matters will change from time to time and actual results may vary significantly from the current estimate. For current matters not specifically reported below, management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.

Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

New Accounting Standards

New Accounting Standards

Climate-Related Disclosures

In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as

a material component of plans to achieve climate-related targets or goals. This guidance, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
v3.24.1.u1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Reconciliation of Total Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023:

 

 

 

Cash, Restricted Cash and Equivalents
at End of Period

 

 

Cash, Restricted Cash and Equivalents
at Beginning of Period

 

 

 

March 31, 2024

 

 

March 31, 2023

 

 

December 31, 2023

 

 

December 31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

306

 

 

$

1,792

 

 

$

217

 

 

$

153

 

Restricted cash and equivalents(2)(4)

 

 

30

 

 

 

164

 

 

 

84

 

 

 

188

 

Cash, restricted cash and equivalents shown in the
   Consolidated Statements of Cash Flows

 

$

336

 

 

$

1,956

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

119

 

 

$

21

 

 

$

90

 

 

$

22

 

Restricted cash and equivalents(3)(4)

 

 

6

 

 

 

1

 

 

 

—

 

 

 

2

 

Cash, restricted cash and equivalents shown in the
   Consolidated Statements of Cash Flows

 

$

125

 

 

$

22

 

 

$

90

 

 

$

24

 

 

(1)
At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $41 million, $40 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $1 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
(4)
Includes $6 million attributable to VIEs at March 31, 2024.
Schedule of Supplemental Cash Flow Information

The following table provides supplemental disclosure of cash flow information related to Dominion Energy:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

753

 

 

$

671

 

Leases(2)

 

 

161

 

 

 

117

 
(1)
See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation.
(2)
Includes $26 million and $32 million of financing leases at March 31, 2024 and 2023, respectively, and $135 million and $85 million of operating leases at March 31, 2024 and 2023, respectively.

The following table provides supplemental disclosure of cash flow information related to Virginia Power:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

566

 

 

$

460

 

Leases(1)

 

 

142

 

 

 

99

 

 

(1)
Includes $22 million and $31 million of financing leases at March 31, 2024 and 2023, respectively, and $120 million and $68 million of operating leases at March 31, 2024 and 2023, respectively.
v3.24.1.u1
Acquisitions and Dispositions (Tables)
 3 Months Ended
Mar. 31, 2024
Results of Operations Reported within Discontinued Operations

The following table represents selected information regarding the results of operations, which were reported within discontinued operations in Dominion Energy’s Consolidated Statements of Income:

 

 

Three Months Ended March 31, 2024

 

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

229

 

$

298

 

$

695

 

$

—

 

Operating expense(2)

 

 

254

 

 

158

 

 

575

 

 

1

 

Other income (expense)

 

 

(17

)

 

3

 

 

1

 

 

—

 

Interest and related charges

 

 

15

 

 

14

 

 

16

 

 

—

 

Income (loss) before income taxes

 

 

(57

)

 

129

 

 

105

 

 

(1

)

Income tax expense (benefit)

 

 

9

 

 

31

 

 

82

 

 

—

 

Net income (loss) attributable to Dominion Energy(3)

 

$

(66

)

$

98

 

$

23

 

$

(1

)
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
(3)
Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.

 

 

 

Three Months Ended March 31, 2023

 

 

 

East Ohio
Transaction

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

312

 

$

326

 

$

730

 

$

1

 

Operating expense

 

 

216

 

 

208

 

 

579

 

 

3

 

Other income (expense)

 

 

8

 

 

2

 

 

1

 

 

—

 

Interest and related charges

 

 

15

 

 

13

 

 

16

 

 

—

 

Income (loss) before income taxes

 

 

89

 

 

107

 

 

136

 

 

(2

)

Income tax expense (benefit)

 

 

13

 

 

24

 

 

29

 

 

(1

)

Net income (loss) attributable to Dominion Energy(1)

 

$

76

 

$

83

 

$

107

 

$

(1

)
(1)
Excludes $(9) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for three months ended March 31, 2023.
Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale

The carrying value of major classes of assets and liabilities relating to the disposal groups, which are reported as held for sale in Dominion Energy’s Consolidated Balance Sheets were as follows:

 

At March 31, 2024

 

At December 31, 2023

 

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets(1)

$

266

 

$

505

 

$

(2

)

$

497

 

$

336

 

$

764

 

$

1

 

Property, plant and equipment, net

 

2,899

 

 

4,465

 

 

28

 

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

Other deferred charges and other
   assets, including goodwill(2) 
   and intangible assets

 

823

 

 

666

 

 

(1

)

 

2,659

 

 

834

 

 

766

 

 

—

 

Current liabilities(3)

 

180

 

 

282

 

 

5

 

 

560

 

 

224

 

 

389

 

 

7

 

Long-term debt

 

948

 

 

1,205

 

 

—

 

 

2,286

 

 

948

 

 

1,205

 

 

—

 

Other deferred credits and
   liabilities(4)

 

697

 

 

1,066

 

 

2

 

 

1,437

 

 

711

 

 

1,116

 

 

2

 
(1)
Includes cash and cash equivalents of $1 million and $2 million within the PSNC Transaction and $39 million and $26 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. Also includes regulatory assets of $68 million and $89 million within the PSNC Transaction and $53 million and $297 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction at December 31, 2023.
(2)
Includes goodwill of $673 million at both March 31, 2024 and December 31, 2023 within the PSNC Transaction and $642 million and $720 million at March 31, 2024 and December 31, 2023, respectively within the Questar Gas Transaction. Also includes regulatory assets of $83 million and $86 million within the PSNC Transaction and $(44) million and $(39) million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction at December 31, 2023.
(3)
Includes regulatory liabilities of $42 million and $44 million within the PSNC Transaction and $56 million and $55 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes regulatory liabilities of $54 million within the East Ohio Transaction at December 31, 2023.
(4)
Includes regulatory liabilities of $430 million and $435 million within the PSNC Transaction and $498 million and $502 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition includes regulatory liabilities of $711 million within the East Ohio Transaction at December 31, 2023.
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups

Capital expenditures and significant noncash items relating to the disposal groups included the following:

 

Three Months Ended March 31, 2024

 

Three Months Ended March 31, 2023

 

 

East Ohio Transaction(1)

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

82

 

$

100

 

$

—

 

$

98

 

$

44

 

$

85

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion
   and amortization

 

—

 

 

—

 

 

—

 

 

—

 

 

35

 

 

22

 

 

44

 

 

1

 

Accrued capital expenditures

 

 

 

55

 

 

20

 

 

—

 

 

30

 

 

22

 

 

18

 

 

—

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.24.1.u1
Operating Revenue (Tables)
 3 Months Ended
Mar. 31, 2024
Regulated and Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,365

 

 

$

1,286

 

 

 

$

1,052

 

 

$

1,010

 

Commercial

 

 

1,094

 

 

 

1,070

 

 

 

 

881

 

 

 

866

 

Industrial

 

 

213

 

 

 

220

 

 

 

 

106

 

 

 

116

 

Government and other retail

 

 

257

 

 

 

244

 

 

 

 

241

 

 

 

229

 

Wholesale

 

 

36

 

 

 

44

 

 

 

 

29

 

 

 

29

 

Nonregulated electric sales

 

 

220

 

 

 

257

 

 

 

 

14

 

 

 

11

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

151

 

 

 

136

 

 

 

 

 

 

 

 

Commercial

 

 

48

 

 

 

53

 

 

 

 

 

 

 

 

Other

 

 

19

 

 

 

23

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

4

 

 

 

4

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

88

 

 

 

78

 

 

 

 

84

 

 

 

74

 

Other nonregulated revenues(1)(2)

 

 

29

 

 

 

37

 

 

 

 

10

 

 

 

11

 

Total operating revenue from contracts with customers

 

 

3,524

 

 

 

3,452

 

 

 

 

2,417

 

 

 

2,346

 

Other revenues(1)(3)

 

 

108

 

 

 

431

 

 

 

 

72

 

 

 

38

 

Total operating revenue

 

$

3,632

 

 

$

3,883

 

 

 

$

2,489

 

 

$

2,384

 

 

(1)
See Note 19 for amounts attributable to affiliates.
(2)
Sales of renewable energy credits were $5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively, at Virginia Power.
(3)
Includes alternative revenue of $28 million and $27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively.

 

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at March 31, 2024.
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Effective Income Tax

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

3.4

 

 

 

3.8

 

 

 

4.4

 

 

 

4.6

 

Investment tax credits

 

 

(1.3

)

 

 

(1.1

)

 

 

(0.7

)

 

 

(0.8

)

Production tax credits

 

 

(1.0

)

 

 

(0.4

)

 

 

(0.9

)

 

 

(0.7

)

Reversal of excess deferred income taxes

 

 

(2.1

)

 

 

(2.0

)

 

 

(1.7

)

 

 

(2.7

)

AFUDC - equity

 

 

(0.7

)

 

 

(0.1

)

 

 

(0.7

)

 

 

0.2

 

Other, net

 

 

0.1

 

 

 

(1.1

)

 

 

0.2

 

 

 

(0.2

)

Effective tax rate

 

 

19.4

%

 

 

20.1

%

 

 

21.6

%

 

 

21.4

%
v3.24.1.u1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Computation

The following table presents the calculation of Dominion Energy’s basic and diluted EPS:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions, except EPS)

 

 

 

 

 

 

Net income attributable to Dominion Energy from continuing operations

 

$

560

 

 

$

700

 

Preferred stock dividends (see Note 16)

 

 

(20

)

 

 

(20

)

Net income attributable to Dominion Energy from continuing operations -
   Basic & Diluted

 

$

540

 

 

$

680

 

Net income (loss) attributable to Dominion Energy from discontinued operations -
   Basic & Diluted

 

$

114

 

 

$

281

 

Average shares of common stock outstanding - Basic

 

 

837.6

 

 

 

835.2

 

Net effect of dilutive securities(1)

 

 

—

 

 

 

0.3

 

Average shares of common stock outstanding - Diluted

 

 

837.6

 

 

 

835.5

 

EPS from continuing operations - Basic

 

$

0.64

 

 

$

0.81

 

EPS from discontinued operations - Basic

 

$

0.14

 

 

 

0.34

 

EPS attributable to Dominion Energy - Basic

 

$

0.78

 

 

$

1.15

 

EPS from continuing operations - Diluted

 

$

0.64

 

 

$

0.81

 

EPS from discontinued operations - Diluted

 

$

0.14

 

 

 

0.34

 

EPS attributable to Dominion Energy - Diluted

 

$

0.78

 

 

$

1.15

 
(1)
Dilutive securities for the three months ended March 31, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

The following table presents Dominion Energy’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Pension
and other
postretirement
benefit costs(4)

 

 

Equity Method Investees(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(216

)

 

$

—

 

 

$

(1,290

)

 

$

—

 

 

$

(1,506

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

7

 

 

 

(26

)

 

 

(237

)

 

 

—

 

 

 

(256

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

8

 

 

 

6

 

 

 

—

 

 

 

14

 

Total

 

 

11

 

 

 

8

 

 

 

6

 

 

 

—

 

 

 

25

 

Income tax expense (benefit)

 

 

(4

)

 

 

(2

)

 

 

(1

)

 

 

—

 

 

 

(7

)

Total, net of tax

 

 

7

 

 

 

6

 

 

 

5

 

 

 

—

 

 

 

18

 

Net current period other comprehensive
    income (loss)

 

 

14

 

 

 

(20

)

 

 

(232

)

 

 

—

 

 

 

(238

)

Ending balance

 

$

(202

)

 

$

(20

)

 

$

(1,522

)

 

$

—

 

 

$

(1,744

)

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(9

)

 

 

17

 

 

 

—

 

 

 

1

 

 

 

9

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

2

 

 

 

(15

)

 

 

—

 

 

 

(13

)

Total

 

 

11

 

 

 

2

 

 

 

(15

)

 

 

—

 

 

 

(2

)

Income tax expense (benefit)

 

 

(3

)

 

 

(1

)

 

 

4

 

 

 

—

 

 

 

—

 

Total, net of tax

 

 

8

 

 

 

1

 

 

 

(11

)

 

 

—

 

 

 

(2

)

Net current period other comprehensive
    income (loss)

 

 

(1

)

 

 

18

 

 

 

(11

)

 

 

1

 

 

 

7

 

Ending balance

 

$

(250

)

 

$

(26

)

 

$

(1,287

)

 

$

(2

)

 

$

(1,565

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $68 million, $73 million, $83 million and $83 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(3)
Net of $6 million, $(2) million, $6 million and $13 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(4)
Net of $538 million, $456 million, $449 million and $445 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(5)
Net of $— million at March 31, 2024, December 31, 2023 and March 31, 2023 and $1 million at December 31, 2022.
Virginia Electric and Power Company  
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

The following table presents Virginia Power’s changes in AOCI (net of tax) and reclassifications out of AOCI by component:

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

15

 

 

$

1

 

 

$

16

 

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

7

 

 

 

(5

)

 

 

2

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Other income (expense)

 

 

—

 

 

 

2

 

 

 

2

 

Total

 

 

—

 

 

 

2

 

 

 

2

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

7

 

 

 

(4

)

 

 

3

 

Ending balance

 

$

22

 

 

$

(3

)

 

$

19

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16

 

 

$

(7

)

 

$

9

 

Other comprehensive income (loss) before
    reclassifications: gains (losses)

 

 

(9

)

 

 

4

 

 

 

(5

)

Net current period other comprehensive income (loss)

 

 

(9

)

 

 

4

 

 

 

(5

)

Ending balance

 

$

7

 

 

$

(3

)

 

$

4

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(7) million, $(5) million, $(2) million and $(5) million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
(3)
Net of $1 million, $— million, $1 million and $2 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at March 31, 2024. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

 

 

Dominion Energy

 

Virginia Power

 

Valuation
Techniques

Unobservable
Input

 

Fair Value (millions)

 

Range

Weighted
Average(1)

 

Fair Value (millions)

 

Range

Weighted
Average(1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Discounted
   cash flow

Market price
   (per Dth)

(3)

$

5

 

(2)-2

—

 

$

5

 

(2)-2

—

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

2

 

(1)-3

1

 

 

2

 

(1)-3

1

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

209

 

24-111

51

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Option model

Market price
   (per Dth)

(3)

 

49

 

1-7

3

 

 

23

 

1-7

3

 

Price volatility

(4)

 

 

10%-75%

46%

 

 

 

23%-73%

52%

Total assets

 

 

 

$

265

 

 

 

 

$

30

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Discounted
   cash flow

Market price
   (per Dth)

(3)

$

4

 

(2)-0

(1)

 

$

4

 

(2)-0

(1)

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

64

 

(1)-4

2

 

 

64

 

(1)-4

2

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

7

 

24-115

63

 

 

 

 

 

Total liabilities

 

 

$

75

 

 

 

 

$

68

 

 

 
(1)
Averages weighted by volume.
(2)
Includes basis.
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
Represents volatilities unrepresented in published markets.
Fair Value, Option, Qualitative Disclosures

Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

The following table presents the Companies’ assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

281

 

 

$

265

 

 

$

546

 

 

$

—

 

 

$

74

 

 

$

30

 

 

$

104

 

Interest rate

 

 

—

 

 

 

895

 

 

 

—

 

 

 

895

 

 

 

—

 

 

 

172

 

 

 

—

 

 

 

172

 

Foreign currency exchange rate

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,970

 

 

 

—

 

 

 

—

 

 

 

4,970

 

 

 

2,568

 

 

 

—

 

 

 

—

 

 

 

2,568

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

552

 

 

 

—

 

 

 

552

 

 

 

—

 

 

 

300

 

 

 

—

 

 

 

300

 

Government securities

 

 

218

 

 

 

1,200

 

 

 

—

 

 

 

1,418

 

 

 

129

 

 

 

667

 

 

 

—

 

 

 

796

 

Other

 

 

222

 

 

 

—

 

 

 

—

 

 

 

222

 

 

 

176

 

 

 

—

 

 

 

—

 

 

 

176

 

Cash equivalents and other

 

 

2

 

 

 

3

 

 

 

—

 

 

 

5

 

 

 

2

 

 

 

1

 

 

 

—

 

 

 

3

 

Total assets

 

$

5,412

 

 

$

2,934

 

 

$

265

 

 

$

8,611

 

 

$

2,875

 

 

$

1,217

 

 

$

30

 

 

$

4,122

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

156

 

 

$

75

 

 

$

231

 

 

$

—

 

 

$

92

 

 

$

68

 

 

$

160

 

Interest rate

 

 

—

 

 

 

483

 

 

 

—

 

 

 

483

 

 

 

—

 

 

 

21

 

 

 

—

 

 

 

21

 

Foreign currency exchange rate

 

 

—

 

 

 

108

 

 

 

—

 

 

 

108

 

 

 

—

 

 

 

108

 

 

 

—

 

 

 

108

 

Total liabilities

 

$

—

 

 

$

747

 

 

$

75

 

 

$

822

 

 

$

—

 

 

$

221

 

 

$

68

 

 

$

289

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

325

 

 

$

225

 

 

$

550

 

 

$

—

 

 

$

96

 

 

$

21

 

 

$

117

 

Interest rate

 

 

—

 

 

 

800

 

 

 

—

 

 

 

800

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

181

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,527

 

 

 

—

 

 

 

—

 

 

 

4,527

 

 

 

2,362

 

 

 

—

 

 

 

—

 

 

 

2,362

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

500

 

 

 

—

 

 

 

500

 

 

 

—

 

 

 

274

 

 

 

—

 

 

 

274

 

Government securities

 

 

219

 

 

 

1,238

 

 

 

—

 

 

 

1,457

 

 

 

129

 

 

 

687

 

 

 

—

 

 

 

816

 

Cash equivalents and other

 

 

31

 

 

 

—

 

 

 

—

 

 

 

31

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,777

 

 

$

2,863

 

 

$

225

 

 

$

7,865

 

 

$

2,511

 

 

$

1,238

 

 

$

21

 

 

$

3,770

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

160

 

 

$

139

 

 

$

299

 

 

$

—

 

 

$

95

 

 

$

137

 

 

$

232

 

Interest rate

 

 

—

 

 

 

359

 

 

 

—

 

 

 

359

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

Total liabilities

 

$

—

 

 

$

558

 

 

$

139

 

 

$

697

 

 

$

—

 

 

$

179

 

 

$

137

 

 

$

316

 
(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $294 million and $457 million of assets at Dominion Energy, inclusive of $94 million and $217 million at Virginia Power, at March 31, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the net change in the Companies’ assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

86

 

 

$

422

 

 

$

(116

)

 

$

221

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

(8

)

 

 

—

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(121

)

 

 

(51

)

 

 

(119

)

 

 

(52

)

Discontinued operations

 

 

(1

)

 

 

—

 

 

 

 

 

 

 

Included in regulatory assets/liabilities

 

 

131

 

 

 

(216

)

 

 

77

 

 

 

(166

)

Settlements

 

 

76

 

 

 

35

 

 

 

100

 

 

 

36

 

Purchases

 

 

27

 

 

 

16

 

 

 

20

 

 

 

16

 

Ending balance

 

$

190

 

 

$

206

 

 

$

(38

)

 

$

55

 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments For the Companies’ financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

36,529

 

 

$

34,197

 

 

$

18,032

 

 

$

16,665

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Securitization bonds(3)

 

 

1,282

 

 

 

1,280

 

 

 

1,282

 

 

 

1,280

 

Junior subordinated notes(2)

 

 

1,388

 

 

 

1,389

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

42,526

 

 

$

40,539

 

 

$

17,392

 

 

$

16,418

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Junior subordinated notes(2)

 

 

1,388

 

 

 

1,374

 

 

 

 

 

 

 

 

(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both March 31, 2024 and December 31, 2023.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Tables)
 3 Months Ended
Mar. 31, 2024
Offsetting Assets

The tables below present the Companies’ derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Assets
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

229

 

 

$

51

 

 

$

—

 

 

$

178

 

 

$

96

 

 

$

39

 

 

$

—

 

 

$

57

 

Exchange

 

 

114

 

 

 

65

 

 

 

—

 

 

 

49

 

 

 

4

 

 

 

4

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

895

 

 

 

311

 

 

 

—

 

 

 

584

 

 

 

172

 

 

 

2

 

 

 

—

 

 

 

170

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,241

 

 

$

430

 

 

$

—

 

 

$

811

 

 

$

275

 

 

$

48

 

 

$

—

 

 

$

227

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

289

 

 

$

26

 

 

$

—

 

 

$

263

 

 

$

112

 

 

$

13

 

 

$

—

 

 

$

99

 

Exchange

 

 

118

 

 

 

33

 

 

 

15

 

 

 

70

 

 

 

4

 

 

 

3

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

800

 

 

 

191

 

 

 

—

 

 

 

609

 

 

 

181

 

 

 

11

 

 

 

—

 

 

 

170

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,207

 

 

$

250

 

 

$

15

 

 

$

942

 

 

$

297

 

 

$

27

 

 

$

—

 

 

$

270

 

 

(1)
Excludes derivative assets of $203 million and $143 million at Dominion Energy and $4 million and $1 million at Virginia Power at March 31, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.
Offsetting Liabilities

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Liabilities
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

163

 

 

$

46

 

 

$

—

 

 

$

117

 

 

$

100

 

 

$

34

 

 

$

—

 

 

$

66

 

Exchange

 

 

65

 

 

 

65

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

483

 

 

 

316

 

 

 

—

 

 

 

167

 

 

 

21

 

 

 

7

 

 

 

—

 

 

 

14

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

108

 

 

 

3

 

 

 

—

 

 

 

105

 

 

 

108

 

 

 

3

 

 

 

—

 

 

 

105

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

819

 

 

$

430

 

 

$

—

 

 

$

389

 

 

$

233

 

 

$

48

 

 

$

—

 

 

$

185

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

266

 

 

$

26

 

 

$

30

 

 

$

210

 

 

$

153

 

 

$

13

 

 

$

30

 

 

$

110

 

Exchange

 

 

33

 

 

 

33

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

359

 

 

 

186

 

 

 

—

 

 

 

173

 

 

 

45

 

 

 

6

 

 

 

—

 

 

 

39

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

697

 

 

$

250

 

 

$

30

 

 

$

417

 

 

$

240

 

 

$

27

 

 

$

30

 

 

$

183

 

 

(1)
Excludes derivative liabilities of $3 million at Dominion Energy at March 31, 2024 and $56 million and $76 million at Virginia Power at March 31, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.
Schedule of Volume of Derivative Activity

The following table presents the volume of the Companies’ derivative activity at March 31, 2024. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

43

 

 

 

14

 

 

 

41

 

 

 

14

 

Basis(2)

 

 

200

 

 

 

360

 

 

 

155

 

 

 

360

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

18

 

 

 

37

 

 

 

8

 

 

 

7

 

FTRs

 

 

15

 

 

 

—

 

 

 

15

 

 

 

—

 

Interest rate(3) (in millions)

 

$

3,862

 

 

$

10,112

 

 

$

1,200

 

 

$

1,050

 

Foreign currency exchange rate(3) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,628 kr.

 

 

2,237 kr.

 

 

1,628 kr.

 

 

2,237 kr.

 

Euro

 

€302

 

 

€1,551

 

 

€302

 

 

€1,551

 
(1)
Includes options at Dominion Energy.
(2)
Includes options.
(3)
Maturity is determined based on final settlement period.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at March 31, 2024:

 

 

 

Dominion Energy

 

Virginia Power

 

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term

 

AOCI After-Tax

 

 

Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(202

)

 

$

(31

)

 

381 months

 

$

22

 

 

$

—

 

 

381 months

Total

 

$

(202

)

 

$

(31

)

 

 

 

$

22

 

 

$

—

 

 

 
Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of the Companies’ derivatives and where they are presented in their Consolidated Balance Sheets:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

256

 

 

$

256

 

 

$

—

 

 

$

86

 

 

$

86

 

Interest rate

 

 

94

 

 

 

332

 

 

 

426

 

 

 

94

 

 

 

—

 

 

 

94

 

Foreign currency exchange rate

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

3

 

Total current derivative assets(1)

 

 

94

 

 

 

591

 

 

 

685

 

 

 

94

 

 

 

89

 

 

 

183

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

290

 

 

 

290

 

 

 

—

 

 

 

18

 

 

 

18

 

Interest rate

 

 

78

 

 

 

391

 

 

 

469

 

 

 

78

 

 

 

—

 

 

 

78

 

Total noncurrent derivative assets(2)

 

 

78

 

 

 

681

 

 

 

759

 

 

 

78

 

 

 

18

 

 

 

96

 

Total derivative assets

 

$

172

 

 

$

1,272

 

 

$

1,444

 

 

$

172

 

 

$

107

 

 

$

279

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

191

 

 

$

191

 

 

$

—

 

 

$

136

 

 

$

136

 

Interest rate

 

 

21

 

 

 

96

 

 

 

117

 

 

 

21

 

 

 

—

 

 

 

21

 

Foreign currency exchange rate

 

 

—

 

 

 

35

 

 

 

35

 

 

 

—

 

 

 

35

 

 

 

35

 

Total current derivative liabilities(3)

 

 

21

 

 

 

322

 

 

 

343

 

 

 

21

 

 

 

171

 

 

 

192

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

40

 

 

 

40

 

 

 

—

 

 

 

24

 

 

 

24

 

Interest rate

 

 

—

 

 

 

366

 

 

 

366

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

73

 

 

 

73

 

 

 

—

 

 

 

73

 

 

 

73

 

Total noncurrent derivative liabilities(4)

 

 

—

 

 

 

479

 

 

 

479

 

 

 

—

 

 

 

97

 

 

 

97

 

Total derivative liabilities

 

$

21

 

 

$

801

 

 

$

822

 

 

$

21

 

 

$

268

 

 

$

289

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

312

 

 

$

312

 

 

$

—

 

 

$

91

 

 

$

91

 

Interest rate

 

 

143

 

 

 

298

 

 

 

441

 

 

 

143

 

 

 

—

 

 

 

143

 

Total current derivative assets(1)

 

 

143

 

 

 

610

 

 

 

753

 

 

 

143

 

 

 

91

 

 

 

234

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

238

 

 

 

238

 

 

 

—

 

 

 

26

 

 

 

26

 

Interest rate

 

 

38

 

 

 

321

 

 

 

359

 

 

 

38

 

 

 

—

 

 

 

38

 

Total noncurrent derivative assets(2)

 

 

38

 

 

 

559

 

 

 

597

 

 

 

38

 

 

 

26

 

 

 

64

 

Total derivative assets

 

$

181

 

 

$

1,169

 

 

$

1,350

 

 

$

181

 

 

$

117

 

 

$

298

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

244

 

 

$

244

 

 

$

—

 

 

$

188

 

 

$

188

 

Interest rate

 

 

45

 

 

 

76

 

 

 

121

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

11

 

 

 

11

 

 

 

—

 

 

 

11

 

 

 

11

 

Total current derivative liabilities(3)

 

 

45

 

 

 

331

 

 

 

376

 

 

 

45

 

 

 

199

 

 

 

244

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

55

 

 

 

55

 

 

 

—

 

 

 

44

 

 

 

44

 

Interest rate

 

 

—

 

 

 

238

 

 

 

238

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

28

 

 

 

28

 

 

 

—

 

 

 

28

 

 

 

28

 

Total noncurrent derivative liabilities(4)

 

 

—

 

 

 

321

 

 

 

321

 

 

 

—

 

 

 

72

 

 

 

72

 

Total derivative liabilities

 

$

45

 

 

$

652

 

 

$

697

 

 

$

45

 

 

$

271

 

 

$

316

 
(1)
Includes $23 million and $54 million recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative assets presented in other current assets in the Companies’ Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
(3)
Includes $1 million and $30 million recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative liabilities presented in other current liabilities in the Companies’ Consolidated Balance Sheets.
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables present the gains and losses on the Companies’ derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Derivatives in
   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)

 

 

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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

Total

 

$

8

 

 

$

(11

)

 

$

88

 

 

$

8

 

 

$

—

 

 

$

88

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(12

)

 

 

(11

)

 

$

(120

)

 

$

(12

)

 

$

—

 

 

$

(120

)

Total

 

$

(12

)

 

$

(11

)

 

$

(120

)

 

$

(12

)

 

$

—

 

 

$

(120

)

 

(1)
Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.
(2)
Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
(3)
Amounts recorded in the Companies’ Consolidated Statement of Income are classified in interest and related charges.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance

 

 

Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2)

 

Derivatives not designated as hedging instruments

 

Dominion Energy

 

 

Virginia Power

 

Period Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

76

 

 

$

395

 

 

$

41

 

 

$

9

 

Electric fuel and other energy-related
    purchases

 

 

(148

)

 

 

(45

)

 

 

(146

)

 

 

(46

)

Discontinued operations

 

 

(24

)

 

 

94

 

 

 

 

 

 

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

(78

)

 

 

(76

)

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

(26

)

 

 

 

 

 

 

Total

 

$

(174

)

 

$

342

 

 

$

(105

)

 

$

(37

)

 

(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
v3.24.1.u1
Investments (Tables)
 3 Months Ended
Mar. 31, 2024
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds The Companies’ decommissioning trust funds are summarized below:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,260

 

$

3,720

 

$

(10

)

 

 

 

$

4,970

 

 

$

733

 

$

1,936

 

$

(7

)

 

 

 

$

2,662

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

562

 

 

7

 

 

(27

)

 

$

—

 

 

542

 

 

 

319

 

 

2

 

 

(21

)

 

$

—

 

 

300

 

Government
   securities

 

1,441

 

 

12

 

 

(61

)

 

 

—

 

 

1,392

 

 

 

822

 

 

7

 

 

(34

)

 

 

—

 

 

795

 

Common/
   collective
   trust funds

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Other

 

211

 

 

—

 

 

—

 

 

 

—

 

 

211

 

 

 

176

 

 

—

 

 

—

 

 

 

—

 

 

176

 

Insurance
   contracts

 

245

 

 

—

 

 

—

 

 

 

 

 

245

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

58

 

 

—

 

 

—

 

 

 

—

 

 

58

 

 

 

27

 

 

—

 

 

—

 

 

 

—

 

 

27

 

Total

$

3,777

 

$

3,739

 

$

(98

)

(4)

$

—

 

$

7,418

 

 

$

2,077

 

$

1,945

 

$

(62

)

(4)

$

—

 

$

3,960

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,276

 

$

3,270

 

$

(10

)

 

 

 

$

4,536

 

 

$

759

 

$

1,706

 

$

(10

)

 

 

 

$

2,455

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

508

 

 

10

 

 

(27

)

 

$

—

 

 

491

 

 

 

292

 

 

3

 

 

(21

)

 

$

—

 

 

274

 

Government
   securities

 

1,426

 

 

28

 

 

(24

)

 

 

—

 

 

1,430

 

 

 

811

 

 

17

 

 

(12

)

 

 

—

 

 

816

 

Common/
   collective
   trust funds

 

161

 

 

—

 

 

—

 

 

 

—

 

 

161

 

 

 

124

 

 

—

 

 

—

 

 

 

—

 

 

124

 

Insurance
   contracts

 

244

 

 

—

 

 

—

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

84

 

 

—

 

 

—

 

 

 

—

 

 

84

 

 

 

47

 

 

—

 

 

—

 

 

 

—

 

 

47

 

Total

$

3,699

 

$

3,308

 

$

(61

)

(4)

$

—

 

$

6,946

 

 

$

2,033

 

$

1,726

 

$

(43

)

(4)

$

—

 

$

3,716

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Dominion Energy includes pending sales of securities of $45 million and $49 million at March 31, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $24 million and $27 million at March 31, 2024, and December 31, 2023, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $1.2 billion and $764 million at March 31, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $696 million and $384 million at March 31, 2024 and December 31, 2023, respectively.
Unrealized Gain Loss on Equity

The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during
   the period

 

$

459

 

 

$

226

 

 

$

242

 

 

$

116

 

Less: Net (gains) losses recognized
   during the period on securities
   sold during the period

 

 

(10

)

 

 

2

 

 

 

(9

)

 

 

1

 

Unrealized gains (losses) recognized
   during the period on securities still
   held at period end(1)

 

$

449

 

 

$

228

 

 

$

233

 

 

$

117

 
(1)
Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2024 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

30

 

 

$

16

 

Due after one year through five years

 

 

514

 

 

 

254

 

Due after five years through ten years

 

 

405

 

 

 

236

 

Due after ten years

 

 

985

 

 

 

589

 

Total

 

$

1,934

 

 

$

1,095

 
Marketable Securities

Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.

 

 

 

Dominion Energy

 

 

Virginia Power

 

Three Months Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

695

 

 

$

544

 

 

$

471

 

 

$

373

 

Realized gains(1)

 

 

32

 

 

 

21

 

 

 

23

 

 

 

17

 

Realized losses(1)

 

 

38

 

 

 

41

 

 

 

23

 

 

 

31

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.24.1.u1
Regulatory Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2024
Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

March 31,
2024

 

December 31,
2023

 

 

March 31,
2024

 

December 31,
2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

105

 

$

245

 

 

$

34

 

$

95

 

Securitized cost of fuel used in electric generation(2)

 

 

100

 

 

—

 

 

 

100

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

168

 

 

270

 

 

 

168

 

 

270

 

Ash pond and landfill closure costs(4)

 

 

188

 

 

200

 

 

 

188

 

 

200

 

Deferred nuclear refueling outage costs(5)

 

 

64

 

 

63

 

 

 

64

 

 

63

 

NND Project costs(6)

 

 

138

 

 

138

 

 

 

 

 

 

Derivatives(7)

 

 

98

 

 

162

 

 

 

96

 

 

160

 

Other

 

 

231

 

 

231

 

 

 

94

 

 

80

 

Regulatory assets-current

 

 

1,092

 

 

1,309

 

 

 

744

 

 

868

 

Unrecognized pension and other postretirement benefit costs(8)

 

 

518

 

 

1,036

 

 

 

—

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

553

 

 

496

 

 

 

553

 

 

496

 

Interest rate hedges(9)

 

 

168

 

 

168

 

 

 

—

 

 

—

 

AROs and related funding(10)

 

 

381

 

 

379

 

 

 

 

 

 

NND Project costs(6)

 

 

1,914

 

 

1,949

 

 

 

 

 

 

Ash pond and landfill closure costs(4)

 

 

2,403

 

 

2,410

 

 

 

2,396

 

 

2,407

 

Deferred cost of fuel used in electric generation(1)

 

 

—

 

 

1,221

 

 

 

—

 

 

1,221

 

Securitized cost of fuel used in electric generation(2)

 

 

1,177

 

 

—

 

 

 

1,177

 

 

—

 

Derivatives(7)

 

 

142

 

 

107

 

 

 

104

 

 

66

 

Other

 

 

603

 

 

590

 

 

 

122

 

 

127

 

Regulatory assets-noncurrent

 

 

7,859

 

 

8,356

 

 

 

4,352

 

 

4,317

 

Total regulatory assets

 

$

8,951

 

$

9,665

 

 

$

5,096

 

$

5,185

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(11)

 

 

118

 

 

118

 

 

 

118

 

 

118

 

Reserve for refunds and rate credits to electric utility customers(12)

 

 

83

 

 

83

 

 

 

—

 

 

—

 

Income taxes refundable through future rates(13)

 

 

107

 

 

107

 

 

 

70

 

 

70

 

Monetization of guarantee settlement(14)

 

 

67

 

 

67

 

 

 

 

 

 

Derivatives(7)

 

 

10

 

 

7

 

 

 

—

 

 

—

 

Other

 

 

127

 

 

140

 

 

 

96

 

 

133

 

Regulatory liabilities-current

 

 

512

 

 

522

 

 

 

284

 

 

321

 

Income taxes refundable through future rates(13)

 

 

3,044

 

 

3,076

 

 

 

2,214

 

 

2,237

 

Provision for future cost of removal and AROs(11)

 

 

1,826

 

 

1,818

 

 

 

1,186

 

 

1,185

 

Nuclear decommissioning trust(15)

 

 

2,297

 

 

2,098

 

 

 

2,297

 

 

2,098

 

Monetization of guarantee settlement(14)

 

 

619

 

 

635

 

 

 

 

 

 

Interest rate hedges(9)

 

 

313

 

 

233

 

 

 

313

 

 

233

 

Reserve for refunds and rate credits to electric utility customers(12)

 

 

212

 

 

237

 

 

 

—

 

 

—

 

Overrecovered other postretirement benefit costs(16)

 

 

162

 

 

155

 

 

 

 

 

 

Derivatives(7)

 

 

194

 

 

136

 

 

 

—

 

 

—

 

Other

 

 

376

 

 

286

 

 

 

333

 

 

225

 

Regulatory liabilities-noncurrent

 

 

9,043

 

 

8,674

 

 

 

6,343

 

 

5,978

 

Total regulatory liabilities

 

$

9,555

 

$

9,196

 

 

$

6,627

 

$

6,299

 
(1)
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
(4)
Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made.
(5)
Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
(6)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(7)
Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
(8)
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $10 million and $215 million and regulatory liabilities of $(5) million and $12 million at March 31, 2024 and December 31, 2023, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio (at December 31, 2023 only), PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction.
(9)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2024.
(10)
Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
(11)
Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(12)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(13)
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
(14)
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
(15)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.24.1.u1
Regulatory Matters (Tables)
 3 Months Ended
Mar. 31, 2024
Public Utilities General Disclosures [Line Items]  
Summary of Significant Virginia Power Electric Transmission Projects Applied

Description and Location
of Project

 

Application Date

 

Approval Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Construct new Aspen and Golden substations,
  transmission lines and related projects in Loudoun
  County, Virginia

 

March 2024

 

Pending

 

500-
230 kV

 

10

 

$

690

 

Partial rebuild Fredericksburg-Aquia Harbour
  transmission lines and related projects in Stafford
  County and the City of Fredericksburg, Virginia

 

March 2024

 

Pending

 

230-
115 kV

 

24

 

 

135

 

Construct new Apollo-Twin Creeks transmission
  lines, new substations and related projects in
  Loudoun County, Virginia

 

March 2024

 

Pending

 

230 kV

 

2

 

 

285

 

Rebuild Dooms-Harrisonburg transmission lines
  and related projects in the Counties of Augusta
  and Rockingham and the Town of Grottoes,
  Virginia

 

April 2024

 

Pending

 

230 kV

 

22

 

 

60

 
(1)
Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $45 million and $100 million, respectively.
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Significant Riders Associated With Virginia Power Projects

Rider Name

 

Application Date

 

Approval Date

 

Rate Year
Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
from Previous
(millions)

 

Rider CCR

 

March 2024

 

Pending

 

December 2024

 

$

103

 

 

$

(91

)

Rider CE(2)

 

October 2023

 

March 2024

 

May 2024

 

 

133

 

 

 

44

 

Rider GT

 

August 2023

 

May 2024

 

June 2024

 

 

145

 

 

 

131

 

Rider T1(3)

 

May 2024

 

Pending

 

September 2024

 

 

1,170

 

 

 

291

 
(1)
In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $120 million as of March 31, 2024.
(2)
The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
(3)
Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.
v3.24.1.u1
Significant Financing Transactions (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2024, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

3,164

 

 

$

34

 

 

$

2,802

 
(1)
This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2024, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy, Questar Gas and DESC was as follows:

 

 

 

Facility
Limit(1)

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

—

 

 

$

10

 
(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.1.u1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Subsidiary Guarantees

At March 31, 2024, Dominion Energy had issued the following subsidiary guarantees:

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,842

 

Nuclear obligations(2)

 

 

245

 

Solar(3)

 

 

215

 

Other(4)

 

 

1,094

 

Total(5)(6)

 

$

4,396

 
(1)
Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
(2)
Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
(3)
Includes guarantees to facilitate the development of solar projects.
(4)
Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Also includes guarantees entered into by Dominion Energy RNG Holdings II, Inc. on behalf of a subsidiary to facilitate construction of renewable natural gas facilities. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
(6)
In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year. At March 31, 2024, no amounts have been recorded related to this guarantee.
v3.24.1.u1
Related-Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2024
Virginia Electric and Power Company  
Schedule of Related Party Transactions

Presented below are Virginia Power’s significant transactions with DES and other affiliates:

 

Three Months Ended March 31,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

198

 

 

$

214

 

Services provided by affiliates(1)

 

 

155

 

 

 

147

 

Services provided to affiliates

 

 

4

 

 

 

4

 
(1)
Includes capitalized expenditures of $53 million and $54 million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost (Credit)

The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for $3 million and $4 million for the three months ended March 31, 2024 and 2023, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income, except for $14 million and $(11) million for the three months ended March 31, 2024 and 2023, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Period Ended March 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

22

 

 

$

24

 

 

$

3

 

 

$

3

 

Interest cost

 

 

109

 

 

 

111

 

 

 

14

 

 

 

15

 

Expected return on plan assets

 

 

(204

)

 

 

(216

)

 

 

(42

)

 

 

(38

)

Amortization of prior service cost (credit)

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

(9

)

Amortization of net actuarial (gain) loss

 

 

6

 

 

 

—

 

 

 

(2

)

 

 

(1

)

Plan amendment

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(45

)

 

$

(81

)

 

$

(36

)

 

$

(30

)

Pension and Other Postretirement Benefit Plan Remeasurement

In the first quarter of 2024, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the close of the East Ohio Transaction. The remeasurement and transfer to Enbridge of pension plan assets and liabilities resulted in a decrease in the pension benefit obligation of $419 million, inclusive of $195 million transferred upon closing, and a decrease in the fair value of the pension plan assets of $555 million, inclusive of $531 million transferred upon closing. In addition, the remeasurement and transfer to Enbridge of other postretirement benefit plan assets and liabilities resulted in a decrease in the accumulated postretirement benefit obligation of $38 million, inclusive of $22 million transferred upon closing, and a decrease in the fair value of the other postretirement benefit plan assets of $19 million, inclusive of $36 million transferred upon closing. The impact of the remeasurement and transfer of pension and other postretirement benefit plan assets and liabilities on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to decrease the net periodic pension benefit credit by approximately $11 million and increase the net periodic other postretirement benefit credit by approximately $1 million for the year ending December 31, 2024, excluding the impact of a one-time plan amendment. The discount rate used for the remeasurement was 5.62% for the pension plans and 5.61%-5.62% for the other postretirement benefit plans. The net actuarial loss (gain) and prior service cost (credit) related to the transferred pension and other postretirement plan assets and liabilities included in the East Ohio Transaction loss on sale was $147 million for pension and $(9) million for other postretirement benefits.

All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2023.
v3.24.1.u1
Operating Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting Information [Line Items]  
Schedule of Primary Operating Segments

The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:

Primary Operating Segment

 

Description of Operations

 

Dominion
Energy

 

Virginia
Power

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

Regulated electric transmission

 

X

 

X

 

 

Regulated electric generation fleet(1)

 

X

 

X

Dominion Energy South Carolina

 

Regulated electric distribution

 

X

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

Regulated electric generation fleet

 

X

 

 

 

 

Regulated gas distribution and storage

 

X

 

 

Contracted Energy(2)

 

Nonregulated electric generation fleet

 

X

 

 
(1)
Includes Virginia Power’s non-jurisdictional solar generation operations.
(2)
Includes renewable natural gas operations.
Schedule of Segment Reporting Information, by Segment

The following table presents segment information pertaining to Dominion Energy’s operations:

 

 

 

Dominion
Energy
Virginia

 

 

Dominion
Energy
South
Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments
& Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

2,489

 

 

$

892

 

 

$

306

 

 

$

(55

)

 

$

—

 

 

$

3,632

 

Intersegment revenue

 

 

—

 

 

 

1

 

 

 

2

 

 

 

234

 

 

 

(237

)

 

 

—

 

Total operating revenue

 

 

2,489

 

 

 

893

 

 

 

308

 

 

 

179

 

 

 

(237

)

 

 

3,632

 

Net income from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

114

 

 

 

—

 

 

 

114

 

Net income attributable to
     Dominion Energy

 

 

424

 

 

 

80

 

 

 

122

 

 

 

48

 

 

 

—

 

 

 

674

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

2,384

 

 

$

844

 

 

$

308

 

 

$

347

 

 

$

—

 

 

$

3,883

 

Intersegment revenue

 

 

—

 

 

 

1

 

 

 

3

 

 

 

232

 

 

 

(236

)

 

 

—

 

Total operating revenue

 

 

2,384

 

 

 

845

 

 

 

311

 

 

 

579

 

 

 

(236

)

 

 

3,883

 

Net income from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

281

 

 

 

—

 

 

 

281

 

Net income attributable to
     Dominion Energy

 

 

386

 

 

 

91

 

 

 

111

 

 

 

393

 

 

 

—

 

 

 

981

 
Virginia Electric and Power Company  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment

The following table presents segment information pertaining to Virginia Power’s operations:

 

 

 

Dominion
Energy
Virginia

 

 

Corporate
and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,489

 

 

$

—

 

 

$

2,489

 

Net income

 

 

424

 

 

 

41

 

 

 

465

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,384

 

 

$

—

 

 

$

2,384

 

Net income (loss)

 

 

386

 

 

 

(31

)

 

 

355

 
v3.24.1.u1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 306 $ 217 $ 1,792 $ 153
Cash and cash equivalents 265 184 [2]    
Restricted cash and equivalents [3],[4] 30 84 164 188
Restricted cash and equivalents 4 4 1 2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 336 301 1,956 341
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 119 90 [5] 21 22
Restricted cash and equivalents [4],[6] 6   1 2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 125 $ 90 $ 22 $ 24
[1] At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $41 million, $40 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] At March 31, 2024, March 31, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $1 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
[4] Includes $6 million attributable to VIEs at March 31, 2024.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[6] Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
v3.24.1.u1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 265 $ 184 [1]    
Restricted cash and equivalents $ 4 $ 4 $ 1 $ 2
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Current assets held for sale Current assets held for sale Current assets held for sale Current assets held for sale
VIE        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Restricted cash and equivalents $ 6      
Current Assets Held for Sale        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 41 $ 33 $ 40 $ 34
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.1.u1
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Significant noncash investing and financing activities:    
Accrued capital expenditures [1] $ 753 $ 671
Leases [2] 161 117
Virginia Electric and Power Company    
Significant noncash investing and financing activities:    
Accrued capital expenditures 566 460
Leases [3] $ 142 $ 99
[1] See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation.
[2] Includes $26 million and $32 million of financing leases at March 31, 2024 and 2023, respectively, and $135 million and $85 million of operating leases at March 31, 2024 and 2023, respectively.
[3] Includes $22 million and $31 million of financing leases at March 31, 2024 and 2023, respectively, and $120 million and $68 million of operating leases at March 31, 2024 and 2023, respectively.
v3.24.1.u1
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Schedule Of Supplemental Cash Flow Information [Line Items]    
Financing leases $ 26 $ 32
Operating leases 135 85
Virginia Electric and Power Company    
Schedule Of Supplemental Cash Flow Information [Line Items]    
Financing leases 22 31
Operating leases $ 120 $ 68
v3.24.1.u1
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2023
Feb. 29, 2024
Sep. 30, 2023
Business Acquisition And Dispositions [Line Items]            
Income tax expense (benefit) $ 134   $ 176      
Deferred income tax expense (benefit) (160)   $ 191      
East Ohio | Enbridge            
Business Acquisition And Dispositions [Line Items]            
Disposal group, total value of consideration           $ 6,600
Disposal group, cash consideration           4,300
Disposal group, indebtedness           2,300
Disposal group, recognized a pre-tax gain (loss) 102          
Disposal group, gain (loss) recorded after tax 108          
Goodwill write-off $ 1,500          
Deferred income tax expense (benefit)       $ 29    
Disposal group, transition services description At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
PSNC | Enbridge            
Business Acquisition And Dispositions [Line Items]            
Disposal group, total value of consideration           3,100
Disposal group, cash consideration           2,200
Disposal group, indebtedness           1,000
Termination fee $ 78          
Disposal group, recognized a pre-tax gain (loss) 10          
Disposal group, gain (loss) recorded after tax 8          
Goodwill write-off $ 700          
Deferred tax of classified held for sale       334    
Disposal group, transition services description At the closing of the PSNC Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of PSNC for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
Questar Gas and Wexpro | Enbridge            
Business Acquisition And Dispositions [Line Items]            
Disposal group, total value of consideration           4,300
Disposal group, cash consideration           3,000
Disposal group, indebtedness           $ 1,300
Termination fee $ 107          
Disposal group, recognized a pre-tax gain (loss) 78     284    
Disposal group, gain (loss) recorded after tax 78     279    
Goodwill write-off 700          
Income tax expense (benefit) (5)          
Deferred income tax expense (benefit) $ 22     $ 462    
Disposal group, transition services description At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge will enter into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
Other Sales | Tredegar Solar Fund I, LLC            
Business Acquisition And Dispositions [Line Items]            
Realizable fair value charge net of tax   $ 68        
Realizable fair value charge net of tax   $ 51        
Other Sales | Birdseye and Madison [Member]            
Business Acquisition And Dispositions [Line Items]            
Disposal group, cash consideration         $ 17  
v3.24.1.u1
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Income tax expense (benefit) $ 51 $ 56
Net income (loss) attributable to Dominion Energy 114 281
East Ohio | Enbridge    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue 229 [1] 312
Operating expense 254 [1],[2] 216
Other income (expense) (17) [1] 8
Interest and related charges 15 [1] 15
Income (loss) before income taxes (57) [1] 89
Income tax expense (benefit) 9 [1] 13
Net income (loss) attributable to Dominion Energy (66) [1],[3] 76 [4]
PSNC | Enbridge    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue 298 326
Operating expense 158 [2] 208
Other income (expense) 3 2
Interest and related charges 14 13
Income (loss) before income taxes 129 107
Income tax expense (benefit) 31 (24)
Net income (loss) attributable to Dominion Energy 98 [3] 83 [4]
Questar Gas and Wexpro | Enbridge    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue 695 730
Operating expense 575 [2] 579
Other income (expense) 1 1
Interest and related charges 16 16
Income (loss) before income taxes 105 136
Income tax expense (benefit) 82 29
Net income (loss) attributable to Dominion Energy 23 [3] 107 [4]
Other Sales | Tredegar Solar Fund I, LLC    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Operating revenue 0 1
Operating expense 1 [2] 3
Income (loss) before income taxes (1) (2)
Income tax expense (benefit) 0 (1)
Net income (loss) attributable to Dominion Energy $ (1) [3] $ (1) [4]
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
[2] East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
[3] Excludes $(69) million of income tax expense (benefit) attributable to consolidated state adjustments for the three months ended March 31, 2024.
[4] Excludes $(9) million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for three months ended March 31, 2023.
v3.24.1.u1
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income tax expense (benefit)   $ 51 $ 56
Impairment of assets and other charges   30 98
East Ohio, PSNC and Questar Gas      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income tax expense (benefit)   (69) (9)
East Ohio | Enbridge      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income tax expense (benefit)   $ 9 [1] $ 13
Employee benefit plans $ 45    
Employee benefit plans after tax $ 33    
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.24.1.u1
Acquisitions and Dispositions - (Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets $ 9,706 $ 18,529 [1]
Current liabilities 4,386 8,885 [1]
East Ohio | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2]   497
Property, plant and equipment, net   5,443
Other deferred charges and other assets, including goodwill and intangible assets [3]   2,659
Current liabilities   560
Long-term debt   2,286
Other deferred credits and liabilities [4]   1,437
PSNC | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2] 266 336
Property, plant and equipment, net 2,899 2,806
Other deferred charges and other assets, including goodwill and intangible assets [3] 823 834
Current liabilities [5] 180 224
Long-term debt 948 948
Other deferred credits and liabilities [4] 697 711
Questar Gas and Wexpro | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2] 505 764
Property, plant and equipment, net 4,465 4,369
Other deferred charges and other assets, including goodwill and intangible assets [3] 666 766
Current liabilities [5] 282 389
Long-term debt 1,205 1,205
Other deferred credits and liabilities [4] 1,066 1,116
Other Sales | Tredegar Solar Fund I, LLC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2] (2) 1
Property, plant and equipment, net 28 26
Other deferred charges and other assets, including goodwill and intangible assets [3] (1)  
Current liabilities 5 [5] 7
Other deferred credits and liabilities [4] $ 2 $ 2
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Includes cash and cash equivalents of $1 million and $2 million within the PSNC Transaction and $39 million and $26 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. Also includes regulatory assets of $68 million and $89 million within the PSNC Transaction and $53 million and $297 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction at December 31, 2023.
[3] Includes goodwill of $673 million at both March 31, 2024 and December 31, 2023 within the PSNC Transaction and $642 million and $720 million at March 31, 2024 and December 31, 2023, respectively within the Questar Gas Transaction. Also includes regulatory assets of $83 million and $86 million within the PSNC Transaction and $(44) million and $(39) million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction at December 31, 2023.
[4] Includes regulatory liabilities of $430 million and $435 million within the PSNC Transaction and $498 million and $502 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition includes regulatory liabilities of $711 million within the East Ohio Transaction at December 31, 2023.
[5] Includes regulatory liabilities of $42 million and $44 million within the PSNC Transaction and $56 million and $55 million within the Questar Gas Transaction at March 31, 2024 and December 31, 2023, respectively. In addition, includes regulatory liabilities of $54 million within the East Ohio Transaction at December 31, 2023.
v3.24.1.u1
Acquisitions and Dispositions - (Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale) (Parenthetical) (Detail) - Enbridge - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
East Ohio    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents   $ 4
Regulatory assets   75
Goodwill   1,500
Other deferred charges and other assets, including regulatory assets   781
Regulatory liabilities   54
Other deferred credits and liabilities including regulatory liabilities   711
PSNC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Regulatory assets $ 68 89
Goodwill 673 673
Other deferred charges and other assets, including regulatory assets 83 86
Regulatory liabilities 42 44
Other deferred credits and liabilities including regulatory liabilities 430 435
PSNC | Maximum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents 1 2
Questar Gas and Wexpro    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents 39 26
Regulatory assets 53 297
Goodwill 642 720
Other deferred charges and other assets, including regulatory assets 44 39
Regulatory liabilities 56 55
Other deferred credits and liabilities including regulatory liabilities $ 498 $ 502
v3.24.1.u1
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Significant noncash items    
Depreciation, depletion and amortization $ 621 $ 622
Accrued capital expenditures [1] 753 671
East Ohio | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures 65 [2] 98
Significant noncash items    
Depreciation, depletion and amortization 0 [2] 35
Accrued capital expenditures   30
PSNC | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures 82 44
Significant noncash items    
Depreciation, depletion and amortization 0 22
Accrued capital expenditures 55 22
Questar Gas and Wexpro | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Capital expenditures 100 85
Significant noncash items    
Depreciation, depletion and amortization 0 44
Accrued capital expenditures 20 18
Other Sales | Tredegar Solar Fund I, LLC    
Significant noncash items    
Depreciation, depletion and amortization $ 0 $ 1
[1] See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction and the transfer of property associated with the settlement of litigation.
[2] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024.
v3.24.1.u1
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers $ 3,524 $ 3,452
Other revenues [1],[2] 108 431
Total operating revenue 3,632 3,883
Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,365 1,286
Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,094 1,070
Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 213 220
Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 257 244
Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 36 44
Nonregulated Electric Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 220 257
Regulated Gas Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 151 136
Regulated Gas Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 48 53
Regulated Gas Sales | Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 19 23
Regulated Gas Transportation and Storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 4 4
Other Regulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 88 78
Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[3] 29 37
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 2,417 2,346
Other revenues [1],[2] 72 38
Total operating revenue 2,489 2,384
Virginia Electric and Power Company | Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,052 1,010
Virginia Electric and Power Company | Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 881 866
Virginia Electric and Power Company | Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 106 116
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 241 229
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 29 29
Virginia Electric and Power Company | Nonregulated Electric Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 14 11
Virginia Electric and Power Company | Other Regulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 84 74
Virginia Electric and Power Company | Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[3] $ 10 $ 11
[1] Includes alternative revenue of $28 million and $27 million at both Dominion Energy and Virginia Power for the three months ended March 31, 2024 and 2023, respectively.
[2] See Note 19 for amounts attributable to affiliates.
[3] Sales of renewable energy credits were $5 million for both of the three months ended March 31, 2024 and 2023 at Dominion Energy and $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively, at Virginia Power.
v3.24.1.u1
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers $ 3,524 $ 3,452
Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 5 5
Alternative Revenue Programs    
Public Utilities General Disclosures [Line Items]    
Other revenues 28 28
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 2,417 2,346
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 2 3
Virginia Electric and Power Company | Alternative Revenue Programs    
Public Utilities General Disclosures [Line Items]    
Other revenues $ 27 $ 27
v3.24.1.u1
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Revenues From Contract With Customer [Line Items]      
Revenue recognized from contract liability balances $ 43 $ 46  
Other Current Liabilities and Other Deferred Credits and Other Liabilities      
Revenues From Contract With Customer [Line Items]      
Contract liability balances 59   $ 47
Virginia Electric and Power Company      
Revenues From Contract With Customer [Line Items]      
Revenue recognized from contract liability balances 40 $ 39  
Virginia Electric and Power Company | Other Current Liabilities and Other Deferred Credits and Other Liabilities      
Revenues From Contract With Customer [Line Items]      
Contract liability balances $ 53   $ 40
v3.24.1.u1
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Effective Income Tax Computation [Line Items]    
U.S. statutory rate 21.00% 21.00%
Increases (reductions) resulting from:    
State taxes, net of federal benefit 3.40% 3.80%
Investment tax credits (1.30%) (1.10%)
Production tax credits (1.00%) (0.40%)
Reversal of excess deferred income taxes (2.10%) (2.00%)
AFUDC - equity (0.70%) (0.10%)
Other, net 0.10% (1.10%)
Effective tax rate 19.40% 20.10%
Virginia Electric and Power Company    
Effective Income Tax Computation [Line Items]    
U.S. statutory rate 21.00% 21.00%
Increases (reductions) resulting from:    
State taxes, net of federal benefit 4.40% 4.60%
Investment tax credits (0.70%) (0.80%)
Production tax credits (0.90%) (0.70%)
Reversal of excess deferred income taxes (1.70%) (2.70%)
AFUDC - equity (0.70%) 0.20%
Other, net 0.20% (0.20%)
Effective tax rate 21.60% 21.40%
v3.24.1.u1
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Taxes [Line Items]    
Income tax expense (benefit) $ 134 $ 176
Income tax (benefit) expense from discontinued operations 51 56
Cove Point    
Income Taxes [Line Items]    
Income tax (benefit) expense from discontinued operations   $ 3
East Ohio    
Income Taxes [Line Items]    
Income tax expense (benefit) 6  
Discontinued operations, deferred tax liabilities 29  
East Ohio, PSNC and Questar Gas    
Income Taxes [Line Items]    
Discontinued operations, deferred tax liabilities 825  
Questar Gas and Wexpro    
Income Taxes [Line Items]    
Income tax expense (benefit) (5)  
Discontinued operations, deferred tax liabilities 462  
Questar Gas and Wexpro | Enbridge    
Income Taxes [Line Items]    
Income tax expense (benefit) $ (22)  
v3.24.1.u1
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Net income attributable to Dominion Energy from continuing operations $ 560 $ 700
Preferred stock dividends (see Note 16) (20) (20)
Net income attributable to Dominion Energy from continuing operations - Basic 540 680
Net income attributable to Dominion Energy from continuing operations - Diluted 540 680
Net income (loss) attributable to Dominion Energy $ 114 $ 281
Average shares of common stock outstanding – Basic 837.6 835.2
Net effect of dilutive securities [1] 0.0 0.3
Average shares of common stock outstanding – Diluted 837.6 835.5
EPS from continuing operations – Basic $ 0.64 $ 0.81
EPS from discontinued operations – Basic 0.14 0.34
Net income attributable to Dominion Energy 0.78 1.15
EPS from continuing operations – Diluted 0.64 0.81
EPS from discontinued operations – Diluted 0.14 0.34
Net income attributable to Dominion Energy $ 0.78 $ 1.15
[1] Dilutive securities for the three months ended March 31, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Note 17 for additional information.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [1] $ 27,529  
Income tax expense (benefit) (134) $ (176)
Net Income From Continuing Operations 560 700
Total other comprehensive income (loss) (238) 7
Ending balance 27,421  
Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance 21,657 [2] 16,949
Income before income tax expense 593 452
Income tax expense (benefit) (128) (97)
Total other comprehensive income (loss) 3 (5)
Ending balance 21,876 17,299
Total Derivative-Hedging Activities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [3],[4] (216) (249)
Other comprehensive income (loss) before reclassifications: gains (losses) [3],[4] 7 (9)
Income tax expense (benefit) [3],[4] (4) (3)
Total, net of tax [3],[4] 7 8
Total other comprehensive income (loss) [3],[4] 14 (1)
Ending balance [3],[4] (202) (250)
Total Derivative-Hedging Activities | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [5],[6] 15 16
Other comprehensive income (loss) before reclassifications: gains (losses) [5],[6] 7 (9)
Income tax expense (benefit) [5],[6] 0  
Total, net of tax [5],[6] 0  
Total other comprehensive income (loss) [5],[6] 7 (9)
Ending balance [5],[6] 22 7
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) [3],[4] 11 11
Other income (expense) [3],[4] 0 0
Income (loss) before income tax expense [3],[4] 11 11
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) [5],[6] 0  
Income (loss) before income tax expense [5],[6] 0  
Investment Securities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [7] 0 (44)
Other comprehensive income (loss) before reclassifications: gains (losses) [7] (26) 17
Income tax expense (benefit) [7] (2) (1)
Total, net of tax [7] 6 1
Total other comprehensive income (loss) [7] (20) 18
Ending balance [7] (20) (26)
Investment Securities | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [8] 1 (7)
Other comprehensive income (loss) before reclassifications: gains (losses) [8] (5) 4
Income tax expense (benefit) [8] 1  
Total, net of tax [8] 1  
Total other comprehensive income (loss) [8] (4) 4
Ending balance [8] (3) (3)
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) [7] 0 0
Other income (expense) [7] 8 2
Income (loss) before income tax expense [7] 8 2
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) [8] 2  
Income (loss) before income tax expense [8] 2  
Pension and Other Postretirement Benefit Costs    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [9] (1,290) (1,276)
Other comprehensive income (loss) before reclassifications: gains (losses) [9] (237) 0
Income tax expense (benefit) [9] (1) 4
Total, net of tax [9] 5 (11)
Total other comprehensive income (loss) [9] (232) (11)
Ending balance [9] (1,522) (1,287)
Pension and Other Postretirement Benefit Costs | Reclassification out of Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) [9] 0 0
Other income (expense) [9] 6 (15)
Income (loss) before income tax expense [9] 6 (15)
Equity Method Investees    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [10] 0 (3)
Other comprehensive income (loss) before reclassifications: gains (losses) [10] 0 1
Income tax expense (benefit) [10] 0 0
Total, net of tax [10] 0 0
Total other comprehensive income (loss) [10] 0 1
Ending balance [10] 0 (2)
Equity Method Investees | Reclassification out of Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) [10] 0 0
Other income (expense) [10] 0 0
Income (loss) before income tax expense [10] 0 0
AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (1,506) (1,572)
Other comprehensive income (loss) before reclassifications: gains (losses) (256) 9
Income tax expense (benefit) (7) (0)
Total, net of tax 18 (2)
Total other comprehensive income (loss) (238) 7
Ending balance (1,744) (1,565)
AOCI | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance 16 9
Other comprehensive income (loss) before reclassifications: gains (losses) 2 (5)
Income tax expense (benefit) 1  
Total, net of tax 1  
Total other comprehensive income (loss) 3 (5)
Ending balance 19 4
AOCI | Reclassification out of Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges (benefit) 11 11
Other income (expense) 14 (13)
Income (loss) before income tax expense 25 $ (2)
AOCI | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) 2  
Income (loss) before income tax expense $ 2  
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Comprised entirely of interest rate derivative hedging activities.
[4] Net of $68 million, $73 million, $83 million and $83 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
[5] Comprised entirely of interest rate derivative hedging activities.
[6] Net of $(7) million, $(5) million, $(2) million and $(5) million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
[7] Net of $6 million, $(2) million, $6 million and $13 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
[8] Net of $1 million, $— million, $1 million and $2 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
[9] Net of $538 million, $456 million, $449 million and $445 million tax at March 31, 2024, December 31, 2023, March 31, 2023 and December 31, 2022, respectively.
[10] Net of $— million at March 31, 2024, December 31, 2023 and March 31, 2023 and $1 million at December 31, 2022.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Total Derivative-Hedging Activities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax $ 68 $ 73 $ 83 $ 83
Total Derivative-Hedging Activities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax (7) (5) (2) (5)
Investment Securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax 6 (2) 6 13
Investment Securities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax 1 0 1 2
Pension and Other Postretirement Benefit Costs        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax 538 456 449 445
Equity Method Investees        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amount of tax $ 0 $ 0 $ 0 $ 1
v3.24.1.u1
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
$ / MMBTU
$ / MWh
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 1,444 $ 1,350
Fair Value of Derivative Liabilities 822 697
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 279 298
Fair Value of Derivative Liabilities 289 316
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 8,611 7,865
Total liabilities 822 697
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 4,122 3,770
Total liabilities 289 316
Fair Value, Measurements, Recurring | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 546 550
Fair Value of Derivative Liabilities 231 299
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 104 117
Fair Value of Derivative Liabilities 160 232
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 265 225
Total liabilities 75 139
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 30 21
Total liabilities 68 137
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 265 225
Fair Value of Derivative Liabilities 75 139
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 30 21
Fair Value of Derivative Liabilities 68 $ 137
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] 5  
Fair Value of Derivative Liabilities [1],[2] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] 5  
Fair Value of Derivative Liabilities [1],[2] $ 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 2  
Fair Value of Derivative Liabilities [2] 64  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] 2  
Fair Value of Derivative Liabilities [2] $ 64  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] $ 209  
Fair Value of Derivative Liabilities [2] $ 7  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 24  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 24  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 111  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 115  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 51  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 63  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 49  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 23  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 10.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 23.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 7  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 7  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 75.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 73.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [3],[4] 46.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [3],[4] 52.00%  
[1] Includes basis.
[2] Represents market prices beyond defined terms for Levels 1 and 2.
[3] Averages weighted by volume.
[4] Represents volatilities unrepresented in published markets.
v3.24.1.u1
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impairment of assets and other charges $ 30,000,000 $ 98,000,000
Unrealized gains (losses) included in operating revenue in Level 3 fair value category (8,000,000)  
Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unrealized gains (losses) included in operating revenue in Level 3 fair value category   1,000,000
Level 3 | Corporate Office Building    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-lived assets, estimated fair value   35,000,000
Impairment of Assets and Other Charges | Corporate Office Building    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impairment of assets and other charges   91,000,000
Asset impairment charges after tax   68,000,000
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unrealized gains (losses) included in operating revenue in Level 3 fair value category $ 0 $ 0
v3.24.1.u1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 1,444 $ 1,350
Total derivative liabilities 822 697
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 279 298
Total derivative liabilities 289 316
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 8,611 7,865
Total Liabilities 822 697
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 4,122 3,770
Total Liabilities 289 316
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 4,970 4,527
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2,568 2,362
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 552 500
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 300 274
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,418 1,457
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 796 816
Fair Value, Measurements, Recurring | Fixed Income | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 222  
Fair Value, Measurements, Recurring | Fixed Income | Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 176  
Fair Value, Measurements, Recurring | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 5 31
Fair Value, Measurements, Recurring | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 3 20
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 3  
Total derivative liabilities 108 39
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 3  
Total derivative liabilities 108 39
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 546 550
Total derivative liabilities 231 299
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 104 117
Total derivative liabilities 160 232
Fair Value, Measurements, Recurring | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 895 800
Total derivative liabilities 483 359
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 172 181
Total derivative liabilities 21 45
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 5,412 4,777
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,875 2,511
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 4,970 4,527
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2,568 2,362
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 218 219
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 129 129
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 222  
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 176  
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 2 31
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 2 20
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,934 2,863
Total Liabilities 747 558
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,217 1,238
Total Liabilities 221 179
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 552 500
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 300 274
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,200 1,238
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 667 687
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 3  
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 1  
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 3  
Total derivative liabilities 108 39
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 3  
Total derivative liabilities 108 39
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 281 325
Total derivative liabilities 156 160
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 74 96
Total derivative liabilities 92 95
Fair Value, Measurements, Recurring | Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 895 800
Total derivative liabilities 483 359
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 172 181
Total derivative liabilities 21 45
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 265 225
Total Liabilities 75 139
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 30 21
Total Liabilities 68 137
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 265 225
Total derivative liabilities 75 139
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 30 21
Total derivative liabilities $ 68 $ 137
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $294 million and $457 million of assets at Dominion Energy, inclusive of $94 million and $217 million at Virginia Power, at March 31, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
v3.24.1.u1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 294 $ 457
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 94 $ 217
v3.24.1.u1
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance $ 86 $ 422
Total realized and unrealized gains (losses):    
Included in earnings (121) $ (51)
Operating Revenue $ (8)  
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Electric fuel and other energy-related purchases Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities $ 131 $ (216)
Settlements 76 35
Purchases 27 16
Ending balance 190 206
Virginia Electric and Power Company    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance (116) 221
Total realized and unrealized gains (losses):    
Included in earnings (119) (52)
Included in regulatory assets/liabilities 77 (166)
Settlements 100 36
Purchases 20 16
Ending balance (38) $ 55
Discontinued operations    
Total realized and unrealized gains (losses):    
Included in earnings $ (1)  
v3.24.1.u1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 36,529 $ 42,526
Supplemental credit facility borrowings 450 450
Securitization bonds [2] 1,282  
Junior subordinated notes [1] 1,388 1,388
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 34,197 40,539
Supplemental credit facility borrowings 450 450
Securitization bonds [2],[3] 1,280  
Junior subordinated notes [1],[3] 1,389 1,374
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 18,032 17,392
Securitization bonds [2] 1,282  
Virginia Electric and Power Company | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 16,665 $ 16,418
Securitization bonds [2],[3] $ 1,280  
[1] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at March 31, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both March 31, 2024 and December 31, 2023.
[2] Carrying amount includes current portions included in securities due within one year.
[3] Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
v3.24.1.u1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail)
 3 Months Ended
Mar. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Supplemental line of credit facility borrowings expiration period 1 year
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 1,241 $ 1,207
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 430 250
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 15
Net Amounts 811 942
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 275 297
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 48 27
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 227 270
Commodity Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 229 289
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 51 26
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 178 263
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 96 112
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 39 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 57 99
Commodity Contract | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 114 118
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 65 33
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 15
Net Amounts 49 70
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 4 4
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 1
Interest Rate Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 895 800
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 311 191
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 584 609
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 172 181
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 2 11
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 170 $ 170
Foreign currency exchange rate | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 3  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0  
Net Amounts 0  
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 3  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0  
Net Amounts $ 0  
[1] Excludes derivative assets of $203 million and $143 million at Dominion Energy and $4 million and $1 million at Virginia Power at March 31, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 203 $ 143
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 4 $ 1
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 819 $ 697
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 430 250
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 389 417
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 233 240
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 48 27
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 185 183
Commodity Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 163 266
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 46 26
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 117 210
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 100 153
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 34 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 66 110
Commodity Contract | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 65 33
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 65 33
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 4 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 4 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Interest Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 108 39
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 5
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 105 34
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 108 39
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 5
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 105 34
Foreign currency exchange rate | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 483 359
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 316 186
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 167 173
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 21 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 7 6
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 14 $ 39
[1] Excludes derivative liabilities of $3 million at Dominion Energy at March 31, 2024 and $56 million and $76 million at Virginia Power at March 31, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 3,000,000 $ 0
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 56,000,000 $ 76,000,000
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2024
€ in Millions, kr in Millions, $ in Millions
USD ($)
MWh
Bcf
DKK (kr)
EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 43    
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 41    
Basis - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity | Bcf [2] 200    
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [2] 155    
Fixed Price - Electricity - Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 18    
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 8    
Financial Transmission Rights - Electricity- Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 15    
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 15    
Interest Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [3] $ 3,862    
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [3] $ 1,200    
Foreign Currency Exchange Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment [3]   kr 1,628 € 302
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [3]   1,628 302
Fixed Price - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 14    
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 14    
Basis - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity | Bcf [2] 360    
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [2] 360    
Fixed Price - Electricity - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 37    
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 7    
Financial Transmission Rights - Electricity- Non-current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 0    
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 0    
Interest Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [3] $ 10,112    
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [3] $ 1,050    
Foreign Currency Exchange Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment [3]   2,237 1,551
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [3]   kr 2,237 € 1,551
[1] Includes options at Dominion Energy.
[2] Includes options.
[3] Maturity is determined based on final settlement period.
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains and Losses on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (202)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (31)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax 22
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax 0
Interest Rate Contract  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (202)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (31)
Maximum Term 381 months
Interest Rate Contract | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 22
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 0
Maximum Term 381 months
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] $ 685 $ 753
Total noncurrent derivative assets 759 [2] 597 [3]
Total derivative assets 1,444 1,350
Total current derivative liabilities [4] 343 376
Total noncurrent derivative liabilities [3] 479 321
Total derivative liabilities 822 697
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 183 234
Total noncurrent derivative assets 96 [2] 64 [3]
Total derivative assets 279 298
Total current derivative liabilities [4] 192 244
Total noncurrent derivative liabilities [3] 97 72
Total derivative liabilities 289 316
Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 256 312
Total noncurrent derivative assets 290 238
Total current derivative liabilities 191 244
Total noncurrent derivative liabilities 40 55
Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 86 91
Total noncurrent derivative assets 18 26
Total current derivative liabilities 136 188
Total noncurrent derivative liabilities 24 44
Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 426 441
Total noncurrent derivative assets 469 359
Total current derivative liabilities 117 121
Total noncurrent derivative liabilities 366 238
Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 94 143
Total noncurrent derivative assets 78 38
Total current derivative liabilities 21 45
Total noncurrent derivative liabilities 0 0
Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 3  
Total current derivative liabilities 35 11
Total noncurrent derivative liabilities 73 28
Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 3  
Total current derivative liabilities 35 11
Total noncurrent derivative liabilities 73 28
Designated as Hedging Instrument    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 94 143
Total noncurrent derivative assets 78 [2] 38 [3]
Total derivative assets 172 181
Total current derivative liabilities [4] 21 45
Total noncurrent derivative liabilities [3] 0 0
Total derivative liabilities 21 45
Designated as Hedging Instrument | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 94 143
Total noncurrent derivative assets 78 [2] 38 [3]
Total derivative assets 172 181
Total current derivative liabilities [4] 21 45
Total noncurrent derivative liabilities [3] 0 0
Total derivative liabilities 21 45
Designated as Hedging Instrument | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 0
Total noncurrent derivative assets 0 0
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 0
Total noncurrent derivative assets 0 0
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 94 143
Total noncurrent derivative assets 78 38
Total current derivative liabilities 21 45
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 94 143
Total noncurrent derivative assets 78 38
Total current derivative liabilities 21 45
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0  
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0  
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Fair Value - Derivatives not under Hedge Accounting    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 591 610
Total noncurrent derivative assets 681 [2] 559 [3]
Total derivative assets 1,272 1,169
Total current derivative liabilities [4] 322 331
Total noncurrent derivative liabilities [3] 479 321
Total derivative liabilities 801 652
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 89 91
Total noncurrent derivative assets 18 [2] 26 [3]
Total derivative assets 107 117
Total current derivative liabilities [4] 171 199
Total noncurrent derivative liabilities [3] 97 72
Total derivative liabilities 268 271
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 256 312
Total noncurrent derivative assets 290 238
Total current derivative liabilities 191 244
Total noncurrent derivative liabilities 40 55
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 86 91
Total noncurrent derivative assets 18 26
Total current derivative liabilities 136 188
Total noncurrent derivative liabilities 24 44
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 332 298
Total noncurrent derivative assets 391 321
Total current derivative liabilities 96 76
Total noncurrent derivative liabilities 366 238
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 0
Total noncurrent derivative assets 0 0
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 3  
Total current derivative liabilities 35 11
Total noncurrent derivative liabilities 73 28
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 3  
Total current derivative liabilities 35 11
Total noncurrent derivative liabilities $ 73 $ 28
[1] Includes $23 million and $54 million recorded in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative assets presented in other current assets in the Companies’ Consolidated Balance Sheets.
[2] Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
[3] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
[4] Includes $1 million and $30 million recorded in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at March 31, 2024 and December 31, 2023, respectively, with the remaining current derivative liabilities presented in other current liabilities in the Companies’ Consolidated Balance Sheets.
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - Held for Sale - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Derivative asset held for sale, current $ 23 $ 54
Derivative liabilities held for sale, current $ 1 $ 30
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ 8 $ (12)
Amount of Gain (Loss) Reclassified From AOCI to Income (11) (11)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 88 (120)
Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] 8 (12)
Amount of Gain (Loss) Reclassified From AOCI to Income (0) (0)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 88 (120)
Interest Rate    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] 8 (12)
Amount of Gain (Loss) Reclassified From AOCI to Income [3] (11) (11)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] 88 (120)
Interest Rate | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] 8 (12)
Amount of Gain (Loss) Reclassified From AOCI to Income [3] (0) (0)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] $ 88 $ (120)
[1] Amounts deferred into AOCI have no associated effect in the Companies’ Consolidated Statements of Income.
[2] Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
[3] Amounts recorded in the Companies’ Consolidated Statement of Income are classified in interest and related charges.
v3.24.1.u1
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ (174) $ 342
Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (105) (37)
Commodity | Operating Revenue    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 76 395
Commodity | Operating Revenue | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 41 9
Commodity | Electric Fuel and Other Energy-Related Purchases    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (148) (45)
Commodity | Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (146) (46)
Commodity | Discontinued operations    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (24) 94
Interest Rate Contract | Discontinued operations    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 (26)
Interest Rate Contract | Interest And Related Charges    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ (78) $ (76)
[1] Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
[2] Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
v3.24.1.u1
Investments (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Feb. 29, 2024
Schedule of Equity Method Investments [Line Items]        
Earnings from equity method investees   $ 2    
Net earnings (losses) from discontinued operations including noncontrolling interest [1] $ (114) (281)    
Distributions received from investment 131 85    
Equity method affiliates includes cash and accrued amounts of contributions 3 10    
Current liabilities 4,386   $ 8,885 [2]  
Contributions to equity method affiliates 7 10    
Income tax expense (benefit) from discontinued operations 51 56    
Investment company received distribution amount       $ 126
Discontinued operations        
Schedule of Equity Method Investments [Line Items]        
Net earnings (losses) from discontinued operations including noncontrolling interest (10) 76    
Atlantic Coast Pipeline        
Schedule of Equity Method Investments [Line Items]        
Earnings from equity method investees (11) (1)    
Atlantic Coast Pipeline | Other Current Liabilities        
Schedule of Equity Method Investments [Line Items]        
Current liabilities 14   4  
Cove Point        
Schedule of Equity Method Investments [Line Items]        
Distributions received from investment   83    
Discontinued operations, interest expense   62    
Income tax expense (benefit) from discontinued operations   3    
Cove Point | Discontinued operations        
Schedule of Equity Method Investments [Line Items]        
Earnings from equity method investees   $ 76    
Finite Lived Equity Method Investment Basis Difference        
Schedule of Equity Method Investments [Line Items]        
Carrying amount of investment that exceeded share of underlying equity 13   18  
Equity method investment goodwill 9   9  
Capitalized interest (2)   (3)  
Trading Securities        
Schedule of Equity Method Investments [Line Items]        
Rabbi trust securities 141   $ 119  
Maximum        
Schedule of Equity Method Investments [Line Items]        
Earnings from equity method investees $ 1      
[1] Includes income tax expense of $51 million and $56 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.1.u1
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value $ 1,934  
Cash equivalents and other, Amortized Cost [1] 58 $ 84
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Allowance for Credit Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 58 84
Amortized Cost, Total 3,777 3,699
Total Unrealized Gains 3,739 3,308
Total Unrealized Losses [2] (98) (61)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 7,418 6,946 [3]
Net assets related to pending sales of securities 45 49
Fair value of securities in an unrealized loss position 1,200 764
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value 1,095  
Cash equivalents and other, Amortized Cost [1] 27 47
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Allowance for Credit Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 27 47
Amortized Cost, Total 2,077 2,033
Total Unrealized Gains 1,945 1,726
Total Unrealized Losses [2] (62) (43)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 3,960 3,716 [4]
Net assets related to pending sales of securities 24 27
Fair value of securities in an unrealized loss position 696 384
Corporate Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 562 508
Fixed income securities Total Unrealized Gains [5] 7 10
Fixed income securities Total Unrealized Losses [5] (27) (27)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 542 491
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 319 292
Fixed income securities Total Unrealized Gains [5] 2 3
Fixed income securities Total Unrealized Losses [5] (21) (21)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 300 274
Government Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 1,441 1,426
Fixed income securities Total Unrealized Gains [5] 12 28
Fixed income securities Total Unrealized Losses [5] (61) (24)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 1,392 1,430
Government Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 822 811
Fixed income securities Total Unrealized Gains [5] 7 17
Fixed income securities Total Unrealized Losses [5] (34) (12)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 795 816
Other    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 211  
Fixed income securities Total Unrealized Gains [5] 0  
Fixed income securities Total Unrealized Losses [5] 0  
Fixed income securities Allowance for Credit Losses [5] 0  
Fixed income securities Fair Value [5] 211  
Other | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 176  
Fixed income securities Total Unrealized Gains [5] 0  
Fixed income securities Total Unrealized Losses [5] 0  
Fixed income securities Allowance for Credit Losses [5] 0  
Fixed income securities Fair Value [5] 176  
Insurance Contracts    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 245 244
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Fair Value [5] 245 244
U.S.    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 1,260 1,276
Equity securities Total Unrealized Gains [6] 3,720 3,270
Equity securities Total Unrealized Losses [6] (10) (10)
Equity securities Fair Value [6] 4,970 4,536
U.S. | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 733 759
Equity securities Total Unrealized Gains [6] 1,936 1,706
Equity securities Total Unrealized Losses [6] (7) (10)
Equity securities Fair Value [6] 2,662 2,455
Common/collective trust funds | Fixed Income    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 0 161
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 0 161
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 0 124
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] $ 0 $ 124
[1] Dominion Energy includes pending sales of securities of $45 million and $49 million at March 31, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $24 million and $27 million at March 31, 2024, and December 31, 2023, respectively.
[2] Dominion Energy’s fair value of securities in an unrealized loss position was $1.2 billion and $764 million at March 31, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $696 million and $384 million at March 31, 2024 and December 31, 2023, respectively.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[5] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
[6] Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
v3.24.1.u1
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Net gains (losses) recognized during the period $ 459 $ 226
Less: Net (gains) losses recognized during the period on securities sold during the period (10) 2
Unrealized gains (losses) recognized during the period on securities still held at period end [1] 449 228
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Net gains (losses) recognized during the period 242 116
Less: Net (gains) losses recognized during the period on securities sold during the period (9) 1
Unrealized gains (losses) recognized during the period on securities still held at period end [1] $ 233 $ 117
[1] Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
v3.24.1.u1
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Mar. 31, 2024
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 30
Due after one year through five years 514
Due after five years through ten years 405
Due after ten years 985
Total 1,934
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 16
Due after one year through five years 254
Due after five years through ten years 236
Due after ten years 589
Total $ 1,095
v3.24.1.u1
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Schedule of Available-for-sale Securities [Line Items]    
Proceeds from sales $ 695 $ 544
Realized gains [1] 32 21
Realized losses [1] 38 41
Virginia Electric and Power Company    
Schedule of Available-for-sale Securities [Line Items]    
Proceeds from sales 471 373
Realized gains [1] 23 17
Realized losses [1] $ 23 $ 31
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.24.1.u1
Property, Plant and Equipment (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Property, Plant and Equipment [Line Items]    
Impairment of assets and other charges $ 30 $ 98
Level 3 | Corporate Office Building    
Property, Plant and Equipment [Line Items]    
Long-lived assets, estimated fair value   35
Impairment of Assets and Other Charges | Corporate Office Building    
Property, Plant and Equipment [Line Items]    
Impairment of assets and other charges   91
Asset impairment charges after tax   $ 68
Acquisition of Solar Project Foxhound Virginia    
Property, Plant and Equipment [Line Items]    
Date Agreement Entered 2023-03  
Date Agreement Closed February 2024  
Date of Commercial Operations April 2024  
v3.24.1.u1
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 29, 2024
Mar. 31, 2024
Dec. 31, 2023
Regulatory Assets [Line Items]      
Regulatory assets-current [1]   $ 1,092 $ 1,309 [2]
Regulatory assets-noncurrent [1]   7,859 8,356 [2]
Total regulatory assets   8,951 9,665
Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [3]   744 868 [4]
Regulatory assets-noncurrent [3]   4,352 4,317 [4]
Total regulatory assets   $ 5,096 5,185
Estimated under-recovered balances $ 1,300    
Weighted Average      
Regulatory Assets [Line Items]      
Weighted average useful life   25 years  
Weighted Average | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Weighted average useful life   24 years  
SCANA      
Regulatory Assets [Line Items]      
Electric service customers over period   20 years  
Deferred cost of fuel used in electric generation      
Regulatory Assets [Line Items]      
Regulatory assets-current [5]   $ 105 245
Regulatory assets-noncurrent [5]   0 1,221
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [5]   34 95
Regulatory assets-noncurrent [5]   0 1,221
Securitized cost of fuel used in electric generation      
Regulatory Assets [Line Items]      
Regulatory assets-current [6]   100 0
Regulatory assets-noncurrent [6]   1,177 0
Securitized cost of fuel used in electric generation | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [6]   100 0
Regulatory assets-noncurrent [6]   1,177 0
Deferred rider costs for Virginia electric utility      
Regulatory Assets [Line Items]      
Regulatory assets-current [7]   168 270
Regulatory assets-noncurrent [7]   553 496
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [7]   168 270
Regulatory assets-noncurrent [7]   553 496
Ash pond and landfill closure costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [8]   188 200
Regulatory assets-noncurrent [8]   $ 2,403 2,410
Regulatory assets expected collection period commencing year   2021  
Ash pond and landfill closure costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [8]   $ 188 200
Regulatory assets-noncurrent [8]   $ 2,396 2,407
Ash pond and landfill closure costs | Maximum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period   18 years  
Ash pond and landfill closure costs | Minimum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period   15 years  
Deferred nuclear refueling outage costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [9]   $ 64 63
Deferred nuclear refueling outage costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [9]   64 63
NND Project Costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [10]   138 138
Regulatory assets-noncurrent [10]   1,914 1,949
Derivatives      
Regulatory Assets [Line Items]      
Regulatory assets-current [11]   98 162
Regulatory assets-noncurrent [11]   142 107
Derivatives | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [11]   96 160
Regulatory assets-noncurrent [11]   104 66
Other      
Regulatory Assets [Line Items]      
Regulatory assets-current   231 231
Regulatory assets-noncurrent   603 590
Other | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current   94 80
Regulatory assets-noncurrent   122 127
Unrecognized Pension and Other Postretirement Benefit Costs      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [12]   518 1,036
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [12]   0 0
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent   10 215
Interest rate hedges      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [13]   168 168
Interest rate hedges | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [13]   0 0
AROs and related funding      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [14]   $ 381 $ 379
Amortization period for deferred costs   105 years  
Deferred Project Costs | Maximum      
Regulatory Assets [Line Items]      
Amortization period for deferred costs   18 months  
[1] See Note 15 for amounts attributable to VIEs.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[5] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory.
[6] Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
[7] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
[8] Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made.
[9] Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
[10] 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.
[11] Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
[12] Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $10 million and $215 million and regulatory liabilities of $(5) million and $12 million at March 31, 2024 and December 31, 2023, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio (at December 31, 2023 only), PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction.
[13] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2024.
[14] Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
v3.24.1.u1
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 512 $ 522 [1]
Regulatory liabilities-noncurrent 9,043 8,674 [1]
Total regulatory liabilities 9,555 9,196
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 284 321 [2]
Regulatory liabilities-noncurrent 6,343 5,978 [2]
Total regulatory liabilities $ 6,627 6,299
SCANA    
Regulatory Liabilities [Line Items]    
Estimation period of collection to be credited 11 years  
Electric service customers over period 20 years  
Provision for future cost of removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] $ 118 118
Regulatory liabilities-noncurrent [3] 1,826 1,818
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 118 118
Regulatory liabilities-noncurrent [3] 1,186 1,185
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 83 83
Regulatory liabilities-noncurrent [4] 212 237
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 0 0
Regulatory liabilities-noncurrent [4] 0 0
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 107 107
Regulatory liabilities-noncurrent [5] 3,044 3,076
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 70 70
Regulatory liabilities-noncurrent [5] 2,214 2,237
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 67 67
Regulatory liabilities-noncurrent [6] $ 619 635
Electric service customers over period 20 years  
Derivatives    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] $ 10 7
Regulatory liabilities-noncurrent [7] 194 136
Derivatives | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] 0 0
Regulatory liabilities-noncurrent [7] 0 0
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 127 140
Regulatory liabilities-noncurrent 376 286
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 96 133
Regulatory liabilities-noncurrent 333 225
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [8] 2,297 2,098
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [8] 2,297 2,098
Interest rate hedges    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [9] 313 233
Interest rate hedges | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [9] 313 233
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas    
Regulatory Liabilities [Line Items]    
Regulatory liabilities (5) 12
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [10] $ 162 $ 155
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
[4] Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
[5] 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.
[6] 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.
[7] Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
[8] Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
[9] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of March 31, 2024.
[10] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.24.1.u1
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Billions
Mar. 31, 2024
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 5.8
Period for which expenditures are expected to be recovered 2 years
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 4.5
Period for which expenditures are expected to be recovered 2 years
v3.24.1.u1
Regulatory Matters (Narrative) (Detail)
$ in Millions
 1 Months Ended 2 Months Ended 3 Months Ended
Sep. 30, 2024
USD ($)
May 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
mi
kV
Feb. 29, 2024
USD ($)
Jan. 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Oct. 31, 2023
USD ($)
Project
MW
Jul. 31, 2023
USD ($)
May 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Virginia Regulation                      
Public Utilities General Disclosures [Line Items]                      
Percentage of earned return               9.04%      
Authorized return percentage       9.35%       9.35%      
Virginia Regulation | Annual Fuel Factor | Securitization Option                      
Public Utilities General Disclosures [Line Items]                      
Increase (decrease) in revenue requirement     $ 541                
North Carolina Regulation                      
Public Utilities General Disclosures [Line Items]                      
Application date     2024-03                
North Carolina Regulation | Rider DSM                      
Public Utilities General Disclosures [Line Items]                      
Increase (Decrease) in customer usage tracker     $ 31                
North Carolina Regulation | Virginia Power Base Rate Case                      
Public Utilities General Disclosures [Line Items]                      
Increase(Decrease) in gas cost     $ 57                
Percentage of earned return     5.01%                
Percentage of proposed earned return     10.60%                
Authorized return percentage     9.75%                
South Carolina Regulation | Electric Base Rate Case                      
Public Utilities General Disclosures [Line Items]                      
Percentage of earned return     4.32%                
Percentage of proposed earned return     10.60%                
Authorized return percentage     9.50%                
Virginia Electric and Power Company                      
Public Utilities General Disclosures [Line Items]                      
Estimated under-recovered balances       $ 1,300              
Virginia Electric and Power Company | Impairment of Assets and Other Charges                      
Public Utilities General Disclosures [Line Items]                      
Impairment of assets and other charges (benefits)                     $ (17)
Impairment of assets and other charges (benefits) after tax                     (12)
Virginia Electric and Power Company | Annual Fuel Factor                      
Public Utilities General Disclosures [Line Items]                      
Increase (decrease) in revenue requirement                 $ (13)    
Virginia Electric and Power Company | Utility Scale Solar                      
Public Utilities General Disclosures [Line Items]                      
Proposed cost of project             $ 850        
Number of utility-scale projects | Project             4        
Targeted capacity provided by legislation | MW             329        
Virginia Electric and Power Company | Virginia Regulation                      
Public Utilities General Disclosures [Line Items]                      
Public utilities event costs to be recovered           $ 45          
Authorized return percentage       9.70%       9.70%      
Capitalization ratio               52.10%      
Virginia Electric and Power Company | Virginia Regulation | Forecast                      
Public Utilities General Disclosures [Line Items]                      
One-time credits to customers $ 15                    
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case                      
Public Utilities General Disclosures [Line Items]                      
Total revenue requirement               $ 350      
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor                      
Public Utilities General Disclosures [Line Items]                      
Total revenue requirement                 $ 2,300    
Rate year beginning                 2023-07    
Estimated under-recovered balances                 $ 1,300    
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Forecast                      
Public Utilities General Disclosures [Line Items]                      
Total revenue requirement   $ 2,200                  
Rate year beginning   2024-07                  
Increase (decrease) in revenue requirement   $ 636                  
Estimated over-recovered balances                   $ 266  
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Securitization Option                      
Public Utilities General Disclosures [Line Items]                      
Estimated under-recovered balances                 $ 1,300    
Virginia Electric and Power Company | Virginia Regulation | Generation And Distribution Services                      
Public Utilities General Disclosures [Line Items]                      
Authorized return percentage           9.05%          
Virginia Electric and Power Company | Biennial Review                      
Public Utilities General Disclosures [Line Items]                      
Authorized return percentage       0.70%              
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric DSM Programs                      
Public Utilities General Disclosures [Line Items]                      
Public energy efficiency programs cost rate adjustment approval request to recover amount         $ 47            
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel                      
Public Utilities General Disclosures [Line Items]                      
Rate year beginning       2024-05              
Application date       2024-02              
Proposed increase (decrease) in annual base fuel component recoveries                     (315)
Increase (decrease) in annual base fuel component recoveries     $ (316)                
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Base Rate Case                      
Public Utilities General Disclosures [Line Items]                      
Increase (decrease) in revenue requirement     295                
Increase (decrease) in net of strom damage     $ (4)                
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Base Rate Case | Forecast                      
Public Utilities General Disclosures [Line Items]                      
Increase (decrease) in revenue requirement $ 291                    
Increase in proposed base rate percentage 12.59%                    
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project                      
Public Utilities General Disclosures [Line Items]                      
Application date     2024-03                
Type of Line | kV     230                
Miles of Lines | mi     7                
Cost Estimate     $ 40               $ 40
v3.24.1.u1
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Rider CCR  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Approval Date Pending
Rate Year Beginning 2024-12
Total Revenue Requirement (millions) $ 103 [1]
Increase (decrease) in revenue requirement $ (91)
Rider CE  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10 [2]
Approval Date March 2024 [2]
Rate Year Beginning 2024-05 [2]
Total Revenue Requirement (millions) $ 133 [1],[2]
Increase (decrease) in revenue requirement $ 44 [2]
Rider GT  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-08
Approval Date May 2024
Rate Year Beginning 2024-06
Total Revenue Requirement (millions) $ 145 [1]
Increase (decrease) in revenue requirement $ 131
Rider T1  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-05 [3]
Approval Date Pending [3]
Rate Year Beginning 2024-09 [3]
Total Revenue Requirement (millions) $ 1,170 [1]
Increase (decrease) in revenue requirement $ 291
[1] In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $120 million as of March 31, 2024.
[2] The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
[3] Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.
v3.24.1.u1
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended
Jul. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Project
Agreement
Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Additional total revenue requirement   $ 120
Rider T1 | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [1]   1,170
Rider T1 | Operating Segments | Virginia Electric and Power Company | Virginia Regulation    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   638
Rider T1 | Operating Segments | Virginia Electric and Power Company | Virginia Regulation | Transmission Component Of Virginia Powers    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   $ 532
Rider CE    
Public Utilities, General Disclosures [Line Items]    
Public utilities number of power purchase agreements | Agreement   13
Rider CE | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [1],[2]   $ 133
Public utilities number of solar generation projects | Project   4
Base Rate Case | Virginia Electric and Power Company | Virginia Regulation    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement $ 350  
[1] In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $120 million as of March 31, 2024.
[2] The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
v3.24.1.u1
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
mi
kV
Construct new Aspen and Golden substations, transmission lines and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Type of Line 500-230 kV
Miles of Lines | mi 10
Cost Estimate | $ $ 690 [1]
Partial rebuild Fredericksburg-Aquia Harbour transmission lines and related projects in Stafford County and the City of Fredericksburg, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Type of Line 230-115 kV
Miles of Lines | mi 24
Cost Estimate | $ $ 135 [1]
Construct new Apollo-Twin Creek transmission lines, new substations and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Type of Line | kV 230
Miles of Lines | mi 2
Cost Estimate | $ $ 285 [1]
Rebuild Dooms-Harrisonburg transmission lines and related projects in the Counties of Augusta and Rockingham and the Town of Grottoes, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-04
Type of Line | kV 230
Miles of Lines | mi 22
Cost Estimate | $ $ 60
[1] Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $45 million and $100 million, respectively.
v3.24.1.u1
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Parenthetical) (Details) - Virginia Electric and Power Company
$ in Millions
Mar. 31, 2024
USD ($)
Other transmission projects approved  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 45
Other transmission projects applied  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 100
v3.24.1.u1
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Apr. 30, 2024
Mar. 31, 2024
Mar. 31, 2023
Leases Disclosure [Line Items]      
Charge in connection with settlement of an agreement   $ 47  
Charge in connection with settlement of an agreement, after tax   35  
Forecast      
Leases Disclosure [Line Items]      
Payment of settlement of an agreement related to the offshore wind installation vessel under development $ 47    
Power Purchase Arrangement      
Leases Disclosure [Line Items]      
Rental revenue   $ 3 $ 5
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]   Revenues Revenues
Depreciation expense   $ 3 $ 1
v3.24.1.u1
Variable Interest Entities - (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Payable to affiliates [1] $ 2,093   $ 2,078 [2]
Regulatory assets-current [3] 1,092   1,309 [2]
Other current assets [3] 1,018   1,158 [2]
Regulatory assets-noncurrent [3] 7,859   8,356 [2]
Securities due within one year [3] 2,344   6,589 [2]
Accrued interest, payroll and taxes [3] 1,286   1,075 [2]
Long-term debt 35,064   33,248 [2]
Virginia Electric and Power Company      
Variable Interest Entity [Line Items]      
Payable to affiliates [4] 1,437   1,529 [5]
Regulatory assets-current [6] 744   868 [5]
Other current assets [4],[6] 297   375 [5]
Regulatory assets-noncurrent [6] 4,352   4,317 [5]
Securities due within one year [6] 100   381 [5]
Accrued interest, payroll and taxes [6] 414   293 [5]
Long-term debt 19,335   17,115 [5]
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company      
Variable Interest Entity [Line Items]      
Regulatory assets-current 100    
Other current assets 6    
Regulatory assets-noncurrent 1,200    
Securities due within one year 65    
Accrued interest, payroll and taxes 8    
Long-term debt 1,200    
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES      
Variable Interest Entity [Line Items]      
Shared Services Purchased 115 $ 113  
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related Party      
Variable Interest Entity [Line Items]      
Payable to affiliates $ 33   $ 32
[1] See Note 10 for amounts attributable to related parties.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] See Note 19 for amounts attributable to affiliates.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[6] See Note 15 for amounts attributable to VIEs.
v3.24.1.u1
Significant Financing Transactions (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2024
Jan. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Oct. 31, 2023
Nov. 30, 2020
Debt Instrument [Line Items]              
Facility Limit [1] $ 6,000,000,000   $ 6,000,000,000        
Short-term debt $ 3,626,000,000   3,626,000,000   $ 3,956,000,000 [2]    
Line of credit issued     $ 3,000,000,000 $ 2,500,000,000      
Preferred stock shares authorized 20,000,000   20,000,000        
Issuance of common stock     $ 31,000,000 $ 43,000,000      
Securities due within one year [3] $ 2,344,000,000   $ 2,344,000,000   6,589,000,000 [2]    
Common Stock              
Debt Instrument [Line Items]              
Stock repurchased, shares     0        
Issuance of stock (in shares)     0 1,000,000      
Stock repurchase program, authorized amount 900,000,000   $ 900,000,000       $ 1,000,000,000
Series B Preferred Stock              
Debt Instrument [Line Items]              
Recorded dividend     $ 9,000,000 $ 9,000,000      
Recorded dividends per share     $ 11.625 $ 11.625      
Series C Preferred Stock              
Debt Instrument [Line Items]              
Recorded dividend     $ 11,000,000 $ 11,000,000      
Recorded dividends per share     $ 10.875 $ 10.875      
Various Programs              
Debt Instrument [Line Items]              
Issuance of common stock     $ 31,000,000 $ 43,000,000      
Issuance of stock (in shares)       1,000,000      
Various Programs | Maximum              
Debt Instrument [Line Items]              
Issuance of stock (in shares)     1,000,000        
Floating Rate Demand Notes              
Debt Instrument [Line Items]              
Short-term debt 462,000,000   $ 462,000,000   409,000,000    
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes              
Debt Instrument [Line Items]              
Facility Limit         3,000,000,000    
DESC              
Debt Instrument [Line Items]              
Facility Limit 500,000,000   500,000,000        
Questar Gas Company              
Debt Instrument [Line Items]              
Facility Limit 250,000,000   250,000,000        
Virginia Electric and Power Company              
Debt Instrument [Line Items]              
Facility Limit [4] 6,000,000,000   6,000,000,000        
Short-term debt [5] 0   $ 0   455,000,000 [6]    
Issuance of stock (in shares)     0 0      
Securities due within one year [5] $ 100,000,000   $ 100,000,000   $ 381,000,000 [6]    
Dominion Energy              
Debt Instrument [Line Items]              
Preferred stock shares issued 1,800,000   1,800,000   1,800,000    
Preferred stock shares outstanding 1,800,000   1,800,000   1,800,000    
Dominion Energy | Series B Preferred Stock              
Debt Instrument [Line Items]              
Preferred stock shares issued 800,000   800,000   800,000    
Preferred stock shares outstanding 800,000   800,000   800,000    
Dominion Energy | Series C Preferred Stock              
Debt Instrument [Line Items]              
Preferred stock shares issued 1,000,000   1,000,000   1,000,000    
Preferred stock shares outstanding 1,000,000   1,000,000   1,000,000    
Dominion Energy | Senior Notes Due In February 2024              
Debt Instrument [Line Items]              
Recorded interest expense     $ 10,000,000        
Joint Revolving Credit Facility              
Debt Instrument [Line Items]              
Facility Limit $ 6,000,000,000   6,000,000,000        
Letter of Credit              
Debt Instrument [Line Items]              
Facility Limit       $ 100,000,000      
Letters of credit issued and outstanding 58,000,000   58,000,000   $ 54,000,000    
Letter of Credit | Credit Facility, Maturing in June 2024              
Debt Instrument [Line Items]              
Facility Limit 30,000,000   30,000,000        
Letter of credit 0   $ 0   25,000,000    
Line of credit facility, maturity date     Jun. 30, 2024        
Letter of Credit | Virginia Electric and Power Company              
Debt Instrument [Line Items]              
Facility Limit   $ 125,000,000   $ 200,000,000      
Letter of credit         0    
Line of credit facility, maturity date   Jan. 31, 2026          
Line of credit issued     $ 119,000,000   124,000,000    
Letter of Credit | Virginia Electric and Power Company | Maximum              
Debt Instrument [Line Items]              
Letters of credit issued and outstanding         1,000,000    
364 Term loan facility              
Debt Instrument [Line Items]              
Securities due within one year         2,500,000,000    
364 Term loan facility | Credit Facility, Maturing In July 2024              
Debt Instrument [Line Items]              
Facility Limit   $ 2,500,000,000          
Repayments of borrowings 2,500,000,000            
364 Term loan facility | Credit Facility, Maturing In October 2024              
Debt Instrument [Line Items]              
Facility Limit           $ 2,250,000,000  
Line of credit issued 500,000,000            
Repayments of borrowings 1,800,000,000            
Securities due within one year 976,000,000   $ 976,000,000   $ 2,250,000,000    
364 Term loan facility | Credit Facility, Maturing In October 2024 | General Corporate Purposes              
Debt Instrument [Line Items]              
Line of credit issued $ 500,000,000            
[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[5] See Note 15 for amounts attributable to VIEs.
[6] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.1.u1
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail)
Mar. 31, 2024
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Outstanding Commercial Paper 3,164,000,000 [1]
Outstanding Letters of Credit 34,000,000 [1]
Facility Capacity Available 2,802,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [2]
Outstanding Commercial Paper 0 [2]
Outstanding Letters of Credit $ 10,000,000 [2]
[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.1.u1
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail)
Mar. 31, 2024
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [2]
Letter of Credit Matures in June 2028.  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000
Letter of Credit Matures in June 2028. | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000
Line of Credit | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit $ 1,750,000,000
[1] This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At March 31, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.1.u1
Commitments and Contingencies (Narrative) (Detail)
shares in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jul. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
May 31, 2022
shares
Aug. 31, 2021
shares
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Oct. 31, 2020
Jun. 30, 2018
USD ($)
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Mar. 31, 2024
USD ($)
Indicator
Facility
Site
gal
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]                                    
Gain on sales of assets                           $ 1,000,000 $ 2,000,000      
Gain on sales of assets after tax                           $ 560,000,000 700,000,000      
Nuclear Obligations | Secondary Financial Protection Program                                    
Loss Contingencies [Line Items]                                    
Maximum liability protection per nuclear incident amount $ 16,300,000,000 $ 16,200,000,000                                
Virginia Electric and Power Company | EPA and State Regulatory Agencies                                    
Loss Contingencies [Line Items]                                    
Number of facilities to assess the applicability of section 316(b) | Facility                           3        
Hydroelectric Facilities | EPA and State Regulatory Agencies                                    
Loss Contingencies [Line Items]                                    
Number of facilities to assess the applicability of section 316(b) | Facility                           8        
Dominion Energy South Carolina Inc | SCDOR                                    
Loss Contingencies [Line Items]                                    
Litigation settlement paid         $ 51,000,000       $ 165,000,000                  
Proposed assessment amount from audit                     $ 410,000,000              
Proportional share of NND project                     100.00%              
Fair value of certain non-utility property transferred       $ 28,000,000                            
Fair value of utility property transferred                             10,000,000      
Gain upon completion of remaining transfer of utility properties                                 $ 11,000,000  
Fair value of additional utility property transferred                                   $ 3,000,000
Dominion Energy South Carolina Inc | DESC | SCDOR | Common Stock                                    
Loss Contingencies [Line Items]                                    
Initial litigation settlement through stock issuance | shares           0.9 0.6                      
Dominion Energy South Carolina Inc | Utility Property Transferred | SCDOR                                    
Loss Contingencies [Line Items]                                    
Gain on sales of assets                             9,000,000      
Gain on sales of assets after tax                             $ 7,000,000      
Dominion Energy South Carolina Inc | Minimum | SCDOR                                    
Loss Contingencies [Line Items]                                    
Initial litigation settlement amount through stock issuance               $ 43,000,000                    
Dominion Energy South Carolina Inc | Maximum | SCDOR                                    
Loss Contingencies [Line Items]                                    
Cash payment for remaining obligation     $ 1,000,000                              
Unfavorable Regulatory Action | EPA                                    
Loss Contingencies [Line Items]                                    
Electric generating station facilities water withdrawals per day | gal                           2,000,000        
Electric generating station facilities heightened entrainment analysis per day | gal                           125,000,000        
Carbon Regulations                                    
Loss Contingencies [Line Items]                                    
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T                         75,000          
CWA | Unfavorable Regulatory Action                                    
Loss Contingencies [Line Items]                                    
Number of mandatory facility-specific factors | Indicator                           5        
Number of optional facility-specific factors | Indicator                           6        
Number of facilities that are subject to final regulations | Facility                           15        
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                    
Loss Contingencies [Line Items]                                    
Number of separate petitions for reconsideration granted | Petition                       2            
CWA | Unfavorable Regulatory Action | EPA | Minimum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                    
Loss Contingencies [Line Items]                                    
Loss contingencies individual circumstances period                   2021                
CWA | Unfavorable Regulatory Action | EPA | Maximum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                    
Loss Contingencies [Line Items]                                    
Loss contingencies individual circumstances period                   2028                
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company                                    
Loss Contingencies [Line Items]                                    
Number of facilities that are subject to final regulations | Facility                           9        
Waste Management and Remediation | Unfavorable Regulatory Action | EPA                                    
Loss Contingencies [Line Items]                                    
Number of sites remediation work substantially completed | Site                           11        
Number of additional sites which are not under investigation | Site                           3        
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                                    
Loss Contingencies [Line Items]                                    
Environmental remediation reserves                           $ 31,000,000   $ 32,000,000    
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA                                    
Loss Contingencies [Line Items]                                    
Number of sites with remediation plans | Site                           1        
Number of additional sites which are not under investigation | Site                           2        
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                                    
Loss Contingencies [Line Items]                                    
Environmental remediation reserves                           $ 25,000,000   25,000,000    
Millstone, Summer, Surry and North Anna                                    
Loss Contingencies [Line Items]                                    
Amount of coverage purchased from commercial insurance pools $ 500,000,000 $ 450,000,000                       $ 500,000,000   $ 450,000,000    
v3.24.1.u1
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)
Mar. 31, 2024
USD ($)
Guarantee Obligations [Line Items]  
Guarantee liability $ 4,396,000,000 [1],[2]
Guarantee obligations additional guarantees 20,000,000
Cove Point  
Guarantee Obligations [Line Items]  
Guarantee obligations cumulative maximum exposure 1,900,000,000
Surety Bond  
Guarantee Obligations [Line Items]  
Guarantee liability 316,000,000
Surety Bond | Virginia Electric and Power Company  
Guarantee Obligations [Line Items]  
Guarantee liability 213,000,000
Held for Sale  
Guarantee Obligations [Line Items]  
Guarantee liability 33,000,000
Financial Standby Letter of Credit  
Guarantee Obligations [Line Items]  
Guarantee liability $ 34,000,000
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
[2] In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year. At March 31, 2024, no amounts have been recorded related to this guarantee.
v3.24.1.u1
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail)
$ in Millions
Mar. 31, 2024
USD ($)
Guarantee Obligations [Line Items]  
Maximum Exposure $ 4,396 [1],[2]
Commodity Transactions  
Guarantee Obligations [Line Items]  
Maximum Exposure 2,842 [3]
Nuclear Obligations  
Guarantee Obligations [Line Items]  
Maximum Exposure 245 [4]
Solar  
Guarantee Obligations [Line Items]  
Maximum Exposure 215 [5]
Other  
Guarantee Obligations [Line Items]  
Maximum Exposure $ 1,094 [6]
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
[2] In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. In December 2023, the agreement was amended to permit more than one renewal term and reduce the required term for a renewal from five years to at least one year. At March 31, 2024, no amounts have been recorded related to this guarantee.
[3] Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
[4] Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
[5] Includes guarantees to facilitate the development of solar projects.
[6] 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.
v3.24.1.u1
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Parenthetical) (Detail) - Lessor - New Corporate Office - Agreement with Lessor to Construct and Lease Corporate Office Property - USD ($)
 1 Months Ended
Jul. 31, 2016
Mar. 31, 2024
Dec. 31, 2023
Guarantee Obligations [Line Items]      
Amount of financing commitments to fund estimated project costs $ 365,000,000    
Project completion period 2019-08    
Lease commenced term 5 years    
Lessee, operating Lease, existence of option to extend true    
Lease extend term 5 years    
Maximum percentage payment of project costs for difference between project costs and sales proceeds 87.00%    
Guarantee amount   $ 0  
Minimum      
Guarantee Obligations [Line Items]      
Lease extend term     1 year
v3.24.1.u1
Credit Risk (Narrative) (Detail)
 3 Months Ended
Mar. 31, 2024
USD ($)
Counterparty
Dec. 31, 2023
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 274,000,000  
Number of counterparties | Counterparty 0  
Amount of exposure for single counterparty $ 80,000,000  
Additional collateral to be posted if the credit related contingent features were triggered 32,000,000 $ 28,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 32,000,000 28,000,000
Maximum    
Concentration Risk and Guarantor Obligations [Line Items]    
Letter of credit as collateral posted for derivatives in liability position   1,000,000
Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 107,000,000  
Number of counterparties | Counterparty 0  
Amount of exposure for single counterparty $ 23,000,000  
Additional collateral to be posted if the credit related contingent features were triggered 24,000,000 14,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position $ 24,000,000 14,000,000
Virginia Electric and Power Company | Maximum    
Concentration Risk and Guarantor Obligations [Line Items]    
Letter of credit as collateral posted for derivatives in liability position   $ 1,000,000
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 73.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 86.00%  
v3.24.1.u1
Related-Party Transactions (Narrative) (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]      
Amounts due to Dominion, noncurrent $ 7,549,000,000   $ 7,396,000,000 [1]
Payable to affiliates [2] 2,093,000,000   2,078,000,000 [1]
Borrowing Interest Charges   $ 24,000,000  
Maximum      
Related Party Transaction [Line Items]      
Borrowing Interest Charges 1,000,000    
Virginia Electric and Power Company      
Related Party Transaction [Line Items]      
Amounts due to Dominion, noncurrent [3] 5,524,000,000   5,401,000,000 [4]
Payable to affiliates [3] 1,437,000,000   1,529,000,000 [4]
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries $ 0   $ 0
Issuance of stock (in shares) 0 0  
Commencing Period     20 months
Lease commencement term     2025-08
Related party transaction costs     $ 240,000,000
Cost of Revenue, Related Party, Type [Extensible Enumeration]     Affiliated Entity
Virginia Electric and Power Company | Affiliated Entity      
Related Party Transaction [Line Items]      
Derivative assets $ 4,000,000   $ 1,000,000
Derivative liabilities 59,000,000   79,000,000
Virginia Electric and Power Company | Affiliated Entity | Pension Benefits | Amounts Associated With Dominion Pension Plan      
Related Party Transaction [Line Items]      
Amounts due to Dominion, noncurrent 468,000,000   456,000,000
Virginia Electric and Power Company | Affiliated Entity | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan      
Related Party Transaction [Line Items]      
Amounts due from Dominion, noncurrent 602,000,000   584,000,000
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements      
Related Party Transaction [Line Items]      
Payable to affiliates $ 1,000,000   $ 500,000,000
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] See Note 10 for amounts attributable to related parties.
[3] See Note 19 for amounts attributable to affiliates.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.1.u1
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]    
Services provided to affiliates $ 3,632 $ 3,883
Virginia Electric and Power Company    
Related Party Transaction [Line Items]    
Commodity purchases from affiliates 198 214
Services provided to affiliates [1] 2,489 2,384
Virginia Electric and Power Company | Related Party    
Related Party Transaction [Line Items]    
Services provided by affiliates [2] 155 147
Services provided to affiliates $ 4 $ 4
[1] See Note 19 for amounts attributable to affiliates.
[2] Includes capitalized expenditures of $53 million and $54 million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Related Party Transaction [Line Items]    
Capital expenditures $ 2,058 $ 1,420
Services provided by affiliates | Affiliated Entity    
Related Party Transaction [Line Items]    
Capital expenditures $ 53 $ 54
v3.24.1.u1
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 22 $ 24
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 109 $ 111
Expected return on plan assets (204) (216)
Amortization of net actuarial (gain) loss 6  
Plan amendment 22  
Net periodic benefit (credit) cost (45) (81)
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 3 $ 3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 14 $ 15
Expected return on plan assets (42) (38)
Amortization of prior service cost (credit) (9) (9)
Amortization of net actuarial (gain) loss (2) (1)
Net periodic benefit (credit) cost $ (36) $ (30)
v3.24.1.u1
Employee Benefit Plans (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2024
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined contribution plan operating expenses within discontinued operations   $ 23    
Defined Contribution Plan Operating Expenses Within Discontinued Operations After Tax   17    
Defined contribution plan other operations and maintenance expense   13    
Defined contribution plan other operations and maintenance expense after tax   10    
Subsequent Event        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Contributions to qualified defined benefit pension plans $ 7      
Discontinued operations        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost   3 $ 4  
Non-service cost (credit)   14 (11)  
Other Postretirement Benefits Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost   3 3  
Defined benefit plan, loss on sale   2 1  
Other Postretirement Benefits Plan | Closure of East Ohio Transaction        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Decrease in the fair value of the plan assets due to remeasurement   19    
Decrease in the fair value of the plan assets, transferred upon closing   36    
Decrease in the accumulated postretirement benefit obligation   38    
Decrease in the accumulated postretirement benefit obligation, transferred upon closing   22    
Defined benefit plan, loss on sale   $ (9)    
Other Postretirement Benefits Plan | Forecast | Closure of East Ohio Transaction        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Increase (decrease) in net periodic benefit credit       $ 1
Other Postretirement Benefits Plan | Minimum | Closure of East Ohio Transaction        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Remeasurement, discount rate   5.61%    
Other Postretirement Benefits Plan | Maximum | Closure of East Ohio Transaction        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Remeasurement, discount rate   5.62%    
Pension Benefits        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Expected contributions to qualified defined benefit pension plans in next fiscal year   $ 46    
Service cost   22 $ 24  
Defined benefit plan, loss on sale   (6)    
Pension Benefits | Closure of East Ohio Transaction        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Decrease in the pension benefit obligation due to remeasurement   419    
Decrease in the pension benefit obligation, amount transferred upon closing   195    
Decrease in the fair value of the plan assets due to remeasurement   555    
Decrease in the fair value of the plan assets, transferred upon closing   $ 531    
Remeasurement, discount rate   5.62%    
Defined benefit plan, loss on sale   $ 147    
Pension Benefits | Forecast | Closure of East Ohio Transaction        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Increase (decrease) in net periodic benefit credit       $ 11
v3.24.1.u1
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Gain (loss) on investments $ 294 $ 134
Charge in connection with settlement of an agreement 47  
Charge in connection with settlement of an agreement, after tax 35  
Operating Segments    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) 124 304
Gain (loss) on investments 266 123
Gain (loss) on investments, after tax $ 202 $ 90
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Corporate and Other | Operating Segments    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) $ 48 $ 393
After- tax net benefits (expenses) for specific items 191 466
Contracted Energy | Operating Segments    
Segment Reporting Information [Line Items]    
Gain (loss) on investments, after tax 175 77
Loss related to economic hedging activities 61  
Loss related to economic hedging activities after tax 47  
Gain related to economic hedging activities   332
Gain related to economic hedging activities after tax   253
Charge in connection with settlement of an agreement 47  
Charge in connection with settlement of an agreement, after tax 35  
Dominion Energy Virginia | Operating Segments    
Segment Reporting Information [Line Items]    
Gain (loss) on investments, after tax $ 27 $ 13
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Charge for amortization of a regulatory asset, 2021 Triennial Review   $ 61
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax   $ 45
v3.24.1.u1
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Operating Revenue $ 3,632 $ 3,883
Net Income from discontinued operations including noncontrolling interest [1] 114 281
Net income attributable to Dominion Energy 674 981
Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue from external customers 3,632 3,883
Adjustments & Eliminations    
Segment Reporting Information [Line Items]    
Total revenue from external customers 0 0
Net Income from discontinued operations including noncontrolling interest 0 0
Net income attributable to Dominion Energy 0 0
Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 0 0
Adjustments & Eliminations    
Segment Reporting Information [Line Items]    
Operating Revenue (237) (236)
Eliminations    
Segment Reporting Information [Line Items]    
Operating Revenue (237) (236)
Dominion Energy Virginia | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue from external customers 2,489 2,384
Operating Revenue 2,489 2,384
Net Income from discontinued operations including noncontrolling interest 0 0
Net income attributable to Dominion Energy 424 386
Dominion Energy Virginia | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 0 0
Dominion Energy South Carolina | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue from external customers 892 844
Operating Revenue 893 845
Net Income from discontinued operations including noncontrolling interest 0 0
Net income attributable to Dominion Energy 80 91
Dominion Energy South Carolina | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 1 1
Contracted Energy | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue from external customers 306 308
Operating Revenue 308 311
Net Income from discontinued operations including noncontrolling interest 0 0
Net income attributable to Dominion Energy 122 111
Contracted Energy | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 2 3
Corporate and Other | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue from external customers (55) 347
Operating Revenue 179 579
Net Income from discontinued operations including noncontrolling interest 114 281
Net income attributable to Dominion Energy 48 393
Corporate and Other | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue $ 234 $ 232
[1] Includes income tax expense of $51 million and $56 million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Gain (loss) on investments $ 294 $ 134
Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Gain (loss) on investments 39 19
Operating Segments    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) 124 304
Gain (loss) on investments 266 123
Gain (loss) on investments, after tax $ 202 $ 90
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Operating Segments | Corporate and Other    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) $ 48 $ 393
After- tax net benefits (expenses) for specific items 191 466
Operating Segments | Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Charge for amortization of a regulatory asset, 2021 Triennial Review   61
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax   45
Gain (loss) on investments 37  
Gain (loss) on investments, after tax $ 27  
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member]  
Operating Segments | Virginia Electric and Power Company | Corporate and Other    
Segment Reporting Information [Line Items]    
After- tax net benefits (expenses) $ 41 (31)
After- tax net benefits (expenses) for specific items $ 39 $ (32)
v3.24.1.u1
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Operating Revenue $ 3,632 $ 3,883
Net Income (Loss) 674 981
Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Operating Revenue [1] 2,489 2,384
Net Income (Loss) 465 355
Dominion Energy Virginia | Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Operating Revenue 2,489 2,384
Net Income (Loss) 424 386
Corporate and Other | Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Operating Revenue 0 0
Net Income (Loss) $ 41 $ (31)
[1] See Note 19 for amounts attributable to affiliates.