VIRGINIA ELECTRIC & POWER CO, 10-K filed on 2/23/2024
Annual Report
v3.24.0.1
Document and Entity Information - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Feb. 19, 2024
Jun. 30, 2023
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2023    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name DOMINION ENERGY, INC.    
Entity Central Index Key 0000715957    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 43.3
Entity File Number 001-08489    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-1229715    
Entity Address, Address Line One 120 TREDEGAR STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2284    
Entity Address, State or Province VA    
Trading Symbol D    
Title of 12(b) Security Common Stock, no par value    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   837,443,257  
ICFR Auditor Attestation Flag true    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Richmond, Virginia    
Documents Incorporated by Reference

Portions of Dominion Energy, Inc.’s 2024 Proxy Statement are incorporated by reference in Part III.

   
Document Financial Statement Error Correction [Flag] false    
Virginia Electric and Power Company      
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2023    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name Virginia ELECTRIC AND POWER COMPANY    
Entity Central Index Key 0000103682    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity File Number 000-55337    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-0418825    
Entity Address, Address Line One 120 TREDEGAR STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2284    
Entity Address, State or Province VA    
Entity Common Stock, Shares Outstanding   324,245  
ICFR Auditor Attestation Flag false    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Richmond, Virginia    
Document Financial Statement Error Correction [Flag] false    
v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Revenue $ 14,393 $ 13,938 $ 11,419
Operating Expenses      
Electric fuel and other energy-related purchases 3,935 3,711 2,368
Purchased electric capacity 55 59 70
Purchased gas 285 426 392
Other operations and maintenance 3,160 3,365 3,177
Depreciation and amortization 2,580 2,442 2,117
Other taxes 684 675 690
Impairment of assets and other charges 307 1,401 194
Losses (gains) on sales of assets (27) 426 415
Total operating expenses 10,979 12,505 9,423
Income from operations 3,414 1,433 1,996
Other income (expense) 992 109 1,139
Interest and related charges 1,674 1,002 1,255
Income from continuing operations including noncontrolling interests before income tax expense (benefit) 2,732 540 1,880
Income tax expense (benefit) 575 113 (181)
Net Income From Continuing Operations Including Noncontrolling Interests 2,157 427 2,061
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest [1],[2] (163) 894 1,358
Net Income Including Noncontrolling Interests 1,994 1,321 3,419
Noncontrolling Interests     20
Net Income 1,994 1,321 3,399
Amounts attributable to Dominion Energy      
Net income from continuing operations 2,157 427 2,041
Net income (loss) from discontinued operations $ (163) $ 894 $ 1,358
EPS - Basic      
Net income from continuing operations $ 2.48 $ 0.41 $ 2.44
Net income (loss) from discontinued operations (0.19) 1.08 1.68
Net income attributable to Dominion Energy 2.29 1.49 4.12
EPS - Diluted      
Net income from continuing operations 2.48 0.41 2.44
Net income (loss) from discontinued operations (0.19) 1.08 1.68
Net income attributable to Dominion Energy $ 2.29 $ 1.49 $ 4.12
Virginia Electric and Power Company      
Operating Revenue [3] $ 9,573 $ 9,654 $ 7,470
Operating Expenses      
Electric fuel and other energy-related purchases [3] 2,918 2,913 1,735
Purchased electric capacity 46 46 24
Affiliated suppliers 395 342 333
Other operations and maintenance 1,456 1,709 1,460
Depreciation and amortization 1,871 1,736 1,364
Other taxes 298 303 326
Impairment of assets and other charges (benefits) 115 557 (269)
Total operating expenses 7,099 7,606 4,973
Income from operations 2,474 2,048 2,497
Other income (expense) 131   146
Interest and related charges [3] 764 642 534
Income before income tax expense 1,841 1,406 2,109
Income tax expense (benefit) 389 294 447
Net Income Including Noncontrolling Interests 1,452 1,112 1,662
Net Income $ 1,452 $ 1,112 $ 1,662
[1] Includes income tax expense of $1.3 billion, $197 million and $374 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[2] See Note 9 for amounts attributable to related parties.
[3] See Note 25 for amounts attributable to affiliates.
v3.24.0.1
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]      
Income tax expense (benefit) from discontinued operations $ 1,300 $ 197 $ 374
v3.24.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net income including noncontrolling interests $ 1,994 $ 1,321 $ 3,419
Net income (loss) attributable to Dominion Energy 1,994 1,321 3,399
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net 0 67 15
Changes in unrealized net gains (losses) on investment securities, net of tax 55 (100) (7)
Changes in net unrecognized pension and other postretirement benefit costs (credits), net of tax 27 (218) 144
Amounts reclassified to net income:      
Net derivative (gains) losses-hedging activities, net of tax 33 42 46
Net realized (gains) losses on investment securities (11) 19 (18)
Net pension and other postretirement benefit costs (credits), net of tax (41) 75 82
Net earnings from equity method investees 3    
Changes in other comprehensive income from equity method investees, net of tax 0 1 (3)
Total other comprehensive income 66 (114) 259
Comprehensive income including noncontrolling interests 2,060 1,207 3,678
Comprehensive income attributable to noncontrolling interests     20
Comprehensive income attributable to Dominion Energy 2,060 1,207 3,658
Virginia Electric and Power Company      
Net income including noncontrolling interests 1,452 1,112 1,662
Net income (loss) attributable to Dominion Energy 1,452 1,112 1,662
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net (1) 60 13
Changes in unrealized net gains (losses) on investment securities, net of tax 7 (11) (2)
Amounts reclassified to net income:      
Net derivative (gains) losses-hedging activities, net of tax 0 1 2
Net realized (gains) losses on investment securities 1   (2)
Total other comprehensive income 7 50 11
Comprehensive income attributable to Dominion Energy $ 1,459 $ 1,162 $ 1,673
v3.24.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net deferred gains (losses) on derivatives-hedging activities, tax $ 1 $ (22) $ (6)
Changes in unrealized net gains (losses) on investment securities, tax (19) 29 7
Changes in net unrecognized pension and other postretirement benefit costs, tax 9 76 (54)
Net derivative (gains) losses-hedging activities, tax (10) (15) (15)
Net realized (gains) losses on investment securities, tax 3 (6) 5
Net pension and other postretirement benefit costs (credits), tax 20 (27) (29)
Net equity method investees, tax (1)    
Changes in other comprehensive income from equity method investees, tax     1
Virginia Electric and Power Company      
Net deferred gains (losses) on derivatives-hedging activities, tax (0) (20) (4)
Changes in unrealized net gains (losses) on investment securities, tax (3) 4 0
Net derivative (gains) losses-hedging activities, tax (1) (1) (1)
Net realized (gains) losses on investment securities, tax $ 0 $ 0 $ 1
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 184 $ 119
Customer receivables (less allowance for doubtful accounts) 2,251 2,157
Other receivables (less allowance for doubtful accounts) 258 375
Inventories:    
Materials and supplies 1,251 1,132
Fossil fuel 417 358
Gas stored 30 38
Derivative assets 699 1,019
Margin deposit assets 38 480
Prepayments 246 294
Regulatory assets 1,309 1,883
Other 175 210
Current assets held for sale 18,529 1,785
Total current assets 25,387 9,850
Investments    
Nuclear decommissioning trust funds 6,946 5,957
Investment in equity method affiliates [1] 268 295
Other 324 325
Total investments 7,538 6,577
Property, Plant and Equipment    
Property, plant and equipment 83,417 75,708
Accumulated depreciation and amortization (24,637) (23,396)
Total property, plant and equipment, net 58,780 52,312
Deferred Charges and Other Assets    
Goodwill [2] 4,143 4,143
Pension and other postretirement benefit assets 1,779 1,479
Intangible assets, net 945 813
Derivative assets 597 1,038
Regulatory assets 8,356 8,265
Other 1,507 1,487
Total deferred charges and other assets 17,327 17,225
Noncurrent Assets Held for Sale   18,831
Total assets 109,032 104,795
Current Liabilities    
Securities due within one year 6,589 3,337
Supplemental credit facility borrowings 450 0
Short-term debt 3,956 3,423
Accounts payable 921 1,163
Accrued interest, payroll and taxes 1,075 909
Derivative liabilities 346 772
Regulatory liabilities 522 748
Other [3] 1,732 1,695
Current liabilities held for sale 8,885 1,403
Total current liabilities 24,476 13,450
Long-Term Debt    
Long-term debt 32,368 32,515
Junior subordinated notes 688 1,387
Supplemental credit facility borrowings 0 450
Other 192 232
Total long-term debt 33,248 34,584
Deferred Credits and Other Liabilities    
Deferred income taxes 6,611 5,021
Deferred investment tax credits 1,098 1,140
Regulatory liabilities 8,674 8,435
Asset retirement obligations 5,641 5,062
Derivative liabilities 321 625
Other 1,434 1,275
Total deferred credits and other liabilities 23,779 21,558
Noncurrent Liabilities Held for Sale 0 7,544
Total liabilities 81,503 77,136
Commitments and Contingencies (see Note 23)
Shareholders' Equity    
Preferred stock (See Note 19) 1,783 1,783
Common stock - no par [4] 23,728 23,605
Retained earnings 3,524 3,843
Accumulated other comprehensive (loss) income (1,506) (1,572)
Shareholders' equity 27,529 27,659
Noncontrolling interests 0 0
Total shareholders' equity 27,529 27,659
Total liabilities and shareholders' equity 109,032 104,795
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents 90 22
Customer receivables (less allowance for doubtful accounts) 1,728 1,578
Other receivables (less allowance for doubtful accounts) 121 204
Affiliated receivables 50 7
Inventories:    
Materials and supplies 761 663
Fossil fuel 324 261
Derivative assets [5] 234 765
Margin deposit assets 35 310
Prepayments 46 43
Regulatory assets 868 1,140
Other 60 9
Total current assets 4,317 5,002
Investments    
Nuclear decommissioning trust funds 3,716 3,202
Other 4 3
Total investments 3,720 3,205
Property, Plant and Equipment    
Property, plant and equipment 60,963 54,697
Accumulated depreciation and amortization (17,096) (16,218)
Total property, plant and equipment, net 43,867 38,479
Deferred Charges and Other Assets    
Pension and other postretirement benefit assets [5] 584 518
Intangible assets, net 653 536
Regulatory assets 4,317 4,247
Other [5] 1,160 1,207
Total deferred charges and other assets 6,714 6,508
Total assets 58,618 53,194
Current Liabilities    
Securities due within one year 381 1,164
Short-term debt 455 941
Accounts payable 597 600
Payables to affiliates 111 255
Affiliated current borrowings 500 2,024
Accrued interest, payroll and taxes 293 270
Asset retirement obligations 377 350
Derivative liabilities [6] 244 298
Regulatory liabilities 321 506
Other 908 826
Total current liabilities 4,187 7,234
Long-Term Debt    
Long-term debt 17,043 14,916
Other 72 65
Total long-term debt 17,115 14,981
Deferred Credits and Other Liabilities    
Deferred income taxes 3,624 3,065
Deferred investment tax credits 656 665
Regulatory liabilities 5,978 5,517
Asset retirement obligations 4,276 3,743
Other [6] 1,125 1,040
Total deferred credits and other liabilities 15,659 14,030
Total liabilities 36,961 36,245
Commitments and Contingencies (see Note 23)
Shareholders' Equity    
Common stock - no par [7] 8,987 5,738
Other paid-in capital 1,113 1,113
Retained earnings 11,541 10,089
Accumulated other comprehensive (loss) income 16 9
Shareholders' equity 21,657 16,949
Total liabilities and shareholders' equity $ 58,618 $ 53,194
[1] Excludes liability to Atlantic Coast Pipeline.
[2] Goodwill amounts do not contain any accumulated impairment losses.
[3] See Note 9 for amounts attributable to related parties.
[4] 1.8 billion shares authorized; 838 million shares and 835 million shares outstanding at December 31, 2023 and 2022, respectively.
[5] See Note 25 for amounts attributable to affiliates.
[6] See Note 25 for amounts attributable to affiliates.
[7] 500,000 shares authorized; 324,245 shares and 274,723 shares outstanding at December 31, 2023 and 2022, respectively.
v3.24.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Customer receivables, allowance for doubtful accounts $ 38 $ 27
Other receivables, allowance for doubtful accounts $ 1 $ 2
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 838,000,000 835,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 30 $ 21
Other receivables, allowance for doubtful accounts $ 1 $ 2
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 324,245 274,723
v3.24.0.1
Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions
Total
Cumulative-effect of changes in accounting principles
Preferred Stock
Common Stock
Retained Earnings
Retained Earnings
Cumulative-effect of changes in accounting principles
AOCI
Total Shareholders' Equity
Total Shareholders' Equity
Cumulative-effect of changes in accounting principles
Noncontrolling Interests
Noncontrolling Interests
Cumulative-effect of changes in accounting principles
Beginning balance at Dec. 31, 2020 $ 26,461 $ (437) $ 2,387 $ 21,258 $ 4,189 $ (660) $ (1,717) $ 26,117 $ (660) $ 344 $ 223
Beginning balance (in shares) at Dec. 31, 2020     2 806              
Net income (loss) including noncontrolling interests 3,419       3,399     3,399   20  
Issuance of stock 1,332   $ 992 $ 340       1,332      
Issuance of stock (in shares)     1 4              
Stock awards (net of change in unearned compensation) 28     $ 28       28      
Preferred stock dividends (See Note 19) (68)       (68)     (68)      
Common dividends and distributions (2,083)       (2,036)     (2,036)   (47)  
Other comprehensive income, net of tax 259           259 259      
Reclassification of Series A Preferred Stock to Mezzanine Equity (1,610)   $ (1,596) (14)       (1,610)      
Reclassification of Series A Preferred Stock to Mezzanine Equity (in shares)     (1)                
Sale of non-wholly-owned nonregulated solar facilities (540)                 (540)  
Other (2)     (2)       (2)      
Ending balance at Dec. 31, 2021 26,759   $ 1,783 $ 21,610 4,824   (1,458) 26,759   0  
Ending Balance (in shares) at Dec. 31, 2021     2 810              
Net income (loss) including noncontrolling interests 1,321       1,321     1,321      
Issuance of stock 1,969     $ 1,969       1,969      
Issuance of stock (in shares)       25              
Stock awards (net of change in unearned compensation) 26     $ 26       26      
Preferred stock dividends (See Note 19) (93)       (93)     (93)      
Common dividends and distributions (2,209)       (2,209)     (2,209)      
Other comprehensive income, net of tax (114)           (114) (114)      
Ending balance at Dec. 31, 2022 27,659   $ 1,783 $ 23,605 3,843   (1,572) 27,659   0  
Ending Balance (in shares) at Dec. 31, 2022     2 835              
Net income (loss) including noncontrolling interests 1,994       1,994     1,994      
Issuance of stock 94     $ 94       94      
Issuance of stock (in shares)       2              
Stock awards (net of change in unearned compensation) 30     $ 30       30      
Stock awards (net of change in unearned compensation) (in shares)       1              
Preferred stock dividends (See Note 19) (81)       (81)     (81)      
Common dividends and distributions (2,233)       (2,233)     (2,233)      
Other comprehensive income, net of tax 66           66 66      
Other       $ (1) 1            
Ending balance at Dec. 31, 2023 $ 27,529   $ 1,783 $ 23,728 $ 3,524   $ (1,506) $ 27,529   $ 0  
Ending Balance (in shares) at Dec. 31, 2023     2 838              
v3.24.0.1
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]                      
Dividends declared per common share $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 2.67 $ 2.67 $ 2.52
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income including noncontrolling interests $ 1,994 $ 1,321 $ 3,419
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation, depletion and amortization (including nuclear fuel) 3,128 3,113 2,781
Deferred income tax expense (benefit) 1,471 102 409
Deferred investment tax credits (benefits) (37) 141 (343)
Gain from sale of Q-Pipe Group and GT&S Transaction   (27) (685)
Net loss on sale of interest in renewable generation facilities     514
Provision for refunds and rate credits to electric utility customers     356
Impairment of assets and other charges 743 1,435 182
Losses (gains) on sales of assets and equity method investments (including Cove Point) (657) 467 (97)
Net (gains) losses on nuclear decommissioning trusts funds and other investments (474) 505 (639)
Other adjustments 378 (21) 314
Changes in:      
Accounts receivable 147 (985) (183)
Inventories (198) (216) (74)
Prepayments 38 (68) (20)
Deferred fuel and purchased gas costs, net 975 (2,021) (939)
Accounts payable (506) 556 156
Accrued interest, payroll and taxes 175 41 41
Margin deposit assets and liabilities 456 198 (664)
Net realized and unrealized changes related to derivative activities (35) (47) 435
Pension and other postretirement benefits (484) (461) (314)
Other operating assets and liabilities (542) (333) (612)
Net cash provided by operating activities 6,572 3,700 4,037
Investing Activities      
Plant construction and other property additions (including nuclear fuel) (10,211) (7,591) (5,960)
Acquisition of solar development projects (24) (167) (101)
Proceeds from sale of noncontrolling interest in Cove Point 3,293    
Proceeds from sale of Hope   727  
Proceeds from sale of Q-Pipe Group   19 1,522
Repayment of Q-Pipe Transaction deposit     (1,265)
Proceeds from sale of non-wholly-owned nonregulated solar facilities     495
Proceeds from sales of securities 2,966 3,282 3,985
Purchases of securities (3,152) (3,067) (3,939)
Proceeds from sales of assets and equity method investments 47 252 159
Contributions to equity method affiliates (104) (43) (1,021)
Short-term deposit   (2,000)  
Return of short-term deposit   2,000  
Other (22) (158) (122)
Net cash used in investing activities (7,207) (6,746) (6,247)
Financing Activities      
Issuance (repayment) of short-term debt, net 533 1,109 1,419
364-day term loan facility borrowings 5,725   1,265
Repayment of 364-day term loan facility borrowings (975)   (1,265)
Repayment of supplemental 364-day credit facility repayments     (225)
Issuance and remarketing of long-term debt 3,310 4,965 6,400
Repayment and repurchase of long-term debt (including redemption premiums) (5,673) (1,388) (3,750)
Supplemental credit facility borrowings 900 900 900
Supplemental credit facility repayments (900) (450) (900)
Issuance of preferred stock     742
Series A Preferred Stock redemption   (1,610)  
Issuance of common stock 94 1,866 192
Common dividend payments (2,233) (2,209) (2,036)
Other (186) (204) (371)
Net cash provided by (used in) financing activities 595 2,979 2,371
Increase (decrease) in cash, restricted cash and equivalents (40) (67) 161
Cash, restricted cash and equivalents at beginning of period 341 408 247
Cash, restricted cash and equivalents at end of period 301 341 408
Virginia Electric and Power Company      
Operating Activities      
Net income including noncontrolling interests 1,452 1,112 1,662
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation, depletion and amortization (including nuclear fuel) 2,034 1,892 1,521
Deferred income tax expense (benefit) 504 141 207
Deferred investment tax credits (benefits) (5) 153 186
Impairment of assets and other charges (benefits) 130 493 (269)
Provision for refunds to customers     356
Net (gains) losses on nuclear decommissioning trusts funds and other investments (68) 66 (81)
Other adjustments 237 (42) 100
Changes in:      
Accounts receivable 1 (629) (112)
Affiliated receivables and payables (188) 165 (175)
Inventories (165) (71) (10)
Prepayments (3) (7) (4)
Deferred fuel and purchased gas costs, net 538 (1,393) (652)
Accounts payable (43) 145 19
Accrued interest, payroll and taxes 23 (4) 21
Margin deposit assets and liabilities 274 (143) (166)
Net realized and unrealized changes related to derivative activities 451 109  
Other operating assets and liabilities (357) (159) (106)
Net cash provided by operating activities 4,815 1,828 2,497
Investing Activities      
Plant construction and other property additions (6,978) (4,909) (3,521)
Purchases of nuclear fuel (194) (201) (160)
Acquisition of solar development projects (24) (77) (75)
Proceeds from sales of securities 1,876 1,538 1,791
Purchases of securities (1,987) (1,580) (1,789)
Other 19 34  
Net cash used in investing activities (7,288) (5,195) (3,754)
Financing Activities      
Issuance (repayment) of short-term debt, net (486) 196 700
Issuance of affiliated current borrowings, net (1,524) 1,325 319
Issuance and remarketing of long-term debt 2,660 2,338 1,000
Repayment and repurchase of long-term debt (including redemption premiums) (1,308) (438) (450)
Issuance of common stock 3,250    
Common dividend payments     (300)
Other (53) (56) (21)
Net cash provided by (used in) financing activities 2,539 3,365 1,248
Increase (decrease) in cash, restricted cash and equivalents 66 (2) (9)
Cash, restricted cash and equivalents at beginning of period 24 26 35
Cash, restricted cash and equivalents at end of period $ 90 $ 24 $ 26
v3.24.0.1
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity - USD ($)
$ in Millions
Total
Common Stock
Retained Earnings
AOCI
Virginia Electric and Power Company
Virginia Electric and Power Company
Cumulative-effect of changes in accounting principles
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
Retained Earnings
Cumulative-effect of changes in accounting principles
Virginia Electric and Power Company
AOCI
Beginning balance at Dec. 31, 2020         $ 14,557 $ (143) $ 5,738 $ 1,113 $ 7,758 $ (143) $ (52)
Beginning balance (in shares) at Dec. 31, 2020   806,000,000         275,000        
Net income $ 3,399       1,662       1,662    
Dividends         $ (300)       (300)    
Issuance of stock (in shares)   4,000,000     0            
Issuance of stock to Dominion Energy 1,332 $ 340                  
Other comprehensive income, net of tax 259     $ 259 $ 11           11
Other (2) $ (2)                  
Ending balance at Dec. 31, 2021       (1,458) 15,787   $ 5,738 1,113 8,977   (41)
Ending Balance (in shares) at Dec. 31, 2021   810,000,000         275,000        
Net income 1,321       $ 1,112       1,112    
Issuance of stock (in shares)   25,000,000     0            
Issuance of stock to Dominion Energy 1,969 $ 1,969                  
Other comprehensive income, net of tax (114)     (114) $ 50           50
Ending balance at Dec. 31, 2022 27,659     (1,572) 16,949   $ 5,738 1,113 10,089   9
Ending Balance (in shares) at Dec. 31, 2022   835,000,000         275,000        
Net income 1,994       $ 1,452       1,452    
Issuance of stock (in shares)   2,000,000     0   49,000        
Issuance of stock to Dominion Energy 94 $ 94     $ 3,250   $ 3,250        
Other comprehensive income, net of tax 66     66 7           7
Other   $ (1) $ 1   (1)   (1)        
Ending balance at Dec. 31, 2023 $ 27,529     $ (1,506) $ 21,657   $ 8,987 $ 1,113 $ 11,541   $ 16
Ending Balance (in shares) at Dec. 31, 2023   838,000,000         324,000        
v3.24.0.1
Nature of Operations
 12 Months Ended
Dec. 31, 2023
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. In connection with the comprehensive business review announced in November 2022, Dominion Energy entered into agreements in September 2023 to sell all of its regulated gas distribution operations, except for DESC’s, to Enbridge. In addition, Dominion Energy completed the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point to BHE under the agreement entered into in July 2023. As discussed in Notes 3 and 9, these operations as well as solar generation facility development operations (effective December 2023) are reflected as discontinued operations and held for sale in Dominion Energy's Consolidated Financial Statements.

Effective September 2023, Dominion Energy revised its primary operating segments and manages its daily operations through three primary operating segments: Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy. Dominion Energy also reports a Corporate and Other segment, which includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization, its noncontrolling interest in Wrangler (through March 2022) and Hope (through August 2022). 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 operating segments’ performance or in allocating resources including the net impact of the operations reflected as discontinued operations, which in addition to the operations discussed above includes gas transmission and storage operations, including the Q-Pipe Group (through December 2021) and Dominion Energy’s noncontrolling interest in Atlantic Coast Pipeline. See Notes 3 and 9 for additional information.

The historical information presented in Dominion Energy’s Consolidated Financial Statements and Notes has been recast as necessary to reflect these changes in presentation.

Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy.

Virginia Power manages its daily operations through one primary operating segment: Dominion Energy Virginia. It also reports a Corporate and Other segment that 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.

See Note 26 for further discussion of the Companies’ operating segments.

v3.24.0.1
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

General

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, expenses and cash flows for the periods presented. Actual results may differ from those estimates.

The Companies’ 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. Clearway’s ownership interest in Four Brothers and Three Cedars (through December 2021) and Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy nonregulated solar projects (through December 2021) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements.

The Companies report certain contracts, instruments and investments at fair value. See below and Note 6 for further information on fair value measurements.

The Companies consider acquisitions or dispositions in which substantially all of the fair value of the gross assets acquired or disposed of is concentrated into a single identifiable asset or group of similar identifiable assets to be an acquisition or a disposition of an asset, rather than a business. See Notes 3 and 10 for further information on such transactions.

Dominion Energy maintains pension and other postretirement benefit plans and Virginia Power participates in certain of these plans. See Note 22 for further information on these plans.

Certain amounts in the Companies’ 2022 and 2021 Consolidated Financial Statements have been reclassified to conform to the 2023 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows. Effective in the fourth quarter of 2023, the Companies elected to change their method of accounting for investment tax credits from the flow-through method to the deferral method. All prior period information was conformed to this presentation as described below under the heading Change in Accounting Policy.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable.

Change in Accounting Policy

During the fourth quarter of 2023, the Companies changed their method of accounting for investment tax credits from the flow-through method to the deferral method. Previously, the Companies recognized investment tax credits as a reduction of income tax expense in the period that the qualifying property giving rise to the credits was placed into service, except where tax normalization applied. Subsequent to the change in policy, the Companies record deferred unamortized investment tax credits as a deferred credit (reflected within liabilities in the Companies’ Consolidated Balance Sheets) when placed into service and amortize the investment tax credits into earnings as a reduction in income tax expense over the service lives of the related property. This change in accounting policy is expected to have an insignificant impact on the Companies’ regulated operations. Although the application of the flow-through method is considered acceptable, the deferral method is the preferred method of accounting for investment tax credits as it promotes matching of the benefits of the recognition of the investment tax credit with the expected use of the asset. The Companies applied this change in accounting policy retrospectively to all prior periods presented.

The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Statements of Income for the periods presented:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Tax Credit-Related Impacts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

$

(19

)

 

$

94

 

 

$

(340

)

 

$

(9

)

 

$

103

 

 

$

50

 

Net income from continuing operations(1)

 

 

19

 

 

 

(94

)

 

 

340

 

 

 

9

 

 

 

(103

)

 

 

(50

)

Net income from discontinued operations(2)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Earnings per share(1)(2)

 

 

0.04

 

 

 

(0.11

)

 

 

0.42

 

 

 

 

 

 

 

 

 

 

Other Impacts(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of assets and other charges

 

 

—

 

 

 

(560

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Losses (gains) on sales of assets

 

 

—

 

 

 

—

 

 

 

303

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18

 

 

 

—

 

 

 

13

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(4

)

 

 

139

 

 

 

(81

)

 

 

 

 

 

 

 

 

 

Net income from continuing operations(4)(5)

 

 

(14

)

 

 

421

 

 

 

(230

)

 

 

 

 

 

 

 

 

 

Earnings per share(4)

 

 

(0.02

)

 

 

0.51

 

 

 

(0.28

)

 

 

 

 

 

 

 

 

 
(1)
The impact to Dominion Energy's net income from continuing operations includes an increase (decrease) of $(13) million ($(0.02) per share), $(12) million ($(0.01) per share), $(15) million ($(0.02) per share) and $59 million ($0.07 per share) for the first, second, third and fourth quarters of 2023, respectively. Virginia Power's net income includes an increase of $2 million, $2 million, $2 million and $3 million for the first, second, third and fourth quarters of 2023, respectively.
(2)
The impact to Dominion Energy's income tax expense presented within net income from discontinued operations resulted in an increase of $0.02 per share in the third quarter of 2023.
(3)
Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
(4)
Includes a decrease of $6 million attributable to noncontrolling interests for the year ended December 31, 2021.
(5)
The impact to Dominion Energy's net income from continuing operations includes a decrease of $3 million (less than $0.01 per share), $3 million (less than $0.01 per share), $4 million (less than $0.01 per share) and $4 million (less than $0.01 per share) for the first, second, third and fourth quarters of 2023, respectively.

The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Balance Sheets for the periods presented:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Investment Tax Credit-Related Impacts

 

 

 

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

$

589

 

 

$

625

 

 

$

264

 

 

$

278

 

Noncurrent regulatory liabilities

 

 

23

 

 

 

18

 

 

 

23

 

 

 

18

 

Other Impacts(1)

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

533

 

 

 

533

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

60

 

 

 

44

 

 

 

 

 

 

 

Intangible assets, net

 

 

14

 

 

 

14

 

 

 

 

 

 

 

Operating lease assets(2)

 

 

55

 

 

 

57

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

 

135

 

 

 

139

 

 

 

 

 

 

 
(1)
Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
(2)
Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.

In addition to the above impacts, Dominion Energy and Virginia Power recorded a cumulative decrease of $660 million and $143 million, respectively, to retained earnings as of January 1, 2021. In addition, Dominion Energy recorded a cumulative increase of $223 million to noncontrolling interests as of January 1, 2021.

Operating Revenue

Operating revenue is recorded on the basis of services rendered, commodities delivered, or contracts settled and includes amounts yet to be billed to customers. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2023 and 2022 included $1.0 billion and $1.1 billion, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. The balances presented within current assets held for sale were $284 million and $324 million at December 31, 2023 and 2022, respectively. Virginia Power’s customer receivables at December 31, 2023 and 2022 included $550 million and $620 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties.

The primary types of sales and service activities reported as operating revenue for Dominion Energy are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates and associated hedging activity as well as sales to Virginia Power customers from non-jurisdictional solar generation facilities;
•
Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services;
•
Regulated gas transportation and storage sales consist of state-regulated sales of gathering services (through August 2022) and sales of transportation services to off-system customers;
•
Other regulated revenue consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and
•
Other nonregulated revenue consists primarily of sales of other miscellaneous products. Other nonregulated revenue also includes sales of energy-related products and services from Dominion Energy’s retail energy marketing operations (through December 2021), service concession arrangements (through December 2022) and revenue associated with services provided to entities presented in discontinued operations under transition services agreements.

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consists of sales to customers from non-jurisdictional solar generation facilities;
•
Other regulated revenue consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and
•
Other nonregulated revenue consists primarily of revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements (through October 2022).

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The Companies record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. The Companies’ revenue accounted for under the alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate the Companies for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above.

Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products and services typically transfer control and are recognized as revenue upon delivery of the product or service. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type but is typically due within a month of billing.

 

Revenue included in Discontinued Operations

Operating revenue for the gas transmission and storage operations sold to Southwest Gas as part of the Q-Pipe Group sale primarily consisted of FERC-regulated sales of transmission and storage services, sales of extracted products and associated hedging activities and NGL activities, including gathering and processing and sales of production and condensate.

Transportation and storage contracts associated with the operations sold to Southwest Gas as part of the Q-Pipe Group sale were primarily stand-ready service contracts that include fixed reservation and variable usage fees. NGLs received during natural gas processing are recorded in discontinued operations at fair value as service revenue recognized over time, and revenue continued to be recognized from the subsequent sale of the NGLs to customers upon delivery.

Operating revenue for the gas distribution operations to be sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions primarily consists of state-regulated natural gas sales to residential, commercial and industrial customers and related distribution services, state regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of commodities related to nonregulated extraction activities.

Transportation and storage contracts associated with the operations to be sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions are primarily stand-ready service contracts that include fixed reservation and variable usage fees. Substantially all of the revenue associated with these local gas distribution companies is derived from performance obligations satisfied over time and month-to-month billings according to their respective tariffs.

Credit Risk

Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction.

The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Expected credit losses are estimated and recorded based on historical experience, current conditions and

reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.

Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs

Where permitted by regulatory authorities, the differences between the Companies’ actual electric fuel and purchased energy expenses and Dominion Energy’s purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability.

Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2023, approximately 86% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Of the cost of fuel used in electric generation and energy purchases to serve South Carolina utility customers, at December 31, 2023, approximately 96% is subject to DESC’s deferred fuel accounting.

Virtually all of East Ohio, Questar Gas, DESC and PSNC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale.

Dominion Energy can earn certain cost saving sharing incentives under the Wexpro Agreements to the extent that the cost of gas supplied to Questar Gas is a certain amount lower than third-party market rates. In 2023 and 2022, Dominion Energy recorded $4 million and $27 million, respectively, for such incentives, reflected in discontinued operations in Dominion Energy’s Consolidated Statements of Income. No amounts were recorded for the year ended December 31, 2021.

Income Taxes

A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed.

Virginia Power participates in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis.

Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized.

Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities.

The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information.

If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll and taxes on the Consolidated Balance Sheets.

The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income.

In 2021, Dominion Energy reflected a $21 million benefit from the reversal of interest expense and a $7 million benefit from the reversal of penalty expense on uncertain tax positions that were effectively settled.

At December 31, 2023, Virginia Power had an income tax-related affiliated receivable of $40 million, comprised of $45 million of federal income taxes receivable from, and $5 million of state income payable to, Dominion Energy. Virginia Power’s net affiliated balances are expected to be received from Dominion Energy.

At December 31, 2022, Virginia Power had a net income tax-related affiliated payable of $22 million, comprised of $25 million of federal income taxes payable to, and $3 million of state income taxes receivable from, Dominion Energy. Virginia Power’s net affiliated balances were paid to Dominion Energy.

Investment tax credits for both regulated and nonregulated operations are deferred and amortized to income tax expense over the service lives of the properties giving rise to the credits in the year qualifying property is placed in service. The Companies recognize the tax benefit related to initial book and tax basis differences as a reduction of income tax expense in the year in which the qualifying property is placed into service, except where cost-of-service rate regulation applies. Production tax credits are recognized as energy is generated and sold. The IRA allows the election of either the investment tax credit or production tax credit for certain technologies including solar and wind. Such election is made on a project-by-project basis and the choice of credit may vary based on a combination of factors including, but not limited to, capital expenditures and net capacity factors.

Cash, Restricted Cash and Equivalents

Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less.

Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:

 

At December 31,

 

2023

 

 

2022

 

(millions)

 

 

Dominion Energy(1)

$

54

 

 

$

35

 

Virginia Power

 

44

 

 

 

21

 
(1)
In addition, at December 31, 2023 and 2022, Dominion Energy had $19 million and $14 million, respectively, of checks outstanding but not yet presented for payment included in current liabilities held for sale.

 

Restricted Cash and Equivalents

The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits, federal assistance funds and future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements (through December 2021), on DECP Holdings’ term loan agreement (through September 2023) and on Eagle Solar’s senior note agreement (through February 2024).

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 years ended December 31, 2023, 2022 and 2021 and 2020:

 

 

 

Cash, Restricted Cash and Equivalents at End/Beginning of Year

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

217

 

 

$

153

 

 

$

283

 

 

$

179

 

Restricted cash and equivalents(2)(3)

 

 

84

 

 

 

188

 

 

 

125

 

 

 

68

 

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

 

$

301

 

 

$

341

 

 

$

408

 

 

$

247

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

90

 

 

$

22

 

 

$

26

 

 

$

35

 

Restricted cash and equivalents(3)

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

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

 

$

90

 

 

$

24

 

 

$

26

 

 

$

35

 
(1)
At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $33 million, $34 million, $49 million and $21 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $4 million, $2 million, $3 million and $3 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.

Supplemental Cash Flow Information

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges, excluding capitalized amounts

 

$

1,991

 

 

$

1,408

 

 

$

1,340

 

Income taxes

 

 

286

 

 

 

139

 

 

 

160

 

Significant noncash investing and financing activities:(1)(2)

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,085

 

 

 

979

 

 

 

637

 

Leases(3)

 

 

255

 

 

 

144

 

 

 

96

 
(1)
See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler and Dominion Privatization.
(2)
See Notes 18, 19, 20 and 23 for noncash financing activities related to the contribution of stock to Dominion Energy’s defined benefit pension plan, remarketing of Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation.
(3)
Includes $44 million of finance leases and $211 million of operating leases entered in 2023, $34 million of finance leases and $110 million of operating leases entered in 2022 and $47 million of finance leases and $49 million of operating leases entered in 2021.

 

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid (received) during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges, excluding capitalized amounts

 

$

709

 

 

$

599

 

 

$

501

 

Income taxes

 

 

(47

)

 

 

(54

)

 

 

109

 

Significant noncash investing activities:

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

807

 

 

 

665

 

 

 

363

 

Leases(1)

 

 

203

 

 

 

116

 

 

 

79

 

 

(1)
Includes $30 million of finance leases and $173 million of operating leases entered in 2023, $26 million of finance leases and $90 million of operating leases entered in 2022 and $37 million of finance leases and $42 million of operating leases entered in 2021.

 

Distributions from Equity Method Investees

Dominion Energy holds investments that are accounted for under the equity method of accounting and classifies distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies’ own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion Energy applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments, and other investments including those held in nuclear decommissioning, rabbi, and pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above.

Inputs and Assumptions

Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including industry publications, and to a lesser extent, broker quotes. When evaluating pricing information provided by Designated Contract Market settlement pricing, other pricing services, or brokers, the Companies consider the ability to transact at the quoted price, i.e. if the quotes are based on an active market or an inactive market and to the extent which pricing models are used, if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the unobservable inputs are developed and substantiated using historical information, available market data, third-party data and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships and changes in third-party sources.

For options and contracts with option-like characteristics where observable pricing information is not available from external sources, the Companies generally use a model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value.

The inputs and assumptions used in measuring fair value include the following:

 

 

Derivative Contracts

 

 

Inputs and assumptions

 

Commodity

 

Interest Rate

 

Foreign Currency Exchange Rate

 

Investments

Forward commodity prices

 

X

 

 

 

 

 

 

Transaction prices

 

X

 

 

 

 

 

 

Price volatility

 

X

 

 

 

 

 

 

Price correlation

 

X

 

 

 

 

 

 

Volumes

 

X

 

 

 

 

 

 

Commodity location

 

X

 

 

 

 

 

 

Interest rate curves

 

 

 

X

 

 

 

 

Foreign currency forward exchange rates

 

 

 

 

 

X

 

 

Quoted securities prices and indices

 

 

 

 

 

 

 

X

Securities trading information including volume and restrictions

 

 

 

 

 

 

 

X

Maturity

 

 

 

 

 

 

 

X

Interest rates

 

X

 

 

 

X

 

X

Credit quality of counterparties and the Companies

 

X

 

X

 

X

 

X

Credit enhancements

 

X

 

X

 

 

 

 

Notional value

 

 

 

X

 

X

 

 

Time value

 

X

 

X

 

X

 

 

Levels

The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

•
Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency exchange rate instruments and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas options and other modeled commodity derivatives.

The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy.

Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter derivative contracts is subject to change.

Derivative Instruments

The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks in their business operations. The Companies use derivative instruments such as physical and financial forwards, futures, swaps, options, foreign currency transactions and FTRs to manage the commodity, interest rate and/or foreign currency exchange rate risks of their business operations.

Derivative assets and liabilities are presented gross on the Companies’ Consolidated Balance Sheets. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. All derivatives, except those for which an exception applies, are required to be reported at fair value. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. See Fair Value Measurements above for additional information about fair value measurements and associated valuation methods for derivatives.

The Companies’ derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions.

In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases, other forms of security, none of which are subject to restrictions.

The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $38 million and $480 million associated with cash collateral at December 31, 2023 and 2022, respectively. Dominion Energy had margin liabilities of $15 million associated with cash collateral at December 31, 2023 and no amounts outstanding at December 31, 2022. Virginia Power had margin assets of $35 million and $310 million associated with cash collateral at December 31, 2023 and 2022, respectively. Virginia Power had no margin liabilities associated with cash collateral at December 31, 2023 and 2022. See Note 7 for further information about derivatives.

To manage price and interest rate risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices or interest rates. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or discontinued operations based on the nature of the underlying risk.

Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings.

Derivative Instruments Designated as Hedging Instruments

In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as cash flow hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows.

Cash Flow Hedges

A majority of the Companies’ hedge strategies represents cash flow hedges of the variable price risk primarily associated with the use of interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item, or as appropriate to regulatory assets or regulatory liabilities. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable.

Property, Plant and Equipment

Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred.

In 2023, 2022 and 2021, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $159 million, $84 million and $96 million, respectively. In 2023, 2022 and 2021, Virginia Power capitalized AFUDC to property, plant and equipment of $86 million, $66 million and $78 million, respectively.

Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2023, 2022 and 2021, Virginia Power recorded less than $1 million, $34 million and $35 million of AFUDC related to these projects, respectively.

For property subject to cost-of-service rate regulation, including the Companies’ electric distribution, electric transmission and generation property and Dominion Energy’s natural gas distribution property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates.

In 2023 and 2022, Virginia Power had the following charges, recorded in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), related to early retirements:

•
In 2023, Virginia Power recorded a charge of $25 million ($19 million after-tax) as a result of the abandonment of long-lived assets associated with certain rooftop solar and other projects before the end of their useful lives.
•
In 2022, Virginia Power recorded charges of $167 million ($124 million after-tax) associated with dismantling of certain electric generation facilities.

For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date.

Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:

 

Year Ended December 31,

 

2023

 

 

2022

 

2021

 

(percent)

 

 

 

Dominion Energy(1)

 

 

 

Generation

 

2.65

 

 

2.71

 

 

2.63

 

Transmission

 

 

2.32

 

 

 

2.32

 

 

 

2.52

 

Distribution

 

2.72

 

 

2.80

 

 

2.85

 

General and other

 

4.20

 

 

4.31

 

 

4.36

 

Virginia Power

 

 

 

Generation

 

2.75

 

 

2.84

 

 

2.69

 

Transmission

 

2.29

 

 

2.29

 

 

2.51

 

Distribution

 

2.78

 

 

2.76

 

 

3.18

 

General and other

 

4.60

 

 

4.78

 

 

5.08

 
(1)
Excludes rates for depreciation reported as discontinued operations.

In January 2022, Dominion Energy revised the estimated useful life of its non-jurisdictional and certain nonregulated solar generation facilities to 35 years. This revision resulted in an annual decrease of depreciation expense of $16 million ($12 million after-tax), including $6 million ($4 million after-tax) at Virginia Power, and increased Dominion Energy’s EPS by approximately $0.02.

In the first quarter of 2022, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. The change resulted in a decrease in depreciation expense in Virginia Power’s Consolidated Statements of Income of $60 million ($45 million after-tax) and increased Dominion Energy’s EPS by $0.05.

Effective December 2023, Dominion Energy revised the estimated useful lives for Millstone Units 2 and 3 to reflect lower depreciation rates as a result of its expectation that a 20-year license extension is approved for these facilities. For the year ended December 31, 2023, this revision resulted in an inconsequential impact. This revision is expected to result in an annual decrease of depreciation expense of approximately $40 million ($30 million after-tax) and increase Dominion Energy’s 2024 EPS by approximately $0.04.

Effective January 2024, Virginia Power revised the depreciation rates for Bath County as a result of its expectation that a license extension of at least 40 years will be approved for this facility. This revision is expected to result in an annual decrease of depreciation expense of approximately $15 million ($11 million after-tax) and increase Dominion Energy's EPS by approximately $0.01.

Virginia Power’s non-jurisdictional solar generation property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 35 years, effective January 2022.

Capitalized costs of development wells and leaseholds are amortized on a field-by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.73 and $1.67 per mcfe in 2023 and 2022, respectively. Depletion associated with Wexpro's operations is reflected within discontinued operations. See Note 3 for additional information.

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

 

Asset

 

Estimated Useful Lives(1)

Nonregulated generation-nuclear

54-64 years

Nonregulated generation-other

30-35 years

General and other

 

5-50 years
(1)
The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.

Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. The Companies report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows.

Long-Lived and Intangible Assets

The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets.

Accounting for Regulated Operations

The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made.

The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and make various assumptions in their analyses. These analyses are generally based on:

•
Orders issued by regulatory commissions, legislation and judicial actions;
•
Past experience;
•
Discussions with applicable regulatory authorities and legal counsel;
•
Estimated construction costs;
•
Forecasted earnings; and
•
Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities.

Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. In connection with the 2023 Biennial Review, the Companies have concluded that it is not probable that Virginia Power will have earnings in excess of 70 basis points above its authorized ROE for the period January 1, 2021 through December 31, 2022 currently under review with the Virginia Commission or in excess of an expected authorized ROE of 9.70% for the period January 1, 2023 through December 31, 2024 in connection with the future 2025 Biennial Review. As a result, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at December 31, 2023. See Notes 12 and 13 to the Consolidated Financial Statements for additional information.

Leases

The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use asset in the Companies’ Consolidated Statements of Income or, subject to regulatory framework, is deferred within regulatory assets in the Consolidated Balance Sheets and amortized into the Consolidated Statements of Income.

Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A right-of-use asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets.

The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities.

In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis primarily over an estimated useful life of 35 years, effective January 2022.

Asset Retirement Obligations

The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipelines of its distribution business as an adjustment to the related regulatory assets or liabilities when revenue is recoverable from customers for AROs. The Companies report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory asset or liability for certain jurisdictions. Additionally, the Companies report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects and other electric generation and distribution facilities as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income.

Debt Issuance Costs

The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized.

Investments

Debt Securities

Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities.

•
Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income.
•
Debt securities classified as available-for-sale securities include all other debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any credit-related impairments) on investments held in nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts, net realized gains and losses (including any credit-related impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax.

In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method.

Credit Impairment

The Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations.

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when

the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings or defer as applicable for certain jurisdictions subject to cost-based regulation, with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.

Equity Securities with Readily Determinable Fair Values

Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by the Companies in the nuclear decommissioning trusts. The Companies record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. Net realized and unrealized gains and losses on equity securities held in the nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income.

Equity Securities without Readily Determinable Fair Values

The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include:

•
Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy’s investments are included in investments in equity method affiliates in its Consolidated Balance Sheets, except for the liability to Atlantic Coast Pipeline or where such investments are classified as held for sale. Dominion Energy records equity method adjustments in other income in its Consolidated Statements of Income, including its proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method.
•
Cost method investments when the Companies do not have the ability to exercise significant influence over the investee. The Companies’ investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

Other-Than-Temporary Impairment

The Companies periodically review their equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the investment is written down to its fair value at the end of the reporting period.

Inventories

Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method and reflected in current assets held for sale in Dominion Energy's Consolidated Balance Sheets. Under the LIFO method, current stored gas inventory was valued at $18 million and $14 million at December 31, 2023 and December 31, 2022, respectively. Based on the average price of gas purchased during 2023 and 2022, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $42 million and $129 million, respectively.

In 2022, Dominion Energy wrote off certain inventory balances associated with certain nonrenewable electric generation facilities resulting in a $40 million charge ($30 million after-tax) recorded in impairments and other charges (reflected in the Corporate and Other segment) in its Consolidated Statements of Income, including $19 million ($14 million after-tax) at Virginia Power for inventory not utilized at such facilities prior to their retirement in the first half of 2023.

Goodwill

Dominion Energy evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. In the fourth quarter of 2023, Dominion Energy's current period calculation of the expected gain or loss on the Questar Gas and East Ohio Transactions resulted in an impairment of the related goodwill. See Note 3 for additional information.

New Accounting Standards

Debt with Conversion Options and Contracts in an Entity’s Own Equity

In August 2020, the FASB issued revised accounting guidance for debt with conversion options and contracts in an entity’s own equity. The revised guidance eliminates the ability to assert cash settlement and exclude potential shares from the diluted EPS calculation for a contract that may be settled in stock or cash. The guidance became effective for Dominion Energy’s interim and annual reporting periods beginning January 1, 2022. Upon adoption, Dominion Energy applied the guidance using a modified retrospective approach and continued to apply the if-converted method to calculate diluted EPS in connection with any potentially dilutive instruments, or components of instruments, that may be settled in stock or cash.

Segment Disclosures

In November 2023, the FASB issued revised accounting guidance for reportable segments. The revised guidance requires disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the CODM. The revised guidance does not change how an entity identifies its operating segments, aggregates them or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented. The Companies expect this revised guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.

Income Tax Disclosures

In December 2023, the FASB issued revised accounting guidance for income taxes. The revised guidance requires disclosure of disaggregated information about an entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and allows either prospective or retrospective application. The Companies expect this revised guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
v3.24.0.1
Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2023
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 includes the sale of East Ohio and is 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 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 East Ohio Transaction is not conditioned upon the closing of the PSNC or Questar Gas Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 2024, subject to clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS and FCC 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. In October 2023, as required under the sale agreement, Dominion Energy filed a notice with the Ohio Commission. The proposed internal reorganization in connection with the East Ohio Transaction is 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 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. The East Ohio 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 $155 million due to Dominion Energy under certain conditions. Based on the recorded balances at December 31, 2023, Dominion Energy recorded a charge of $50 million ($45 million after-tax), including amounts associated with an impairment of goodwill. Upon closing, Dominion Energy will write-off the remaining $1.5 billion of goodwill which is not deductible for tax purposes but excluding the effects of any closing adjustments. During the year ended December 31, 2023, Dominion Energy recorded charges 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 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 East Ohio 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 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 East Ohio or Questar Gas Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 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 proposed internal reorganization in connection with the PSNC Transaction is 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 December 31, 2023, Dominion Energy expects to recognize a pre-tax gain of approximately $30 million ($370 million after-tax loss) upon closing, including the write-off of $0.7 billion of goodwill which is not deductible for tax purposes but excluding the effects of any closing adjustments. During the year ended December 31, 2023, Dominion Energy recorded charges of $334 million to reflect the recognition of 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 East Ohio or PSNC Transactions. The sale will be treated as a stock sale for tax purposes and is expected to close in 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. In October 2023, Dominion Energy filed for approvals from the Utah and Wyoming Commissions. In October 2023, Dominion Energy filed the notice with the Idaho Commission required for closing of the Questar Gas Transaction. The proposed internal reorganization in connection with the Questar Gas Transaction is 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. Based on the recorded balances at December 31, 2023, Dominion Energy recorded a charge of $284 million ($279 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 but excluding the effects of any closing adjustments. During the year ended December 31, 2023, Dominion Energy recorded

charges of $462 million to reflect the recognition of 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 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 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 August 2023, Dominion Energy entered into an agreement and completed the sale of Tredegar Solar Fund I, LLC to Spruce Power for cash consideration of $21 million.

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. 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 to be inconsequential upon closing, which is expected in the first half of 2024.

 

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:

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,037

 

 

$

743

 

 

$

1,679

 

 

$

15

 

Operating expense(1)

 

 

701

 

 

 

517

 

 

 

1,602

 

 

 

111

 

Other income (expense)

 

 

30

 

 

 

11

 

 

 

8

 

 

 

—

 

Interest and related charges

 

 

71

 

 

 

52

 

 

 

68

 

 

 

1

 

Income (loss) before income taxes

 

 

295

 

 

 

185

 

 

 

17

 

 

 

(97

)

Income tax expense(2)

 

 

69

 

 

 

431

 

 

 

521

 

 

 

(38

)

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

 

$

226

 

 

$

(246

)

 

$

(504

)

 

$

(59

)
(1)
East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $284 million ($279 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
(3)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,043

 

 

$

841

 

 

$

1,341

 

 

$

11

 

Operating expense(1)

 

 

702

 

 

 

648

 

 

 

1,043

 

 

 

118

 

Other income (expense)

 

 

28

 

 

 

9

 

 

 

—

 

 

 

—

 

Interest and related charges

 

 

36

 

 

 

43

 

 

 

45

 

 

 

—

 

Income (loss) before income taxes

 

 

333

 

 

 

159

 

 

 

253

 

 

 

(107

)

Income tax expense

 

 

45

 

 

 

34

 

 

 

50

 

 

 

(28

)

Net income (loss) attributable to Dominion Energy(2)

 

$

288

 

 

$

125

 

 

$

203

 

 

$

(79

)
(1)
Other includes a charge of $103 million ($76 million after-tax) associated with the impairment of a nonregulated solar generation asset.
(2)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2022.

 

Year Ended December 31, 2021

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

908

 

 

$

613

 

 

$

1,020

 

 

$

5

 

Operating expense

 

 

620

 

 

 

451

 

 

 

761

 

 

 

6

 

Other income (expense)

 

 

25

 

 

 

11

 

 

 

(1

)

 

 

—

 

Interest and related charges

 

 

18

 

 

 

35

 

 

 

35

 

 

 

—

 

Income (loss) before income taxes

 

 

295

 

 

 

138

 

 

 

223

 

 

 

(1

)

Income tax expense (benefit)

 

 

38

 

 

 

27

 

 

 

42

 

 

 

(1

)

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

 

$

257

 

 

$

111

 

 

$

181

 

 

$

-

 

 

(1)
Excludes $19 million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2021.

 

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 December 31, 2023

 

 

At December 31, 2022

 

 

East
Ohio
Transaction

 

PSNC Transaction

 

Questar
Gas
Transaction

 

Other

 

 

East
Ohio
Transaction

 

PSNC Transaction

 

Questar
Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets(1)

$

497

 

$

336

 

$

764

 

$

1

 

 

$

544

 

$

381

 

$

803

 

$

10

 

Property, plant and equipment, net

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

 

 

5,012

 

 

2,591

 

 

3,984

 

 

50

 

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

 

2,659

 

 

834

 

 

766

 

 

—

 

 

 

2,629

 

 

822

 

 

1,043

 

 

34

 

Current liabilities(3)(4)

 

560

 

 

224

 

 

389

 

 

7

 

 

 

634

 

 

151

 

 

612

 

 

6

 

Long-term debt(5)

 

2,286

 

 

948

 

 

1,205

 

 

—

 

 

 

2,287

 

 

798

 

 

1,245

 

 

—

 

Other deferred credits and
   liabilities(6)

 

1,437

 

 

711

 

 

1,116

 

 

2

 

 

 

1,435

 

 

689

 

 

1,087

 

 

11

 
(1)
Includes cash and cash equivalents of $4 million and $6 million within the East Ohio Transaction, $2 million and less than $1 million within the PSNC Transaction and $26 million and $28 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $75 million and $90 million within the East Ohio Transaction, $89 million and $95 million within the PSNC Transaction and $297 million and $273 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(2)
Includes goodwill of $1.5 billion and $673 million at both December 31, 2023 and 2022 within the East Ohio and PSNC Transactions, respectively, and $720 million and $983 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $781 million and $751 million within the East Ohio Transaction, $86 million and $93 million within the PSNC Transaction and $(39) million and $(22) million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(3)
Includes regulatory liabilities of $54 million and $43 million within the East Ohio Transaction, $44 million and $11 million within the PSNC Transaction and $55 million and $144 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(4)
Questar Gas Transaction includes $40 million of 2.98% unsecured senior notes at December 31, 2023, which are scheduled to mature in December 2024.
(5)
Includes East Ohio Unsecured Senior Notes due 2025 to 2052 at rates from 1.30% to 6.38% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.13%; PSNC Unsecured Senior Notes due 2026 to 2053 at rates from 3.10% to 7.45% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 4.67%; and Questar Gas Unsecured Senior Notes due 2024 to 2052 at rates from 2.21% to 7.20% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.99%; in the East Ohio, PSNC and Questar Gas Transactions, respectively.
(6)
Includes regulatory liabilities of $711 million and $749 million within the East Ohio Transaction, $435 million and $436 million within the PSNC Transaction and $502 million and $506 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.

 

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

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

507

 

 

$

233

 

 

$

449

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

148

 

 

 

90

 

 

 

175

 

 

 

2

 

Accrued capital expenditures

 

 

42

 

 

 

43

 

 

 

32

 

 

 

—

 

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

456

 

 

$

153

 

 

$

438

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

134

 

 

 

87

 

 

 

163

 

 

 

4

 

Accrued capital expenditures

 

 

53

 

 

 

16

 

 

 

31

 

 

 

—

 

 

Year Ended December 31, 2021

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures(1)

 

$

420

 

 

$

195

 

 

$

416

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

122

 

 

 

81

 

 

 

168

 

 

 

4

 

Accrued capital expenditures

 

 

27

 

 

 

41

 

 

 

25

 

 

 

—

 
(1)
In November 2021, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase an existing natural gas gathering system in Wyoming including pipelines, compressors and dehydration equipment for total consideration of $41 million, included in the Questar Gas Transaction.

Disposition of Gas Transmission & Storage Operations

In July 2020, Dominion Energy entered into an agreement with BHE to sell substantially all of its gas transmission and storage operations, including processing assets, as well as noncontrolling partnership interests in Iroquois, JAX LNG and White River Hub and a controlling interest in Cove Point (consisting of 100% of the general partner interest and 25% of the total limited partner interests). The agreement provides that Dominion Energy retains the assets and obligations of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing. Concurrently in October 2020, Dominion Energy and BHE entered into a separate agreement under which Dominion Energy would sell the Q-Pipe Group and certain other affiliated entities to BHE for cash consideration of $1.3 billion and the assumption of related long-term debt. In November 2020, Dominion Energy completed the GT&S Transaction. Dominion Energy retained a 50% noncontrolling interest in Cove Point that was accounted for as an equity method investment upon closing of the GT&S Transaction as Dominion Energy had the ability to exercise significant influence over, but not control, Cove Point.

In connection with closing of the GT&S Transaction, Dominion Energy and BHE entered into a transition services agreement under which Dominion Energy provided specified administrative services to support the operations of the disposed business through June 2023 for certain services. In addition, BHE provided certain administrative services to Dominion Energy through December 2022. Dominion Energy recorded $9 million, $20 million and $21 million associated with the transition services agreement in operating revenue in the Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021, respectively. Also in 2020, BHE provided a $1.3 billion deposit to Dominion Energy on the Q-Pipe Transaction. In July 2021, Dominion Energy and BHE mutually agreed to terminate the Q-Pipe Transaction as a result of uncertainty associated with receiving approval under the Hart-Scott-Rodino Act.

Also in July 2021, Dominion Energy entered into an approximately $1.3 billion term loan credit agreement and borrowed the full amount available thereunder. The agreement matured in December 2021 and bore interest at a variable rate. The proceeds were utilized to repay the deposit received from BHE on the Q-Pipe Transaction. Upon completion of a sale of the Q-Pipe Group, Dominion Energy was required to utilize the net proceeds to repay any outstanding balances under the term loan agreement.

In October 2021, Dominion Energy entered into an agreement with Southwest Gas to sell the Q-Pipe Group. The total value of this transaction was approximately $2 billion, comprised of approximately $1.5 billion of cash consideration (subject to customary closing adjustments) plus the assumption of long-term debt. The agreement provided that Dominion Energy retain the assets and obligations of the pension and other postretirement employee benefit plans associated with the operations included in the transaction and relating to services provided through closing.

In December 2021, Dominion Energy completed the sale of the Q-Pipe Group and received cash proceeds of $1.5 billion. This transaction was structured as an asset sale for tax purposes. Upon closing, Dominion Energy recognized a gain of $666 million (net of a $191 million write-off of goodwill) and an associated tax expense of $173 million, presented in net income (loss) from discontinued operations including noncontrolling interest in Dominion Energy’s Consolidated Statements of Income. Also in December 2021, Dominion Energy used the net proceeds from the sale to repay all outstanding balances under the July 2021 term loan agreement and terminated the term loan agreement. In 2022, Dominion Energy recognized a gain of $27 million ($20 million after-tax) in discontinued operations in its Consolidated Statements of Income associated with the finalization of working capital adjustments.

In connection with the closing of the sale of the Q-Pipe Group, Dominion Energy and Southwest Gas entered into a transition services agreement under which Dominion Energy provided specified administrative services to support the operations of the disposed

businesses through July 2023 for certain services. Dominion Energy recorded $5 million and $6 million associated with the transition services agreement in operating revenue in the Consolidated Statements of Income for the years ended December 31, 2023 and 2022, respectively.

The operations included in the Q-Pipe Group are presented in discontinued operations effective July 2020. As a result, depreciation and amortization ceased on the applicable assets. See Note 9 for additional information regarding Dominion Energy’s equity method investment in Cove Point.

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:

 

Year Ended December 31, 2021

 

Q-Pipe Group(1)

 

(millions)

 

 

 

Operating revenue

 

$

254

 

Operating expense

 

 

76

 

Other income (expense)(2)

 

 

28

 

Interest and related charges

 

 

25

 

Income (loss) before income taxes

 

 

181

 

Income tax expense (benefit)

 

 

36

 

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

 

$

145

 
(1)
Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.
(2)
Q-Pipe Group includes a $25 million benefit associated with the termination of the Q-Pipe Transaction in 2021.
(3)
Excludes $19 million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the year ended December 31, 2021.

 

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

 

Year Ended December 31, 2021

 

Q-Pipe Group(1)

 

(millions)

 

 

 

Capital expenditures

 

$

34

 

Significant noncash items

 

 

 

Depreciation and amortization

 

 

—

 

Accrued capital expenditures

 

 

—

 
(1)
Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.

Sale of Hope

In February 2022, Dominion Energy entered into an agreement to sell 100% of the equity interests in Hope to Ullico for $690 million of cash consideration, subject to customary closing adjustments, which closed in August 2022 after all customary closing and regulatory conditions were satisfied, including clearance under the Hart-Scott-Rodino Act and approval from the West Virginia Commission. The sale was treated as a stock sale for tax purposes.

In connection with closing, Dominion Energy recognized a pre-tax gain of $14 million, inclusive of customary closing adjustments, (net of $110 million write-off of goodwill which was not deductible for tax purposes) in losses (gains) on sales of assets in its Consolidated Statements of Income. The transaction resulted in an after-tax loss of $84 million. Upon meeting the classification as held for sale in the first quarter of 2022 and through the second quarter of 2022, Dominion Energy had recorded charges of $90 million in deferred income tax expense in its Consolidated Statements of Income to reflect the recognition of deferred taxes on the outside basis of Hope’s stock. This deferred income tax expense reversed upon closing of the sale and became a component of current income tax expense on the sale disclosed above. See Note 5 for additional information. In addition, a curtailment was recorded related to other postretirement benefit plans as discussed in Note 22.

All activity related to Hope is, effective September 2023, reflected in the Corporate and Other segment.

Sale of Kewaunee

In May 2021, Dominion Energy entered into an agreement to sell 100% of the equity interests in Dominion Energy Kewaunee, Inc. to EnergySolutions, including the transfer of all decommissioning obligations associated with Kewaunee, which ceased operations in 2013. The sale closed in June 2022 following approval from the Wisconsin Commission in May 2022 and NRC approval of a requested license transfer in March 2022. The sale was treated as an asset sale for tax purposes and Dominion Energy retained the assets and obligations of the pension and other postretirement employee benefit plans. EnergySolutions is subject to the Wisconsin

regulatory conditions agreed to by Dominion Energy upon its acquisition of Kewaunee, including the return of any excess decommissioning funds to WPSC and WP&L customers following completion of all decommissioning activities.

In the second quarter of 2022, Dominion Energy recorded a loss of $649 million ($513 million after-tax), recorded in losses (gains) on sales of assets in its Consolidated Statements of Income, primarily related to the difference between the nuclear decommissioning trust and AROs. Prior to its receipt, there had been uncertainty as to the timing of or ability to obtain approval from the Wisconsin Commission. Prior to closing, Dominion Energy withdrew $80 million from the nuclear decommissioning trust to recover certain spent nuclear fuel and other permitted costs.

All activity related to Kewaunee prior to closing is included in Contracted Energy, with remaining activity reflected in the Corporate and Other segment.

Acquisition of Birdseye

In May 2021, Dominion Energy acquired 100% of the ownership interest in Birdseye from BRE Holdings, LLC for total consideration of $46 million, consisting of $28 million in cash and $18 million, measured at fair value at closing, of consideration contingent on the achievement of certain revenue targets and future development project sales. Birdseye is primarily engaged in the development of solar energy projects in southeastern states in the U.S. with 2.5 GW of solar generation projects under development at acquisition. The allocation of the purchase price resulted in $25 million of development project assets, primarily reflected in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets, and $24 million of goodwill, which is not deductible for tax purposes. The goodwill reflects the value associated with enhancing Dominion Energy’s development of regulated and long-term contracted solar generating and electric storage projects. The fair value measurements, including of the assets acquired, were determined using the income approach and are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows. Birdseye is included in the Corporate and Other segment effective December 2023.
v3.24.0.1
Operating Revenue
 12 Months Ended
Dec. 31, 2023
Text Block [Abstract]  
Operating Revenue

NOTE 4. OPERATING REVENUE

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

5,141

 

 

$

5,261

 

 

$

4,509

 

 

$

3,863

 

 

$

4,039

 

 

$

3,366

 

Commercial

 

 

4,556

 

 

 

4,480

 

 

 

3,194

 

 

 

3,632

 

 

 

3,647

 

 

 

2,417

 

Industrial

 

 

887

 

 

 

901

 

 

 

748

 

 

 

440

 

 

 

472

 

 

 

367

 

Government and other retail

 

 

1,036

 

 

 

1,235

 

 

 

921

 

 

 

965

 

 

 

1,172

 

 

 

862

 

Wholesale

 

 

176

 

 

 

234

 

 

 

175

 

 

 

116

 

 

 

132

 

 

 

107

 

Nonregulated electric sales

 

 

758

 

 

 

1,249

 

 

 

1,005

 

 

 

65

 

 

 

68

 

 

 

44

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

293

 

 

 

331

 

 

 

322

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

145

 

 

 

188

 

 

 

160

 

 

 

 

 

 

 

 

 

 

Other

 

 

79

 

 

 

168

 

 

 

108

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

18

 

 

 

38

 

 

 

35

 

 

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

253

 

 

 

296

 

 

 

248

 

 

 

238

 

 

 

277

 

 

 

234

 

Other nonregulated revenues(1)(2)

 

 

145

 

 

 

171

 

 

 

236

 

 

 

53

 

 

 

61

 

 

 

73

 

Total operating revenue from
    contracts with customers

 

 

13,487

 

 

 

14,552

 

 

 

11,661

 

 

 

9,372

 

 

 

9,868

 

 

 

7,470

 

Other revenues(1)(3)

 

 

906

 

 

 

(614

)

 

 

(242

)

 

 

201

 

 

 

(214

)

 

 

—

 

Total operating revenue

 

$

14,393

 

 

$

13,938

 

 

$

11,419

 

 

$

9,573

 

 

$

9,654

 

 

$

7,470

 
(1)
See Note 25 for amounts attributable to related parties and affiliates.
(2)
Includes sales of renewable energy credits of $44 million, $42 million and $33 million for the years ended December 31, 2023, 2022 and 2021, respectively, at Dominion Energy and $29 million, $18 million and $21 million for the years ended December 31, 2023, 2022 and 2021, respectively, at Virginia Power.
(3)
Includes alternative revenue of $162 million, $72 million and $44 million at both Dominion Energy and Virginia Power for years ended December 31, 2023, 2022 and 2021, 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 December 31, 2023.

Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At December 31, 2023 and 2022, Dominion Energy’s contract liability

balances were $47 million and $51 million, respectively. At December 31, 2023 and 2022, Virginia Power’s contract liability balances were $40 million and $39 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the years ended December 31, 2023 and 2022, Dominion Energy recognized revenue of $48 million and $42 million from the beginning contract liability balance. During the years ended December 31, 2023 and 2022, Virginia Power recognized revenue of $39 million and $33 million, respectively, from the beginning contract liability balance.

v3.24.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 5. INCOME TAXES

 

Judgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws and associated regulations involves uncertainty, since tax authorities may interpret the laws differently. The Companies are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material.

In August 2022, the IRA was enacted which, among other things, extends the investment and production tax credits for clean energy technologies until at least 2032 and imposes a 15% alternative minimum tax on GAAP net income, as adjusted for certain items, of corporations greater than $1 billion for tax years beginning after December 31, 2022. The IRA did not impact the measurement of the Companies’ deferred income taxes or change the Companies' assessment of the realizability of deferred tax assets. The Companies continue to monitor and evaluate the impacts of the IRA, including changes in the Companies' interpretations, if any, as guidance is issued and finalized.

As indicated in Note 2, certain of the Companies’ operations, including accounting for income taxes, are subject to regulatory accounting treatment. For regulated operations, many of the changes in deferred taxes from the 2017 Tax Reform Act represent amounts probable of collection from or return to customers and are presented as components of regulatory assets or liabilities. See Note 13 for additional information and current year developments.

Continuing Operations

Details of income tax expense for continuing operations including noncontrolling interests were as follows:

 

Dominion Energy

 

Virginia Power

 

Year Ended December 31,

2023

 

2022

 

2021

 

2023

 

2022

 

2021

 

(millions)

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Federal

$

(385

)

$

(76

)

$

(301

)

$

(116

)

$

17

 

$

67

 

State

 

(99

)

 

27

 

 

13

 

 

6

 

 

(17

)

 

(13

)

Total current expense (benefit)

 

(484

)

 

(49

)

 

(288

)

 

(110

)

 

—

 

 

54

 

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

Taxes before operating loss
   carryforwards and investment tax credits

 

760

 

 

95

 

 

558

 

 

406

 

 

215

 

 

294

 

Tax utilization expense of operating
   loss carryforwards

 

45

 

 

35

 

 

42

 

 

—

 

 

—

 

 

—

 

State

 

282

 

 

73

 

 

(49

)

 

107

 

 

108

 

 

116

 

Total deferred expense

 

1,087

 

 

203

 

 

551

 

 

513

 

 

323

 

 

410

 

Investment tax credits

 

(28

)

 

 

(41

)

 

 

(444

)

 

 

(14

)

 

 

(29

)

 

 

(17

)

Total income tax expense (benefit)

$

575

 

$

113

 

$

(181

)

$

389

 

$

294

 

$

447

 

In 2023, Dominion Energy’s current income taxes reflect a benefit from continuing operations as the income tax expense associated with the East Ohio, PSNC and Questar Gas Transactions and Cove Point operations, including the Cove Point gain, is reflected in discontinued operations. Dominion Energy’s income tax expense from continuing operations reflects the utilization of investment tax credit carryforwards to offset a portion of the federal tax on the Cove Point gain, presented in discontinued operations.

In 2022, Dominion Energy’s current income taxes reflect a benefit from continuing operations as the income tax expense associated with the East Ohio, PSNC and Questar Gas Transactions and Cove Point operations is reflected in discontinued operations.

In 2021, Dominion Energy’s current income taxes reflect a benefit from continuing operations as the income tax expense associated with the East Ohio, PSNC and Questar Gas Transactions, Cove Point and Q-Pipe Group’s operations, including taxes on the gain, is reflected in discontinued operations. Dominion Energy’s income tax expense reflects the utilization of investment tax credit

carryforwards to offset a portion of the federal tax gain on the sale. 2021 investment tax credits include the impact of the sale of SBL Holdco and a 50% noncontrolling interest in Four Brothers and Three Cedars, as described below.

 

Discontinued Operations

Income tax expense reflected in discontinued operations is $1.3 billion, $197 million, and $374 million for the years ended December 31, 2023, 2022 and 2021, respectively. As discussed in Note 3, Dominion Energy entered into agreements for the East Ohio, PSNC and Questar Gas Transactions in September 2023, each of which will be treated as a stock sale for income tax purposes. In connection with the pending sales, Dominion Energy recorded a charge of $886 million, $825 million of which established deferred tax liabilities to reflect the excess of the financial reporting basis over the tax basis in the stock of the entities anticipated to be sold. These deferred taxes will reverse upon closing of the respective sales, all of which are expected to occur in 2024. In addition, Dominion Energy recorded tax expense of $278 million associated with completing the sale in September 2023 of its remaining 50% noncontrolling partnership interest in Cove Point to BHE as discussed in Note 9. Income taxes reflect tax expense on pre-tax income attributable to East Ohio, PSNC, Questar Gas, Wexpro and equity method earnings from Cove Point of $104 million, $233 million and $218 million, partially offset by an income tax benefit of $59 million, $38 million and $37 million related to excess deferred income tax amortization for the years ended December 31, 2023, 2022 and 2021, respectively. 2021 income tax expense also includes a $14 million benefit related to finalizing income tax returns on the GT&S Transaction and the absence of a $36 million benefit on non-deductible goodwill written off in connection with the sale of the Q-Pipe Group.

 

Continuing Operations

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

Twelve Months Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

 

U.S. statutory rate

 

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recognition of taxes - sale of
    subsidiary stock

 

 

—

 

 

 

17.0

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

Recognition of taxes - privatization
   intercompany gain

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

2.4

 

 

 

—

 

 

State taxes, net of federal benefit

 

 

4.1

 

 

 

11.3

 

 

 

1.1

 

 

 

4.7

 

 

 

4.6

 

 

 

4.6

 

 

Investment tax credits

 

 

(1.0

)

 

 

(7.7

)

 

 

(23.6

)

 

 

(0.8

)

 

 

(2.0

)

 

 

(0.8

)

 

Production tax credits

 

 

(0.6

)

 

 

(2.7

)

 

 

(0.7

)

 

 

(0.8

)

 

 

(1.0

)

 

 

(0.6

)

 

Valuation allowances

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Reversal of excess deferred income
    taxes

 

 

(2.6

)

 

 

(15.3

)

 

 

(3.3

)

 

 

(2.6

)

 

 

(3.8

)

 

 

(2.1

)

 

State legislative change

 

 

(0.1

)

 

 

(0.1

)

 

 

(1.1

)

 

 

—

 

 

 

—

 

 

 

(0.7

)

 

Changes in state deferred taxes
    associated with assets held for sale

 

 

1.1

 

 

 

0.9

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

AFUDC—equity

 

 

—

 

 

 

(1.1

)

 

 

(0.6

)

 

 

—

 

 

 

(0.4

)

 

 

(0.5

)

 

Settlements of uncertain tax positions

 

 

(0.4

)

 

 

—

 

 

 

(2.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

Absence of tax on noncontrolling
    interest

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

 

 

 

 

 

 

 

 

Employee stock ownership plan
    deduction

 

 

(0.3

)

 

 

(1.5

)

 

 

(0.5

)

 

 

 

 

 

 

 

 

 

 

Other, net

 

 

(0.2

)

 

 

(0.9

)

 

 

—

 

 

 

(0.4

)

 

 

0.1

 

 

 

0.3

 

 

Effective tax rate

 

 

21.0

 

%

 

20.9

 

%

 

(9.7

)

%

 

21.1

 

%

 

20.9

 

%

 

21.2

 

%

Dominion Energy’s 2023 effective tax rate includes a net income tax expense of $29 million associated with the remeasurement of consolidated state deferred taxes as a result of the East Ohio, PSNC and Questar Gas Transactions and sale of Dominion Energy’s 50% noncontrolling partnership interest in Cove Point as discussed in Notes 3 and 9, respectively.

In August 2022, Dominion Energy sold 100% of the equity interests in Hope in a stock sale for income tax purposes. Dominion Energy’s 2022 effective tax rate reflects the current income tax expense on the sale of Hope’s stock. Virginia Power transferred its existing privatization operations in Virginia to Dominion Energy, and Dominion Energy contributed these assets to Dominion Privatization. As the original owner of these privatization assets, Virginia Power is required to recognize the income tax expense on Dominion Energy’s transaction with Dominion Privatization. As such, Virginia Power’s 2022 effective tax rate reflects an income tax expense of $34 million on this transaction.

Dominion Energy’s 2021 effective tax rate includes income tax benefits of $196 million and $196 million associated with the write-off of remaining unamortized investment tax credit liabilities attributable to the sale of SBL Holdco and a 50% noncontrolling interest in Four Brothers and Three Cedars, respectively. In December 2021, unrecognized tax benefits related to several state uncertain tax positions acquired in the SCANA Combination were effectively settled through negotiations with the taxing authority. Management believed it was reasonably possible these unrecognized tax benefits could decrease through settlement negotiations or payments during 2021, however no income tax benefits could be recognized unless or until the positions were effectively settled. Resolution of these uncertain tax positions decreased income tax expense by $38 million. In addition, the Companies’ effective tax rates reflect the benefit of a state legislative change enacted in April 2021 for tax years beginning January 1, 2022. Dominion Energy’s effective tax rate reflects a $21 million deferred tax benefit, inclusive of a $16 million deferred tax benefit at Virginia Power.

The Companies’ deferred income taxes consist of the following:

 

Dominion Energy

 

Virginia Power

 

At December 31,

2023

 

2022

 

2023

 

2022

 

(millions)

 

 

 

 

Deferred income taxes:

 

 

 

 

Total deferred income tax assets

$

2,150

 

 

$

2,960

 

$

1,281

 

$

1,695

 

Total deferred income tax liabilities

 

8,761

 

 

 

7,981

 

 

4,905

 

 

4,760

 

Total net deferred income tax liabilities

$

6,611

 

$

5,021

 

$

3,624

 

$

3,065

 

Total deferred income taxes:

 

 

 

 

Depreciation method and plant basis differences

$

4,588

 

 

$

4,449

 

$

3,588

 

$

3,437

 

Excess deferred income taxes

 

(811

)

 

 

(847

)

 

(600

)

 

(616

)

Unrecovered nuclear plant cost

 

 

450

 

 

 

479

 

 

 

 

 

 

 

DESC rate refund

 

 

(67

)

 

 

(89

)

 

 

 

 

 

 

Toshiba Settlement

 

 

(147

)

 

 

(162

)

 

 

 

 

 

 

Nuclear decommissioning

 

1,109

 

 

 

1,001

 

 

332

 

 

311

 

Deferred state income taxes

 

975

 

 

 

786

 

 

620

 

 

544

 

Federal benefit of deferred state income taxes

 

(220

)

 

 

(160

)

 

(130

)

 

(114

)

Deferred fuel, purchased energy and gas costs

 

299

 

 

 

509

 

 

267

 

 

403

 

Pension benefits

 

324

 

 

 

330

 

 

(110

)

 

(105

)

Other postretirement benefits

 

116

 

 

 

58

 

 

125

 

 

111

 

Loss and credit carryforwards

 

(1,022

)

 

 

(1,782

)

 

(309

)

 

(751

)

Deferred unamortized investment tax credits

 

 

(257

)

 

 

(265

)

 

 

(164

)

 

 

(164

)

Valuation allowances

 

130

 

 

 

137

 

 

8

 

 

7

 

Partnership basis differences

 

70

 

 

 

466

 

 

 

 

 

 

Total deferred taxes on stock held for sale

 

 

804

 

 

 

—

 

 

 

 

 

 

 

Other

 

270

 

 

 

111

 

 

(3

)

 

2

 

Total net deferred income tax liabilities

$

6,611

 

$

5,021

 

$

3,624

 

 

$

3,065

 

At December 31, 2023, Dominion Energy had the following deductible loss and credit carryforwards:

 

Deductible

 

 

Deferred

 

Valuation

 

Expiration

 

 

Amount

 

 

Tax Asset

 

 

Allowance

 

 

Period

(millions)

 

 

 

 

 

 

 

 

 

 

Federal losses

$

576

 

$

121

 

$

—

 

 

2037

Federal investment credits

—

 

 

 

264

 

—

 

 

2041-2043

Federal production and other credits

—

 

 

91

 

—

 

 

2041-2043

State losses

 

2,678

 

 

131

 

 

(51

)

 

2024-2043

State minimum tax credits

—

 

 

327

 

—

 

 

No expiration

State investment and other credits

—

 

 

125

 

 

(79

)

 

2024-2033

Total

$

3,254

 

$

1,059

 

$

(130

)

 

 

At December 31, 2023, Virginia Power had the following deductible loss and credit carryforwards:

 

Deductible

 

 

Deferred

 

Valuation

 

Expiration

 

 

Amount

 

 

Tax Asset

 

 

Allowance

 

 

Period

(millions)

 

 

 

 

 

 

 

 

 

 

Federal investment credits

$

—

 

$

241

 

$

—

 

 

2041-2043

Federal production and other credits

—

 

 

58

 

—

 

 

2041-2043

State losses

 

 

3

 

 

 

—

 

 

—

 

 

2042

State investment and other credits

—

 

 

9

 

 

(8

)

 

2024

Total

$

3

 

$

308

 

$

(8

)

 

A reconciliation of changes in Dominion Energy’s unrecognized tax benefits follows. Virginia Power does not have any unrecognized tax benefits in the periods presented:

 

Dominion Energy

 

 

2023

 

 

2022

 

 

2021

 

 

(millions)

 

 

 

 

 

 

Balance at January 1,

$

117

 

 

$

128

 

 

$

167

 

 

Prior period positions - increases

 

5

 

 

 

8

 

 

 

48

 

 

Prior period positions - decreases

 

(12

)

 

 

(8

)

 

 

(59

)

 

Current period positions - increases

 

—

 

 

 

2

 

 

 

2

 

 

Settlements with tax authorities

 

—

 

 

 

(3

)

 

 

(26

)

 

Expiration of statutes of limitations

 

—

 

 

 

(10

)

 

 

(4

)

 

Balance at December 31,

$

110

 

 

$

117

 

 

$

128

 

 

Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion Energy and its subsidiaries, these unrecognized tax benefits were $52 million, $64 million and $72 million at December 31, 2023, 2022 and 2021, respectively. In discontinued operations, these unrecognized tax benefits were $38 million at December 31, 2023 and $33 million at both December 31, 2022 and 2021. For Dominion Energy, the change in these unrecognized tax benefits decreased income tax expense by $8 million, $7 million and $34 million in 2023, 2022 and 2021, respectively.

Dominion Energy participates in the IRS Compliance Assurance Process which provides the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions agreed to by the IRS. The IRS has completed its audit of tax years through 2019. The statute of limitations has not yet expired for years after 2019. Although Dominion Energy has not received a final letter indicating no changes to its taxable income for tax years 2022, 2021 and 2020, no material adjustments are expected. The IRS examination of tax year 2023 is ongoing.

It is reasonably possible that settlement negotiations and expiration of statutes of limitations could result in a decrease in unrecognized tax benefits in 2024 by up to $27 million for Dominion Energy. If such changes were to occur, other than revisions of the accrual for interest on tax underpayments and overpayments, earnings could increase by up to $14 million for Dominion Energy. Otherwise, with regard to 2023 and prior years, the Companies cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2024.

For each of the major states in which Dominion Energy operates or previously operated, the earliest tax year remaining open for examination is as follows:

 

State

Earliest Open Tax Year

Pennsylvania(1)

2012

Connecticut

2020

Virginia(2)

2020

Utah(1)

2019

South Carolina

2020

 

(1)
Considered a major state for entities presented in discontinued operations.
(2)
Considered a major state for Virginia Power’s operations.

The Companies are also obligated to report adjustments resulting from IRS settlements to state tax authorities. In addition, if Dominion Energy utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are generally subject to examination.
v3.24.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 6. FAIR VALUE MEASUREMENTS

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 2. See Note 7 for additional information about the Companies’ derivative 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 December 31, 2023. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

$

3

 

(1)-5

 

2

 

 

 

$

3

 

 

(1) - 5

 

2

Electricity

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

 

152

 

27-121

 

47

 

 

 

 

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

 

Option model

 

Market price (per Dth)

(3)

 

 

70

 

1-7

 

4

 

 

 

 

18

 

 

1-7

 

4

 

 

 

 

Price volatility

(4)

 

 

 

3%-76%

 

45%

 

 

 

 

 

 

11%-64%

 

53%

Total assets

 

 

 

 

 

 

 

$

225

 

 

 

 

 

 

 

$

21

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

 

Discounted
   cash flow

 

Market price
   (per Dth)

(3)

 

$

14

 

(2)-3

 

(1)

 

 

 

$

14

 

 

(2)-3

 

(1)

FTRs

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

 

123

 

(1)-7

 

2

 

 

 

 

123

 

 

(1)-7

 

2

Electricity

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

 

2

 

40-127

 

 

62

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

$

139

 

 

 

 

 

 

 

$

137

 

 

 

 

 
(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 3 for information on the nonrecurring fair value measurement associated with Dominion Energy’s acquisition of Birdseye. See Note 9 for information regarding nonrecurring fair value measurements associated with Dominion Energy’s noncontrolling interest in businesses and assets contributed to Wrangler and Dominion Energy’s noncontrolling ownership interest in Dominion Privatization. See Note 10 for information regarding impairment charges recorded by Dominion Energy associated with a corporate office building, nonregulated solar facilities and non-wholly-owned nonregulated solar facilities in partnerships.

 

In 2023, Dominion Energy recorded a charge of $15 million ($11 million after-tax) presented within discontinued operations in its Consolidated Statements of Income (reflected in the Corporate and Other segment) to adjust certain nonregulated solar assets down to their estimated fair value, using a market approach, of $22 million. The valuation is considered a Level 2 fair value measurement given that it is based on bids received. As discussed in Note 3, these assets were sold in August 2023.

 

In 2021, Dominion Energy recorded a charge of $20 million ($15 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment) to write off substantially all of the long-lived assets of its nonregulated retail software development operations to their estimated fair value, using a market approach, of less than $1 million. The valuation is considered a Level 2 fair value measurement given that it is based on bids received.

 

In 2021, Dominion Energy recorded a charge of $16 million ($12 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 both an income and market approach, of $26 million. The valuation is considered a Level 3 measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates inherent in the future cash flows and market prices. 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 December 31, 2023 and 2022.

Recurring Fair Value Measurements

Fair value measurements are separately disclosed by level within the fair value hierarchy with a separate reconciliation of fair value measurements categorized as Level 3. Fair value disclosures for assets held in the Companies’ pension and other postretirement benefit plans are presented in Note 22.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

332

 

 

$

437

 

 

$

769

 

 

$

—

 

 

$

32

 

 

$

236

 

 

$

268

 

Interest rate

 

 

—

 

 

 

1,407

 

 

 

—

 

 

 

1,407

 

 

 

—

 

 

 

614

 

 

 

—

 

 

 

614

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,810

 

 

 

—

 

 

 

—

 

 

 

3,810

 

 

 

2,028

 

 

 

—

 

 

 

—

 

 

 

2,028

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

576

 

 

 

—

 

 

 

576

 

 

 

—

 

 

 

360

 

 

 

—

 

 

 

360

 

Government securities

 

 

161

 

 

 

1,059

 

 

 

—

 

 

 

1,220

 

 

 

90

 

 

 

542

 

 

 

—

 

 

 

632

 

Total assets

 

$

3,971

 

 

$

3,374

 

 

$

437

 

 

$

7,782

 

 

$

2,118

 

 

$

1,548

 

 

$

236

 

 

$

3,902

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

911

 

 

$

15

 

 

$

926

 

 

$

—

 

 

$

333

 

 

$

15

 

 

$

348

 

Interest rate

 

 

—

 

 

 

377

 

 

 

—

 

 

 

377

 

 

 

—

 

 

 

7

 

 

 

—

 

 

 

7

 

Foreign currency exchange rate

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

Total liabilities

 

$

—

 

 

$

1,389

 

 

$

15

 

 

$

1,404

 

 

$

—

 

 

$

441

 

 

$

15

 

 

$

456

 

 

(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $457 million and $404 million of assets at Dominion Energy, inclusive of $217 million and $161 million at Virginia Power, at December 31, 2023 and 2022, 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

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

422

 

 

$

222

 

 

$

103

 

 

$

221

 

 

$

102

 

 

$

103

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenue

 

 

1

 

 

 

2

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(273

)

 

 

444

 

 

 

10

 

 

 

(278

)

 

 

382

 

 

 

4

 

Discontinued operations

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Included in regulatory assets/liabilities

 

 

(414

)

 

 

183

 

 

 

119

 

 

 

(349

)

 

 

102

 

 

 

(1

)

Settlements

 

 

241

 

 

 

(455

)

 

 

(10

)

 

 

255

 

 

 

(393

)

 

 

(4

)

Purchases

 

 

104

 

 

 

28

 

 

 

—

 

 

 

35

 

 

 

28

 

 

 

—

 

Transfers out of Level 3

 

 

6

 

 

 

(2

)

 

 

9

 

 

 

 

 

 

 

 

 

 

Ending balance

 

$

86

 

 

$

422

 

 

$

222

 

 

$

(116

)

 

$

221

 

 

$

102

 

Dominion Energy had a $7 million gain included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the year ended December 31, 2023. Virginia Power had no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the year ended December 31, 2023. The Companies’ had no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2022 and 2021.

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)

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

39,680

 

 

$

36,426

 

 

$

15,616

 

 

$

14,067

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Junior subordinated notes(2)

 

 

1,387

 

 

 

1,340

 

 

 

 

 

 

 

(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 December 31, 2023 and December 31, 2022. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both December 31, 2023 and 2022.
v3.24.0.1
Derivatives and Hedge Accounting Activities
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

NOTE 7. DERIVATIVES AND HEDGE ACCOUNTING ACTIVITIES

See Note 2 for the Companies’ accounting policies, objectives, and strategies for using derivative instruments. See Notes 2 and 6 for further information about fair value measurements and associated valuation methods for derivatives.

Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new

over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for further information regarding other long-term debt, in the form of restructured derivatives, subject to offset under master netting or similar agreements. See Note 24 for further 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 its 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

408

 

 

$

28

 

 

$

—

 

 

$

380

 

 

$

238

 

 

$

7

 

 

$

—

 

 

$

231

 

Exchange

 

 

160

 

 

 

159

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

1,407

 

 

 

248

 

 

 

—

 

 

 

1,159

 

 

 

614

 

 

 

38

 

 

 

—

 

 

 

576

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,975

 

 

$

435

 

 

$

—

 

 

$

1,540

 

 

$

852

 

 

$

45

 

 

$

—

 

 

$

807

 
(1)
Excludes derivative assets of $143 million and $201 million at Dominion Energy, and $1 million and $30 million at Virginia Power, at December 31, 2023 and 2022, respectively, which are not subject to master netting or 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

443

 

 

$

34

 

 

$

71

 

 

$

338

 

 

$

146

 

 

$

13

 

 

$

71

 

 

$

62

 

Exchange

 

 

483

 

 

 

159

 

 

 

324

 

 

 

—

 

 

 

176

 

 

 

—

 

 

 

176

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

377

 

 

 

210

 

 

 

1

 

 

 

166

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

7

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

101

 

 

 

32

 

 

 

—

 

 

 

69

 

 

 

101

 

 

 

32

 

 

 

—

 

 

 

69

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,404

 

 

$

435

 

 

$

396

 

 

$

573

 

 

$

430

 

 

$

45

 

 

$

247

 

 

$

138

 
(1)
Excludes derivative liabilities of $76 million and $26 million at Virginia Power at December 31, 2023 and 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 or 2022 which were not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity as of December 31, 2023. 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 their long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

38

 

 

 

14

 

 

 

32

 

 

 

14

 

Basis(1)

 

 

179

 

 

 

346

 

 

 

141

 

 

 

346

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

17

 

 

 

40

 

 

 

8

 

 

 

9

 

FTRs

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

Interest rate(2) (in millions)

 

$

6,145

 

 

$

10,112

 

 

$

2,200

 

 

$

1,050

 

Foreign currency exchange rate(2) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,463 kr.

 

 

2,707 kr.

 

 

1,463 kr.

 

 

2,707 kr.

 

Euro

 

€548

 

 

€1,557

 

 

€548

 

 

€1,557

 

 

(1)
Includes options.
(2)
Maturity is determined based on final settlement period.

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at December 31, 2023:

 

 

 

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

 

$

(216

)

 

$

(32

)

 

384 months

 

$

15

 

 

$

—

 

 

384 months

Total

 

$

(216

)

 

$

(32

)

 

 

 

$

15

 

 

$

—

 

 

 

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 tables present 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 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(3)

 

 

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(4)

 

 

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(6)

 

 

—

 

 

 

321

 

 

 

321

 

 

 

—

 

 

 

72

 

 

 

72

 

Total derivative liabilities

 

$

45

 

 

$

652

 

 

$

697

 

 

$

45

 

 

$

271

 

 

$

316

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

532

 

 

$

532

 

 

$

—

 

 

$

264

 

 

$

264

 

Interest rate

 

 

501

 

 

 

104

 

 

 

605

 

 

 

501

 

 

 

—

 

 

 

501

 

Total current derivative assets(1)

 

 

501

 

 

 

636

 

 

 

1,137

 

 

 

501

 

 

 

264

 

 

 

765

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

237

 

 

 

237

 

 

 

—

 

 

 

4

 

 

 

4

 

Interest rate

 

 

113

 

 

 

689

 

 

 

802

 

 

 

113

 

 

 

—

 

 

 

113

 

Total noncurrent derivative assets(2)(3)

 

 

113

 

 

 

926

 

 

 

1,039

 

 

 

113

 

 

 

4

 

 

 

117

 

Total derivative assets

 

$

614

 

 

$

1,562

 

 

$

2,176

 

 

$

614

 

 

$

268

 

 

$

882

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

700

 

 

$

700

 

 

$

—

 

 

$

290

 

 

$

290

 

Interest rate

 

 

—

 

 

 

70

 

 

 

70

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

8

 

 

 

8

 

Total current derivative liabilities(4)

 

 

—

 

 

 

778

 

 

 

778

 

 

 

—

 

 

 

298

 

 

 

298

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

226

 

 

 

226

 

 

 

—

 

 

 

58

 

 

 

58

 

Interest rate

 

 

7

 

 

 

300

 

 

 

307

 

 

 

7

 

 

 

—

 

 

 

7

 

Foreign currency exchange rate

 

 

—

 

 

 

93

 

 

 

93

 

 

 

—

 

 

 

93

 

 

 

93

 

Total noncurrent derivative liabilities(5)(6)

 

 

7

 

 

 

619

 

 

 

626

 

 

 

7

 

 

 

151

 

 

 

158

 

Total derivative liabilities

 

$

7

 

 

$

1,397

 

 

$

1,404

 

 

$

7

 

 

$

449

 

 

$

456

 
(1)
Includes $54 million and $118 million reported in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.
(2)
Includes $1 million reported in noncurrent assets held for sale in Dominion Energy's Consolidated Balance Sheets at December 31, 2022.
(3)
Virginia Power’s noncurrent derivative assets are presented in other deferred charges and other assets in its Consolidated Balance Sheets.
(4)
Includes $30 million and $6 million reported in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.
(5)
Includes $1 million reported in noncurrent liabilities held for sale in Dominion Energy's Consolidated Balance Sheets at December 31, 2022.
(6)
Virginia Power’s noncurrent derivative liabilities are presented in other deferred credits and other liabilities in its 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(1

)

 

$

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 

Total

 

$

(1

)

 

$

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

89

 

 

 

(57

)

 

$

855

 

 

$

80

 

 

$

(2

)

 

$

854

 

Total

 

$

89

 

 

$

(57

)

 

$

855

 

 

$

80

 

 

$

(2

)

 

$

854

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity(4)

 

 

 

 

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

21

 

 

 

(60

)

 

$

135

 

 

$

17

 

 

$

(3

)

 

$

130

 

Total

 

$

21

 

 

$

(61

)

 

$

135

 

 

$

17

 

 

$

(3

)

 

$

130

 
(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 Statements of Income are classified in interest and related charges.
(4)
Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in purchased gas.

 

 

 

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

 

Derivatives not designated as hedging instruments

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

707

 

 

$

(729

)

 

$

(487

)

 

$

27

 

 

$

(303

)

 

$

(62

)

Purchased gas

 

 

—

 

 

 

13

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(380

)

 

 

514

 

 

 

16

 

 

 

(384

)

 

 

453

 

 

 

9

 

Discontinued operations

 

 

86

 

 

 

8

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Other operations & maintenance

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

84

 

 

 

406

 

 

 

89

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

17

 

 

 

244

 

 

 

8

 

 

 

 

 

 

 

 

 

 

Total

 

$

516

 

 

$

456

 

 

$

(375

)

 

$

(355

)

 

$

150

 

 

$

(53

)
(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.
v3.24.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 8. EARNINGS PER SHARE

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

 

 

 

2023

 

 

2022

 

 

2021

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

Net Income From Continuing Operations Including Noncontrolling Interests

 

$

2,157

 

 

$

427

 

 

$

2,041

 

Preferred stock dividends (see Note 19)

 

 

(81

)

 

 

(93

)

 

 

(68

)

Net income (loss) attributable to Dominion Energy from continuing operations -
   Basic

 

 

2,076

 

 

 

334

 

 

 

1,973

 

Dilutive effect of 2019 Equity Units(1)

 

 

—

 

 

 

—

 

 

 

—

 

Net income attributable to Dominion Energy from continuing operations - Diluted

 

$

2,076

 

 

$

334

 

 

$

1,973

 

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

 

$

(163

)

 

$

894

 

 

$

1,358

 

Average shares of common stock outstanding – Basic

 

 

836.4

 

 

 

823.9

 

 

 

807.8

 

Net effect of dilutive securities(2)

 

 

0.1

 

 

 

0.9

 

 

 

0.7

 

Average shares of common stock outstanding – Diluted

 

 

836.5

 

 

 

824.8

 

 

 

808.5

 

EPS from continuing operations - Basic

 

$

2.48

 

 

$

0.41

 

 

$

2.44

 

EPS from discontinued operations - Basic

 

 

(0.19

)

 

 

1.08

 

 

 

1.68

 

EPS attributable to Dominion Energy - Basic

 

$

2.29

 

 

$

1.49

 

 

$

4.12

 

EPS from continuing operations - Diluted

 

$

2.48

 

 

$

0.41

 

 

$

2.44

 

EPS from discontinued operations - Diluted

 

 

(0.19

)

 

 

1.08

 

 

 

1.68

 

EPS attributable to Dominion Energy - Diluted

 

$

2.29

 

 

$

1.49

 

 

$

4.12

 
(1)
As discussed in Note 19, effective in June 2022 through its redemption in September 2022, the Series A Preferred Stock was considered to be mandatorily redeemable and was classified in current liabilities. In accordance with revised accounting standards effective January 2022, a fair value adjustment, if dilutive, of the Series A Preferred Stock was no longer included in applying the if converted method to the 2019 Equity Units. In addition, diluted net income was no longer reduced by the Series A Preferred Stock dividends. No fair value adjustment was necessary for 2021.
(2)
Dilutive securities for 2023, 2022 and 2021 consist primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). Additionally, in 2022 and 2021, dilutive securities include forward sales agreements entered into in November 2021 and settled in December 2022 (applying the treasury stock method). See Notes 20 and 23 for additional information.

The 2019 Equity Units, prior to settlement in June 2022, and the Q-Pipe Transaction deposit, prior to being settled in cash in July 2021, were potentially dilutive instruments. See Notes 3 and 19 for additional information.

For the year ended December 31, 2021, the forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS from continuing operations as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the effect of dilutive securities within diluted EPS from continuing operations, and a fair value adjustment is excluded from the calculation of diluted EPS from continuing operations, as such fair value adjustment was not dilutive during the period.

The impact of settling the deposit associated with the Q-Pipe Transaction in shares is excluded from the calculation for the year ending December 31, 2021 based upon the expectation Dominion Energy would settle in cash, which occurred in July 2021, rather than through the issuance of shares of Dominion Energy common stock.

v3.24.0.1
Investments
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments

NOTE 9. INVESTMENTS

Dominion Energy

Equity and Debt Securities

Short-Term Deposit

In May 2022, Dominion Energy entered into an agreement with a financial institution and committed to make a short-term deposit of at least $1.6 billion but not more than $2.0 billion to be posted as collateral to secure its $1.6 billion redemption obligation of the Series A Preferred Stock as described in Note 19. In May 2022, Dominion Energy funded the short-term deposit in the amount of $2.0 billion, which earned interest income at an annual rate of 1.75% through its maturity in September 2022.

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $119 million and $111 million at December 31, 2023 and 2022, 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,378

 

$

2,501

 

$

(46

)

 

 

 

$

3,833

 

 

$

858

 

$

1,304

 

$

(35

)

 

 

 

$

2,127

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

640

 

 

1

 

 

(65

)

 

$

—

 

 

576

 

 

 

406

 

 

1

 

 

(47

)

 

$

—

 

 

360

 

Government
   securities

 

1,252

 

 

4

 

 

(70

)

 

 

—

 

 

1,186

 

 

 

664

 

 

2

 

 

(35

)

 

 

—

 

 

631

 

Common/
   collective
   trust funds

 

98

 

 

—

 

 

—

 

 

 

—

 

 

98

 

 

 

61

 

 

—

 

 

—

 

 

 

—

 

 

61

 

Insurance contracts

 

221

 

 

—

 

 

—

 

 

 

 

 

221

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

43

 

 

—

 

 

—

 

 

 

—

 

 

43

 

 

 

23

 

 

—

 

 

—

 

 

 

—

 

 

23

 

Total

$

3,632

 

$

2,506

 

$

(181

)

(4)

$

—

 

$

5,957

 

 

$

2,012

 

$

1,307

 

$

(117

)

(4)

$

—

 

$

3,202

 

 

(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income.
(3)
Dominion Energy includes pending sales of securities of $49 million and $42 million at December 31, 2023 and 2022, respectively. Virginia Power includes pending sales of securities of $27 million and $24 million at December 31, 2023 and 2022, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $764 million and $1.6 billion at December 31, 2023 and 2022, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $384 million and $946 million at December 31, 2023 and 2022, 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

 

Year Ended December 31,

 

2023

 

2022

 

2021

 

 

2023

 

2022

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

811

 

$

(848

)

$

1,072

 

 

$

420

 

$

(436

)

$

552

 

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

 

 

(7

)

 

8

 

 

(346

)

 

 

7

 

 

(7

)

 

(190

)

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

 

$

804

 

$

(840

)

$

726

 

 

$

427

 

$

(443

)

$

362

 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

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 December 31, 2023 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

185

 

 

$

140

 

Due after one year through five years

 

 

509

 

 

 

250

 

Due after five years through ten years

 

 

407

 

 

 

236

 

Due after ten years

 

 

981

 

 

 

588

 

Total

 

$

2,082

 

 

$

1,214

 

 

 

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

2,966

 

 

$

3,282

 

 

$

3,985

 

 

$

1,876

 

 

$

1,538

 

 

$

1,791

 

Realized gains(1)

 

 

92

 

 

 

143

 

 

 

441

 

 

 

50

 

 

 

48

 

 

 

228

 

Realized losses(1)

 

 

169

 

 

 

296

 

 

 

91

 

 

 

99

 

 

 

107

 

 

 

35

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

 

EQUITY METHOD INVESTMENTS

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

 

 

 

Investment

 

 

Company

 

Ownership%

 

 

Balance

 

 

Description

As of December 31,

 

2023

 

2022

 

(millions)

 

 

 

 

Cove Point

 

50

%

(1)

$

—

 

 

$

2,673

 

(1)

LNG import/export and storage facility

Atlantic Coast Pipeline

 

 

53

%

 

 

—

 

(2)

 

—

 

(2)

Gas transmission system

Align RNG

 

 

50

%

 

 

80

 

 

 

103

 

 

Renewable natural gas

Dominion Privatization

 

 

50

%

 

 

172

 

 

 

176

 

 

Military electric and gas

Other

various

 

 

 

59

 

(3)

 

60

 

(3)

Total

 

 

$

311

 

 

$

3,012

 

 

 

(1)
Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
(2)
Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $114 million at December 31, 2023 and 2022, respectively, presented in other current liabilities. See discussion below for additional information.
(3)
Dominion Energy’s Consolidated Balance Sheets includes balances presented in current assets held for sale of $43 million and noncurrent assets held for sale of $43 million, at December 31, 2023 and 2022, respectively.

Dominion Energy recorded equity earnings (losses) on its investments of $(26) million, $21 million and $15 million for the years ended December 31, 2023, 2022 and 2021, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings of $235 million, $271 million and $244 million for the years ended December 31, 2023, 2022 and 2021, respectively, in discontinued operations including amounts related to its investments in Cove Point (through September 2023) and Atlantic Coast Pipeline discussed below. Dominion Energy received distributions from these investments of $245 million, $355 million and $332 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $18 million and $223 million, respectively. 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. At December 31, 2022, these differences are comprised of $9 million of equity method goodwill that is not being amortized, $215 million basis difference from Dominion Energy’s investment in Cove Point, which was being amortized over the useful lives of the underlying assets and a net $(1) million basis difference primarily attributable to capitalized interest.

Cove Point

Prior to the completion of the sale to BHE in September 2023, Dominion held a 50% noncontrolling limited partnership interest in Cove Point which was accounted for as an equity method investment as Dominion Energy had the ability to exercise significant influence over, but not control, Cove Point.

Dominion Energy recorded distributions from Cove Point of $227 million, $344 million and $300 million for the years ended December 31, 2023, 2022 and 2021, respectively. Dominion Energy made no contributions to Cove Point for the years ended December 31, 2023, 2022 or 2021.

In June 2023, Dominion Energy entered into an agreement with Cove Point for transportation and storage services at market rates for a 20-year period commencing August 2023.

In July 2023, Dominion Energy entered into an agreement to sell its 50% noncontrolling limited partnership interest in Cove Point to BHE for cash consideration of $3.3 billion which closed in September 2023 after all customary closing and regulatory conditions were satisfied, including clearance under the Hart-Scott-Rodino Act and approval from the DOE. The sale is treated as an asset sale for tax purposes. In addition, Dominion Energy received proceeds of $199 million from the settlement of related interest rate derivatives. In connection with closing, Dominion Energy utilized proceeds, as required, to repay DECP Holding’s term loan secured by its noncontrolling interest in Cove Point, which had an outstanding balance of $2.2 billion, and $750 million of outstanding borrowings under Dominion Energy’s two $600 million 364-day term loan facilities entered in July 2023. See Note 17 for additional information on these facilities. Dominion Energy recorded a gain on the sale of its noncontrolling interest in Cove Point of $626 million ($348 million after-tax) within discontinued operations in its Consolidated Statements of Income for the year ended December 31, 2023.

In September 2023, as a result of Dominion Energy entering agreements for the East Ohio, PSNC and Questar Gas Transactions, Dominion Energy’s 50% noncontrolling limited partnership interest in Cove Point also met the requirements to be presented as discontinued operations and held for sale (through the date of disposal) as both disposition activities were executed in connection with Dominion Energy’s comprehensive business review announced in November 2022. In addition, interest expense associated with DECP Holding’s term loan secured by its noncontrolling interest in Cove Point and related interest rate derivatives have been classified as discontinued operations. As a result, the previously reported amounts have been recast to reflect this presentation.

Amounts presented in discontinued operations within Dominion Energy's Consolidated Statements of Income for the year ended December 31, 2023 include $218 million for earnings on equity method investees, $120 million of interest expense and $31 million of income tax expense, respectively, in addition to the gain on sale and associated tax expense disclosed above. Such amounts for the years ended December 31, 2022 and 2021 were $277 million and $259 million for earnings on equity method investees, $(160) million and $12 million for interest expense (benefit) and $92 million and $60 million of income tax expense, respectively. Dominion Energy's Consolidated Balance Sheets at December 31, 2022 includes $2.7 billion within noncurrent assets held for sale for Dominion Energy's 50% noncontrolling partnership interest in Cove Point.

All activity relating to Dominion Energy’s noncontrolling interest in Cove Point is recorded within the Corporate and Other segment.

Atlantic Coast Pipeline

In September 2014, Dominion Energy, along with Duke Energy and Southern, announced the formation of the Atlantic Coast Pipeline for the purpose of constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Following Dominion Energy’s acquisition from Southern of its 5% interest in Atlantic Coast Pipeline in 2020, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke Energy owning the remaining interest.

Atlantic Coast Pipeline continues to be accounted for as an equity method investment as the power to direct the activities most significant to Atlantic Coast Pipeline is shared with Duke Energy. As a result, Dominion Energy has the ability to exercise significant influence, but not control, over the investee.

In July 2020, as a result of ongoing permitting delays, growing legal uncertainties and the need to incur significant capital expenditures to maintain project timing before such uncertainties could be resolved, Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Project.

Dominion Energy recorded earnings (losses) on equity method investees of $15 million ($11 million after-tax), $(7) million ($(5) million after-tax) and $(20) million ($(14) million after-tax) for the years ended December 31, 2023, 2022 and 2021, respectively. In connection with Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations, Dominion Energy has reflected the results of its equity method investment in Atlantic Coast Pipeline as discontinued operations in its Consolidated Statements of Income. As a result of its share of equity losses exceeding its investment, Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022 include a liability of $4 million and $114 million, respectively, presented in other current liabilities and reflecting Dominion Energy’s obligations to Atlantic Coast Pipeline related to AROs.

In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility with a stated maturity date of October 2021. In July 2020, the capacity of the revolving credit facility was reduced from $3.4 billion to $1.9 billion. In February 2021, Atlantic Coast Pipeline repaid the outstanding borrowed amounts and terminated its revolving credit facility. Concurrently, Dominion Energy’s related guarantee agreement to support its portion of the Atlantic Coast Pipeline’s borrowings was also terminated.

Dominion Energy recorded contributions of $95 million, $3 million and $965 million during the years ended December 31, 2023, 2022 and 2021, respectively, to Atlantic Coast Pipeline.

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

All activity relating to Atlantic Coast Pipeline is recorded within the Corporate and Other segment.

Align RNG

In the fourth quarter of 2023, Dominion Energy reflected its share of an impairment of certain property, plant and equipment at Align RNG totaling $35 million ($26 million after-tax) in other income (expense) in its Consolidated Statements of Income. All activity related to Align RNG is reflected within Contracted Energy.

Dominion Privatization

In February 2022, Dominion Energy entered into an agreement to form Dominion Privatization, a partnership with Patriot. Dominion Privatization, through its wholly-owned subsidiaries, maintains and operates electric and gas distribution infrastructure under service concession arrangements with certain U.S. military installations. Under the agreement, Dominion Energy contributed its existing privatization operations, excluding contracts held by DESC, and Patriot contributed cash.

The initial contribution, consisting of privatization operations in South Carolina, Texas and Pennsylvania, closed in March 2022 for which Dominion Energy received total consideration of $120 million, subject to customary closing adjustments, comprised of $60 million in cash proceeds and a 50% noncontrolling ownership interest in Dominion Privatization with an initial fair value of $60 million, estimated using the market approach. This is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In the first quarter of 2022, Dominion Energy recorded a gain of $23 million ($16 million after-tax), presented in losses (gains) on sales of assets in its Consolidated Statements of Income. Dominion Energy’s 50% noncontrolling ownership interest in Dominion Privatization is accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence, but not control, over the investee.

The second contribution, consisting of privatization operations in Virginia, closed in December 2022 for which Dominion Energy received total consideration of $215 million, subject to customary closing adjustments, comprised of $108 million in cash proceeds and retention of its 50% noncontrolling ownership interest valued at $107 million using the market approach. This is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In the fourth quarter of 2022, Dominion Energy recorded a gain of $133 million ($99 million after-tax), presented in losses (gains) on sales of assets in its Consolidated Statements of Income.

In February 2024, Dominion Energy received a distribution of $126 million from Dominion Privatization, which it expects to account for as a return of an investment.

All activity related to Dominion Privatization is reflected within the Corporate and Other segment.

Wrangler

In September 2019, Dominion Energy entered into an agreement to form Wrangler, a partnership with Interstate Gas Supply, Inc. Wrangler operated a nonregulated natural gas retail energy marketing business with Dominion Energy contributing its nonregulated retail energy marketing operations and Interstate Gas Supply, Inc. contributing cash. Wrangler was accounted for as an equity method investment as Dominion Energy had the ability to exercise significant influence, but not control, over the investee. After an initial contribution of assets in 2019 for which Dominion Energy received cash and a 20% noncontrolling ownership interest in Wrangler, Dominion Energy completed a second contribution in 2020 of certain nonregulated natural gas retail energy contracts for which Dominion Energy received cash and retained a 20% noncontrolling ownership interest in Wrangler.

The final contribution, consisting of Dominion Energy’s remaining nonregulated natural gas retail energy marketing operations, closed in December 2021 for which Dominion Energy received $127 million in cash proceeds and retained a 20% noncontrolling ownership interest in Wrangler with an initial fair value of $23 million estimated using the market approach. This valuation is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In connection with the transaction, Dominion Energy recorded a gain of $87 million, net of a $14 million write-off of goodwill, presented in losses (gains) on sales of assets, and an associated tax expense of $32 million, in the Consolidated Statements of Income for the year ended December 31, 2021.

Subsequently in December 2021, Dominion Energy sold 5% of its noncontrolling ownership interest in Wrangler to Interstate Gas Supply, Inc. for $33 million and recorded a gain of $10 million, presented in other income (expense), and an associated tax expense of $3 million, in the Consolidated Statements of Income for the year ended December 31, 2021. In March 2022, Dominion Energy sold its remaining 15% noncontrolling partnership interest in Wrangler to Interstate Gas Supply, Inc. for cash consideration of $85 million. Dominion Energy recognized a gain of $11 million ($8 million after-tax), included in other income, in its Consolidated Statements of Income for the year ended December 31, 2022.

All activity relating to Wrangler is recorded within the Corporate and Other segment.
v3.24.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

NOTE 10. PROPERTY, PLANT AND EQUIPMENT

Major classes of property, plant and equipment and their respective balances for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

2023

 

2022

 

2023

 

2022

 

(millions)

 

 

 

 

 

 

 

Utility:

 

 

 

 

Generation

$

24,903

 

$

23,720

 

 

$

18,580

 

$

17,611

 

Transmission

 

16,540

 

 

15,179

 

 

 

14,268

 

 

13,034

 

Distribution

 

21,836

 

 

20,154

 

 

 

15,934

 

 

14,681

 

Nuclear fuel

 

2,424

 

 

2,373

 

 

 

1,815

 

 

1,823

 

General and other

 

1,758

 

 

1,701

 

 

 

1,036

 

 

1,019

 

Plant under construction(1)(2)

 

8,230

 

 

5,308

 

 

 

7,548

 

 

4,685

 

Total utility

 

75,691

 

 

68,435

 

 

59,181

 

 

52,853

 

Non-jurisdictional - including plant under construction(2)

 

 

1,772

 

 

 

1,834

 

 

 

1,772

 

 

 

1,834

 

Nonutility:

 

 

 

 

 

Nonregulated generation-nuclear

 

1,855

 

 

1,935

 

 

 

—

 

 

—

 

Nonregulated generation-solar

 

 

945

 

 

 

944

 

 

 

—

 

 

—

 

Nuclear fuel

 

 

1,009

 

 

 

954

 

 

 

—

 

 

 

—

 

Other-including plant under construction

 

 

2,145

 

 

 

1,606

 

 

 

10

 

 

10

 

Total nonutility

 

 

5,954

 

 

 

5,439

 

 

10

 

 

10

 

Total property, plant and equipment

 

$

83,417

 

 

$

75,708

 

$

60,963

 

$

54,697

 

 

(1)
Includes $2.9 billion associated with the CVOW Commercial Project. Virginia Power’s February 2024 construction progress filing with the Virginia Commission included an estimated total project cost of $9.8 billion, excluding financing costs. In accordance with the Virginia Commission’s order in December 2022, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.
(2)
During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.

 

Jointly-Owned Power Stations

The Companies’ proportionate share of jointly-owned power stations at December 31, 2023 is as follows:

 

 

 

Bath County Pumped Storage Station(1)

 

 

North Anna Units 1 and 2(1)

 

 

Clover Power Station(1)

 

 

Millstone Unit 3(2)

 

 

Summer Unit 1 (2)

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Ownership interest

 

60

%

 

 

88.4

%

 

 

50

%

 

 

93.5

%

 

 

66.7

%

Plant in service

 

1,066

 

 

 

2,632

 

 

 

612

 

 

 

1,513

 

 

 

1,557

 

Accumulated depreciation

 

(766

)

 

 

(1,455

)

 

 

(302

)

 

 

(604

)

 

 

(744

)

Nuclear fuel

 

—

 

 

 

787

 

 

 

—

 

 

 

540

 

 

 

609

 

Accumulated amortization of nuclear fuel

 

—

 

 

 

(619

)

 

 

—

 

 

 

(412

)

 

 

(380

)

Plant under construction

 

9

 

 

 

337

 

 

 

2

 

 

 

81

 

 

 

87

 

 

(1)
Units jointly owned by Virginia Power.
(2)
Units jointly owned by Dominion Energy.

The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. The Companies report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation and amortization and other taxes, etc.) in the Consolidated Statements of Income.

Sale of Noncontrolling Interest in CVOW Commercial Project

In February 2024, Virginia Power entered into an agreement to sell a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. Under the agreement, Virginia Power will contribute the CVOW Commercial Project and Stonepeak will contribute cash to OSWP. The contribution of the CVOW Commercial Project requires approval from the Virginia and North Carolina Commissions. Virginia Power expects closing to occur by the end of 2024, contingent on consent by BOEM and other customary closing and regulatory conditions. Under the terms of the agreement, Virginia Power will receive proceeds

representing 50% of the CVOW Commercial Project construction costs incurred through closing, less an initial withholding of $145 million. If the total project costs of the CVOW Commercial Project are $9.8 billion, excluding financing costs, or less Virginia Power shall receive $100 million of the initial withholding. Such amount is subject to downward adjustment with Virginia Power receiving no withheld amounts if the total costs, excluding financing costs, of the CVOW Commercial Project exceed $11.3 billion. Based on an expected closing at the end of 2024, Virginia Power expects to receive proceeds of approximately $3 billion.

 

Following closing, Virginia Power and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion. For capital funding necessary, if any, for total project costs, excluding financing costs, of $11.3 billion through $13.7 billion, Stonepeak will have the option to make additional capital contributions. If Stonepeak elects to make additional capital contributions for project costs, excluding financing costs, in excess of $11.3 billion, if any, Virginia Power shall contribute between 67% and 83% of such capital with Stonepeak contributing the remainder. To the extent that Stonepeak elects not to make such contributions, Virginia Power shall receive an increase in its ownership percentage of OSWP for any contributed capital based on a tiered unit price for membership interests in OSWP as set forth in the agreement. Virginia Power and Stonepeak have the right to provide capital contributions for any total project costs, excluding financing costs, in excess of $13.7 billion.

 

The agreement is subject to termination by either party if not completed by December 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $200 million due to Virginia Power under certain conditions. Following closing of the agreement, Virginia Power expects to consolidate OSWP with Stonepeak’s interests reflected as noncontrolling interests.

Nonregulated Solar Projects

The following table presents acquisitions by Virginia Power of non-jurisdictional solar projects (reflected in Dominion Energy Virginia). Virginia Power has claimed federal investment tax credits on the projects, except as otherwise noted.

 

Project Name(1)

 

Date Agreement
Entered

 

Date Agreement
Closed

 

Project Location

 

Project Cost
(millions)(2)

 

 

Date of Commercial
Operations

 

MW Capacity

 

Ft. Powhatan

 

June 2019

 

June 2019

 

Virginia

 

$

267

 

 

January 2022

 

 

150

 

Belcher(3)

 

June 2019

 

August 2019

 

Virginia

 

 

164

 

 

June 2021

 

 

88

 

Bedford

 

August 2019

 

November 2019

 

Virginia

 

 

106

 

 

November 2021

 

 

70

 

Maplewood

 

October 2019

 

October 2019

 

Virginia

 

 

210

 

 

December 2022

 

 

120

 

Rochambeau

 

December 2019

 

January 2020

 

Virginia

 

 

35

 

 

December 2021

 

 

20

 

Pumpkinseed

 

May 2020

 

May 2020

 

Virginia

 

 

138

 

 

September 2022

 

 

60

 
(1)
During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.
(2)
Includes acquisition costs.
(3)
Referred to as Desper once placed in service.

 

In addition, the following table presents acquisitions by Dominion Energy of solar projects (reflected in Contracted Energy unless otherwise noted). Dominion Energy has claimed or expects to claim federal investment tax credits on the projects, except as otherwise noted.

 

Project Name

 

Date Agreement
Entered

 

Date Agreement
Closed

 

Project Location

 

Project Cost
(millions)(1)

 

 

Date of Commercial
Operations

 

MW Capacity

 

Yemassee

 

May 2020

 

August 2020

 

South Carolina

 

$

17

 

 

January 2021

 

 

10

 

Trask

 

May 2020

 

October 2020

 

South Carolina

 

 

22

 

 

March 2021

 

 

12

 

Hardin I

 

June 2020

 

June 2020

 

Ohio

 

 

240

 

 

Split(2)

 

 

150

 

Madison

 

July 2020

 

July 2020

 

Virginia

 

 

165

 

 

Expected 2024(3)(4)

 

 

62

 

Hardin II

 

August 2020

 

Terminated(5)

 

 

 

 

 

 

 

 

 

 

Atlanta Farms

 

March 2022

 

May 2022

 

Ohio

 

 

390

 

 

Expected 2024(3)

 

 

200

 

Foxhound

 

March 2023

 

February 2024

 

Virginia

 

 

205

 

 

Expected 2024(3)

 

 

83

 
(1)
Includes acquisition costs.
(2)
In December 2020 and January 2021, 97 MW and 53 MW of the project commenced commercial operations, respectively.
(3)
Dominion Energy expects to claim production tax credits on the energy generated and sold by project.
(4)
Madison is reflected in the Corporate and Other segment effective December 2023.
(5)
In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II.

 

In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities (reflected in the Corporate and Other segment effective September 2023), primarily at schools in Virginia. As of December 31, 2023,

Dominion Energy has in service solar facilities with an aggregate generation capacity of 4 MW at a cost of $7 million and anticipates placing additional facilities in service by the end of 2024 with an estimated total projected cost of approximately $16 million and an aggregate generation capacity of 7 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

Impairment

In the fourth quarter of 2022, Dominion Energy modified its intentions for the ongoing growth and development of its nonregulated solar generation assets as part of the preliminary stages of its comprehensive business review announced in November 2022. In connection with that determination, Dominion Energy expects that it is more likely than not that the nonregulated solar generation projects within Contracted Energy will be sold before the end of their useful lives and therefore evaluated the associated long-lived assets for recoverability. Given their strategic alignment with Virginia Power’s operations, the non-jurisdictional solar generation projects reflected in Dominion Energy Virginia were not further evaluated for recoverability. Using a probability-weighted approach, Dominion Energy determined Contracted Energy’s nonregulated solar generation assets were impaired and recorded a charge of $908 million ($685 million after-tax) primarily in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2022 to adjust the property, plant and equipment, intangible assets and right-of-use lease assets down to an estimated fair value of $665 million in aggregate. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices. As discussed in Note 2, the amount of the impairment charge reflects the impacts of the change in the Companies’ accounting policy for investment tax credits.

Non-Wholly-Owned Nonregulated Solar Facilities

Sale to Terra Nova Renewable Partners

In August 2021, Dominion Energy entered into an agreement with Terra Nova Renewable Partners to sell SBL Holdco, which held Dominion Energy’s 67% controlling interest in certain nonregulated solar projects for consideration of $456 million, subject to customary closing adjustments, with the amount of cash reduced by the amount of SBL Holdco’s debt outstanding at closing. The sale was contingent on clearance or approval under the Hart-Scott-Rodino Act and by FERC as well as other customary closing and regulatory conditions. In September 2021, the waiting period under the Hart-Scott-Rodino Act expired and in October 2021, FERC approved the proposed sale. In December 2021, the transaction closed and Dominion Energy recorded a loss of $149 million ($89 million after-tax gain) in losses (gains) on sales of assets in its Consolidated Statements of Income (reflected in the Corporate and Other segment). As discussed in Note 2, the amount of the loss on sale reflects the impacts of the change in the Companies' accounting policy for investment tax credits. Except as specifically identified, all activity related to SBL Holdco is recorded within Contracted Energy.

Sale to Clearway

In August 2021, Dominion Energy entered an agreement with Clearway to sell its 50% controlling interest in Four Brothers and Three Cedars for $335 million in cash, subject to customary closing adjustments. The transaction was contingent on clearance or approval under the Hart-Scott-Rodino Act and by FERC as well as other customary closing and regulatory conditions. In October 2021, the waiting period under the Hart-Scott-Rodino Act expired. In December 2021, the transaction closed and Dominion Energy recorded a loss of $364 million ($81 million after-tax) in losses (gains) on sales of assets in its Consolidated Statements of Income (reflected in the Corporate and Other segment), primarily associated with the derecognition of noncontrolling interest. As discussed in Note 2, the amount of the loss on sale reflects the impacts of the change in the Companies’ accounting policy for investment tax credits. Except as specifically identified, all activity related to Four Brothers and Three Cedars is recorded within Contracted Energy.

Virginia Power Easement Agreement

In November 2023, Virginia Power entered into an agreement to pay $65 million for an easement related to the CVOW Commercial Project for which it will not seek recovery of and therefore recorded a charge of $65 million ($49 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).

Sales of Corporate Office Buildings

In 2023, Dominion Energy entered into an agreement for the sale of a corporate office building for total cash consideration of $40 million. Dominion Energy expects that any gain or loss recognized on the transaction at closing, which is expected in the first half of 2024, will be inconsequential. The corporate office building is reflected in the Corporate and Other segment and is presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.

In 2023, Dominion Energy recorded a charge of $93 million ($69 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 is presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.

Virginia Power CCRO Utilization

In 2021, Virginia Power wrote off $318 million, primarily to accumulated depreciation, representing the utilization of a CCRO in accordance with the GTSA in connection with the settlement of the 2021 Triennial Review. See Note 13 for additional information.

Sale of Utility Property

In 2023, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission in February 2023, for total cash consideration of $12 million. In connection with the sales, Dominion Energy recognized a gain of $11 million ($8 million after-tax), recorded in losses (gains) on sales of assets, in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2023.

In 2022, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission, for total cash consideration of $20 million. In connection with the sales, Dominion Energy recognized a gain of $20 million ($15 million after-tax), recorded in losses (gains) on sales of assets, in its Consolidated Statements of Income (reflected in Dominion Energy South Carolina) for the year ended December 31, 2022.
v3.24.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

NOTE 11. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below:

 

 

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate and Other

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021(1)

 

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

110

 

 

$

4,253

 

Sale of Hope(2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(110

)

 

 

(110

)

Balance at December 31, 2022(1)

 

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

No events affecting goodwill

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2023(1)

 

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

 

(1)
Goodwill amounts do not contain any accumulated impairment losses.
(2)
See Note 3 for additional information.

Other Intangible Assets

The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for intangible assets was $160 million, $103 million and $70 million for the years ended December 31, 2023, 2022 and 2021, respectively. In 2023, Dominion Energy acquired $642 million of intangible assets, primarily representing RGGI allowances and software, with an estimated weighted-average amortization period of approximately 6 years. Amortization expense for Virginia Power’s intangible assets was $123 million, $67 million and $31 million for the years ended December 31, 2023, 2022 and 2021, respectively. In 2023, Virginia Power acquired $583 million of intangible assets, primarily representing RGGI allowances and software, with an estimated weighted-average amortization period of 5 years.

The components of intangible assets are as follows:

 

 

 

2023

 

 

2022

 

At December 31,

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Software, licenses and other(1)

 

$

2,185

 

 

$

1,240

 

 

$

1,723

 

 

$

927

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Software, licenses and other(1)

 

$

1,509

 

 

$

856

 

 

$

1,113

 

 

$

577

 

 

(1)
Includes $198 million and $253 million of RGGI allowances purchased and consumed in 2023 and 2022, respectively, with deferral to a regulatory asset.

Annual amortization expense for these intangible assets is estimated to be as follows:

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

$

81

 

$

74

 

$

63

 

$

47

 

$

36

 

Virginia Power

 

$

49

 

$

45

 

$

38

 

$

29

 

$

22

 
v3.24.0.1
Regulatory Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities

NOTE 12. REGULATORY ASSETS AND LIABILITIES

Regulatory assets and liabilities include the following:

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

245

 

 

$

603

 

 

$

95

 

 

$

133

 

Deferred rider costs for Virginia electric utility(2)

 

 

270

 

 

 

152

 

 

 

270

 

 

 

152

 

Ash pond and landfill closure costs(3)

 

 

200

 

 

 

221

 

 

 

200

 

 

 

221

 

Deferred nuclear refueling outage costs(4)

 

 

63

 

 

 

83

 

 

 

63

 

 

 

83

 

NND Project costs(5)

 

 

138

 

 

 

138

 

 

 

 

 

 

 

Deferred early plant retirement charges(6)

 

 

—

 

 

 

226

 

 

 

—

 

 

 

226

 

Derivatives(7)

 

 

162

 

 

 

256

 

 

 

160

 

 

 

251

 

Other

 

 

231

 

 

 

204

 

 

 

80

 

 

 

74

 

Regulatory assets-current

 

 

1,309

 

 

 

1,883

 

 

 

868

 

 

 

1,140

 

Unrecognized pension and other postretirement benefit costs(8)

 

 

1,036

 

 

 

891

 

 

 

—

 

 

 

4

 

Deferred rider costs for Virginia electric utility(2)

 

 

496

 

 

 

363

 

 

 

496

 

 

 

363

 

Interest rate hedges(9)

 

 

168

 

 

 

169

 

 

 

—

 

 

 

—

 

AROs and related funding(10)

 

 

379

 

 

 

380

 

 

 

 

 

 

 

NND Project costs(5)

 

 

1,949

 

 

 

2,088

 

 

 

 

 

 

 

Ash pond and landfill closure costs(3)

 

 

2,410

 

 

 

2,051

 

 

 

2,407

 

 

 

2,049

 

Deferred cost of fuel used in electric generation(1)

 

 

1,221

 

 

 

1,551

 

 

 

1,221

 

 

 

1,551

 

Derivatives(7)

 

 

107

 

 

 

254

 

 

 

66

 

 

 

148

 

Other

 

 

590

 

 

 

518

 

 

 

127

 

 

 

132

 

Regulatory assets-noncurrent

 

 

8,356

 

 

 

8,265

 

 

 

4,317

 

 

 

4,247

 

Total regulatory assets

 

$

9,665

 

 

$

10,148

 

 

$

5,185

 

 

$

5,387

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(11)

 

 

118

 

 

 

111

 

 

 

118

 

 

 

111

 

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

 

 

83

 

 

 

125

 

 

 

—

 

 

 

25

 

Income taxes refundable through future rates(13)

 

 

107

 

 

 

100

 

 

 

70

 

 

 

65

 

Monetization of guarantee settlement(14)

 

 

67

 

 

 

67

 

 

 

 

 

 

 

Derivatives(7)

 

 

7

 

 

 

211

 

 

 

—

 

 

 

176

 

Other

 

 

140

 

 

 

134

 

 

 

133

 

 

 

129

 

Regulatory liabilities-current

 

 

522

 

 

 

748

 

 

 

321

 

 

 

506

 

Income taxes refundable through future rates(13)

 

 

3,076

 

 

 

3,187

 

 

 

2,237

 

 

 

2,290

 

Provision for future cost of removal and AROs(11)

 

 

1,818

 

 

 

1,731

 

 

 

1,185

 

 

 

1,135

 

Nuclear decommissioning trust(15)

 

 

2,098

 

 

 

1,685

 

 

 

2,098

 

 

 

1,685

 

Monetization of guarantee settlement(14)

 

 

635

 

 

 

702

 

 

 

 

 

 

 

Interest rate hedges(9)

 

 

233

 

 

 

240

 

 

 

233

 

 

 

240

 

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

 

 

237

 

 

 

325

 

 

 

—

 

 

 

—

 

Overrecovered other postretirement benefit costs(16)

 

 

155

 

 

 

140

 

 

 

 

 

 

 

Derivatives(7)

 

 

136

 

 

 

234

 

 

 

—

 

 

 

—

 

Other

 

 

286

 

 

 

191

 

 

 

225

 

 

 

167

 

Regulatory liabilities-noncurrent

 

 

8,674

 

 

 

8,435

 

 

 

5,978

 

 

 

5,517

 

Total regulatory liabilities

 

$

9,196

 

 

$

9,183

 

 

$

6,299

 

 

$

6,023

 

 

(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. See Notes 13 and 18 for additional information.
(2)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to Riders R, S and W in connection with the cessation of such riders effective July 2023. See Note 13 for additional information.
(3)
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.
(4)
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.
(5)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(6)
Reflects amounts from the early retirements of certain coal- and oil-fired generating units which were amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 for additional information.
(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 $215 million and $302 million and regulatory liabilities of $12 million and $6 million in aggregate at December 31, 2023 and 2022, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, 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 December 31, 2023.
(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 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 December 31, 2023, Dominion Energy and Virginia Power regulatory assets include $5.1 billion and $3.1 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.

v3.24.0.1
Regulatory Matters
 12 Months Ended
Dec. 31, 2023
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

Virginia Regulation – Key Legislation Affecting Operations

Regulation Act and Grid Transformation and Security Act of 2018

The Regulation Act enacted in 2007 instituted a cost-of-service rate model that authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, underground distribution lines, environmental compliance, conservation and energy efficiency programs, renewable energy programs and nuclear license renewals, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission.

If the Virginia Commission’s future rate decisions, including actions relating to Virginia Power’s rate adjustment clause filings, differ materially from Virginia Power’s expectations, it may adversely affect its results of operations, financial condition and cash flows.

The GTSA reinstated base rate reviews commencing with the 2021 Triennial Review. In the triennial review proceedings, earnings that were more than 70 basis points above the utility’s authorized ROE that might have been refunded to customers and served as the basis for a reduction in future rates, could be reduced by Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects that Virginia Power elected to include in a CCRO. The legislation declared that electric distribution grid transformation projects are in the public interest and provided that the costs of such projects may be recovered through a rate adjustment clause if not the subject of a CCRO. Any costs that were the subject of a CCRO were deemed recovered in base rates during the triennial period under review and could not be included in base rates in future triennial review proceedings. In any triennial review in which the Virginia Commission determined that the utility’s earnings were more than 70 basis points above its authorized ROE, base rates were subject to reduction prospectively and customer refunds would be due unless the total CCRO elected by the utility equaled or exceeded the amount of earnings in excess of the 70 basis points. For the purposes of measuring any customer refunds or CCRO amounts utilized under the GTSA, associated income taxes were factored into the determination of such amounts. In the 2021 Triennial Review, any such rate reduction was limited to $50 million. This section of the GTSA concerning base rate reviews was amended by 2023 legislation as discussed below.

Virginia 2020 Legislation

In April 2020, the Governor of Virginia signed into law the VCEA, which along with related legislation forms a comprehensive framework affecting Virginia Power’s operations. The VCEA replaces Virginia’s voluntary renewable energy portfolio standard for Virginia Power with a mandatory program setting annual renewable energy portfolio standard requirements based on the percentage of total electric energy sold by Virginia Power, excluding existing nuclear generation and certain new carbon-free resources, reaching 100% by the end of 2045. The VCEA includes related requirements concerning deployment of wind, solar and energy storage resources, as well as provides for certain measures to increase net-metering, including an allocation for low-income customers, incentivizes energy efficiency programs and provides for cost recovery related to participation in a carbon trading program. While the legislation affects several portions of Virginia Power’s operations, key provisions of the GTSA remained in effect, including the triennial review structure and timing, the use of the CCRO and the $50 million cap on revenue reductions in the first triennial review proceeding. Key provisions of the VCEA and related legislation passed include the following:

•
Fossil Fuel Electric Generation: The legislation mandates Chesterfield Power Station Units 5 & 6 and Yorktown Power Station Unit 3 to be retired by the end of 2024, Altavista, Southampton and Hopewell to be retired by the end of 2028 and Virginia Power’s remaining fossil fuel units to be retired by the end of 2045, unless the retirement of such generating units will compromise grid reliability or security. The legislation also imposed a temporary moratorium on CPCNs for fossil fuel generation, unless the resources are needed for grid reliability. This temporary moratorium concluded in January 2022. In addition, the Virginia Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities. Virginia Power revised the depreciable lives of Altavista, Southampton and Hopewell for the mandated retirement to the end of 2028, which did not have a material impact to Virginia Power’s results of operations or cash flows given the existing regulatory framework. This section of the VCEA concerning mandatory retirements of certain facilities by the end of 2028 was amended by 2023 legislation as discussed below. As a result, in November 2023 Virginia Power revised the depreciable lives of Altavista, Southampton and Hopewell and implemented useful life assumptions that were effective before the previous revision.
•
Renewable Generation: The legislation provides a detailed renewable energy portfolio standard to achieve 100% zero-carbon generation by the end of 2045, excluding existing nuclear generation and certain new carbon-free resources. Components include requirements to petition the Virginia Commission for approval to construct or acquire new generating capacity to reach 16.1 GW of installed solar and onshore wind by the end of 2035, which includes specific requirements for utility-scale solar of 3.0 GW by the end of 2024, up to 15.0 GW by the end of 2035 and 1.1 GW of small-scale solar by the end of 2035. The legislation deems 2.7 GW of energy storage, including up to 800 MW for any one project which may include a pumped storage facility, by the end of 2035 to be in the public interest. The legislation also deems the construction or purchase of an offshore wind facility constructed off the Virginia coast with a capacity of up to 5.2 GW before 2035 to be in the public interest and provides certain presumptions facilitating cost recovery. The costs of such a facility constructed by the utility
with a capacity between 2.5 and 3.0 GW will be presumed reasonably and prudently incurred if the Virginia Commission finds that the project meets competitive procurement requirements, the projected cost of the facility does not exceed a specified industry benchmark and the utility commences construction by the end of 2023 or has a plan for the facility to be in service by the end of 2027. Projects to meet these requirements are subject to approval by the Virginia Commission.
•
Energy Efficiency: The legislation includes an energy efficiency target of 5% energy savings, as measured from a 2019 baseline, through verifiable energy efficiency programs by the end of 2025 with future targets to be set by the Virginia Commission. Virginia Power has the opportunity to offset the lost revenues with margins on program spend if certain targets are achieved and can also seek recovery of the lost revenues associated with energy efficiency programs if such reductions are found to have caused Virginia Power to earn more than 50 basis points below a fair rate of return on its rates for generation and distribution services.
•
Carbon trading program: The legislation authorizes Virginia to participate in a market-based carbon trading program consistent with RGGI through 2050. In January 2022, the Governor of Virginia issued an executive order which put directives in place to start administrative steps to withdraw Virginia from RGGI. In December 2023, the withdrawal took effect. All costs of the carbon trading program are recoverable through an environmental rider.
•
Low-income customers: The legislation includes the establishment of a percentage of income payment program to be administered by the Virginia Department of Housing and Community Development and the Virginia Department of Social Services. To fund the program, Virginia Power will remit amounts collected from customers under a universal service fee established and set by the Virginia Commission. As such, this program will not affect Virginia Power’s results of operations, financial position or cash flows. In December 2020, the Virginia Commission issued a final order confirming a revenue requirement of $93 million related to this program. Implementation details and the effective date of the program would be established in future legislation prior to collection of fees from customers. In October 2023, the Virginia Commission approved the collection by Virginia Power of a universal service fee of $71 million from customers during the rate year beginning November 2023, including the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology.

Virginia 2023 Legislation

In April 2023, legislation was enacted that amended several key provisions of the Regulation Act, as previously amended by the GTSA, and revised portions of the existing regulatory framework affecting Virginia Power’s operations.

The legislation resets the frequency of base rate reviews from a triennial period, as established under the GTSA, to a biennial period commencing with the 2023 Biennial Review. Such biennial reviews shall include the establishment of an authorized ROE to be utilized for base rates and riders, prospective base rates for the upcoming two-year period based on projected cost of service and a determination by the Virginia Commission as to Virginia Power’s base rate earned return for the most recently completed two-year period against the previously authorized ROE, including any potential credits to customers’ bills.

The legislation provides that the Virginia Commission will establish an authorized ROE of 9.70% for Virginia Power in the 2023 Biennial Review, reflecting the average authorized ROE of vertically integrated electric utilities by the applicable regulatory commissions in the peer group jurisdictions of Florida, Georgia, Texas, Tennessee, West Virginia, Kentucky and North Carolina. Subsequent to the 2023 Biennial Review, all provisions related to this peer group benchmarking expire and the Virginia Commission is authorized to utilize any methodology it deems to be consistent with the public interest to make future ROE determinations. In all future biennial reviews, if the Virginia Commission determines that Virginia Power’s existing base rates will, on a going-forward basis, produce revenues that are either in excess of or below its authorized rate of return, the Virginia Commission is authorized to reduce or increase such base rates, as applicable and necessary, to ensure that Virginia Power’s base rates are just and reasonable while still allowing Virginia Power to recover its costs and earn a fair rate of return. In addition, beginning with the biennial review to be filed in 2025, the Virginia Commission may, at its discretion, increase or decrease Virginia Power’s authorized ROE by up to 50 basis points based on factors that may include reliability, generating plant performance, customer service and operating efficiency, with the provisions applying to such adjustments to be determined in a future proceeding.

The legislation directs that if the Virginia Commission determines as part of the 2023 Biennial Review that Virginia Power has earned more than 70 basis points above its authorized ROE of 9.35% established in the 2021 Triennial Review that 85% of the amount of such earnings above this level be credited to customers’ bills. In future biennial reviews, beginning with the biennial review to be filed in 2025, 85% of any earnings determined by the Virginia Commission to be up to 150 basis points above Virginia Power’s authorized ROE shall be credited to customers’ bills as well as 100% of any earnings that are more than 150 basis points above Virginia Power’s authorized ROE. For the purposes of measuring any bill credits due to customers, associated income taxes are factored into the determination of such amounts. In addition, the legislation eliminates Virginia Power’s ability to utilize Virginia Commission-approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects as a CCRO to reduce or offset any earnings otherwise eligible for customer credits as previously permitted under the GTSA.

In addition to the biennial review mechanisms discussed above, the legislation also includes provisions related to other aspects of Virginia Power’s ratemaking framework.

•
Riders into base rates: Virginia Power is required to combine certain riders with an aggregate annual revenue requirement of at least $350 million with its base rates effective July 2023. After such riders are combined, they will be considered as part of base rates for the purposes of the biennial review proceedings. The inclusion of such riders cannot serve as the basis for an increase in base rates as part of the 2023 Biennial Review.
•
Rider consolidation: Upon determination by the Virginia Commission, certain riders, while remaining separate from base rates, may be consolidated for cost recovery and review purposes.
•
Capitalization ratio: The legislation establishes that Virginia Power is required to undertake reasonable efforts to maintain a common equity capitalization to total capitalization ratio through December 2024 of 52.10%.
•
Fuel cost securitization: Virginia Power is authorized, on or before July 2024, to petition the Virginia Commission for approval of a financing order for certain deferred fuel costs. Virginia Power is required to permit certain retail customers to opt out of any such deferred fuel cost securitization.
•
Electric generation plant retirements: The Virginia Commission shall provide to the Virginia General Assembly, on an annual basis, a report that includes information concerning the reliability impacts of generation unit additions and retirement determinations, along with the potential impact on the purchase of power from generation assets outside of the Virginia jurisdiction, the result of which could impact the depreciable lives of Virginia Power’s electric generation facilities in future periods.

In addition, in May 2023 legislation was enacted that amended certain portions of the VCEA to qualify generation produced by Virginia Power’s biomass electric generating stations as renewable energy and eliminate the mandated retirement of such facilities by the end of 2028.

Virginia Power is incurring and expects to incur significant costs, including capital expenditures, to comply with the legislative requirements discussed above. The legislation allows for cost recovery under the existing or modified regulatory framework through rate adjustment clauses, rates for generation and distribution services or Virginia Power’s fuel factor, as approved by the Virginia Commission. Costs allocated to the North Carolina jurisdiction will be recovered, subject to approval by the North Carolina Commission, in accordance with the existing regulatory framework.

Virginia Regulation – Key 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 as discussed above. 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. The Virginia Commission will determine whether Virginia Power’s earnings for the test period, considered as a whole, were within 70 basis points above or below the authorized ROE of 9.35%. The Virginia Commission will also authorize 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 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. This matter is pending.

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. The projected under-recovered balance includes $578 million representing the remaining two years of under-recovered balance as of June 30, 2022 being collected over a three-year period in accordance with the Virginia Commission’s approval of Virginia Power’s 2022 annual fuel factor as described above. Virginia Power proposed two alternatives to recover these

under-collected fuel costs. The first option reflects recovery of the total $3.3 billion fuel cost requirement over the July 2023 through June 2024 fuel period and results in an increase in Virginia Power’s fuel revenues of $631 million when applied to projected kilowatt-hour sales for the period. The second option proposed by Virginia Power incorporates its anticipated July 2023 application to the Virginia Commission for approval of a financing order to securitize up to the projected $1.3 billion under-recovered balance as of June 30, 2023 as permitted under legislation enacted in Virginia in April 2023. Under this option, Virginia Power proposed implementation of the current period fuel factor rate only effective July 2023 on an interim basis, while suspending implementation of the prior-period fuel factor rate pending the Virginia Commission’s consideration of the securitization petition. If approved by the Virginia Commission, the securitization option results in a net decrease in Virginia Power’s fuel revenues for the rate year of approximately $541 million. In addition, Virginia Power has proposed 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 if approved would result in a reduction to fuel revenue of $13 million. In May 2023, the Virginia Commission ordered that, in accordance with Virginia Power’s second proposed option, only the current period fuel factor rate be implemented effective July 2023 on an interim basis. This matter is pending.

In July 2023, Virginia Power filed an application with the Virginia Commission for approval of a financing order to securitize the projected $1.3 billion under-recovered fuel balance as of June 30, 2023 through the issuance of one or more tranches of bonds with tenors up to approximately ten years. In November 2023, the Virginia Commission approved Virginia Power’s request and issued a financing order authorizing Virginia Power to securitize $1.3 billion of under-recovered fuel costs through the issuance by a special purpose entity of one or more tranches of bonds with tenors of up to approximately seven years. In February 2024, the securitization was effectuated through the issuance of $1.3 billion of deferred fuel bonds as discussed in Note 18.

Virginia Power Equity Application

In July 2023, Virginia Power requested approval from the Virginia Commission to issue and sell to Dominion Energy up to $3.25 billion of authorized but unissued shares of its common stock, no par value, through the end of 2023 in order to maintain a common equity capitalization to total capitalization ratio of 52.10% through December 2024 in accordance with legislation enacted in Virginia in April 2023 as discussed above. In August 2023, the Virginia Commission approved the application.

GTSA Filing

In March 2023, Virginia Power filed a petition with the Virginia Commission for approval of Phase III, covering 2024 through 2026, of its plan for electric distribution grid transformation projects as authorized by the GTSA. The plan includes 14 projects covering six components (i) AMI; (ii) customer information platform; (iii) grid improvement projects; (iv) physical and cyber security; (v) telecommunications infrastructure and (vi) customer education. For Phase III, the total proposed capital investment is $1.1 billion and the proposed operations and maintenance investment is $71 million. In September 2023, the Virginia Commission approved total proposed capital investment of $773 million and the requested operations and maintenance investment of $71 million. In addition, the Virginia Commission approved a pilot project to include up to five battery energy storage systems, to be installed over five years, at a proposed 2024 through 2028 capital cost of $50 million.

Renewable Generation Projects

In October 2022, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct and operate eight utility-scale projects totaling approximately 474 MW of solar generation and 16 MW of energy storage as part of its efforts to meet the renewable generation development requirements under the VCEA. The projects, as of October 2022, are expected to cost approximately $1.2 billion in the aggregate, excluding financing costs, and be placed into service between 2024 through 2025. In April 2023, the Virginia Commission approved the petition.

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. This matter is pending.

Riders

Significant riders associated with various Virginia Power projects are as follows:

Rider Name

 

Application Date

 

Approval Date

 

Rate Year
Beginning

 

Total Revenue Requirement (millions)(1)

 

 

Increase (Decrease) Over Previous Year (millions)

 

Rider BW

 

October 2021

 

May 2022

 

September 2023

 

$

120

 

 

$

(25

)

Rider CCR

 

February 2023

 

October 2023

 

December 2023

 

 

194

 

 

 

(37

)

Rider CE(2)

 

October 2022

 

April 2023

 

May 2023

 

 

89

 

 

 

18

 

Rider CE(3)

 

October 2023

 

Pending

 

May 2024

 

 

137

 

 

 

48

 

Rider E

 

January 2023

 

September 2023

 

November 2023

 

 

109

 

 

 

8

 

Rider E

 

January 2024

 

Pending

 

November 2024

 

 

72

 

 

 

(37

)

Rider GT

 

August 2023

 

Pending

 

June 2024

 

 

145

 

 

 

131

 

Rider GV(4)

 

June 2023

 

February 2024

 

April 2024

 

 

132

 

 

 

5

 

Rider GV(4)

 

June 2023

 

February 2024

 

April 2025

 

 

135

 

 

 

3

 

Rider OSW

 

November 2022

 

July 2023

 

September 2023

 

 

271

 

 

 

192

 

Rider OSW

 

November 2023

 

Pending

 

September 2024

 

 

486

 

 

 

215

 

Rider R

 

June 2021

 

March 2022

 

April 2023

 

 

55

 

(14)

 

(4

)

Rider RGGI(5)

 

December 2022

 

July 2023

 

September 2023

 

 

356

 

 

N/A

 

Rider RPS

 

December 2022

 

July 2023

 

September 2023

 

 

96

 

 

 

(44

)

Rider RPS

 

December 2023(13)

 

Pending

 

September 2024

 

 

358

 

 

 

262

 

Rider S

 

June 2021

 

February 2022

 

April 2023

 

 

191

 

(14)

 

(1

)

Rider SNA(6)

 

October 2022

 

June 2023

 

September 2023

 

 

50

 

 

 

(57

)

Rider SNA

 

October 2023

 

Pending

 

September 2024

 

 

95

 

 

 

45

 

Rider T1(7)

 

May 2023

 

July 2023

 

September 2023

 

 

879

 

 

 

173

 

Rider U(8)

 

June 2022

 

February 2023

 

April 2023

 

 

74

 

 

 

(21

)

Rider U(9)

 

October 2023

 

Pending

 

August 2024

 

 

150

 

 

 

76

 

Rider W(10)

 

June 2022

 

February 2023

 

April 2023

 

 

105

 

(14)

 

(16

)

DSM Riders(11)

 

December 2022

 

August 2023

 

September 2023

 

 

107

 

 

 

16

 

DSM Riders(12)

 

December 2023

 

Pending

 

September 2024

 

 

93

 

 

 

(14

)
(1)
In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $90 million as of December 31, 2023. There are various pending applications associated with such riders, which if approved, would result in a net increase of approximately $6 million.
(2)
Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.
(3)
Associated with five solar generation projects, one small-scale solar project and 13 power purchase agreements in addition to previously approved Rider CE projects.
(4)
The total revenue requirement requested is based on an estimated retirement of Greensville County in 2058, consistent with the current estimated useful life of the facility. Virginia Power also provided an alternative approach based on an estimated retirement of Greensville County in 2045, which if this alternative had been utilized, would have resulted in a revenue requirement of $144 million and $148 million for rate years beginning April 2024 and April 2025, respectively.
(5)
In December 2022, Virginia Power filed a petition to update and reinstate Rider RGGI to recover RGGI compliance costs incurred after July 2022 and those projected to occur through December 2023, with rate recovery from September 2023 through August 2024. For purposes of this proceeding, Virginia Power assumed that Virginia would withdraw from RGGI on December 31, 2023, and accordingly did not project any RGGI compliance costs to be incurred after that date.
(6)
Virginia Power requested approval of cost recovery of approximately $1.2 billion through Rider SNA for the first phase of nuclear life extension program which includes investments through 2024. In July 2022, the Virginia Commission approved a stipulation proposed by Virginia Power, the Virginia Commission staff and certain interested parties recommending that costs incurred after February 2022 associated with the first phase of the nuclear life extension program for North Anna be deferred and requested for recovery in a subsequent Rider SNA filing.
(7)
Consists of $510 million for the transmission component of Virginia Power’s base rates and $369 million for Rider T1.
(8)
Consists of previously approved phases of Rider U. In August 2023, the Virginia Commission approved Virginia Power’s request to extend the rider for the rate year beginning April 2023 through June 2024.
(9)
Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In connection with the October 2023 application, Virginia Power requests the Virginia Commission further extend existing rates for Rider U through July 2024.
(10)
In February 2023, the Virginia Commission also approved Virginia Power’s requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W ceased to be separately collected effective July 2023.
(11)
Associated with an additional four new energy efficiency programs, one new demand response program and four new program bundles with a $150 million cost cap, with the ability to exceed the cost cap by no more than 15%.
(12)
Associated with an additional three new energy efficiency programs and one new demand response program with a $102 million cost cap, with the ability to exceed the cost cap by no more than 15%.
(13)
Virginia Power amended its application in February 2024.
(14)
In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.

Electric Transmission Projects

Significant Virginia Power electric transmission projects approved or applied for are as follows:

Description and Location
of Project

 

Application
Date

 

Approval
Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Construct new switching station, substations,
  transmission lines and related projects in Lunenberg
  and Mecklenburg Counties, Virginia

 

October 2022

 

June 2023

 

230 kV

 

18

 

 

230

 

Construct new switching station, substation,
  transmission lines and related projects in Charlotte,
  Halifax and Mecklenburg Counties, Virginia

 

October 2022

 

May 2023

 

230 kV

 

26

 

 

215

 

Construct new Mars and Wishing Star substations,
  transmission lines and related projects in Loudoun
  County, Virginia

 

October 2022

 

April 2023

 

500/230 kV

 

4

 

 

720

 

Construct new Cirrus and Keyser switching stations,
  transmission lines and related projects in Culpeper,
  Virginia

 

November 2022

 

October 2023

 

230 kV

 

5

 

 

65

 

Rebuild of Lines #2019 and #2007 in the City of
  Virginia Beach, Virginia

 

February 2023

 

August 2023

 

230 kV

 

5

 

 

95

 

Construct new transmission lines and convert Jeffress
  switching station in Mecklenburg County, Virginia

 

May 2023

 

January 2024

 

230 kV

 

18

 

 

135

 

Construct new Germanna substation, transmission
  line and related projects in Culpeper County,
  Virginia

 

November 2023

 

Pending

 

230 kV

 

2

 

 

55

 

Construct Daves Store transmission line extension
  in Prince William County, Virginia

 

February 2024

 

Pending

 

230 kV

 

3

 

 

70

 
(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 during 2023 and early 2024 or applied for and currently pending approval with aggregate cost estimates of approximately $155 million and $145 million, respectively.

In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia Power’s existing Whealton substation in the City of Hampton. In February 2019, the transmission line project was placed into service. In March 2019, the U.S. Court of Appeals for the D.C. Circuit issued an order vacating the permit from the U.S. Army Corps of Engineers issued in July 2017 and ordered the U.S. Army Corps of Engineers to do a full environmental impact study of the project. In April 2019, Virginia Power and the U.S. Army Corps of Engineers filed petitions for rehearing with the U.S. Court of Appeals for the D.C. Circuit, asking that the permit from the U.S. Army Corps of Engineers remain in effect while an environmental impact study is performed. In May 2019, the U.S. Court of Appeals for the D.C. Circuit denied the request for rehearing and ordered the U.S. District Court for the D.C. Circuit to consider and issue a ruling on whether the permit should be vacated during the U.S. Army Corps of Engineers’ preparation of an environmental impact statement. In November 2019, the U.S. District Court for the D.C. Circuit issued an order allowing the permit to remain in effect while an environmental impact statement is prepared. In November 2020, the U.S. Army Corps of Engineers issued a draft environmental impact statement noting there is no better alternative. This matter is pending.

Virginia Regulation – Key Developments Affecting 2022 or 2021

2021 Triennial Review

In 2020, Virginia Power recorded a net charge of $130 million related to the use of a CCRO in accordance with the GTSA, included in impairment of assets and other charges (benefits) in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for benefits expected to be provided to jurisdictional customers as a result of the 2021 Triennial Review as well as the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology. In 2021, Virginia Power recorded a benefit of $130 million ($97 million after-tax) in impairment of assets and other charges (benefits) in its Consolidated Statements of Income (reflected in the Corporate and Other segment) to adjust its reserve related to the use of a CCRO in accordance with the GTSA.

Subsequently, in October 2021, Virginia Power, the Virginia Commission staff and other parties filed a comprehensive settlement agreement with the Virginia Commission for approval. The comprehensive settlement agreement provides for $330 million in one-time refunds to customers made up of $255 million over a 6-month period and $75 million over three years, a $50 million going-forward base rate reduction and an authorized ROE of 9.35%. Additionally, Virginia Power has agreed to utilize $309 million of qualifying CCRO investments in the CVOW Pilot Project, deployment of AMI and a Customer Information Platform to offset

available earnings and to amortize through 2023 the early retirement charges for coal- and oil-fired generation units recorded in 2019 and 2020. In November 2021, the Virginia Commission approved the comprehensive settlement agreement.

In connection with the settlement agreement, Virginia Power recorded a $356 million ($265 million after-tax) charge for refunds to be provided to customers in operating revenues in its Consolidated Statements of Income as well as a $549 million ($409 million after-tax) benefit primarily from the establishment of a regulatory asset associated with the early retirements of certain coal- and oil-fired generating units and a $318 million ($237 million after-tax) charge for CCRO benefits provided to customers in impairment of assets and other charges (benefits) in its Consolidated Statements of Income (reflected in the Corporate and Other segment). The amounts recorded reflect the impact related to jurisdictional customers as a result of the 2021 Triennial Review as well as the impact on certain non-jurisdictional customers which follow Virginia Power’s jurisdictional customer rate methodology.

Utility Disconnection Moratorium

In November 2020, legislation was enacted in Virginia relating to the moratorium on utility disconnections during the COVID-19 pandemic and resulted in Virginia Power forgiving Virginia jurisdictional retail electric customer balances that were more than 30 days past due as of September 30, 2020. In connection with the Virginia 2021 budget process, in the first quarter of 2021 Virginia Power recorded a charge of $76 million ($56 million after-tax) in impairment of assets and other charges (benefits) in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for Virginia jurisdictional retail electric customer balances that were more than 30 days past due as of December 31, 2020 that Virginia Power is required to forgive.

Virginia Fuel Expenses

In May 2022, 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, 2022 and a projected $1.0 billion under-recovered balance as of June 30, 2022. Virginia Power’s proposed fuel rate represents a fuel revenue increase of $1.8 billion when applied to projected kilowatt-hour sales for that period. Virginia Power also proposed alternatives to recover this under-collected balance over a two- or three-year period. Under these alternatives, Virginia Power’s fuel revenues for the rate year would increase by $1.3 billion or $1.2 billion, respectively. In addition, Virginia Power proposed a change in the timing of fuel cost recovery for certain customers who elect market-based rates that would consider those customers’ portion of the projected under-recovered balance to have been recovered as of June 30, 2022. In July 2022, Virginia Power, the Virginia Commission staff and another party filed a comprehensive settlement agreement with the Virginia Commission for approval. The comprehensive settlement agreement provides for the collection of the requested under-recovered projected fuel expense over a three-year period beginning July 1, 2022 and that Virginia Power will exclude from recovery through base rates one half of the related financing costs over the three-year period. In addition, the proposed settlement agreement affirmed Virginia Power’s proposal regarding fuel cost recovery for market-based rate customers. As a result, Virginia Power recorded a $191 million ($142 million after-tax) charge in the second quarter of 2022 within impairment of assets and other charges in its Consolidated Statement of Income (reflected in the Corporate and Other segment). In September 2022, the Virginia Commission approved the comprehensive settlement agreement.

Rider RGGI

In May 2022, Virginia Power filed a petition with the Virginia Commission requesting suspension of Rider RGGI approved in August 2021. Virginia Power also requested that RGGI compliance costs incurred and unrecovered through July 2022 be recovered through existing base rates in effect during the period incurred. The Virginia Commission approved the request in June 2022. In the second quarter of 2022, Virginia Power recorded a charge of $180 million ($134 million after-tax) in impairment of assets and other charges (reflected in the Corporate and Other segment) for the amount deemed recovered through base rates through June 30, 2022, including the impact of certain non-jurisdictional customers which follow Virginia Power’s jurisdictional rate methodology. Virginia Power recorded $33 million ($25 million after-tax) in depreciation and amortization in the third quarter of 2022.

North Carolina Regulation

PSNC Rider D

Rider D allows PSNC to recover from customers all prudently incurred gas costs and the related portion of uncollectible expenses as well as losses on negotiated gas and transportation sales. In February 2023, PSNC submitted a filing with the North Carolina Commission for a $56 million gas cost decrease with rates effective March 2023. The North Carolina Commission approved the filing in March 2023.

In January 2024, PSNC submitted a filing with the North Carolina Commission for a $42 million gas cost decrease with rates effective February 2024. The North Carolina Commission approved the filing in January 2024.

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 2023, PSNC submitted a filing with the North Carolina Commission for a $23 million decrease relating to the customer usage tracker. The North Carolina Commission approved the

filing in March 2023 with rates effective April 2023. In September 2023, PSNC submitted a filing with the North Carolina Commission for a $34 million increase relating to the customer usage tracker. The North Carolina Commission approved the filing in September 2023 with rates effective October 2023.

South Carolina Regulation

Electric Base Rate Case

In August 2020, DESC filed its retail electric base rate case and schedules with the South Carolina Commission. In July 2021, DESC, the South Carolina Office of Regulatory Staff and other parties of record filed a comprehensive settlement agreement with the South Carolina Commission for approval. The comprehensive settlement agreement provided for a non-fuel, base rate increase of $62 million (resulting in a net increase of $36 million after considering an accelerated amortization of certain excess deferred income taxes) commencing with bills issued on September 1, 2021 and an authorized earned ROE of 9.50%. Additionally, DESC agreed to commit up to $15 million to forgive retail electric customer balances that were more than 60 days past due as of May 31, 2021 and provide $15 million for energy efficiency upgrades and critical health and safety repairs to customer homes. Pursuant to the comprehensive settlement agreement, DESC would not file a retail electric base rate case prior to July 1, 2023, such that new rates would not be effective prior to January 1, 2024, absent unforeseen extraordinary economic or financial conditions that may include changes in corporate tax rates. In July 2021, the South Carolina Commission approved the comprehensive settlement agreement and issued its final order in August 2021.

In connection with this matter, Dominion Energy recorded charges of $249 million ($187 million after-tax) reflected within impairment of assets and other charges (reflected in the Corporate and Other segment), including $237 million of regulatory assets associated with DESC’s purchases of its first mortgage bonds during 2019 that are no longer probable of recovery under the settlement agreement, and $18 million ($14 million after-tax) reflected within other income (expense) in its Consolidated Statements of Income for the year ended December 31, 2021.

Electric DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its electric DSM programs.

In January 2023, DESC filed an application with the South Carolina Commission seeking approval to recover $46 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 2023. In April 2023, the South Carolina Commission approved the request, effective with the first billing cycle of May 2023.

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. This matter is pending.

Natural Gas Rates

In March 2023, DESC filed its natural gas base rate case and schedules with the South Carolina Commission. DESC proposed a rate increase of $19 million effective October 2023. The base rate increase was proposed to recover significant investment in distribution infrastructure for the benefit of customers. The proposed rates would provide for an ROE of 10.38% compared to the currently authorized ROE of 10.25%. In addition, DESC elected to continue applicability of the Natural Gas Rate Stabilization Act, which allows for the adjustment of natural gas base rates annually, to its future rates and charges. In September 2023, DESC, the South Carolina Office of Regulatory Staff and other parties of record filed a stipulation agreement with the South Carolina Commission for approval. The stipulation agreement provides for a rate increase of $9 million commencing with bills rendered in October 2023, and an authorized ROE of 9.49%. Pursuant to the stipulation agreement, DESC would not file a natural gas base rate case prior to April 1, 2026, such that new rates would not be effective prior to October 1, 2026, absent unforeseen extraordinary economic or financial conditions that may include changes in corporate tax rates. In September 2023, the South Carolina Commission approved the stipulation agreement and issued its final order in October 2023.

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 2023, DESC filed with the South Carolina Commission a proposal to increase 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 2023. In addition, DESC proposed a decrease to its variable environmental and avoided capacity cost component. The net effect is a proposed annual increase of $176 million. In March 2023, DESC, the South Carolina Office of Regulatory Staff and another party of record filed a stipulation with the South Carolina Commission for approval to reduce the base fuel cost component reflecting a subsequent decrease in current fuel prices, resulting in a net annual increase of $121 million. In April 2023, the South Carolina Commission voted to approve the stipulation, with rates effective May 2023.

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. This matter is pending.

Electric Transmission Project

In March 2023, DESC filed an application with the South Carolina Commission requesting approval to construct and operate 19 miles of 230 kV transmission lines, a substation and associated facilities in Jasper County, South Carolina estimated to cost approximately $55 million. In July 2023, the South Carolina Commission voted to approve the request and issued its order in September 2023.

Electric - Other

DESC utilizes a pension costs rider approved by the South Carolina Commission which is designed to allow recovery of projected pension costs, including under-collected balances or net of over-collected balances, as applicable. The rider is typically reviewed for adjustment every 12 months with any resulting increase or decrease going into effect beginning with the first billing cycle in May. In April 2023, the South Carolina Commission approved DESC’s requested adjustment to this rider to increase annual revenue by $24 million.

Ohio Regulation

Base Rate Case

In October 2023, East Ohio filed its base rate case and schedules with the Ohio Commission. East Ohio proposed a non-fuel, base rate increase of $212 million, projected to be effective January 2025. The base rate increase was proposed to recover the significant investment in distribution infrastructure for the benefit of Ohio customers. The proposed rates would provide for an ROE of 10.40% compared to the currently authorized ROE of 10.38%. In addition, East Ohio requested approval for an alternative rate plan for the continuation and modification of certain programs, including PIR and CEP. This matter is pending.

PIR Program

In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. The Ohio Commission has approved East Ohio’s PIR program for capital investments through 2026 with 3% increases of annual capital expenditures per year.

In April 2023, the Ohio Commission approved East Ohio’s application to adjust the PIR cost recovery rates for 2022 costs. The filing reflects gross plant investment for 2022 of $225 million, cumulative gross plant investment of $2.4 billion and a revenue requirement of $305 million.

CEP Program

In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of 6.5% on capital investments not covered by its PIR program to expand, upgrade or replace its infrastructure and information technology systems as well as investments necessary to comply with the Ohio Commission or other government regulation. In April 2022, certain parties filed an appeal with the Supreme Court of Ohio appealing the Ohio Commission’s December 2020 order establishing the CEP rider, including the rate of return utilized in determining the revenue requirement. In September 2023, the Supreme Court of Ohio affirmed the Ohio Commission’s December 2020 order.

In September 2023, the Ohio Commission approved adjustments to CEP cost recovery rates for 2022 costs. The approved rates reflect gross plant investment for 2022 of $195 million, cumulative gross plant investment of $1.3 billion and a revenue requirement of $151 million.

UEX Rider

East Ohio has approval for a UEX Rider through which it recovers the bad debt expense of most customers not participating in the PIPP Plus Program. The UEX Rider is adjusted annually to achieve dollar for dollar recovery of East Ohio’s actual write-offs of uncollectible amounts. In July 2023, the Ohio Commission approved East Ohio’s application to adjust its UEX Rider to reflect an annual revenue requirement of $23 million to provide for recovery of an under-recovered accumulated bad debt expense of $9 million as of March 31, 2023, and recovery of net bad debt expense projected to total $14 million for the twelve-month period ending March 2024.

Utah Regulation

Purchased Gas

In February 2023, Questar Gas filed an application with the Utah Commission seeking approval for a $92 million gas cost increase with rates effective March 2023. Subsequently in February 2023, the Utah Commission approved a $164 million gas cost increase reflecting additional undercollected gas costs incurred in January 2023.

Conservation Enabling Tariff

Questar Gas has a revenue decoupling mechanism called the conservation enabling tariff, which allows it to collect its allowed revenue per customer and promote energy conservation. Under the conservation enabling tariff, Questar Gas’ non-gas revenues are decoupled from the temperature-adjusted usage per customer. The tariff specifies an allowed monthly revenue per customer, with differences to be deferred and recovered from or refunded to customers through periodic rate adjustments. These adjustments are limited to 5% of distribution non-gas revenues. In December 2023, the Utah Commission approved Questar Gas’ request for a non-gas cost decrease of $27 million relating to the conservation enabling tariff with rates effective January 2024.
v3.24.0.1
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations

NOTE 14. ASSET RETIREMENT OBLIGATIONS

AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies’ long-lived assets. The Companies’ AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures.

The Companies have also identified, but not recognized, AROs related to the retirement of Dominion Energy’s storage wells in its underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in the Companies’ generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets.

The changes to AROs during 2022 and 2023 were as follows:

(millions)

Dominion Energy

 

 

Virginia Power

 

AROs at December 31, 2021

$

5,333

 

 

$

3,923

 

Obligations incurred during the period

 

138

 

 

 

132

 

Obligations settled during the period

 

(125

)

 

 

(155

)

Revisions in estimated cash flows(1)

 

46

 

 

 

48

 

Accretion

 

210

 

 

 

145

 

Sales of Kewaunee and Hope

 

(175

)

 

 

 

AROs at December 31, 2022(2)

$

5,427

 

 

$

4,093

 

Obligations incurred during the period

 

16

 

 

 

9

 

Obligations settled during the period

 

(193

)

 

 

(169

)

Revisions in estimated cash flows(3)

 

603

 

 

 

564

 

Accretion

 

222

 

 

 

156

 

AROs at December 31, 2023(2)

$

6,075

 

 

$

4,653

 
(1)
Primarily reflects revisions to asbestos abatement costs associated with the early retirement of certain retired electric generation facilities.
(2)
Includes $365 million and $434 million reported in other current liabilities for Dominion Energy at December 31, 2022 and 2023, respectively.
(3)
Primarily reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities at Virginia Power as discussed below. In addition, Dominion Energy recorded a $48 million increase to its AROs to reflect a revision in the estimated cash flows following the approval of closure plans for a DESC generation facility previously taken out of service. Dominion Energy also recorded a decrease of $125 million to its AROs due to a revision in the timing of expected cash flows associated with the expected approval of a 20-year useful life extension of Millstone Units 2 and 3. Concurrently, Dominion Energy reevaluated its estimated cash flows associated with Millstone Unit 1, which resulted in an increase to its AROs of $83 million. As a result, Dominion Energy recorded a charge of $83 million ($60 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).

Dominion Energy’s AROs at December 31, 2023 and 2022, include $1.9 billion and $1.9 billion, respectively, with $1.0 billion and $0.9 billion recorded by Virginia Power, related to the future decommissioning of their nuclear facilities. The Companies have established trusts dedicated to funding the future decommissioning activities. At December 31, 2023 and 2022, the aggregate fair value of Dominion Energy’s trusts, consisting primarily of equity and debt securities, totaled $6.9 billion and $6.0 billion, respectively. At December 31, 2023 and 2022, the aggregate fair value of Virginia Power’s trusts, consisting primarily of debt and equity securities, totaled $3.7 billion and $3.2 billion, respectively.

In addition, AROs at December 31, 2023 and 2022 include $3.4 billion and $2.8 billion, respectively, related to Virginia Power’s future ash pond and landfill closure costs. In 2023, Virginia Power revised its estimated cash flow projections associated with such costs at certain of its utility generation facilities in connection with obtaining replacement contracts for certain services following the bankruptcy of a previous vendor along with general updates of the contractual rates. As a result, Virginia Power recorded an increase to its AROs of $552 million with a corresponding increase of $471 million to regulatory assets for amounts recoverable through riders and $81 million to other deferred charges and other assets for amounts associated with nonjurisdictional customers. Regulatory mechanisms, primarily associated with legislation enacted in Virginia in 2019, provide for recovery of costs to be incurred. See Note 12 for additional information.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases

NOTE 15. LEASES

At December 31, 2023 and 2022, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Lease assets:

 

 

 

 

 

 

 

 

 

 

 

Operating lease assets(1)

$

578

 

 

$

473

 

 

$

393

 

 

$

294

 

Finance lease assets(2)

 

258

 

 

 

144

 

 

 

104

 

 

 

82

 

Total lease assets

$

836

 

 

$

617

 

 

$

497

 

 

$

376

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities(3)

$

36

 

 

$

39

 

 

$

20

 

 

$

21

 

Finance lease liabilities(4)

 

60

 

 

 

46

 

 

 

31

 

 

 

17

 

Total lease liabilities - current

 

96

 

 

 

85

 

 

 

51

 

 

 

38

 

Operating lease liabilities (5)

 

627

 

 

 

514

 

 

 

377

 

 

 

273

 

Finance lease liabilities(6)

 

203

 

 

 

104

 

 

 

72

 

 

 

65

 

Total lease liabilities - noncurrent

 

830

 

 

 

618

 

 

 

449

 

 

 

338

 

Total lease liabilities

$

926

 

 

$

703

 

 

$

500

 

 

$

376

 
(1)
Dominion Energy includes $561 million and $451 million at December 31, 2023 and 2022, respectively, in other deferred charges and other assets, with the remaining balance in noncurrent assets held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred charges and other assets in its Consolidated Balance Sheets.
(2)
Dominion Energy includes $244 million and $127 million at December 31, 2023 and 2022, respectively, in property, plant and equipment in its Consolidated Balance Sheets, net of $142 million and $106 million at December 31, 2023 and 2022, respectively, of accumulated amortization, with the remaining balance in noncurrent assets held for sale. Virginia Power’s balances are included in property, plant and equipment in its Consolidated Balance Sheets, net of $51 million and $33 million at December 31, 2023 and 2022, respectively, of accumulated amortization.
(3)
Dominion Energy includes $32 million and $34 million at December 31, 2023 and 2022, respectively, in other current liabilities, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are in other current liabilities in its Consolidated Balance Sheets.
(4)
Dominion Energy includes $57 million and $42 million at December 31, 2023 and 2022, respectively, in securities due within one year, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in securities due within one year in its Consolidated Balance Sheets.
(5)
Dominion Energy includes $610 million and $494 million at December 31, 2023 and 2022, respectively, in other deferred credits and other liabilities, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred credits and other liabilities in its Consolidated Balance Sheets.
(6)
Dominion Energy includes $192 million and $91 million at December 31, 2023 and 2022, respectively, in other long-term debt, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.

In addition to the amounts disclosed above, Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022 include property, plant and equipment of $382 million and $381 million, respectively, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. There was $28 million and $18 million of accumulated depreciation related to these facilities recorded in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. As discussed in Note 2, the amount of the property, plant and equipment and accumulated depreciation reflects the impacts of the change in the Companies’ accounting policy for investment tax credits.

For the years ended December 31, 2023, 2022 and 2021, total lease cost associated with the Companies’ leasing arrangements consisted of the following:

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization(1)

$

50

 

 

$

41

 

 

$

40

 

 

$

24

 

 

$

15

 

 

$

12

 

Interest(2)

 

13

 

 

 

3

 

 

 

(3

)

 

 

4

 

 

 

3

 

 

 

1

 

Operating lease cost(3)

 

70

 

 

 

53

 

 

 

66

 

 

 

43

 

 

 

32

 

 

 

30

 

Short-term lease cost(4)

 

32

 

 

 

31

 

 

 

32

 

 

 

23

 

 

 

21

 

 

 

19

 

Variable lease cost

 

6

 

 

 

4

 

 

 

5

 

 

 

2

 

 

 

1

 

 

 

1

 

Total lease cost

$

171

 

 

$

132

 

 

$

140

 

 

$

96

 

 

$

72

 

 

$

63

 
(1)
Dominion Energy includes $3 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
(2)
Dominion Energy includes $1 million for both the years ended December 31, 2023 and 2022 and less than $1 million for the year ended December 31, 2021 reflected in discontinued operations in its Consolidated Statements of Income.
(3)
Dominion Energy includes $5 million, $6 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively, reflected in discontinued operations in its Consolidated Statements of Income.
(4)
Dominion Energy includes $2 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.

For the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows for
   finance leases

$

13

 

 

$

3

 

 

$

(3

)

 

$

4

 

 

$

3

 

 

$

1

 

Operating cash flows for
   operating leases

 

105

 

 

 

82

 

 

 

103

 

 

 

64

 

 

 

50

 

 

 

53

 

Financing cash flows for
   finance leases

 

47

 

 

 

32

 

 

 

40

 

 

 

19

 

 

 

12

 

 

 

12

 

In addition to the amounts disclosed above, Dominion Energy’s Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021, include $21 million, $16 million and $168 million, respectively, of rental revenue, included in operating revenue and $10 million, $34 million and $110 million, respectively, of depreciation expense, included in depreciation and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor. As discussed in Note 2, the amount of the depreciation expense reflects the impacts of the change in the Companies’ accounting policy for investment tax credits.

At December 31, 2023 and 2022, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:

 

Dominion Energy

 

 

Virginia Power

 

December 31,

2023

 

 

2022

 

 

2023

 

 

2022

 

Weighted average remaining lease term -
   finance leases

5 years

 

 

4 years

 

 

5 years

 

 

6 years

 

Weighted average remaining lease term -
   operating leases

31 years

 

 

29 years

 

 

33 years

 

 

30 years

 

Weighted average discount rate -
   finance leases

 

7.14

%

 

 

5.77

%

 

 

7.28

%

 

 

6.12

%

Weighted average discount rate -
   operating leases

 

4.11

%

 

 

3.91

%

 

 

4.18

%

 

 

3.90

%

The Companies’ lease liabilities have the following maturities:

 

Maturity of Lease Liabilities

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

Operating

 

 

Finance

 

 

Operating

 

 

Finance

 

2024

 

$

45

 

 

$

77

 

 

$

24

 

 

$

37

 

2025

 

 

39

 

 

 

62

 

 

 

21

 

 

 

26

 

2026

 

 

36

 

 

 

54

 

 

 

18

 

 

 

20

 

2027

 

 

33

 

 

 

48

 

 

 

17

 

 

 

17

 

2028

 

 

32

 

 

 

41

 

 

 

17

 

 

 

12

 

After 2028

 

 

930

 

 

 

31

 

 

 

553

 

 

 

10

 

Total undiscounted lease payments

 

 

1,115

 

 

 

313

 

 

 

650

 

 

 

122

 

Present value adjustment

 

 

(451

)

 

 

(51

)

 

 

(253

)

 

 

(19

)

Present value of lease liabilities

 

$

664

 

 

$

262

 

 

$

397

 

 

$

103

 

Corporate Office Leasing Arrangement

 

In December 2019, Dominion Energy signed an agreement with a lessor, as amended in May 2020, to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and had obtained financing commitments from debt investors, totaling $465 million, to fund the estimated project costs. In March 2021, Dominion Energy notified the lessor of its intention to terminate the leasing arrangement effective April 2021. As a result, Dominion Energy recorded a charge of $62 million ($46 million after-tax) in 2021, included in impairment of assets and other charges (reflected in the Corporate and Other segment) in its Consolidated Statements of Income, primarily for amounts required to be repaid to the lessor.

Offshore Wind Vessel Leasing Arrangement

 

In December 2020, Dominion Energy signed an agreement (subsequently amended in December 2022 and May 2023) with a lessor to complete construction of and lease a Jones Act compliant offshore wind installation vessel. This vessel is designed to handle current turbine technologies as well as next generation turbines. The lessor is providing equity and has obtained financing commitments from debt investors, totaling $625 million, to fund the estimated project costs. The project is expected to be completed in late 2024 or early 2025. Dominion Energy has been appointed to act as the construction agent for the lessor, during which time Dominion Energy will request cash draws from the lessor and debt investors to fund all project costs, which totaled $422 million as of December 31, 2023. If the project is terminated under certain events of default, Dominion Energy could be required to pay up to 100% of the then funded amount.

 

The initial lease term will commence once construction is substantially complete and the vessel is delivered and will mature in November 2027. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional term, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the outstanding 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 outstanding project costs, Dominion Energy may be required to make a payment to the lessor for the difference between the outstanding project costs and sale proceeds. Dominion Energy is not considered the owner during construction for financial accounting purposes and, therefore, will not reflect the construction activity in its consolidated financial statements. Dominion Energy expects to recognize a right-of-use asset and a corresponding finance lease liability at the commencement of the lease term. Dominion Energy will be considered the owner of the leased property for tax purposes, and as a result, will be entitled to tax deductions for depreciation and interest expense.

v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

NOTE 16. VARIABLE INTEREST ENTITIES

The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE.

Dominion Energy

At December 31, 2023, Dominion Energy owns a 53% membership interest in Atlantic Coast Pipeline. Dominion Energy concluded that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion Energy has concluded that it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance, as the power to direct is shared with Duke Energy. Dominion Energy is obligated to provide capital contributions based on its ownership percentage. Dominion Energy’s maximum exposure to loss is limited to any future investment. See Note 9 for additional details regarding the nature of this entity.

Dominion Energy and Virginia Power

The Companies’ nuclear decommissioning trust funds and Dominion Energy’s rabbi trusts hold investments in limited partnerships or similar type entities (see Note 9 for additional details). Dominion Energy and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion Energy and Virginia Power have concluded neither is the primary beneficiary as they do not have the power to direct the activities that most significantly impact these VIEs’ economic performance. Dominion Energy and Virginia Power are obligated to provide capital contributions to the partnerships as required by each partnership agreement based on their ownership percentages. Dominion Energy and Virginia Power’s maximum exposure to loss is limited to their current and future investments.

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $463 million, $396 million and $380 million for the years ended December 31, 2023, 2022 and 2021, respectively. Virginia Power’s Consolidated Balance Sheets included amounts due to DES of $32 million and $28 million at December 31, 2023 and 2022, respectively, recorded in payables to affiliates in the Consolidated Balance Sheets. Virginia Power determined that it is not the primary beneficiary of DES as it does not have power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it. DES provides accounting, legal, finance and certain administrative and technical services to all Dominion Energy subsidiaries, including Virginia Power. Virginia Power has no obligation to absorb more than its allocated share of DES costs.

See Note 18 for discussion of VPFS, which is considered to be a VIE.
v3.24.0.1
Short Term Debt and Credit Agreements
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Debt and Credit Agreements

NOTE 17. SHORT-TERM DEBT AND CREDIT AGREEMENTS

The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties.

Dominion Energy

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. Commercial paper and letters of credit outstanding, as well as capacity available under the credit facility were as follows:

 

 

Facility Limit

 

 

Outstanding Commercial Paper(1)

 

 

Outstanding Letters of Credit

 

 

Facility Capacity Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

3,547

 

 

$

16

 

 

$

2,437

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

3,076

 

 

$

202

 

 

$

2,722

 
(1)
The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s credit facility was 5.69% and 4.73% at December 31, 2023 and 2022, respectively.
(2)
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 December 31, 2023, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively.

 

In March 2023, FERC granted DESC authority through March 2025 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2023, FERC granted GENCO authority through March 2025 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less.

 

In addition to the joint revolving credit facility mentioned above, Dominion Energy also has a credit facility which allows Dominion Energy to issue up to approximately $30 million in letters of credit and will mature in June 2024. At both December 31, 2023 and 2022, Dominion Energy had $25 million in letters of credit outstanding under this facility.

 

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 December 31, 2023, $54 million in letters of credit were issued and outstanding under this agreement.

 

DECP Holdings had a credit facility, which allowed it to issue up to $110 million in letters of credit with automatic one-year renewals through the maturity of the facility in December 2024. At December 31, 2022, $110 million in letters of credit were outstanding under this agreement with no amounts drawn under the letters of credit. In connection with the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point, as discussed in Note 9, these letters of credit were cancelled in September 2023.

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. The registration limits the principal amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At December 31, 2023 and 2022, Dominion Energy’s Consolidated Balance Sheets include $409 million and $347 million, respectively, presented within short-term debt with weighted-average interest rates of 5.50% and 4.24%, respectively. The proceeds are used for general corporate purposes and to repay debt.

In January 2023, Dominion Energy entered into a $2.5 billion 364-day term loan facility which bears interest at a variable rate and was scheduled to mature in January 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used to

repay long-term debt. In February and March 2023, Dominion Energy borrowed $500 million and $1.0 billion, respectively, with the proceeds used for general corporate purposes and to repay long-term debt. At December 31, 2023, Dominion Energy’s Consolidated Balance Sheet includes $2.5 billion with respect to such facility presented within securities due within one year. In January 2024, the facility was amended and will mature in July 2024. The amended agreement contains certain mandatory early repayment provisions, including that any after-tax proceeds in connection with the East Ohio, Questar Gas and PSNC Transactions be applied to any outstanding borrowings under the facility. The maximum allowed total debt to total capital ratio under the facility is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

In July 2023, Dominion Energy entered into two $600 million 364-day term loan facilities which bore interest at a variable rate and were scheduled to mature in July 2024 with the proceeds to be used to repay existing long-term debt and short-term debt upon maturity and for other general corporate purposes. Subsequently in July 2023, Dominion Energy borrowed an initial $750 million in the aggregate under these facilities with the proceeds used to repay short-term debt and for general corporate purposes. Dominion Energy was permitted to make up to three additional borrowings under each agreement through November 2023, at which point any unused capacity would cease to be available to Dominion Energy. The agreements contained certain mandatory early repayment provisions, including that any after-tax proceeds in connection with a sale of Dominion Energy’s noncontrolling interest in Cove Point, following the repayment of DECP Holding’s term loan secured by its noncontrolling interest in Cove Point, be applied to any outstanding borrowings under the facilities. In September 2023, Dominion Energy repaid the $750 million borrowing with after-tax proceeds from the sale of Dominion Energy’s noncontrolling interest in Cove Point, as discussed in Note 9. Subsequently in September 2023, Dominion Energy borrowed $225 million in the aggregate under these facilities with the proceeds used to repay short-term debt and for general corporate purposes. In October 2023, Dominion Energy repaid the $225 million borrowing and terminated the facilities along with any remaining unused commitments.

In October 2023, Dominion Energy entered into a $2.25 billion 364-day term loan facility which bears interest at a variable rate and will mature in October 2024 with the proceeds to be used for general corporate purposes. Concurrently, Dominion Energy borrowed an initial $1.0 billion with the proceeds used for general corporate purposes, including to repay short-term and long-term debt. In November and December 2023, Dominion Energy borrowed $500 million and $750 million, respectively, with the proceeds used for general corporate purposes. Dominion Energy also has the ability through August 2024 to request an increase in the amount of this facility by up to an additional $500 million. The agreement contains certain mandatory early repayment provisions, including that any after-tax proceeds in connection with the East Ohio, PSNC and Questar Gas Transactions, following the repayment of the 364-day term loan facility entered into in January 2023, be applied to any outstanding borrowings under this facility. At December 31, 2023, Dominion Energy’s Consolidated Balance Sheet includes $2.25 billion 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.

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 were as follows:

 

 

Facility Limit

 

 

Outstanding Commercial Paper(1)

 

 

Outstanding Letters of Credit

 

(millions)

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

455

 

 

$

10

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

941

 

 

$

140

 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 5.65% and 4.68% at December 31, 2023 and 2022, respectively.
(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 December 31, 2023, 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 allows Virginia Power to issue up to $125 million in letters of credit and matures 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.

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 December 31, 2023, $124 million in letters of credit were issued and outstanding under this agreement.
v3.24.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt

NOTE 18. LONG-TERM DEBT

 

 

 

2023
Weighted-
average
Coupon(1)

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loans, variable rate, due 2024

 

 

6.52

%

 

 

$

4,750

 

 

$

—

 

 

 

 

 

 

 

Sustainability Revolving Credit Agreement, variable rate, due 2024(2)

 

 

6.28

%

 

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Unsecured Senior Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate, due 2023

 

 

 

 

 

 

—

 

 

 

1,000

 

 

 

 

 

 

 

1.45% to 7.00%, due 2023 to 2052(3)

 

 

4.14

%

 

 

 

11,476

 

 

 

12,476

 

 

 

 

 

 

 

Unsecured Junior Subordinated Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.071% due 2024

 

 

3.07

%

 

 

 

700

 

 

 

700

 

 

 

 

 

 

 

Payable to Affiliated Trust, 8.4%, due 2031

 

 

8.40

%

 

 

 

10

 

 

 

10

 

 

 

 

 

 

 

Enhanced Junior Subordinated Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.75% due 2054

 

 

5.75

%

 

 

 

685

 

 

 

685

 

 

 

 

 

 

 

Virginia Electric and Power Company:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes, 2.30% to 8.875%, due 2023 to 2053

 

 

4.25

%

 

 

 

16,935

 

 

 

15,135

 

 

$

16,935

 

 

$

15,135

 

Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041(4)

 

 

1.77

%

 

 

 

625

 

 

 

625

 

 

 

625

 

 

 

625

 

DECP Holdings, Term Loan, variable rate, due 2024(5)

 

 

 

 

 

 

—

 

 

 

2,349

 

 

 

 

 

 

 

DESC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065

 

 

5.23

%

 

 

 

4,134

 

 

 

3,634

 

 

 

 

 

 

 

Tax-Exempt Financings(6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate due 2038

 

 

3.87

%

 

 

 

35

 

 

 

35

 

 

 

 

 

 

 

3.625% and 4.00%, due 2028 and 2033

 

 

3.90

%

 

 

 

54

 

 

 

54

 

 

 

 

 

 

 

GENCO, variable rate due 2038

 

 

3.87

%

 

 

 

33

 

 

 

33

 

 

 

 

 

 

 

Other

 

 

3.61

%

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

Secured Senior Notes, 4.82%, due 2042(7)

 

 

4.82

%

 

 

 

291

 

 

 

308

 

 

 

 

 

 

 

Tax-Exempt Financing, 3.80% due 2033

 

 

3.80

%

 

 

 

27

 

 

 

27

 

 

 

 

 

 

 

Total Principal

 

 

 

 

 

$

40,206

 

 

$

37,522

 

 

$

17,560

 

 

$

15,760

 

Securities due within one year and supplemental credit facility borrowings(7)(8)

 

 

 

 

 

 

(6,839

)

 

 

(2,848

)

 

 

(350

)

 

 

(700

)

Unamortized discount, premium and debt issuance costs, net

 

 

 

 

 

 

(311

)

 

 

(322

)

 

 

(167

)

 

 

(144

)

Derivative restructuring(9)

 

 

 

 

 

 

—

 

 

 

141

 

 

 

—

 

 

 

—

 

Finance leases

 

 

 

 

 

 

192

 

 

 

91

 

 

 

72

 

 

 

65

 

Total long-term debt

 

 

 

 

 

$

33,248

 

 

$

34,584

 

 

$

17,115

 

 

$

14,981

 

 

(1)
Represents weighted-average coupon rates for debt outstanding as of December 31, 2023.
(2)
This $900 million supplemental credit facility, entered in 2021, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In May 2022, Dominion Energy borrowed $900 million. The proceeds from these borrowings were used to support environmental sustainability and social investment initiatives ($450 million) and for general corporate purposes ($450 million). In June 2022, Dominion Energy repaid $450 million borrowed for general corporate purposes. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.
(3)
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
(4)
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
(5)
In connection with the sale of Dominion Energy’s interest in Cove Point, described further in Note 9, DECP Holdings’ outstanding term loan balance of $2.2 billion was repaid in September 2023. This term loan was scheduled to mature in December 2024.
(6)
Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2024.
(7)
Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.
(8)
Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 5.79% and 3.45%, respectively, as of December 31, 2023.
(9)
Excludes $143 million at December 31, 2023 for Dominion Energy and $447 million at December 31, 2022, for both Dominion Energy and Virginia Power, representing the current portion which is presented within securities due within one year in the Companies’ Consolidated Balance Sheets.

Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt, at December 31, 2023 were as follows:

 

 

2024

 

2025

 

2026

 

2027

 

2028

 

Thereafter

 

Total

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loans

$

4,750

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

4,750

 

Sustainability Revolving Credit
   Agreement

 

450

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

450

 

First Mortgage Bonds

 

—

 

 

—

 

 

—

 

 

—

 

 

53

 

 

4,081

 

 

4,134

 

Unsecured Senior Notes

 

650

 

 

1,500

 

 

2,120

 

 

1,783

 

 

1,195

 

 

21,164

 

 

28,412

 

Secured Senior Notes(1)

 

31

 

 

19

 

 

20

 

 

21

 

 

22

 

 

178

 

 

291

 

Tax-Exempt Financings

 

—

 

 

—

 

 

—

 

 

—

 

 

39

 

 

735

 

 

774

 

Unsecured Junior Subordinated
   Notes Payable to Affiliated
   Trusts

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

10

 

 

10

 

Unsecured Junior Subordinated
   Notes

 

700

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

700

 

Enhanced Junior Subordinated
   Notes

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

685

 

 

685

 

Total

$

6,581

 

$

1,519

 

$

2,140

 

$

1,804

 

$

1,309

 

$

26,853

 

$

40,206

 

Weighted-average Coupon

 

5.83

%

 

3.57

%

 

2.64

%

 

3.77

%

 

4.01

%

 

4.57

%

 

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes

$

350

 

$

350

 

$

1,150

 

$

1,350

 

$

700

 

$

13,035

 

$

16,935

 

Tax-Exempt Financings

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

625

 

 

625

 

Total

$

350

 

$

350

 

$

1,150

 

$

1,350

 

$

700

 

$

13,660

 

$

17,560

 

Weighted-average Coupon

 

3.45

%

 

3.10

%

 

3.08

%

 

3.61

%

 

3.80

%

 

4.37

%

 

 
(1)
Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.

 

The Companies’ credit facilities and debt agreements, both short-term and long-term, contain customary covenants and default provisions. As of December 31, 2023, there were no events of default under these covenants.

Senior Note Issuances

In January 2024, Virginia Power issued $500 million of 5.00% senior notes and $500 million of 5.35% senior notes that mature in 2034 and 2054, respectively. The proceeds were used for general corporate purposes and/or to repay short-term debt.

Senior Secured Deferred Fuel Cost Bonds

In February 2024, VPFS issued $439 million of 5.088% senior secured deferred fuel cost bonds with a scheduled final payment date of May 2027 and a final maturity date of May 2029 and $843 million of 4.877% senior secured deferred fuel cost bonds with a scheduled final payment date of May 2031 and a final maturity date of May 2033. The full principal of each tranche of bonds is payable semi-annually according to a sinking fund schedule. Interest on each tranche of bonds accrues from the date of issuance and is payable semi-annually. Payment on the bonds commences in November 2024. The scheduled final payment date for the applicable tranche is the date by which all interest and principal for such tranche is expected to be paid in full. The final maturity date of the applicable tranche is the legal maturity date for such tranche. The bonds are not subject to optional redemption prior to their stated

maturity. VPFS as the issuer of the bonds is a bankruptcy remote, wholly-owned special purpose subsidiary of Virginia Power formed in October 2023 for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of deferred fuel cost bonds. VPFS is considered to be a VIE primarily because its equity capitalization is insufficient to support its operations. Virginia Power is considered the primary beneficiary and consolidates VPFS as it has the power to direct the most significant activities of VPFS, including performing servicing activities such as billing and collecting the deferred fuel cost charges. Pursuant to the financing order issued by the Virginia Commission in November 2023, Virginia Power sold to VPFS its right to receive revenues from the non-bypassable deferred fuel cost charges from Virginia Power’s retail customers in Virginia, except for certain exempt customers, as deferred fuel cost property. The securitization bondholders have recourse solely with respect to the deferred fuel cost property owned by VPFS and no recourse to any other assets of Dominion Energy or Virginia Power. Any deferred fuel cost charges collected by Virginia Power to pay for bond servicing and other qualified costs are deferred fuel cost property solely owned by VPFS. Any deferred fuel cost charges collected by Virginia Power are remitted to a trustee and are not available to other creditors of Virginia Power or Dominion Energy.

Enhanced Junior Subordinated Notes

In October 2014, Dominion Energy issued $685 million of October 2014 hybrids that will bear interest at 5.75% per year until October 1, 2024. Thereafter, provided the October 2014 hybrids remain outstanding, interest will accrue at a SOFR-based rate to be determined at that time.

In July 2016, Dominion Energy issued $800 million of 5.25% July 2016 hybrids. In August 2021, Dominion Energy redeemed the remaining principal outstanding of $800 million of its July 2016 hybrids, which would have otherwise matured in 2076 and were listed on the NYSE under the symbol DRUA. Expenses related to the early redemption of the hybrids were $23 million reflected within interest and related charges in the Consolidated Statements of Income for the year ended December 31, 2021.

Dominion Energy may defer interest payments on the hybrids on one or more occasions for up to 10 consecutive years. If the interest payments on the hybrids are deferred, Dominion Energy may not make distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the hybrids.

Derivative Restructuring

 

In June 2020, Dominion Energy amended a portfolio of interest rate swaps with a notional value of $2.0 billion, extending the mandatory termination dates from 2020 and 2021 to December 2024. As a result of this noncash financing activity with an embedded interest rate swap, Dominion Energy recorded $326 million in other long-term debt representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 1.19%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. In August 2021, Dominion Energy settled certain of the outstanding interest rate swaps which would have otherwise matured in December 2024, resulting in a $39 million reduction in other long-term debt. In August 2022, Dominion Energy settled certain of the outstanding interest rate swaps which would have otherwise matured in December 2024, resulting in a $154 million reduction in other long-term debt.

 

In August 2020, Virginia Power amended a portfolio of interest rate swaps with a notional value of $900 million, extending the mandatory termination dates from 2020 to December 2023. As a result of this noncash financing activity with an embedded interest rate swap, Virginia Power recorded $443 million in other long-term debt representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 0.34%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception. The interest rate swaps were in a hedge relationship prior to the transaction. Virginia Power de-designated the hedge relationships prior to the transaction and then designated the new interest rate swap in a hedge relationship after the transaction. In March 2023, Virginia Power settled the remaining outstanding interest rate swaps which would have otherwise matured in December 2023, resulting in a $448 million reduction in securities due within one year.
v3.24.0.1
Preferred Stock
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Preferred Stock

NOTE 19. PREFERRED STOCK

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At both December 31, 2023 and 2022, Dominion Energy had issued and outstanding 1.8 million shares 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.

DESC is authorized to issue up to 20 million shares of preferred stock. At both December 31, 2023 and 2022, DESC had issued and outstanding 1,000 shares of preferred stock, all of which were held by SCANA and are eliminated in consolidation.

Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference; however, none were issued and outstanding at December 31, 2023 or 2022.

 

2019 Corporate Units

In June 2019, Dominion Energy issued $1.6 billion of 2019 Equity Units, initially in the form of 2019 Series A Corporate Units. The Corporate Units were listed on the NYSE under the symbol DCUE. The net proceeds were used for general corporate purposes and to repay short-term debt, including commercial paper.

Each 2019 Series A Corporate Unit consisted of a stock purchase contract and a 1/10, or 10%, undivided beneficial ownership interest in one share of Series A Preferred Stock. Beginning in June 2022, the Series A Preferred Stock was convertible at the option of the holder. Settlement of any conversion was initially payable in cash, common stock or a combination thereof, at Dominion Energy’s election. In November 2021, Dominion Energy’s Articles of Incorporation were amended to require that any conversion of its Series A Preferred Stock be settled, at Dominion Energy’s election, either entirely in cash or in cash up to the first $1,000 per share and in shares of Dominion Energy common stock, cash or any combination thereof for any amounts in excess of $1,000 per share. As a result of establishing a minimum amount to be settled in cash if the holders elect to convert the Series A Preferred Stock, $1.6 billion was reclassified from equity to mezzanine equity in 2021. The Series A Preferred Stock was redeemable in cash by Dominion Energy beginning September 2022 at the liquidation preference.

The stock purchase contracts obligated the holders to purchase shares of Dominion Energy common stock in June 2022. The purchase price paid under the stock purchase contracts was $100 per Corporate Unit and the number of shares purchased was determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. See Note 20 for additional information. The Series A Preferred Stock had been pledged upon issuance as collateral to secure the purchase of common stock under the related stock purchase contracts. Dominion Energy paid cumulative dividends on the Series A Preferred Stock and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below.

Pursuant to the terms of the 2019 Equity Units, Dominion Energy conducted a final remarketing of substantially all shares of Series A Preferred Stock in May 2022 which resulted in the dividend rate for all shares of Series A Preferred Stock being reset to 1.75% for the June 2022 through August 2022 dividend period and 6.75% effective September 2022. The conversion rate on the Series A Preferred Stock did not increase as a result of the remarketing. In May 2022, Dominion Energy received a commitment from a financial institution to purchase up to 1.6 million shares of the Series A Preferred Stock in the final remarketing. Accordingly, following the settlement of the successful remarketing and approval from its Board of Directors in June 2022, Dominion Energy became obligated to redeem all outstanding shares of Series A Preferred Stock in September 2022. As such, effective June 2022, the Series A Preferred Stock was considered to be mandatorily redeemable and was classified as a current liability. In addition, Dominion Energy made a short-term deposit at the financial institution as described further in Note 9. Proceeds from the final remarketing were used on behalf of holders of 2019 Series A Corporate Units at the time of the remarketing to pay the purchase price to Dominion Energy for the issuance of its common stock under the stock purchase contracts included in such corporate units in June 2022. In September 2022, Dominion Energy redeemed all outstanding shares of Series A Preferred Stock for $1.6 billion.

Selected information about Dominion Energy’s 2019 Equity Units is presented below:

 

Issuance Date

 

Units Issued

 

Total Net
Proceeds(1)

 

 

Total Preferred
Stock(2)

 

 

Cumulative
Dividend Rate

 

 

Stock Purchase
Contract
Annual Rate

 

 

Stock Purchase
Contract
Liability(3)

 

 

Stock Purchase
Contract
Settlement Date

(millions except interest rates)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/14/2019

 

16

 

$

1,582

 

 

$

1,610

 

 

 

1.75

%

 

 

5.5

%

 

$

250

 

 

6/1/2022

 

(1)
Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million). In connection with the reclassification of the Series A Preferred Stock to mezzanine equity in 2021, the issuance costs originally recognized as a reduction to preferred stock were reclassified to common stock.
(2)
Dominion Energy recorded dividends of $12 million ($7.292 per share) and $28 million ($17.50 per share) for the years ended December 31, 2022 and 2021, respectively. In addition, Dominion Energy recorded interest expense of $7 million on the Series A Preferred Stock for the year ended December 31, 2022, following the reclassification of these shares to a mandatorily redeemable liability effective June 2022 as discussed above.
(3)
Payments of $44 million and $85 million were made in 2022 and 2021, respectively.

 

 

Series B Preferred Stock

In December 2019, Dominion Energy issued 800,000 shares of Series B Preferred Stock for $791 million, net of $9 million of issuance costs. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.65% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing June 15, 2020. Dominion Energy recorded dividends of $37 million ($46.50 per share) for each of the years ended December 31, 2023, 2022 and 2021. The dividend rate for the Series B Preferred Stock will be reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993

%. Unless all accumulated and unpaid dividends on the Series B Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise.

Dominion Energy may, at its option, redeem the Series B Preferred Stock in whole or in part on December 15, 2024 or on any subsequent fifth anniversary of such date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series B Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series B Preferred Stock that has certain adverse effects on the equity credit actually received by the Series B Preferred Stock.

Holders of the Series B Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series B Preferred Stock or as otherwise required by applicable law. The Series B Preferred Stock is not subject to any sinking fund or other obligation of ours to redeem, repurchase or retire the Series B Preferred Stock. The preferred stock contains no conversion rights.

 

Series C Preferred Stock

In December 2021, Dominion Energy issued 750,000 shares of Series C Preferred Stock for $742 million, net of $8 million of issuance costs. Also in December 2021, Dominion Energy issued 250,000 shares of Series C Preferred Stock valued at $250 million to the qualified benefit pension plans. See Note 22 for further information regarding activity surrounding pension plan contributions. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.35% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing April 15, 2022. Dominion Energy recorded dividends of $44 million ($43.50 per share), $44 million ($43.50 per share) and $3 million ($2.6583 per share) and for the years ended December 31, 2023, 2022 and 2021, respectively. The dividend rate for the Series C Preferred Stock will be reset every five years beginning on April 15, 2027 to equal the then-current five-year U.S. Treasury rate plus a spread of 3.195%. Unless all accumulated and unpaid dividends on the Series C Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series C Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise.

Dominion Energy may, at its option, redeem the Series C Preferred Stock in whole or in part anytime from and including January 15, 2027 through and including April 15, 2027 or during any subsequent fifth anniversary of such period at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series C Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series C Preferred Stock that has certain adverse effects on the equity credit actually received by the Series C Preferred Stock.

Holders of the Series C Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series C Preferred Stock or as otherwise required by applicable law. The Series C Preferred Stock is not subject to any sinking fund or other obligation of ours to redeem, repurchase or retire the Series C Preferred Stock. The preferred stock contains no conversion rights.
v3.24.0.1
Equity
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Equity

NOTE 20. EQUITY

Common Stock

Dominion Energy

During 2023, 2022 and 2021, Dominion Energy recorded, net of fees and commissions, $94 million, $2.0 billion and $340 million from the issuance of approximately 2 million, 25 million and 4 million shares of common stock, respectively, as described below.

Dominion Energy Direct® and Employee Savings Plans

 

Dominion Energy maintains Dominion Energy Direct® and a number of employee savings plans through which contributions may be invested in Dominion Energy’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In January 2021, Dominion Energy began issuing new shares of common stock for these direct stock purchase plans. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans. During 2023, 2022 and 2021, Dominion Energy issued 1.7 million, 2.4 million and 2.6 million, respectively, of such shares and received proceeds of $94 million, $179 million and $192 million, respectively.

At-the-Market Program

In 2020, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program. Under the sales agency agreements, Dominion Energy could, from time to time, offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. Sales by Dominion Energy through the sales agents or by forward sellers pursuant to a forward sale agreement cannot exceed $1.0 billion in the aggregate. In November 2021, Dominion Energy entered forward sale agreements for approximately 1.1 million shares of its common stock to be settled by November 2022 at an initial forward price of $74.66 per share. Except in certain circumstances, Dominion Energy could have elected physical, cash or net settlement of the forward sale agreements. In November 2022, Dominion Energy provided notice to elect physical settlement of the forward sale agreements and in December 2022 received total proceeds of $78 million. This program expired in June 2023.

Other Issuances

In August 2021, Dominion Energy issued 0.6 million shares of its common stock, valued at $45 million, to satisfy DESC’s obligation for the initial payment under a settlement agreement with the SCDOR discussed in Note 23. In May 2022, Dominion Energy issued 0.9 million shares of its common stock, valued at $72 million, to partially satisfy DESC’s remaining obligation under the settlement agreement.

 

In June 2022, Dominion Energy issued 0.4 million shares of its common stock, valued at $30 million, to partially satisfy its obligation under a settlement agreement for the State Court Merger Case discussed in Note 23.

 

In June 2022, Dominion Energy issued 19.4 million shares of its common stock to settle the stock purchase contract component of the 2019 Equity Units, as discussed in Note 19, and received proceeds of $1.6 billion.

 

In July 2021, Dominion Energy issued 1.4 million shares of its common stock, valued at $104 million, to satisfy DESC’s obligation under a settlement agreement for the FILOT litigation discussed in Note 23.

Repurchase of Common Stock
 

Dominion Energy did not repurchase any shares in 2023, 2022 or 2021, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.

 

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 December 31, 2023. This repurchase program does not include a specific timetable or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors.


Virginia Power

In the fourth quarter of 2023, Virginia Power issued 49,522 shares of its common stock to Dominion Energy for $3.25 billion with the proceeds utilized to repay substantially all of the outstanding borrowings under Virginia Power’s intercompany credit facility with Dominion Energy. Virginia Power issued the shares pursuant to a Virginia Commission order authorizing the issuance of up to $3.25 billion of common stock to Dominion Energy through the end of 2023 as part of its reasonable efforts to maintain a common equity capitalization to total capitalization ratio of 52.10% through December 2024 in accordance with legislation enacted in Virginia in April 2023 as discussed in Note 13. Virginia Power did not issue any shares of its common stock to Dominion Energy in 2022 or 2021.

Noncontrolling Interests

Non-Wholly-Owned Nonregulated Solar Facilities

In December 2021, Dominion Energy completed the sale of SBL Holdco, which held Dominion Energy’s 67% controlling interest in certain nonregulated solar projects, and the sale of its 50% controlling interest in Four Brothers and Three Cedars. As a result of these sales, all balances recorded as noncontrolling interests associated with these entities were written off. See Note 10 for additional information.

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)

Other comprehensive income
   before reclassifications:
   gains (losses)

 

 

—

 

 

 

55

 

 

 

27

 

 

 

—

 

 

 

82

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related
   charges

 

 

43

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

43

 

Other income (expense)

 

 

—

 

 

 

(14

)

 

 

(61

)

 

 

—

 

 

 

(75

)

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Total

 

 

43

 

 

 

(14

)

 

 

(61

)

 

 

4

 

 

 

(28

)

Income tax expense (benefit)

 

 

(10

)

 

 

3

 

 

 

20

 

 

 

(1

)

 

 

12

 

Total, net of tax

 

 

33

 

 

 

(11

)

 

 

(41

)

 

 

3

 

 

 

(16

)

Net current period other
   comprehensive income (loss)

 

 

33

 

 

 

44

 

 

 

(14

)

 

 

3

 

 

 

66

 

Ending balance

 

$

(216

)

 

$

—

 

 

$

(1,290

)

 

$

—

 

 

$

(1,506

)

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(358

)

 

$

37

 

 

$

(1,133

)

 

$

(4

)

 

$

(1,458

)

Other comprehensive income
   before reclassifications:
   gains (losses)

 

 

67

 

 

 

(100

)

 

 

(218

)

 

 

1

 

 

 

(250

)

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related
   charges

 

 

57

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

57

 

Other income (expense)

 

 

—

 

 

 

25

 

 

 

102

 

 

 

—

 

 

 

127

 

Total

 

 

57

 

 

 

25

 

 

 

102

 

 

 

—

 

 

 

184

 

Income tax expense (benefit)

 

 

(15

)

 

 

(6

)

 

 

(27

)

 

 

—

 

 

 

(48

)

Total, net of tax

 

 

42

 

 

 

19

 

 

 

75

 

 

 

—

 

 

 

136

 

Net current period other
   comprehensive income (loss)

 

 

109

 

 

 

(81

)

 

 

(143

)

 

 

1

 

 

 

(114

)

Ending balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $73 million, $83 million and $119 million tax at December 31, 2023, 2022 and 2021, respectively.
(3)
Net of $(2) million, $13 million and $(10) million tax at December 31, 2023 and 2022 and 2021, respectively.
(4)
Net of $456 million, $445 million and $396 million tax at December 31, 2023 and 2022 and 2021, respectively.
(5)
Net of $— million, $1 million, and $1 million tax at December 31, 2023, 2022 and 2021, respectively.

Virginia Power

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

 

 

Total Derivative-
Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16

 

 

$

(7

)

 

$

9

 

Other comprehensive income before
   reclassifications: gains (losses)

 

 

(1

)

 

 

7

 

 

 

6

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

1

 

 

 

—

 

 

 

1

 

           Other income (expense)

 

 

—

 

 

 

1

 

 

 

1

 

Total

 

 

1

 

 

 

1

 

 

 

2

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive
   income (loss)

 

 

(1

)

 

 

8

 

 

 

7

 

Ending balance

 

$

15

 

 

$

1

 

 

$

16

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(45

)

 

$

4

 

 

$

(41

)

Other comprehensive income before
   reclassifications: gains (losses)

 

 

60

 

 

 

(11

)

 

 

49

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

2

 

 

 

—

 

 

 

2

 

Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

2

 

 

 

—

 

 

 

2

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

1

 

 

 

—

 

 

 

1

 

Net current period other comprehensive
   income (loss)

 

 

61

 

 

 

(11

)

 

 

50

 

Ending balance

 

$

16

 

 

$

(7

)

 

$

9

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(5) million, $(5) million and $16 million tax at December 31, 2023, 2022 and 2021, respectively.
(3)
Net of $— million, $2 million and $(2) million tax at December 31, 2023, 2022 and 2021, respectively.

Stock-Based Awards

The 2014 Incentive Compensation Plan permits stock-based awards that include restricted stock, performance grants, goal-based stock, stock options and stock appreciation rights. The Non-Employee Directors Compensation Plan permits grants of restricted stock and stock options. Under provisions of these plans, employees and non-employee directors may be granted options to purchase common stock at a price not less than its fair market value at the date of grant with a maximum term of eight years. Option terms are set at the discretion of the Compensation and Talent Development Committee of the Board of Directors or the Board of Directors itself, as provided under each plan. No options are outstanding under either plan. At December 31, 2023, approximately 15 million shares were available for future grants under these plans.

Goal-based stock awards are granted in lieu of cash-based performance grants to certain officers who have not achieved a certain targeted level of share ownership. At December 31, 2023 and December 31, 2022, unrecognized compensation cost related to nonvested goal-based stock awards was inconsequential.

Dominion Energy measures and recognizes compensation expense relating to share-based payment transactions over the vesting period based on the fair value of the equity or liability instruments issued. Dominion Energy’s results for the years ended December 31, 2023, 2022 and 2021 include $44 million, $36 million and $42 million, respectively, of compensation costs and $10 million, $7 million and $9 million, respectively, of income tax benefits related to Dominion Energy’s stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income. Excess Tax Benefits are classified as a financing cash flow.

Restricted Stock

Restricted stock grants are made to officers under Dominion Energy’s LTIP and may also be granted to certain key non-officer employees. The fair value of Dominion Energy’s restricted stock awards is equal to the closing price of Dominion Energy’s stock on

the date of grant. New shares are issued for restricted stock awards on the date of grant and generally vest over a three-year service period. The following table provides a summary of restricted stock activity for the years ended December 31, 2023, 2022 and 2021:

 

 

 

Shares (millions)

 

 

Weighted - Average Grant Date Fair Value

 

Nonvested at December 31, 2020

 

1.4

 

 

$

77.41

 

Granted

 

0.5

 

 

 

71.78

 

Vested

 

(0.5

)

 

 

73.54

 

Cancelled and forfeited

 

(0.1

)

 

 

75.57

 

Nonvested at December 31, 2021

 

1.3

 

 

$

76.65

 

Granted

 

0.6

 

 

 

75.08

 

Vested

 

(0.4

)

 

 

77.87

 

Cancelled and forfeited

 

(0.1

)

 

 

73.15

 

Nonvested at December 31, 2022

 

1.4

 

 

$

75.56

 

Granted

 

1.0

 

 

 

48.99

 

Vested

 

(0.4

)

 

 

79.89

 

Cancelled and forfeited

 

(0.1

)

 

 

53.36

 

Nonvested at December 31, 2023

 

1.9

 

 

$

61.34

 

 

As of December 31, 2023, unrecognized compensation cost related to nonvested restricted stock awards totaled $70 million and is expected to be recognized over a weighted-average period of 2.2 years. The fair value of restricted stock awards that vested was $20 million, $31 million and $37 million in 2023, 2022 and 2021, respectively. Employees may elect to have shares of restricted stock withheld upon vesting to satisfy tax withholding obligations. The number of shares withheld will vary for each employee depending on the vesting date fair market value of Dominion Energy stock and the applicable federal, state and local tax withholding rates.

Cash-Based Performance Grants

Cash-based performance grants are made to Dominion Energy’s officers under Dominion Energy’s LTIP. The actual payout of cash-based performance grants will vary between zero and 200% of the targeted amount based on the level of performance metrics achieved.

In February 2020, a cash-based performance grant was made to officers. Payout of the performance grant occurred in January 2023 based on the achievement of two performance metrics during 2020, 2021 and 2022: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC with an additional payout based on Dominion Energy’s price-earnings ratio relative to that of the members of Dominion Energy’s peer compensation group. The total of the payout under the grant was $4 million, all of which was accrued on December 31, 2022.

In February 2021, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2024 based on the achievement of two performance metrics during 2021, 2022 and 2023: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC. There is an additional opportunity to earn a portion of the award based on Dominion Energy’s relative price-earnings ratio performance. The total of the payout under the grant was $4 million, all of which was accrued at December 31, 2023.

In February 2022, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2025 based on the achievement of three performance metrics during 2022, 2023 and 2024: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group, Cumulative Operating EPS, and Non-Carbon Emitting Generation Capacity Performance. At December 31, 2023, the targeted amount of the three-year grant was $16 million and a liability of $5 million had been accrued for this award.

 

In February 2023, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2026 based on the achievement of three performance metrics during 2023, 2024 and 2025: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group, Cumulative Operating EPS, and Non-Carbon Emitting Generation Capacity Performance. At December 31, 2023, the targeted amount of the three-year grant was $16 million and a liability of $3 million had been accrued for this award.
v3.24.0.1
Dividend Restrictions
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Dividend Restrictions

NOTE 21. DIVIDEND RESTRICTIONS

 

The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be inconsistent with the public interest. At December 31, 2023, the Virginia Commission had not restricted the payment of dividends by Virginia Power.

The North Carolina Commission, in its order approving the SCANA Combination, limited cumulative dividends payable to Dominion Energy by Virginia Power and PSNC to (i) the amount of retained earnings the day prior to closing of the SCANA Combination plus (ii) any future earnings recorded by Virginia Power and PSNC after such closing. In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power and PSNC’s capital structure to fall below 45%.

The Ohio and Utah Commissions may prohibit any public service company, including East Ohio and Questar Gas, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2023, neither the Ohio Commission nor the Utah Commission had restricted the payment of dividends by East Ohio or Questar Gas, respectively.

There is no specific restriction from the South Carolina Commission on the payment of dividends paid by DESC. Pursuant to the SCANA Merger Approval Order, the amount of any DESC dividends paid must be reasonable and consistent with the long-term payout ratio of the electric utility industry and gas distribution industry.

DESC’s bond indenture under which it issues first mortgage bonds contains provisions that could limit the payment of cash dividends on its common stock. DESC's bond indenture permits the payment of dividends on DESC's common stock only either (1) out of its Surplus (as defined in the bond indenture) or (2) in case there is no Surplus, out of its net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. In addition, pursuant to the SCANA Merger Approval Order, the amount of any DESC dividends paid must be reasonable and consistent with the long-term payout ratio of the electric utility industry and gas distribution industry.

At December 31, 2023, DESC’s retained earnings exceed the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is permitted to pay dividends without additional regulatory approval provided that such amounts would not bring the retained earnings balance below the established threshold.

See Notes 18 and 19 for a description of potential restrictions on common stock dividend payments by Dominion Energy in connection with the deferral of interest payments on the enhanced junior subordinated notes or a failure to pay dividends on the Series B Preferred Stock or Series C Preferred Stock.

v3.24.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Employee Benefit Plans

NOTE 22. EMPLOYEE BENEFIT PLANS

Dominion Energy—Defined Benefit Plans

Dominion Energy provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Under the terms of its benefit plans, Dominion Energy reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits.

Dominion Energy maintains qualified noncontributory defined benefit pension plans covering virtually all employees who commenced employment prior to July 2021. Retirement benefits are based primarily on years of service, age and the employee’s compensation. Dominion Energy’s funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension programs also provide benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion Energy also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service.

Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates, mortality rates and the rate of compensation increases.

Dominion Energy uses December 31 as the measurement date for all of its employee benefit plans. Dominion Energy uses the market-related value of pension plan assets to determine the expected return on plan assets, a component of net periodic pension cost, for all pension plans. The market-related value recognizes changes in fair value on a straight-line basis over a four-year period, which

reduces year-to-year volatility. Changes in fair value are measured as the difference between the expected and actual plan asset returns, including dividends, interest and realized and unrealized investment gains and losses. Since the market-related value recognizes changes in fair value over a four-year period, the future market-related value of pension plan assets will be impacted as previously unrecognized changes in fair value are recognized.

Dominion Energy’s pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns (loss) of $1.2 billion and $(3.0) billion in 2023 and 2022, respectively, versus expected returns of $1.0 billion and $1.1 billion, respectively. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans.

Funded Status

The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Changes in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

8,066

 

 

$

10,890

 

 

$

1,127

 

 

$

1,537

 

Service cost

 

 

96

 

 

 

142

 

 

 

14

 

 

 

22

 

Interest cost

 

 

442

 

 

 

333

 

 

 

61

 

 

 

45

 

Benefits paid

 

 

(493

)

 

 

(511

)

 

 

(94

)

 

 

(97

)

Actuarial (gain) loss during the year

 

 

322

 

 

 

(2,716

)

 

 

1

 

 

 

(361

)

Plan amendments

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

Sale of Hope

 

 

—

 

 

 

(64

)

 

 

—

 

 

 

(19

)

Settlements and curtailments(1)

 

 

(4

)

 

 

(8

)

 

 

—

 

 

 

—

 

Benefit obligation at end of year

 

$

8,431

 

 

$

8,066

 

 

$

1,109

 

 

$

1,127

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

8,694

 

 

$

11,945

 

 

$

1,845

 

 

$

2,323

 

Actual return gain (loss) on plan assets

 

 

882

 

 

 

(2,556

)

 

 

277

 

 

 

(416

)

Employer contributions

 

 

8

 

 

 

9

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(493

)

 

 

(511

)

 

 

(60

)

 

 

(62

)

Sale of Hope

 

 

—

 

 

 

(188

)

 

 

—

 

 

 

—

 

Settlements(2)

 

 

(4

)

 

 

(5

)

 

 

—

 

 

 

—

 

Fair value of plan assets at end of year

 

$

9,087

 

 

$

8,694

 

 

$

2,062

 

 

$

1,845

 

Funded status at end of year

 

$

656

 

 

$

628

 

 

$

953

 

 

$

718

 

Amounts recognized in the Consolidated Balance Sheets
   at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent pension and other postretirement benefit assets

 

$

647

 

 

$

580

 

 

$

1,132

 

 

$

899

 

Noncurrent assets held for sale

 

 

308

 

 

 

295

 

 

 

13

 

 

 

11

 

Other current liabilities

 

 

(27

)

 

 

(12

)

 

 

(13

)

 

 

(13

)

Noncurrent pension and other postretirement benefit liabilities(3)

 

 

(237

)

 

 

(196

)

 

 

(179

)

 

 

(179

)

Noncurrent liabilities held for sale

 

 

(35

)

 

 

(39

)

 

 

—

 

 

 

—

 

Net amount recognized

 

$

656

 

 

$

628

 

 

$

953

 

 

$

718

 

Significant assumptions used to determine benefit
   obligations as of December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.37%-5.47%

 

 

5.65%-5.75%

 

 

5.40%-5.42%

 

 

5.69%-5.70%

 

Weighted average rate of increase for compensation

 

4.28%

 

 

4.38%

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar plans

 

4.12%-4.22%

 

 

4.40%-4.50%

 

 

n/a

 

 

n/a

 

(1) 2023 and 2022 amounts include settlements of nonqualified pension obligations. 2022 amount includes a curtailment for Hope.

(2) 2023 and 2022 amounts relate to settlements of nonqualified pension obligations.

(3) Presented within other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets.

 

Actuarial losses recognized during 2023 in Dominion Energy’s pension benefit obligations were $322 million primarily driven by a decrease in the discount rate. Actuarial gains recognized during 2022 in Dominion Energy’s pension benefit obligations were $2.7 billion primarily from an increase in discount rate. Actuarial losses recognized during 2023 in Dominion Energy’s other postretirement benefit obligations were $1 million primarily driven by a $29 million loss due to a decrease in the discount rate that was largely offset by a $28 million gain from favorable claims and other experience. Actuarial gains recognized during 2022 in Dominion Energy’s other postretirement benefit obligations were $360 million primarily resulting from an increase in discount rate.

 

The ABO for all of Dominion Energy’s defined benefit pension plans was $8.1 billion and $7.7 billion at December 31, 2023 and 2022, respectively.

Under its funding policies, Dominion Energy evaluates plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from its actuary. Based on the funded status of each plan and other factors, Dominion Energy determines the amount of contributions for the current year, if any, at that time. Dominion Energy expects to make $46 million of minimum required contributions to its qualified defined benefit pension plans in 2024. Dominion Energy also considers voluntary contributions from time to time, either in the form of cash or equity securities.

Certain of Dominion Energy’s subsidiaries fund other postretirement benefit costs through VEBAs. Dominion Energy’s remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion Energy did not make any contributions to VEBAs associated with its other postretirement plans in 2023 and 2022. 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.

The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

As of December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation

 

$

7,996

 

 

$

7,655

 

 

$

195

 

 

$

197

 

Fair value of plan assets

 

 

7,697

 

 

 

7,410

 

 

 

4

 

 

 

5

 

The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:

 

As of December 31,

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

Accumulated benefit obligation

 

$

792

 

 

$

776

 

Fair value of plan assets

 

 

654

 

 

 

623

 

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans:

 

 

 

Estimated Future Benefit Payments

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

(millions)

 

 

 

 

 

 

2024

 

$

556

 

 

$

94

 

2025

 

 

546

 

 

 

91

 

2026

 

 

554

 

 

 

90

 

2027

 

 

562

 

 

 

89

 

2028

 

 

571

 

 

 

87

 

2029-2033

 

 

2,958

 

 

 

418

 

Plan Assets

Dominion Energy’s overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The long-term strategic target asset allocations for substantially all of Dominion Energy’s pension funds are 26% U.S. equity, 19% non-U.S. equity, 32% fixed income, 3% real assets and 20% other alternative investments. U.S. equity includes investments in large-cap, mid-cap and small-cap companies located in the U.S. Non-U.S. equity includes investments in large-cap, mid-cap and small-cap companies located outside of the U.S. including both developed and emerging markets. Fixed income includes corporate debt instruments of companies from diversified industries and U.S. Treasuries. The U.S. equity, non-U.S. equity and fixed income investments are in individual securities as well as mutual funds and exchange-traded funds. Real assets include investments in real estate investment trusts and private partnerships. Other alternative investments include partnership investments in private equity-debt and hedge funds that follow several different strategies.

Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic

allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities.

For fair value measurement policies and procedures related to pension and other postretirement benefit plan assets, see Note 2.

The fair values of Dominion Energy’s pension plan assets by asset category are as follows:

 

At December 31,

 

2023

 

 

2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21

 

 

$

9

 

 

$

—

 

 

$

30

 

 

$

14

 

 

$

11

 

 

$

—

 

 

$

25

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.(1)

 

 

1,145

 

 

 

—

 

 

 

—

 

 

 

1,145

 

 

 

1,653

 

 

 

170

 

 

 

—

 

 

 

1,823

 

International

 

 

944

 

 

 

2

 

 

 

—

 

 

 

946

 

 

 

1,034

 

 

 

5

 

 

 

—

 

 

 

1,039

 

Insurance contracts

 

 

—

 

 

 

162

 

 

 

—

 

 

 

162

 

 

 

—

 

 

 

166

 

 

 

—

 

 

 

166

 

Corporate debt instruments

 

 

74

 

 

 

750

 

 

 

—

 

 

 

824

 

 

 

65

 

 

 

805

 

 

 

—

 

 

 

870

 

Government securities

 

 

43

 

 

 

1,720

 

 

 

—

 

 

 

1,763

 

 

 

46

 

 

 

1,377

 

 

 

—

 

 

 

1,423

 

Total recorded at fair value

 

$

2,227

 

 

$

2,643

 

 

$

—

 

 

$

4,870

 

 

$

2,812

 

 

$

2,534

 

 

$

—

 

 

$

5,346

 

Assets recorded at NAV(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

2,012

 

 

 

 

 

 

 

 

 

 

 

 

1,780

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

67

 

 

 

 

 

 

 

 

 

 

 

 

66

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

1,395

 

 

 

 

 

 

 

 

 

 

 

 

1,284

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

236

 

 

 

 

 

 

 

 

 

 

 

 

192

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

3,949

 

 

 

 

 

 

 

 

 

 

 

$

3,324

 

Total investments(3)

 

 

 

 

 

 

 

 

 

 

$

8,819

 

 

 

 

 

 

 

 

 

 

 

$

8,670

 

 

(1)
No amounts of Dominion Energy preferred stock were held at December 31, 2023. Includes $170 million of Dominion Energy preferred stock at December 31, 2022.
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(3)
Excludes net assets related to pending sales of securities of $298 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $54 million at December 31, 2023. Excludes net assets related to pending sales of securities and advanced subscription of $177 million, net accrued income of $27 million, and includes net assets related to pending purchases of securities of $180 million at December 31, 2022.

The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows:

 

 

At December 31,

 

2023

 

 

2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3

 

 

$

1

 

 

$

—

 

 

$

4

 

 

$

3

 

 

$

1

 

 

$

—

 

 

$

4

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.(1)

 

 

757

 

 

 

—

 

 

 

—

 

 

 

757

 

 

 

685

 

 

 

10

 

 

 

—

 

 

 

695

 

International

 

 

194

 

 

 

—

 

 

 

—

 

 

 

194

 

 

 

181

 

 

 

—

 

 

 

—

 

 

 

181

 

Insurance contracts

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

Corporate debt instruments

 

 

4

 

 

 

36

 

 

 

—

 

 

 

40

 

 

 

4

 

 

 

38

 

 

 

—

 

 

 

42

 

Government securities

 

 

3

 

 

 

100

 

 

 

—

 

 

 

103

 

 

 

3

 

 

 

79

 

 

 

—

 

 

 

82

 

Total recorded at fair value

 

$

961

 

 

$

147

 

 

$

—

 

 

$

1,108

 

 

$

876

 

 

$

138

 

 

$

—

 

 

$

1,014

 

Assets recorded at NAV(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

725

 

 

 

 

 

 

 

 

 

 

 

 

649

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

173

 

 

 

 

 

 

 

 

 

 

 

 

158

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

0

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

937

 

 

 

 

 

 

 

 

 

 

 

$

829

 

Total investments(3)

 

 

 

 

 

 

 

 

 

 

$

2,045

 

 

 

 

 

 

 

 

 

 

 

$

1,843

 

 

 

(1)
No amounts of Dominion Energy preferred stock were held at December 31, 2023. Includes $10 million of Dominion Energy preferred stock at December 31, 2022.
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(3)
Excludes net assets related to pending sales of securities and advanced subscription of $17 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2023. Excludes net assets related to pending sales of securities and advanced subscription of $10 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $10 million at December 31, 2022.

The plan assets investments are determined based on the fair values of the investments and the underlying investments, which have been determined as follows:

•
Cash and Cash Equivalents—Represents interest-bearing cash, foreign cash and money market funds. Interest-bearing cash and money market funds are valued at cost plus accrued interest. The foreign cash balances are valued at the amount held and translated on the reporting date based on prevailing exchange rates. Foreign cash and money market funds are classified as Level 1. The interest-bearing cash is held in variation margin and with various brokers, which are less liquid and therefore are classified as Level 2.
•
Common and Preferred Stocks—Investments are valued at the closing price reported on the active market on which the individual securities are traded. Investments in preferred stocks are classified as Level 2 and are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings.
•
Insurance Contracts—Investments in Group Annuity Contracts are stated at fair value based on the fair value of the underlying securities as provided by the managers and include investments in U.S. government securities, corporate debt instruments and state and municipal debt securities.
•
Corporate Debt Instruments—Investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available for comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar instruments, the instrument is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available.
•
Government Securities—Investments are valued using pricing models maximizing the use of observable inputs for similar securities.
•
Commingled Funds/Collective Trust Funds—Commingled funds/collective trust funds invest in debt and equity securities and other instruments with characteristics similar to those of the funds’ benchmarks. The primary objectives of the funds are to seek investment returns that approximate the overall performance of their benchmark indexes. These benchmarks
are major equity indices, fixed income indices and money market indices that focus on growth, income and liquidity strategies, as applicable. Investments in commingled funds/collective trust funds are stated at the NAV as determined by the issuer of the commingled funds/collective trust funds and are based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. The commingled funds/collective trust funds do not have any unfunded commitments, and do not have any applicable liquidation periods or defined terms/periods to be held. The majority of these funds have redemption restrictions allowing investors to redeem capital on a periodic basis.
•
Alternative Investments—Investments in private real estate funds, private equity funds, private debt funds and hedge funds are stated at fair value based on the NAV of the plan’s proportionate share of the partnership, joint venture or other alternative investment’s fair value as determined by reference to audited financial statements or NAV statements provided by the investment manager. The NAV, which is used as a practical expedient to estimate fair value, is adjusted for contributions and distributions occurring between the investment manager and Dominion Energy’s measurement date. These valuations also involve assumptions and methods that are reviewed, evaluated, and adjusted, if necessary, by Dominion Energy.

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 $18 million, $25 million and $28 million for the years ended December 31, 2023, 2022 and 2021, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income in Dominion Energy’s Consolidated Statements of Income, except for $(46) million, $(43) million and $(34) million for the years ended December 31, 2023, 2022 and 2021, respectively, presented in discontinued operations. The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy plans are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

96

 

 

$

142

 

 

$

170

 

 

$

14

 

 

$

22

 

 

$

25

 

Interest cost

 

 

442

 

 

 

333

 

 

 

317

 

 

 

61

 

 

 

45

 

 

 

46

 

Expected return on plan assets

 

 

(864

)

 

 

(886

)

 

 

(834

)

 

 

(151

)

 

 

(191

)

 

 

(173

)

Amortization of prior service (credit) cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(36

)

 

 

(38

)

 

 

(42

)

Amortization of net actuarial (gain) loss

 

 

—

 

 

 

159

 

 

 

193

 

 

 

(6

)

 

 

(2

)

 

 

4

 

Settlements, curtailments and special termination
   benefits(1)

 

 

1

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

(8

)

 

 

—

 

Net periodic benefit (credit) cost

 

$

(325

)

 

$

(252

)

 

$

(144

)

 

$

(118

)

 

$

(172

)

 

$

(140

)

Changes in plan assets and benefit obligations
   recognized in other comprehensive income
   and regulatory assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year net actuarial (gain) loss

 

$

304

 

 

$

726

 

 

$

(782

)

 

$

(125

)

 

$

246

 

 

$

(282

)

Prior service (credit) cost

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

Settlements and curtailments(1)

 

 

—

 

 

 

(3

)

 

 

(36

)

 

 

—

 

 

 

10

 

 

 

—

 

Less amounts included in net periodic benefit
   cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial gain (loss)

 

 

—

 

 

 

(159

)

 

 

(193

)

 

 

6

 

 

 

2

 

 

 

(4

)

Amortization of prior service credit (cost)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

36

 

 

 

38

 

 

 

42

 

Sale of Hope

 

 

—

 

 

 

(47

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total recognized in other comprehensive
   income and regulatory assets and liabilities

 

$

306

 

 

$

517

 

 

$

(1,011

)

 

$

(83

)

 

$

296

 

 

$

(257

)

Significant assumptions used to determine
   periodic cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.65%-5.75%

 

 

3.06%-3.19%

 

 

2.73%-3.29%

 

 

5.69%-5.70%

 

 

3.04%-5.03%

 

 

2.69%-2.80%

 

Expected long-term rate of return on plan assets

 

7.00%-8.35%

 

 

7.00%-8.35%

 

 

7.00%-8.45%

 

 

8.35%

 

 

8.35%

 

 

8.45%

 

Weighted average rate of increase for
   compensation

 

4.38%

 

 

4.51%

 

 

4.53%

 

 

n/a

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar
   plans

 

4.40%-4.50%

 

 

1.81%-1.94%

 

 

1.93%-2.15%

 

 

n/a

 

 

n/a

 

 

n/a

 

Healthcare cost trend rate(2)

 

 

 

 

 

 

 

 

 

 

7.00%

 

 

6.25%

 

 

6.25%

 

Rate to which the cost trend rate is assumed to
   decline (the ultimate trend rate)(2)

 

 

 

 

 

 

 

 

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

Year that the rate reaches the ultimate trend rate(2)

 

 

 

 

 

 

 

 

 

 

2030

 

 

2026-2027

 

 

2026-2027

 
(1)
2023 and 2021 amounts relate primarily to the Dominion Energy executive nonqualified pension plan. 2022 amounts relate primarily to Dominion Energy’s sale of Hope.
(2)
Assumptions used to determine net periodic cost for the following year.

The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

3,018

 

 

$

2,714

 

 

$

(35

)

 

$

84

 

Prior service (credit) cost

 

 

5

 

 

 

3

 

 

 

(121

)

 

 

(157

)

Total(1)

 

$

3,023

 

 

$

2,717

 

 

$

(156

)

 

$

(73

)
(1)
As of December 31, 2023, of the $3.0 billion and $(156) million related to pension benefits and other postretirement benefits, $1.8 billion and $(38) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $173 million presented in assets and liabilities held for sale. As of December 31, 2022, of the $2.7 billion and $(73) million related to pension benefits and other postretirement benefits, $1.7 billion and $14 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $170 million presented in assets and liabilities held for sale.

The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality are critical assumptions in determining net periodic benefit (credit) cost. Dominion Energy develops non-investment related assumptions, which are then compared to the forecasts of an independent investment advisor to ensure reasonableness. An internal committee selects the final assumptions used for Dominion Energy’s pension and other postretirement plans including discount rates, expected long-term rates of return, healthcare cost trend rates and mortality rates.

Dominion Energy determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans by using a combination of:

•
Expected inflation and risk-free interest rate assumptions;
•
Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes;
•
Expected future risk premiums, asset classes’ volatilities and correlations;
•
Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major capital market assumptions; and
•
Investment allocation of plan assets.

Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans.

Mortality rates are developed from actual and projected plan experience for postretirement benefit plans. Dominion Energy’s actuary conducts an experience study periodically as part of the process to select its best estimate of mortality. Dominion Energy considers both standard mortality tables and improvement factors as well as the plans’ actual experience when selecting a best estimate.

Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion Energy’s retiree healthcare plans. Dominion Energy establishes the healthcare cost trend rate assumption based on analyses of various factors including the specific provisions of its medical plans, actual cost trends experienced and projected and demographics of plan participants.

Virginia Power—Participation in Defined Benefit Plans

Virginia Power employees are covered by the Dominion Energy Pension Plan described above. As a participating employer, Virginia Power is subject to Dominion Energy’s funding policy, which is to contribute annually an amount that is in accordance with ERISA. Virginia Power made no contribution payments to the Dominion Energy Pension Plan during 2023. During 2022 and 2021, Virginia Power made payments to Dominion Energy of $172 million and $151 million, respectively, related to its participation in the Dominion Energy Pension Plan. Virginia Power’s net periodic pension cost related to this plan was $34 million, $72 million and $86 million in 2023, 2022 and 2021, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Virginia Power’s Consolidated Statements of Income. The funded status of various Dominion Energy subsidiary groups and employee compensation are the basis for determining the share of total pension costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power amounts due to/from Dominion Energy related to this plan.

Retiree healthcare and life insurance benefits, for Virginia Power employees are covered by the Dominion Energy Retiree Health and Welfare Plan described above. Virginia Power’s net periodic benefit (credit) cost related to this plan was $(60) million, $(81) million

and $(72) million in 2023, 2022 and 2021, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Virginia Power’s Consolidated Statements of Income. Employee headcount is the basis for determining the share of total other postretirement benefit costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power amounts due to/from Dominion Energy related to this plan.

Dominion Energy holds investments in trusts to fund employee benefit payments for the pension and other postretirement benefit plans in which Virginia Power’s employees participate. Any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash that Virginia Power will provide to Dominion Energy for its share of employee benefit plan contributions.

Virginia Power funds other postretirement benefit costs through VEBAs. During 2023, 2022 and 2021, Virginia Power made no contributions to the VEBAs and does not expect to contribute to the VEBAs in 2024.

Defined Contribution Plans

Dominion Energy also sponsors defined contribution employee savings plans that cover substantially all employees. During 2023, 2022 and 2021, Dominion Energy recognized $85 million, $75 million and $65 million, respectively, as employer matching contributions to these plans, excluding discontinued operations. Virginia Power also participates in these employee savings plans. During 2023, 2022 and 2021, Virginia Power recognized $26 million, $22 million and $20 million, respectively, as employer matching contributions to these plans.

v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

NOTE 23. 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 14 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 commenced remediation activities at one site in the second quarter of 2022 and completed the majority of remediation activities at this site in the fourth quarter of 2023. In addition, 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 December 31, 2023 and 2022, Dominion Energy had $32 million and $47 million, respectively, of reserves recorded. At both December 31, 2023 and 2022, Virginia Power had $25 million of reserves recorded. Dominion Energy is associated with 12 additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts.

Other Legal Matters

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

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating primarily to events occurring before closing of the SCANA Combination. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial

statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows. For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at December 31, 2022 include reserves of $94 million, included in other current liabilities and insurance receivables of $68 million, included within other receivables. The balance at December 31, 2022 includes $68 million of offsetting reserves and insurance receivables related to personal injury or wrongful death cases which were pending. Dominion Energy's Consolidated Balance Sheets at December 31, 2023 included an inconsequential amount of reserves primarily related to personal injury or wrongful death cases. During the years ended December 31, 2023 and 2022, charges included in Dominion Energy’s Consolidated Statements of Income were inconsequential. Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2021 includes charges of $100 million ($75 million after-tax) within impairment of assets and other charges (reflected in the Corporate and Other segment).

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, resulting in a gain of $18 million ($14 million after-tax) recorded in losses (gains) on sales of assets (reflected in Dominion Energy South Carolina) in Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2022. In December 2022, DESC transferred additional utility property with a fair value of $3 million to the SCDOR, resulting in an inconsequential gain. 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 (reflected in the Corporate and Other segment) in Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2023. In June 2023, DESC transferred the remaining utility property with a fair value of $11 million to the SCDOR resulting in a gain of $11 million ($8 million after-tax), recorded in losses (gains) on sales of assets (reflected in the Corporate and Other segment) in Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2023. 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.

Matters Fully Resolved Prior to 2023 Impacting the Consolidated Financial Statements

SCANA Shareholder Litigation

In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina (the State Court Derivative Case). In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. In January 2019, the defendants filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. In March 2020, the court denied the defendants’ motion to dismiss. In April 2020, the defendants filed a notice of appeal with the South Carolina Court of Appeals and a petition with the Supreme Court of South Carolina seeking appellate review of the denial of the motion to dismiss. In June 2020, the plaintiffs filed a motion to dismiss the appeal with the South Carolina Court of Appeals, which was granted in July 2020. In August 2020, the Supreme Court of South Carolina denied the defendants’ petition seeking appellate review. Also in August 2020, the defendants filed a petition for rehearing with the South Carolina Court of Appeals relating to the July 2020 ruling by the court, which was denied in October 2020. In November 2020, SCANA filed a petition of certiorari with the Supreme Court of South Carolina seeking appellate review of the denial of SCANA’s motion to dismiss. This petition was denied in June 2021. Also in June 2021, the parties reached an agreement in principle in the amount of $33 million to resolve this matter, subject to court approval. This settlement was reached in contemplation of and to be utilized to satisfy a portion of the Federal Court Merger Case and the State Court Merger Case discussed below. In November 2021, the parties executed a settlement agreement and filed with the State Court of Common Pleas in Richland County, South Carolina for approval. In June 2022, the State Court of Common Pleas in Richland County, South

Carolina issued final approval of the settlement agreement with the funds utilized to satisfy a portion of the State Court Merger Case as discussed below.

 

In January 2018, a purported class action was filed against SCANA, Dominion Energy and certain former executive officers and directors of SCANA in the State Court of Common Pleas in Lexington County, South Carolina (the City of Warren Lawsuit). The plaintiff alleges, among other things, that defendants violated their fiduciary duties to shareholders by executing a merger agreement that would unfairly deprive plaintiffs of the true value of their SCANA stock, and that Dominion Energy aided and abetted these actions. Among other remedies, the plaintiff seeks to enjoin and/or rescind the merger.

 

In February 2018, a purported class action was filed against Dominion Energy and certain former directors of SCANA and DESC in the State Court of Common Pleas in Richland County, South Carolina (the Metzler Lawsuit). The allegations made and the relief sought by the plaintiffs are substantially similar to that described for the City of Warren Lawsuit.

 

In September 2019, the U.S. District Court for the District of South Carolina granted the plaintiffs’ motion to consolidate the City of Warren Lawsuit and the Metzler Lawsuit (the Federal Court Merger Case). In October 2019, the plaintiffs filed an amended complaint against certain former directors and executive officers of SCANA and DESC, which stated substantially similar allegations to those in the City of Warren Lawsuit and the Metzler Lawsuit as well as an inseparable fraud claim. In November 2019, the defendants filed a motion to dismiss. In April 2020, the U.S. District Court for the District of South Carolina denied the motion to dismiss. In May 2020, SCANA filed a motion to intervene, which was denied in August 2020. In September 2020, SCANA filed a notice of appeal with the U.S. Court of Appeals for the Fourth Circuit. In June 2021, the parties reached an agreement in principle in the amount of $63 million to resolve this matter as well as the State Court Merger Case described below, subject to court approval. This settlement was reached in contemplation of and to be partially satisfied by the State Court Derivative Case settlement described above. In November 2021, the parties executed a settlement agreement, as described above relating to this matter as well as the State Court Derivative Case and the State Court Merger Case, and filed with the State Court of Common Pleas in Richland County, South Carolina for approval. In June 2022, this case was dismissed in connection with the final approval by the State Court of Common Pleas in Richland County, South Carolina of the settlement agreement.

 

In May 2019, a case was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina (the State Court Merger Case). The plaintiff alleges, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In February 2020, the defendants filed a motion to dismiss. In June 2021, the parties reached an agreement in principle as described above relating to this matter as well as the Federal Court Merger Case and the State Court Derivative Case. In November 2021, the parties executed a settlement agreement, as described above relating to this matter as well as the State Court Derivative Case and the Federal Court Merger Case, and filed with the State Court of Common Pleas in Richland County, South Carolina for approval. In June 2022, the State Court of Common Pleas in Richland County, South Carolina issued final approval of the settlement agreement. Also in June 2022, Dominion Energy utilized the $33 million of insurance proceeds from the State Court Derivative Case settlement, the issuance of 0.4 million shares of its common stock and the payment of $2 million in cash to satisfy its obligations under the settlement agreement.

FILOT Litigation and Related Matters

In November 2017, Fairfield County filed a complaint and a motion for temporary injunction against DESC in the State Court of Common Pleas in Fairfield County, South Carolina, making allegations of breach of contract, fraud, negligent misrepresentation, breach of fiduciary duty, breach of implied duty of good faith and fair dealing and unfair trade practices related to DESC’s termination of the FILOT agreement between DESC and Fairfield County related to the NND Project. The plaintiff sought a temporary and permanent injunction to prevent DESC from terminating the FILOT agreement. The plaintiff withdrew the motion for temporary injunction in December 2017. In July 2021, the parties executed a settlement agreement requiring DESC to pay $99 million, which could be satisfied in either cash or shares of Dominion Energy common stock. Also in July 2021, the State Court of Common Pleas in Fairfield County, South Carolina approved the settlement. In July 2021, Dominion Energy issued 1.4 million shares of Dominion Energy common stock to satisfy DESC’s obligation under the settlement agreement.

Nuclear Operations

Nuclear Decommissioning – Minimum Financial Assurance

The NRC requires nuclear power plant owners to annually update minimum financial assurance amounts for the future decommissioning of their nuclear facilities. Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC. The 2023 calculation for the NRC minimum financial assurance amount, aggregated for Dominion Energy and Virginia Power’s nuclear units, excluding joint owners’ assurance amounts and Millstone Unit 1, as this unit is in a decommissioning state, was $3.6 billion and $2.1 billion, respectively, and has been satisfied by a combination of the funds being collected and deposited in the nuclear decommissioning trusts and the real annual rate of return growth of the funds allowed by the NRC. The 2023 NRC minimum financial assurance amounts above were calculated using preliminary December 31, 2023 U.S. Bureau of Labor Statistics indices. Dominion Energy believes that decommissioning funds and their expected earnings will be sufficient to cover expected decommissioning costs for the Millstone units. In addition, Dominion Energy believes that the decommissioning funds and their expected earnings will be sufficient to cover expected decommissioning costs for the Summer unit, particularly when combined with future ratepayer collections and contributions. The Companies believe the decommissioning funds and their expected earnings for the Surry and North Anna units will be sufficient to cover decommissioning costs, particularly when combined with future ratepayer collections and contributions to these decommissioning trusts, if such future collections and contributions are required. This reflects a positive long-term outlook for trust fund investment returns as the decommissioning of the units will not be complete for decades. The Companies will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirement, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC. See Note 9 for additional information on nuclear decommissioning trust investments.

Nuclear Insurance

The Price-Anderson Amendments Act of 1988 provides the public up to $16.2 billion of liability protection on a per site, per nuclear incident basis, via obligations required of owners of nuclear power plants, and allows for an inflationary provision adjustment every five years. During the fourth quarter of 2023, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program increased from $13.7 billion to $16.2 billion. This increase does not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988. The Companies have purchased $450 million of coverage from commercial insurance pools for Millstone, Summer, Surry and North Anna with the remainder provided through the mandatory industry retrospective rating plan. In the event of a nuclear incident at any licensed nuclear reactor in the U.S., the Companies could be assessed up to $166 million for each of their licensed reactors not to exceed $25 million per year per reactor. There is no limit to the number of incidents for which this retrospective premium can be assessed. The current levels of nuclear property insurance coverage for Millstone, Summer, Surry and North Anna are all $1.06 billion.

 

The Companies’ nuclear property insurance coverage for Millstone, Summer, Surry and North Anna meets or exceeds the NRC minimum requirement for nuclear power plant licensees of $1.06 billion per reactor site. This includes coverage for premature decommissioning and functional total loss. The NRC requires that the proceeds from this insurance be used first, to return the reactor to and maintain it in a safe and stable condition and second, to decontaminate the reactor and station site in accordance with a plan approved by the NRC. Nuclear property insurance is provided by NEIL, a mutual insurance company, and is subject to retrospective premium assessments in any policy year in which losses exceed the funds available to the insurance company. Dominion Energy and Virginia Power’s maximum retrospective premium assessment for the current policy period is $67 million and $33 million, respectively. Based on the severity of the incident, the Board of Directors of the nuclear insurer has the discretion to lower or eliminate the maximum retrospective premium assessment. The Companies have the financial responsibility for any losses that exceed the limits or for which insurance proceeds are not available because they must first be used for stabilization and decontamination. Additionally, DESC maintains an excess property insurance policy with the European Mutual Association for Nuclear Insurance. The policy provides coverage to Summer for property damage and outage costs up to $1 million resulting from an event of a non-nuclear origin. The European Mutual Association for Nuclear Insurance policy permits retrospective assessments under certain conditions to cover insurer’s losses. Based on the current annual premium, DESC’s share of the retrospective premium assessment would not exceed an inconsequential amount.

 

Millstone, Virginia Power and Summer also purchase accidental outage insurance from NEIL to mitigate certain expenses, including replacement power costs, associated with the prolonged outage of a nuclear unit due to direct physical damage. Under this program, the Companies are subject to a retrospective premium assessment for any policy year in which losses exceed funds available to NEIL. Dominion Energy and Virginia Power’s maximum retrospective premium assessment for the current policy period is $33 million and $9 million, respectively.

 

ODEC, a part owner of North Anna, Santee Cooper, a part owner of Summer and Massachusetts Municipal and Green Mountain, part owners of Millstone’s Unit 3, are responsible to the Companies for their share of the nuclear decommissioning obligation and insurance premiums on applicable units, including any retrospective premium assessments and any losses not covered by insurance.

 

Spent Nuclear Fuel

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. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by the Companies’ contracts with the DOE. The Companies have previously received damages award payments and settlement payments related to these contracts.

 

By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. The settlement agreements for the Surry, North Anna and Millstone nuclear power stations have been extended and provided for periodic payments for damages incurred through December 31, 2025 and future additional extensions are contemplated by the settlement agreements. A similar agreement for Summer extends until the DOE has accepted the same amount of spent fuel from the facility as if it has fully performed its contractual obligations.

 

In 2023, Virginia Power received payments of $22 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2021 through December 31, 2021. In addition, Dominion Energy received payments of $8 million for resolution of claims incurred at Millstone for the period of July 1, 2021 through June 30, 2022 and $6 million for resolution of its share of claims incurred at Summer for the period of January 1, 2022 through December 31, 2022.

 

In 2022, Virginia Power received payments of $17 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2020 through December 31, 2020. In addition, Dominion Energy received payments of $7 million for resolution of claims incurred at Millstone for the period of July 1, 2020 through June 30, 2021 and $1 million for resolution of its share of claims incurred at Summer for the period of January 1, 2021 through December 31, 2021.

 

In 2021, Virginia Power received payments of $25 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2019 through December 31, 2019. In addition, Dominion Energy received payments of $9 million for resolution of claims incurred at Millstone for the period of July 1, 2019 through June 30, 2020 and $1 million for resolution of its share of claims incurred at Summer for the period of January 1, 2020 through December 31, 2020.

 

The Companies continue to recognize receivables for certain spent nuclear fuel-related costs that they believe are probable of recovery from the DOE. Dominion Energy’s receivables for spent nuclear fuel-related costs totaled $62 million and $56 million at December 31, 2023 and 2022, respectively. Virginia Power’s receivables for spent nuclear fuel-related costs totaled $43 million and $37 million at December 31, 2023 and 2022, respectively.

 

The Companies will continue to manage their spent fuel until it is accepted by the DOE.

Long-Term Purchase Agreements

At December 31, 2023, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services:

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased electric capacity(1)

 

$

62

 

 

$

62

 

 

$

64

 

 

$

64

 

 

$

64

 

 

$

412

 

 

$

728

 
(1)
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2040. Energy payments are generally based on fixed dollar amounts per month and totaled $58 million and $61 million for the years ended December 31, 2023 and 2022, respectively.

Guarantees, Surety Bonds and Letters of Credit

At December 31, 2023, Dominion Energy had issued four guarantees 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.

 

In addition, at December 31, 2023, Dominion Energy had issued an additional $20 million of guarantees, primarily to support third parties. No amounts related to these guarantees have been recorded.

 

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

 

At December 31, 2023, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,854

 

Nuclear obligations(2)

 

 

244

 

Solar(3)

 

 

215

 

Other(4)

 

 

1,193

 

Total(5)(6)

 

$

4,506

 
(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.
(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 December 31, 2023, no amounts have been recorded related to this guarantee.

Additionally, at December 31, 2023, Dominion Energy had purchased $317 million of surety bonds, including $213 million at Virginia Power and $38 million related to entities held for sale, and authorized the issuance of letters of credit by financial institutions of $16 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.

Indemnifications

As part of commercial contract negotiations in the normal course of business, the Companies may sometimes agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events. The specified events may involve an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretation of the tax law. The Companies are unable to develop an estimate of the maximum potential amount of any other future payments under these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence. However, at December 31, 2023, the Companies believe any other future payments, if any, that could ultimately become payable under these contract provisions, would not have a material impact on their results of operations, cash flows or financial position.

 

Charitable Commitments

In 2020, Dominion Energy made unconditional promises to several charitable organizations, including to support its commitment to diversity and social justice through scholarship programs and donations to historically black colleges and universities. As a result, Dominion Energy recorded charges totaling $80 million in other income in its Consolidated Statements of Income for the year ended

December 31, 2020. These commitments are to be funded at various intervals through 2028. Dominion Energy’s Consolidated Balance Sheets include $8 million and $32 million in other deferred credits and other liabilities at December 31, 2023 and 2022, respectively and $6 million and $11 million in other current liabilities at December 31, 2023 and 2022, respectively.
v3.24.0.1
Credit Risk
 12 Months Ended
Dec. 31, 2023
Risks and Uncertainties [Abstract]  
Credit Risk

NOTE 24. CREDIT RISK

Dominion Energy

As a diversified energy company, Dominion Energy transacts primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast, mid-Atlantic, Midwest and Rocky Mountain and Southeast regions of the U.S. Dominion Energy does not believe that this geographic concentration contributes significantly to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion Energy is not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations.

Dominion Energy’s exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion Energy transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include marketing of nonregulated generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of any collateral. At December 31, 2023, Dominion Energy’s credit exposure totaled $340 million. Of this amount, investment grade counterparties, including those internally rated, represented 89%, and no single counterparty, whether investment grade or non-investment grade, exceeded $80 million of exposure.

Virginia Power

Virginia Power sells electricity and provides distribution and transmission services to customers in Virginia and northeastern North Carolina. Management believes that this geographic concentration risk is mitigated by the diversity of Virginia Power’s customer base, which includes residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. Credit risk associated with trade accounts receivable from energy consumers is limited due to the large number of customers. Virginia Power’s exposure to potential concentrations of credit risk results primarily from sales to wholesale customers. Virginia Power’s gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2023, Virginia Power’s credit exposure totaled $129 million. Of this amount, investment grade counterparties, including those internally rated, represented 83%, and no single counterparty exceeded $22 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 $28 million and $14 million, respectively, as of December 31, 2023, and $140 million and $28 million, respectively, as of December 31, 2022. 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 both posted collateral of $72 million at December 31, 2022, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. No such amounts were posted at December 31, 2023. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering less than $1 million and $20 million of fair value of derivative instruments in a liability position at December 31, 2023 and 2022, respectively. 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 $28 million and $14 million, respectively, as of December 31, 2023 and $212 million and $99 million, respectively, as of December 31, 2022, which does not include the impact of any offsetting asset positions.

See Note 7 for further information about derivative instruments.

v3.24.0.1
Related-Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related-Party Transactions

NOTE 25. RELATED-PARTY TRANSACTIONS

Dominion Energy’s transactions with equity method investments are described in Note 9. 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. See Note 2 for further information. 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. See Notes 7 and 20 for additional information. At December 31, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $1 million and $79 million, respectively. At December 31, 2022, Virginia Power’s derivative assets and liabilities with affiliates were $33 million and $31 million, respectively.

Virginia Power participates in certain Dominion Energy benefit plans as described in Note 22. At December 31, 2023 and 2022, Virginia Power’s amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and reflected in noncurrent pension and other postretirement benefit liabilities in the Consolidated Balance Sheets were $456 million and $422 million, respectively. At December 31, 2023 and 2022, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $584 million and $518 million, respectively.

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

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

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

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

582

 

 

$

1,423

 

 

$

742

 

Services provided by affiliates(1)

 

 

605

 

 

 

519

 

 

 

494

 

Services provided to affiliates

 

 

20

 

 

 

18

 

 

 

18

 
(1)
Includes capitalized expenditures of $210 million, $177 million and $161 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. In November 2022, Virginia Power amended its intercompany credit facility with Dominion Energy to increase the maximum capacity to $3.0 billion. There were $500 million and $2.0 billion in short-term demand note borrowings from Dominion Energy as of December 31, 2023 and 2022, respectively. The weighted-average interest rate of these borrowings was 5.61% and 4.68% at December 31, 2023 and 2022, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion Energy money pool for its nonregulated subsidiaries as of December 31, 2023 and 2022. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $80 million, $15 million and $1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

In the fourth quarter of 2023, Virginia Power issued common stock to Dominion Energy as discussed in Note 20. There were no issuances of Virginia Power’s common stock to Dominion Energy in 2022 or 2021.

In January 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.

v3.24.0.1
Operating Segments
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Operating Segments

NOTE 26. 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 and its nonregulated retail energy marketing operations (prior to December 2021), including its noncontrolling interest in Wrangler (through March 2022) and Hope (through August 2022). 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, PSNC and Questar Gas Transactions, a noncontrolling interest in Cove Point (through September 2023), solar generation facility development operations, gas transmission and storage operations, including the Q-Pipe Group (through December 2021) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 9.

 

In 2023, Dominion Energy reported after-tax net expenses of $166 million in the Corporate and Other segment, including $251 million of after-tax net income for specific items with $405 million of after-tax net income attributable to its operating segments.

 

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

•
A $586 million ($447 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy;
•
A $411 million ($305 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($262 million after-tax); and
•
Dominion Energy Virginia ($43 million after-tax); and
•
A $28 million ($21 million after-tax) benefit related to real estate transactions, including gains on the transfer of property to satisfy litigation associated with the NND Project, attributable to Dominion Energy South Carolina; partially offset by
•
A $244 million ($182 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;
•
An $83 million ($60 million after-tax) charge related to the revision of AROs for Millstone Unit 1, attributable to Contracted Energy;
•
A $65 million ($48 million after-tax) charge for an easement related to the CVOW Commercial Project for which Virginia Power will not seek recovery, attributable to Dominion Energy Virginia;
•
A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023, attributable to Dominion Energy Virginia;
•
A $35 million ($26 million after-tax) decrease from Dominion Energy’s share of an impairment of certain property, plant and equipment at Align RNG, attributable to Contracted Energy; and
•
A $25 million ($19 million after-tax) charge associated with the abandonment of certain regulated solar generation and other facilities, attributable to Dominion Energy Virginia.

 

In 2022, Dominion Energy reported after-tax net expenses of $1.3 billion in the Corporate and Other segment, including $1.3 billion of after-tax net expenses for specific items with $2.4 billion of after-tax net expenses attributable to its operating segments.

 

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items:

•
A $829 million ($633 million after-tax) charge associated with the impairment of certain nonregulated solar generation facilities, attributable to Contracted Energy;
•
A $649 million ($513 million after-tax) loss associated with the sale of Kewaunee, attributable to Contracted Energy;
•
A $559 million ($451 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($393 million after-tax); and
•
Dominion Energy Virginia ($58 million after-tax);
•
A $243 million ($181 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;
•
A $213 million ($159 million after-tax) charge for RGGI compliance costs deemed recovered through base rates, attributable to Dominion Energy Virginia;
•
A $191 million ($142 million after-tax) charge in connection with a comprehensive settlement agreement for Virginia fuel expenses, attributable to Dominion Energy Virginia;
•
$167 million ($124 million after-tax) of charges for dismantling costs associated with the early retirement of certain electric generation facilities, attributable to Dominion Energy Virginia;
•
$125 million ($93 million after-tax) of charges associated with storm damage and service restoration, attributable to:
•
Dominion Energy Virginia ($87 million after-tax); and
•
Contracted Energy ($6 million after-tax);
•
A $40 million ($30 million after-tax) charge associated with the write-off of inventory, attributable to:
•
Contracted Energy ($16 million after-tax); and
•
Dominion Energy Virginia ($14 million after-tax); partially offset by
•
A $67 million ($49 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy.

In 2021, Dominion Energy reported after-tax net income of $873 million in the Corporate and Other segment, including $991 million of after-tax net income for specific items with $316 million of after-tax net expenses attributable to its operating segments.

 

The net expenses for specific items attributable to Dominion Energy’s operating segments in 2021 primarily related to the impact of the following items:

•
A $513 million net loss ($8 million after-tax benefit) on the sale of non-wholly-owned nonregulated solar facilities, attributable to Contracted Energy;
•
A $337 million ($254 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy;
•
$266 million ($199 million after-tax) of charges associated with the settlement of the South Carolina electric base rate case, attributable to Dominion Energy South Carolina;
•
A $151 million ($112 million after-tax) loss from an unbilled revenue reduction at Virginia Power, attributable to Dominion Energy Virginia;
•
A $125 million ($93 million after-tax) net charge associated with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia;
•
A $77 million ($57 million after-tax) charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process, attributable to Dominion Energy Virginia;
•
A $70 million ($53 million after-tax) charge associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina;
•
A $68 million ($50 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia;
•
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; and
•
A $44 million ($35 million after-tax) charge related to a revision in estimated recovery of spent nuclear fuel costs associated with the decommissioning of Kewaunee, attributable to Contracted Energy; partially offset by
•
A $568 million ($445 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($390 million after-tax); and
•
Dominion Energy Virginia ($55 million after-tax); and
•
A $130 million ($97 million after-tax) benefit for a change in the expected CCRO to be provided to Virginia retail electric customers under the GTSA, attributable to Dominion Energy Virginia.

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

Year Ended December 31,

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

9,575

 

 

$

3,369

 

 

$

835

 

 

$

614

 

 

$

—

 

 

$

14,393

 

Intersegment revenue

 

 

(2

)

 

 

6

 

 

 

16

 

 

 

939

 

 

 

(959

)

 

 

—

 

Total operating revenue

 

 

9,573

 

 

 

3,375

 

 

 

851

 

 

 

1,553

 

 

 

(959

)

 

 

14,393

 

Depreciation and amortization

 

 

1,622

 

 

 

531

 

 

 

105

 

 

 

322

 

 

 

—

 

 

 

2,580

 

Equity in earnings of equity method
   investees

 

 

—

 

 

 

—

 

 

 

(34

)

 

 

8

 

 

 

—

 

 

 

(26

)

Interest income (expense)

 

 

15

 

 

 

6

 

 

 

96

 

 

 

196

 

 

 

(206

)

 

 

107

 

Interest and related charges (benefit)

 

 

772

 

 

 

249

 

 

 

44

 

 

 

815

 

 

 

(206

)

 

 

1,674

 

Income tax expense

 

 

471

 

 

 

79

 

 

 

15

 

 

 

10

 

 

 

—

 

 

 

575

 

Net loss from discontinued
   operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(163

)

 

 

—

 

 

 

(163

)

Net income (loss) attributable to
   Dominion Energy

 

 

1,684

 

 

 

377

 

 

 

99

 

 

 

(166

)

 

 

—

 

 

 

1,994

 

Investment in equity method
   investees(1)

 

 

—

 

 

 

—

 

 

 

80

 

 

 

188

 

 

 

—

 

 

 

268

 

Capital expenditures

 

 

7,196

 

 

 

957

 

 

 

740

 

 

 

1,342

 

 

 

—

 

 

 

10,235

 

Total assets (billions)

 

 

60.7

 

 

 

17.3

 

 

 

9.1

 

 

 

26.0

 

 

 

(4.1

)

 

 

109.0

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

9,658

 

 

$

3,323

 

 

$

884

 

 

$

73

 

 

$

—

 

 

$

13,938

 

Intersegment revenue

 

 

(15

)

 

 

7

 

 

 

18

 

 

 

849

 

 

 

(859

)

 

 

—

 

Total operating revenue

 

 

9,643

 

 

 

3,330

 

 

 

902

 

 

 

922

 

 

 

(859

)

 

 

13,938

 

Depreciation and amortization

 

 

1,452

 

 

 

507

 

 

 

123

 

 

 

360

 

 

 

—

 

 

 

2,442

 

Equity in earnings of equity method
   investees

 

 

—

 

 

 

—

 

 

 

2

 

 

 

19

 

 

 

—

 

 

 

21

 

Interest income (expense)

 

 

17

 

 

 

6

 

 

 

75

 

 

 

61

 

 

 

(50

)

 

 

109

 

Interest and related charges (benefit)

 

 

645

 

 

 

220

 

 

 

18

 

 

 

169

 

 

 

(50

)

 

 

1,002

 

Income tax expense (benefit)

 

 

514

 

 

 

132

 

 

 

55

 

 

 

(588

)

 

 

—

 

 

 

113

 

Net income from discontinued
   operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

894

 

 

 

—

 

 

 

894

 

Net income (loss) attributable to
   Dominion Energy

 

 

1,905

 

 

 

505

 

 

 

188

 

 

 

(1,277

)

 

 

—

 

 

 

1,321

 

Investment in equity method
   investees(1)

 

 

—

 

 

 

—

 

 

 

103

 

 

 

192

 

 

 

—

 

 

 

295

 

Capital expenditures

 

 

5,187

 

 

 

708

 

 

 

683

 

 

 

1,180

 

 

 

—

 

 

 

7,758

 

Total assets (billions)

 

 

55.3

 

 

 

17.2

 

 

 

8.2

 

 

 

29.6

 

 

 

(5.5

)

 

 

104.8

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

7,990

 

 

$

2,968

 

 

$

1,017

 

 

$

(617

)

 

$

61

 

 

$

11,419

 

Intersegment revenue

 

 

(14

)

 

 

7

 

 

 

67

 

 

 

841

 

 

 

(901

)

 

 

—

 

Total operating revenue

 

 

7,976

 

 

 

2,975

 

 

 

1,084

 

 

 

224

 

 

 

(840

)

 

 

11,419

 

Depreciation and amortization

 

 

1,296

 

 

 

486

 

 

 

176

 

 

 

159

 

 

 

—

 

 

 

2,117

 

Equity in earnings of equity method
   investees

 

 

—

 

 

 

(3

)

 

 

(2

)

 

 

20

 

 

 

—

 

 

 

15

 

Interest income (expense)

 

 

11

 

 

 

10

 

 

 

81

 

 

 

12

 

 

 

(19

)

 

 

95

 

Interest and related charges (benefit)

 

 

535

 

 

 

206

 

 

 

44

 

 

 

489

 

 

 

(19

)

 

 

1,255

 

Income tax expense (benefit)

 

 

516

 

 

 

125

 

 

 

47

 

 

 

(869

)

 

 

—

 

 

 

(181

)

Net income from discontinued
   operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,358

 

 

 

—

 

 

 

1,358

 

Net income attributable to
   Dominion Energy

 

 

1,863

 

 

 

437

 

 

 

226

 

 

 

873

 

 

 

—

 

 

 

3,399

 

Capital expenditures

 

 

3,756

 

 

 

694

 

 

 

420

 

 

 

1,191

 

 

 

—

 

 

 

6,061

 
(1)
Excludes liability to Atlantic Coast Pipeline.

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 2023, Virginia Power reported after-tax net expenses of $232 million in the Corporate and Other segment, including $232 million of after-tax net expenses for specific items all of which were attributable to its operating segment.

 

The net expenses for specific items attributable to its operating segment in 2023 primarily related to the impact of the following items:

•
A $244 million ($182 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review;
•
A $65 million ($48 million after-tax) charge for an easement related to the CVOW Commercial Project for which Virginia Power will not seek recovery;
•
A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023; and
•
A $25 million ($19 million after-tax) charge associated with the abandonment of certain regulated solar generation and other facilities; partially offset by
•
A $59 million ($43 million after-tax) gain related to investments in nuclear decommissioning trust funds.

 

In 2022, Virginia Power reported after-tax net expenses of $793 million in the Corporate and Other segment, including $773 million of after-tax net expenses for specific items all of which were attributable to its operating segment.

 

The net expenses for specific items attributable to its operating segment in 2022 primarily related to the impact of the following items:

•
A $243 million ($181 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review;
•
A $213 million ($159 million after-tax) charge for RGGI compliance costs deemed recovered through base rates;
•
A $191 million ($142 million after-tax) charge in connection with a comprehensive settlement agreement for Virginia fuel expenses;
•
$167 million ($124 million after-tax) of charges for dismantling costs associated with the early retirement of certain electric generation facilities;
•
$117 million ($87 million after-tax) of charges associated with storm damage and service restoration in its service territory; and
•
A $78 million ($58 million after-tax) loss related to investments in nuclear decommissioning trust funds.

 

In 2021, Virginia Power reported after-tax net expenses of $201 million in the Corporate and Other segment, including $201 million of after-tax net expenses for specific items all of which were attributable to its operating segment.

 

The net expenses for specific items attributable to its operating segment in 2021 primarily related to the impact of the following items:

•
A $151 million ($112 million after-tax) loss from an unbilled revenue reduction;
•
A $125 million ($93 million after-tax) net charge associated with the settlement of the 2021 Triennial Review;
•
A $77 million ($57 million after-tax) charge for the forgiveness of Virginia retail electric customer accounts in arrears pursuant to Virginia’s 2021 budget process;
•
A $68 million ($50 million after-tax) charge associated with storm damage and service restoration in its service territory; 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; partially offset by
•
A $130 million ($97 million after-tax) benefit for a change in the expected CCRO to be provided to Virginia retail electric customers under the GTSA.

 

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

 

Year Ended December 31,

 

Dominion Energy Virginia

 

 

Corporate and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

9,573

 

 

$

—

 

 

$

9,573

 

Depreciation and amortization

 

 

1,622

 

 

 

249

 

 

 

1,871

 

Interest income

 

 

15

 

 

 

—

 

 

 

15

 

Interest and related charges (benefit)

 

 

772

 

 

 

(8

)

 

 

764

 

Income tax expense (benefit)

 

 

471

 

 

 

(82

)

 

 

389

 

Net income (loss)

 

 

1,684

 

 

 

(232

)

 

 

1,452

 

Capital expenditures

 

 

7,196

 

 

 

—

 

 

 

7,196

 

Total assets (billions)

 

 

58.6

 

 

 

—

 

 

 

58.6

 

2022

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

9,643

 

 

$

11

 

 

$

9,654

 

Depreciation and amortization

 

 

1,452

 

 

 

284

 

 

 

1,736

 

Interest income

 

 

17

 

 

 

—

 

 

 

17

 

Interest and related charges (benefit)

 

 

645

 

 

 

(3

)

 

 

642

 

Income tax expense (benefit)

 

 

514

 

 

 

(220

)

 

 

294

 

Net income (loss)

 

 

1,905

 

 

 

(793

)

 

 

1,112

 

Capital expenditures

 

 

5,187

 

 

 

—

 

 

 

5,187

 

Total assets (billions)

 

 

53.2

 

 

 

—

 

 

 

53.2

 

2021

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

7,976

 

 

$

(506

)

 

$

7,470

 

Depreciation and amortization

 

 

1,296

 

 

 

68

 

 

 

1,364

 

Interest income

 

 

11

 

 

 

—

 

 

 

11

 

Interest and related charges (benefit)

 

 

535

 

 

 

(1

)

 

 

534

 

Income tax expense (benefit)

 

 

516

 

 

 

(69

)

 

 

447

 

Net income (loss)

 

 

1,863

 

 

 

(201

)

 

 

1,662

 

Capital expenditures

 

 

3,756

 

 

 

—

 

 

 

3,756

 
v3.24.0.1
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)

NOTE 27. QUARTERLY FINANCIAL DATA (UNAUDITED)

 

A summary of the Companies’ quarterly results of operations for the years ended December 31, 2023 and 2022 are as follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.

 

Dominion Energy

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,883

 

 

$

3,166

 

 

$

3,810

 

 

$

3,534

 

Income from continuing operations

 

 

1,079

 

 

 

594

 

 

 

1,029

 

 

 

712

 

Net income from continuing operations including
    noncontrolling interests

 

 

700

 

 

 

415

 

 

 

698

 

 

 

344

 

Net income (loss) from discontinued operations including
   noncontrolling interest

 

 

281

 

 

 

168

 

 

 

(541

)

 

 

(71

)

Net income including noncontrolling interests

 

 

981

 

 

 

583

 

 

 

157

 

 

 

273

 

Net income attributable to Dominion Energy

 

 

981

 

 

 

583

 

 

 

157

 

 

 

273

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.81

 

 

 

0.47

 

 

 

0.81

 

 

 

0.39

 

Net income (loss) from discontinued operations

 

 

0.34

 

 

 

0.20

 

 

 

(0.65

)

 

 

(0.09

)

Net income attributable to Dominion Energy

 

 

1.15

 

 

 

0.67

 

 

 

0.16

 

 

 

0.30

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.81

 

 

 

0.47

 

 

 

0.81

 

 

 

0.39

 

Net income (loss) from discontinued operations

 

 

0.34

 

 

 

0.20

 

 

 

(0.65

)

 

 

(0.09

)

Net income attributable to Dominion Energy

 

 

1.15

 

 

 

0.67

 

 

 

0.16

 

 

 

0.30

 

Dividends declared per preferred share (Series A)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Dividends declared per preferred share (Series B)

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,112

 

 

$

3,058

 

 

$

3,961

 

 

$

3,807

 

Income (loss) from continuing operations

 

 

643

 

 

 

(461

)

 

 

998

 

 

 

253

 

Net income (loss) from continuing operations including
    noncontrolling interests

 

 

279

 

 

 

(659

)

 

 

585

 

 

 

222

 

Net income from discontinued operations including
   noncontrolling interest

 

 

410

 

 

 

212

 

 

 

150

 

 

 

122

 

Net income (loss) including noncontrolling interests

 

 

689

 

 

 

(447

)

 

 

735

 

 

 

344

 

Net income (loss) attributable to Dominion Energy

 

 

689

 

 

 

(447

)

 

 

735

 

 

 

344

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

0.32

 

 

 

(0.84

)

 

 

0.68

 

 

 

0.24

 

Net income from discontinued operations

 

 

0.50

 

 

 

0.26

 

 

 

0.18

 

 

 

0.15

 

Net income (loss) attributable to Dominion Energy

 

 

0.82

 

 

 

(0.58

)

 

 

0.86

 

 

 

0.39

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

0.31

 

 

 

(0.84

)

 

 

0.68

 

 

 

0.24

 

Net income from discontinued operations

 

 

0.50

 

 

 

0.26

 

 

 

0.18

 

 

 

0.15

 

Net income (loss) attributable to Dominion Energy

 

 

0.81

 

 

 

(0.58

)

 

 

0.86

 

 

 

0.39

 

Dividends declared per preferred share (Series A)

 

 

4.375

 

 

 

2.917

 

 

 

—

 

 

 

—

 

Dividends declared per preferred share (Series B)

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

Dominion Energy’s 2023 results include the impact of the following significant items:

•
Fourth quarter results include a $323 million after-tax charge for an impairment of certain goodwill associated with the East Ohio and Questar Gas Transactions.
•
Third quarter results include $939 million of charges reflecting the recognition of deferred taxes on the outside basis of stock associated with East Ohio, PSNC, Questar Gas and Wexpro meeting the classification as held for sale that will reverse when the sale is completed and a $348 million after-tax gain on the sale of Dominion Energy’s remaining noncontrolling interest in Cove Point.

 

Dominion Energy’s 2022 results include the impact of the following significant items:

•
Fourth quarter results include a $633 million after-tax charge associated with the impairment of certain nonregulated solar generation facilities.
•
Second quarter results include a $513 million after-tax loss associated with the sale of Kewaunee, a $142 million after-tax charge in connection with a comprehensive settlement agreement for Virginia fuel expenses and a $134 million after-tax charge for RGGI compliance costs deemed recovered through base rates.

 

Virginia Power

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,384

 

 

$

2,252

 

 

$

2,645

 

 

$

2,292

 

Income from operations

 

 

597

 

 

 

554

 

 

 

819

 

 

 

504

 

Net income

 

 

355

 

 

 

334

 

 

 

475

 

 

 

288

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,167

 

 

$

2,176

 

 

$

2,875

 

 

$

2,436

 

Income from operations

 

 

562

 

 

 

237

 

 

 

802

 

 

 

447

 

Net income

 

 

336

 

 

 

42

 

 

 

516

 

 

 

218

 

 

Virginia Power’s 2022 results include the impact of the following significant items:

•
Second quarter results include a $142 million after-tax charge in connection with a comprehensive settlement agreement for Virginia fuel expenses and a $134 million after-tax charge for RGGI compliance costs deemed recovered through base rates.
v3.24.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
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, expenses and cash flows for the periods presented. Actual results may differ from those estimates.

Consolidation

The Companies’ 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. Clearway’s ownership interest in Four Brothers and Three Cedars (through December 2021) and Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy nonregulated solar projects (through December 2021) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements.

The Companies report certain contracts, instruments and investments at fair value. See below and Note 6 for further information on fair value measurements.

The Companies consider acquisitions or dispositions in which substantially all of the fair value of the gross assets acquired or disposed of is concentrated into a single identifiable asset or group of similar identifiable assets to be an acquisition or a disposition of an asset, rather than a business. See Notes 3 and 10 for further information on such transactions.

Dominion Energy maintains pension and other postretirement benefit plans and Virginia Power participates in certain of these plans. See Note 22 for further information on these plans.

Reclassifications

Amounts disclosed for Dominion Energy are inclusive of Virginia Power, where applicable.
Change in Accounting Policy

Change in Accounting Policy

During the fourth quarter of 2023, the Companies changed their method of accounting for investment tax credits from the flow-through method to the deferral method. Previously, the Companies recognized investment tax credits as a reduction of income tax expense in the period that the qualifying property giving rise to the credits was placed into service, except where tax normalization applied. Subsequent to the change in policy, the Companies record deferred unamortized investment tax credits as a deferred credit (reflected within liabilities in the Companies’ Consolidated Balance Sheets) when placed into service and amortize the investment tax credits into earnings as a reduction in income tax expense over the service lives of the related property. This change in accounting policy is expected to have an insignificant impact on the Companies’ regulated operations. Although the application of the flow-through method is considered acceptable, the deferral method is the preferred method of accounting for investment tax credits as it promotes matching of the benefits of the recognition of the investment tax credit with the expected use of the asset. The Companies applied this change in accounting policy retrospectively to all prior periods presented.

The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Statements of Income for the periods presented:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Tax Credit-Related Impacts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

$

(19

)

 

$

94

 

 

$

(340

)

 

$

(9

)

 

$

103

 

 

$

50

 

Net income from continuing operations(1)

 

 

19

 

 

 

(94

)

 

 

340

 

 

 

9

 

 

 

(103

)

 

 

(50

)

Net income from discontinued operations(2)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Earnings per share(1)(2)

 

 

0.04

 

 

 

(0.11

)

 

 

0.42

 

 

 

 

 

 

 

 

 

 

Other Impacts(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of assets and other charges

 

 

—

 

 

 

(560

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Losses (gains) on sales of assets

 

 

—

 

 

 

—

 

 

 

303

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18

 

 

 

—

 

 

 

13

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(4

)

 

 

139

 

 

 

(81

)

 

 

 

 

 

 

 

 

 

Net income from continuing operations(4)(5)

 

 

(14

)

 

 

421

 

 

 

(230

)

 

 

 

 

 

 

 

 

 

Earnings per share(4)

 

 

(0.02

)

 

 

0.51

 

 

 

(0.28

)

 

 

 

 

 

 

 

 

 
(1)
The impact to Dominion Energy's net income from continuing operations includes an increase (decrease) of $(13) million ($(0.02) per share), $(12) million ($(0.01) per share), $(15) million ($(0.02) per share) and $59 million ($0.07 per share) for the first, second, third and fourth quarters of 2023, respectively. Virginia Power's net income includes an increase of $2 million, $2 million, $2 million and $3 million for the first, second, third and fourth quarters of 2023, respectively.
(2)
The impact to Dominion Energy's income tax expense presented within net income from discontinued operations resulted in an increase of $0.02 per share in the third quarter of 2023.
(3)
Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
(4)
Includes a decrease of $6 million attributable to noncontrolling interests for the year ended December 31, 2021.
(5)
The impact to Dominion Energy's net income from continuing operations includes a decrease of $3 million (less than $0.01 per share), $3 million (less than $0.01 per share), $4 million (less than $0.01 per share) and $4 million (less than $0.01 per share) for the first, second, third and fourth quarters of 2023, respectively.

The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Balance Sheets for the periods presented:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Investment Tax Credit-Related Impacts

 

 

 

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

$

589

 

 

$

625

 

 

$

264

 

 

$

278

 

Noncurrent regulatory liabilities

 

 

23

 

 

 

18

 

 

 

23

 

 

 

18

 

Other Impacts(1)

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

533

 

 

 

533

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

60

 

 

 

44

 

 

 

 

 

 

 

Intangible assets, net

 

 

14

 

 

 

14

 

 

 

 

 

 

 

Operating lease assets(2)

 

 

55

 

 

 

57

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

 

135

 

 

 

139

 

 

 

 

 

 

 
(1)
Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
(2)
Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.

In addition to the above impacts, Dominion Energy and Virginia Power recorded a cumulative decrease of $660 million and $143 million, respectively, to retained earnings as of January 1, 2021. In addition, Dominion Energy recorded a cumulative increase of $223 million to noncontrolling interests as of January 1, 2021.
Operating Revenue

Operating Revenue

Operating revenue is recorded on the basis of services rendered, commodities delivered, or contracts settled and includes amounts yet to be billed to customers. The Companies collect sales, consumption and consumer utility taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2023 and 2022 included $1.0 billion and $1.1 billion, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. The balances presented within current assets held for sale were $284 million and $324 million at December 31, 2023 and 2022, respectively. Virginia Power’s customer receivables at December 31, 2023 and 2022 included $550 million and $620 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties.

The primary types of sales and service activities reported as operating revenue for Dominion Energy are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consist primarily of sales of electricity at market-based rates and contracted fixed rates and associated hedging activity as well as sales to Virginia Power customers from non-jurisdictional solar generation facilities;
•
Regulated gas sales consist primarily of state-regulated natural gas sales and related distribution services;
•
Regulated gas transportation and storage sales consist of state-regulated sales of gathering services (through August 2022) and sales of transportation services to off-system customers;
•
Other regulated revenue consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and
•
Other nonregulated revenue consists primarily of sales of other miscellaneous products. Other nonregulated revenue also includes sales of energy-related products and services from Dominion Energy’s retail energy marketing operations (through December 2021), service concession arrangements (through December 2022) and revenue associated with services provided to entities presented in discontinued operations under transition services agreements.

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The primary types of sales and service activities reported as operating revenue for Virginia Power are as follows:

Revenue from Contracts with Customers

•
Regulated electric sales consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services;
•
Nonregulated electric sales consists of sales to customers from non-jurisdictional solar generation facilities;
•
Other regulated revenue consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and
•
Other nonregulated revenue consists primarily of revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements (through October 2022).

Other Revenue

•
Other revenue consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.

The Companies record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. The Companies’ revenue accounted for under the alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate the Companies for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above.

Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products and services typically transfer control and are recognized as revenue upon delivery of the product or service. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type but is typically due within a month of billing.

 

Revenue included in Discontinued Operations

Operating revenue for the gas transmission and storage operations sold to Southwest Gas as part of the Q-Pipe Group sale primarily consisted of FERC-regulated sales of transmission and storage services, sales of extracted products and associated hedging activities and NGL activities, including gathering and processing and sales of production and condensate.

Transportation and storage contracts associated with the operations sold to Southwest Gas as part of the Q-Pipe Group sale were primarily stand-ready service contracts that include fixed reservation and variable usage fees. NGLs received during natural gas processing are recorded in discontinued operations at fair value as service revenue recognized over time, and revenue continued to be recognized from the subsequent sale of the NGLs to customers upon delivery.

Operating revenue for the gas distribution operations to be sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions primarily consists of state-regulated natural gas sales to residential, commercial and industrial customers and related distribution services, state regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of commodities related to nonregulated extraction activities.

Transportation and storage contracts associated with the operations to be sold to Enbridge as part of the East Ohio, PSNC and Questar Gas Transactions are primarily stand-ready service contracts that include fixed reservation and variable usage fees. Substantially all of the revenue associated with these local gas distribution companies is derived from performance obligations satisfied over time and month-to-month billings according to their respective tariffs.
Credit Risk

Credit Risk

Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction.

The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Expected credit losses are estimated and recorded based on historical experience, current conditions and

reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.

Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs

Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs

Where permitted by regulatory authorities, the differences between the Companies’ actual electric fuel and purchased energy expenses and Dominion Energy’s purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability.

Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2023, approximately 86% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms. Of the cost of fuel used in electric generation and energy purchases to serve South Carolina utility customers, at December 31, 2023, approximately 96% is subject to DESC’s deferred fuel accounting.

Virtually all of East Ohio, Questar Gas, DESC and PSNC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale.

Dominion Energy can earn certain cost saving sharing incentives under the Wexpro Agreements to the extent that the cost of gas supplied to Questar Gas is a certain amount lower than third-party market rates. In 2023 and 2022, Dominion Energy recorded $4 million and $27 million, respectively, for such incentives, reflected in discontinued operations in Dominion Energy’s Consolidated Statements of Income. No amounts were recorded for the year ended December 31, 2021.
Income Taxes

Income Taxes

A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed.

Virginia Power participates in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis.

Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized.

Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is more-likely-than-not that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities.

The Companies recognize positions taken, or expected to be taken, in income tax returns that are more-likely-than-not to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information.

If it is not more-likely-than-not that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll and taxes on the Consolidated Balance Sheets.

The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income.

In 2021, Dominion Energy reflected a $21 million benefit from the reversal of interest expense and a $7 million benefit from the reversal of penalty expense on uncertain tax positions that were effectively settled.

At December 31, 2023, Virginia Power had an income tax-related affiliated receivable of $40 million, comprised of $45 million of federal income taxes receivable from, and $5 million of state income payable to, Dominion Energy. Virginia Power’s net affiliated balances are expected to be received from Dominion Energy.

At December 31, 2022, Virginia Power had a net income tax-related affiliated payable of $22 million, comprised of $25 million of federal income taxes payable to, and $3 million of state income taxes receivable from, Dominion Energy. Virginia Power’s net affiliated balances were paid to Dominion Energy.

Investment tax credits for both regulated and nonregulated operations are deferred and amortized to income tax expense over the service lives of the properties giving rise to the credits in the year qualifying property is placed in service. The Companies recognize the tax benefit related to initial book and tax basis differences as a reduction of income tax expense in the year in which the qualifying property is placed into service, except where cost-of-service rate regulation applies. Production tax credits are recognized as energy is generated and sold. The IRA allows the election of either the investment tax credit or production tax credit for certain technologies including solar and wind. Such election is made on a project-by-project basis and the choice of credit may vary based on a combination of factors including, but not limited to, capital expenditures and net capacity factors.
Cash, Restricted Cash and Equivalents

Cash, Restricted Cash and Equivalents

Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less.

Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:

 

At December 31,

 

2023

 

 

2022

 

(millions)

 

 

Dominion Energy(1)

$

54

 

 

$

35

 

Virginia Power

 

44

 

 

 

21

 
(1)
In addition, at December 31, 2023 and 2022, Dominion Energy had $19 million and $14 million, respectively, of checks outstanding but not yet presented for payment included in current liabilities held for sale.

 

Restricted Cash and Equivalents

The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits, federal assistance funds and future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements (through December 2021), on DECP Holdings’ term loan agreement (through September 2023) and on Eagle Solar’s senior note agreement (through February 2024).

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 years ended December 31, 2023, 2022 and 2021 and 2020:

 

 

 

Cash, Restricted Cash and Equivalents at End/Beginning of Year

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

217

 

 

$

153

 

 

$

283

 

 

$

179

 

Restricted cash and equivalents(2)(3)

 

 

84

 

 

 

188

 

 

 

125

 

 

 

68

 

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

 

$

301

 

 

$

341

 

 

$

408

 

 

$

247

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

90

 

 

$

22

 

 

$

26

 

 

$

35

 

Restricted cash and equivalents(3)

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

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

 

$

90

 

 

$

24

 

 

$

26

 

 

$

35

 
(1)
At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $33 million, $34 million, $49 million and $21 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $4 million, $2 million, $3 million and $3 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.

Supplemental Cash Flow Information

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges, excluding capitalized amounts

 

$

1,991

 

 

$

1,408

 

 

$

1,340

 

Income taxes

 

 

286

 

 

 

139

 

 

 

160

 

Significant noncash investing and financing activities:(1)(2)

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,085

 

 

 

979

 

 

 

637

 

Leases(3)

 

 

255

 

 

 

144

 

 

 

96

 
(1)
See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler and Dominion Privatization.
(2)
See Notes 18, 19, 20 and 23 for noncash financing activities related to the contribution of stock to Dominion Energy’s defined benefit pension plan, remarketing of Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation.
(3)
Includes $44 million of finance leases and $211 million of operating leases entered in 2023, $34 million of finance leases and $110 million of operating leases entered in 2022 and $47 million of finance leases and $49 million of operating leases entered in 2021.

 

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid (received) during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges, excluding capitalized amounts

 

$

709

 

 

$

599

 

 

$

501

 

Income taxes

 

 

(47

)

 

 

(54

)

 

 

109

 

Significant noncash investing activities:

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

807

 

 

 

665

 

 

 

363

 

Leases(1)

 

 

203

 

 

 

116

 

 

 

79

 

 

(1)
Includes $30 million of finance leases and $173 million of operating leases entered in 2023, $26 million of finance leases and $90 million of operating leases entered in 2022 and $37 million of finance leases and $42 million of operating leases entered in 2021.

 

Distributions from Equity Method Investees

Dominion Energy holds investments that are accounted for under the equity method of accounting and classifies distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy.

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a mid-market pricing convention (the mid-point between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies’ own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion Energy applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments, and other investments including those held in nuclear decommissioning, rabbi, and pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair value measurements to certain assets and liabilities including commodity, interest rate and/or foreign currency exchange rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above.

Inputs and Assumptions

Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including industry publications, and to a lesser extent, broker quotes. When evaluating pricing information provided by Designated Contract Market settlement pricing, other pricing services, or brokers, the Companies consider the ability to transact at the quoted price, i.e. if the quotes are based on an active market or an inactive market and to the extent which pricing models are used, if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the unobservable inputs are developed and substantiated using historical information, available market data, third-party data and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships and changes in third-party sources.

For options and contracts with option-like characteristics where observable pricing information is not available from external sources, the Companies generally use a model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value.

The inputs and assumptions used in measuring fair value include the following:

 

 

Derivative Contracts

 

 

Inputs and assumptions

 

Commodity

 

Interest Rate

 

Foreign Currency Exchange Rate

 

Investments

Forward commodity prices

 

X

 

 

 

 

 

 

Transaction prices

 

X

 

 

 

 

 

 

Price volatility

 

X

 

 

 

 

 

 

Price correlation

 

X

 

 

 

 

 

 

Volumes

 

X

 

 

 

 

 

 

Commodity location

 

X

 

 

 

 

 

 

Interest rate curves

 

 

 

X

 

 

 

 

Foreign currency forward exchange rates

 

 

 

 

 

X

 

 

Quoted securities prices and indices

 

 

 

 

 

 

 

X

Securities trading information including volume and restrictions

 

 

 

 

 

 

 

X

Maturity

 

 

 

 

 

 

 

X

Interest rates

 

X

 

 

 

X

 

X

Credit quality of counterparties and the Companies

 

X

 

X

 

X

 

X

Credit enhancements

 

X

 

X

 

 

 

 

Notional value

 

 

 

X

 

X

 

 

Time value

 

X

 

X

 

X

 

 

Levels

The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:

•
Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency exchange rate instruments and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for the Companies and benefit plan trust funds and rabbi trust funds for Dominion Energy.
•
Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas options and other modeled commodity derivatives.

The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy.

Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’ over-the-counter derivative contracts is subject to change.

Derivative Instruments

Derivative Instruments

The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks in their business operations. The Companies use derivative instruments such as physical and financial forwards, futures, swaps, options, foreign currency transactions and FTRs to manage the commodity, interest rate and/or foreign currency exchange rate risks of their business operations.

Derivative assets and liabilities are presented gross on the Companies’ Consolidated Balance Sheets. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. All derivatives, except those for which an exception applies, are required to be reported at fair value. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. See Fair Value Measurements above for additional information about fair value measurements and associated valuation methods for derivatives.

The Companies’ derivative contracts include both over-the-counter transactions and those that are executed on an exchange or other trading platform (exchange contracts) and centrally cleared. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions.

In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases, other forms of security, none of which are subject to restrictions.

The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $38 million and $480 million associated with cash collateral at December 31, 2023 and 2022, respectively. Dominion Energy had margin liabilities of $15 million associated with cash collateral at December 31, 2023 and no amounts outstanding at December 31, 2022. Virginia Power had margin assets of $35 million and $310 million associated with cash collateral at December 31, 2023 and 2022, respectively. Virginia Power had no margin liabilities associated with cash collateral at December 31, 2023 and 2022. See Note 7 for further information about derivatives.

To manage price and interest rate risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices or interest rates. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or discontinued operations based on the nature of the underlying risk.

Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings.

Derivative Instruments Designated as Hedging Instruments

In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as cash flow hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows.

Cash Flow Hedges

A majority of the Companies’ hedge strategies represents cash flow hedges of the variable price risk primarily associated with the use of interest rate swaps to hedge their exposure to variable interest rates on long-term debt. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item, or as appropriate to regulatory assets or regulatory liabilities. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable.

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject to cost-of-service rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred.

In 2023, 2022 and 2021, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $159 million, $84 million and $96 million, respectively. In 2023, 2022 and 2021, Virginia Power capitalized AFUDC to property, plant and equipment of $86 million, $66 million and $78 million, respectively.

Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2023, 2022 and 2021, Virginia Power recorded less than $1 million, $34 million and $35 million of AFUDC related to these projects, respectively.

For property subject to cost-of-service rate regulation, including the Companies’ electric distribution, electric transmission and generation property and Dominion Energy’s natural gas distribution property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to cost-of-service rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from plant-in-service when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates.

In 2023 and 2022, Virginia Power had the following charges, recorded in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), related to early retirements:

•
In 2023, Virginia Power recorded a charge of $25 million ($19 million after-tax) as a result of the abandonment of long-lived assets associated with certain rooftop solar and other projects before the end of their useful lives.
•
In 2022, Virginia Power recorded charges of $167 million ($124 million after-tax) associated with dismantling of certain electric generation facilities.

For property that is not subject to cost-of-service rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date.

Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:

 

Year Ended December 31,

 

2023

 

 

2022

 

2021

 

(percent)

 

 

 

Dominion Energy(1)

 

 

 

Generation

 

2.65

 

 

2.71

 

 

2.63

 

Transmission

 

 

2.32

 

 

 

2.32

 

 

 

2.52

 

Distribution

 

2.72

 

 

2.80

 

 

2.85

 

General and other

 

4.20

 

 

4.31

 

 

4.36

 

Virginia Power

 

 

 

Generation

 

2.75

 

 

2.84

 

 

2.69

 

Transmission

 

2.29

 

 

2.29

 

 

2.51

 

Distribution

 

2.78

 

 

2.76

 

 

3.18

 

General and other

 

4.60

 

 

4.78

 

 

5.08

 
(1)
Excludes rates for depreciation reported as discontinued operations.

In January 2022, Dominion Energy revised the estimated useful life of its non-jurisdictional and certain nonregulated solar generation facilities to 35 years. This revision resulted in an annual decrease of depreciation expense of $16 million ($12 million after-tax), including $6 million ($4 million after-tax) at Virginia Power, and increased Dominion Energy’s EPS by approximately $0.02.

In the first quarter of 2022, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. The change resulted in a decrease in depreciation expense in Virginia Power’s Consolidated Statements of Income of $60 million ($45 million after-tax) and increased Dominion Energy’s EPS by $0.05.

Effective December 2023, Dominion Energy revised the estimated useful lives for Millstone Units 2 and 3 to reflect lower depreciation rates as a result of its expectation that a 20-year license extension is approved for these facilities. For the year ended December 31, 2023, this revision resulted in an inconsequential impact. This revision is expected to result in an annual decrease of depreciation expense of approximately $40 million ($30 million after-tax) and increase Dominion Energy’s 2024 EPS by approximately $0.04.

Effective January 2024, Virginia Power revised the depreciation rates for Bath County as a result of its expectation that a license extension of at least 40 years will be approved for this facility. This revision is expected to result in an annual decrease of depreciation expense of approximately $15 million ($11 million after-tax) and increase Dominion Energy's EPS by approximately $0.01.

Virginia Power’s non-jurisdictional solar generation property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 35 years, effective January 2022.

Capitalized costs of development wells and leaseholds are amortized on a field-by-field basis using the unit-of-production method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.73 and $1.67 per mcfe in 2023 and 2022, respectively. Depletion associated with Wexpro's operations is reflected within discontinued operations. See Note 3 for additional information.

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

 

Asset

 

Estimated Useful Lives(1)

Nonregulated generation-nuclear

54-64 years

Nonregulated generation-other

30-35 years

General and other

 

5-50 years
(1)
The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.

Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. The Companies report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows.

Long-Lived and Intangible Assets

Long-Lived and Intangible Assets

The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets.
Accounting for Regulated Operations

Accounting for Regulated Operations

The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state cost-of-service rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds or other benefits through future rates or when revenue is collected from customers for expenditures that have yet to be incurred. In addition, a loss is recognized if it becomes probable that capital expenditures will be disallowed for ratemaking purposes and if a reasonable estimate of the amount of the disallowance can be made.

The Companies evaluate whether or not recovery of their regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and make various assumptions in their analyses. These analyses are generally based on:

•
Orders issued by regulatory commissions, legislation and judicial actions;
•
Past experience;
•
Discussions with applicable regulatory authorities and legal counsel;
•
Estimated construction costs;
•
Forecasted earnings; and
•
Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities.

Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. In connection with the 2023 Biennial Review, the Companies have concluded that it is not probable that Virginia Power will have earnings in excess of 70 basis points above its authorized ROE for the period January 1, 2021 through December 31, 2022 currently under review with the Virginia Commission or in excess of an expected authorized ROE of 9.70% for the period January 1, 2023 through December 31, 2024 in connection with the future 2025 Biennial Review. As a result, no regulatory liability for Virginia Power ratepayer credits to customers has been recorded at December 31, 2023. See Notes 12 and 13 to the Consolidated Financial Statements for additional information.
Leases

Leases

The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related right-of-use asset in the Companies’ Consolidated Statements of Income or, subject to regulatory framework, is deferred within regulatory assets in the Consolidated Balance Sheets and amortized into the Consolidated Statements of Income.

Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A right-of-use asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets.

The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities.

In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis primarily over an estimated useful life of 35 years, effective January 2022.

Asset Retirement Obligations

Asset Retirement Obligations

The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy reports accretion of AROs and depreciation on asset retirement costs associated with its natural gas pipelines of its distribution business as an adjustment to the related regulatory assets or liabilities when revenue is recoverable from customers for AROs. The Companies report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory asset or liability for certain jurisdictions. Additionally, the Companies report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects and other electric generation and distribution facilities as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income.
Debt Issuance Costs

Debt Issuance Costs

The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized.

Investments

Investments

Debt Securities

Dominion Energy accounts for and classifies investments in debt securities as trading or available-for-sale securities. Virginia Power classifies investments in debt securities as available-for-sale securities.

•
Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income.
•
Debt securities classified as available-for-sale securities include all other debt securities, primarily comprised of securities held in the nuclear decommissioning trusts. These investments are reported at fair value in nuclear decommissioning trust funds in the Consolidated Balance Sheets. Net realized and unrealized gains and losses (including any credit-related impairments) on investments held in nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other available-for-sale debt securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts, net realized gains and losses (including any credit-related impairments) are included in other income and unrealized gains and losses are reported as a component of AOCI, after-tax.

In determining realized gains and losses for debt securities, the cost basis of the security is based on the specific identification method.

Credit Impairment

The Companies periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in the Companies’ Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations.

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, the Companies record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when

the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, the Companies record the credit loss in earnings or defer as applicable for certain jurisdictions subject to cost-based regulation, with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.

Equity Securities with Readily Determinable Fair Values

Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by the Companies in the nuclear decommissioning trusts. The Companies record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. Net realized and unrealized gains and losses on equity securities held in the nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s nonregulated generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income.

Equity Securities without Readily Determinable Fair Values

The Companies account for illiquid and privately held securities without readily determinable fair values under either the equity method or cost method. Equity securities without readily determinable fair values include:

•
Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy’s investments are included in investments in equity method affiliates in its Consolidated Balance Sheets, except for the liability to Atlantic Coast Pipeline or where such investments are classified as held for sale. Dominion Energy records equity method adjustments in other income in its Consolidated Statements of Income, including its proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method.
•
Cost method investments when the Companies do not have the ability to exercise significant influence over the investee. The Companies’ investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

Other-Than-Temporary Impairment

The Companies periodically review their equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the investment is written down to its fair value at the end of the reporting period.

Inventories

Inventories

Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method and reflected in current assets held for sale in Dominion Energy's Consolidated Balance Sheets. Under the LIFO method, current stored gas inventory was valued at $18 million and $14 million at December 31, 2023 and December 31, 2022, respectively. Based on the average price of gas purchased during 2023 and 2022, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $42 million and $129 million, respectively.

In 2022, Dominion Energy wrote off certain inventory balances associated with certain nonrenewable electric generation facilities resulting in a $40 million charge ($30 million after-tax) recorded in impairments and other charges (reflected in the Corporate and Other segment) in its Consolidated Statements of Income, including $19 million ($14 million after-tax) at Virginia Power for inventory not utilized at such facilities prior to their retirement in the first half of 2023.
Goodwill

Goodwill

Dominion Energy evaluates goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. In the fourth quarter of 2023, Dominion Energy's current period calculation of the expected gain or loss on the Questar Gas and East Ohio Transactions resulted in an impairment of the related goodwill. See Note 3 for additional information.
New Accounting Standards

New Accounting Standards

Debt with Conversion Options and Contracts in an Entity’s Own Equity

In August 2020, the FASB issued revised accounting guidance for debt with conversion options and contracts in an entity’s own equity. The revised guidance eliminates the ability to assert cash settlement and exclude potential shares from the diluted EPS calculation for a contract that may be settled in stock or cash. The guidance became effective for Dominion Energy’s interim and annual reporting periods beginning January 1, 2022. Upon adoption, Dominion Energy applied the guidance using a modified retrospective approach and continued to apply the if-converted method to calculate diluted EPS in connection with any potentially dilutive instruments, or components of instruments, that may be settled in stock or cash.

Segment Disclosures

In November 2023, the FASB issued revised accounting guidance for reportable segments. The revised guidance requires disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the CODM. The revised guidance does not change how an entity identifies its operating segments, aggregates them or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented. The Companies expect this revised guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.

Income Tax Disclosures

In December 2023, the FASB issued revised accounting guidance for income taxes. The revised guidance requires disclosure of disaggregated information about an entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The new standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted and allows either prospective or retrospective application. The Companies expect this revised guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
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 also enters into guarantee arrangements on behalf of its consolidated subsidiaries, primarily to facilitate their commercial transactions with third parties. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion Energy would be obligated to satisfy such obligation. To the extent that a liability subject to a guarantee has been incurred by one of Dominion Energy’s consolidated subsidiaries, that liability is included in the Consolidated Financial Statements. Dominion Energy is not required to recognize liabilities for guarantees issued on behalf of its subsidiaries unless it becomes probable that it will have to perform under the guarantees. Terms of the guarantees typically end once obligations have been paid. Dominion Energy currently believes it is unlikely that it would be required to perform or otherwise incur any losses associated with guarantees of its subsidiaries’ obligations.

v3.24.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Schedule of Increase (Decrease) to Each Affected Line Item in Companies' Consolidated Financial Statements

The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Statements of Income for the periods presented:

 

 

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Tax Credit-Related Impacts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

$

(19

)

 

$

94

 

 

$

(340

)

 

$

(9

)

 

$

103

 

 

$

50

 

Net income from continuing operations(1)

 

 

19

 

 

 

(94

)

 

 

340

 

 

 

9

 

 

 

(103

)

 

 

(50

)

Net income from discontinued operations(2)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Earnings per share(1)(2)

 

 

0.04

 

 

 

(0.11

)

 

 

0.42

 

 

 

 

 

 

 

 

 

 

Other Impacts(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of assets and other charges

 

 

—

 

 

 

(560

)

 

 

—

 

 

 

 

 

 

 

 

 

 

Losses (gains) on sales of assets

 

 

—

 

 

 

—

 

 

 

303

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18

 

 

 

—

 

 

 

13

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

(4

)

 

 

139

 

 

 

(81

)

 

 

 

 

 

 

 

 

 

Net income from continuing operations(4)(5)

 

 

(14

)

 

 

421

 

 

 

(230

)

 

 

 

 

 

 

 

 

 

Earnings per share(4)

 

 

(0.02

)

 

 

0.51

 

 

 

(0.28

)

 

 

 

 

 

 

 

 

 
(1)
The impact to Dominion Energy's net income from continuing operations includes an increase (decrease) of $(13) million ($(0.02) per share), $(12) million ($(0.01) per share), $(15) million ($(0.02) per share) and $59 million ($0.07 per share) for the first, second, third and fourth quarters of 2023, respectively. Virginia Power's net income includes an increase of $2 million, $2 million, $2 million and $3 million for the first, second, third and fourth quarters of 2023, respectively.
(2)
The impact to Dominion Energy's income tax expense presented within net income from discontinued operations resulted in an increase of $0.02 per share in the third quarter of 2023.
(3)
Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
(4)
Includes a decrease of $6 million attributable to noncontrolling interests for the year ended December 31, 2021.
(5)
The impact to Dominion Energy's net income from continuing operations includes a decrease of $3 million (less than $0.01 per share), $3 million (less than $0.01 per share), $4 million (less than $0.01 per share) and $4 million (less than $0.01 per share) for the first, second, third and fourth quarters of 2023, respectively.

The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Balance Sheets for the periods presented:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Investment Tax Credit-Related Impacts

 

 

 

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

$

589

 

 

$

625

 

 

$

264

 

 

$

278

 

Noncurrent regulatory liabilities

 

 

23

 

 

 

18

 

 

 

23

 

 

 

18

 

Other Impacts(1)

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

533

 

 

 

533

 

 

 

 

 

 

 

Accumulated depreciation and amortization

 

 

60

 

 

 

44

 

 

 

 

 

 

 

Intangible assets, net

 

 

14

 

 

 

14

 

 

 

 

 

 

 

Operating lease assets(2)

 

 

55

 

 

 

57

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

 

135

 

 

 

139

 

 

 

 

 

 

 
(1)
Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
(2)
Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
Schedule of Checks Outstanding but Not Yet Presented for Payment The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:

 

At December 31,

 

2023

 

 

2022

 

(millions)

 

 

Dominion Energy(1)

$

54

 

 

$

35

 

Virginia Power

 

44

 

 

 

21

 
(1)
In addition, at December 31, 2023 and 2022, Dominion Energy had $19 million and $14 million, respectively, of checks outstanding but not yet presented for payment included in current liabilities held for sale.
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 years ended December 31, 2023, 2022 and 2021 and 2020:

 

 

 

Cash, Restricted Cash and Equivalents at End/Beginning of Year

 

 

 

December 31, 2023

 

 

December 31, 2022

 

 

December 31, 2021

 

 

December 31, 2020

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

217

 

 

$

153

 

 

$

283

 

 

$

179

 

Restricted cash and equivalents(2)(3)

 

 

84

 

 

 

188

 

 

 

125

 

 

 

68

 

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

 

$

301

 

 

$

341

 

 

$

408

 

 

$

247

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

90

 

 

$

22

 

 

$

26

 

 

$

35

 

Restricted cash and equivalents(3)

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

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

 

$

90

 

 

$

24

 

 

$

26

 

 

$

35

 
(1)
At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $33 million, $34 million, $49 million and $21 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $4 million, $2 million, $3 million and $3 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.
Schedule of Supplemental Cash Flow Information

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges, excluding capitalized amounts

 

$

1,991

 

 

$

1,408

 

 

$

1,340

 

Income taxes

 

 

286

 

 

 

139

 

 

 

160

 

Significant noncash investing and financing activities:(1)(2)

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

1,085

 

 

 

979

 

 

 

637

 

Leases(3)

 

 

255

 

 

 

144

 

 

 

96

 
(1)
See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler and Dominion Privatization.
(2)
See Notes 18, 19, 20 and 23 for noncash financing activities related to the contribution of stock to Dominion Energy’s defined benefit pension plan, remarketing of Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation.
(3)
Includes $44 million of finance leases and $211 million of operating leases entered in 2023, $34 million of finance leases and $110 million of operating leases entered in 2022 and $47 million of finance leases and $49 million of operating leases entered in 2021.

 

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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Cash paid (received) during the year for:

 

 

 

 

 

 

 

 

 

Interest and related charges, excluding capitalized amounts

 

$

709

 

 

$

599

 

 

$

501

 

Income taxes

 

 

(47

)

 

 

(54

)

 

 

109

 

Significant noncash investing activities:

 

 

 

 

 

 

 

 

 

Accrued capital expenditures

 

 

807

 

 

 

665

 

 

 

363

 

Leases(1)

 

 

203

 

 

 

116

 

 

 

79

 

 

(1)
Includes $30 million of finance leases and $173 million of operating leases entered in 2023, $26 million of finance leases and $90 million of operating leases entered in 2022 and $37 million of finance leases and $42 million of operating leases entered in 2021.
Schedule of the inputs and assumptions used in measuring fair value

The inputs and assumptions used in measuring fair value include the following:

 

 

Derivative Contracts

 

 

Inputs and assumptions

 

Commodity

 

Interest Rate

 

Foreign Currency Exchange Rate

 

Investments

Forward commodity prices

 

X

 

 

 

 

 

 

Transaction prices

 

X

 

 

 

 

 

 

Price volatility

 

X

 

 

 

 

 

 

Price correlation

 

X

 

 

 

 

 

 

Volumes

 

X

 

 

 

 

 

 

Commodity location

 

X

 

 

 

 

 

 

Interest rate curves

 

 

 

X

 

 

 

 

Foreign currency forward exchange rates

 

 

 

 

 

X

 

 

Quoted securities prices and indices

 

 

 

 

 

 

 

X

Securities trading information including volume and restrictions

 

 

 

 

 

 

 

X

Maturity

 

 

 

 

 

 

 

X

Interest rates

 

X

 

 

 

X

 

X

Credit quality of counterparties and the Companies

 

X

 

X

 

X

 

X

Credit enhancements

 

X

 

X

 

 

 

 

Notional value

 

 

 

X

 

X

 

 

Time value

 

X

 

X

 

X

 

 
Schedule of Depreciation Rates The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:

 

Year Ended December 31,

 

2023

 

 

2022

 

2021

 

(percent)

 

 

 

Dominion Energy(1)

 

 

 

Generation

 

2.65

 

 

2.71

 

 

2.63

 

Transmission

 

 

2.32

 

 

 

2.32

 

 

 

2.52

 

Distribution

 

2.72

 

 

2.80

 

 

2.85

 

General and other

 

4.20

 

 

4.31

 

 

4.36

 

Virginia Power

 

 

 

Generation

 

2.75

 

 

2.84

 

 

2.69

 

Transmission

 

2.29

 

 

2.29

 

 

2.51

 

Distribution

 

2.78

 

 

2.76

 

 

3.18

 

General and other

 

4.60

 

 

4.78

 

 

5.08

 
(1)
Excludes rates for depreciation reported as discontinued operations.
Property, Plant and Equipment

Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:

 

Asset

 

Estimated Useful Lives(1)

Nonregulated generation-nuclear

54-64 years

Nonregulated generation-other

30-35 years

General and other

 

5-50 years
(1)
The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.
v3.24.0.1
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2023
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:

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,037

 

 

$

743

 

 

$

1,679

 

 

$

15

 

Operating expense(1)

 

 

701

 

 

 

517

 

 

 

1,602

 

 

 

111

 

Other income (expense)

 

 

30

 

 

 

11

 

 

 

8

 

 

 

—

 

Interest and related charges

 

 

71

 

 

 

52

 

 

 

68

 

 

 

1

 

Income (loss) before income taxes

 

 

295

 

 

 

185

 

 

 

17

 

 

 

(97

)

Income tax expense(2)

 

 

69

 

 

 

431

 

 

 

521

 

 

 

(38

)

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

 

$

226

 

 

$

(246

)

 

$

(504

)

 

$

(59

)
(1)
East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $284 million ($279 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
(3)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,043

 

 

$

841

 

 

$

1,341

 

 

$

11

 

Operating expense(1)

 

 

702

 

 

 

648

 

 

 

1,043

 

 

 

118

 

Other income (expense)

 

 

28

 

 

 

9

 

 

 

—

 

 

 

—

 

Interest and related charges

 

 

36

 

 

 

43

 

 

 

45

 

 

 

—

 

Income (loss) before income taxes

 

 

333

 

 

 

159

 

 

 

253

 

 

 

(107

)

Income tax expense

 

 

45

 

 

 

34

 

 

 

50

 

 

 

(28

)

Net income (loss) attributable to Dominion Energy(2)

 

$

288

 

 

$

125

 

 

$

203

 

 

$

(79

)
(1)
Other includes a charge of $103 million ($76 million after-tax) associated with the impairment of a nonregulated solar generation asset.
(2)
Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2022.

Year Ended December 31, 2021

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

908

 

 

$

613

 

 

$

1,020

 

 

$

5

 

Operating expense

 

 

620

 

 

 

451

 

 

 

761

 

 

 

6

 

Other income (expense)

 

 

25

 

 

 

11

 

 

 

(1

)

 

 

—

 

Interest and related charges

 

 

18

 

 

 

35

 

 

 

35

 

 

 

—

 

Income (loss) before income taxes

 

 

295

 

 

 

138

 

 

 

223

 

 

 

(1

)

Income tax expense (benefit)

 

 

38

 

 

 

27

 

 

 

42

 

 

 

(1

)

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

 

$

257

 

 

$

111

 

 

$

181

 

 

$

-

 

 

(1)
Excludes $19 million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2021.

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:

 

Year Ended December 31, 2021

 

Q-Pipe Group(1)

 

(millions)

 

 

 

Operating revenue

 

$

254

 

Operating expense

 

 

76

 

Other income (expense)(2)

 

 

28

 

Interest and related charges

 

 

25

 

Income (loss) before income taxes

 

 

181

 

Income tax expense (benefit)

 

 

36

 

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

 

$

145

 
(1)
Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.
(2)
Q-Pipe Group includes a $25 million benefit associated with the termination of the Q-Pipe Transaction in 2021.
(3)
Excludes $19 million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the year ended December 31, 2021.
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:

 

Year Ended December 31, 2023

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

507

 

 

$

233

 

 

$

449

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

148

 

 

 

90

 

 

 

175

 

 

 

2

 

Accrued capital expenditures

 

 

42

 

 

 

43

 

 

 

32

 

 

 

—

 

 

Year Ended December 31, 2022

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

$

456

 

 

$

153

 

 

$

438

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

134

 

 

 

87

 

 

 

163

 

 

 

4

 

Accrued capital expenditures

 

 

53

 

 

 

16

 

 

 

31

 

 

 

—

 

 

Year Ended December 31, 2021

 

East Ohio Transaction

 

 

PSNC Transaction

 

 

Questar Gas Transaction

 

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures(1)

 

$

420

 

 

$

195

 

 

$

416

 

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

122

 

 

 

81

 

 

 

168

 

 

 

4

 

Accrued capital expenditures

 

 

27

 

 

 

41

 

 

 

25

 

 

 

—

 
(1)
In November 2021, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase an existing natural gas gathering system in Wyoming including pipelines, compressors and dehydration equipment for total consideration of $41 million, included in the Questar Gas Transaction.

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

 

Year Ended December 31, 2021

 

Q-Pipe Group(1)

 

(millions)

 

 

 

Capital expenditures

 

$

34

 

Significant noncash items

 

 

 

Depreciation and amortization

 

 

—

 

Accrued capital expenditures

 

 

—

 
(1)
Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.
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 December 31, 2023

 

 

At December 31, 2022

 

 

East
Ohio
Transaction

 

PSNC Transaction

 

Questar
Gas
Transaction

 

Other

 

 

East
Ohio
Transaction

 

PSNC Transaction

 

Questar
Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets(1)

$

497

 

$

336

 

$

764

 

$

1

 

 

$

544

 

$

381

 

$

803

 

$

10

 

Property, plant and equipment, net

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

 

 

5,012

 

 

2,591

 

 

3,984

 

 

50

 

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

 

2,659

 

 

834

 

 

766

 

 

—

 

 

 

2,629

 

 

822

 

 

1,043

 

 

34

 

Current liabilities(3)(4)

 

560

 

 

224

 

 

389

 

 

7

 

 

 

634

 

 

151

 

 

612

 

 

6

 

Long-term debt(5)

 

2,286

 

 

948

 

 

1,205

 

 

—

 

 

 

2,287

 

 

798

 

 

1,245

 

 

—

 

Other deferred credits and
   liabilities(6)

 

1,437

 

 

711

 

 

1,116

 

 

2

 

 

 

1,435

 

 

689

 

 

1,087

 

 

11

 
(1)
Includes cash and cash equivalents of $4 million and $6 million within the East Ohio Transaction, $2 million and less than $1 million within the PSNC Transaction and $26 million and $28 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $75 million and $90 million within the East Ohio Transaction, $89 million and $95 million within the PSNC Transaction and $297 million and $273 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(2)
Includes goodwill of $1.5 billion and $673 million at both December 31, 2023 and 2022 within the East Ohio and PSNC Transactions, respectively, and $720 million and $983 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $781 million and $751 million within the East Ohio Transaction, $86 million and $93 million within the PSNC Transaction and $(39) million and $(22) million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(3)
Includes regulatory liabilities of $54 million and $43 million within the East Ohio Transaction, $44 million and $11 million within the PSNC Transaction and $55 million and $144 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
(4)
Questar Gas Transaction includes $40 million of 2.98% unsecured senior notes at December 31, 2023, which are scheduled to mature in December 2024.
(5)
Includes East Ohio Unsecured Senior Notes due 2025 to 2052 at rates from 1.30% to 6.38% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.13%; PSNC Unsecured Senior Notes due 2026 to 2053 at rates from 3.10% to 7.45% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 4.67%; and Questar Gas Unsecured Senior Notes due 2024 to 2052 at rates from 2.21% to 7.20% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.99%; in the East Ohio, PSNC and Questar Gas Transactions, respectively.
(6)
Includes regulatory liabilities of $711 million and $749 million within the East Ohio Transaction, $435 million and $436 million within the PSNC Transaction and $502 million and $506 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
v3.24.0.1
Operating Revenue (Tables)
 12 Months Ended
Dec. 31, 2023
Regulated and Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

5,141

 

 

$

5,261

 

 

$

4,509

 

 

$

3,863

 

 

$

4,039

 

 

$

3,366

 

Commercial

 

 

4,556

 

 

 

4,480

 

 

 

3,194

 

 

 

3,632

 

 

 

3,647

 

 

 

2,417

 

Industrial

 

 

887

 

 

 

901

 

 

 

748

 

 

 

440

 

 

 

472

 

 

 

367

 

Government and other retail

 

 

1,036

 

 

 

1,235

 

 

 

921

 

 

 

965

 

 

 

1,172

 

 

 

862

 

Wholesale

 

 

176

 

 

 

234

 

 

 

175

 

 

 

116

 

 

 

132

 

 

 

107

 

Nonregulated electric sales

 

 

758

 

 

 

1,249

 

 

 

1,005

 

 

 

65

 

 

 

68

 

 

 

44

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

293

 

 

 

331

 

 

 

322

 

 

 

 

 

 

 

 

 

 

Commercial

 

 

145

 

 

 

188

 

 

 

160

 

 

 

 

 

 

 

 

 

 

Other

 

 

79

 

 

 

168

 

 

 

108

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

 

18

 

 

 

38

 

 

 

35

 

 

 

 

 

 

 

 

 

 

Other regulated revenues

 

 

253

 

 

 

296

 

 

 

248

 

 

 

238

 

 

 

277

 

 

 

234

 

Other nonregulated revenues(1)(2)

 

 

145

 

 

 

171

 

 

 

236

 

 

 

53

 

 

 

61

 

 

 

73

 

Total operating revenue from
    contracts with customers

 

 

13,487

 

 

 

14,552

 

 

 

11,661

 

 

 

9,372

 

 

 

9,868

 

 

 

7,470

 

Other revenues(1)(3)

 

 

906

 

 

 

(614

)

 

 

(242

)

 

 

201

 

 

 

(214

)

 

 

—

 

Total operating revenue

 

$

14,393

 

 

$

13,938

 

 

$

11,419

 

 

$

9,573

 

 

$

9,654

 

 

$

7,470

 
(1)
See Note 25 for amounts attributable to related parties and affiliates.
(2)
Includes sales of renewable energy credits of $44 million, $42 million and $33 million for the years ended December 31, 2023, 2022 and 2021, respectively, at Dominion Energy and $29 million, $18 million and $21 million for the years ended December 31, 2023, 2022 and 2021, respectively, at Virginia Power.
(3)
Includes alternative revenue of $162 million, $72 million and $44 million at both Dominion Energy and Virginia Power for years ended December 31, 2023, 2022 and 2021, 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 December 31, 2023.
v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income tax expense for continuing operations including noncontrolling interests

Details of income tax expense for continuing operations including noncontrolling interests were as follows:

 

Dominion Energy

 

Virginia Power

 

Year Ended December 31,

2023

 

2022

 

2021

 

2023

 

2022

 

2021

 

(millions)

 

 

 

 

 

 

Current:

 

 

 

 

 

 

Federal

$

(385

)

$

(76

)

$

(301

)

$

(116

)

$

17

 

$

67

 

State

 

(99

)

 

27

 

 

13

 

 

6

 

 

(17

)

 

(13

)

Total current expense (benefit)

 

(484

)

 

(49

)

 

(288

)

 

(110

)

 

—

 

 

54

 

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

Taxes before operating loss
   carryforwards and investment tax credits

 

760

 

 

95

 

 

558

 

 

406

 

 

215

 

 

294

 

Tax utilization expense of operating
   loss carryforwards

 

45

 

 

35

 

 

42

 

 

—

 

 

—

 

 

—

 

State

 

282

 

 

73

 

 

(49

)

 

107

 

 

108

 

 

116

 

Total deferred expense

 

1,087

 

 

203

 

 

551

 

 

513

 

 

323

 

 

410

 

Investment tax credits

 

(28

)

 

 

(41

)

 

 

(444

)

 

 

(14

)

 

 

(29

)

 

 

(17

)

Total income tax expense (benefit)

$

575

 

$

113

 

$

(181

)

$

389

 

$

294

 

$

447

 
Effective Income Tax

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

 

 

 

Dominion Energy

 

 

Virginia Power

Twelve Months Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

 

U.S. statutory rate

 

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recognition of taxes - sale of
    subsidiary stock

 

 

—

 

 

 

17.0

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

Recognition of taxes - privatization
   intercompany gain

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

2.4

 

 

 

—

 

 

State taxes, net of federal benefit

 

 

4.1

 

 

 

11.3

 

 

 

1.1

 

 

 

4.7

 

 

 

4.6

 

 

 

4.6

 

 

Investment tax credits

 

 

(1.0

)

 

 

(7.7

)

 

 

(23.6

)

 

 

(0.8

)

 

 

(2.0

)

 

 

(0.8

)

 

Production tax credits

 

 

(0.6

)

 

 

(2.7

)

 

 

(0.7

)

 

 

(0.8

)

 

 

(1.0

)

 

 

(0.6

)

 

Valuation allowances

 

 

—

 

 

 

—

 

 

 

0.2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Reversal of excess deferred income
    taxes

 

 

(2.6

)

 

 

(15.3

)

 

 

(3.3

)

 

 

(2.6

)

 

 

(3.8

)

 

 

(2.1

)

 

State legislative change

 

 

(0.1

)

 

 

(0.1

)

 

 

(1.1

)

 

 

—

 

 

 

—

 

 

 

(0.7

)

 

Changes in state deferred taxes
    associated with assets held for sale

 

 

1.1

 

 

 

0.9

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

AFUDC—equity

 

 

—

 

 

 

(1.1

)

 

 

(0.6

)

 

 

—

 

 

 

(0.4

)

 

 

(0.5

)

 

Settlements of uncertain tax positions

 

 

(0.4

)

 

 

—

 

 

 

(2.0

)

 

 

—

 

 

 

—

 

 

 

—

 

 

Absence of tax on noncontrolling
    interest

 

 

—

 

 

 

—

 

 

 

(0.2

)

 

 

 

 

 

 

 

 

 

 

Employee stock ownership plan
    deduction

 

 

(0.3

)

 

 

(1.5

)

 

 

(0.5

)

 

 

 

 

 

 

 

 

 

 

Other, net

 

 

(0.2

)

 

 

(0.9

)

 

 

—

 

 

 

(0.4

)

 

 

0.1

 

 

 

0.3

 

 

Effective tax rate

 

 

21.0

 

%

 

20.9

 

%

 

(9.7

)

%

 

21.1

 

%

 

20.9

 

%

 

21.2

 

%
Deferred income taxes components

The Companies’ deferred income taxes consist of the following:

 

Dominion Energy

 

Virginia Power

 

At December 31,

2023

 

2022

 

2023

 

2022

 

(millions)

 

 

 

 

Deferred income taxes:

 

 

 

 

Total deferred income tax assets

$

2,150

 

 

$

2,960

 

$

1,281

 

$

1,695

 

Total deferred income tax liabilities

 

8,761

 

 

 

7,981

 

 

4,905

 

 

4,760

 

Total net deferred income tax liabilities

$

6,611

 

$

5,021

 

$

3,624

 

$

3,065

 

Total deferred income taxes:

 

 

 

 

Depreciation method and plant basis differences

$

4,588

 

 

$

4,449

 

$

3,588

 

$

3,437

 

Excess deferred income taxes

 

(811

)

 

 

(847

)

 

(600

)

 

(616

)

Unrecovered nuclear plant cost

 

 

450

 

 

 

479

 

 

 

 

 

 

 

DESC rate refund

 

 

(67

)

 

 

(89

)

 

 

 

 

 

 

Toshiba Settlement

 

 

(147

)

 

 

(162

)

 

 

 

 

 

 

Nuclear decommissioning

 

1,109

 

 

 

1,001

 

 

332

 

 

311

 

Deferred state income taxes

 

975

 

 

 

786

 

 

620

 

 

544

 

Federal benefit of deferred state income taxes

 

(220

)

 

 

(160

)

 

(130

)

 

(114

)

Deferred fuel, purchased energy and gas costs

 

299

 

 

 

509

 

 

267

 

 

403

 

Pension benefits

 

324

 

 

 

330

 

 

(110

)

 

(105

)

Other postretirement benefits

 

116

 

 

 

58

 

 

125

 

 

111

 

Loss and credit carryforwards

 

(1,022

)

 

 

(1,782

)

 

(309

)

 

(751

)

Deferred unamortized investment tax credits

 

 

(257

)

 

 

(265

)

 

 

(164

)

 

 

(164

)

Valuation allowances

 

130

 

 

 

137

 

 

8

 

 

7

 

Partnership basis differences

 

70

 

 

 

466

 

 

 

 

 

 

Total deferred taxes on stock held for sale

 

 

804

 

 

 

—

 

 

 

 

 

 

 

Other

 

270

 

 

 

111

 

 

(3

)

 

2

 

Total net deferred income tax liabilities

$

6,611

 

$

5,021

 

$

3,624

 

 

$

3,065

 
Summary of deductible loss and credit carryforwards

At December 31, 2023, Dominion Energy had the following deductible loss and credit carryforwards:

 

Deductible

 

 

Deferred

 

Valuation

 

Expiration

 

 

Amount

 

 

Tax Asset

 

 

Allowance

 

 

Period

(millions)

 

 

 

 

 

 

 

 

 

 

Federal losses

$

576

 

$

121

 

$

—

 

 

2037

Federal investment credits

—

 

 

 

264

 

—

 

 

2041-2043

Federal production and other credits

—

 

 

91

 

—

 

 

2041-2043

State losses

 

2,678

 

 

131

 

 

(51

)

 

2024-2043

State minimum tax credits

—

 

 

327

 

—

 

 

No expiration

State investment and other credits

—

 

 

125

 

 

(79

)

 

2024-2033

Total

$

3,254

 

$

1,059

 

$

(130

)

 

 

At December 31, 2023, Virginia Power had the following deductible loss and credit carryforwards:

 

Deductible

 

 

Deferred

 

Valuation

 

Expiration

 

 

Amount

 

 

Tax Asset

 

 

Allowance

 

 

Period

(millions)

 

 

 

 

 

 

 

 

 

 

Federal investment credits

$

—

 

$

241

 

$

—

 

 

2041-2043

Federal production and other credits

—

 

 

58

 

—

 

 

2041-2043

State losses

 

 

3

 

 

 

—

 

 

—

 

 

2042

State investment and other credits

—

 

 

9

 

 

(8

)

 

2024

Total

$

3

 

$

308

 

$

(8

)

 

Reconciliation of changes in unrecognized tax benefits

A reconciliation of changes in Dominion Energy’s unrecognized tax benefits follows. Virginia Power does not have any unrecognized tax benefits in the periods presented:

 

Dominion Energy

 

 

2023

 

 

2022

 

 

2021

 

 

(millions)

 

 

 

 

 

 

Balance at January 1,

$

117

 

 

$

128

 

 

$

167

 

 

Prior period positions - increases

 

5

 

 

 

8

 

 

 

48

 

 

Prior period positions - decreases

 

(12

)

 

 

(8

)

 

 

(59

)

 

Current period positions - increases

 

—

 

 

 

2

 

 

 

2

 

 

Settlements with tax authorities

 

—

 

 

 

(3

)

 

 

(26

)

 

Expiration of statutes of limitations

 

—

 

 

 

(10

)

 

 

(4

)

 

Balance at December 31,

$

110

 

 

$

117

 

 

$

128

 

 
Earliest tax year remaining

For each of the major states in which Dominion Energy operates or previously operated, the earliest tax year remaining open for examination is as follows:

 

State

Earliest Open Tax Year

Pennsylvania(1)

2012

Connecticut

2020

Virginia(2)

2020

Utah(1)

2019

South Carolina

2020

 

(1)
Considered a major state for entities presented in discontinued operations.
(2)
Considered a major state for Virginia Power’s operations.
v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at December 31, 2023. 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

$

3

 

(1)-5

 

2

 

 

 

$

3

 

 

(1) - 5

 

2

Electricity

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

 

152

 

27-121

 

47

 

 

 

 

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

 

Option model

 

Market price (per Dth)

(3)

 

 

70

 

1-7

 

4

 

 

 

 

18

 

 

1-7

 

4

 

 

 

 

Price volatility

(4)

 

 

 

3%-76%

 

45%

 

 

 

 

 

 

11%-64%

 

53%

Total assets

 

 

 

 

 

 

 

$

225

 

 

 

 

 

 

 

$

21

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

 

Discounted
   cash flow

 

Market price
   (per Dth)

(3)

 

$

14

 

(2)-3

 

(1)

 

 

 

$

14

 

 

(2)-3

 

(1)

FTRs

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

 

123

 

(1)-7

 

2

 

 

 

 

123

 

 

(1)-7

 

2

Electricity

 

 

Discounted
   cash flow

 

Market price
   (per MWh)

(3)

 

 

2

 

40-127

 

 

62

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 

 

$

139

 

 

 

 

 

 

 

$

137

 

 

 

 

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

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

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

The following table presents 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

332

 

 

$

437

 

 

$

769

 

 

$

—

 

 

$

32

 

 

$

236

 

 

$

268

 

Interest rate

 

 

—

 

 

 

1,407

 

 

 

—

 

 

 

1,407

 

 

 

—

 

 

 

614

 

 

 

—

 

 

 

614

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,810

 

 

 

—

 

 

 

—

 

 

 

3,810

 

 

 

2,028

 

 

 

—

 

 

 

—

 

 

 

2,028

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

576

 

 

 

—

 

 

 

576

 

 

 

—

 

 

 

360

 

 

 

—

 

 

 

360

 

Government securities

 

 

161

 

 

 

1,059

 

 

 

—

 

 

 

1,220

 

 

 

90

 

 

 

542

 

 

 

—

 

 

 

632

 

Total assets

 

$

3,971

 

 

$

3,374

 

 

$

437

 

 

$

7,782

 

 

$

2,118

 

 

$

1,548

 

 

$

236

 

 

$

3,902

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

911

 

 

$

15

 

 

$

926

 

 

$

—

 

 

$

333

 

 

$

15

 

 

$

348

 

Interest rate

 

 

—

 

 

 

377

 

 

 

—

 

 

 

377

 

 

 

—

 

 

 

7

 

 

 

—

 

 

 

7

 

Foreign currency exchange rate

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

 

 

—

 

 

 

101

 

Total liabilities

 

$

—

 

 

$

1,389

 

 

$

15

 

 

$

1,404

 

 

$

—

 

 

$

441

 

 

$

15

 

 

$

456

 

 

(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $457 million and $404 million of assets at Dominion Energy, inclusive of $217 million and $161 million at Virginia Power, at December 31, 2023 and 2022, 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

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

422

 

 

$

222

 

 

$

103

 

 

$

221

 

 

$

102

 

 

$

103

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenue

 

 

1

 

 

 

2

 

 

 

(9

)

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(273

)

 

 

444

 

 

 

10

 

 

 

(278

)

 

 

382

 

 

 

4

 

Discontinued operations

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Included in regulatory assets/liabilities

 

 

(414

)

 

 

183

 

 

 

119

 

 

 

(349

)

 

 

102

 

 

 

(1

)

Settlements

 

 

241

 

 

 

(455

)

 

 

(10

)

 

 

255

 

 

 

(393

)

 

 

(4

)

Purchases

 

 

104

 

 

 

28

 

 

 

—

 

 

 

35

 

 

 

28

 

 

 

—

 

Transfers out of Level 3

 

 

6

 

 

 

(2

)

 

 

9

 

 

 

 

 

 

 

 

 

 

Ending balance

 

$

86

 

 

$

422

 

 

$

222

 

 

$

(116

)

 

$

221

 

 

$

102

 
Dominion Energy had a $7 million gain included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the year ended December 31, 2023. Virginia Power had no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the year ended December 31, 2023.
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)

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

39,680

 

 

$

36,426

 

 

$

15,616

 

 

$

14,067

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Junior subordinated notes(2)

 

 

1,387

 

 

 

1,340

 

 

 

 

 

 

 

(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 December 31, 2023 and December 31, 2022. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both December 31, 2023 and 2022.
v3.24.0.1
Derivatives and Hedge Accounting Activities (Tables)
 12 Months Ended
Dec. 31, 2023
Offsetting Assets

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

 

 

 

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

408

 

 

$

28

 

 

$

—

 

 

$

380

 

 

$

238

 

 

$

7

 

 

$

—

 

 

$

231

 

Exchange

 

 

160

 

 

 

159

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

1,407

 

 

 

248

 

 

 

—

 

 

 

1,159

 

 

 

614

 

 

 

38

 

 

 

—

 

 

 

576

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,975

 

 

$

435

 

 

$

—

 

 

$

1,540

 

 

$

852

 

 

$

45

 

 

$

—

 

 

$

807

 
(1)
Excludes derivative assets of $143 million and $201 million at Dominion Energy, and $1 million and $30 million at Virginia Power, at December 31, 2023 and 2022, respectively, which are not subject to master netting or 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

443

 

 

$

34

 

 

$

71

 

 

$

338

 

 

$

146

 

 

$

13

 

 

$

71

 

 

$

62

 

Exchange

 

 

483

 

 

 

159

 

 

 

324

 

 

 

—

 

 

 

176

 

 

 

—

 

 

 

176

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

377

 

 

 

210

 

 

 

1

 

 

 

166

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

7

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

101

 

 

 

32

 

 

 

—

 

 

 

69

 

 

 

101

 

 

 

32

 

 

 

—

 

 

 

69

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,404

 

 

$

435

 

 

$

396

 

 

$

573

 

 

$

430

 

 

$

45

 

 

$

247

 

 

$

138

 
(1)
Excludes derivative liabilities of $76 million and $26 million at Virginia Power at December 31, 2023 and 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 or 2022 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 as of December 31, 2023. 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 their long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

38

 

 

 

14

 

 

 

32

 

 

 

14

 

Basis(1)

 

 

179

 

 

 

346

 

 

 

141

 

 

 

346

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

17

 

 

 

40

 

 

 

8

 

 

 

9

 

FTRs

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

Interest rate(2) (in millions)

 

$

6,145

 

 

$

10,112

 

 

$

2,200

 

 

$

1,050

 

Foreign currency exchange rate(2) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,463 kr.

 

 

2,707 kr.

 

 

1,463 kr.

 

 

2,707 kr.

 

Euro

 

€548

 

 

€1,557

 

 

€548

 

 

€1,557

 

 

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

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at December 31, 2023:

 

 

 

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

 

$

(216

)

 

$

(32

)

 

384 months

 

$

15

 

 

$

—

 

 

384 months

Total

 

$

(216

)

 

$

(32

)

 

 

 

$

15

 

 

$

—

 

 

 
Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

The following tables present 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 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(3)

 

 

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(4)

 

 

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(6)

 

 

—

 

 

 

321

 

 

 

321

 

 

 

—

 

 

 

72

 

 

 

72

 

Total derivative liabilities

 

$

45

 

 

$

652

 

 

$

697

 

 

$

45

 

 

$

271

 

 

$

316

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

532

 

 

$

532

 

 

$

—

 

 

$

264

 

 

$

264

 

Interest rate

 

 

501

 

 

 

104

 

 

 

605

 

 

 

501

 

 

 

—

 

 

 

501

 

Total current derivative assets(1)

 

 

501

 

 

 

636

 

 

 

1,137

 

 

 

501

 

 

 

264

 

 

 

765

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

237

 

 

 

237

 

 

 

—

 

 

 

4

 

 

 

4

 

Interest rate

 

 

113

 

 

 

689

 

 

 

802

 

 

 

113

 

 

 

—

 

 

 

113

 

Total noncurrent derivative assets(2)(3)

 

 

113

 

 

 

926

 

 

 

1,039

 

 

 

113

 

 

 

4

 

 

 

117

 

Total derivative assets

 

$

614

 

 

$

1,562

 

 

$

2,176

 

 

$

614

 

 

$

268

 

 

$

882

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

700

 

 

$

700

 

 

$

—

 

 

$

290

 

 

$

290

 

Interest rate

 

 

—

 

 

 

70

 

 

 

70

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

8

 

 

 

8

 

Total current derivative liabilities(4)

 

 

—

 

 

 

778

 

 

 

778

 

 

 

—

 

 

 

298

 

 

 

298

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

226

 

 

 

226

 

 

 

—

 

 

 

58

 

 

 

58

 

Interest rate

 

 

7

 

 

 

300

 

 

 

307

 

 

 

7

 

 

 

—

 

 

 

7

 

Foreign currency exchange rate

 

 

—

 

 

 

93

 

 

 

93

 

 

 

—

 

 

 

93

 

 

 

93

 

Total noncurrent derivative liabilities(5)(6)

 

 

7

 

 

 

619

 

 

 

626

 

 

 

7

 

 

 

151

 

 

 

158

 

Total derivative liabilities

 

$

7

 

 

$

1,397

 

 

$

1,404

 

 

$

7

 

 

$

449

 

 

$

456

 
(1)
Includes $54 million and $118 million reported in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.
(2)
Includes $1 million reported in noncurrent assets held for sale in Dominion Energy's Consolidated Balance Sheets at December 31, 2022.
(3)
Virginia Power’s noncurrent derivative assets are presented in other deferred charges and other assets in its Consolidated Balance Sheets.
(4)
Includes $30 million and $6 million reported in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.
(5)
Includes $1 million reported in noncurrent liabilities held for sale in Dominion Energy's Consolidated Balance Sheets at December 31, 2022.
(6)
Virginia Power’s noncurrent derivative liabilities are presented in other deferred credits and other liabilities in its 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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(1

)

 

$

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 

Total

 

$

(1

)

 

$

(43

)

 

$

5

 

 

$

(1

)

 

$

(1

)

 

$

4

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

89

 

 

 

(57

)

 

$

855

 

 

$

80

 

 

$

(2

)

 

$

854

 

Total

 

$

89

 

 

$

(57

)

 

$

855

 

 

$

80

 

 

$

(2

)

 

$

854

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity(4)

 

 

 

 

$

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

21

 

 

 

(60

)

 

$

135

 

 

$

17

 

 

$

(3

)

 

$

130

 

Total

 

$

21

 

 

$

(61

)

 

$

135

 

 

$

17

 

 

$

(3

)

 

$

130

 
(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 Statements of Income are classified in interest and related charges.
(4)
Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in purchased gas.
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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

707

 

 

$

(729

)

 

$

(487

)

 

$

27

 

 

$

(303

)

 

$

(62

)

Purchased gas

 

 

—

 

 

 

13

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(380

)

 

 

514

 

 

 

16

 

 

 

(384

)

 

 

453

 

 

 

9

 

Discontinued operations

 

 

86

 

 

 

8

 

 

 

—

 

 

 

 

 

 

 

 

 

 

Other operations & maintenance

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

84

 

 

 

406

 

 

 

89

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

17

 

 

 

244

 

 

 

8

 

 

 

 

 

 

 

 

 

 

Total

 

$

516

 

 

$

456

 

 

$

(375

)

 

$

(355

)

 

$

150

 

 

$

(53

)
(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.
v3.24.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Computation

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

 

 

 

2023

 

 

2022

 

 

2021

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

Net Income From Continuing Operations Including Noncontrolling Interests

 

$

2,157

 

 

$

427

 

 

$

2,041

 

Preferred stock dividends (see Note 19)

 

 

(81

)

 

 

(93

)

 

 

(68

)

Net income (loss) attributable to Dominion Energy from continuing operations -
   Basic

 

 

2,076

 

 

 

334

 

 

 

1,973

 

Dilutive effect of 2019 Equity Units(1)

 

 

—

 

 

 

—

 

 

 

—

 

Net income attributable to Dominion Energy from continuing operations - Diluted

 

$

2,076

 

 

$

334

 

 

$

1,973

 

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

 

$

(163

)

 

$

894

 

 

$

1,358

 

Average shares of common stock outstanding – Basic

 

 

836.4

 

 

 

823.9

 

 

 

807.8

 

Net effect of dilutive securities(2)

 

 

0.1

 

 

 

0.9

 

 

 

0.7

 

Average shares of common stock outstanding – Diluted

 

 

836.5

 

 

 

824.8

 

 

 

808.5

 

EPS from continuing operations - Basic

 

$

2.48

 

 

$

0.41

 

 

$

2.44

 

EPS from discontinued operations - Basic

 

 

(0.19

)

 

 

1.08

 

 

 

1.68

 

EPS attributable to Dominion Energy - Basic

 

$

2.29

 

 

$

1.49

 

 

$

4.12

 

EPS from continuing operations - Diluted

 

$

2.48

 

 

$

0.41

 

 

$

2.44

 

EPS from discontinued operations - Diluted

 

 

(0.19

)

 

 

1.08

 

 

 

1.68

 

EPS attributable to Dominion Energy - Diluted

 

$

2.29

 

 

$

1.49

 

 

$

4.12

 
(1)
As discussed in Note 19, effective in June 2022 through its redemption in September 2022, the Series A Preferred Stock was considered to be mandatorily redeemable and was classified in current liabilities. In accordance with revised accounting standards effective January 2022, a fair value adjustment, if dilutive, of the Series A Preferred Stock was no longer included in applying the if converted method to the 2019 Equity Units. In addition, diluted net income was no longer reduced by the Series A Preferred Stock dividends. No fair value adjustment was necessary for 2021.
(2)
Dilutive securities for 2023, 2022 and 2021 consist primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). Additionally, in 2022 and 2021, dilutive securities include forward sales agreements entered into in November 2021 and settled in December 2022 (applying the treasury stock method). See Notes 20 and 23 for additional information.
v3.24.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,378

 

$

2,501

 

$

(46

)

 

 

 

$

3,833

 

 

$

858

 

$

1,304

 

$

(35

)

 

 

 

$

2,127

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

640

 

 

1

 

 

(65

)

 

$

—

 

 

576

 

 

 

406

 

 

1

 

 

(47

)

 

$

—

 

 

360

 

Government
   securities

 

1,252

 

 

4

 

 

(70

)

 

 

—

 

 

1,186

 

 

 

664

 

 

2

 

 

(35

)

 

 

—

 

 

631

 

Common/
   collective
   trust funds

 

98

 

 

—

 

 

—

 

 

 

—

 

 

98

 

 

 

61

 

 

—

 

 

—

 

 

 

—

 

 

61

 

Insurance contracts

 

221

 

 

—

 

 

—

 

 

 

 

 

221

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

43

 

 

—

 

 

—

 

 

 

—

 

 

43

 

 

 

23

 

 

—

 

 

—

 

 

 

—

 

 

23

 

Total

$

3,632

 

$

2,506

 

$

(181

)

(4)

$

—

 

$

5,957

 

 

$

2,012

 

$

1,307

 

$

(117

)

(4)

$

—

 

$

3,202

 

 

(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income.
(3)
Dominion Energy includes pending sales of securities of $49 million and $42 million at December 31, 2023 and 2022, respectively. Virginia Power includes pending sales of securities of $27 million and $24 million at December 31, 2023 and 2022, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $764 million and $1.6 billion at December 31, 2023 and 2022, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $384 million and $946 million at December 31, 2023 and 2022, 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

 

Year Ended December 31,

 

2023

 

2022

 

2021

 

 

2023

 

2022

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

811

 

$

(848

)

$

1,072

 

 

$

420

 

$

(436

)

$

552

 

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

 

 

(7

)

 

8

 

 

(346

)

 

 

7

 

 

(7

)

 

(190

)

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

 

$

804

 

$

(840

)

$

726

 

 

$

427

 

$

(443

)

$

362

 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
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 December 31, 2023 by contractual maturity is as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

185

 

 

$

140

 

Due after one year through five years

 

 

509

 

 

 

250

 

Due after five years through ten years

 

 

407

 

 

 

236

 

Due after ten years

 

 

981

 

 

 

588

 

Total

 

$

2,082

 

 

$

1,214

 
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

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

2,966

 

 

$

3,282

 

 

$

3,985

 

 

$

1,876

 

 

$

1,538

 

 

$

1,791

 

Realized gains(1)

 

 

92

 

 

 

143

 

 

 

441

 

 

 

50

 

 

 

48

 

 

 

228

 

Realized losses(1)

 

 

169

 

 

 

296

 

 

 

91

 

 

 

99

 

 

 

107

 

 

 

35

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Accounts Under Equity Method of Accounting

Investments that Dominion Energy accounts for under the equity method of accounting are as follows:

 

 

 

Investment

 

 

Company

 

Ownership%

 

 

Balance

 

 

Description

As of December 31,

 

2023

 

2022

 

(millions)

 

 

 

 

Cove Point

 

50

%

(1)

$

—

 

 

$

2,673

 

(1)

LNG import/export and storage facility

Atlantic Coast Pipeline

 

 

53

%

 

 

—

 

(2)

 

—

 

(2)

Gas transmission system

Align RNG

 

 

50

%

 

 

80

 

 

 

103

 

 

Renewable natural gas

Dominion Privatization

 

 

50

%

 

 

172

 

 

 

176

 

 

Military electric and gas

Other

various

 

 

 

59

 

(3)

 

60

 

(3)

Total

 

 

$

311

 

 

$

3,012

 

 

 

(1)
Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
(2)
Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $114 million at December 31, 2023 and 2022, respectively, presented in other current liabilities. See discussion below for additional information.
(3)
Dominion Energy’s Consolidated Balance Sheets includes balances presented in current assets held for sale of $43 million and noncurrent assets held for sale of $43 million, at December 31, 2023 and 2022, respectively.
v3.24.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment

Major classes of property, plant and equipment and their respective balances for the Companies are as follows:

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

2023

 

2022

 

2023

 

2022

 

(millions)

 

 

 

 

 

 

 

Utility:

 

 

 

 

Generation

$

24,903

 

$

23,720

 

 

$

18,580

 

$

17,611

 

Transmission

 

16,540

 

 

15,179

 

 

 

14,268

 

 

13,034

 

Distribution

 

21,836

 

 

20,154

 

 

 

15,934

 

 

14,681

 

Nuclear fuel

 

2,424

 

 

2,373

 

 

 

1,815

 

 

1,823

 

General and other

 

1,758

 

 

1,701

 

 

 

1,036

 

 

1,019

 

Plant under construction(1)(2)

 

8,230

 

 

5,308

 

 

 

7,548

 

 

4,685

 

Total utility

 

75,691

 

 

68,435

 

 

59,181

 

 

52,853

 

Non-jurisdictional - including plant under construction(2)

 

 

1,772

 

 

 

1,834

 

 

 

1,772

 

 

 

1,834

 

Nonutility:

 

 

 

 

 

Nonregulated generation-nuclear

 

1,855

 

 

1,935

 

 

 

—

 

 

—

 

Nonregulated generation-solar

 

 

945

 

 

 

944

 

 

 

—

 

 

—

 

Nuclear fuel

 

 

1,009

 

 

 

954

 

 

 

—

 

 

 

—

 

Other-including plant under construction

 

 

2,145

 

 

 

1,606

 

 

 

10

 

 

10

 

Total nonutility

 

 

5,954

 

 

 

5,439

 

 

10

 

 

10

 

Total property, plant and equipment

 

$

83,417

 

 

$

75,708

 

$

60,963

 

$

54,697

 

 

(1)
Includes $2.9 billion associated with the CVOW Commercial Project. Virginia Power’s February 2024 construction progress filing with the Virginia Commission included an estimated total project cost of $9.8 billion, excluding financing costs. In accordance with the Virginia Commission’s order in December 2022, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.
(2)
During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.
Schedule of Jointly Owned Utility Plants

The Companies’ proportionate share of jointly-owned power stations at December 31, 2023 is as follows:

 

 

 

Bath County Pumped Storage Station(1)

 

 

North Anna Units 1 and 2(1)

 

 

Clover Power Station(1)

 

 

Millstone Unit 3(2)

 

 

Summer Unit 1 (2)

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

Ownership interest

 

60

%

 

 

88.4

%

 

 

50

%

 

 

93.5

%

 

 

66.7

%

Plant in service

 

1,066

 

 

 

2,632

 

 

 

612

 

 

 

1,513

 

 

 

1,557

 

Accumulated depreciation

 

(766

)

 

 

(1,455

)

 

 

(302

)

 

 

(604

)

 

 

(744

)

Nuclear fuel

 

—

 

 

 

787

 

 

 

—

 

 

 

540

 

 

 

609

 

Accumulated amortization of nuclear fuel

 

—

 

 

 

(619

)

 

 

—

 

 

 

(412

)

 

 

(380

)

Plant under construction

 

9

 

 

 

337

 

 

 

2

 

 

 

81

 

 

 

87

 

 

(1)
Units jointly owned by Virginia Power.
(2)
Units jointly owned by Dominion Energy.
Virginia Electric and Power Company  
Schedule of Nonregulated Solar Projects

The following table presents acquisitions by Virginia Power of non-jurisdictional solar projects (reflected in Dominion Energy Virginia). Virginia Power has claimed federal investment tax credits on the projects, except as otherwise noted.

 

Project Name(1)

 

Date Agreement
Entered

 

Date Agreement
Closed

 

Project Location

 

Project Cost
(millions)(2)

 

 

Date of Commercial
Operations

 

MW Capacity

 

Ft. Powhatan

 

June 2019

 

June 2019

 

Virginia

 

$

267

 

 

January 2022

 

 

150

 

Belcher(3)

 

June 2019

 

August 2019

 

Virginia

 

 

164

 

 

June 2021

 

 

88

 

Bedford

 

August 2019

 

November 2019

 

Virginia

 

 

106

 

 

November 2021

 

 

70

 

Maplewood

 

October 2019

 

October 2019

 

Virginia

 

 

210

 

 

December 2022

 

 

120

 

Rochambeau

 

December 2019

 

January 2020

 

Virginia

 

 

35

 

 

December 2021

 

 

20

 

Pumpkinseed

 

May 2020

 

May 2020

 

Virginia

 

 

138

 

 

September 2022

 

 

60

 
(1)
During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.
(2)
Includes acquisition costs.
(3)
Referred to as Desper once placed in service.
Dominion Energy  
Schedule of Nonregulated Solar Projects

In addition, the following table presents acquisitions by Dominion Energy of solar projects (reflected in Contracted Energy unless otherwise noted). Dominion Energy has claimed or expects to claim federal investment tax credits on the projects, except as otherwise noted.

 

Project Name

 

Date Agreement
Entered

 

Date Agreement
Closed

 

Project Location

 

Project Cost
(millions)(1)

 

 

Date of Commercial
Operations

 

MW Capacity

 

Yemassee

 

May 2020

 

August 2020

 

South Carolina

 

$

17

 

 

January 2021

 

 

10

 

Trask

 

May 2020

 

October 2020

 

South Carolina

 

 

22

 

 

March 2021

 

 

12

 

Hardin I

 

June 2020

 

June 2020

 

Ohio

 

 

240

 

 

Split(2)

 

 

150

 

Madison

 

July 2020

 

July 2020

 

Virginia

 

 

165

 

 

Expected 2024(3)(4)

 

 

62

 

Hardin II

 

August 2020

 

Terminated(5)

 

 

 

 

 

 

 

 

 

 

Atlanta Farms

 

March 2022

 

May 2022

 

Ohio

 

 

390

 

 

Expected 2024(3)

 

 

200

 

Foxhound

 

March 2023

 

February 2024

 

Virginia

 

 

205

 

 

Expected 2024(3)

 

 

83

 
(1)
Includes acquisition costs.
(2)
In December 2020 and January 2021, 97 MW and 53 MW of the project commenced commercial operations, respectively.
(3)
Dominion Energy expects to claim production tax credits on the energy generated and sold by project.
(4)
Madison is reflected in the Corporate and Other segment effective December 2023.
(5)
In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II.
v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]  
Segment allocation of goodwill

The changes in Dominion Energy’s carrying amount and segment allocation of goodwill are presented below:

 

 

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate and Other

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021(1)

 

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

110

 

 

$

4,253

 

Sale of Hope(2)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(110

)

 

 

(110

)

Balance at December 31, 2022(1)

 

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

No events affecting goodwill

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at December 31, 2023(1)

 

$

2,106

 

 

$

1,521

 

 

$

516

 

 

$

—

 

 

$

4,143

 

 

(1)
Goodwill amounts do not contain any accumulated impairment losses.
(2)
See Note 3 for additional information.
Components of intangible assets

The components of intangible assets are as follows:

 

 

 

2023

 

 

2022

 

At December 31,

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Software, licenses and other(1)

 

$

2,185

 

 

$

1,240

 

 

$

1,723

 

 

$

927

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Software, licenses and other(1)

 

$

1,509

 

 

$

856

 

 

$

1,113

 

 

$

577

 

 

(1)
Includes $198 million and $253 million of RGGI allowances purchased and consumed in 2023 and 2022, respectively, with deferral to a regulatory asset.
Annual amortization expense of intangible assets

Annual amortization expense for these intangible assets is estimated to be as follows:

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

$

81

 

$

74

 

$

63

 

$

47

 

$

36

 

Virginia Power

 

$

49

 

$

45

 

$

38

 

$

29

 

$

22

 
v3.24.0.1
Regulatory Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2023
Regulated Operations [Abstract]  
Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

245

 

 

$

603

 

 

$

95

 

 

$

133

 

Deferred rider costs for Virginia electric utility(2)

 

 

270

 

 

 

152

 

 

 

270

 

 

 

152

 

Ash pond and landfill closure costs(3)

 

 

200

 

 

 

221

 

 

 

200

 

 

 

221

 

Deferred nuclear refueling outage costs(4)

 

 

63

 

 

 

83

 

 

 

63

 

 

 

83

 

NND Project costs(5)

 

 

138

 

 

 

138

 

 

 

 

 

 

 

Deferred early plant retirement charges(6)

 

 

—

 

 

 

226

 

 

 

—

 

 

 

226

 

Derivatives(7)

 

 

162

 

 

 

256

 

 

 

160

 

 

 

251

 

Other

 

 

231

 

 

 

204

 

 

 

80

 

 

 

74

 

Regulatory assets-current

 

 

1,309

 

 

 

1,883

 

 

 

868

 

 

 

1,140

 

Unrecognized pension and other postretirement benefit costs(8)

 

 

1,036

 

 

 

891

 

 

 

—

 

 

 

4

 

Deferred rider costs for Virginia electric utility(2)

 

 

496

 

 

 

363

 

 

 

496

 

 

 

363

 

Interest rate hedges(9)

 

 

168

 

 

 

169

 

 

 

—

 

 

 

—

 

AROs and related funding(10)

 

 

379

 

 

 

380

 

 

 

 

 

 

 

NND Project costs(5)

 

 

1,949

 

 

 

2,088

 

 

 

 

 

 

 

Ash pond and landfill closure costs(3)

 

 

2,410

 

 

 

2,051

 

 

 

2,407

 

 

 

2,049

 

Deferred cost of fuel used in electric generation(1)

 

 

1,221

 

 

 

1,551

 

 

 

1,221

 

 

 

1,551

 

Derivatives(7)

 

 

107

 

 

 

254

 

 

 

66

 

 

 

148

 

Other

 

 

590

 

 

 

518

 

 

 

127

 

 

 

132

 

Regulatory assets-noncurrent

 

 

8,356

 

 

 

8,265

 

 

 

4,317

 

 

 

4,247

 

Total regulatory assets

 

$

9,665

 

 

$

10,148

 

 

$

5,185

 

 

$

5,387

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(11)

 

 

118

 

 

 

111

 

 

 

118

 

 

 

111

 

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

 

 

83

 

 

 

125

 

 

 

—

 

 

 

25

 

Income taxes refundable through future rates(13)

 

 

107

 

 

 

100

 

 

 

70

 

 

 

65

 

Monetization of guarantee settlement(14)

 

 

67

 

 

 

67

 

 

 

 

 

 

 

Derivatives(7)

 

 

7

 

 

 

211

 

 

 

—

 

 

 

176

 

Other

 

 

140

 

 

 

134

 

 

 

133

 

 

 

129

 

Regulatory liabilities-current

 

 

522

 

 

 

748

 

 

 

321

 

 

 

506

 

Income taxes refundable through future rates(13)

 

 

3,076

 

 

 

3,187

 

 

 

2,237

 

 

 

2,290

 

Provision for future cost of removal and AROs(11)

 

 

1,818

 

 

 

1,731

 

 

 

1,185

 

 

 

1,135

 

Nuclear decommissioning trust(15)

 

 

2,098

 

 

 

1,685

 

 

 

2,098

 

 

 

1,685

 

Monetization of guarantee settlement(14)

 

 

635

 

 

 

702

 

 

 

 

 

 

 

Interest rate hedges(9)

 

 

233

 

 

 

240

 

 

 

233

 

 

 

240

 

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

 

 

237

 

 

 

325

 

 

 

—

 

 

 

—

 

Overrecovered other postretirement benefit costs(16)

 

 

155

 

 

 

140

 

 

 

 

 

 

 

Derivatives(7)

 

 

136

 

 

 

234

 

 

 

—

 

 

 

—

 

Other

 

 

286

 

 

 

191

 

 

 

225

 

 

 

167

 

Regulatory liabilities-noncurrent

 

 

8,674

 

 

 

8,435

 

 

 

5,978

 

 

 

5,517

 

Total regulatory liabilities

 

$

9,196

 

 

$

9,183

 

 

$

6,299

 

 

$

6,023

 

 

(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. See Notes 13 and 18 for additional information.
(2)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to Riders R, S and W in connection with the cessation of such riders effective July 2023. See Note 13 for additional information.
(3)
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.
(4)
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.
(5)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(6)
Reflects amounts from the early retirements of certain coal- and oil-fired generating units which were amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 for additional information.
(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 $215 million and $302 million and regulatory liabilities of $12 million and $6 million in aggregate at December 31, 2023 and 2022, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, 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 December 31, 2023.
(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 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.
v3.24.0.1
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2023
Public Utilities General Disclosures [Line Items]  
Summary of Significant Virginia Power Electric Transmission Projects Applied

Electric Transmission Projects

Significant Virginia Power electric transmission projects approved or applied for are as follows:

Description and Location
of Project

 

Application
Date

 

Approval
Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

Construct new switching station, substations,
  transmission lines and related projects in Lunenberg
  and Mecklenburg Counties, Virginia

 

October 2022

 

June 2023

 

230 kV

 

18

 

 

230

 

Construct new switching station, substation,
  transmission lines and related projects in Charlotte,
  Halifax and Mecklenburg Counties, Virginia

 

October 2022

 

May 2023

 

230 kV

 

26

 

 

215

 

Construct new Mars and Wishing Star substations,
  transmission lines and related projects in Loudoun
  County, Virginia

 

October 2022

 

April 2023

 

500/230 kV

 

4

 

 

720

 

Construct new Cirrus and Keyser switching stations,
  transmission lines and related projects in Culpeper,
  Virginia

 

November 2022

 

October 2023

 

230 kV

 

5

 

 

65

 

Rebuild of Lines #2019 and #2007 in the City of
  Virginia Beach, Virginia

 

February 2023

 

August 2023

 

230 kV

 

5

 

 

95

 

Construct new transmission lines and convert Jeffress
  switching station in Mecklenburg County, Virginia

 

May 2023

 

January 2024

 

230 kV

 

18

 

 

135

 

Construct new Germanna substation, transmission
  line and related projects in Culpeper County,
  Virginia

 

November 2023

 

Pending

 

230 kV

 

2

 

 

55

 

Construct Daves Store transmission line extension
  in Prince William County, Virginia

 

February 2024

 

Pending

 

230 kV

 

3

 

 

70

 
(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 during 2023 and early 2024 or applied for and currently pending approval with aggregate cost estimates of approximately $155 million and $145 million, respectively.
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Significant Riders Associated With Virginia Power Projects

Significant riders associated with various Virginia Power projects are as follows:

Rider Name

 

Application Date

 

Approval Date

 

Rate Year
Beginning

 

Total Revenue Requirement (millions)(1)

 

 

Increase (Decrease) Over Previous Year (millions)

 

Rider BW

 

October 2021

 

May 2022

 

September 2023

 

$

120

 

 

$

(25

)

Rider CCR

 

February 2023

 

October 2023

 

December 2023

 

 

194

 

 

 

(37

)

Rider CE(2)

 

October 2022

 

April 2023

 

May 2023

 

 

89

 

 

 

18

 

Rider CE(3)

 

October 2023

 

Pending

 

May 2024

 

 

137

 

 

 

48

 

Rider E

 

January 2023

 

September 2023

 

November 2023

 

 

109

 

 

 

8

 

Rider E

 

January 2024

 

Pending

 

November 2024

 

 

72

 

 

 

(37

)

Rider GT

 

August 2023

 

Pending

 

June 2024

 

 

145

 

 

 

131

 

Rider GV(4)

 

June 2023

 

February 2024

 

April 2024

 

 

132

 

 

 

5

 

Rider GV(4)

 

June 2023

 

February 2024

 

April 2025

 

 

135

 

 

 

3

 

Rider OSW

 

November 2022

 

July 2023

 

September 2023

 

 

271

 

 

 

192

 

Rider OSW

 

November 2023

 

Pending

 

September 2024

 

 

486

 

 

 

215

 

Rider R

 

June 2021

 

March 2022

 

April 2023

 

 

55

 

(14)

 

(4

)

Rider RGGI(5)

 

December 2022

 

July 2023

 

September 2023

 

 

356

 

 

N/A

 

Rider RPS

 

December 2022

 

July 2023

 

September 2023

 

 

96

 

 

 

(44

)

Rider RPS

 

December 2023(13)

 

Pending

 

September 2024

 

 

358

 

 

 

262

 

Rider S

 

June 2021

 

February 2022

 

April 2023

 

 

191

 

(14)

 

(1

)

Rider SNA(6)

 

October 2022

 

June 2023

 

September 2023

 

 

50

 

 

 

(57

)

Rider SNA

 

October 2023

 

Pending

 

September 2024

 

 

95

 

 

 

45

 

Rider T1(7)

 

May 2023

 

July 2023

 

September 2023

 

 

879

 

 

 

173

 

Rider U(8)

 

June 2022

 

February 2023

 

April 2023

 

 

74

 

 

 

(21

)

Rider U(9)

 

October 2023

 

Pending

 

August 2024

 

 

150

 

 

 

76

 

Rider W(10)

 

June 2022

 

February 2023

 

April 2023

 

 

105

 

(14)

 

(16

)

DSM Riders(11)

 

December 2022

 

August 2023

 

September 2023

 

 

107

 

 

 

16

 

DSM Riders(12)

 

December 2023

 

Pending

 

September 2024

 

 

93

 

 

 

(14

)
(1)
In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $90 million as of December 31, 2023. There are various pending applications associated with such riders, which if approved, would result in a net increase of approximately $6 million.
(2)
Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.
(3)
Associated with five solar generation projects, one small-scale solar project and 13 power purchase agreements in addition to previously approved Rider CE projects.
(4)
The total revenue requirement requested is based on an estimated retirement of Greensville County in 2058, consistent with the current estimated useful life of the facility. Virginia Power also provided an alternative approach based on an estimated retirement of Greensville County in 2045, which if this alternative had been utilized, would have resulted in a revenue requirement of $144 million and $148 million for rate years beginning April 2024 and April 2025, respectively.
(5)
In December 2022, Virginia Power filed a petition to update and reinstate Rider RGGI to recover RGGI compliance costs incurred after July 2022 and those projected to occur through December 2023, with rate recovery from September 2023 through August 2024. For purposes of this proceeding, Virginia Power assumed that Virginia would withdraw from RGGI on December 31, 2023, and accordingly did not project any RGGI compliance costs to be incurred after that date.
(6)
Virginia Power requested approval of cost recovery of approximately $1.2 billion through Rider SNA for the first phase of nuclear life extension program which includes investments through 2024. In July 2022, the Virginia Commission approved a stipulation proposed by Virginia Power, the Virginia Commission staff and certain interested parties recommending that costs incurred after February 2022 associated with the first phase of the nuclear life extension program for North Anna be deferred and requested for recovery in a subsequent Rider SNA filing.
(7)
Consists of $510 million for the transmission component of Virginia Power’s base rates and $369 million for Rider T1.
(8)
Consists of previously approved phases of Rider U. In August 2023, the Virginia Commission approved Virginia Power’s request to extend the rider for the rate year beginning April 2023 through June 2024.
(9)
Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In connection with the October 2023 application, Virginia Power requests the Virginia Commission further extend existing rates for Rider U through July 2024.
(10)
In February 2023, the Virginia Commission also approved Virginia Power’s requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W ceased to be separately collected effective July 2023.
(11)
Associated with an additional four new energy efficiency programs, one new demand response program and four new program bundles with a $150 million cost cap, with the ability to exceed the cost cap by no more than 15%.
(12)
Associated with an additional three new energy efficiency programs and one new demand response program with a $102 million cost cap, with the ability to exceed the cost cap by no more than 15%.
(13)
Virginia Power amended its application in February 2024.
(14)
In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.
v3.24.0.1
Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]  
Changes to Asset Retirement Obligations

The changes to AROs during 2022 and 2023 were as follows:

(millions)

Dominion Energy

 

 

Virginia Power

 

AROs at December 31, 2021

$

5,333

 

 

$

3,923

 

Obligations incurred during the period

 

138

 

 

 

132

 

Obligations settled during the period

 

(125

)

 

 

(155

)

Revisions in estimated cash flows(1)

 

46

 

 

 

48

 

Accretion

 

210

 

 

 

145

 

Sales of Kewaunee and Hope

 

(175

)

 

 

 

AROs at December 31, 2022(2)

$

5,427

 

 

$

4,093

 

Obligations incurred during the period

 

16

 

 

 

9

 

Obligations settled during the period

 

(193

)

 

 

(169

)

Revisions in estimated cash flows(3)

 

603

 

 

 

564

 

Accretion

 

222

 

 

 

156

 

AROs at December 31, 2023(2)

$

6,075

 

 

$

4,653

 
(1)
Primarily reflects revisions to asbestos abatement costs associated with the early retirement of certain retired electric generation facilities.
(2)
Includes $365 million and $434 million reported in other current liabilities for Dominion Energy at December 31, 2022 and 2023, respectively.
(3)
Primarily reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities at Virginia Power as discussed below. In addition, Dominion Energy recorded a $48 million increase to its AROs to reflect a revision in the estimated cash flows following the approval of closure plans for a DESC generation facility previously taken out of service. Dominion Energy also recorded a decrease of $125 million to its AROs due to a revision in the timing of expected cash flows associated with the expected approval of a 20-year useful life extension of Millstone Units 2 and 3. Concurrently, Dominion Energy reevaluated its estimated cash flows associated with Millstone Unit 1, which resulted in an increase to its AROs of $83 million. As a result, Dominion Energy recorded a charge of $83 million ($60 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets

At December 31, 2023 and 2022, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

Lease assets:

 

 

 

 

 

 

 

 

 

 

 

Operating lease assets(1)

$

578

 

 

$

473

 

 

$

393

 

 

$

294

 

Finance lease assets(2)

 

258

 

 

 

144

 

 

 

104

 

 

 

82

 

Total lease assets

$

836

 

 

$

617

 

 

$

497

 

 

$

376

 

Lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

Operating lease liabilities(3)

$

36

 

 

$

39

 

 

$

20

 

 

$

21

 

Finance lease liabilities(4)

 

60

 

 

 

46

 

 

 

31

 

 

 

17

 

Total lease liabilities - current

 

96

 

 

 

85

 

 

 

51

 

 

 

38

 

Operating lease liabilities (5)

 

627

 

 

 

514

 

 

 

377

 

 

 

273

 

Finance lease liabilities(6)

 

203

 

 

 

104

 

 

 

72

 

 

 

65

 

Total lease liabilities - noncurrent

 

830

 

 

 

618

 

 

 

449

 

 

 

338

 

Total lease liabilities

$

926

 

 

$

703

 

 

$

500

 

 

$

376

 
(1)
Dominion Energy includes $561 million and $451 million at December 31, 2023 and 2022, respectively, in other deferred charges and other assets, with the remaining balance in noncurrent assets held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred charges and other assets in its Consolidated Balance Sheets.
(2)
Dominion Energy includes $244 million and $127 million at December 31, 2023 and 2022, respectively, in property, plant and equipment in its Consolidated Balance Sheets, net of $142 million and $106 million at December 31, 2023 and 2022, respectively, of accumulated amortization, with the remaining balance in noncurrent assets held for sale. Virginia Power’s balances are included in property, plant and equipment in its Consolidated Balance Sheets, net of $51 million and $33 million at December 31, 2023 and 2022, respectively, of accumulated amortization.
(3)
Dominion Energy includes $32 million and $34 million at December 31, 2023 and 2022, respectively, in other current liabilities, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are in other current liabilities in its Consolidated Balance Sheets.
(4)
Dominion Energy includes $57 million and $42 million at December 31, 2023 and 2022, respectively, in securities due within one year, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in securities due within one year in its Consolidated Balance Sheets.
(5)
Dominion Energy includes $610 million and $494 million at December 31, 2023 and 2022, respectively, in other deferred credits and other liabilities, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred credits and other liabilities in its Consolidated Balance Sheets.
(6)
Dominion Energy includes $192 million and $91 million at December 31, 2023 and 2022, respectively, in other long-term debt, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.
Summary of Total Lease Cost

For the years ended December 31, 2023, 2022 and 2021, total lease cost associated with the Companies’ leasing arrangements consisted of the following:

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization(1)

$

50

 

 

$

41

 

 

$

40

 

 

$

24

 

 

$

15

 

 

$

12

 

Interest(2)

 

13

 

 

 

3

 

 

 

(3

)

 

 

4

 

 

 

3

 

 

 

1

 

Operating lease cost(3)

 

70

 

 

 

53

 

 

 

66

 

 

 

43

 

 

 

32

 

 

 

30

 

Short-term lease cost(4)

 

32

 

 

 

31

 

 

 

32

 

 

 

23

 

 

 

21

 

 

 

19

 

Variable lease cost

 

6

 

 

 

4

 

 

 

5

 

 

 

2

 

 

 

1

 

 

 

1

 

Total lease cost

$

171

 

 

$

132

 

 

$

140

 

 

$

96

 

 

$

72

 

 

$

63

 
(1)
Dominion Energy includes $3 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
(2)
Dominion Energy includes $1 million for both the years ended December 31, 2023 and 2022 and less than $1 million for the year ended December 31, 2021 reflected in discontinued operations in its Consolidated Statements of Income.
(3)
Dominion Energy includes $5 million, $6 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively, reflected in discontinued operations in its Consolidated Statements of Income.
(4)
Dominion Energy includes $2 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
Cash Paid for Amounts Included in Measurement of Lease Liabilities

For the years ended December 31, 2023, 2022 and 2021, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:

 

Dominion Energy

 

 

Virginia Power

 

Year ended December 31,

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows for
   finance leases

$

13

 

 

$

3

 

 

$

(3

)

 

$

4

 

 

$

3

 

 

$

1

 

Operating cash flows for
   operating leases

 

105

 

 

 

82

 

 

 

103

 

 

 

64

 

 

 

50

 

 

 

53

 

Financing cash flows for
   finance leases

 

47

 

 

 

32

 

 

 

40

 

 

 

19

 

 

 

12

 

 

 

12

 
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases

At December 31, 2023 and 2022, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:

 

Dominion Energy

 

 

Virginia Power

 

December 31,

2023

 

 

2022

 

 

2023

 

 

2022

 

Weighted average remaining lease term -
   finance leases

5 years

 

 

4 years

 

 

5 years

 

 

6 years

 

Weighted average remaining lease term -
   operating leases

31 years

 

 

29 years

 

 

33 years

 

 

30 years

 

Weighted average discount rate -
   finance leases

 

7.14

%

 

 

5.77

%

 

 

7.28

%

 

 

6.12

%

Weighted average discount rate -
   operating leases

 

4.11

%

 

 

3.91

%

 

 

4.18

%

 

 

3.90

%
Scheduled Maturities of Lease Liabilities

The Companies’ lease liabilities have the following maturities:

Maturity of Lease Liabilities

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

Operating

 

 

Finance

 

 

Operating

 

 

Finance

 

2024

 

$

45

 

 

$

77

 

 

$

24

 

 

$

37

 

2025

 

 

39

 

 

 

62

 

 

 

21

 

 

 

26

 

2026

 

 

36

 

 

 

54

 

 

 

18

 

 

 

20

 

2027

 

 

33

 

 

 

48

 

 

 

17

 

 

 

17

 

2028

 

 

32

 

 

 

41

 

 

 

17

 

 

 

12

 

After 2028

 

 

930

 

 

 

31

 

 

 

553

 

 

 

10

 

Total undiscounted lease payments

 

 

1,115

 

 

 

313

 

 

 

650

 

 

 

122

 

Present value adjustment

 

 

(451

)

 

 

(51

)

 

 

(253

)

 

 

(19

)

Present value of lease liabilities

 

$

664

 

 

$

262

 

 

$

397

 

 

$

103

 
v3.24.0.1
Short Term Debt and Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

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. Commercial paper and letters of credit outstanding, as well as capacity available under the credit facility were as follows:

 

 

Facility Limit

 

 

Outstanding Commercial Paper(1)

 

 

Outstanding Letters of Credit

 

 

Facility Capacity Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

3,547

 

 

$

16

 

 

$

2,437

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

3,076

 

 

$

202

 

 

$

2,722

 
(1)
The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s credit facility was 5.69% and 4.73% at December 31, 2023 and 2022, respectively.
(2)
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

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 were as follows:

 

 

Facility Limit

 

 

Outstanding Commercial Paper(1)

 

 

Outstanding Letters of Credit

 

(millions)

 

 

 

 

 

 

 

 

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

455

 

 

$

10

 

At December 31, 2022

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(2)

 

$

6,000

 

 

$

941

 

 

$

140

 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 5.65% and 4.68% at December 31, 2023 and 2022, respectively.
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 December 31, 2023, 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.
v3.24.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long term Debt

 

 

2023
Weighted-
average
Coupon(1)

 

 

 

Dominion Energy

 

 

Virginia Power

 

At December 31,

 

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loans, variable rate, due 2024

 

 

6.52

%

 

 

$

4,750

 

 

$

—

 

 

 

 

 

 

 

Sustainability Revolving Credit Agreement, variable rate, due 2024(2)

 

 

6.28

%

 

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Unsecured Senior Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate, due 2023

 

 

 

 

 

 

—

 

 

 

1,000

 

 

 

 

 

 

 

1.45% to 7.00%, due 2023 to 2052(3)

 

 

4.14

%

 

 

 

11,476

 

 

 

12,476

 

 

 

 

 

 

 

Unsecured Junior Subordinated Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.071% due 2024

 

 

3.07

%

 

 

 

700

 

 

 

700

 

 

 

 

 

 

 

Payable to Affiliated Trust, 8.4%, due 2031

 

 

8.40

%

 

 

 

10

 

 

 

10

 

 

 

 

 

 

 

Enhanced Junior Subordinated Notes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.75% due 2054

 

 

5.75

%

 

 

 

685

 

 

 

685

 

 

 

 

 

 

 

Virginia Electric and Power Company:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes, 2.30% to 8.875%, due 2023 to 2053

 

 

4.25

%

 

 

 

16,935

 

 

 

15,135

 

 

$

16,935

 

 

$

15,135

 

Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041(4)

 

 

1.77

%

 

 

 

625

 

 

 

625

 

 

 

625

 

 

 

625

 

DECP Holdings, Term Loan, variable rate, due 2024(5)

 

 

 

 

 

 

—

 

 

 

2,349

 

 

 

 

 

 

 

DESC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065

 

 

5.23

%

 

 

 

4,134

 

 

 

3,634

 

 

 

 

 

 

 

Tax-Exempt Financings(6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Variable rate due 2038

 

 

3.87

%

 

 

 

35

 

 

 

35

 

 

 

 

 

 

 

3.625% and 4.00%, due 2028 and 2033

 

 

3.90

%

 

 

 

54

 

 

 

54

 

 

 

 

 

 

 

GENCO, variable rate due 2038

 

 

3.87

%

 

 

 

33

 

 

 

33

 

 

 

 

 

 

 

Other

 

 

3.61

%

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

Secured Senior Notes, 4.82%, due 2042(7)

 

 

4.82

%

 

 

 

291

 

 

 

308

 

 

 

 

 

 

 

Tax-Exempt Financing, 3.80% due 2033

 

 

3.80

%

 

 

 

27

 

 

 

27

 

 

 

 

 

 

 

Total Principal

 

 

 

 

 

$

40,206

 

 

$

37,522

 

 

$

17,560

 

 

$

15,760

 

Securities due within one year and supplemental credit facility borrowings(7)(8)

 

 

 

 

 

 

(6,839

)

 

 

(2,848

)

 

 

(350

)

 

 

(700

)

Unamortized discount, premium and debt issuance costs, net

 

 

 

 

 

 

(311

)

 

 

(322

)

 

 

(167

)

 

 

(144

)

Derivative restructuring(9)

 

 

 

 

 

 

—

 

 

 

141

 

 

 

—

 

 

 

—

 

Finance leases

 

 

 

 

 

 

192

 

 

 

91

 

 

 

72

 

 

 

65

 

Total long-term debt

 

 

 

 

 

$

33,248

 

 

$

34,584

 

 

$

17,115

 

 

$

14,981

 

 

(1)
Represents weighted-average coupon rates for debt outstanding as of December 31, 2023.
(2)
This $900 million supplemental credit facility, entered in 2021, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In May 2022, Dominion Energy borrowed $900 million. The proceeds from these borrowings were used to support environmental sustainability and social investment initiatives ($450 million) and for general corporate purposes ($450 million). In June 2022, Dominion Energy repaid $450 million borrowed for general corporate purposes. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.
(3)
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
(4)
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
(5)
In connection with the sale of Dominion Energy’s interest in Cove Point, described further in Note 9, DECP Holdings’ outstanding term loan balance of $2.2 billion was repaid in September 2023. This term loan was scheduled to mature in December 2024.
(6)
Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2024.
(7)
Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.
(8)
Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 5.79% and 3.45%, respectively, as of December 31, 2023.
(9)
Excludes $143 million at December 31, 2023 for Dominion Energy and $447 million at December 31, 2022, for both Dominion Energy and Virginia Power, representing the current portion which is presented within securities due within one year in the Companies’ Consolidated Balance Sheets.
Schedule Of Principal Payments Of Long Term Debt

Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt, at December 31, 2023 were as follows:

 

 

2024

 

2025

 

2026

 

2027

 

2028

 

Thereafter

 

Total

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loans

$

4,750

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

4,750

 

Sustainability Revolving Credit
   Agreement

 

450

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

450

 

First Mortgage Bonds

 

—

 

 

—

 

 

—

 

 

—

 

 

53

 

 

4,081

 

 

4,134

 

Unsecured Senior Notes

 

650

 

 

1,500

 

 

2,120

 

 

1,783

 

 

1,195

 

 

21,164

 

 

28,412

 

Secured Senior Notes(1)

 

31

 

 

19

 

 

20

 

 

21

 

 

22

 

 

178

 

 

291

 

Tax-Exempt Financings

 

—

 

 

—

 

 

—

 

 

—

 

 

39

 

 

735

 

 

774

 

Unsecured Junior Subordinated
   Notes Payable to Affiliated
   Trusts

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

10

 

 

10

 

Unsecured Junior Subordinated
   Notes

 

700

 

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

700

 

Enhanced Junior Subordinated
   Notes

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

685

 

 

685

 

Total

$

6,581

 

$

1,519

 

$

2,140

 

$

1,804

 

$

1,309

 

$

26,853

 

$

40,206

 

Weighted-average Coupon

 

5.83

%

 

3.57

%

 

2.64

%

 

3.77

%

 

4.01

%

 

4.57

%

 

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Senior Notes

$

350

 

$

350

 

$

1,150

 

$

1,350

 

$

700

 

$

13,035

 

$

16,935

 

Tax-Exempt Financings

 

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

625

 

 

625

 

Total

$

350

 

$

350

 

$

1,150

 

$

1,350

 

$

700

 

$

13,660

 

$

17,560

 

Weighted-average Coupon

 

3.45

%

 

3.10

%

 

3.08

%

 

3.61

%

 

3.80

%

 

4.37

%

 

 
(1)
Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.
v3.24.0.1
Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2023
Preferred Stock  
Preferred Stock

Selected information about Dominion Energy’s 2019 Equity Units is presented below:

 

Issuance Date

 

Units Issued

 

Total Net
Proceeds(1)

 

 

Total Preferred
Stock(2)

 

 

Cumulative
Dividend Rate

 

 

Stock Purchase
Contract
Annual Rate

 

 

Stock Purchase
Contract
Liability(3)

 

 

Stock Purchase
Contract
Settlement Date

(millions except interest rates)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/14/2019

 

16

 

$

1,582

 

 

$

1,610

 

 

 

1.75

%

 

 

5.5

%

 

$

250

 

 

6/1/2022

 

(1)
Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million). In connection with the reclassification of the Series A Preferred Stock to mezzanine equity in 2021, the issuance costs originally recognized as a reduction to preferred stock were reclassified to common stock.
(2)
Dominion Energy recorded dividends of $12 million ($7.292 per share) and $28 million ($17.50 per share) for the years ended December 31, 2022 and 2021, respectively. In addition, Dominion Energy recorded interest expense of $7 million on the Series A Preferred Stock for the year ended December 31, 2022, following the reclassification of these shares to a mandatorily redeemable liability effective June 2022 as discussed above.
(3)
Payments of $44 million and $85 million were made in 2022 and 2021, respectively.
v3.24.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2023
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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)

Other comprehensive income
   before reclassifications:
   gains (losses)

 

 

—

 

 

 

55

 

 

 

27

 

 

 

—

 

 

 

82

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related
   charges

 

 

43

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

43

 

Other income (expense)

 

 

—

 

 

 

(14

)

 

 

(61

)

 

 

—

 

 

 

(75

)

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Total

 

 

43

 

 

 

(14

)

 

 

(61

)

 

 

4

 

 

 

(28

)

Income tax expense (benefit)

 

 

(10

)

 

 

3

 

 

 

20

 

 

 

(1

)

 

 

12

 

Total, net of tax

 

 

33

 

 

 

(11

)

 

 

(41

)

 

 

3

 

 

 

(16

)

Net current period other
   comprehensive income (loss)

 

 

33

 

 

 

44

 

 

 

(14

)

 

 

3

 

 

 

66

 

Ending balance

 

$

(216

)

 

$

—

 

 

$

(1,290

)

 

$

—

 

 

$

(1,506

)

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(358

)

 

$

37

 

 

$

(1,133

)

 

$

(4

)

 

$

(1,458

)

Other comprehensive income
   before reclassifications:
   gains (losses)

 

 

67

 

 

 

(100

)

 

 

(218

)

 

 

1

 

 

 

(250

)

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related
   charges

 

 

57

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

57

 

Other income (expense)

 

 

—

 

 

 

25

 

 

 

102

 

 

 

—

 

 

 

127

 

Total

 

 

57

 

 

 

25

 

 

 

102

 

 

 

—

 

 

 

184

 

Income tax expense (benefit)

 

 

(15

)

 

 

(6

)

 

 

(27

)

 

 

—

 

 

 

(48

)

Total, net of tax

 

 

42

 

 

 

19

 

 

 

75

 

 

 

—

 

 

 

136

 

Net current period other
   comprehensive income (loss)

 

 

109

 

 

 

(81

)

 

 

(143

)

 

 

1

 

 

 

(114

)

Ending balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $73 million, $83 million and $119 million tax at December 31, 2023, 2022 and 2021, respectively.
(3)
Net of $(2) million, $13 million and $(10) million tax at December 31, 2023 and 2022 and 2021, respectively.
(4)
Net of $456 million, $445 million and $396 million tax at December 31, 2023 and 2022 and 2021, respectively.
(5)
Net of $— million, $1 million, and $1 million tax at December 31, 2023, 2022 and 2021, respectively.
Summary of Restricted Stock Activity The following table provides a summary of restricted stock activity for the years ended December 31, 2023, 2022 and 2021:

 

 

 

Shares (millions)

 

 

Weighted - Average Grant Date Fair Value

 

Nonvested at December 31, 2020

 

1.4

 

 

$

77.41

 

Granted

 

0.5

 

 

 

71.78

 

Vested

 

(0.5

)

 

 

73.54

 

Cancelled and forfeited

 

(0.1

)

 

 

75.57

 

Nonvested at December 31, 2021

 

1.3

 

 

$

76.65

 

Granted

 

0.6

 

 

 

75.08

 

Vested

 

(0.4

)

 

 

77.87

 

Cancelled and forfeited

 

(0.1

)

 

 

73.15

 

Nonvested at December 31, 2022

 

1.4

 

 

$

75.56

 

Granted

 

1.0

 

 

 

48.99

 

Vested

 

(0.4

)

 

 

79.89

 

Cancelled and forfeited

 

(0.1

)

 

 

53.36

 

Nonvested at December 31, 2023

 

1.9

 

 

$

61.34

 
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 reclassification out of AOCI by component:

 

 

Total Derivative-
Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16

 

 

$

(7

)

 

$

9

 

Other comprehensive income before
   reclassifications: gains (losses)

 

 

(1

)

 

 

7

 

 

 

6

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

1

 

 

 

—

 

 

 

1

 

           Other income (expense)

 

 

—

 

 

 

1

 

 

 

1

 

Total

 

 

1

 

 

 

1

 

 

 

2

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive
   income (loss)

 

 

(1

)

 

 

8

 

 

 

7

 

Ending balance

 

$

15

 

 

$

1

 

 

$

16

 

Year Ended December 31, 2022

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(45

)

 

$

4

 

 

$

(41

)

Other comprehensive income before
   reclassifications: gains (losses)

 

 

60

 

 

 

(11

)

 

 

49

 

Amounts reclassified from AOCI (gains) losses:

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

2

 

 

 

—

 

 

 

2

 

Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

2

 

 

 

—

 

 

 

2

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

1

 

 

 

—

 

 

 

1

 

Net current period other comprehensive
   income (loss)

 

 

61

 

 

 

(11

)

 

 

50

 

Ending balance

 

$

16

 

 

$

(7

)

 

$

9

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(5) million, $(5) million and $16 million tax at December 31, 2023, 2022 and 2021, respectively.
(3)
Net of $— million, $2 million and $(2) million tax at December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pension Plan and Other Postretirement Benefit Plan Obligations and Plan Assets and Includes a Statement of the Plans Funded Status

The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Changes in benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

8,066

 

 

$

10,890

 

 

$

1,127

 

 

$

1,537

 

Service cost

 

 

96

 

 

 

142

 

 

 

14

 

 

 

22

 

Interest cost

 

 

442

 

 

 

333

 

 

 

61

 

 

 

45

 

Benefits paid

 

 

(493

)

 

 

(511

)

 

 

(94

)

 

 

(97

)

Actuarial (gain) loss during the year

 

 

322

 

 

 

(2,716

)

 

 

1

 

 

 

(361

)

Plan amendments

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

Sale of Hope

 

 

—

 

 

 

(64

)

 

 

—

 

 

 

(19

)

Settlements and curtailments(1)

 

 

(4

)

 

 

(8

)

 

 

—

 

 

 

—

 

Benefit obligation at end of year

 

$

8,431

 

 

$

8,066

 

 

$

1,109

 

 

$

1,127

 

Changes in fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

8,694

 

 

$

11,945

 

 

$

1,845

 

 

$

2,323

 

Actual return gain (loss) on plan assets

 

 

882

 

 

 

(2,556

)

 

 

277

 

 

 

(416

)

Employer contributions

 

 

8

 

 

 

9

 

 

 

—

 

 

 

—

 

Benefits paid

 

 

(493

)

 

 

(511

)

 

 

(60

)

 

 

(62

)

Sale of Hope

 

 

—

 

 

 

(188

)

 

 

—

 

 

 

—

 

Settlements(2)

 

 

(4

)

 

 

(5

)

 

 

—

 

 

 

—

 

Fair value of plan assets at end of year

 

$

9,087

 

 

$

8,694

 

 

$

2,062

 

 

$

1,845

 

Funded status at end of year

 

$

656

 

 

$

628

 

 

$

953

 

 

$

718

 

Amounts recognized in the Consolidated Balance Sheets
   at December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent pension and other postretirement benefit assets

 

$

647

 

 

$

580

 

 

$

1,132

 

 

$

899

 

Noncurrent assets held for sale

 

 

308

 

 

 

295

 

 

 

13

 

 

 

11

 

Other current liabilities

 

 

(27

)

 

 

(12

)

 

 

(13

)

 

 

(13

)

Noncurrent pension and other postretirement benefit liabilities(3)

 

 

(237

)

 

 

(196

)

 

 

(179

)

 

 

(179

)

Noncurrent liabilities held for sale

 

 

(35

)

 

 

(39

)

 

 

—

 

 

 

—

 

Net amount recognized

 

$

656

 

 

$

628

 

 

$

953

 

 

$

718

 

Significant assumptions used to determine benefit
   obligations as of December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.37%-5.47%

 

 

5.65%-5.75%

 

 

5.40%-5.42%

 

 

5.69%-5.70%

 

Weighted average rate of increase for compensation

 

4.28%

 

 

4.38%

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar plans

 

4.12%-4.22%

 

 

4.40%-4.50%

 

 

n/a

 

 

n/a

 

(1) 2023 and 2022 amounts include settlements of nonqualified pension obligations. 2022 amount includes a curtailment for Hope.

(2) 2023 and 2022 amounts relate to settlements of nonqualified pension obligations.

(3) Presented within other deferred credits and other liabilities in Dominion Energy's Consolidated Balance Sheets.
Benefit Obligation in Excess of Plan Asset

The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy:

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

As of December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation

 

$

7,996

 

 

$

7,655

 

 

$

195

 

 

$

197

 

Fair value of plan assets

 

 

7,697

 

 

 

7,410

 

 

 

4

 

 

 

5

 
Accumulated Benefit Obligation in Excess of Plan Assets

The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:

 

As of December 31,

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

Accumulated benefit obligation

 

$

792

 

 

$

776

 

Fair value of plan assets

 

 

654

 

 

 

623

 
Benefit Payments Expected Future Service

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy’s plans:

 

 

 

Estimated Future Benefit Payments

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

(millions)

 

 

 

 

 

 

2024

 

$

556

 

 

$

94

 

2025

 

 

546

 

 

 

91

 

2026

 

 

554

 

 

 

90

 

2027

 

 

562

 

 

 

89

 

2028

 

 

571

 

 

 

87

 

2029-2033

 

 

2,958

 

 

 

418

 
Fair Values of Pension and Post Retirement Plan Assets by Asset Category

The fair values of Dominion Energy’s pension plan assets by asset category are as follows:

 

At December 31,

 

2023

 

 

2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21

 

 

$

9

 

 

$

—

 

 

$

30

 

 

$

14

 

 

$

11

 

 

$

—

 

 

$

25

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.(1)

 

 

1,145

 

 

 

—

 

 

 

—

 

 

 

1,145

 

 

 

1,653

 

 

 

170

 

 

 

—

 

 

 

1,823

 

International

 

 

944

 

 

 

2

 

 

 

—

 

 

 

946

 

 

 

1,034

 

 

 

5

 

 

 

—

 

 

 

1,039

 

Insurance contracts

 

 

—

 

 

 

162

 

 

 

—

 

 

 

162

 

 

 

—

 

 

 

166

 

 

 

—

 

 

 

166

 

Corporate debt instruments

 

 

74

 

 

 

750

 

 

 

—

 

 

 

824

 

 

 

65

 

 

 

805

 

 

 

—

 

 

 

870

 

Government securities

 

 

43

 

 

 

1,720

 

 

 

—

 

 

 

1,763

 

 

 

46

 

 

 

1,377

 

 

 

—

 

 

 

1,423

 

Total recorded at fair value

 

$

2,227

 

 

$

2,643

 

 

$

—

 

 

$

4,870

 

 

$

2,812

 

 

$

2,534

 

 

$

—

 

 

$

5,346

 

Assets recorded at NAV(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

2,012

 

 

 

 

 

 

 

 

 

 

 

 

1,780

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

67

 

 

 

 

 

 

 

 

 

 

 

 

66

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

1,395

 

 

 

 

 

 

 

 

 

 

 

 

1,284

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

236

 

 

 

 

 

 

 

 

 

 

 

 

192

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

239

 

 

 

 

 

 

 

 

 

 

 

 

2

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

3,949

 

 

 

 

 

 

 

 

 

 

 

$

3,324

 

Total investments(3)

 

 

 

 

 

 

 

 

 

 

$

8,819

 

 

 

 

 

 

 

 

 

 

 

$

8,670

 

 

(1)
No amounts of Dominion Energy preferred stock were held at December 31, 2023. Includes $170 million of Dominion Energy preferred stock at December 31, 2022.
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(3)
Excludes net assets related to pending sales of securities of $298 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $54 million at December 31, 2023. Excludes net assets related to pending sales of securities and advanced subscription of $177 million, net accrued income of $27 million, and includes net assets related to pending purchases of securities of $180 million at December 31, 2022.

The fair values of Dominion Energy’s other postretirement plan assets by asset category are as follows:

 

 

At December 31,

 

2023

 

 

2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

3

 

 

$

1

 

 

$

—

 

 

$

4

 

 

$

3

 

 

$

1

 

 

$

—

 

 

$

4

 

Common and preferred stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.(1)

 

 

757

 

 

 

—

 

 

 

—

 

 

 

757

 

 

 

685

 

 

 

10

 

 

 

—

 

 

 

695

 

International

 

 

194

 

 

 

—

 

 

 

—

 

 

 

194

 

 

 

181

 

 

 

—

 

 

 

—

 

 

 

181

 

Insurance contracts

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

10

 

Corporate debt instruments

 

 

4

 

 

 

36

 

 

 

—

 

 

 

40

 

 

 

4

 

 

 

38

 

 

 

—

 

 

 

42

 

Government securities

 

 

3

 

 

 

100

 

 

 

—

 

 

 

103

 

 

 

3

 

 

 

79

 

 

 

—

 

 

 

82

 

Total recorded at fair value

 

$

961

 

 

$

147

 

 

$

—

 

 

$

1,108

 

 

$

876

 

 

$

138

 

 

$

—

 

 

$

1,014

 

Assets recorded at NAV(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds/collective trust funds

 

 

 

 

 

 

 

 

 

 

 

725

 

 

 

 

 

 

 

 

 

 

 

 

649

 

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate funds

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Private equity funds

 

 

 

 

 

 

 

 

 

 

 

173

 

 

 

 

 

 

 

 

 

 

 

 

158

 

Debt funds

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

11

 

Hedge funds

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

 

 

 

0

 

Total recorded at NAV

 

 

 

 

 

 

 

 

 

 

$

937

 

 

 

 

 

 

 

 

 

 

 

$

829

 

Total investments(3)

 

 

 

 

 

 

 

 

 

 

$

2,045

 

 

 

 

 

 

 

 

 

 

 

$

1,843

 

 

 

(1)
No amounts of Dominion Energy preferred stock were held at December 31, 2023. Includes $10 million of Dominion Energy preferred stock at December 31, 2022.
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
(3)
Excludes net assets related to pending sales of securities and advanced subscription of $17 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2023. Excludes net assets related to pending sales of securities and advanced subscription of $10 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $10 million at December 31, 2022.
Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

(millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

96

 

 

$

142

 

 

$

170

 

 

$

14

 

 

$

22

 

 

$

25

 

Interest cost

 

 

442

 

 

 

333

 

 

 

317

 

 

 

61

 

 

 

45

 

 

 

46

 

Expected return on plan assets

 

 

(864

)

 

 

(886

)

 

 

(834

)

 

 

(151

)

 

 

(191

)

 

 

(173

)

Amortization of prior service (credit) cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(36

)

 

 

(38

)

 

 

(42

)

Amortization of net actuarial (gain) loss

 

 

—

 

 

 

159

 

 

 

193

 

 

 

(6

)

 

 

(2

)

 

 

4

 

Settlements, curtailments and special termination
   benefits(1)

 

 

1

 

 

 

—

 

 

 

10

 

 

 

—

 

 

 

(8

)

 

 

—

 

Net periodic benefit (credit) cost

 

$

(325

)

 

$

(252

)

 

$

(144

)

 

$

(118

)

 

$

(172

)

 

$

(140

)

Changes in plan assets and benefit obligations
   recognized in other comprehensive income
   and regulatory assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year net actuarial (gain) loss

 

$

304

 

 

$

726

 

 

$

(782

)

 

$

(125

)

 

$

246

 

 

$

(282

)

Prior service (credit) cost

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

Settlements and curtailments(1)

 

 

—

 

 

 

(3

)

 

 

(36

)

 

 

—

 

 

 

10

 

 

 

—

 

Less amounts included in net periodic benefit
   cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial gain (loss)

 

 

—

 

 

 

(159

)

 

 

(193

)

 

 

6

 

 

 

2

 

 

 

(4

)

Amortization of prior service credit (cost)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

36

 

 

 

38

 

 

 

42

 

Sale of Hope

 

 

—

 

 

 

(47

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total recognized in other comprehensive
   income and regulatory assets and liabilities

 

$

306

 

 

$

517

 

 

$

(1,011

)

 

$

(83

)

 

$

296

 

 

$

(257

)

Significant assumptions used to determine
   periodic cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

5.65%-5.75%

 

 

3.06%-3.19%

 

 

2.73%-3.29%

 

 

5.69%-5.70%

 

 

3.04%-5.03%

 

 

2.69%-2.80%

 

Expected long-term rate of return on plan assets

 

7.00%-8.35%

 

 

7.00%-8.35%

 

 

7.00%-8.45%

 

 

8.35%

 

 

8.35%

 

 

8.45%

 

Weighted average rate of increase for
   compensation

 

4.38%

 

 

4.51%

 

 

4.53%

 

 

n/a

 

 

n/a

 

 

n/a

 

Crediting interest rate for cash balance and similar
   plans

 

4.40%-4.50%

 

 

1.81%-1.94%

 

 

1.93%-2.15%

 

 

n/a

 

 

n/a

 

 

n/a

 

Healthcare cost trend rate(2)

 

 

 

 

 

 

 

 

 

 

7.00%

 

 

6.25%

 

 

6.25%

 

Rate to which the cost trend rate is assumed to
   decline (the ultimate trend rate)(2)

 

 

 

 

 

 

 

 

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

Year that the rate reaches the ultimate trend rate(2)

 

 

 

 

 

 

 

 

 

 

2030

 

 

2026-2027

 

 

2026-2027

 
(1)
2023 and 2021 amounts relate primarily to the Dominion Energy executive nonqualified pension plan. 2022 amounts relate primarily to Dominion Energy’s sale of Hope.
(2)
Assumptions used to determine net periodic cost for the following year.
Components of AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost

The components of AOCI and regulatory assets and liabilities for Dominion Energy’s plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:

 

 

Pension Benefits

 

 

Other
Postretirement
Benefits

 

At December 31,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

$

3,018

 

 

$

2,714

 

 

$

(35

)

 

$

84

 

Prior service (credit) cost

 

 

5

 

 

 

3

 

 

 

(121

)

 

 

(157

)

Total(1)

 

$

3,023

 

 

$

2,717

 

 

$

(156

)

 

$

(73

)
(1)
As of December 31, 2023, of the $3.0 billion and $(156) million related to pension benefits and other postretirement benefits, $1.8 billion and $(38) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $173 million presented in assets and liabilities held for sale. As of December 31, 2022, of the $2.7 billion and $(73) million related to pension benefits and other postretirement benefits, $1.7 billion and $14 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $170 million presented in assets and liabilities held for sale.
v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Long-term Purchase Commitment

At December 31, 2023, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services:

 

 

 

2024

 

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchased electric capacity(1)

 

$

62

 

 

$

62

 

 

$

64

 

 

$

64

 

 

$

64

 

 

$

412

 

 

$

728

 
(1)
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2040. Energy payments are generally based on fixed dollar amounts per month and totaled $58 million and $61 million for the years ended December 31, 2023 and 2022, respectively.
Schedule of Subsidiary Guarantees

At December 31, 2023, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,854

 

Nuclear obligations(2)

 

 

244

 

Solar(3)

 

 

215

 

Other(4)

 

 

1,193

 

Total(5)(6)

 

$

4,506

 
(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.
(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 December 31, 2023, no amounts have been recorded related to this guarantee.
v3.24.0.1
Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Virginia Electric and Power Company  
Schedule of Related Party Transactions

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

Year Ended December 31,

 

2023

 

 

2022

 

 

2021

 

(millions)

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

582

 

 

$

1,423

 

 

$

742

 

Services provided by affiliates(1)

 

 

605

 

 

 

519

 

 

 

494

 

Services provided to affiliates

 

 

20

 

 

 

18

 

 

 

18

 
Includes capitalized expenditures of $210 million, $177 million and $161 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Operating Segments (Tables)
 12 Months Ended
Dec. 31, 2023
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:

Year Ended December 31,

 

Dominion Energy Virginia

 

 

Dominion Energy South Carolina

 

 

Contracted Energy

 

 

Corporate
and Other

 

 

Adjustments &
Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

9,575

 

 

$

3,369

 

 

$

835

 

 

$

614

 

 

$

—

 

 

$

14,393

 

Intersegment revenue

 

 

(2

)

 

 

6

 

 

 

16

 

 

 

939

 

 

 

(959

)

 

 

—

 

Total operating revenue

 

 

9,573

 

 

 

3,375

 

 

 

851

 

 

 

1,553

 

 

 

(959

)

 

 

14,393

 

Depreciation and amortization

 

 

1,622

 

 

 

531

 

 

 

105

 

 

 

322

 

 

 

—

 

 

 

2,580

 

Equity in earnings of equity method
   investees

 

 

—

 

 

 

—

 

 

 

(34

)

 

 

8

 

 

 

—

 

 

 

(26

)

Interest income (expense)

 

 

15

 

 

 

6

 

 

 

96

 

 

 

196

 

 

 

(206

)

 

 

107

 

Interest and related charges (benefit)

 

 

772

 

 

 

249

 

 

 

44

 

 

 

815

 

 

 

(206

)

 

 

1,674

 

Income tax expense

 

 

471

 

 

 

79

 

 

 

15

 

 

 

10

 

 

 

—

 

 

 

575

 

Net loss from discontinued
   operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(163

)

 

 

—

 

 

 

(163

)

Net income (loss) attributable to
   Dominion Energy

 

 

1,684

 

 

 

377

 

 

 

99

 

 

 

(166

)

 

 

—

 

 

 

1,994

 

Investment in equity method
   investees(1)

 

 

—

 

 

 

—

 

 

 

80

 

 

 

188

 

 

 

—

 

 

 

268

 

Capital expenditures

 

 

7,196

 

 

 

957

 

 

 

740

 

 

 

1,342

 

 

 

—

 

 

 

10,235

 

Total assets (billions)

 

 

60.7

 

 

 

17.3

 

 

 

9.1

 

 

 

26.0

 

 

 

(4.1

)

 

 

109.0

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

9,658

 

 

$

3,323

 

 

$

884

 

 

$

73

 

 

$

—

 

 

$

13,938

 

Intersegment revenue

 

 

(15

)

 

 

7

 

 

 

18

 

 

 

849

 

 

 

(859

)

 

 

—

 

Total operating revenue

 

 

9,643

 

 

 

3,330

 

 

 

902

 

 

 

922

 

 

 

(859

)

 

 

13,938

 

Depreciation and amortization

 

 

1,452

 

 

 

507

 

 

 

123

 

 

 

360

 

 

 

—

 

 

 

2,442

 

Equity in earnings of equity method
   investees

 

 

—

 

 

 

—

 

 

 

2

 

 

 

19

 

 

 

—

 

 

 

21

 

Interest income (expense)

 

 

17

 

 

 

6

 

 

 

75

 

 

 

61

 

 

 

(50

)

 

 

109

 

Interest and related charges (benefit)

 

 

645

 

 

 

220

 

 

 

18

 

 

 

169

 

 

 

(50

)

 

 

1,002

 

Income tax expense (benefit)

 

 

514

 

 

 

132

 

 

 

55

 

 

 

(588

)

 

 

—

 

 

 

113

 

Net income from discontinued
   operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

894

 

 

 

—

 

 

 

894

 

Net income (loss) attributable to
   Dominion Energy

 

 

1,905

 

 

 

505

 

 

 

188

 

 

 

(1,277

)

 

 

—

 

 

 

1,321

 

Investment in equity method
   investees(1)

 

 

—

 

 

 

—

 

 

 

103

 

 

 

192

 

 

 

—

 

 

 

295

 

Capital expenditures

 

 

5,187

 

 

 

708

 

 

 

683

 

 

 

1,180

 

 

 

—

 

 

 

7,758

 

Total assets (billions)

 

 

55.3

 

 

 

17.2

 

 

 

8.2

 

 

 

29.6

 

 

 

(5.5

)

 

 

104.8

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

7,990

 

 

$

2,968

 

 

$

1,017

 

 

$

(617

)

 

$

61

 

 

$

11,419

 

Intersegment revenue

 

 

(14

)

 

 

7

 

 

 

67

 

 

 

841

 

 

 

(901

)

 

 

—

 

Total operating revenue

 

 

7,976

 

 

 

2,975

 

 

 

1,084

 

 

 

224

 

 

 

(840

)

 

 

11,419

 

Depreciation and amortization

 

 

1,296

 

 

 

486

 

 

 

176

 

 

 

159

 

 

 

—

 

 

 

2,117

 

Equity in earnings of equity method
   investees

 

 

—

 

 

 

(3

)

 

 

(2

)

 

 

20

 

 

 

—

 

 

 

15

 

Interest income (expense)

 

 

11

 

 

 

10

 

 

 

81

 

 

 

12

 

 

 

(19

)

 

 

95

 

Interest and related charges (benefit)

 

 

535

 

 

 

206

 

 

 

44

 

 

 

489

 

 

 

(19

)

 

 

1,255

 

Income tax expense (benefit)

 

 

516

 

 

 

125

 

 

 

47

 

 

 

(869

)

 

 

—

 

 

 

(181

)

Net income from discontinued
   operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,358

 

 

 

—

 

 

 

1,358

 

Net income attributable to
   Dominion Energy

 

 

1,863

 

 

 

437

 

 

 

226

 

 

 

873

 

 

 

—

 

 

 

3,399

 

Capital expenditures

 

 

3,756

 

 

 

694

 

 

 

420

 

 

 

1,191

 

 

 

—

 

 

 

6,061

 
(1)
Excludes liability to Atlantic Coast Pipeline.
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:

 

Year Ended December 31,

 

Dominion Energy Virginia

 

 

Corporate and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

9,573

 

 

$

—

 

 

$

9,573

 

Depreciation and amortization

 

 

1,622

 

 

 

249

 

 

 

1,871

 

Interest income

 

 

15

 

 

 

—

 

 

 

15

 

Interest and related charges (benefit)

 

 

772

 

 

 

(8

)

 

 

764

 

Income tax expense (benefit)

 

 

471

 

 

 

(82

)

 

 

389

 

Net income (loss)

 

 

1,684

 

 

 

(232

)

 

 

1,452

 

Capital expenditures

 

 

7,196

 

 

 

—

 

 

 

7,196

 

Total assets (billions)

 

 

58.6

 

 

 

—

 

 

 

58.6

 

2022

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

9,643

 

 

$

11

 

 

$

9,654

 

Depreciation and amortization

 

 

1,452

 

 

 

284

 

 

 

1,736

 

Interest income

 

 

17

 

 

 

—

 

 

 

17

 

Interest and related charges (benefit)

 

 

645

 

 

 

(3

)

 

 

642

 

Income tax expense (benefit)

 

 

514

 

 

 

(220

)

 

 

294

 

Net income (loss)

 

 

1,905

 

 

 

(793

)

 

 

1,112

 

Capital expenditures

 

 

5,187

 

 

 

—

 

 

 

5,187

 

Total assets (billions)

 

 

53.2

 

 

 

—

 

 

 

53.2

 

2021

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

7,976

 

 

$

(506

)

 

$

7,470

 

Depreciation and amortization

 

 

1,296

 

 

 

68

 

 

 

1,364

 

Interest income

 

 

11

 

 

 

—

 

 

 

11

 

Interest and related charges (benefit)

 

 

535

 

 

 

(1

)

 

 

534

 

Income tax expense (benefit)

 

 

516

 

 

 

(69

)

 

 

447

 

Net income (loss)

 

 

1,863

 

 

 

(201

)

 

 

1,662

 

Capital expenditures

 

 

3,756

 

 

 

—

 

 

 

3,756

 
v3.24.0.1
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Data [Line Items]  
Summary of Quarterly Results of Operations A summary of the Companies’ quarterly results of operations for the years ended December 31, 2023 and 2022 are as follows.

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,883

 

 

$

3,166

 

 

$

3,810

 

 

$

3,534

 

Income from continuing operations

 

 

1,079

 

 

 

594

 

 

 

1,029

 

 

 

712

 

Net income from continuing operations including
    noncontrolling interests

 

 

700

 

 

 

415

 

 

 

698

 

 

 

344

 

Net income (loss) from discontinued operations including
   noncontrolling interest

 

 

281

 

 

 

168

 

 

 

(541

)

 

 

(71

)

Net income including noncontrolling interests

 

 

981

 

 

 

583

 

 

 

157

 

 

 

273

 

Net income attributable to Dominion Energy

 

 

981

 

 

 

583

 

 

 

157

 

 

 

273

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.81

 

 

 

0.47

 

 

 

0.81

 

 

 

0.39

 

Net income (loss) from discontinued operations

 

 

0.34

 

 

 

0.20

 

 

 

(0.65

)

 

 

(0.09

)

Net income attributable to Dominion Energy

 

 

1.15

 

 

 

0.67

 

 

 

0.16

 

 

 

0.30

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

 

0.81

 

 

 

0.47

 

 

 

0.81

 

 

 

0.39

 

Net income (loss) from discontinued operations

 

 

0.34

 

 

 

0.20

 

 

 

(0.65

)

 

 

(0.09

)

Net income attributable to Dominion Energy

 

 

1.15

 

 

 

0.67

 

 

 

0.16

 

 

 

0.30

 

Dividends declared per preferred share (Series A)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Dividends declared per preferred share (Series B)

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,112

 

 

$

3,058

 

 

$

3,961

 

 

$

3,807

 

Income (loss) from continuing operations

 

 

643

 

 

 

(461

)

 

 

998

 

 

 

253

 

Net income (loss) from continuing operations including
    noncontrolling interests

 

 

279

 

 

 

(659

)

 

 

585

 

 

 

222

 

Net income from discontinued operations including
   noncontrolling interest

 

 

410

 

 

 

212

 

 

 

150

 

 

 

122

 

Net income (loss) including noncontrolling interests

 

 

689

 

 

 

(447

)

 

 

735

 

 

 

344

 

Net income (loss) attributable to Dominion Energy

 

 

689

 

 

 

(447

)

 

 

735

 

 

 

344

 

Basic EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

0.32

 

 

 

(0.84

)

 

 

0.68

 

 

 

0.24

 

Net income from discontinued operations

 

 

0.50

 

 

 

0.26

 

 

 

0.18

 

 

 

0.15

 

Net income (loss) attributable to Dominion Energy

 

 

0.82

 

 

 

(0.58

)

 

 

0.86

 

 

 

0.39

 

Diluted EPS:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) from continuing operations

 

 

0.31

 

 

 

(0.84

)

 

 

0.68

 

 

 

0.24

 

Net income from discontinued operations

 

 

0.50

 

 

 

0.26

 

 

 

0.18

 

 

 

0.15

 

Net income (loss) attributable to Dominion Energy

 

 

0.81

 

 

 

(0.58

)

 

 

0.86

 

 

 

0.39

 

Dividends declared per preferred share (Series A)

 

 

4.375

 

 

 

2.917

 

 

 

—

 

 

 

—

 

Dividends declared per preferred share (Series B)

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

 

 

11.625

 

Dividends declared per preferred share (Series C)

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

 

 

10.875

 

Dividends declared per common share

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 

 

 

0.6675

 
Virginia Electric and Power Company  
Quarterly Financial Data [Line Items]  
Summary of Quarterly Results of Operations

 

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,384

 

 

$

2,252

 

 

$

2,645

 

 

$

2,292

 

Income from operations

 

 

597

 

 

 

554

 

 

 

819

 

 

 

504

 

Net income

 

 

355

 

 

 

334

 

 

 

475

 

 

 

288

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,167

 

 

$

2,176

 

 

$

2,875

 

 

$

2,436

 

Income from operations

 

 

562

 

 

 

237

 

 

 

802

 

 

 

447

 

Net income

 

 

336

 

 

 

42

 

 

 

516

 

 

 

218

 
v3.24.0.1
Nature of Operations (Details) - Segment
 12 Months Ended
Dec. 31, 2023
Jul. 31, 2023
Dec. 31, 2022
Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
Number of operating segments 1    
Cove Point      
Segment Reporting Information [Line Items]      
Percentage of noncontrolling limited partnership interest retained [1] 50.00%    
Cove Point | GT&S Transaction      
Segment Reporting Information [Line Items]      
Percentage of noncontrolling limited partnership interest retained     50.00%
Cove Point | GT&S Transaction | BHE      
Segment Reporting Information [Line Items]      
Percentage of noncontrolling limited partnership interest retained   50.00%  
[1] Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
v3.24.0.1
Significant Accounting Policies (Narrative) (Detail) - USD ($)
$ in Millions
Jan. 01, 2021
Dec. 31, 2023
Dec. 31, 2022
Significant Accounting Policies [Line Items]      
Increase (decrease) in retained earnings $ 660    
Cumulative increase to noncontrolling interests 223    
Accrued unbilled revenue   $ 1,000 $ 1,100
Current Assets Held for Sale | Held for Sale      
Significant Accounting Policies [Line Items]      
Accrued unbilled revenue   284 324
Virginia Electric and Power Company      
Significant Accounting Policies [Line Items]      
Increase (decrease) in retained earnings $ 143    
Accrued unbilled revenue   $ 550 $ 620
Four Brothers And Three Cedars | Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Nonregulated Solar Projects      
Significant Accounting Policies [Line Items]      
Percentage of equity interest sold to noncontrolling interest owners   33.00%  
v3.24.0.1
Significant Accounting Policies (Narrative) (Detail 1)
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2024
USD ($)
$ / shares
Jan. 31, 2022
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
MWh
$ / shares
Sep. 30, 2023
$ / shares
Jun. 30, 2023
$ / shares
Mar. 31, 2023
$ / shares
Mar. 31, 2022
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
MWh
$ / shares
Dec. 31, 2022
USD ($)
MWh
Dec. 31, 2021
USD ($)
Significant Accounting Policies [Line Items]                    
Reversal of interest expense on uncertain tax positions effectively settled               $ 21,000,000    
Reversal of penalty expense on uncertain tax positions effectively settled               7,000,000    
Margin deposit assets     $ 38,000,000         38,000,000 $ 480,000,000  
Margin liabilities     $ 15,000,000         15,000,000 0  
Capitalized interest costs and Capitalized interest costs and AFUDC               $ 159,000,000 $ 84,000,000 $ 96,000,000
Increase in EPS | $ / shares     $ 0.07 $ (0.02) $ (0.01) $ (0.02)        
Finite Lived Intangible Asset Useful Life     35 years         35 years    
Estimated proved developed or proved gas and oil reserves rate per unit | MWh     1.73         1.73 1.67  
Cost saving incentive               $ 4,000,000 $ 27,000,000 0
Non-jurisdictional and Certain Nonutility Solar Generation Facilities                    
Significant Accounting Policies [Line Items]                    
Finite Lived Intangible Asset Useful Life   35 years                
Change in Depreciation Rates from New Depreciation Study                    
Significant Accounting Policies [Line Items]                    
Increase in EPS | $ / shares             $ 0.05      
Revision of Estimated Useful Life | Non-jurisdictional and Certain Nonutility Solar Generation Facilities                    
Significant Accounting Policies [Line Items]                    
Increase (decrease) in depreciation expense   $ (16,000,000)           (40,000,000)    
Increase (decrease) in depreciation expense, after tax   $ (12,000,000)           $ (30,000,000)    
Increase in EPS | $ / shares   $ 0.02           $ 0.04    
Revision of Estimated Useful Life | Non-jurisdictional and Certain Nonutility Solar Generation Facilities | Subsequent Event                    
Significant Accounting Policies [Line Items]                    
Increase (decrease) in depreciation expense $ 15,000,000                  
Increase (decrease) in depreciation expense, after tax $ 11,000,000                  
Increase in EPS | $ / shares $ 0.01                  
Virginia Electric and Power Company                    
Significant Accounting Policies [Line Items]                    
Percentage of fuel currently subject to deferred fuel accounting               86.00%    
Margin deposit assets     $ 35,000,000         $ 35,000,000 310,000,000  
Margin liabilities     0         0 0  
Capitalized interest costs and Capitalized interest costs and AFUDC               86,000,000 66,000,000 78,000,000
AFUDC recorded as regulatory asset                 34,000,000 $ 35,000,000
Finite Lived Intangible Asset Useful Life   35 years                
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study                    
Significant Accounting Policies [Line Items]                    
Increase (decrease) in depreciation expense             $ (60,000,000)      
Increase (decrease) in depreciation expense, after tax             $ (45,000,000)      
Virginia Electric and Power Company | Revision of Estimated Useful Life                    
Significant Accounting Policies [Line Items]                    
Increase (decrease) in depreciation expense   $ (6,000,000)                
Increase (decrease) in depreciation expense, after tax   $ (4,000,000)                
Virginia Electric and Power Company | Electric Generation Facilities                    
Significant Accounting Policies [Line Items]                    
Charges recorded with dismantling               25,000,000 167,000,000  
Charges recorded with dismantling after tax               19,000,000 124,000,000  
Virginia Electric and Power Company | Maximum                    
Significant Accounting Policies [Line Items]                    
AFUDC recorded as regulatory asset     1,000,000         1,000,000    
Virginia Electric and Power Company | Affiliated Entity                    
Significant Accounting Policies [Line Items]                    
Income tax receivable     40,000,000         40,000,000    
Income tax payable                 22,000,000  
Virginia Electric and Power Company | Affiliated Entity | Federal                    
Significant Accounting Policies [Line Items]                    
Income tax receivable     45,000,000         45,000,000    
Income tax payable                 25,000,000  
Virginia Electric and Power Company | Affiliated Entity | State                    
Significant Accounting Policies [Line Items]                    
Income tax receivable                 $ 3,000,000  
Income tax payable     $ 5,000,000         $ 5,000,000    
DESC                    
Significant Accounting Policies [Line Items]                    
Percentage of fuel currently subject to deferred fuel accounting               96.00%    
v3.24.0.1
Significant Accounting Policies (Narrative) (Detail 2) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended 24 Months Ended
Jul. 31, 2023
Apr. 30, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2022
Dec. 31, 2023
Jan. 31, 2022
Significant Accounting Policies [Line Items]              
Finite Lived Intangible Asset Useful Life           35 years  
Impairment of Assets and Other Charges              
Significant Accounting Policies [Line Items]              
Inventory balances wrote off     $ 40        
Inventory balances wrote off, after tax     30        
Minimum              
Significant Accounting Policies [Line Items]              
Lease extend term           1 year  
Maximum              
Significant Accounting Policies [Line Items]              
Lease extend term           70 years  
Virginia Electric and Power Company              
Significant Accounting Policies [Line Items]              
Finite Lived Intangible Asset Useful Life             35 years
Virginia Electric and Power Company | Biennial Review              
Significant Accounting Policies [Line Items]              
Authorized return percentage 9.35% 9.35%          
Virginia Electric and Power Company | Triennial Review              
Significant Accounting Policies [Line Items]              
Authorized return percentage   70.00%     70.00%    
Virginia Electric and Power Company | Forecast | Biennial Review              
Significant Accounting Policies [Line Items]              
Authorized return percentage       9.70%      
Virginia Electric and Power Company | Impairment of Assets and Other Charges              
Significant Accounting Policies [Line Items]              
Inventory balances wrote off     19        
Inventory balances wrote off, after tax     14        
Dominion Energy Gas Holdings, LLC              
Significant Accounting Policies [Line Items]              
Inventory under LIFO method     14   $ 14 $ 18  
Amount exceeded on LIFO basis     $ 129   $ 129 $ 42  
v3.24.0.1
Significant Accounting Policies (Schedule of Increase (Decrease) to Each Affected Line Item in Companies' Consolidated Financial Statements) (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Income tax expense $ 173                 $ 575 $ 113 $ (181)
Net income from continuing operations                   2,157 427 2,041
Net income from discontinued operations                   $ (163) $ 894 $ 1,358
Earnings per share   $ 0.3 $ 0.16 $ 0.67 $ 1.15 $ 0.39 $ 0.86 $ (0.58) $ 0.82 $ 2.29 $ 1.49 $ 4.12
Impairment of assets and other charges                   $ 307 $ 1,401 $ 194
Losses (gains) on sales of assets                     (27) (685)
Depreciation and amortization                   2,580 2,442 2,117
Deferred income taxes and investment tax credits   $ 6,611       $ 5,021       6,611 5,021  
Noncurrent regulatory liabilities   8,674       8,435       8,674 8,435  
Property, plant and equipment   58,780       52,312       58,780 52,312  
Accumulated depreciation and amortization   24,637       23,396       24,637 23,396  
Intangible assets, net   945       813       945 813  
Operating lease assets [1]   578       473       578 473  
Change in Method of Accounting for Investment Tax Credits at Nonregulated Operations                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Income tax expense                   (19) 94 (340)
Net income from continuing operations [2]                   19 $ (94) $ 340
Net income from discontinued operations [3]                   $ 13    
Earnings per share [2]                   $ 0.04 $ (0.11) $ 0.42
Deferred income taxes and investment tax credits   589       625       $ 589 $ 625  
Noncurrent regulatory liabilities   23       18       23 18  
Other Impacts                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Income tax expense [4]                   (4) 139 $ (81)
Net income from continuing operations [4],[5],[6]                   $ (14) $ 421 $ (230)
Earnings per share [4],[5]                   $ (0.02) $ 0.51 $ (0.28)
Impairment of assets and other charges [4]                     $ (560)  
Losses (gains) on sales of assets [4]                       $ (303)
Depreciation and amortization [4]                   $ 18   13
Other Impacts | Change in Method of Accounting for Investment Tax Credits at Nonregulated Operations                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Deferred income taxes and investment tax credits [7]   135       139       135 139  
Property, plant and equipment [7]   533       533       533 533  
Accumulated depreciation and amortization [7]   60       44       60 44  
Intangible assets, net [7]   14       14       14 14  
Operating lease assets [7],[8]   55       57       55 57  
Virginia Power                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Income tax expense                   389 294 447
Depreciation and amortization                   1,871 1,736 1,364
Deferred income taxes and investment tax credits   3,624       3,065       3,624 3,065  
Noncurrent regulatory liabilities   5,978       5,517       5,978 5,517  
Property, plant and equipment   43,867       38,479       43,867 38,479  
Accumulated depreciation and amortization   17,096       16,218       17,096 16,218  
Intangible assets, net   653       536       653 536  
Operating lease assets [1]   393       294       393 294  
Virginia Power | Change in Method of Accounting for Investment Tax Credits at Nonregulated Operations                        
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                        
Income tax expense                   (9) 103 50
Net income from continuing operations [2]                   9 (103) $ (50)
Deferred income taxes and investment tax credits   264       278       264 278  
Noncurrent regulatory liabilities   $ 23       $ 18       $ 23 $ 18  
[1] Dominion Energy includes $561 million and $451 million at December 31, 2023 and 2022, respectively, in other deferred charges and other assets, with the remaining balance in noncurrent assets held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred charges and other assets in its Consolidated Balance Sheets.
[2] The impact to Dominion Energy's net income from continuing operations includes an increase (decrease) of $(13) million ($(0.02) per share), $(12) million ($(0.01) per share), $(15) million ($(0.02) per share) and $59 million ($0.07 per share) for the first, second, third and fourth quarters of 2023, respectively. Virginia Power's net income includes an increase of $2 million, $2 million, $2 million and $3 million for the first, second, third and fourth quarters of 2023, respectively.
[3] The impact to Dominion Energy's income tax expense presented within net income from discontinued operations resulted in an increase of $0.02 per share in the third quarter of 2023.
[4] Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
[5] Includes a decrease of $6 million attributable to noncontrolling interests for the year ended December 31, 2021.
[6] The impact to Dominion Energy's net income from continuing operations includes a decrease of $3 million (less than $0.01 per share), $3 million (less than $0.01 per share), $4 million (less than $0.01 per share) and $4 million (less than $0.01 per share) for the first, second, third and fourth quarters of 2023, respectively.
[7] Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021.
[8] Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
v3.24.0.1
Significant Accounting Policies - Schedule of Increase (Decrease) to Each Affected Line Item in Companies' Consolidated Financial Statements (Parenthetical) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Increase (decrease) in net income from continuing operations $ 59 $ (15) $ (12) $ (13)  
increase (decrease) in earnings per share $ 0.07 $ (0.02) $ (0.01) $ (0.02)  
Increase in earnings per share from discontinued operations   $ 0.02      
Indirect Impacts          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Increase (decrease) in net income from continuing operations $ (4) $ (4) $ (3) $ (3)  
Decrease in income attributable to noncontrolling interests         $ (6)
Maximum | Indirect Impacts          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
increase (decrease) in earnings per share $ 0.01 $ 0.01 $ 0.01 $ 0.01  
Virginia Power          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Increase (decrease) in net income $ 3 $ 2 $ 2 $ 2  
v3.24.0.1
Significant Accounting Policies (Checks the Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accounts Payable [Line Items]    
Accounts payable for checks outstanding [1] $ 54 $ 35
Virginia Electric and Power Company    
Accounts Payable [Line Items]    
Accounts payable for checks outstanding $ 44 $ 21
[1] In addition, at December 31, 2023 and 2022, Dominion Energy had $19 million and $14 million, respectively, of checks outstanding but not yet presented for payment included in current liabilities held for sale.
v3.24.0.1
Significant Accounting Policies (Checks the Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Accounts Payable [Line Items]    
Accounts payable checks current liabilities held for sale $ 19 $ 14
v3.24.0.1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 217 $ 153 $ 283 $ 179
Cash and cash equivalents 184 119    
Restricted cash and equivalents [2],[3] 84 188 125 68
Restricted cash and equivalents 4 2 3 3
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 301 341 408 247
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 90 22 26 35
Restricted cash and equivalents [3]   2    
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 90 $ 24 $ 26 $ 35
[1] At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $33 million, $34 million, $49 million and $21 million, respectively, of cash and cash equivalents included in current assets held for sale.
[2] At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $4 million, $2 million, $3 million and $3 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
[3] Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
v3.24.0.1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 184 $ 119    
Restricted cash and equivalents $ 4 $ 2 $ 3 $ 3
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Disposal Group, Including Discontinued Operation, Assets, Current Disposal Group, Including Discontinued Operation, Assets, Current Disposal Group, Including Discontinued Operation, Assets, Current Disposal Group, Including Discontinued Operation, Assets, Current
Current Assets Held for Sale        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 33 $ 34 $ 49 $ 21
v3.24.0.1
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule Of Supplemental Cash Flow Information [Line Items]      
Interest and related charges, excluding capitalized amounts $ 1,991 $ 1,408 $ 1,340
Income taxes 286 139 160
Significant noncash investing and financing activities:      
Accrued capital expenditures [1],[2] 1,085 979 637
Leases [3] 255 144 96
Virginia Electric and Power Company      
Schedule Of Supplemental Cash Flow Information [Line Items]      
Interest and related charges, excluding capitalized amounts 709 599 501
Income taxes (47) (54) 109
Significant noncash investing and financing activities:      
Accrued capital expenditures 807 665 363
Leases [4] $ 203 $ 116 $ 79
[1] See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler and Dominion Privatization.
[2] See Notes 18, 19, 20 and 23 for noncash financing activities related to the contribution of stock to Dominion Energy’s defined benefit pension plan, remarketing of Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation.
[3] Includes $44 million of finance leases and $211 million of operating leases entered in 2023, $34 million of finance leases and $110 million of operating leases entered in 2022 and $47 million of finance leases and $49 million of operating leases entered in 2021.
[4] Includes $30 million of finance leases and $173 million of operating leases entered in 2023, $26 million of finance leases and $90 million of operating leases entered in 2022 and $37 million of finance leases and $42 million of operating leases entered in 2021.
v3.24.0.1
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule Of Supplemental Cash Flow Information [Line Items]      
Financing leases $ 44 $ 34 $ 47
Operating leases 211 110 49
Virginia Electric and Power Company      
Schedule Of Supplemental Cash Flow Information [Line Items]      
Financing leases 30 26 37
Operating leases $ 173 $ 90 $ 42
v3.24.0.1
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Nonregulated Generation-Nuclear | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 54 years    
Nonregulated Generation-Nuclear | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 64 years    
Nonregulated Generation Solar | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 30 years    
Nonregulated Generation Solar | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 35 years    
General and Other | Minimum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 5 years    
General and Other | Maximum      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives [1] 50 years    
Generation      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 2.65% 2.71% 2.63%
Generation | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.75% 2.84% 2.69%
Transmission      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 2.32% 2.32% 2.52%
Transmission | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.29% 2.29% 2.51%
Distribution      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 2.72% 2.80% 2.85%
Distribution | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.78% 2.76% 3.18%
General and Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) [2] 4.20% 4.31% 4.36%
General and Other | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 4.60% 4.78% 5.08%
[1] The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.
[2] Excludes rates for depreciation reported as discontinued operations.
v3.24.0.1
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Feb. 23, 2024
Sep. 30, 2023
Aug. 31, 2023
Business Acquisition And Dispositions [Line Items]                
State     $ 282 $ 73 $ (49)      
Goodwill write-off [1]       110        
Deferred taxes     1,471 $ 102 $ 409      
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  
Termination fee             155  
Goodwill write-off $ 1,500              
Deferred taxes     $ 29          
Disposal group, transition services description     At the closing of the East Ohio 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 East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.          
Impairment of goodwill 50   $ 50          
Goodwill impairement after tax 45   45          
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) 30              
Disposal group, gain (loss) recorded after tax (370)              
Goodwill write-off 700              
Deferred taxes     $ 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  
Goodwill write-off 700   $ 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.          
Impairment of goodwill 284   $ 284          
Goodwill impairement after tax $ 279   $ 279          
Other Sales | Tredegar Solar Fund I, LLC                
Business Acquisition And Dispositions [Line Items]                
Disposal group, cash consideration               $ 21
Other Sales | Birdseye                
Business Acquisition And Dispositions [Line Items]                
Realizable fair value charge   $ 68            
Other Sales | Birdseye and Madison                
Business Acquisition And Dispositions [Line Items]                
Realizable fair value charge net of tax   $ 51            
Other Sales | Birdseye and Madison | Subsequent Event                
Business Acquisition And Dispositions [Line Items]                
Disposal group, cash consideration           $ 17    
[1] See Note 3 for additional information.
v3.24.0.1
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Income tax expense (benefit) $ 1,300 $ 197 $ 374
Net income (loss) attributable to Dominion Energy (163) 894 1,358
East Ohio | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue 1,037 1,043 908
Operating expense 701 [1] 702 [2] 620
Other income (expense) 30 28 25
Interest and related charges 71 36 18
Income (loss) before income taxes 295 333 295
Income tax expense (benefit) 69 [3] 45 38
Net income (loss) attributable to Dominion Energy 226 [4] 288 [5] 257 [6]
PSNC | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue 743 841 613
Operating expense 517 [1] 648 [2] 451
Other income (expense) 11 9 11
Interest and related charges 52 43 35
Income (loss) before income taxes 185 159 138
Income tax expense (benefit) 431 [3] 34 27
Net income (loss) attributable to Dominion Energy (246) [4] 125 [5] 111 [6]
Questar Gas and Wexpro | Enbridge      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue 1,679 1,341 1,020
Operating expense 1,602 [1] 1,043 [2] 761
Other income (expense) 8   (1)
Interest and related charges 68 45 35
Income (loss) before income taxes 17 253 223
Income tax expense (benefit) 521 [3] 50 42
Net income (loss) attributable to Dominion Energy (504) [4] 203 [5] 181 [6]
Other Sales      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue 15 11 5
Operating expense 111 [1] 118 [2] 6
Other income (expense) 0    
Interest and related charges 1    
Income (loss) before income taxes (97) (107) (1)
Income tax expense (benefit) (38) [3] (28) (1)
Net income (loss) attributable to Dominion Energy $ (59) [4] $ (79) [5]  
Disposition of Gas Transportation & Storage Operations | Q-Pipe Group      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Operating revenue [7]     254
Operating expense [7]     76
Other income (expense) [7],[8]     28
Interest and related charges [7]     25
Income (loss) before income taxes [7]     181
Income tax expense (benefit) [7]     36
Net income (loss) attributable to Dominion Energy [7],[9]     $ 145
[1] East Ohio Transaction includes a charge of $50 million ($45 million after-tax) primarily for an impairment of associated goodwill, Questar Gas Transaction includes a charge of $284 million ($279 million after-tax) primarily for an impairment of associated goodwill and Other includes a charge of $68 million ($51 million after-tax) associated with the impairment of nonregulated solar generation facility development operations and a charge of $15 million ($11 million after-tax) associated with the impairment of certain nonregulated solar assets.
[2] Other includes a charge of $103 million ($76 million after-tax) associated with the impairment of a nonregulated solar generation asset.
[3] Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
[4] Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2023.
[5] Excludes $(3) million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2022.
[6] Excludes $19 million of income tax expense (benefit) attributable to consolidated state tax adjustments for the year ended December 31, 2021.
[7] Operations associated with the Q-Pipe Group are through the December 31, 2021 closing date.
[8] Q-Pipe Group includes a $25 million benefit associated with the termination of the Q-Pipe Transaction in 2021.
[9] Excludes $19 million of income tax expense (benefit) attributable to consolidated state and interim period tax allocation adjustments for the year ended December 31, 2021.
v3.24.0.1
Acquisitions and Dispositions (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Income tax expense (benefit)   $ 1,300 $ 197 $ 374
Benefit associated with the termination       25
Impairment of assets and other charges   307 1,401 194
East Ohio | Enbridge        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Impairment of goodwill $ 50 50    
Goodwill impairement after tax 45 45    
Income tax expense (benefit)   69 [1] 45 38
Questar Gas and Wexpro | Enbridge        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Impairment of goodwill 284 284    
Goodwill impairement after tax $ 279 279    
Income tax expense (benefit)   521 [1] 50 42
Other        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Income tax expense (benefit)   (38) [1] (28) (1)
Other | Nonregulated Solar Assets        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Impairment of assets and other charges   68    
Impairment of assets and other charges after tax   51    
Other | Nonregulated Solar Generation Facility        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Impairment of assets and other charges   15 103  
Impairment of assets and other charges after tax   11 76  
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)   $ (3) $ (3) 19
Gas, Transmission & Storage        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Income tax expense (benefit)       $ 19
[1] Includes amounts to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
v3.24.0.1
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
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets $ 18,529 $ 1,785
Current liabilities 8,885 1,403
East Ohio | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [1] 497 544
Property, plant and equipment, net 5,443 5,012
Other deferred charges and other assets, including goodwill and intangible assets [2] 2,659 2,629
Current liabilities [3],[4] 560 634
Long-term debt [5] 2,286 2,287
Other deferred credits and liabilities [6] 1,437 1,435
PSNC | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [1] 336 381
Property, plant and equipment, net 2,806 2,591
Other deferred charges and other assets, including goodwill and intangible assets [2] 834 822
Current liabilities [3],[4] 224 151
Long-term debt [5] 948 798
Other deferred credits and liabilities [6] 711 689
Questar Gas and Wexpro | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [1] 764 803
Property, plant and equipment, net 4,369 3,984
Other deferred charges and other assets, including goodwill and intangible assets [2] 766 1,043
Current liabilities [3],[4] 389 612
Long-term debt [5] 1,205 1,245
Other deferred credits and liabilities [6] 1,116 1,087
Other Sales | Tredegar Solar Fund I, LLC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [1] 1 10
Property, plant and equipment, net 26 50
Other deferred charges and other assets, including goodwill and intangible assets [2]   34
Current liabilities [3],[4] 7 6
Other deferred credits and liabilities [6] $ 2 $ 11
[1] Includes cash and cash equivalents of $4 million and $6 million within the East Ohio Transaction, $2 million and less than $1 million within the PSNC Transaction and $26 million and $28 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $75 million and $90 million within the East Ohio Transaction, $89 million and $95 million within the PSNC Transaction and $297 million and $273 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
[2] Includes goodwill of $1.5 billion and $673 million at both December 31, 2023 and 2022 within the East Ohio and PSNC Transactions, respectively, and $720 million and $983 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively. Also includes regulatory assets of $781 million and $751 million within the East Ohio Transaction, $86 million and $93 million within the PSNC Transaction and $(39) million and $(22) million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
[3] Includes regulatory liabilities of $54 million and $43 million within the East Ohio Transaction, $44 million and $11 million within the PSNC Transaction and $55 million and $144 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
[4] Questar Gas Transaction includes $40 million of 2.98% unsecured senior notes at December 31, 2023, which are scheduled to mature in December 2024.
[5] Includes East Ohio Unsecured Senior Notes due 2025 to 2052 at rates from 1.30% to 6.38% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.13%; PSNC Unsecured Senior Notes due 2026 to 2053 at rates from 3.10% to 7.45% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 4.67%; and Questar Gas Unsecured Senior Notes due 2024 to 2052 at rates from 2.21% to 7.20% and with a weighted-average coupon rate for debt outstanding at December 31, 2023 of 3.99%; in the East Ohio, PSNC and Questar Gas Transactions, respectively.
[6] Includes regulatory liabilities of $711 million and $749 million within the East Ohio Transaction, $435 million and $436 million within the PSNC Transaction and $502 million and $506 million within the Questar Gas Transaction at December 31, 2023 and 2022, respectively.
v3.24.0.1
Acquisitions and Dispositions - (Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Aggregate outstanding principal $ 40,206 $ 37,522
Weighted-average coupon rate for debt outstanding 5.69% 4.73%
Enbridge | East Ohio    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents $ 4 $ 6
Regulatory assets 75 90
Goodwill 1,500 1,500
Other deferred charges and other assets, including regulatory assets 781 751
Regulatory liabilities 54 43
Other deferred credits and liabilities including regulatory liabilities 711 749
Enbridge | PSNC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents 2  
Regulatory assets 89 95
Goodwill 673 673
Other deferred charges and other assets, including regulatory assets 86 93
Regulatory liabilities 44 11
Other deferred credits and liabilities including regulatory liabilities 435 436
Enbridge | PSNC | Maximum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents   1
Enbridge | Questar Gas and Wexpro    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Cash and Cash Equivalents 26 28
Regulatory assets 297 273
Goodwill 720 983
Other deferred charges and other assets, including regulatory assets 39 22
Regulatory liabilities 55 144
Other deferred credits and liabilities including regulatory liabilities 502 $ 506
Unsecured senior Notes 2.98% | Questar Gas and Wexpro    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Aggregate outstanding principal $ 40  
Interest Rate 2.98%  
Maturity period 2024-12  
Unsecured Senior Notes 1.30% to 6.38%, due 2025 to 2052 | East Ohio    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Weighted-average coupon rate for debt outstanding 3.13%  
Unsecured Senior Notes 1.30% to 6.38%, due 2025 to 2052 | East Ohio | Minimum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest Rate 1.30%  
Unsecured Senior Notes 1.30% to 6.38%, due 2025 to 2052 | East Ohio | Maximum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest Rate 6.38%  
Unsecured Senior Notes 3.10% to 7.45%, due 2026 to 2053 | PSNC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Weighted-average coupon rate for debt outstanding 4.67%  
Unsecured Senior Notes 3.10% to 7.45%, due 2026 to 2053 | PSNC | Minimum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest Rate 3.10%  
Unsecured Senior Notes 3.10% to 7.45%, due 2026 to 2053 | PSNC | Maximum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest Rate 7.45%  
Unsecured Senior Notes 2.21% to 7.20%, due 2024 to 2052 | Questar Gas and Wexpro    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Weighted-average coupon rate for debt outstanding 3.99%  
Unsecured Senior Notes 2.21% to 7.20%, due 2024 to 2052 | Questar Gas and Wexpro | Minimum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest Rate 2.21%  
Unsecured Senior Notes 2.21% to 7.20%, due 2024 to 2052 | Questar Gas and Wexpro | Maximum    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Interest Rate 7.20%  
v3.24.0.1
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Significant noncash items      
Depreciation and amortization $ 2,580 $ 2,442 $ 2,117
Accrued capital expenditures [1],[2] 1,085 979 637
Enbridge | East Ohio      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures 507 456 420 [3]
Significant noncash items      
Depreciation and amortization 148 134 122
Accrued capital expenditures 42 53 27
Enbridge | PSNC      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures 233 153 195 [3]
Significant noncash items      
Depreciation and amortization 90 87 81
Accrued capital expenditures 43 16 41
Enbridge | Questar Gas and Wexpro      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures 449 438 416 [3]
Significant noncash items      
Depreciation and amortization 175 163 168
Accrued capital expenditures 32 31 25
Tredegar Solar Fund I, LLC | Other Sales      
Significant noncash items      
Depreciation and amortization $ 2 $ 4 4
Dominion Energy Gas Holdings, LLC | Q-Pipe Group      
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]      
Capital expenditures     $ 34
[1] See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler and Dominion Privatization.
[2] See Notes 18, 19, 20 and 23 for noncash financing activities related to the contribution of stock to Dominion Energy’s defined benefit pension plan, remarketing of Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation.
[3] In November 2021, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase an existing natural gas gathering system in Wyoming including pipelines, compressors and dehydration equipment for total consideration of $41 million, included in the Questar Gas Transaction.
v3.24.0.1
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Parenthetical) (Detail)
$ in Millions
 1 Months Ended
Nov. 30, 2021
USD ($)
Wexpro | Natural Gas Gathering Systems | Questar Gas and Wexpro  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Payments to acquire existing natural gas gathering systems $ 41
v3.24.0.1
Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations) (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Jul. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Oct. 31, 2021
Nov. 30, 2020
Oct. 31, 2020
Jul. 31, 2020
Business Acquisition And Dispositions [Line Items]                  
Income tax expense $ 173   $ 575 $ 113 $ (181)        
Goodwill write-off [1]       110          
Disposal group, including discontinued operation, deposits   $ 1,300              
Term Loan Credit Agreement                  
Business Acquisition And Dispositions [Line Items]                  
Credit facility, description     The agreement matured in December 2021 and bore interest at a variable rate.            
Debt, maturity month and year   2021-12              
GT&S Transaction | BHE | Transition Service Agreement                  
Business Acquisition And Dispositions [Line Items]                  
Operating revenue     $ 9 20 21        
Disposal group, administrative services description     Dominion Energy provided specified administrative services to support the operations of the disposed business through June 2023 for certain services.            
GT&S Transaction | BHE | Cove Point                  
Business Acquisition And Dispositions [Line Items]                  
Percentage ownership in total units             50.00%    
GT&S Transaction | BHE | General Partner Interest                  
Business Acquisition And Dispositions [Line Items]                  
Percentage ownership in total units                 100.00%
GT&S Transaction | BHE | Limited Partner Interests                  
Business Acquisition And Dispositions [Line Items]                  
Percentage ownership in total units                 25.00%
Q-Pipe Group | BHE                  
Business Acquisition And Dispositions [Line Items]                  
Disposal group, cash consideration               $ 1,300  
Q-Pipe Group | Southwest Gas                  
Business Acquisition And Dispositions [Line Items]                  
Disposal group, total value of consideration           $ 2,000      
Disposal group, cash consideration           $ 1,500      
Cash proceeds received 1,500                
Disposal group, recognized a pre-tax gain 666       $ 666        
Gain (loss) on held for sale       27          
Gain (loss) on held for sale, after tax       20          
Goodwill write-off $ 191                
Q-Pipe Group | Southwest Gas | Transition Service Agreement                  
Business Acquisition And Dispositions [Line Items]                  
Operating revenue     $ 5 $ 6          
Disposal group, administrative services description     Dominion Energy provided specified administrative services to support the operations of the disposed businesses through July 2023 for certain services. Dominion Energy recorded $5 million and $6 million associated with the transition services agreement in operating revenue in the Consolidated Statements of Income for the years ended December 31, 2023 and 2022, respectively.            
Q-Pipe Transaction | BHE | Term Loan Credit Agreement                  
Business Acquisition And Dispositions [Line Items]                  
Credit facility, amount borrowed   $ 1,300              
[1] See Note 3 for additional information.
v3.24.0.1
Acquisitions and Dispositions (Sale of Hope) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Feb. 02, 2022
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition And Dispositions [Line Items]          
Goodwill write-off [1]       $ 110  
Deferred taxes     $ 1,471 $ 102 $ 409
Ullico Inc          
Business Acquisition And Dispositions [Line Items]          
Percentage of equity interests expected to be sold 100.00%        
Cash consideration from sale of equity interest $ 690        
Disposal group, recognized a pre-tax gain     14    
Disposal group, recognized a gain on disposal after tax     84    
Goodwill write-off     $ 110    
Deferred taxes   $ 90      
[1] See Note 3 for additional information.
v3.24.0.1
Acquisitions and Dispositions (Sale of Kewaunee) (Narrative) (Detail) - Dominion Energy Kewaunee, Inc - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2023
May 31, 2021
Business Acquisition And Dispositions [Line Items]      
Percentage of equity interests expected to be sold     100.00%
Disposal group, loss (gain) recorded $ 649    
Disposal group, loss (gain) recorded after tax $ 513    
Withdrawal to recover nuclear fuel and other permitted costs   $ 80  
v3.24.0.1
Acquisitions and Dispositions (Acquisition of Birdseye) (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended
May 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition And Dispositions [Line Items]        
Goodwill [1]   $ 4,143 $ 4,143 $ 4,253
Birdseye        
Business Acquisition And Dispositions [Line Items]        
Ownership interest acquired 100.00%      
Business acquisition, total consideration $ 46      
Business acquisition, cash consideration 28      
Business acquisition, fair value of consideration 18      
Other deferred charges and other assets, including intangible assets 25      
Goodwill $ 24      
[1] Goodwill amounts do not contain any accumulated impairment losses.
v3.24.0.1
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers $ 13,487 $ 14,552 $ 11,661
Other revenues [1],[2] 906 (614) (242)
Total operating revenue 14,393 13,938 11,419
Regulated Electric Sales | Residential      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 5,141 5,261 4,509
Regulated Electric Sales | Commercial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 4,556 4,480 3,194
Regulated Electric Sales | Industrial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 887 901 748
Regulated Electric Sales | Government and Other Retail      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 1,036 1,235 921
Regulated Electric Sales | Wholesale      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 176 234 175
Nonregulated Electric Sales      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 758 1,249 1,005
Regulated Gas Sales | Residential      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 293 331 322
Regulated Gas Sales | Commercial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 145 188 160
Regulated Gas Sales | Other      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 79 168 108
Regulated Gas Transportation and Storage      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 18 38 35
Other Regulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 253 296 248
Other Nonregulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers [2],[3] 145 171 236
Virginia Electric and Power Company      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 9,372 9,868 7,470
Other revenues [1],[2] 201 (214)  
Total operating revenue 9,573 9,654 7,470
Virginia Electric and Power Company | Regulated Electric Sales | Residential      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 3,863 4,039 3,366
Virginia Electric and Power Company | Regulated Electric Sales | Commercial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 3,632 3,647 2,417
Virginia Electric and Power Company | Regulated Electric Sales | Industrial      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 440 472 367
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 965 1,172 862
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 116 132 107
Virginia Electric and Power Company | Nonregulated Electric Sales      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 65 68 44
Virginia Electric and Power Company | Other Regulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 238 277 234
Virginia Electric and Power Company | Other Nonregulated Revenues      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers [2],[3] $ 53 $ 61 $ 73
[1] Includes alternative revenue of $162 million, $72 million and $44 million at both Dominion Energy and Virginia Power for years ended December 31, 2023, 2022 and 2021, respectively.
[2] See Note 25 for amounts attributable to related parties and affiliates.
[3] Includes sales of renewable energy credits of $44 million, $42 million and $33 million for the years ended December 31, 2023, 2022 and 2021, respectively, at Dominion Energy and $29 million, $18 million and $21 million for the years ended December 31, 2023, 2022 and 2021, respectively, at Virginia Power.
v3.24.0.1
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers $ 13,487 $ 14,552 $ 11,661
Renewable Energy Investment Tax Credits      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 44 42 33
Alternative Revenue Programs      
Public Utilities General Disclosures [Line Items]      
Other revenues 162 72 44
Virginia Electric and Power Company      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 9,372 9,868 7,470
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits      
Public Utilities General Disclosures [Line Items]      
Operating revenue from contracts with customers 29 18 21
Virginia Electric and Power Company | Alternative Revenue Programs      
Public Utilities General Disclosures [Line Items]      
Other revenues $ 162 $ 72 $ 44
v3.24.0.1
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenues From Contract With Customer [Line Items]    
Revenue recognized from contract liability balances $ 48 $ 42
Other Current Liabilities and Other Deferred Credits and Other Liabilities    
Revenues From Contract With Customer [Line Items]    
Contract liability balances 47 51
Virginia Electric and Power Company    
Revenues From Contract With Customer [Line Items]    
Revenue recognized from contract liability balances 39 33
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 $ 40 $ 39
v3.24.0.1
Income Taxes (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Aug. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 31, 2023
Dec. 31, 2020
Income Taxes [Line Items]                
State deferred income tax expense (benefit)       $ 282,000,000 $ 73,000,000 $ (49,000,000)    
Income tax expense (benefit)     $ 173,000,000 575,000,000 113,000,000 (181,000,000)    
Income tax expense (benefit) from discontinued operations       1,300,000,000 197,000,000 374,000,000    
Discontinued operations, deferred tax liabilities $ 939,000,000              
Deferred income tax expense (benefit)       1,471,000,000 102,000,000 409,000,000    
Income tax benefit associated with remeasurement of state deferred taxes       (45,000,000) (35,000,000) (42,000,000)    
Unrecognized tax benefits     128,000,000 110,000,000 117,000,000 128,000,000   $ 167,000,000
Unrecognized tax benefits that would impact effective tax rate     $ 72,000,000 52,000,000 64,000,000 72,000,000    
Pre-tax income       2,732,000,000 540,000,000 1,880,000,000    
Maximum                
Income Taxes [Line Items]                
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations       27,000,000        
Amount that earnings could potentially increase if changes were to occur       $ 14,000,000        
Cove Point                
Income Taxes [Line Items]                
Percentage of noncontrolling limited partnership interest retained [1]       50.00%        
Income tax expense (benefit) from discontinued operations       $ 31,000,000 92,000,000 $ 60,000,000    
Four Brothers And Three Cedars                
Income Taxes [Line Items]                
Percentage of noncontrolling limited partnership interest retained     50.00% 50.00%   50.00%    
East Ohio, PSNC and Questar Gas                
Income Taxes [Line Items]                
Discontinued operations, deferred tax liabilities $ 825,000,000              
East Ohio, PSNC and Questar Gas | Cove Point                
Income Taxes [Line Items]                
Percentage of noncontrolling limited partnership interest retained 50.00%     50.00%        
Income tax expense (benefit)       $ 29,000,000        
Virginia Electric and Power Company                
Income Taxes [Line Items]                
State deferred income tax expense (benefit)       107,000,000 108,000,000 $ 116,000,000    
Income tax expense (benefit)       389,000,000 294,000,000 447,000,000    
Deferred income tax expense (benefit)       504,000,000 141,000,000 207,000,000    
Income tax benefit associated with remeasurement of state deferred taxes       0 0 0    
Unrecognized tax benefits     $ 0 0 0 0    
Hope Gas Inc [Member]                
Income Taxes [Line Items]                
Income tax expense (benefit)         34,000,000      
Percentage of equity interests sold   100.00%            
Discontinued Operations                
Income Taxes [Line Items]                
Unrecognized tax benefits that would impact effective tax rate     $ 33,000,000 38,000,000 33,000,000 33,000,000    
Discontinued Operations | East Ohio [Member]                
Income Taxes [Line Items]                
Pre-tax income       104,000,000        
Discontinued Operations | PSNC                
Income Taxes [Line Items]                
Income tax expense (benefit)       (59,000,000) (38,000,000)      
Pre-tax income         233,000,000      
Discontinued Operations | Questar Gas [Member]                
Income Taxes [Line Items]                
Income tax expense (benefit)           (37,000,000)    
Pre-tax income           218,000,000    
Discontinued Operations | East Ohio, PSNC and Questar Gas                
Income Taxes [Line Items]                
Income tax charge $ 886,000,000              
Continuing Operations                
Income Taxes [Line Items]                
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits       $ (8,000,000) (7,000,000) (34,000,000)    
Deferred income tax expense (benefit)         (21,000,000)      
Continuing Operations | Virginia Electric and Power Company                
Income Taxes [Line Items]                
Deferred income tax expense (benefit)         $ (16,000,000)      
Continuing Operations | SCANA                
Income Taxes [Line Items]                
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits           38,000,000    
SBL Holdco                
Income Taxes [Line Items]                
Income tax expense (benefit)           196,000,000    
BHE | East Ohio, PSNC and Questar Gas | Cove Point                
Income Taxes [Line Items]                
Income tax expense (benefit) from discontinued operations $ 278,000,000              
IRA                
Income Taxes [Line Items]                
Percentage of alternate minimum tax on GAAP net income   15.00%            
IRA | Minimum                
Income Taxes [Line Items]                
Tax credit expiration year   2032            
Annual financial statement income for tax years   $ 1,000,000,000            
GT&S Transaction                
Income Taxes [Line Items]                
Income tax expense (benefit) from discontinued operations           19,000,000    
GT&S Transaction | Cove Point                
Income Taxes [Line Items]                
Percentage of noncontrolling limited partnership interest retained         50.00%      
GT&S Transaction | Discontinued Operations                
Income Taxes [Line Items]                
Income tax benefit related to finalizing income tax returns           (14,000,000)    
GT&S Transaction | BHE | Cove Point                
Income Taxes [Line Items]                
Percentage of noncontrolling limited partnership interest retained             50.00%  
Q-Pipe Group | Discontinued Operations                
Income Taxes [Line Items]                
Income tax expense (benefit) on non-deductible goodwill written off           $ 36,000,000    
[1] Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
v3.24.0.1
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current:        
Federal   $ (385) $ (76) $ (301)
State   (99) 27 13
Total current expense (benefit)   (484) (49) (288)
Deferred:        
Taxes before operating loss carryforwards and investment tax credits   760 95 558
Tax utilization expense of operating loss carryforwards   45 35 42
State   282 73 (49)
Total deferred expense   1,087 203 551
Investment tax credits   (28) (41) (444)
Income tax expense (benefit) $ 173 575 113 (181)
Virginia Electric and Power Company        
Current:        
Federal   (116) 17 67
State   6 (17) (13)
Total current expense (benefit)   (110) 0 54
Deferred:        
Taxes before operating loss carryforwards and investment tax credits   406 215 294
Tax utilization expense of operating loss carryforwards   0 0 0
State   107 108 116
Total deferred expense   513 323 410
Investment tax credits   (14) (29) (17)
Income tax expense (benefit)   $ 389 $ 294 $ 447
v3.24.0.1
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00% 21.00%
Increases (reductions) resulting from:      
Recognition of taxes - sale of subsidiary stock 0.00% 17.00% 0.00%
State taxes, net of federal benefit 4.10% 11.30% 1.10%
Investment tax credits (1.00%) (7.70%) (23.60%)
Production tax credits (0.60%) (2.70%) (0.70%)
Valuation allowances 0.00% 0.00% 0.20%
Reversal of excess deferred income taxes (2.60%) (15.30%) (3.30%)
State legislative change (0.10%) (0.10%) (1.10%)
AFUDC - equity 0.00% (1.10%) (0.60%)
Changes in state deferred taxes associated with assets held for sale 1.10% 0.90% 0.00%
Absence of tax on noncontrolling interest 0.00% 0.00% (0.20%)
Settlements of uncertain tax positions (0.40%) 0.00% (2.00%)
Employee stock ownership plan deduction (0.30%) (1.50%) (0.50%)
Other, net (0.20%) (0.90%) 0.00%
Effective tax rate 21.00% 20.90% (9.70%)
Virginia Electric and Power Company      
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00% 21.00%
Increases (reductions) resulting from:      
Recognition of taxes - privatization intercompany gain 0.00% 2.40% 0.00%
State taxes, net of federal benefit 4.70% 4.60% 4.60%
Investment tax credits (0.80%) (2.00%) (0.80%)
Production tax credits (0.80%) (1.00%) (0.60%)
Valuation allowances 0.00% 0.00% 0.00%
Reversal of excess deferred income taxes (2.60%) (3.80%) (2.10%)
State legislative change 0.00% 0.00% (0.70%)
AFUDC - equity 0.00% (0.40%) (0.50%)
Settlements of uncertain tax positions 0.00% 0.00% 0.00%
Other, net (0.40%) 0.10% 0.30%
Effective tax rate 21.10% 20.90% 21.20%
v3.24.0.1
Income Taxes (Schedule of Deferred Income Taxes) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Deferred income taxes:    
Total deferred income tax assets $ 2,150 $ 2,960
Total deferred income tax liabilities 8,761 7,981
Total net deferred income tax liabilities 6,611 5,021
Depreciation method and plant basis differences 4,588 4,449
Excess deferred income taxes (811) (847)
Unrecovered nuclear plant cost 450 479
DESC rate refund (67) (89)
Toshiba Settlement (147) (162)
Nuclear decommissioning 1,109 1,001
Deferred state income taxes 975 786
Federal benefit of deferred state income taxes (220) (160)
Deferred fuel, purchased energy and gas costs 299 509
Pension benefits 324 330
Other postretirement benefits 116 58
Loss and credit carryforwards (1,022) (1,782)
Deferred unamortized investment tax credits (257) (265)
Valuation allowances 130 137
Partnership basis differences 70 466
Total deferred taxes on stock held for sale 804 0
Other 270 111
Total net deferred income tax liabilities 6,611 5,021
Virginia Electric and Power Company    
Deferred income taxes:    
Total deferred income tax assets 1,281 1,695
Total deferred income tax liabilities 4,905 4,760
Total net deferred income tax liabilities 3,624 3,065
Depreciation method and plant basis differences 3,588 3,437
Excess deferred income taxes (600) (616)
Nuclear decommissioning 332 311
Deferred state income taxes 620 544
Federal benefit of deferred state income taxes (130) (114)
Deferred fuel, purchased energy and gas costs 267 403
Pension benefits (110) (105)
Other postretirement benefits 125 111
Loss and credit carryforwards (309) (751)
Deferred unamortized investment tax credits (164) (164)
Valuation allowances 8 7
Other 3 2
Total net deferred income tax liabilities $ 3,624 $ 3,065
v3.24.0.1
Income Taxes (Schedule of Deductible Loss and Credit Carryforwards) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 3,254
Losses, Deferred tax asset 1,059
Losses, Valuation allowance (130)
Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount 3
Losses, Deferred tax asset 308
Losses, Valuation allowance (8)
Federal  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount 576
Losses, Deferred tax asset $ 121
Losses, Expiration Period 2037
Federal | Investment Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset $ 264
Federal | Investment Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset $ 241
Federal | Investment Credits | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2041
Federal | Investment Credits | Earliest Tax Year | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2041
Federal | Investment Credits | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2043
Federal | Investment Credits | Latest Tax Year | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2043
Federal | Federal Production and Other Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset $ 91
Federal | Federal Production and Other Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset $ 58
Federal | Federal Production and Other Credits | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2041
Federal | Federal Production and Other Credits | Earliest Tax Year | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2041
Federal | Federal Production and Other Credits | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2043
Federal | Federal Production and Other Credits | Latest Tax Year | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2043
State  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 2,678
Losses, Deferred tax asset 131
Losses, Valuation allowance (51)
State minimum tax credits 327
State | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 3
Losses, Expiration Period 2042
State | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Losses, Expiration Period 2024
State | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Losses, Expiration Period 2043
State | Investment and Other Credits  
Deductible loss and credit carryforwards [Line Items]  
Losses, Valuation allowance $ (79)
Tax credits, Deferred tax asset 125
State | Investment and Other Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Losses, Valuation allowance (8)
Tax credits, Deferred tax asset $ 9
Tax Credits, Expiration Period 2024
State | Investment and Other Credits | Earliest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2024
State | Investment and Other Credits | Latest Tax Year  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2033
v3.24.0.1
Income Taxes (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at January 1, $ 117 $ 128 $ 167
Prior period positions - increases 5 8 48
Prior period positions - decreases (12) (8) (59)
Current period positions - increases 0 2 2
Settlements with tax authorities 0 (3) (26)
Expiration of statutes of limitations 0 (10) (4)
Balance at December 31, $ 110 $ 117 $ 128
v3.24.0.1
Income Taxes (Earliest Tax Year) (Detail)
 12 Months Ended
Dec. 31, 2023
Pennsylvania  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2012
Connecticut  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2020
Virginia  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2020
Utah  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2019
South Carolina  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2020
v3.24.0.1
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / MWh
$ / MMBTU
Dec. 31, 2022
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 1,350 $ 2,176
Fair Value of Derivative Liabilities 697 1,404
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 298 882
Fair Value of Derivative Liabilities 316 456
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 7,865 7,782
Total liabilities 697 1,404
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 3,770 3,902
Total liabilities 316 456
Fair Value, Measurements, Recurring | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 550 769
Fair Value of Derivative Liabilities 299 926
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 117 268
Fair Value of Derivative Liabilities 232 348
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 225 [1] 437
Total liabilities 139 [1] 15
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 21 [1] 236
Total liabilities 137 [1] 15
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 225 437
Fair Value of Derivative Liabilities 139 15
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 21 236
Fair Value of Derivative Liabilities 137 $ 15
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Natural Gas    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Liabilities [1],[2] 14  
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 Liabilities [1],[2] $ 14  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Natural Gas | Minimum | Derivative Financial Instruments, 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 | Derivative Financial Instruments, Liabilities | Market Price | Virginia Electric and Power Company    
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 | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Natural Gas | Maximum | Derivative Financial Instruments, Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | 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] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Natural Gas | Weighted Average | Derivative Financial Instruments, 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 | Derivative Financial Instruments, 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] $ 3  
Fair Value of Derivative Liabilities [1] 123  
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] 3  
Fair Value of Derivative Liabilities [1] $ 123  
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] 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] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Minimum | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Minimum | Derivative Financial Instruments, Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 5  
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] 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Maximum | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 7  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Maximum | Derivative Financial Instruments, Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 7  
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 | $ / MMBTU [1],[3] 2  
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 [1],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | FTRs | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[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 [1] $ 152  
Fair Value of Derivative Liabilities [1] $ 2  
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 [1] 27  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Electricity | Minimum | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 40  
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 [1] 121  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Electricity | Maximum | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 127  
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 | $ / MMBTU [1],[3] 47  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow | Commodity Contract | Electricity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[3] 62  
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] $ 70  
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] $ 18  
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] 3.00%  
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] 11.00%  
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] 76.00%  
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] 64.00%  
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] 45.00%  
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] 53.00%  
[1] Represents market prices beyond defined terms for Levels 1 and 2.
[2] Includes basis.
[3] Averages weighted by volume.
[4] Represents volatilities unrepresented in published markets.
v3.24.0.1
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Impairment of assets and other charges                 $ 307,000,000 $ 1,401,000,000 $ 194,000,000
Net Income (Loss) From Discontinued Operations $ (71,000,000) $ (541,000,000) $ 168,000,000 $ 281,000,000 $ 122,000,000 $ 150,000,000 $ 212,000,000 $ 410,000,000 (163,000,000) [1],[2] 894,000,000 [1],[2] 1,358,000,000 [1],[2]
Net Income (Loss) From Discontinued Operations, after tax                 (163,000,000) 894,000,000 1,358,000,000
Unrealized gains or losses included in earnings in Level 3 fair value category                 7,000,000 0 0
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               35,000,000   26,000,000
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                 93,000,000   16,000,000
Asset impairment charges after tax                 69,000,000   12,000,000
Virginia Electric and Power Company                      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Unrealized gains or losses included in earnings in Level 3 fair value category                 0 $ 0 0
Virginia Electric and Power Company | Level 2 | Maximum | Nonregulated Retail Software Development                      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Long-lived assets, estimated fair value                     1,000,000
Virginia Electric and Power Company | Impairment of Assets and Other Charges                      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Impairment of assets and other charges             191,000,000        
Asset impairment charges after tax             $ 142,000,000        
Virginia Electric and Power Company | Impairment of Assets and Other Charges | Nonregulated Retail Software Development                      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Impairment of assets and other charges                     20,000,000
Asset impairment charges after tax                     $ 15,000,000
Nonregulated Solar Assets                      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Net Income (Loss) From Discontinued Operations                 15,000,000    
Net Income (Loss) From Discontinued Operations, after tax                 11,000,000    
Nonregulated Solar Assets | Level 2                      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]                      
Long-lived assets, estimated fair value $ 22,000,000               $ 22,000,000    
[1] Includes income tax expense of $1.3 billion, $197 million and $374 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[2] See Note 9 for amounts attributable to related parties.
v3.24.0.1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets $ 1,350 $ 2,176
Derivative Liabilities 697 1,404
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 298 882
Derivative Liabilities 316 456
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 7,865 7,782
Total liabilities 697 1,404
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 3,770 3,902
Total liabilities 316 456
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 4,527 3,810
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] 2,362 2,028
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 500 576
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] 274 360
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,457 1,220
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] 816 632
Fair Value, Measurements, Recurring | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 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]    
Investments [1] 20  
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 39 101
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]    
Derivative Liabilities 39 101
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 550 769
Derivative Liabilities 299 926
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 117 268
Derivative Liabilities 232 348
Fair Value, Measurements, Recurring | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 800 1,407
Derivative Liabilities 359 377
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 181 614
Derivative Liabilities 45 7
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 4,777 3,971
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 2,511 2,118
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] 4,527 3,810
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] 2,362 2,028
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] 219 161
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 90
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 31  
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 20  
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,863 3,374
Total liabilities 558 1,389
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 1,238 1,548
Total liabilities 179 441
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] 500 576
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] 274 360
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] 1,238 1,059
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] 687 542
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 39 101
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]    
Derivative Liabilities 39 101
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 325 332
Derivative Liabilities 160 911
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]    
Derivatives Assets 96 32
Derivative Liabilities 95 333
Fair Value, Measurements, Recurring | Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 800 1,407
Derivative Liabilities 359 377
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]    
Derivatives Assets 181 614
Derivative Liabilities 45 7
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 225 [2] 437
Total liabilities 139 [2] 15
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 21 [2] 236
Total liabilities 137 [2] 15
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives Assets 225 437
Derivative Liabilities 139 15
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]    
Derivatives Assets 21 236
Derivative Liabilities $ 137 $ 15
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $457 million and $404 million of assets at Dominion Energy, inclusive of $217 million and $161 million at Virginia Power, at December 31, 2023 and 2022, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
[2] Represents market prices beyond defined terms for Levels 1 and 2.
v3.24.0.1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 457 $ 404
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 $ 217 $ 161
v3.24.0.1
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
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Balance at January 1, $ 422 $ 222 $ 103
Total realized and unrealized gains (losses):      
Included in earnings 1 2 (9)
Included in earnings $ (273) $ 444 $ 10
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 Electric Fuel And Other Energy Related Purchases
Included in regulatory assets/liabilities $ (414) $ 183 $ 119
Settlements 241 (455) (10)
Purchases 104 28 0
Transfers out of Level 3 6 (2) 9
Balance at December 31, 86 422 222
Virginia Electric and Power Company      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Balance at January 1, 221 102 103
Total realized and unrealized gains (losses):      
Included in earnings $ (278) $ 382 $ 4
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 Electric Fuel And Other Energy Related Purchases
Included in regulatory assets/liabilities $ (349) $ 102 $ (1)
Settlements 255 (393) (4)
Purchases 35 28 0
Balance at December 31, (116) 221 102
Discontinued Operations      
Total realized and unrealized gains (losses):      
Included in earnings $ (1) $ 0 $ 0
v3.24.0.1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 42,526 $ 39,680
Supplemental 364-Day credit facility borrowings 450 450
Junior subordinated notes [1] 1,388 1,387
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 40,539 [2] 36,426
Supplemental 364-Day credit facility borrowings 450 [2] 450 [1]
Junior subordinated notes [2] 1,374 [1] 1,340
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 17,392 15,616
Virginia Electric and Power Company | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 16,418 [2] $ 14,067
[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 December 31, 2023 and December 31, 2022. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at both December 31, 2023 and 2022.
[2] 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.
v3.24.0.1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Valuation of certain fair value hedges associated with fixed rate debt $ 0 $ 0
Supplemental line of credit facility borrowings expiration period 1 year  
v3.24.0.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 1,207 $ 1,975
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 250 435
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 15 0
Net Amounts 942 1,540
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 297 852
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 27 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 270 807
Commodity Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 289 408
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 26 28
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 263 380
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 112 238
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 13 7
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 99 231
Commodity Contract | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 118 160
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 33 159
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 15 0
Net Amounts 70 1
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 4 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 1 0
Interest Rate Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 800 1,407
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 191 248
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 609 1,159
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 181 614
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 11 38
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts $ 170 $ 576
[1] Excludes derivative assets of $143 million and $201 million at Dominion Energy, and $1 million and $30 million at Virginia Power, at December 31, 2023 and 2022, respectively, which are not subject to master netting or similar arrangements.
v3.24.0.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 143 $ 201
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 1 $ 30
v3.24.0.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 697 $ 1,404
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 250 435
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 30 396
Net Amounts 417 573
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 240 430
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 27 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 30 247
Net Amounts 183 138
Commodity Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 266 443
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 26 34
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 30 71
Net Amounts 210 338
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 153 146
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 13 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 30 71
Net Amounts 110 62
Commodity Contract | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 33 483
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 33 159
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 324
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] 3 176
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 176
Net Amounts 0 0
Interest Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 39 377
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 210
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 1
Net Amounts 34 166
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 39 7
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 34 7
Foreign currency exchange rate | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 359 101
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 186 32
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 173 69
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] 45 101
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 6 32
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 39 $ 69
[1] Excludes derivative liabilities of $76 million and $26 million at Virginia Power at December 31, 2023 and 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 or 2022 which were not subject to master netting or similar arrangements.
v3.24.0.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 0 $ 0
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 76,000,000 $ 26,000,000
v3.24.0.1
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 12 months ended Dec. 31, 2023
€ 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] 38    
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 32    
Basis - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 179    
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 141    
Fixed Price - Electricity - Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 17    
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 39    
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 39    
Interest Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [2] $ 6,145    
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [2] $ 2,200    
Foreign Currency Exchange Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment [2]   kr 1,463 € 548
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [2]   1,463 548
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 [1] 346    
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity | Bcf [1] 346    
Fixed Price - Electricity - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 40    
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 9    
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 | $ [2] $ 10,112    
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [2] $ 1,050    
Foreign Currency Exchange Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment [2]   2,707 1,557
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [2]   kr 2,707 € 1,557
[1] Includes options.
[2] Maturity is determined based on final settlement period.
v3.24.0.1
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (216)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (32)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax 15
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 (216)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (32)
Maximum Term 384 months
Interest Rate Contract | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 15
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (0)
Maximum Term 384 months
v3.24.0.1
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] $ 753 $ 1,137
Total noncurrent derivative assets [2] 597 1,039 [3]
Total derivative assets 1,350 2,176
Total current derivative liabilities [4] 376 778
Total noncurrent derivative liabilities [5] 321 626 [6]
Total derivative liabilities 697 1,404
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 234 765
Total noncurrent derivative assets [2] 64 117 [3]
Total derivative assets 298 882
Total current derivative liabilities [4] 244 298
Total noncurrent derivative liabilities [5] 72 158 [6]
Total derivative liabilities 316 456
Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 312 532
Total noncurrent derivative assets 238 237
Total current derivative liabilities 244 700
Total noncurrent derivative liabilities 55 226
Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 91 264
Total noncurrent derivative assets 26 4
Total current derivative liabilities 188 290
Total noncurrent derivative liabilities 44 58
Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 441 605
Total noncurrent derivative assets 359 802
Total current derivative liabilities 121 70
Total noncurrent derivative liabilities 238 307
Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 143 501
Total noncurrent derivative assets 38 113
Total current derivative liabilities 45 0
Total noncurrent derivative liabilities 0 7
Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative liabilities 11 8
Total noncurrent derivative liabilities 28 93
Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative liabilities 11 8
Total noncurrent derivative liabilities 28 93
Designated as Hedging Instrument    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 143 501
Total noncurrent derivative assets [2] 38 113 [3]
Total derivative assets 181 614
Total current derivative liabilities [4] 45 0
Total noncurrent derivative liabilities [5] 0 7 [6]
Total derivative liabilities 45 7
Designated as Hedging Instrument | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 143 501
Total noncurrent derivative assets [2] 38 113 [3]
Total derivative assets 181 614
Total current derivative liabilities [4] 45 0
Total noncurrent derivative liabilities [5] 0 7 [6]
Total derivative liabilities 45 7
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 143 501
Total noncurrent derivative assets 38 113
Total current derivative liabilities 45 0
Total noncurrent derivative liabilities 0 7
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 143 501
Total noncurrent derivative assets 38 113
Total current derivative liabilities 45 0
Total noncurrent derivative liabilities 0 7
Designated as Hedging Instrument | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
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 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] 610 636
Total noncurrent derivative assets [2] 559 926 [3]
Total derivative assets 1,169 1,562
Total current derivative liabilities [4] 331 778
Total noncurrent derivative liabilities [5] 321 619 [6]
Total derivative liabilities 652 1,397
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets [1] 91 264
Total noncurrent derivative assets [2] 26 4 [3]
Total derivative assets 117 268
Total current derivative liabilities [4] 199 298
Total noncurrent derivative liabilities [5] 72 151 [6]
Total derivative liabilities 271 449
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 312 532
Total noncurrent derivative assets 238 237
Total current derivative liabilities 244 700
Total noncurrent derivative liabilities 55 226
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 91 264
Total noncurrent derivative assets 26 4
Total current derivative liabilities 188 290
Total noncurrent derivative liabilities 44 58
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 298 104
Total noncurrent derivative assets 321 689
Total current derivative liabilities 76 70
Total noncurrent derivative liabilities 238 300
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 liabilities 11 8
Total noncurrent derivative liabilities 28 93
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative liabilities 11 8
Total noncurrent derivative liabilities $ 28 $ 93
[1] Includes $54 million and $118 million reported in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.
[2] Virginia Power’s noncurrent derivative assets are presented in other deferred charges and other assets in its Consolidated Balance Sheets.
[3] Includes $1 million reported in noncurrent assets held for sale in Dominion Energy's Consolidated Balance Sheets at December 31, 2022.
[4] Includes $30 million and $6 million reported in current liabilities held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.
[5] Virginia Power’s noncurrent derivative liabilities are presented in other deferred credits and other liabilities in its Consolidated Balance Sheets.
[6] Includes $1 million reported in noncurrent liabilities held for sale in Dominion Energy's Consolidated Balance Sheets at December 31, 2022.
v3.24.0.1
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - Held for Sale - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Derivatives, Fair Value [Line Items]    
Derivative asset held for sale, current $ 54 $ 118
Derivative asset held for sale, non current   1
Derivative liabilities held for sale, current $ 30 6
Derivative liabilities held for sale, non current   $ 1
v3.24.0.1
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ (1) $ 89 $ 21
Amount of Gain (Loss) Reclassified From AOCI to Income (43) (57) (61)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 5 855 135
Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] (1) 80 17
Amount of Gain (Loss) Reclassified From AOCI to Income (1) (2) (3)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 4 854 130
Commodity      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Reclassified From AOCI to Income [3]     (1)
Interest Rate      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[4] (1) 89 21
Amount of Gain (Loss) Reclassified From AOCI to Income [4] (43) (57) (60)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[4] 5 855 135
Interest Rate | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[4] (1) 80 17
Amount of Gain (Loss) Reclassified From AOCI to Income [4] (1) (2) (3)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[4] $ 4 $ 854 $ 130
[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 Dominion Energy’s Consolidated Statements of Income are classified in purchased gas.
[4] Amounts recorded in the Companies’ Consolidated Statements of Income are classified in interest and related charges
v3.24.0.1
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 516 $ 456 $ (375)
Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (355) 150 (53)
Commodity | Operating Revenue      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 707 (729) (487)
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] 27 (303) (62)
Commodity | Purchased Gas      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 13 (1)
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] (380) 514 16
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] (384) 453 9
Commodity | Discontinued operations      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 86 8 0
Commodity | Other operations & maintenance      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 2 0 0
Commodity | Other operations & maintenance | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 2 0 0
Interest Rate | Discontinued operations      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 17 244 8
Interest Rate | Interest and Related Charges      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 84 $ 406 $ 89
[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.
v3.24.0.1
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]                      
Net Income From Continuing Operations Including Noncontrolling Interests                 $ 2,157 $ 427 $ 2,041
Preferred stock dividends (see Note 19)                 (81) (93) (68)
Net income attributable to Dominion Energy from continuing operations - Basic                 2,076 334 1,973
Dilutive effect of 2019 Equity Units [1]                 0 0 0
Net income attributable to Dominion Energy from continuing operations - Diluted                 2,076 334 1,973
Net income (loss) from discontinued operations                 $ (163) $ 894 $ 1,358
Average shares of common stock outstanding – Basic                 836.4 823.9 807.8
Net effect of dilutive securities [2]                 0.1 0.9 0.7
Average shares of common stock outstanding – Diluted                 836.5 824.8 808.5
EPS from continuing operations - Basic $ 0.39 $ 0.81 $ 0.47 $ 0.81 $ 0.24 $ 0.68 $ (0.84) $ 0.32 $ 2.48 $ 0.41 $ 2.44
EPS from discontinued operations - Basic (0.09) (0.65) 0.2 0.34 0.15 0.18 0.26 0.5 (0.19) 1.08 1.68
Net income attributable to Dominion Energy 0.3 0.16 0.67 1.15 0.39 0.86 (0.58) 0.82 2.29 1.49 4.12
EPS from continuing operations - Diluted 0.39 0.81 0.47 0.81 0.24 0.68 (0.84) 0.31 2.48 0.41 2.44
EPS from discontinued operations - Diluted (0.09) (0.65) 0.2 0.34 0.15 0.18 0.26 0.5 (0.19) 1.08 1.68
Net income attributable to Dominion Energy $ 0.3 $ 0.16 $ 0.67 $ 1.15 $ 0.39 $ 0.86 $ (0.58) $ 0.81 $ 2.29 $ 1.49 $ 4.12
[1] As discussed in Note 19, effective in June 2022 through its redemption in September 2022, the Series A Preferred Stock was considered to be mandatorily redeemable and was classified in current liabilities. In accordance with revised accounting standards effective January 2022, a fair value adjustment, if dilutive, of the Series A Preferred Stock was no longer included in applying the if converted method to the 2019 Equity Units. In addition, diluted net income was no longer reduced by the Series A Preferred Stock dividends. No fair value adjustment was necessary for 2021.
[2] Dilutive securities for 2023, 2022 and 2021 consist primarily of stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). Additionally, in 2022 and 2021, dilutive securities include forward sales agreements entered into in November 2021 and settled in December 2022 (applying the treasury stock method). See Notes 20 and 23 for additional information.
v3.24.0.1
Investments (Narrative) (Detail 1) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2022
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Aug. 31, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]                          
Earnings (losses) from equity method investees                     $ (26) $ 21 $ 15
Net earnings (losses) from discontinued operations including noncontrolling interest   $ (71) $ (541) $ 168 $ 281 $ 122 $ 150   $ 212 $ 410 (163) [1],[2] 894 [1],[2] 1,358 [1],[2]
Distributions received from investment                     245 355 332
Finite Lived Equity Method Investment Basis Difference                          
Schedule of Equity Method Investments [Line Items]                          
Carrying amount of investment that exceeded share of underlying equity   18       223         18 223  
Equity method investment goodwill   9       9         9 9  
Capitalized interest                     (3) (1)  
Discontinued Operations                          
Schedule of Equity Method Investments [Line Items]                          
Net earnings (losses) from discontinued operations including noncontrolling interest                     235 271 244
Atlantic Coast Pipeline                          
Schedule of Equity Method Investments [Line Items]                          
Earnings (losses) from equity method investees                     15 (7) (20)
Cove Point                          
Schedule of Equity Method Investments [Line Items]                          
Distributions received from investment                     227 344 300
Cove Point | Finite Lived Equity Method Investment Basis Difference                          
Schedule of Equity Method Investments [Line Items]                          
Carrying amount of investment that exceeded share of underlying equity           215           215  
Cove Point | Discontinued Operations                          
Schedule of Equity Method Investments [Line Items]                          
Earnings (losses) from equity method investees                     218 277 $ 259
Trading Securities                          
Schedule of Equity Method Investments [Line Items]                          
Rabbi trust securities   $ 119       $ 111         $ 119 $ 111  
2019 Series A Corporate Units                          
Schedule of Equity Method Investments [Line Items]                          
Short-term deposit $ 2,000                        
2019 Series A Corporate Units | Series A Preferred Stock                          
Schedule of Equity Method Investments [Line Items]                          
Redemption obligation $ 1,600                        
Preferred stock dividend rate percentage 1.75%             1.75%          
2019 Series A Corporate Units | Minimum                          
Schedule of Equity Method Investments [Line Items]                          
Short-term deposit $ 1,600                        
2019 Series A Corporate Units | Maximum                          
Schedule of Equity Method Investments [Line Items]                          
Short-term deposit $ 2,000                        
[1] Includes income tax expense of $1.3 billion, $197 million and $374 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[2] See Note 9 for amounts attributable to related parties.
v3.24.0.1
Investments (Narrative) (Detail 2) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2023
Feb. 28, 2022
Dec. 31, 2021
Oct. 31, 2017
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Feb. 29, 2024
Sep. 30, 2023
Jun. 30, 2021
Jul. 31, 2020
Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]                                
Earnings (losses) from equity method investees             $ (26,000,000) $ 21,000,000 $ 15,000,000              
Distributions received from investment             245,000,000 355,000,000 332,000,000              
Noncurrent Assets Held for Sale         $ 18,831,000,000     18,831,000,000                
Income tax expense (benefit) from discontinued operations             1,300,000,000 197,000,000 374,000,000              
Contributions to equity method affiliates             104,000,000 43,000,000 1,021,000,000              
Current liabilities         1,403,000,000   8,885,000,000 1,403,000,000                
Facility Limit $ 600,000,000       6,000,000,000 [1]   6,000,000,000 [1] 6,000,000,000 [1]                
Goodwill write-off [2]               110,000,000                
Income tax expense     $ 173,000,000       575,000,000 113,000,000 (181,000,000)              
Impairment of certain property, plant and equipment             (307,000,000) (1,401,000,000) (194,000,000)              
Scenario, Forecast                                
Schedule of Equity Method Investments [Line Items]                                
Investment company received distribution amount                       $ 126,000,000        
364 Term loan facility                                
Schedule of Equity Method Investments [Line Items]                                
Credit facility, outstanding amount 2,200,000,000                              
364 Term Loan Facility One                                
Schedule of Equity Method Investments [Line Items]                                
Credit facility, outstanding amount 750,000,000                              
Revolving Credit Facility                                
Schedule of Equity Method Investments [Line Items]                                
Facility Limit                           $ 6,000,000,000    
GT&S Transaction                                
Schedule of Equity Method Investments [Line Items]                                
Income tax expense (benefit) from discontinued operations                 $ 19,000,000              
Cove Point                                
Schedule of Equity Method Investments [Line Items]                                
Noncurrent Assets Held for Sale         2,700,000,000     $ 2,700,000,000                
Wrangler Retail Gas Holdings LLC                                
Schedule of Equity Method Investments [Line Items]                                
Ownership interest percentage of limited partner interests                 20.00% 20.00% 20.00%          
Limited partnership interest sale transaction, proceeds received                 $ 127,000,000              
Initial fair value     $ 23,000,000           23,000,000              
Amount of gain from sale                 87,000,000              
Goodwill write-off                 14,000,000              
Income tax expense                 $ 32,000,000              
Wrangler Retail Gas Holdings LLC | Gas Supply, Inc.                                
Schedule of Equity Method Investments [Line Items]                                
Ownership interest percentage of limited partner interests               15.00% 5.00%              
Cash consideration from sale of noncontrolling interest               $ 85,000,000                
Amount of gain from sale               11,000,000 $ 10,000,000              
Amount of gain from sale, after tax               8,000,000                
Income tax expense                 3,000,000              
Sale of interest in Cove Point                 33,000,000              
Dominion Energy Virginia                                
Schedule of Equity Method Investments [Line Items]                                
Cash consideration from sale of noncontrolling interest   $ 120,000,000           215,000,000                
Limited partnership interest sale transaction, proceeds received   $ 60,000,000     $ 108,000,000     $ 108,000,000                
Percentage ownership in total units   50.00%     50.00%     50.00%                
Initial fair value   $ 60,000,000     $ 107,000,000     $ 107,000,000                
Amount of gain from sale         133,000,000 $ 23,000,000                    
Amount of gain from sale, after tax         $ 99,000,000 $ 16,000,000                    
Agreement entered date   2022-02                            
Cove Point                                
Schedule of Equity Method Investments [Line Items]                                
Distributions received from investment             227,000,000 344,000,000 300,000,000              
Income tax expense (benefit) from discontinued operations             $ 31,000,000 92,000,000 60,000,000              
Percentage of noncontrolling limited partnership interest retained [3]             50.00%                  
Discontinued operations, interest income               (160,000,000)                
Discontinued operations, interest expense             $ 120,000,000   12,000,000              
Cove Point | Discontinued Operations                                
Schedule of Equity Method Investments [Line Items]                                
Earnings (losses) from equity method investees             218,000,000 $ 277,000,000 259,000,000              
Cove Point | GT&S Transaction                                
Schedule of Equity Method Investments [Line Items]                                
Percentage of noncontrolling limited partnership interest retained         50.00%     50.00%                
Cove Point | Cove Point | GT&S Transaction                                
Schedule of Equity Method Investments [Line Items]                                
Percentage of noncontrolling limited partnership interest retained                         50.00%      
Cove Point | BHE | GT&S Transaction                                
Schedule of Equity Method Investments [Line Items]                                
Cash consideration from sale of noncontrolling interest $ 3,300,000,000                              
Percentage of noncontrolling limited partnership interest retained 50.00%                              
Amount of gain from sale $ 626,000,000                              
Amount of gain from sale, after tax 348,000,000                              
Proceeds from settlement of related interest rate derivatives, fair value $ 199,000,000                              
Cove Point | East Ohio, PSNC and Questar Gas | GT&S Transaction                                
Schedule of Equity Method Investments [Line Items]                                
Percentage of noncontrolling limited partnership interest retained                         50.00%      
Atlantic Coast Pipeline                                
Schedule of Equity Method Investments [Line Items]                                
Earnings (losses) from equity method investees             $ 15,000,000 $ (7,000,000) (20,000,000)              
Percentage of noncontrolling limited partnership interest retained             53.00%                  
Contributions to equity method affiliates             $ 95,000,000 3,000,000 965,000,000              
Equity in earnings (losses) on investments after tax             11,000,000 (5,000,000) $ (14,000,000)              
Atlantic Coast Pipeline | Revolving Credit Facility                                
Schedule of Equity Method Investments [Line Items]                                
Facility Limit       $ 3,400,000,000                     $ 1,900,000,000  
Credit facility, maturity date       Oct. 31, 2021                        
Atlantic Coast Pipeline | Other Current Liabilities                                
Schedule of Equity Method Investments [Line Items]                                
Current liabilities         $ 114,000,000   $ 4,000,000 $ 114,000,000                
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Ownership percentage acquired                               5.00%
Percentage ownership in total units                               53.00%
Align RNG, LLC                                
Schedule of Equity Method Investments [Line Items]                                
Percentage of noncontrolling limited partnership interest retained             50.00%                  
Impairment of certain property, plant and equipment             $ (35,000,000)                  
Asset impairment charges after tax             $ 26,000,000                  
[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 $2.0 billion of letters of credit.
[2] See Note 3 for additional information.
[3] Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
v3.24.0.1
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value $ 2,082  
Cash equivalents and other, Amortized Cost [1] 84 $ 43
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] 84 43
Amortized Cost, Total 3,699 3,632
Total Unrealized Gains 3,308 2,506
Total Unrealized Losses [2] (61) (181)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 6,946 5,957
Fair value of securities in an unrealized loss position 764 1,600
Net assets related to pending sale of securities 49 42
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value 1,214  
Cash equivalents and other, Amortized Cost [1] 47 23
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 47 23
Amortized Cost, Total 2,033 2,012
Total Unrealized Gains 1,726 1,307
Total Unrealized Losses [2] (43) (117)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 3,716 3,202
Fair value of securities in an unrealized loss position 384 946
Net assets related to pending sale of securities 27 24
Corporate Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 508 640
Fixed income securities Total Unrealized Gains [3] 10 1
Fixed income securities Total Unrealized Losses [3] (27) (65)
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 491 576
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 292 406
Fixed income securities Total Unrealized Gains [3] 3 1
Fixed income securities Total Unrealized Losses [3] (21) (47)
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 274 360
Government Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 1,426 1,252
Fixed income securities Total Unrealized Gains [3] 28 4
Fixed income securities Total Unrealized Losses [3] (24) (70)
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 1,430 1,186
Government Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 811 664
Fixed income securities Total Unrealized Gains [3] 17 2
Fixed income securities Total Unrealized Losses [3] (12) (35)
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 816 631
Insurance Contracts    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total 244 221
Fixed income securities Total Unrealized Gains 0 0
Fixed income securities Total Unrealized Losses 0 0
Fixed income securities Fair Value 244 221
U.S.    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [4] 1,276 1,378
Equity securities Total Unrealized Gains [4] 3,270 2,501
Equity securities Total Unrealized Losses [4] (10) (46)
Equity securities Fair Value [4] 4,536 3,833
U.S. | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [4] 759 858
Equity securities Total Unrealized Gains [4] 1,706 1,304
Equity securities Total Unrealized Losses [4] (10) (35)
Equity securities Fair Value [4] 2,455 2,127
Common/collective trust funds | Fixed Income    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 161 98
Fixed income securities Total Unrealized Gains [3] 0 0
Fixed income securities Total Unrealized Losses [3] 0 0
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] 161 98
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [3] 124 61
Fixed income securities Total Unrealized Gains [3] 0 0
Fixed income securities Total Unrealized Losses [3] 0 0
Fixed income securities Allowance for Credit Losses [3] 0 0
Fixed income securities Fair Value [3] $ 124 $ 61
[1] Dominion Energy includes pending sales of securities of $49 million and $42 million at December 31, 2023 and 2022, respectively. Virginia Power includes pending sales of securities of $27 million and $24 million at December 31, 2023 and 2022, respectively.
[2] Dominion Energy’s fair value of securities in an unrealized loss position was $764 million and $1.6 billion at December 31, 2023 and 2022, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $384 million and $946 million at December 31, 2023 and 2022, respectively.
[3] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income
[4] Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
v3.24.0.1
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-Sale [Line Items]      
Net gains (losses) recognized during the period $ 811 $ (848) $ 1,072
Less: Net (gains) losses recognized during the period on securities sold during the period (7) 8 (346)
Unrealized gains (losses) recognized during the period on securities still held at period end [1] 804 (840) 726
Virginia Electric and Power Company      
Debt Securities, Available-for-Sale [Line Items]      
Net gains (losses) recognized during the period 420 (436) 552
Less: Net (gains) losses recognized during the period on securities sold during the period 7 (7) (190)
Unrealized gains (losses) recognized during the period on securities still held at period end [1] $ 427 $ (443) $ 362
[1] Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
v3.24.0.1
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 185
Due after one year through five years 509
Due after five years through ten years 407
Due after ten years 981
Total 2,082
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 140
Due after one year through five years 250
Due after five years through ten years 236
Due after ten years 588
Total $ 1,214
v3.24.0.1
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales $ 2,966 $ 3,282 $ 3,985
Realized gains [1] 92 143 441
Realized losses [1] 169 296 91
Virginia Electric and Power Company      
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales 1,876 1,538 1,791
Realized gains [1] 50 48 228
Realized losses [1] $ 99 $ 107 $ 35
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
v3.24.0.1
Investments (Investments Under Equity Method of Accounting) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]    
Investment in equity method affiliates $ 311 [1] $ 3,012
Cove Point    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage [2] 50.00%  
Investment in equity method affiliates $ 0 2,673 [3]
Description LNG import/export and storage facility  
Atlantic Coast Pipeline    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage 53.00%  
Investment in equity method affiliates [3] $ 0 0
Description Gas transmission system  
Align RNG, LLC    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage 50.00%  
Investment in equity method affiliates $ 80 103
Description Renewable natural gas  
Dominion Energy Virginia    
Schedule of Equity Method Investments [Line Items]    
Equity Method Investment, Ownership Percentage 50.00%  
Investment in equity method affiliates $ 172 176
Description Military electric and gas  
Other Investment    
Schedule of Equity Method Investments [Line Items]    
Investment in equity method affiliates $ 59 $ 60 [1]
Ownership% various  
[1] Dominion Energy’s Consolidated Balance Sheets includes balances presented in current assets held for sale of $43 million and noncurrent assets held for sale of $43 million, at December 31, 2023 and 2022, respectively.
[2] Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022.
[3] Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $114 million at December 31, 2023 and 2022, respectively, presented in other current liabilities. See discussion below for additional information.
v3.24.0.1
Investments (Investments Under Equity Method of Accounting) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Current assets held for sale $ 18,529   $ 1,785
Noncurrent assets held for sale     18,831
Other Investment      
Schedule of Equity Method Investments [Line Items]      
Current assets held for sale 43   43
Noncurrent assets held for sale 43   43
Cove Point      
Schedule of Equity Method Investments [Line Items]      
Noncurrent assets held for sale     2,700
Cove Point | Limited Partnership Interest      
Schedule of Equity Method Investments [Line Items]      
Percentage of noncontrolling limited partnership interest retained   50.00%  
Atlantic Coast Pipeline | Other Current Liabilities      
Schedule of Equity Method Investments [Line Items]      
Liability associated with its investment $ 4   $ 114
v3.24.0.1
Property, Plant and Equipment (Property, Plant and Equipment) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Utility:    
Generation $ 24,903 $ 23,720
Transmission 16,540 15,179
Distribution 21,836 20,154
Nuclear fuel 2,424 2,373
General and other 1,758 1,701
Plant under construction [1],[2] 8,230 5,308
Total utility 75,691 68,435
Non-jurisdictional - including plant under construction [1] 1,772 1,834
Nonutility:    
Nonregulated generation-nuclear 1,855 1,935
Nonregulated generation-solar 945 944
Nuclear fuel 1,009 954
Other-including plant under construction 2,145 1,606
Total nonutility 5,954 5,439
Total property, plant and equipment 83,417 75,708
Virginia Electric and Power Company    
Utility:    
Generation 18,580 17,611
Transmission 14,268 13,034
Distribution 15,934 14,681
Nuclear fuel 1,815 1,823
General and other 1,036 1,019
Plant under construction [1],[2] 7,548 4,685
Total utility 59,181 52,853
Non-jurisdictional - including plant under construction [1] 1,772 1,834
Nonutility:    
Other-including plant under construction 10 10
Total nonutility 10 10
Total property, plant and equipment $ 60,963 $ 54,697
[1] During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.
[2] Includes $2.9 billion associated with the CVOW Commercial Project. Virginia Power’s February 2024 construction progress filing with the Virginia Commission included an estimated total project cost of $9.8 billion, excluding financing costs. In accordance with the Virginia Commission’s order in December 2022, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.
v3.24.0.1
Property, Plant and Equipment (Property, Plant and Equipment) (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
Plant under construction [1],[2] $ 8,230 $ 5,308
Virginia Electric and Power Company    
Property, Plant and Equipment [Line Items]    
Plant under construction [1],[2] 7,548 $ 4,685
Virginia Electric and Power Company | Maximum    
Property, Plant and Equipment [Line Items]    
Incremental cost recovery amount 11,300  
Incremental cost excluded from recovery amount 13,700  
Construction costs 13,700  
Virginia Electric and Power Company | Minimum    
Property, Plant and Equipment [Line Items]    
Incremental cost recovery amount 10,300  
Incremental cost excluded from recovery amount 11,300  
Virginia Electric and Power Company | CVOW Commercial Project    
Property, Plant and Equipment [Line Items]    
Plant under construction 2,900  
Estimated project cost $ 9,800  
[1] During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.
[2] Includes $2.9 billion associated with the CVOW Commercial Project. Virginia Power’s February 2024 construction progress filing with the Virginia Commission included an estimated total project cost of $9.8 billion, excluding financing costs. In accordance with the Virginia Commission’s order in December 2022, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding.
v3.24.0.1
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Bath Country Pumped Storage Station  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 60.00% [1]
Plant in service $ 1,066 [1]
Accumulated depreciation (766) [1]
Plant under construction $ 9 [1]
North Anna  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 88.40% [1]
Plant in service $ 2,632 [1]
Accumulated depreciation (1,455) [1]
Nuclear fuel 787 [1]
Accumulated amortization of nuclear fuel (619) [1]
Plant under construction $ 337 [1]
Clover Power Station  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 50.00% [1]
Plant in service $ 612 [1]
Accumulated depreciation (302) [1]
Plant under construction $ 2 [1]
Millstone Unit  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 93.50% [2]
Plant in service $ 1,513 [2]
Accumulated depreciation (604) [2]
Nuclear fuel 540 [2]
Accumulated amortization of nuclear fuel (412) [2]
Plant under construction $ 81 [2]
Summer Unit  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 66.70% [2]
Plant in service $ 1,557 [2]
Accumulated depreciation (744) [2]
Nuclear fuel 609 [2]
Accumulated amortization of nuclear fuel (380) [2]
Plant under construction $ 87 [2]
[1] Units jointly owned by Virginia Power.
[2] Units jointly owned by Dominion Energy.
v3.24.0.1
Property, Plant and Equipment (Schedule of Nonregulated Solar Projects) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
MW
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Property Plant And Equipment [Line Items]      
Project Cost $ 24 $ 167 $ 101
Acquisition of Solar Project Yemassee in South Carolina      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2020-05    
Date Agreement Closed 2020-08    
Project Cost [1] $ 17    
Date of Commercial Operations January 2021    
MW Capacity | MW 10    
Acquisition of Solar Project Trask in South Carolina      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2020-05    
Date Agreement Closed 2020-10    
Project Cost [1] $ 22    
Date of Commercial Operations March 2021    
MW Capacity | MW 12    
Acquisition of Solar Project Hardin I in Ohio      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2020-06    
Date Agreement Closed 2020-06    
Project Cost [1] $ 240    
Date of Commercial Operations [2] Split    
MW Capacity | MW 150    
Acquisition of Solar Project Madison in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2020-07    
Date Agreement Closed 2020-07    
Project Cost [1] $ 165    
Date of Commercial Operations [3],[4] Expected 2024    
MW Capacity | MW 62    
Acquisition of Solar Project Hardin II in Ohio      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2020-08    
Date Agreement Closed [5] Terminated    
Acquisition Of Solar Project Atlanta Farms In Ohio      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2022-03    
Date Agreement Closed 2022-05    
Project Cost [1] $ 390    
Date of Commercial Operations [3] Expected 2024    
MW Capacity | MW 200    
Acquisition of Solar Project Foxhound in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered 2023-03    
Date Agreement Closed 2024-02    
Project Cost [1] $ 205    
Date of Commercial Operations [3] Expected 2024(3    
MW Capacity | MW 83    
Virginia Electric and Power Company      
Property Plant And Equipment [Line Items]      
Project Cost $ 24 $ 77 $ 75
Virginia Electric and Power Company | Acquisition of Solar Project Ft. Powhatan in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [6] 2019-06    
Date Agreement Closed [6] 2019-06    
Project Cost [6],[7] $ 267    
Date of Commercial Operations [6] January 2022    
MW Capacity | MW [6] 150    
Virginia Electric and Power Company | Acquisition of Solar Project Belcher in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [6],[8] 2019-06    
Date Agreement Closed [6],[8] 2019-08    
Project Cost [6],[7],[8] $ 164    
Date of Commercial Operations [6],[8] June 2021    
MW Capacity | MW [6],[8] 88    
Virginia Electric and Power Company | Acquisition of Solar Project Bedford in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [6] 2019-08    
Date Agreement Closed [6] 2019-11    
Project Cost [6],[7] $ 106    
Date of Commercial Operations [6] November 2021    
MW Capacity | MW [6] 70    
Virginia Electric and Power Company | Acquisition of Solar Project Maplewood in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [6] 2019-10    
Date Agreement Closed [6] 2019-10    
Project Cost [6],[7] $ 210    
Date of Commercial Operations [6] December 2022    
MW Capacity | MW [6] 120    
Virginia Electric and Power Company | Acquisition of Solar Project Rochambeau in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [6] 2019-12    
Date Agreement Closed [6] 2020-01    
Project Cost [6],[7] $ 35    
Date of Commercial Operations [6] December 2021    
MW Capacity | MW [6] 20    
Virginia Electric and Power Company | Acquisition of Solar Project Pumpkinseed in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered [6] 2020-05    
Date Agreement Closed [6] 2020-05    
Project Cost [6],[7] $ 138    
Date of Commercial Operations [6] September 2022    
MW Capacity | MW [6] 60    
[1] Includes acquisition costs.
[2] In December 2020 and January 2021, 97 MW and 53 MW of the project commenced commercial operations, respectively.
[3] Dominion Energy expects to claim production tax credits on the energy generated and sold by project.
[4] Madison is reflected in the Corporate and Other segment effective December 2023.
[5] In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II.
[6] During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information.
[7] Includes acquisition costs.
[8] Referred to as Desper once placed in service.
v3.24.0.1
Property, Plant and Equipment (Schedule of Nonregulated Solar Projects) (Parenthetical) (Detail) - MW
 1 Months Ended
Jan. 31, 2021
Dec. 31, 2020
Acquisition of Solar Project Hardin I in Ohio    
Property Plant And Equipment [Line Items]    
Capacity of project commenced commercial operations 53 97
v3.24.0.1
Property, Plant and Equipment (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Nov. 08, 2023
USD ($)
Feb. 29, 2024
USD ($)
Dec. 31, 2021
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2023
USD ($)
MW
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Aug. 31, 2021
USD ($)
Property Plant And Equipment [Line Items]                
Impairment of assets and other charges         $ 307 $ 1,401 $ 194  
CVOW Commercial Project Excluding Financing Costs | Forecast                
Property Plant And Equipment [Line Items]                
Total project costs   $ 9,800            
Maximum | Forecast                
Property Plant And Equipment [Line Items]                
Additional capital contribution percentage   83.00%            
Maximum | CVOW Commercial Project Excluding Financing Costs Condition Two | Forecast                
Property Plant And Equipment [Line Items]                
Total project costs   $ 11,300            
Minimum | Forecast                
Property Plant And Equipment [Line Items]                
Additional capital contribution percentage   67.00%            
Dominion Energy                
Property Plant And Equipment [Line Items]                
Impairment of assets and other charges           908    
Asset impairment charges after tax           685    
Property, plant and equipment, intangible assets and right-of-use lease assets down to estimated fair value           665    
Virginia Power and Stonepeak | CVOW Commercial Project | Forecast                
Property Plant And Equipment [Line Items]                
Remaining capital percentage   50.00%            
Virginia Power and Stonepeak | Maximum | Forecast                
Property Plant And Equipment [Line Items]                
Total project costs   $ 11,300            
Corporate Office Building                
Property Plant And Equipment [Line Items]                
Sale of office building         40      
Level 3 | Corporate Office Building                
Property Plant And Equipment [Line Items]                
Long-lived assets, estimated fair value     $ 26   35   26  
Impairment of Assets and Other Charges | Corporate Office Building                
Property Plant And Equipment [Line Items]                
Impairment of assets and other charges         93   16  
Asset impairment charges after tax         69   12  
Terra Nova Renewable Partners | Nonregulated Solar Projects | S B L Holdco L L C                
Property Plant And Equipment [Line Items]                
Percentage of controlling interest               67.00%
Disposal group, total value of consideration               $ 456
Gain (loss) on held for sale     $ (149)          
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]     Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property          
Gain (loss) on held for sale, after tax     $ (89)          
Clearway Energy Inc | Four Brothers And Three Cedars                
Property Plant And Equipment [Line Items]                
Percentage of controlling interest               50.00%
Disposal group, total value of consideration               $ 335
Gain (loss) on held for sale     $ (364)          
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]     Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property          
Gain (loss) on held for sale, after tax     $ (81)          
Virginia Electric and Power Company                
Property Plant And Equipment [Line Items]                
Project easement cost paid $ 65              
Easement charges before tax 65              
Easement charges after tax $ 49              
Virginia Electric and Power Company | Forecast                
Property Plant And Equipment [Line Items]                
Percentage of proceeds from sale of non controlling interests in CVOW commercial project   50.00%            
Termination fee   $ 200            
Virginia Electric and Power Company | CVOW Commercial Project | Forecast                
Property Plant And Equipment [Line Items]                
Ownership percentage   50.00%            
Virginia Electric and Power Company | CVOW Commercial Project Excluding Financing Costs | Forecast                
Property Plant And Equipment [Line Items]                
Initial withholding amount   $ 100            
Virginia Electric and Power Company | CVOW Commercial Project Excluding Financing Costs Condition Two | Forecast                
Property Plant And Equipment [Line Items]                
Proceeds from sale of non controlling interests in CVOW commercial project   3,000            
Virginia Electric and Power Company | Minimum | Forecast                
Property Plant And Equipment [Line Items]                
Total project costs   13,700            
Virginia Electric and Power Company | Minimum | CVOW Commercial Project | Forecast                
Property Plant And Equipment [Line Items]                
Initial withholding amount   145            
Virginia Electric and Power Company | Virginia Regulation                
Property Plant And Equipment [Line Items]                
Impairment of assets and other charges             $ 318  
Virginia Electric and Power Company | Impairment of Assets and Other Charges                
Property Plant And Equipment [Line Items]                
Impairment of assets and other charges       $ 191        
Asset impairment charges after tax       $ 142        
Stonepeak | Maximum | Forecast                
Property Plant And Equipment [Line Items]                
Total project costs   13,700            
Additional capital costs   11,300            
Stonepeak | Minimum | Forecast                
Property Plant And Equipment [Line Items]                
Total project costs   $ 11,300            
Acquisition of Solar Project at Schools in Virginia                
Property Plant And Equipment [Line Items]                
Anticipated projected cost         $ 16      
Aggregate generation capacity | MW         7      
Project cost         $ 7      
Aggregate generation capacity of service solar facilities | MW         4      
Utility Property                
Property Plant And Equipment [Line Items]                
Sale of utility property         $ 12 20    
Gain on sale of asset         11 20    
Gain on sale of asset after tax         $ 8 $ 15    
v3.24.0.1
Goodwill and Intangible Assets (Goodwill) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] $ 4,143 $ 4,253
Sale of Hope [2]   (110)
Goodwill, Ending Balance [1] 4,143 4,143
Operating Segments | Dominion Energy Virginia    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 2,106 2,106
Sale of Hope [2]   0
Goodwill, Ending Balance [1] 2,106 2,106
Operating Segments | Dominion Energy South Carolina    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 1,521 1,521
Sale of Hope [2]   0
Goodwill, Ending Balance [1] 1,521 1,521
Operating Segments | Contracted Energy    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 516 516
Sale of Hope [2]   0
Goodwill, Ending Balance [1] 516 516
Operating Segments | Corporate and Other    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 0 110
Sale of Hope [2]   (110)
Goodwill, Ending Balance [1] $ 0 $ 0
[1] Goodwill amounts do not contain any accumulated impairment losses.
[2] See Note 3 for additional information.
v3.24.0.1
Goodwill and Intangible Assets (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]      
Amortization expense for intangible assets $ 160 $ 103 $ 70
Acquisition of intangible assets $ 642    
Weighted-average amortization period (years) 6 years    
Virginia Electric and Power Company      
Goodwill [Line Items]      
Amortization expense for intangible assets $ 123 $ 67 $ 31
Acquisition of intangible assets $ 583    
Weighted-average amortization period (years) 5 years    
v3.24.0.1
Goodwill and Intangible Assets (Components of Intangible Assets) (Detail) - Software, Licenses and Other - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] $ 2,185 $ 1,723
Accumulated Amortization [1] 1,240 927
Virginia Electric and Power Company    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount [1] 1,509 1,113
Accumulated Amortization [1] $ 856 $ 577
[1] Includes $198 million and $253 million of RGGI allowances purchased and consumed in 2023 and 2022, respectively, with deferral to a regulatory asset.
v3.24.0.1
Goodwill and Intangible Assets (Components of Intangible Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]    
RGGI allowance purchased and consumed $ 198 $ 253
v3.24.0.1
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Finite Lived Intangible Assets [Line Items]  
2024 $ 81
2025 74
2026 63
2027 47
2028 36
Virginia Electric and Power Company  
Finite Lived Intangible Assets [Line Items]  
2024 49
2025 45
2026 38
2027 29
2028 $ 22
v3.24.0.1
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 29, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Regulatory Assets [Line Items]        
Regulatory assets-current   $ 1,309.0 $ 1,883.0  
Regulatory assets-noncurrent   8,356.0 8,265.0  
Total regulatory assets   9,665.0 10,148.0  
Impairment of assets and other charges   307.0 1,401.0 $ 194.0
Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current   868.0 1,140.0  
Regulatory assets-noncurrent   4,317.0 4,247.0  
Total regulatory assets   $ 5,185.0 5,387.0  
Virginia Electric and Power Company | Subsequent Event        
Regulatory Assets [Line Items]        
Estimated under-recovered balances $ 1.3      
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    
Impairment of assets and other charges       $ 100.0
Deferred cost of fuel used in electric generation        
Regulatory Assets [Line Items]        
Regulatory assets-current [1]   $ 245.0 603.0  
Regulatory assets-noncurrent [1]   1,221.0 1,551.0  
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [1]   95.0 133.0  
Regulatory assets-noncurrent [1]   1,221.0 1,551.0  
Deferred rider costs for Virginia electric utility        
Regulatory Assets [Line Items]        
Regulatory assets-current [2]   270.0 152.0  
Regulatory assets-noncurrent [2]   496.0 363.0  
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [2]   270.0 152.0  
Regulatory assets-noncurrent [2]   496.0 363.0  
Impairment of assets and other charges after tax   27.0    
Impairment of assets and other charges   36.0    
Ash pond and landfill closure costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [3]   200.0 221.0  
Regulatory assets-noncurrent [3]   $ 2,410.0 2,051.0  
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 [3]   $ 200.0 221.0  
Regulatory assets-noncurrent [3]   2,407.0 2,049.0  
Deferred nuclear refueling outage costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [4]   63.0 83.0  
Deferred nuclear refueling outage costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [4]   63.0 83.0  
NND Project Costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [5]   138.0 138.0  
Regulatory assets-noncurrent [5]   1,949.0 2,088.0  
Deferred early plant retirement charges        
Regulatory Assets [Line Items]        
Regulatory assets-current [6]   0.0 226.0  
Deferred early plant retirement charges | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [6]   0.0 226.0  
Other        
Regulatory Assets [Line Items]        
Regulatory assets-current   231.0 204.0  
Regulatory assets-noncurrent   590.0 518.0  
Other | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current   80.0 74.0  
Regulatory assets-noncurrent   127.0 132.0  
Derivatives        
Regulatory Assets [Line Items]        
Regulatory assets-current [7]   162.0 256.0  
Regulatory assets-noncurrent [7]   107.0 254.0  
Derivatives | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [7]   160.0 251.0  
Regulatory assets-noncurrent [7]   66.0 148.0  
Unrecognized Pension and Other Postretirement Benefit Costs        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [8]   1,036.0 891.0  
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [8]   0.0 4.0  
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent   $ 215.0 302.0  
Ash pond and landfill closure costs | Minimum        
Regulatory Assets [Line Items]        
Regulatory assets amounts expected collection period   15 years    
Ash pond and landfill closure costs | Maximum        
Regulatory Assets [Line Items]        
Regulatory assets amounts expected collection period   18 years    
Interest rate hedges        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [9]   $ 168.0 169.0  
Interest rate hedges | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [9]   0.0 0.0  
AROs and related funding        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [10]   $ 379.0 $ 380.0  
Amortization period for deferred costs   105 years    
Deferred Project Costs | Maximum        
Regulatory Assets [Line Items]        
Amortization period for deferred costs   18 months    
[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. See Notes 13 and 18 for additional information.
[2] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects. In 2023, Virginia Power recorded a charge of $36 million ($27 million after-tax), included in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment), for the write-off of certain previously deferred amounts related to Riders R, S and W in connection with the cessation of such riders effective July 2023. See Note 13 for additional information.
[3] 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.
[4] 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.
[5] Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
[6] Reflects amounts from the early retirements of certain coal- and oil-fired generating units which were amortized through 2023 in accordance with the settlement of the 2021 Triennial Review. See Note 13 for additional information.
[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 $215 million and $302 million and regulatory liabilities of $12 million and $6 million in aggregate at December 31, 2023 and 2022, respectively, related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, PSNC and Questar Gas Transactions which will be reclassified to AOCI upon closing of each transaction.
[9] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of December 31, 2023.
[10] Represents uncollected costs, including deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
v3.24.0.1
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 522 $ 748
Regulatory liabilities-noncurrent 8,674 8,435
Total regulatory liabilities 9,196 9,183
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 321 506
Regulatory liabilities-noncurrent 5,978 5,517
Total regulatory liabilities $ 6,299 6,023
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 [1] $ 118 111
Regulatory liabilities-noncurrent [1] 1,818 1,731
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [1] 118 111
Regulatory liabilities-noncurrent [1] 1,185 1,135
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [2] 83 125
Regulatory liabilities-noncurrent [2] 237 325
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [2] 0 25
Regulatory liabilities-noncurrent [2] 0 0
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 107 100
Regulatory liabilities-noncurrent [3] 3,076 3,187
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 70 65
Regulatory liabilities-noncurrent [3] 2,237 2,290
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 67 67
Regulatory liabilities-noncurrent [4] $ 635 702
Electric service customers over period 20 years  
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 140 134
Regulatory liabilities-noncurrent 286 191
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 133 129
Regulatory liabilities-noncurrent 225 167
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [5] 2,098 1,685
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [5] 2,098 1,685
Interest rate hedges    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [6] 233 240
Interest rate hedges | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [6] 233 240
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [7] 155 140
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent 12 6
Derivatives    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] 7 211
Regulatory liabilities-noncurrent [8] 136 234
Derivatives | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] 0 176
Regulatory liabilities-noncurrent [8] $ 0 $ 0
[1] 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.
[2] 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 for additional information.
[3] 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.
[4] 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.
[5] 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.
[6] 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 December 31, 2023.
[7] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
[8] 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.
v3.24.0.1
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Billions
Dec. 31, 2023
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 5.1
Period for which expenditures are expected to be recovered 2 years
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 3.1
Period for which expenditures are expected to be recovered 2 years
v3.24.0.1
Regulatory Matters (Narrative) (Detail 1)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended 24 Months Ended
Nov. 08, 2023
USD ($)
Sep. 30, 2024
USD ($)
Nov. 30, 2023
USD ($)
Oct. 31, 2023
USD ($)
Project
MW
Jul. 31, 2023
USD ($)
shares
May 31, 2023
USD ($)
Apr. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Project
Components
Oct. 31, 2022
USD ($)
Project
MW
May 31, 2022
USD ($)
Oct. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
MW
Nov. 30, 2013
mi
kV
Dec. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Mar. 31, 2021
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Sep. 30, 2022
Dec. 31, 2023
USD ($)
Battery
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2024
Dec. 31, 2022
USD ($)
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                           $ 307 $ 1,401 $ 194      
Impairment of assets and other charges (benefits)                                               25      
Proposed capital cost of energy storage system                             $ 16,540             16,540 15,179       $ 15,179
Depreciation and amortization                                           2,580 2,442 2,117      
Generation And Distribution Services                                                      
Public Utilities General Disclosures [Line Items]                                                      
Authorized return percentage         9.70%                                            
Virginia Regulation                                                      
Public Utilities General Disclosures [Line Items]                                                      
Cap on revenue reductions in triennial review                                               50      
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources                         100.00%                            
Cap on revenue reductions in the first triennial                         $ 50                            
Authorized return percentage         9.35%                                            
Percentage of earned return         9.04%                                            
Virginia Regulation | Securitization Option | Annual Fuel Factor                                                      
Public Utilities General Disclosures [Line Items]                                                      
Increase (decrease) in revenue requirement                                           541          
Virginia Electric and Power Company                                                      
Public Utilities General Disclosures [Line Items]                                                      
Authorized but unissued shares of common stock | shares         3,250                                            
Number of electric distribution grid transformation projects | Project               14                                      
Number of electric distribution grid transformation projects components | Components               6                                      
Proposed capital cost of energy storage system                             14,268             14,268 13,034       $ 13,034
Depreciation and amortization                                           1,871 $ 1,736 1,364      
Virginia Electric and Power Company | Impairment of Assets and Other Charges                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                 $ 191                    
Impairment of assets and other charges after tax                                 142                    
Virginia Electric and Power Company | Impairment of Assets and Other Charges (Benefits)                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                   $ 76                  
Impairment of assets and other charges after tax                                   $ 56                  
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 | Rider RGGI | Impairment of Assets and Other Charges                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                 180                    
Impairment of assets and other charges (benefits) after tax                                 $ 134                    
Depreciation and amortization                               $ 33                      
Depreciation and amortization after tax                               $ 25                      
Virginia Electric and Power Company | Income Payment Program                                                      
Public Utilities General Disclosures [Line Items]                                                      
Total revenue requirement                       $ 93                              
Universal service fee       $ 71                                              
Virginia Electric and Power Company | Grid Transformation And Security Act | Impairment of Assets and Other Charges                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                                 $ 130    
Impairment of assets and other charges (benefits)                                               130      
Impairment of assets and other charges (benefits) after tax                                               97      
Virginia Electric and Power Company | Utility-scale Solar                                                      
Public Utilities General Disclosures [Line Items]                                                      
Targeted capacity provided by legislation | MW       329         474                                    
Number of utility-scale projects | Project       4         8                                    
Proposed cost of project       $ 850         $ 1,200                                    
Virginia Electric and Power Company | Energy Storage                                                      
Public Utilities General Disclosures [Line Items]                                                      
Targeted capacity provided by legislation | MW                 16                                    
Virginia Electric and Power Company | Electric Distribution Grid Transformation Projects                                                      
Public Utilities General Disclosures [Line Items]                                                      
Proposed cost of project               $ 1,100             773             773          
Proposed operations and maintenance investment               $ 71                           $ 71          
Number of battery energy storage system | Battery                                           5          
Batteries to be installed over number of years                                           5 years          
Proposed capital cost of energy storage system                             $ 50             $ 50          
Virginia Electric and Power Company | Virginia Regulation                                                      
Public Utilities General Disclosures [Line Items]                                                      
Rate year beginning         2023-07                                            
Estimated under-recovered balances $ 1,300                                   $ 1,300                
Increase (decrease) in revenue requirement                     $ 330                                
Public utilities event costs to be recovered     $ 45                                                
Impairment of assets and other charges                                               318      
Refund to customer over 6 month period                     255                                
Refund to customer three years                     75                                
Authorized return percentage         9.70%   9.70%                                        
Authorized return percentage credited to customers bills             1.50%                                        
Credited to customers bills percentage             100.00%                                        
Capitalization ratio         52.10%   52.10%               52.10%                        
Increase (Decrease) Over Previous Year                     309                                
Virginia Electric and Power Company | Virginia Regulation | Operating Revenue                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                               356      
Impairment of assets and other charges after tax                                               265      
Virginia Electric and Power Company | Virginia Regulation | Regulatory Asset Associated with Early Retirements                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                               549      
Impairment of assets and other charges after tax                                               409      
Virginia Electric and Power Company | Virginia Regulation | Impairment of Assets and Other Charges (Benefits)                                                      
Public Utilities General Disclosures [Line Items]                                                      
Impairment of assets and other charges                                               318      
Impairment of assets and other charges after tax                                               $ 237      
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case                                                      
Public Utilities General Disclosures [Line Items]                                                      
Total revenue requirement         $ 350 351 $ 350                                        
Increase (decrease) in revenue requirement                     $ 50                                
Authorized return percentage                     9.35%                                
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor                                                      
Public Utilities General Disclosures [Line Items]                                                      
Total revenue requirement           $ 2,300       $ 2,300                                  
Rate year beginning           2023-07       2022-07                                  
Estimated under-recovered balances           $ 1,300       $ 1,000                   $ 578              
Increase (decrease) in revenue requirement                   $ 1,800                                  
Fuel cost recognized           3,300                                          
Public utilities collection of requested under-recovered projected fuel expense period                                       3 years 3 years            
Public utilities collection of requested under-recovered projected fuel expense beginning date                                         Jul. 01, 2022            
Public utilities exclude from recovery through base rates one half of financing costs period                                         3 years            
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 | Virginia Regulation | Surry Switching Station Transmission Line                                                      
Public Utilities General Disclosures [Line Items]                                                      
Miles of Lines | mi                           7                          
Type of Line | kV                           500                          
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation                                                      
Public Utilities General Disclosures [Line Items]                                                      
Miles of Lines | mi                           20                          
Type of Line | kV                           230                          
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 | Proposed First Option | Annual Fuel Factor                                                      
Public Utilities General Disclosures [Line Items]                                                      
Increase (decrease) in revenue requirement           631                                          
Virginia Electric and Power Company | Virginia Regulation | Securitization Option | Annual Fuel Factor                                                      
Public Utilities General Disclosures [Line Items]                                                      
Estimated under-recovered balances           $ 1,300                                          
Virginia Electric and Power Company | Virginia Regulation | Solar And Onshore Wind | End of Year 2035                                                      
Public Utilities General Disclosures [Line Items]                                                      
Targeted capacity provided by legislation | MW                         16,100                            
Virginia Electric and Power Company | Virginia Regulation | Utility-scale Solar | By End of Year 2024                                                      
Public Utilities General Disclosures [Line Items]                                                      
Targeted capacity provided by legislation | MW                         3,000                            
Virginia Electric and Power Company | Virginia Regulation | Small-scale Solar | End of Year 2035                                                      
Public Utilities General Disclosures [Line Items]                                                      
Targeted capacity provided by legislation | MW                         1,100                            
Virginia Electric and Power Company | Virginia Regulation | Energy Storage | End of Year 2035                                                      
Public Utilities General Disclosures [Line Items]                                                      
Targeted capacity provided by legislation | MW                         2,700                            
Virginia Electric and Power Company | Triennial Review                                                      
Public Utilities General Disclosures [Line Items]                                                      
Authorized return percentage             70.00%                                       70.00%
Credited to customers bills percentage             85.00%                                        
Virginia Electric and Power Company | Biennial Review                                                      
Public Utilities General Disclosures [Line Items]                                                      
Authorized return percentage         9.35%   9.35%                                        
Authorized return percentage credited to customers bills             1.50%                                        
Credited to customers bills percentage             85.00%                                        
Virginia Electric and Power Company | Biennial Review | Forecast                                                      
Public Utilities General Disclosures [Line Items]                                                      
Authorized return percentage                                                   9.70%  
v3.24.0.1
Regulatory Matters (Narrative) (Detail 2) - USD ($)
$ in Millions
 1 Months Ended
Feb. 23, 2024
Jan. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Feb. 28, 2023
North Carolina Regulation          
Public Utilities, General Disclosures [Line Items]          
Approval date       2023-03  
North Carolina Regulation | Rider DSM          
Public Utilities, General Disclosures [Line Items]          
Increase in customer usage tracker     $ 34 $ 23  
Public Service Company Of North Carolina | North Carolina Regulation | Rider D          
Public Utilities, General Disclosures [Line Items]          
Increase (decrease) in gas cost         $ (56)
Approval date         2023-03
Public Service Company Of North Carolina | North Carolina Regulation | Rider D | Subsequent Event          
Public Utilities, General Disclosures [Line Items]          
Increase (decrease) in gas cost   $ 42      
Approval date   2024-01      
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event          
Public Utilities, General Disclosures [Line Items]          
Issuance of deferred bond for under recovery of fuel cost $ 1,300        
v3.24.0.1
Regulatory Matters (Narrative) (Detail 3)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 23, 2024
USD ($)
Jan. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Apr. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
mi
kV
Feb. 28, 2023
USD ($)
Jan. 31, 2023
USD ($)
Mar. 31, 2022
Aug. 31, 2021
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Public Utilities, General Disclosures [Line Items]                        
Regulatory assets                   $ 9,665 $ 10,148  
Impairment of assets and other charges                   $ 307 $ 1,401 $ 194
South Carolina Regulation | Electric Base Rate Case                        
Public Utilities, General Disclosures [Line Items]                        
Increase (decrease) in revenue requirement                 $ 62      
Approved return on equity percentage                 9.50%      
Public utilities, requested rate increase amortization of certain excess deferred income taxes                 $ 36      
Public utilities, retail electric customer balance                 15      
Public utilities energy efficiency upgrades and critical health and safety repairs                 $ 15      
Regulatory assets                       237
South Carolina Regulation | Electric Base Rate Case | Impairment of Assets and Other Charges (Benefits)                        
Public Utilities, General Disclosures [Line Items]                        
Impairment of assets and other charges                       249
Impairment of assets and other charges after tax                       187
South Carolina Regulation | Electric Base Rate Case | Other income (expense)                        
Public Utilities, General Disclosures [Line Items]                        
Impairment of assets and other charges                       18
Impairment of assets and other charges after tax                       $ 14
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             $ 46          
Application date             2023-01          
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric DSM Programs | Subsequent Event                        
Public Utilities, General Disclosures [Line Items]                        
Public energy efficiency programs cost rate adjustment approval request to recover amount   $ 47                    
Application date   2024-01                    
Dominion Energy South Carolina Inc | South Carolina Regulation | Natural Gas Base Rate Member                        
Public Utilities, General Disclosures [Line Items]                        
Increase (decrease) in revenue requirement     $ 9   $ 19              
Percentage of proposed earned return         10.38%              
Authorized return percentage     9.49%         10.25%        
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel                        
Public Utilities, General Disclosures [Line Items]                        
Application date           2023-02            
Rate year beginning           2023-05            
Increase (decrease) in annual base fuel component recoveries         $ 121 $ 176            
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel | Subsequent Event                        
Public Utilities, General Disclosures [Line Items]                        
Application date 2024-02                      
Rate year beginning 2024-05                      
Increase (decrease) in annual base fuel component recoveries $ (315)                      
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Project                        
Public Utilities, General Disclosures [Line Items]                        
Application date         2023-03              
Cost Estimate         $ 55              
Miles of Lines | mi         19              
Type of Line | kV         230              
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric - Other                        
Public Utilities, General Disclosures [Line Items]                        
Increase (decrease) in revenue requirement       $ 24                
v3.24.0.1
Regulatory Matters (Narrative) (Detail 4)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Oct. 31, 2023
USD ($)
MW
Jul. 31, 2023
USD ($)
May 31, 2023
USD ($)
Apr. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Feb. 28, 2023
USD ($)
Oct. 31, 2022
MW
May 31, 2022
USD ($)
Oct. 31, 2021
USD ($)
Apr. 30, 2020
MW
Dec. 31, 2011
Mar. 31, 2023
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2008
Target to Reach by End of 2025                                  
Public Utilities, General Disclosures [Line Items]                                  
Energy efficiency target percentage. based on energy savings from 2019 baseline                     5.00%            
Virginia Regulation                                  
Public Utilities, General Disclosures [Line Items]                                  
Authorized return percentage     9.35%                            
North Carolina Regulation                                  
Public Utilities, General Disclosures [Line Items]                                  
Approval date           2023-03                      
Ohio Regulation | Base Rate Case                                  
Public Utilities, General Disclosures [Line Items]                                  
Percentage of proposed earned return   10.40%                              
Increase (Decrease) in non-fuel base rate   $ 212                              
Authorized return percentage   10.38%                              
Ohio Regulation | PIR Program                                  
Public Utilities, General Disclosures [Line Items]                                  
Total revenue requirement                               $ 305  
Approval date of application                             2023-04    
Percentage of pipeline system replaced                                 25.00%
Total gross plant investment estimated cost                               225  
Cumulative gross plant investment estimated cost                               $ 2,400  
Increases of annual capital expenditures percentage         3.00%                        
Ohio Regulation | CEP Program                                  
Public Utilities, General Disclosures [Line Items]                                  
Total revenue requirement                             $ 151    
Total gross plant investment estimated cost $ 195                           195    
Cumulative gross plant investment estimated cost 1,300                           $ 1,300    
Percentage of debt rate on capital investments                       6.50%          
Application date                             2023-09    
Ohio Regulation | UEX Rider                                  
Public Utilities, General Disclosures [Line Items]                                  
Actual revenue requirement                             $ 23    
Public utilities, under-recovered accumulated bad debt expense                         $ 9        
Ohio Regulation | Forecast | UEX Rider                                  
Public Utilities, General Disclosures [Line Items]                                  
Recovery of bad debt expense                           $ 14      
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]                                  
Targeted capacity provided by legislation | MW   329           474                  
Virginia Electric and Power Company | Virginia Regulation                                  
Public Utilities, General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement                   $ 330              
Authorized return percentage     9.70%   9.70%                        
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor                                  
Public Utilities, General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement                 $ 1,800                
Total revenue requirement       2,300         2,300                
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case                                  
Public Utilities, General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement                   $ 50              
Authorized return percentage                   9.35%              
Total revenue requirement     $ 350 $ 351 $ 350                        
Virginia Electric and Power Company | Virginia Regulation | Maximum | Annual Fuel Factor                                  
Public Utilities, General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement                 1,300                
Virginia Electric and Power Company | Virginia Regulation | Minimum | Annual Fuel Factor                                  
Public Utilities, General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement                 $ 1,200                
Virginia Electric and Power Company | Virginia Regulation | Offshore Wind Facility | End of Year 2035 | Maximum                                  
Public Utilities, General Disclosures [Line Items]                                  
Constructed by utility capacity | MW                     3,000            
Virginia Electric and Power Company | Virginia Regulation | Offshore Wind Facility | End of Year 2035 | Minimum                                  
Public Utilities, General Disclosures [Line Items]                                  
Constructed by utility capacity | MW                     2,500            
Virginia Electric and Power Company | Virginia Regulation | Offshore Wind Facility | Before 2035 | Maximum                                  
Public Utilities, General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     5,200            
Virginia Electric and Power Company | Virginia Regulation | Utility-scale Solar | End of Year 2035 | Maximum                                  
Public Utilities, General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     15,000            
Virginia Electric and Power Company | Virginia Regulation | Pumped Storage | End of Year 2035 | Maximum                                  
Public Utilities, General Disclosures [Line Items]                                  
Targeted capacity provided by legislation | MW                     800            
Questar Gas Company | Utah Regulation                                  
Public Utilities, General Disclosures [Line Items]                                  
Approval date             2023-02                    
Increase (decrease) in gas cost           $ 92 $ 164                    
Percentage of adjustments of distribution non-gas revenues                             5.00%    
Decrease in non-gas cost $ 27                                
v3.24.0.1
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Rider CCR  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-02
Approval Date October 2023
Rate Year Beginning 2023-12
Total Revenue Requirement (millions) $ 194 [1]
Increase (Decrease) Over Previous Year $ (37)
Rider CE  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-10 [2]
Approval Date April 2023 [2]
Rate Year Beginning 2023-05 [2]
Total Revenue Requirement (millions) $ 89 [1],[2]
Increase (Decrease) Over Previous Year $ 18 [2]
Rider CE  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10 [3]
Approval Date Pending [3]
Rate Year Beginning 2024-05 [3]
Total Revenue Requirement (millions) $ 137 [1],[3]
Increase (Decrease) Over Previous Year $ 48 [3]
Rider E  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-01
Approval Date September 2023
Rate Year Beginning 2023-11
Total Revenue Requirement (millions) $ 109 [1]
Increase (Decrease) Over Previous Year $ 8
Rider E  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-01
Approval Date Pending
Rate Year Beginning 2024-11
Total Revenue Requirement (millions) $ 72 [1]
Increase (Decrease) Over Previous Year $ (37)
Rider GT  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-08
Approval Date Pending
Rate Year Beginning 2024-06
Total Revenue Requirement (millions) $ 145 [1]
Increase (Decrease) Over Previous Year $ 131
Rider GV  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-06 [4]
Approval Date February 2024 [4]
Rate Year Beginning 2024-04 [4]
Total Revenue Requirement (millions) $ 132 [1],[4]
Increase (Decrease) Over Previous Year $ 5 [4]
Rider GV  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-06 [4]
Approval Date February 2024 [4]
Rate Year Beginning 2025-04 [4]
Total Revenue Requirement (millions) $ 135 [1],[4]
Increase (Decrease) Over Previous Year $ 3 [4]
Rider OSW  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-11
Approval Date July 2023
Rate Year Beginning 2023-09
Total Revenue Requirement (millions) $ 271 [1]
Increase (Decrease) Over Previous Year $ 192
Rider OSW  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-11
Approval Date Pending
Rate Year Beginning 2024-09
Total Revenue Requirement (millions) $ 486 [1]
Increase (Decrease) Over Previous Year $ 215
Rider R  
Public Utilities General Disclosures [Line Items]  
Application Date 2021-06
Approval Date March 2022
Rate Year Beginning 2023-04
Total Revenue Requirement (millions) $ 55 [1],[5]
Increase (Decrease) Over Previous Year $ (4)
Rider BW  
Public Utilities General Disclosures [Line Items]  
Application Date 2021-10
Approval Date May 2022
Rate Year Beginning 2023-09
Total Revenue Requirement (millions) $ 120 [1]
Increase (Decrease) Over Previous Year $ (25)
Rider RGGI  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-12 [6]
Approval Date July 2023 [6]
Rate Year Beginning 2023-09 [6]
Total Revenue Requirement (millions) $ 356 [1],[6]
Rider RPS  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-12
Approval Date July 2023
Rate Year Beginning 2023-09
Total Revenue Requirement (millions) $ 96 [1]
Increase (Decrease) Over Previous Year $ (44)
Rider RPS  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-12 [7]
Approval Date Pending
Rate Year Beginning 2024-09
Total Revenue Requirement (millions) $ 358 [1]
Increase (Decrease) Over Previous Year $ 262
Rider S  
Public Utilities General Disclosures [Line Items]  
Application Date 2021-06
Approval Date February 2022
Rate Year Beginning 2023-04
Total Revenue Requirement (millions) $ 191 [1],[5]
Increase (Decrease) Over Previous Year $ (1)
Rider SNA  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-10 [8]
Approval Date June 2023 [8]
Rate Year Beginning 2023-09 [8]
Total Revenue Requirement (millions) $ 50 [1],[8]
Increase (Decrease) Over Previous Year $ (57) [8]
Rider SNA  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10
Approval Date Pending
Rate Year Beginning 2024-09
Total Revenue Requirement (millions) $ 95 [1]
Increase (Decrease) Over Previous Year $ 45
Rider T1  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-05 [9]
Approval Date July 2023 [9]
Rate Year Beginning 2023-09 [9]
Total Revenue Requirement (millions) $ 879 [1],[9]
Increase (Decrease) Over Previous Year $ 173 [9]
Rider U  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-06 [10]
Approval Date February 2023 [10]
Rate Year Beginning 2023-04 [10]
Total Revenue Requirement (millions) $ 74 [1],[10]
Increase (Decrease) Over Previous Year $ (21) [10]
Rider U  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10 [11]
Approval Date Pending [11]
Rate Year Beginning 2024-08 [11]
Total Revenue Requirement (millions) $ 150 [1],[11]
Increase (Decrease) Over Previous Year $ 76 [11]
Rider W  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-06 [12]
Approval Date February 2023 [12]
Rate Year Beginning 2023-04 [12]
Total Revenue Requirement (millions) $ 105 [1],[5],[12]
Increase (Decrease) Over Previous Year $ (16) [12]
DSM Riders  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-12 [13]
Approval Date August 2023 [13]
Rate Year Beginning 2023-09 [13]
Total Revenue Requirement (millions) $ 107 [1],[13]
Increase (Decrease) Over Previous Year $ 16 [13]
DSM Riders  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-12 [14]
Approval Date Pending [14]
Rate Year Beginning 2024-09 [14]
Total Revenue Requirement (millions) $ 93 [1],[14]
Increase (Decrease) Over Previous Year $ (14) [14]
[1] In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $90 million as of December 31, 2023. There are various pending applications associated with such riders, which if approved, would result in a net increase of approximately $6 million.
[2] Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects.
[3] Associated with five solar generation projects, one small-scale solar project and 13 power purchase agreements in addition to previously approved Rider CE projects.
[4] The total revenue requirement requested is based on an estimated retirement of Greensville County in 2058, consistent with the current estimated useful life of the facility. Virginia Power also provided an alternative approach based on an estimated retirement of Greensville County in 2045, which if this alternative had been utilized, would have resulted in a revenue requirement of $144 million and $148 million for rate years beginning April 2024 and April 2025, respectively.
[5] In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.
[6] In December 2022, Virginia Power filed a petition to update and reinstate Rider RGGI to recover RGGI compliance costs incurred after July 2022 and those projected to occur through December 2023, with rate recovery from September 2023 through August 2024. For purposes of this proceeding, Virginia Power assumed that Virginia would withdraw from RGGI on December 31, 2023, and accordingly did not project any RGGI compliance costs to be incurred after that date.
[7] Virginia Power amended its application in February 2024.
[8] Virginia Power requested approval of cost recovery of approximately $1.2 billion through Rider SNA for the first phase of nuclear life extension program which includes investments through 2024. In July 2022, the Virginia Commission approved a stipulation proposed by Virginia Power, the Virginia Commission staff and certain interested parties recommending that costs incurred after February 2022 associated with the first phase of the nuclear life extension program for North Anna be deferred and requested for recovery in a subsequent Rider SNA filing.
[9] Consists of $510 million for the transmission component of Virginia Power’s base rates and $369 million for Rider T1.
[10] Consists of previously approved phases of Rider U. In August 2023, the Virginia Commission approved Virginia Power’s request to extend the rider for the rate year beginning April 2023 through June 2024.
[11] Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In connection with the October 2023 application, Virginia Power requests the Virginia Commission further extend existing rates for Rider U through July 2024.
[12] In February 2023, the Virginia Commission also approved Virginia Power’s requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W ceased to be separately collected effective July 2023.
[13] Associated with an additional four new energy efficiency programs, one new demand response program and four new program bundles with a $150 million cost cap, with the ability to exceed the cost cap by no more than 15%.
[14] Associated with an additional three new energy efficiency programs and one new demand response program with a $102 million cost cap, with the ability to exceed the cost cap by no more than 15%.
v3.24.0.1
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail)
$ in Millions
 1 Months Ended 12 Months Ended
Jul. 31, 2023
USD ($)
May 31, 2023
USD ($)
Apr. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Agreement
Program
Project
Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Additional total revenue requirement       $ 90
Public utilities requested rate increase annual revenue of pending applications approval       6
Rider GV | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement [1],[2]       135
Rider GV | Virginia Electric and Power Company | Rate Year Beginning April 2024        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement       144
Rider GV | Virginia Electric and Power Company | Operating Segments        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement       $ 148
Rider CE        
Public Utilities General Disclosures [Line Items]        
Public utilities number of small scale solar project | Project       1
Public utilities number of power purchase agreements | Agreement       13
Rider CE | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Public utilities number of solar generation projects | Project       5
Rider SNA | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement [1],[3]       $ 50
Rider T1 | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement [1],[4]       879
Rider U | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement [1],[5]       74
DSM Riders | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement [1],[6]       107
DSM Riders | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement [1],[7]       93
Virginia Regulation | Rider SNA | Virginia Electric and Power Company | Operating Segments | First Phase of Nuclear Life Extension Program        
Public Utilities General Disclosures [Line Items]        
Projected capital investment       1,200
Virginia Regulation | Rider T1 | Virginia Electric and Power Company | Operating Segments        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement       369
Virginia Regulation | Rider T1 | Virginia Electric and Power Company | Operating Segments | Transmission Component Of Virginia Powers        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement       510
Virginia Regulation | Rider U | Virginia Electric and Power Company | Seven Phase        
Public Utilities General Disclosures [Line Items]        
Projected capital investment       78
Virginia Regulation | Rider U | Virginia Electric and Power Company | Previous Phase        
Public Utilities General Disclosures [Line Items]        
Projected capital investment       72
Virginia Regulation | DSM Riders | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Amount of cost cap recovery       $ 150
Public utilities energy efficiency program cost exceed percentage       15.00%
Virginia Regulation | DSM Riders | Virginia Electric and Power Company | Operating Segments        
Public Utilities General Disclosures [Line Items]        
Number of new demand response programs | Program       1
Number of new program bundles | Program       4
Virginia Regulation | DSM Riders | Virginia Electric and Power Company | Operating Segments | Energy Efficiency Program        
Public Utilities General Disclosures [Line Items]        
Number of new energy efficiency programs | Program       4
Virginia Regulation | DSM Riders | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Amount of cost cap recovery       $ 102
Public utilities energy efficiency program cost exceed percentage       15.00%
Virginia Regulation | DSM Riders | Virginia Electric and Power Company | Operating Segments        
Public Utilities General Disclosures [Line Items]        
Number of new demand response programs | Program       1
Virginia Regulation | DSM Riders | Virginia Electric and Power Company | Operating Segments | Energy Efficiency Program        
Public Utilities General Disclosures [Line Items]        
Number of new energy efficiency programs | Program       3
Virginia Regulation | Base Rate Case | Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Total revenue requirement $ 350 $ 351 $ 350  
[1] In addition, Virginia Power has various riders associated with other projects with an aggregate total annual revenue requirement of approximately $90 million as of December 31, 2023. There are various pending applications associated with such riders, which if approved, would result in a net increase of approximately $6 million.
[2] The total revenue requirement requested is based on an estimated retirement of Greensville County in 2058, consistent with the current estimated useful life of the facility. Virginia Power also provided an alternative approach based on an estimated retirement of Greensville County in 2045, which if this alternative had been utilized, would have resulted in a revenue requirement of $144 million and $148 million for rate years beginning April 2024 and April 2025, respectively.
[3] Virginia Power requested approval of cost recovery of approximately $1.2 billion through Rider SNA for the first phase of nuclear life extension program which includes investments through 2024. In July 2022, the Virginia Commission approved a stipulation proposed by Virginia Power, the Virginia Commission staff and certain interested parties recommending that costs incurred after February 2022 associated with the first phase of the nuclear life extension program for North Anna be deferred and requested for recovery in a subsequent Rider SNA filing.
[4] Consists of $510 million for the transmission component of Virginia Power’s base rates and $369 million for Rider T1.
[5] Consists of previously approved phases of Rider U. In August 2023, the Virginia Commission approved Virginia Power’s request to extend the rider for the rate year beginning April 2023 through June 2024.
[6] Associated with an additional four new energy efficiency programs, one new demand response program and four new program bundles with a $150 million cost cap, with the ability to exceed the cost cap by no more than 15%.
[7] Associated with an additional three new energy efficiency programs and one new demand response program with a $102 million cost cap, with the ability to exceed the cost cap by no more than 15%.
v3.24.0.1
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
mi
kV
Construct new switching station, substations, transmission lines and related projects in Lunenberg and Mecklenburg Counties Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-10
Approval Date 2023-06
Type of Line | kV 230
Miles of Lines | mi 18
Cost Estimate | $ $ 230 [1]
Construct new switching station, substation, transmission lines and related projects in Charlotte, Halifax and Mecklenburg Counties, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-10
Approval Date 2023-05
Type of Line | kV 230
Miles of Lines | mi 26
Cost Estimate | $ $ 215 [1]
Construct new Mars and Wishing Star substations, transmission lines and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-10
Approval Date 2023-04
Type of Line 500/230 kV
Miles of Lines | mi 4
Cost Estimate | $ $ 720 [1]
Construct new Cirrus and Keyser switching stations, transmission lines and related projects in Culpeper, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2022-11
Approval Date 2023-10
Type of Line | kV 230
Miles of Lines | mi 5
Cost Estimate | $ $ 65 [1]
Rebuild of Lines #2019 and #2007 in the City of Virginia Beach, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-02
Approval Date 2023-08
Type of Line | kV 230
Miles of Lines | mi 5
Cost Estimate | $ $ 95 [1]
Construct new transmission lines and convert Jeffress switching station in Mecklenburg County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-05
Approval Date 2024-01
Type of Line | kV 230
Miles of Lines | mi 18
Cost Estimate | $ $ 135 [1]
Construct new Germanna substation, transmission line and related projects in Culpeper County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-11
Type of Line | kV 230
Miles of Lines | mi 2
Cost Estimate | $ $ 55 [1]
Construct Daves Store transmission line extension in Prince William County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-02
Type of Line | kV 230
Miles of Lines | mi 3
Cost Estimate | $ $ 70 [1]
[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 during 2023 and early 2024 or applied for and currently pending approval with aggregate cost estimates of approximately $155 million and $145 million, respectively.
v3.24.0.1
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Parenthetical) (Details) - Virginia Electric and Power Company
$ in Millions
Dec. 31, 2023
USD ($)
Other transmission projects approved  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 155
Other transmission projects applied  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 145
v3.24.0.1
Asset Retirement Obligations (Changes to AROs) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance $ 5,427 [1] $ 5,333
Obligations incurred during the period 16 138
Obligations settled during the period (193) (125)
Revisions in estimated cash flows 603 [2] 46 [3]
Accretion 222 210
Sales of Kewaunee and Hope   (175)
AROs, Ending balance 6,075 5,427 [1]
Virginia Electric and Power Company    
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance 4,093 [1] 3,923
Obligations incurred during the period 9 132
Obligations settled during the period (169) (155)
Revisions in estimated cash flows 564 [2] 48 [3]
Accretion 156 145
AROs, Ending balance $ 4,653 $ 4,093 [1]
[1] Includes $365 million and $434 million reported in other current liabilities for Dominion Energy at December 31, 2022 and 2023, respectively.
[2] Primarily reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities at Virginia Power as discussed below. In addition, Dominion Energy recorded a $48 million increase to its AROs to reflect a revision in the estimated cash flows following the approval of closure plans for a DESC generation facility previously taken out of service. Dominion Energy also recorded a decrease of $125 million to its AROs due to a revision in the timing of expected cash flows associated with the expected approval of a 20-year useful life extension of Millstone Units 2 and 3. Concurrently, Dominion Energy reevaluated its estimated cash flows associated with Millstone Unit 1, which resulted in an increase to its AROs of $83 million. As a result, Dominion Energy recorded a charge of $83 million ($60 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).
[3] Primarily reflects revisions to asbestos abatement costs associated with the early retirement of certain retired electric generation facilities.
v3.24.0.1
Asset Retirement Obligations (Changes to AROs) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Asset Retirement Obligations [Line Items]    
Increase in estimated cash flows due to revision in timing of expected cash flows $ 48  
Decrease in estimated cash flows due to revision in timing of expected cash flows 125  
Increase in cash flows associated with Milestone Unit 1 83  
Cash flows charged within impairment of assets and other charges 83  
Cash flows charged within impairment of assets and other charges net of tax $ 60  
Useful life extension of estimated cash flows 20 years  
Other Current Liabilities    
Asset Retirement Obligations [Line Items]    
Asset retirement obligations $ 434 $ 365
v3.24.0.1
Asset Retirement Obligations (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Asset Retirement Obligations [Line Items]    
Asset retirement obligation, liabilities incurred $ 16 $ 138
Nuclear decommissioning trust funds 6,946 5,957
Dominion Energy    
Asset Retirement Obligations [Line Items]    
Asset retirement obligation, liabilities incurred 1,900 1,900
D Virginia Electric And Power Company    
Asset Retirement Obligations [Line Items]    
Increase in asset retirement obligation 552  
Increase in regulatory assets 471  
Increase in other deferred charges and other assets 81  
D Virginia Electric And Power Company | Future Decommissioning Of Nuclear Facilities    
Asset Retirement Obligations [Line Items]    
Asset retirement obligation, liabilities incurred 1,000 900
D Virginia Electric And Power Company | D Cost Of Landfills And Beneficial Reuse    
Asset Retirement Obligations [Line Items]    
Asset retirement obligation, liabilities incurred 3,400 2,800
Virginia Electric and Power Company    
Asset Retirement Obligations [Line Items]    
Asset retirement obligation, liabilities incurred 9 132
Nuclear decommissioning trust funds $ 3,716 $ 3,202
v3.24.0.1
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Lessee Lease Disclosure [Line Items]    
Operating lease assets [1] $ 578 $ 473
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Deferred Charges Regulatory Assets And Other Assets Noncurrent Deferred Charges Regulatory Assets And Other Assets Noncurrent
Finance lease assets [2] $ 258 $ 144
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment Property, plant and equipment
Total lease assets $ 836 $ 617
Operating lease liabilities [3] $ 36 $ 39
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Payable to affiliates Payable to affiliates
Finance lease liabilities [4] $ 60 $ 46
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Securities due within one year Securities due within one year
Total lease liabilities - current $ 96 $ 85
Operating lease liabilities [5] $ 627 $ 514
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Deferred Credits and Other Liabilities Deferred Credits and Other Liabilities
Finance lease liabilities [6] $ 203 $ 104
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Noncurrent Liabilities Held for Sale, Other Noncurrent Liabilities Held for Sale, Other
Total lease liabilities - noncurrent $ 830 $ 618
Total lease liabilities 926 703
Virginia Electric and Power Company    
Lessee Lease Disclosure [Line Items]    
Operating lease assets [1] $ 393 $ 294
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Deferred Charges Regulatory Assets And Other Assets Noncurrent Deferred Charges Regulatory Assets And Other Assets Noncurrent
Finance lease assets [2] $ 104 $ 82
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant and equipment Property, plant and equipment
Total lease assets $ 497 $ 376
Operating lease liabilities [3] $ 20 $ 21
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Payable to affiliates Payable to affiliates
Finance lease liabilities [4] $ 31 $ 17
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Securities due within one year Securities due within one year
Total lease liabilities - current $ 51 $ 38
Operating lease liabilities [5] $ 377 $ 273
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Deferred Credits and Other Liabilities Deferred Credits and Other Liabilities
Finance lease liabilities [6] $ 72 $ 65
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Other
Total lease liabilities - noncurrent $ 449 $ 338
Total lease liabilities $ 500 $ 376
[1] Dominion Energy includes $561 million and $451 million at December 31, 2023 and 2022, respectively, in other deferred charges and other assets, with the remaining balance in noncurrent assets held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred charges and other assets in its Consolidated Balance Sheets.
[2] Dominion Energy includes $244 million and $127 million at December 31, 2023 and 2022, respectively, in property, plant and equipment in its Consolidated Balance Sheets, net of $142 million and $106 million at December 31, 2023 and 2022, respectively, of accumulated amortization, with the remaining balance in noncurrent assets held for sale. Virginia Power’s balances are included in property, plant and equipment in its Consolidated Balance Sheets, net of $51 million and $33 million at December 31, 2023 and 2022, respectively, of accumulated amortization.
[3] Dominion Energy includes $32 million and $34 million at December 31, 2023 and 2022, respectively, in other current liabilities, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are in other current liabilities in its Consolidated Balance Sheets.
[4] Dominion Energy includes $57 million and $42 million at December 31, 2023 and 2022, respectively, in securities due within one year, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in securities due within one year in its Consolidated Balance Sheets.
[5] Dominion Energy includes $610 million and $494 million at December 31, 2023 and 2022, respectively, in other deferred credits and other liabilities, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred credits and other liabilities in its Consolidated Balance Sheets.
[6] Dominion Energy includes $192 million and $91 million at December 31, 2023 and 2022, respectively, in other long-term debt, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.
v3.24.0.1
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lessee Lease Disclosure [Line Items]    
Other deferred charges and other assets $ 561 $ 451
Finance lease assets [1] $ 258 $ 144
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Gross Property, Plant and Equipment, Gross
Finance lease assets, accumulated amortization $ 142 $ 106
Operating lease liabilities [2] $ 36 $ 39
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Other
Finance lease liabilities [3] $ 60 $ 46
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation, Current Long-Term Debt and Lease Obligation, Current
Other deferred credits and other liabilities $ 610 $ 494
Operating lease liabilities [4] 627 514
Finance lease liabilities [5] $ 203 $ 104
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent, Other Long-Term Debt, Noncurrent Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent, Other Long-Term Debt, Noncurrent
Securities Due within One Year    
Lessee Lease Disclosure [Line Items]    
Finance lease liabilities $ 57 $ 42
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation, Current Long-Term Debt and Lease Obligation, Current
Other Long-Term Debt    
Lessee Lease Disclosure [Line Items]    
Finance lease liabilities $ 192 $ 91
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Long-Term Debt, Noncurrent Other Long-Term Debt, Noncurrent
Other Current Liabilities    
Lessee Lease Disclosure [Line Items]    
Operating lease liabilities $ 32 $ 34
Property, Plant and Equipment    
Lessee Lease Disclosure [Line Items]    
Finance lease assets, accumulated amortization 244 127
Virginia Electric and Power Company    
Lessee Lease Disclosure [Line Items]    
Finance lease assets [1] $ 104 $ 82
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Gross Property, Plant and Equipment, Gross
Finance lease assets, accumulated amortization $ 51 $ 33
Operating lease liabilities [2] $ 20 $ 21
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other Other
Finance lease liabilities [3] $ 31 $ 17
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation, Current Long-Term Debt and Lease Obligation, Current
Operating lease liabilities [4] $ 377 $ 273
Finance lease liabilities [5] $ 72 $ 65
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Long-Term Debt, Noncurrent Other Long-Term Debt, Noncurrent
[1] Dominion Energy includes $244 million and $127 million at December 31, 2023 and 2022, respectively, in property, plant and equipment in its Consolidated Balance Sheets, net of $142 million and $106 million at December 31, 2023 and 2022, respectively, of accumulated amortization, with the remaining balance in noncurrent assets held for sale. Virginia Power’s balances are included in property, plant and equipment in its Consolidated Balance Sheets, net of $51 million and $33 million at December 31, 2023 and 2022, respectively, of accumulated amortization.
[2] Dominion Energy includes $32 million and $34 million at December 31, 2023 and 2022, respectively, in other current liabilities, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are in other current liabilities in its Consolidated Balance Sheets.
[3] Dominion Energy includes $57 million and $42 million at December 31, 2023 and 2022, respectively, in securities due within one year, with the remaining balance in current liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in securities due within one year in its Consolidated Balance Sheets.
[4] Dominion Energy includes $610 million and $494 million at December 31, 2023 and 2022, respectively, in other deferred credits and other liabilities, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other deferred credits and other liabilities in its Consolidated Balance Sheets.
[5] Dominion Energy includes $192 million and $91 million at December 31, 2023 and 2022, respectively, in other long-term debt, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.
v3.24.0.1
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2020
Mar. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Jul. 31, 2016
Leases Disclosure [Line Items]              
Property, plant and equipment     $ 58,780 $ 52,312      
Accumulated depreciation and amortization     24,637 23,396      
Agreement with Lessor to Complete Construction and Lease Jones Act Compliant Offshore Wind Installation Vessel              
Leases Disclosure [Line Items]              
Requested cash draws from lessor to fund project costs     $ 422        
Required percentage payment for specific full recourse events 100.00%            
Lease maturity term     2027-11        
Lessor | Agreement with Lessor to Complete Construction and Lease Jones Act Compliant Offshore Wind Installation Vessel              
Leases Disclosure [Line Items]              
Amount of financing commitments to fund estimated project costs $ 625            
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property              
Leases Disclosure [Line Items]              
Amount of financing commitments to fund estimated project costs           $ 465 $ 365
Leasing arrangement, charge         $ 62    
Leasing arrangement, charge after tax         46    
Lease effective termination date   2021-04          
Power Purchase Arrangement [Member]              
Leases Disclosure [Line Items]              
Property, plant and equipment     $ 382 381      
Accumulated depreciation and amortization     28 18      
Rental revenue     $ 21 $ 16 $ 168    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Revenues Revenues Revenues    
Depreciation expense     $ 10 $ 34 $ 110    
v3.24.0.1
Leases (Summary of Total Lease Cost) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Finance lease cost:      
Finance lease cost, Amortization [1] $ 50 $ 41 $ 40
Finance lease cost, Interest [2] 13 3 (3)
Operating lease cost [3] 70 53 66
Short-term lease cost [4] 32 31 32
Variable lease cost 6 4 5
Total lease cost 171 132 140
Virginia Electric and Power Company      
Finance lease cost:      
Finance lease cost, Amortization [1] 24 15 12
Finance lease cost, Interest [2] 4 3 1
Operating lease cost [3] 43 32 30
Short-term lease cost [4] 23 21 19
Variable lease cost 2 1 1
Total lease cost $ 96 $ 72 $ 63
[1] Dominion Energy includes $3 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
[2] Dominion Energy includes $1 million for both the years ended December 31, 2023 and 2022 and less than $1 million for the year ended December 31, 2021 reflected in discontinued operations in its Consolidated Statements of Income.
[3] Dominion Energy includes $5 million, $6 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively, reflected in discontinued operations in its Consolidated Statements of Income.
[4] Dominion Energy includes $2 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
v3.24.0.1
Leases (Summary of Total Lease Cost) (Parenthetical) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lessee Lease Disclosure [Line Items]      
Finance lease cost, Amortization [1] $ 50 $ 41 $ 40
Finance lease cost, Interest [2] 13 3 (3)
Operating lease cost [3] 70 53 66
Short-term lease cost [4] 32 31 32
Discontinued Operations      
Lessee Lease Disclosure [Line Items]      
Finance lease cost, Amortization 3 3 3
Finance lease cost, Interest 1 1 1
Operating lease cost [3] 5 6 8
Short-term lease cost [4] $ 2 $ 2 $ 2
[1] Dominion Energy includes $3 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
[2] Dominion Energy includes $1 million for both the years ended December 31, 2023 and 2022 and less than $1 million for the year ended December 31, 2021 reflected in discontinued operations in its Consolidated Statements of Income.
[3] Dominion Energy includes $5 million, $6 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively, reflected in discontinued operations in its Consolidated Statements of Income.
[4] Dominion Energy includes $2 million for each of the years ended December 31, 2023, 2022 and 2021 reflected in discontinued operations in its Consolidated Statements of Income.
v3.24.0.1
Leases (Cash Paid for Amounts Included in Measurement of Lease Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Lessee Lease Disclosure [Line Items]      
Operating cash flows for finance leases $ 13 $ 3 $ (3)
Operating cash flows for operating leases 105 82 103
Financing cash flows for finance leases 47 32 40
Virginia Electric and Power Company      
Lessee Lease Disclosure [Line Items]      
Operating cash flows for finance leases 4 3 1
Operating cash flows for operating leases 64 50 53
Financing cash flows for finance leases $ 19 $ 12 $ 12
v3.24.0.1
Leases (Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases) (Detail)
Dec. 31, 2023
Dec. 31, 2022
Lessee Lease Disclosure [Line Items]    
Weighted average remaining lease term - finance leases 5 years 4 years
Weighted average remaining lease term - operating leases 31 years 29 years
Weighted average discount rate - finance leases 7.14% 5.77%
Weighted average discount rate - operating leases 4.11% 3.91%
Virginia Electric and Power Company    
Lessee Lease Disclosure [Line Items]    
Weighted average remaining lease term - finance leases 5 years 6 years
Weighted average remaining lease term - operating leases 33 years 30 years
Weighted average discount rate - finance leases 7.28% 6.12%
Weighted average discount rate - operating leases 4.18% 3.90%
v3.24.0.1
Leases (Scheduled Maturities of Lease Liabilities) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Lessee Lease Disclosure [Line Items]  
Maturity of Lease Liabilities, Operating, 2024 $ 45
Maturity of Lease Liabilities, Operating, 2025 39
Maturity of Lease Liabilities, Operating, 2026 36
Maturity of Lease Liabilities, Operating, 2027 33
Maturity of Lease Liabilities, Operating, 2028 32
Maturity of Lease Liabilities, Operating, After 2028 930
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 1,115
Present value adjustment, Operating (451)
Present value of lease liabilities, Operating 664
Maturity of Lease Liabilities, Finance, 2024 77
Maturity of Lease Liabilities, Finance, 2025 62
Maturity of Lease Liabilities, Finance, 2026 54
Maturity of Lease Liabilities, Finance, 2027 48
Maturity of Lease Liabilities, Finance, 2028 41
Maturity of Lease Liabilities, Finance, After 2028 31
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 313
Present value adjustment, Finance (51)
Present value of lease liabilities, Finance 262
Virginia Electric and Power Company  
Lessee Lease Disclosure [Line Items]  
Maturity of Lease Liabilities, Operating, 2024 24
Maturity of Lease Liabilities, Operating, 2025 21
Maturity of Lease Liabilities, Operating, 2026 18
Maturity of Lease Liabilities, Operating, 2027 17
Maturity of Lease Liabilities, Operating, 2028 17
Maturity of Lease Liabilities, Operating, After 2028 553
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 650
Present value adjustment, Operating (253)
Present value of lease liabilities, Operating 397
Maturity of Lease Liabilities, Finance, 2024 37
Maturity of Lease Liabilities, Finance, 2025 26
Maturity of Lease Liabilities, Finance, 2026 20
Maturity of Lease Liabilities, Finance, 2027 17
Maturity of Lease Liabilities, Finance, 2028 12
Maturity of Lease Liabilities, Finance, After 2028 10
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 122
Present value adjustment, Finance (19)
Present value of lease liabilities, Finance $ 103
v3.24.0.1
Variable Interest Entities - (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]      
Payable to affiliates [1] $ 1,732 $ 1,695  
Virginia Electric and Power Company      
Variable Interest Entity [Line Items]      
Payable to affiliates $ 908 826  
Variable Interest Entity Not Primary Beneficiary | Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline      
Variable Interest Entity [Line Items]      
Initial membership interest percentage 53.00%    
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES      
Variable Interest Entity [Line Items]      
Shared Services Purchased $ 463 396 $ 380
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related Party      
Variable Interest Entity [Line Items]      
Payable to affiliates $ 32 $ 28  
[1] See Note 9 for amounts attributable to related parties.
v3.24.0.1
Short-Term Debt and Credit Agreements (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Oct. 31, 2023
Jul. 31, 2023
Mar. 31, 2023
Jan. 31, 2023
Dec. 31, 2023
Dec. 31, 2021
Nov. 30, 2023
Oct. 01, 2023
Aug. 01, 2023
Feb. 28, 2023
Feb. 27, 2023
Dec. 31, 2022
Nov. 30, 2022
Jun. 30, 2021
Oct. 31, 2020
Nov. 30, 2017
Debt Instrument [Line Items]                                
Facility Limit   $ 600,000,000     $ 6,000,000,000 [1]             $ 6,000,000,000 [1]        
Line of credit issued         5,725,000,000 $ 1,265,000,000                    
Securities due within one year         6,589,000,000             3,337,000,000        
Short-term debt         $ 3,956,000,000             $ 3,423,000,000        
Weighted-average percentage interest rates         5.69%             4.73%        
Letters of credit outstanding, amount [1]         $ 16,000,000             $ 202,000,000        
Floating Rate Demand Notes                                
Debt Instrument [Line Items]                                
Short-term debt         $ 409,000,000             $ 347,000,000        
Weighted-average percentage interest rates         5.50%             4.24%        
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes                                
Debt Instrument [Line Items]                                
Facility Limit                               $ 3,000,000,000
Debt instrument, maximum principal outstanding amount                             $ 1,000,000,000  
Dominion Energy South Carolina Inc                                
Debt Instrument [Line Items]                                
Facility Limit         $ 500,000,000                      
Short-term indebtedness outstanding     $ 2,200,000,000                          
Debt, maturity month and year     2025-03                          
Questar Gas                                
Debt Instrument [Line Items]                                
Facility Limit         250,000,000                      
GENCO                                
Debt Instrument [Line Items]                                
Short-term indebtedness outstanding     $ 200,000,000                          
Debt, maturity month and year     2025-03                          
Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit [2]         6,000,000,000             $ 6,000,000,000        
Securities due within one year         381,000,000             1,164,000,000        
Short-term debt         $ 455,000,000             $ 941,000,000        
Weighted-average percentage interest rates         5.65%             4.68%        
Letters of credit outstanding, amount [2]         $ 10,000,000             $ 140,000,000        
Revolving Credit Facility                                
Debt Instrument [Line Items]                                
Facility Limit                           $ 6,000,000,000    
Revolving Credit Facility | Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit                         $ 3,000,000,000      
Letter of Credit                                
Debt Instrument [Line Items]                                
Facility Limit     $ 100,000,000   54,000,000                      
Credit facility, outstanding amount         54,000,000           $ 0          
Letter of Credit | Maximum                                
Debt Instrument [Line Items]                                
Letters of credit issued and outstanding                   $ 1,000,000            
Letter of Credit | Credit Facility, Maturing in June 2022                                
Debt Instrument [Line Items]                                
Credit facility, outstanding amount         25,000,000             25,000,000        
Letter of Credit | Credit Facility Maturing In June 2024                                
Debt Instrument [Line Items]                                
Facility Limit     $ 30,000,000                          
Credit facility, maturity date     Jun. 30, 2024                          
Letter of Credit | Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit     $ 200,000,000                 2,000,000,000        
Line of credit issued         124,000,000                      
Letter of Credit | Virginia Electric and Power Company | Credit Facility, Maturing in January 2026                                
Debt Instrument [Line Items]                                
Facility Limit       $ 125,000,000                        
Credit facility, maturity date       Jan. 31, 2026                        
Credit Facilities Maturing in December 2021 with 1 Year Automatic Renewals Through 2024 | DECP Holdings                                
Debt Instrument [Line Items]                                
Facility Limit         $ 110,000,000                      
Automatic renewal period         1 year                      
Letters of credit outstanding, amount         $ 110,000,000             110,000,000        
Letters of credit borrowed, amount         0             $ 0        
364 Term loan facility                                
Debt Instrument [Line Items]                                
Facility Limit $ 500,000,000     $ 2,500,000,000                        
Credit facility, outstanding amount     $ 1,000,000,000 $ 1,000,000,000       $ 225,000,000 $ 750,000,000 $ 500,000,000            
Securities due within one year         2,500,000,000                      
Line of credit facility remaining borrowing and terminated 225,000,000                              
Credit facility, maturity date       Jan. 31, 2024                        
364 Term loan facility | Term Loan Facility, Maturing in July 2024                                
Debt Instrument [Line Items]                                
Facility Limit   $ 600,000,000                            
Credit facility, maturity date   Jul. 31, 2024                            
364 Term loan facility | Term Loan Facility, Maturing in Oct 2024                                
Debt Instrument [Line Items]                                
Facility Limit $ 2,250,000,000                              
Securities due within one year         2,250,000,000                      
Credit facility, maturity date Oct. 31, 2024                              
364 Term loan facility | General Corporate                                
Debt Instrument [Line Items]                                
Credit facility, outstanding amount $ 1,000,000,000       $ 750,000,000   $ 500,000,000                  
364 Term loan facility | Cove Point                                
Debt Instrument [Line Items]                                
Credit facility, outstanding amount   $ 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 December 31, 2023, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.0.1
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) - USD ($)
Dec. 31, 2023
Jul. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]      
Facility Limit $ 6,000,000,000 [1] $ 600,000,000 $ 6,000,000,000 [1]
Outstanding Commercial Paper [1],[2] 3,547,000,000   3,076,000,000
Outstanding Letters of Credit [1] 16,000,000   202,000,000
Facility Capacity Available [1] 2,437,000,000   2,722,000,000
Virginia Electric and Power Company      
Line of Credit Facility [Line Items]      
Facility Limit [3] 6,000,000,000   6,000,000,000
Outstanding Commercial Paper [3],[4] 455,000,000   941,000,000
Outstanding Letters of Credit [3] $ 10,000,000   $ 140,000,000
[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 weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s credit facility was 5.69% and 4.73% at December 31, 2023 and 2022, respectively.
[3] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Questar Gas and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At December 31, 2023, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[4] The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 5.65% and 4.68% at December 31, 2023 and 2022, respectively.
v3.24.0.1
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - USD ($)
Dec. 31, 2023
Jul. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Line of Credit Facility [Line Items]        
Weighted-average percentage interest rates 5.69%     4.73%
Facility Limit $ 6,000,000,000 [1] $ 600,000,000   $ 6,000,000,000 [1]
Virginia Electric and Power Company        
Line of Credit Facility [Line Items]        
Weighted-average percentage interest rates 5.65%     4.68%
Facility Limit [2] $ 6,000,000,000     $ 6,000,000,000
Letter of Credit        
Line of Credit Facility [Line Items]        
Facility Limit 54,000,000   $ 100,000,000  
Letter of Credit | Virginia Electric and Power Company        
Line of Credit Facility [Line Items]        
Facility Limit     $ 200,000,000 $ 2,000,000,000
Letter of Credit Matures in June 2028        
Line of Credit Facility [Line Items]        
Facility Limit 2,000,000,000      
Line of Credit Sub-limit | 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 December 31, 2023, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.0.1
Long-Term Debt (Total Long Term Debt) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Weighted-average percentage interest rates 5.69% 4.73%
Total principal $ 40,206 $ 37,522
Securities due within one year and supplemental credit facility borrowings [1],[2] (6,839) (2,848)
Unamortized discount, premium and debt issuances costs, net (311) (322)
Derivative restructuring [3] 0 141
Finance lease liabilities [4] 203 104
Total long-term debt 33,248 34,584
Long-term Debt    
Debt Instrument [Line Items]    
Finance lease liabilities $ 192 91
Sustainability Revolving Credit Agreement, variable rate, due 2024    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[6] 6.28%  
Total principal [6] $ 450 450
4.82%, due 2042    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [2],[5] 4.82%  
Total principal [2] $ 291 308
Term Loans, variable rate, due 2024    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 6.52%  
Total principal $ 4,750  
Senior Notes | Variable rates, due 2023    
Debt Instrument [Line Items]    
Total principal   1,000
Senior Notes | 1.45% to 7.0%, due 2023 to 2052    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[7] 4.14%  
Total principal [7] $ 11,476 12,476
Senior Notes | 2.30% to 8.875%, due 2023 to 2053    
Debt Instrument [Line Items]    
Total principal $ 16,935 15,135
Junior Subordinated Debt | 3.071% due 2024    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 3.07%  
Total principal $ 700 700
Junior Subordinated Debt | 8.4% due 2031    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 8.40%  
Total principal $ 10 10
Enhanced Junior Subordinated Notes | 5.75% due 2054    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 5.75%  
Total principal $ 685 685
Tax-Exempt Financings | Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041    
Debt Instrument [Line Items]    
Total principal [8] $ 625 625
Tax-Exempt Financings | Variable Rate Due 2038    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[9] 3.87%  
Total principal [9] $ 35 35
Tax-Exempt Financings | GENCO variable rate due 2038 [Member]    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[9] 3.87%  
Total principal [9] $ 33 33
Tax-Exempt Financings | 3.625% and 4.00%, due 2028 and 2033    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[9] 3.90%  
Total principal [9] $ 54 54
Tax-Exempt Financings | Other    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[9] 3.61%  
Total principal [9] $ 1 1
Tax-Exempt Financings | Tax-Exempt Financing, 3.80% due 2033    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 3.80%  
Total principal $ 27 27
DECP Holdings | Term Loan, Variable Rate, Due 2024    
Debt Instrument [Line Items]    
Total principal [10]   2,349
DESC | First mortgage bonds, 2.30% to 6.625%, due 2028 to 2065    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 5.23%  
Total principal $ 4,134 $ 3,634
Virginia Electric and Power Company    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates 5.65% 4.68%
Total principal $ 17,560 $ 15,760
Securities due within one year and supplemental credit facility borrowings [1],[2] (350) (700)
Unamortized discount, premium and debt issuances costs, net (167) (144)
Finance lease liabilities [4] 72 65
Total long-term debt $ 17,115 14,981
Virginia Electric and Power Company | Senior Notes | 2.30% to 8.875%, due 2023 to 2053    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5] 4.25%  
Total principal $ 16,935 15,135
Virginia Electric and Power Company | Tax-Exempt Financings | Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041    
Debt Instrument [Line Items]    
Weighted-average percentage interest rates [5],[8] 1.77%  
Total principal [8] $ 625 $ 625
[1] Dominion Energy and Virginia Power’s weighted-average rate for securities due within one year was 5.79% and 3.45%, respectively, as of December 31, 2023.
[2] Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.
[3] Excludes $143 million at December 31, 2023 for Dominion Energy and $447 million at December 31, 2022, for both Dominion Energy and Virginia Power, representing the current portion which is presented within securities due within one year in the Companies’ Consolidated Balance Sheets.
[4] Dominion Energy includes $192 million and $91 million at December 31, 2023 and 2022, respectively, in other long-term debt, with the remaining balance in noncurrent liabilities held for sale, in its Consolidated Balance Sheets. Virginia Power’s balances are included in other long-term debt in its Consolidated Balance Sheets.
[5] Represents weighted-average coupon rates for debt outstanding as of December 31, 2023.
[6] This $900 million supplemental credit facility, entered in 2021, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In May 2022, Dominion Energy borrowed $900 million. The proceeds from these borrowings were used to support environmental sustainability and social investment initiatives ($450 million) and for general corporate purposes ($450 million). In June 2022, Dominion Energy repaid $450 million borrowed for general corporate purposes. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes.
[7] Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
[8] These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
[9] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2024.
[10] In connection with the sale of Dominion Energy’s interest in Cove Point, described further in Note 9, DECP Holdings’ outstanding term loan balance of $2.2 billion was repaid in September 2023. This term loan was scheduled to mature in December 2024.
v3.24.0.1
Long-Term Debt (Total Long Term Debt) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Oct. 31, 2023
Sep. 30, 2023
Apr. 30, 2023
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Feb. 23, 2024
Mar. 31, 2023
Aug. 31, 2022
Aug. 31, 2021
Jul. 31, 2016
Debt Instrument [Line Items]                      
Debt repurchased value                 $ 154 $ 39  
Aggregate outstanding principal         $ 40,206 $ 37,522          
Weighted-average percentage interest rates         5.69% 4.73%          
Derivative restructuring current         $ 143 $ 447          
March 2023                      
Debt Instrument [Line Items]                      
Debt, amount redeemed               $ 450      
Sustainability Revolving Credit Agreement | May Twenty Twenty Two                      
Debt Instrument [Line Items]                      
Debt, amount redeemed         900            
Junior Subordinated Debt                      
Debt Instrument [Line Items]                      
Interest Rate                     5.25%
Debt instrument, face amount                     $ 800
Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal         $ 17,560 $ 15,760          
Weighted-average percentage interest rates         5.65% 4.68%          
Dominion Energy                      
Debt Instrument [Line Items]                      
Term loan repaid   $ 2,200                  
Dominion Energy | Sustainability Revolving Credit Agreement                      
Debt Instrument [Line Items]                      
Debt instrument, face amount         $ 900            
Dominion Energy | Environmental Sustainability And Social Investment Initiatives | Sustainability Revolving Credit Agreement                      
Debt Instrument [Line Items]                      
Proceeds from borrowings           $ 450          
Dominion Energy | General Corporate | Sustainability Revolving Credit Agreement                      
Debt Instrument [Line Items]                      
Proceeds from borrowings         450            
Repayments of borrowings $ 450 $ 450 $ 450 $ 450              
1.45% to 7.0%, due 2023 to 2052 | Senior Notes                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal [1]         $ 11,476 12,476          
Weighted-average percentage interest rates [1],[2]         4.14%            
1.45% to 7.0%, due 2023 to 2052 | Minimum | Senior Notes                      
Debt Instrument [Line Items]                      
Interest Rate         1.45%            
1.45% to 7.0%, due 2023 to 2052 | Maximum | Senior Notes                      
Debt Instrument [Line Items]                      
Interest Rate         7.00%            
3.071% due 2024 | Junior Subordinated Debt                      
Debt Instrument [Line Items]                      
Interest Rate         3.071%            
Aggregate outstanding principal         $ 700 700          
Weighted-average percentage interest rates [2]         3.07%            
8.4% due 2031 | Junior Subordinated Debt                      
Debt Instrument [Line Items]                      
Interest Rate         8.40%            
Aggregate outstanding principal         $ 10 10          
Weighted-average percentage interest rates [2]         8.40%            
5.75% due 2054 | Enhanced Junior Subordinated Notes                      
Debt Instrument [Line Items]                      
Interest Rate         5.75%            
Aggregate outstanding principal         $ 685 685          
Weighted-average percentage interest rates [2]         5.75%            
Unsecured Senior Notes, 2.30% to 8.875%, due 2023 to 2053 | Senior Notes                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal         $ 16,935 15,135          
Unsecured Senior Notes, 2.30% to 8.875%, due 2023 to 2053 | Virginia Electric and Power Company | Senior Notes                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal         $ 16,935 15,135          
Weighted-average percentage interest rates [2]         4.25%            
Unsecured Senior Notes, 2.30% to 8.875%, due 2023 to 2053 | Minimum | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Interest Rate         2.30%            
Unsecured Senior Notes, 2.30% to 8.875%, due 2023 to 2053 | Maximum | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Interest Rate         8.875%            
Tax-Exempt Financings, 0.75% to 1.90%, due 2032 to 2041 | Minimum | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Interest Rate         0.75%            
Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041 | Tax-Exempt Financings                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal [3]         $ 625 625          
Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041 | Virginia Electric and Power Company | Tax-Exempt Financings                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal [3]         $ 625 625          
Weighted-average percentage interest rates [2],[3]         1.77%            
Tax-Exempt Financings, 0.75% to 3.65%, due 2032 to 2041 | Maximum | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Interest Rate         3.65%            
First mortgage bonds, 2.30% to 6.625%, due 2028 to 2065 | Minimum | DESC                      
Debt Instrument [Line Items]                      
Interest Rate         2.30%            
First mortgage bonds, 2.30% to 6.625%, due 2028 to 2065 | Maximum | DESC                      
Debt Instrument [Line Items]                      
Interest Rate         6.625%            
3.625% and 4.00%, due 2028 and 2033 | Tax-Exempt Financings                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal [4]         $ 54 54          
Weighted-average percentage interest rates [2],[4]         3.90%            
3.625% and 4.00%, due 2028 and 2033 | Minimum | Tax-Exempt Financings                      
Debt Instrument [Line Items]                      
Interest Rate         3.625%            
3.625% and 4.00%, due 2028 and 2033 | Maximum | Tax-Exempt Financings                      
Debt Instrument [Line Items]                      
Interest Rate         4.00%            
4.82%, due 2042                      
Debt Instrument [Line Items]                      
Interest Rate         4.82%            
Aggregate outstanding principal [5]         $ 291 308          
Weighted-average percentage interest rates [2],[5]         4.82%            
4.82%, due 2042 | Eagle Solar, LLC | Subsequent Event                      
Debt Instrument [Line Items]                      
Debt repurchased value             $ 279        
Tax-Exempt Financing, 3.80% due 2033                      
Debt Instrument [Line Items]                      
Interest Rate         3.80%            
Tax-Exempt Financing, 3.80% due 2033 | Tax-Exempt Financings                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal         $ 27 $ 27          
Weighted-average percentage interest rates [2]         3.80%            
Industrial Revenue Bonds                      
Debt Instrument [Line Items]                      
Aggregate outstanding principal         $ 68            
Long term debt due within one year | Virginia Electric and Power Company                      
Debt Instrument [Line Items]                      
Weighted-average percentage interest rates         3.45%            
Long term debt due within one year | Dominion Energy                      
Debt Instrument [Line Items]                      
Weighted-average percentage interest rates         5.79%            
[1] Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
[2] Represents weighted-average coupon rates for debt outstanding as of December 31, 2023.
[3] These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
[4] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2024.
[5] Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.
v3.24.0.1
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]  
2024 $ 6,581
2025 1,519
2026 2,140
2027 1,804
2028 1,309
Thereafter 26,853
Total $ 40,206
Weighted- average coupon, 2024 5.83%
Weighted- average coupon, 2025 3.57%
Weighted- average coupon, 2026 2.64%
Weighted- average coupon, 2027 3.77%
Weighted- average coupon, 2028 4.01%
Weighted- average coupon, Thereafter 4.57%
Sustainability Revolving Credit Agreement  
Debt Instrument [Line Items]  
2024 $ 450
Total 450
Term loans  
Debt Instrument [Line Items]  
2024 4,750
Total 4,750
First mortgage bonds  
Debt Instrument [Line Items]  
2028 53
Thereafter 4,081
Total 4,134
Unsecured senior notes  
Debt Instrument [Line Items]  
2024 650
2025 1,500
2026 2,120
2027 1,783
2028 1,195
Thereafter 21,164
Total 28,412
Secured senior notes  
Debt Instrument [Line Items]  
2024 31 [1]
2025 19 [1]
2026 20 [1]
2027 21 [1]
2028 22 [1]
Thereafter 178 [1]
Total 291 [1]
Tax-exempt financings  
Debt Instrument [Line Items]  
2028 39
Thereafter 735
Total 774
Unsecured junior subordinated notes payable to affiliated trusts  
Debt Instrument [Line Items]  
Thereafter 10
Total 10
Unsecured junior subordinated notes  
Debt Instrument [Line Items]  
2024 700
Total 700
Enhanced Junior Subordinated Notes  
Debt Instrument [Line Items]  
Thereafter 685
Total 685
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
2024 350
2025 350
2026 1,150
2027 1,350
2028 700
Thereafter 13,660
Total $ 17,560
Weighted- average coupon, 2024 3.45%
Weighted- average coupon, 2025 3.10%
Weighted- average coupon, 2026 3.08%
Weighted- average coupon, 2027 3.61%
Weighted- average coupon, 2028 3.80%
Weighted- average coupon, Thereafter 4.37%
Virginia Electric and Power Company | Unsecured senior notes  
Debt Instrument [Line Items]  
2024 $ 350
2025 350
2026 1,150
2027 1,350
2028 700
Thereafter 13,035
Total 16,935
Virginia Electric and Power Company | Tax-exempt financings  
Debt Instrument [Line Items]  
Thereafter 625
Total $ 625
[1] Represents debt associated with Eagle Solar. In February 2024, Eagle Solar redeemed the remaining principal outstanding of $279 million. The debt which otherwise would have matured in 2042 was nonrecourse to Dominion Energy and was secured by Eagle Solar's interest in certain solar facilities. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023.
v3.24.0.1
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Parenthetical) (Detail) - USD ($)
$ in Millions
Feb. 23, 2024
Aug. 31, 2022
Aug. 31, 2021
Debt Instrument [Line Items]      
Debt repurchased value   $ 154 $ 39
Eagle Solar, LLC | Subsequent Event | 4.82%, due 2042      
Debt Instrument [Line Items]      
Debt repurchased value $ 279    
v3.24.0.1
Long-Term Debt (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Aug. 31, 2021
Aug. 31, 2020
Jun. 30, 2020
Dec. 31, 2023
Feb. 29, 2024
Jan. 31, 2024
Dec. 31, 2022
Aug. 31, 2022
Jul. 31, 2016
Oct. 31, 2014
Debt Instrument [Line Items]                    
Debt, amount redeemed $ 39,000,000             $ 154,000,000    
Period of deferral       10 days            
Other long-term debt       $ 192,000,000     $ 232,000,000      
Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Other long-term debt       $ 72,000,000     $ 65,000,000      
Interest Rate Swap                    
Debt Instrument [Line Items]                    
Derivative notional value     $ 2,000,000,000              
Derivative maturity month and year     2024-12              
Other long-term debt   $ 443,000,000 $ 326,000,000              
Derivative imputed interest rate     1.19%              
Interest Rate Swap | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Debt, amount redeemed   448,000,000                
Derivative notional value   $ 900,000,000                
Derivative maturity month and year   2023-12                
Derivative maturity year   2020                
Derivative imputed interest rate   0.34%                
Junior Subordinated Debt                    
Debt Instrument [Line Items]                    
Interest rate percentage                 5.25%  
Debt instrument, face amount                 $ 800,000,000  
October 2014 Hybrids | Junior Subordinated Debt                    
Debt Instrument [Line Items]                    
Junior subordinated notes                   $ 685,000,000
Interest rate percentage                   5.75%
July2016 Hybrids | Junior Subordinated Debt                    
Debt Instrument [Line Items]                    
Debt, amount redeemed 800,000,000                  
Expenses related to early redemption of hybrids $ 23,000,000                  
Debt instrument maturity year 2076                  
Senior Notes Due in 2034 | Virginia Electric and Power Company | Subsequent Event                    
Debt Instrument [Line Items]                    
Interest rate percentage           5.00%        
Debt instrument, face amount           $ 500,000,000        
Senior Secured Deferred Fuel Cost Bonds due in May 2029 | Virginia Electric and Power Company | Forecast                    
Debt Instrument [Line Items]                    
Interest rate percentage         5.088%          
Debt instrument, face amount         $ 439,000,000          
Senior Secured Deferred Fuel Cost Bonds due in May 2033 | Virginia Electric and Power Company | Forecast                    
Debt Instrument [Line Items]                    
Interest rate percentage         4.877%          
Debt instrument, face amount         $ 843,000,000          
Senior Notes Due in 2054 | Virginia Electric and Power Company | Subsequent Event                    
Debt Instrument [Line Items]                    
Interest rate percentage           5.35%        
Debt instrument, face amount           $ 500,000,000        
v3.24.0.1
Preferred Stock (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 01, 2022
May 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Aug. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Apr. 15, 2027
Dec. 15, 2024
Aug. 31, 2021
Jun. 30, 2019
Jun. 14, 2019
Class of Stock [Line Items]                          
Preferred stock shares authorized           20,000,000              
Total Preferred Stock           $ 1,783,000,000 $ 1,783,000,000            
Dividend stock           $ 81,000,000 $ 93,000,000 $ 68,000,000          
Debt, amount redeemed         $ 154,000,000           $ 39,000,000    
Common Stock                          
Class of Stock [Line Items]                          
Stock repurchased, shares           0 0 0          
2019 Series A Corporate Units                          
Class of Stock [Line Items]                          
Principal amount corporate units                         $ 1,600,000,000
Percentage of interest in undivided beneficial ownership                       10.00%  
2019 Series A Corporate Units | Common Stock                          
Class of Stock [Line Items]                          
Purchase price to be paid under stock purchase contracts                         $ 100
Series A Preferred Stock                          
Class of Stock [Line Items]                          
Reclassifications of permanent to mezzanine equity           $ 1,600,000,000              
Conversion of stock, description           Series A Preferred Stock be settled, at Dominion Energy’s election, either entirely in cash or in cash up to the first $1,000 per share and in shares of Dominion Energy common stock, cash or any combination thereof for any amounts in excess of $1,000 per share              
Debt, amount redeemed           $ 1,600,000,000              
Series A Preferred Stock | 2019 Series A Corporate Units                          
Class of Stock [Line Items]                          
Dividend rate percentage   1.75%     1.75%                
Preferred stock dividend rate increase percentage 6.75%                        
Stock repurchased, shares   1,600,000                      
Series B Preferred Stock                          
Class of Stock [Line Items]                          
Preferred stock, redemption price per share       $ 1,020                  
Series B Preferred Stock | Forecast                          
Class of Stock [Line Items]                          
Preferred stock, redemption price per share                   $ 1,000      
Series C Preferred Stock                          
Class of Stock [Line Items]                          
Preferred stock, redemption price per share     $ 1,020         $ 1,020          
Series C Preferred Stock | Forecast                          
Class of Stock [Line Items]                          
Preferred stock, redemption price per share                 $ 1,000        
Dominion Energy                          
Class of Stock [Line Items]                          
Preferred stock shares issued           1,800,000 1,800,000            
Preferred stock shares outstanding           1,800,000 1,800,000            
Dominion Energy | Series B Preferred Stock                          
Class of Stock [Line Items]                          
Preferred stock shares issued       800,000   800,000 800,000            
Preferred stock shares outstanding           800,000 800,000            
Total Preferred Stock       $ 791,000,000                  
Issuance of costs       9,000,000                  
Preferred stock liquidation value       $ 1,000                  
Dividend rate percentage       4.65%   2.993%              
Dividend stock           $ 37,000,000 $ 37,000,000 $ 37,000,000          
Dividends per share           $ 46.5 $ 46.5 $ 46.5          
Dominion Energy | Series C Preferred Stock                          
Class of Stock [Line Items]                          
Preferred stock shares issued           1,000,000 1,000,000            
Preferred stock shares outstanding           1,000,000 1,000,000            
Issuance of costs     $ 8,000,000                    
Preferred stock liquidation value     $ 1,000         $ 1,000          
Dividend rate percentage     4.35%     3.195%              
Dividend stock           $ 44,000,000 $ 44,000,000 $ 3,000,000          
Dividends per share           $ 43.5 $ 43.5 $ 2.6583          
Preferred stock shares issued to public     750,000                    
Preferred stock value issued to public     $ 742,000,000                    
Issuance of shares to qualified benefit pension plan     250,000                    
Defined Benefit Pension plans     $ 250,000,000                    
DESC                          
Class of Stock [Line Items]                          
Preferred stock shares authorized           20,000,000              
SCANA                          
Class of Stock [Line Items]                          
Preferred Stock Held By SCANA           1,000 1,000            
Virginia Electric and Power Company                          
Class of Stock [Line Items]                          
Preferred stock shares authorized           10,000,000 10,000,000            
Preferred stock shares issued           0 0            
Preferred stock shares outstanding           0 0            
Liquidation preference           $ 100 $ 100            
v3.24.0.1
Preferred Stock (Schedule of Equity Units) (Detail) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jun. 14, 2019
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Capital Unit [Line Items]        
Total Preferred Stock     $ 1,783 $ 1,783
Preferred Stock        
Capital Unit [Line Items]        
Units Issued   1    
Preferred Stock | 2019 Series A Corporate Units        
Capital Unit [Line Items]        
Units Issued 16      
Total Net Proceeds [1] $ 1,582      
Total Preferred Stock [2] $ 1,610      
Cumulative Dividend Rate 1.75%      
Stock Purchase Contract Annual Rate 5.50%      
Stock Purchase Contract Liability [3] $ 250      
Stock Purchase Contract Settlement Date Jun. 01, 2022      
[1] Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million). In connection with the reclassification of the Series A Preferred Stock to mezzanine equity in 2021, the issuance costs originally recognized as a reduction to preferred stock were reclassified to common stock.
[2] Dominion Energy recorded dividends of $12 million ($7.292 per share) and $28 million ($17.50 per share) for the years ended December 31, 2022 and 2021, respectively. In addition, Dominion Energy recorded interest expense of $7 million on the Series A Preferred Stock for the year ended December 31, 2022, following the reclassification of these shares to a mandatorily redeemable liability effective June 2022 as discussed above.
[3] Payments of $44 million and $85 million were made in 2022 and 2021, respectively.
v3.24.0.1
Preferred Stock (Schedule of Equity Units) (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2019
Capital Unit [Line Items]      
Issuance costs     $ 28
Corporate units stock purchase contract liability payments $ 44 $ 85  
Series A Preferred Stock      
Capital Unit [Line Items]      
Interest expense 7    
Preferred Stock      
Capital Unit [Line Items]      
Issuance costs     14
Recorded dividend $ 12 $ 28  
Dividends per share $ 7.292 $ 17.5  
Common Stock      
Capital Unit [Line Items]      
Issuance costs     $ 14
v3.24.0.1
Equity (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2023
Apr. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
May 31, 2022
Dec. 31, 2021
Nov. 30, 2021
Aug. 31, 2021
Jul. 31, 2021
Aug. 31, 2020
Dec. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Nov. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of common stock                       $ 94,000,000 $ 1,866,000,000 $ 192,000,000  
Issuance of stock to Dominion Energy                       94,000,000 1,969,000,000 1,332,000,000  
Compensation cost related to stock-based compensation                       44,000,000 36,000,000 42,000,000  
Tax benefit from stock awards and stock options exercised                       $ 10,000,000 7,000,000 9,000,000  
Vesting period                       3 years      
Cash Based Performance Grant | Officer                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Cash-based performance grants minimum percentage                       0.00%      
Cash-based performance grants maximum percentage                       200.00%      
February 2020 Cash Based Performance Grant | Officer | Grant Date Three                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Targeted amount of the grant     $ 4,000,000               $ 4,000,000 $ 4,000,000 4,000,000    
February 2022 Cash Based Performance Grant | Officer | Grant Date Three                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Targeted amount of the grant                     16,000,000 16,000,000      
Liability accrued for award                     5,000,000 5,000,000      
February 2023 Cash Based Performance Grant | Officer | Grant Date Three                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Targeted amount of the grant                     16,000,000 16,000,000      
Liability accrued for award                     $ 3,000,000 $ 3,000,000      
Stock Based Awards                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Shares were available for future grants                     15,000,000 15,000,000      
Restricted Stock                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Unrecognized compensation cost related to nonvested awards                     $ 70,000,000 $ 70,000,000      
Fair value of restricted stock awards that vested                       $ 20,000,000 $ 31,000,000 $ 37,000,000  
S B L Holdco L L C | Nonregulated Solar Projects                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Controlling interest sold           67.00%                  
Four Brothers And Three Cedars                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Controlling interest sold           50.00%                  
Maximum | Stock Based Awards                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Maximum term of stock based awards                       8 years      
Weighted Average | Restricted Stock                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Expected weighted-average period recognized for the unrecognized compensation cost                       2 years 2 months 12 days      
Common Stock                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of stock (in shares)       400,000 900,000     600,000 1,400,000     2,000,000 25,000,000 4,000,000  
Issuance of stock to Dominion Energy       $ 30,000,000 $ 72,000,000     $ 45,000,000 $ 104,000,000     $ 94,000,000 $ 1,969,000,000 $ 340,000,000  
Stock repurchased, shares                       0 0 0  
Stock repurchase program, authorized amount                     900,000,000 $ 900,000,000     $ 1,000,000,000
2019 Series A Corporate Units | Common Stock                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of common stock       $ 1,600,000,000                      
Issuance of stock (in shares)       19,400,000                      
Dominion Energy Direct                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of common stock                       $ 94,000,000 $ 179,000,000 $ 192,000,000  
Issuance of stock (in shares)                       1,700,000 2,400,000 2,600,000  
Virginia Electric and Power Company                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of common stock                     $ 3,250,000,000 $ 3,250,000,000      
Issuance of stock (in shares)                       0 0 0  
Issuance of stock to Dominion Energy                       $ 3,250,000,000      
Virginia Electric and Power Company | Virginia Regulation                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Capitalization ratio 52.10% 52.10%                 52.10%        
Virginia Electric and Power Company | Common Stock                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of stock (in shares)                     49,522 49,000      
Issuance of stock to Dominion Energy                       $ 3,250,000,000      
Various Programs                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of common stock                       $ 94,000,000 $ 2,000,000,000 $ 340,000,000  
Issuance of stock (in shares)                       2,000,000 25,000,000 4,000,000  
Sales Agency Agreements to Effect Sales Under At-the-market Program | Maximum                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Sale of stock authorized amount                   $ 1,000,000,000          
Forward Sale Agreements                              
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                              
Issuance of common stock     $ 78,000,000                        
Forward sale agreements, number of shares of common stock to be settled             1,100,000                
Initial forward price of share             $ 74.66                
v3.24.0.1
Equity (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance $ 27,659    
Total other comprehensive income 66 $ (114) $ 259
Ending balance 27,529 27,659  
Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance 16,949 15,787 14,557
Total other comprehensive income 7 50 11
Ending balance 21,657 16,949 15,787
Total Derivative-Hedging Activities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [1],[2] (249) (358)  
Other comprehensive income before reclassifications: gains (losses) [1],[2]   67  
Total other comprehensive income [1],[2] 33 109  
Ending balance [1],[2] (216) (249) (358)
Total Derivative-Hedging Activities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [1],[3] 16 (45)  
Other comprehensive income before reclassifications: gains (losses) [1],[3] (1) 60  
Income (loss) before income tax expense [1],[3] 1    
Total other comprehensive income [1],[3]   61  
Ending balance [1],[3] 15 16 (45)
Total Derivative-Hedging Activities | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges [1],[2] 43 57  
Income (loss) before income tax expense [1],[2] 43 57  
Income tax expense (benefit) [1],[2] 10 (15)  
Total, net of tax [1],[2] 33 42  
Total Derivative-Hedging Activities | Amounts reclassified from AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges [1],[3] 1 2  
Income (loss) before income tax expense [1],[3]   2  
Income tax expense (benefit) [1],[3] 1 1  
Total, net of tax [1],[3]   1  
Total other comprehensive income [1],[3] (1)    
Investment Securities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [4] (44) 37  
Other comprehensive income before reclassifications: gains (losses) [4] 55 100  
Total other comprehensive income [4] 44 (81)  
Ending balance [4]   (44) 37
Investment Securities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [5] (7) 4  
Other comprehensive income before reclassifications: gains (losses) [5] 7 (11)  
Income (loss) before income tax expense [5] 1    
Total, net of tax [5] 1    
Total other comprehensive income [5] 8 (11)  
Ending balance [5] (1) (7) 4
Investment Securities | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Other income (expense) [4] (14) 25  
Income (loss) before income tax expense [4] (14) 25  
Income tax expense (benefit) [4] (3) (6)  
Total, net of tax [4] (11) 19  
Investment Securities | Amounts reclassified from AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Other income (expense) [5] 1    
Pension and Other Postretirement Benefit Costs      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [6] (1,276) (1,133)  
Other comprehensive income before reclassifications: gains (losses) [6] 27 (218)  
Total other comprehensive income [6] (14) (143)  
Ending balance [6] (1,290) (1,276) (1,133)
Pension and Other Postretirement Benefit Costs | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Other income (expense) [6] (61) 102  
Income (loss) before income tax expense [6] (61) 102  
Income tax expense (benefit) [6] (20) (27)  
Total, net of tax [6] (41) 75  
Equity Method Investees      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance [7] (3) (4)  
Other comprehensive income before reclassifications: gains (losses) [7]   1  
Total other comprehensive income [7] 3 1  
Ending balance [7]   (3) (4)
Equity Method Investees | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Discontinued operations [7] 4    
Income (loss) before income tax expense [7] 4    
Income tax expense (benefit) [7] 1    
Total, net of tax [7] 3    
AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance (1,572) (1,458)  
Other comprehensive income before reclassifications: gains (losses) 82 (250)  
Total other comprehensive income 66 (114) 259
Ending balance (1,506) (1,572) (1,458)
AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Beginning balance 9 (41) (52)
Other comprehensive income before reclassifications: gains (losses) 6 49  
Income (loss) before income tax expense 2    
Income tax expense (benefit) (1)    
Total, net of tax 1    
Total other comprehensive income 7 50 11
Ending balance 16 9 $ (41)
AOCI | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges 43 57  
Other income (expense) (75) 127  
Discontinued operations 4    
Income (loss) before income tax expense (28) 184  
Income tax expense (benefit) (12) (48)  
Total, net of tax (16) 136  
AOCI | Amounts reclassified from AOCI | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Interest and related charges 1 2  
Other income (expense) $ 1    
Income (loss) before income tax expense   2  
Total, net of tax   $ 1  
[1] Comprised entirely of interest rate derivative hedging activities.
[2] Net of $73 million, $83 million and $119 million tax at December 31, 2023, 2022 and 2021, respectively.
[3] Net of $(5) million, $(5) million and $16 million tax at December 31, 2023, 2022 and 2021, respectively.
[4] Net of $(2) million, $13 million and $(10) million tax at December 31, 2023 and 2022 and 2021, respectively.
[5] Net of $— million, $2 million and $(2) million tax at December 31, 2023, 2022 and 2021, respectively.
[6] Net of $456 million, $445 million and $396 million tax at December 31, 2023 and 2022 and 2021, respectively.
[7] Net of $— million, $1 million, and $1 million tax at December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Equity (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Total Derivative-Hedging Activities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Amount of tax $ 3 $ 83 $ 119
Total Derivative-Hedging Activities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Amount of tax (5) (5) 16
Investment Securities      
Accumulated Other Comprehensive Income Loss [Line Items]      
Amount of tax (2) 13 (10)
Investment Securities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income Loss [Line Items]      
Amount of tax   2 (2)
Pension and Other Postretirement Benefit Costs      
Accumulated Other Comprehensive Income Loss [Line Items]      
Amount of tax $ 456 445 396
Equity Method Investees      
Accumulated Other Comprehensive Income Loss [Line Items]      
Amount of tax   $ 1 $ 1
v3.24.0.1
Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Detail) - Restricted Stock - $ / shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested beginning (in shares) 1.4 1.3 1.4
Granted (in shares) 1.0 0.6 0.5
Vested (in shares) (0.4) (0.4) (0.5)
Cancelled and forfeited (in shares) (0.1) (0.1) (0.1)
Nonvested ending (in shares) 1.9 1.4 1.3
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Nonvested beginning, Weighted Average Grant Date Fair Value (in dollars per share) $ 75.56 $ 76.65 $ 77.41
Granted, Weighted Average Grant Date Fair Value (in dollars per share) 48.99 75.08 71.78
Vested, Weighted Average Grant Date Fair Value (in dollars per share) 79.89 77.87 73.54
Cancelled and forfeited, Weighted Average Grant Date Fair Value (in dollars per share) 53.36 73.15 75.57
Nonvested ending, Weighted Average Grant Date Fair Value (in dollars per share) $ 61.34 $ 75.56 $ 76.65
v3.24.0.1
Dividend Restrictions (Narrative) (Detail) - Virginia Power and PSNC
 12 Months Ended
Dec. 31, 2023
Dividend Restrictions [Line Items]  
Regulatory restrictions on payment of dividends In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power and PSNC’s capital structure to fall below 45%.
Required equity capital percentage 45.00%
v3.24.0.1
Employee Benefit Plans (Narrative) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Accumulated benefit obligation   $ 8,100,000,000 $ 7,700,000,000  
Defined contribution plan, employer matching contributions   85,000,000 75,000,000 $ 65,000,000
Discontinued Operations        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Service cost   18,000,000 25,000,000 28,000,000
Non-service cost   $ (46,000,000) (43,000,000) (34,000,000)
Common and Preferred Stocks        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined benefit plan, actual plan asset allocation percentages   26.00%    
Non-U.S. Equity        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined benefit plan, actual plan asset allocation percentages   19.00%    
Fixed Income Funds        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined benefit plan, actual plan asset allocation percentages   32.00%    
Real Assets        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined benefit plan, actual plan asset allocation percentages   3.00%    
Other than Securities Investment        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined benefit plan, actual plan asset allocation percentages   20.00%    
Virginia Electric and Power Company        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Defined contribution plan, employer matching contributions   $ 26,000,000 22,000,000 20,000,000
Pension Plans and Post Retirement Benefit Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Actual return (loss) on pension and other postretirement plan assets   1,200,000,000 (3,000,000,000)  
Expected return on pension and other postretirement plan assets   1,000,000,000 1,100,000,000  
Pension Benefits        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Actual return (loss) on pension and other postretirement plan assets   882,000,000 (2,556,000,000)  
Expected return on pension and other postretirement plan assets   864,000,000 886,000,000 834,000,000
Increase to net periodic benefit cost (credit)   (325,000,000) (252,000,000) (144,000,000)
Actuarial gains (losses) from increase decrease in discount rate   322,000,000 2,700,000,000  
Contributions to qualified defined benefit pension plans   8,000,000 9,000,000  
Expected contributions to qualified defined benefit pension plans in next fiscal year $ 46,000,000      
Service cost   96,000,000 142,000,000 170,000,000
Pension Benefits | Virginia Electric and Power Company | Amounts Associated With Dominion Pension Plan        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Payment made to Dominion     172,000,000 151,000,000
Pension Benefits | Virginia Electric and Power Company | Other Operations and Maintenance        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Increase to net periodic benefit cost (credit)   34,000,000 72,000,000 86,000,000
Other Postretirement Benefits        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Actual return (loss) on pension and other postretirement plan assets   277,000,000 (416,000,000)  
Expected return on pension and other postretirement plan assets   151,000,000 191,000,000 173,000,000
Increase to net periodic benefit cost (credit)   $ (118,000,000) $ (172,000,000) $ (140,000,000)
Health care cost trend decreased rate [1]   5.00% 5.00% 5.00%
Actuarial gain (loss) by offset of decrease in discount rate from favorable claims and other   $ 28,000,000    
Actuarial gains (losses) from increase decrease in capital claims expense and other expense   1,000,000    
Actuarial gains (losses) from increase decrease in discount rate   29,000,000 $ 360,000,000  
Contribution to voluntary employees beneficiary association       $ 0
Service cost   14,000,000 22,000,000 25,000,000
Other Postretirement Benefits | Virginia Electric and Power Company        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Contribution to voluntary employees beneficiary association   0 0 0
Other Postretirement Benefits | Virginia Electric and Power Company | Forecast        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Contribution to voluntary employees beneficiary association $ 0      
Other Postretirement Benefits | Virginia Electric and Power Company | Other Operations and Maintenance | Dominion Energy Retiree Health And Welfare Plan [Member]        
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]        
Increase to net periodic benefit cost (credit)   $ (60,000,000) $ (81,000,000) $ (72,000,000)
[1] Assumptions used to determine net periodic cost for the following year.
v3.24.0.1
Employee Benefit Plans (Summary of Changes in Pension and Other Postretirement Benefit Plans) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amounts recognized in the Consolidated Balance Sheets at December 31:        
Noncurrent pension and other postretirement benefit assets $ 1,779 $ 1,479    
Noncurrent assets held for sale   18,831    
Noncurrent liabilities held for sale 0 (7,544)    
Pension Benefits        
Changes in benefit obligation:        
Benefit obligation at beginning of year 8,066 10,890 $ 8,066  
Service cost $ 96 $ 142 $ 170  
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) Other Nonoperating Income (Expense)  
Interest cost $ 442 $ 333 $ 317  
Benefits paid (493) (511)    
Actuarial (gain) loss during the year 322 (2,716)    
Plan amendments 2      
Sale of Hope   (64)    
Settlements and curtailments (4) (8)    
Benefit obligation at end of year 8,431 8,066 10,890 $ 8,066
Changes in fair value of plan assets:        
Fair value of plan assets at beginning of year 8,694 11,945    
Actual return gain (loss) on plan assets 882 (2,556)    
Employer contributions 8 9    
Benefits paid (493) (511)    
Sale of Hope   (188)    
Settlements (4) (5)    
Fair value of plan assets at end of year 9,087 8,694 11,945  
Funded status at end of year 656 628    
Amounts recognized in the Consolidated Balance Sheets at December 31:        
Noncurrent pension and other postretirement benefit assets 647 580    
Noncurrent assets held for sale 308 295    
Other current liabilities (27) (12)    
Noncurrent pension and other postretirement benefit liabilities (237) (196)    
Noncurrent liabilities held for sale (35) (39)    
Net amount recognized $ 656 $ 628    
Significant assumptions used to determine benefit obligations as of December 31:        
Weighted average rate of increase for compensation 4.28% 4.38%    
Pension Benefits | Minimum        
Significant assumptions used to determine benefit obligations as of December 31:        
Discount rate 5.37% 5.65%    
Crediting interest rate for cash balance and similar plans 4.12% 4.40%    
Pension Benefits | Maximum        
Significant assumptions used to determine benefit obligations as of December 31:        
Discount rate 5.47% 5.75%    
Crediting interest rate for cash balance and similar plans 4.22% 4.50%    
Other Postretirement Benefits        
Changes in benefit obligation:        
Benefit obligation at beginning of year $ 1,127 $ 1,537    
Service cost $ 14 $ 22 $ 25  
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) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 61 $ 45 $ 46  
Benefits paid (94) (97)    
Actuarial (gain) loss during the year 1 (361)    
Sale of Hope   (19)    
Benefit obligation at end of year 1,109 1,127 1,537  
Changes in fair value of plan assets:        
Fair value of plan assets at beginning of year 1,845 2,323    
Actual return gain (loss) on plan assets 277 (416)    
Benefits paid (60) (62)    
Fair value of plan assets at end of year 2,062 1,845 $ 2,323  
Funded status at end of year 953 718    
Amounts recognized in the Consolidated Balance Sheets at December 31:        
Noncurrent pension and other postretirement benefit assets 1,132 899    
Noncurrent assets held for sale 13 11    
Other current liabilities (13) (13)    
Noncurrent pension and other postretirement benefit liabilities (179) (179)    
Net amount recognized $ 953 $ 718    
Other Postretirement Benefits | Minimum        
Significant assumptions used to determine benefit obligations as of December 31:        
Discount rate 5.40% 5.69%    
Other Postretirement Benefits | Maximum        
Significant assumptions used to determine benefit obligations as of December 31:        
Discount rate 5.42% 5.70%    
v3.24.0.1
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation $ 7,996 $ 7,655
Fair value of plan assets 7,697 7,410
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation 195 197
Fair value of plan assets $ 4 $ 5
v3.24.0.1
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
General Discussion Of Pension And Other Postretirement Benefits [Abstract]    
Accumulated benefit obligation $ 792 $ 776
Fair value of plan assets $ 654 $ 623
v3.24.0.1
Employee Benefit Plans (Benefit Payments Expected Future Service) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2024 $ 556
2025 546
2026 554
2027 562
2028 571
2029-2033 2,958
Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2024 94
2025 91
2026 90
2027 89
2028 87
2029-2033 $ 418
v3.24.0.1
Employee Benefit Plans (Fair Values of Pension and Post Retirement Plan Assets by Asset Category) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [1] $ 8,819 $ 8,670
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [2] 2,045 1,843
Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 2,227 2,812
Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 961 876
Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 2,643 2,534
Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 147 138
Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 4,870 5,346
Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1,108 1,014
NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 3,949 3,324
Cash equivalents and other | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 21 14
Cash equivalents and other | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 3 3
Cash equivalents and other | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 9 11
Cash equivalents and other | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1 1
Cash equivalents and other | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 30 25
Cash equivalents and other | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 4 4
US Equity Securities | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 1,145 1,653
US Equity Securities | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [5] 757 685
US Equity Securities | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4]   170
US Equity Securities | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [5]   10
US Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [4] 1,145 1,823
US Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [5] 757 695
Foreign Equity Securities | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 944 1,034
Foreign Equity Securities | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 194 181
Foreign Equity Securities | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 2 5
Foreign Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 946 1,039
Foreign Equity Securities | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 194 181
Insurance Contracts | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 162 166
Insurance Contracts | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 10 10
Insurance Contracts | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 162 166
Insurance Contracts | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 10 10
Corporate debt instruments | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 74 65
Corporate debt instruments | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 4 4
Corporate debt instruments | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 750 805
Corporate debt instruments | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 36 38
Corporate debt instruments | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 824 870
Corporate debt instruments | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 40 42
Government securities | Level 1 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 43 46
Government securities | Level 1 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 3 3
Government securities | Level 2 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1,720 1,377
Government securities | Level 2 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 100 79
Government securities | Fair Value, Inputs, Level 1, 2 and 3 | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 1,763 1,423
Government securities | Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value 103 82
Commingled funds/collective trust funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 2,012 1,780
Commingled funds/collective trust funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [6] 725 649
Real Estate Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 67 66
Real Estate Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [6] 11 11
Private Equity Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 1,395 1,284
Private Equity Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [6] 173 158
Fixed Income Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 236 192
Fixed Income Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [6] 14 11
Hedge Funds | NAV | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [3] 239 2
Hedge Funds | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [6] 14 0
Investments Measured At Fair Value Including Excluding Pending Purchases Sales And Accrued Income | NAV | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total recorded at fair value [6] $ 937 $ 829
[1] Excludes net assets related to pending sales of securities of $298 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $54 million at December 31, 2023. Excludes net assets related to pending sales of securities and advanced subscription of $177 million, net accrued income of $27 million, and includes net assets related to pending purchases of securities of $180 million at December 31, 2022.
[2] Excludes net assets related to pending sales of securities and advanced subscription of $17 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2023. Excludes net assets related to pending sales of securities and advanced subscription of $10 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $10 million at December 31, 2022.
[3] These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
[4] No amounts of Dominion Energy preferred stock were held at December 31, 2023. Includes $170 million of Dominion Energy preferred stock at December 31, 2022.
[5] No amounts of Dominion Energy preferred stock were held at December 31, 2023. Includes $10 million of Dominion Energy preferred stock at December 31, 2022.
[6] These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy.
v3.24.0.1
Employee Benefit Plans (Fair Values of Pension and Post Retirement Plan Assets by Asset Category) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Preferred stock $ 0 $ 170
Pending sales of securities and advanced subscriptions 298 177
Net accrued income 24 27
Pending purchases of securities 54 180
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Preferred stock 0 10
Pending sales of securities and advanced subscriptions 17 10
Net accrued income 2 2
Pending purchases of securities $ 2 $ 10
v3.24.0.1
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pension Benefits        
Service cost $ 96 $ 142 $ 170  
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) Other Nonoperating Income (Expense)  
Interest cost $ 442 $ 333 $ 317  
Expected return on plan assets (864) (886) (834)  
Amortization of net actuarial (gain) loss   159 193  
Settlements, curtailments and special termination benefits [1] 1   10  
Net periodic benefit (credit) cost (325) (252) (144)  
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:        
Current year net actuarial (gain) loss 304 726 (782)  
Prior service (credit) cost 2      
Settlements and curtailments [1]   (3) (36)  
Amortization of net actuarial gain (loss)   (159) (193)  
Sale of hope   (47)    
Total recognized in other comprehensive income and regulatory assets and liabilities $ 306 $ 517 $ (1,011)  
Significant assumptions used to determine periodic cost:        
Weighted average rate of increase for compensation 4.38% 4.51% 4.53%  
Pension Benefits | Minimum        
Significant assumptions used to determine periodic cost:        
Discount rate 5.65% 3.06% 2.73%  
Expected long-term rate of return on plan assets 7.00% 7.00% 7.00%  
Crediting interest rate for cash balance and similar plans 4.40% 1.81% 1.93%  
Pension Benefits | Maximum        
Significant assumptions used to determine periodic cost:        
Discount rate 5.75% 3.19% 3.29%  
Expected long-term rate of return on plan assets 8.35% 8.35% 8.45%  
Crediting interest rate for cash balance and similar plans 4.50% 1.94% 2.15%  
Other Postretirement Benefits        
Service cost $ 14 $ 22 $ 25  
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) Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Interest cost $ 61 $ 45 $ 46  
Expected return on plan assets (151) (191) (173)  
Amortization of prior service (credit) cost (36) (38) (42)  
Amortization of net actuarial (gain) loss (6) 2 4  
Settlements, curtailments and special termination benefits [1]   (8)    
Net periodic benefit (credit) cost (118) (172) (140)  
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:        
Current year net actuarial (gain) loss (125) 246 (282)  
Prior service (credit) cost     (13)  
Settlements and curtailments [1]   10    
Amortization of net actuarial gain (loss) 6 2 (4)  
Amortization of prior service credit (cost) 36 38 42  
Total recognized in other comprehensive income and regulatory assets and liabilities $ (83) $ 296 $ (257)  
Significant assumptions used to determine periodic cost:        
Expected long-term rate of return on plan assets 8.35% 8.35% 8.45%  
Health care cost trend rate [2] 7.00% 6.25% 6.25%  
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) [2] 5.00% 5.00% 5.00%  
Year that the rate reaches the ultimate trend rate [2] 2030      
Other Postretirement Benefits | Minimum        
Significant assumptions used to determine periodic cost:        
Discount rate 5.69% 3.04% 2.69%  
Year that the rate reaches the ultimate trend rate [2]   2026 2026  
Other Postretirement Benefits | Maximum        
Significant assumptions used to determine periodic cost:        
Discount rate 5.70% 5.03% 2.80%  
Year that the rate reaches the ultimate trend rate [2]   2027 2027  
[1] 2023 and 2021 amounts relate primarily to the Dominion Energy executive nonqualified pension plan. 2022 amounts relate primarily to Dominion Energy’s sale of Hope.
[2] Assumptions used to determine net periodic cost for the following year.
v3.24.0.1
Employee Benefit Plans (AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss (gain) $ 1,506 $ 1,572
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss (gain) 3,018 2,714
Prior service (credit) cost 5 3
Total [1] 3,023 2,717
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss (gain) (35) 84
Prior service (credit) cost (121) (157)
Total [1] $ (156) $ (73)
[1] As of December 31, 2023, of the $3.0 billion and $(156) million related to pension benefits and other postretirement benefits, $1.8 billion and $(38) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $173 million presented in assets and liabilities held for sale. As of December 31, 2022, of the $2.7 billion and $(73) million related to pension benefits and other postretirement benefits, $1.7 billion and $14 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $170 million presented in assets and liabilities held for sale.
v3.24.0.1
Employee Benefit Plans (AOCI and Regulatory Assets and Liabilities that have Not been Recognized as Components of Periodic Benefit (Credit) Cost) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Assets and Liabilities Held for Sale    
Defined Benefit Plan Disclosure [Line Items]    
Amount included in AOCI $ 173 $ 170
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total [1] 3,023 2,717
Amount included in AOCI 1,800 1,700
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total [1] (156) (73)
Amount included in AOCI $ (38) $ 14
[1] As of December 31, 2023, of the $3.0 billion and $(156) million related to pension benefits and other postretirement benefits, $1.8 billion and $(38) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $173 million presented in assets and liabilities held for sale. As of December 31, 2022, of the $2.7 billion and $(73) million related to pension benefits and other postretirement benefits, $1.7 billion and $14 million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities, except for $170 million presented in assets and liabilities held for sale.
v3.24.0.1
Commitments and Contingencies (Environmental Matters) (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Oct. 31, 2020
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Jun. 30, 2022
Site
Dec. 31, 2023
USD ($)
Indicator
Site
Facility
gal
Dec. 31, 2022
USD ($)
Unfavorable Regulatory Action | EPA            
Loss Contingencies [Line Items]            
Electric generating stations with 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        
Waste Management and Remediation | Unfavorable Regulatory Action | EPA            
Loss Contingencies [Line Items]            
Number of sites remediation work substantially completed         14  
Number of sites with remediation plans       1    
Number of additional sites which are not under investigation         12  
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 | $         $ 32 $ 47
Minimum | CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category            
Loss Contingencies [Line Items]            
Loss contingencies individual circumstances period 2021          
Maximum | CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category            
Loss Contingencies [Line Items]            
Loss contingencies individual circumstances period 2028          
Virginia Electric and Power Company | Environmental Protection Agency And State Regulatory Agencies            
Loss Contingencies [Line Items]            
Number of facilities to assess the applicability of section 316(b) | Facility         3  
Virginia Electric and Power Company | CWA | Unfavorable Regulatory Action            
Loss Contingencies [Line Items]            
Number of facilities that are subject to final regulations | Facility         9  
Virginia Electric and Power Company | Waste Management and Remediation | Unfavorable Regulatory Action | EPA            
Loss Contingencies [Line Items]            
Number of sites with remediation plans         1  
Number of additional sites which are not under investigation         2  
Virginia Electric and Power Company | 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 | $         $ 25 $ 25
Hydroelectric Facilities | Environmental Protection Agency And State Regulatory Agencies            
Loss Contingencies [Line Items]            
Number of facilities to assess the applicability of section 316(b) | Facility         8  
v3.24.0.1
Commitments and Contingencies (SCANA Legal Proceedings) (Narrative) (Detail) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
May 31, 2022
Aug. 31, 2021
Jul. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2018
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]                                        
Impairment of assets and other charges                                   $ 307 $ 1,401 $ 194
Gain on sales of assets                                   27 (426) (415)
Gain on sales of assets after tax                   $ 344 $ 698 $ 415 $ 700 $ 222 $ 585 $ (659) $ 279 2,157 427 2,061
SCDOR | Corporate and Other                                        
Loss Contingencies [Line Items]                                        
Gain upon completion of remaining transfer of utility properties                       $ 11                
Fair value of utility property transferred                         $ 10              
Utility Property Transferred | SCDOR | Corporate and Other                                        
Loss Contingencies [Line Items]                                        
Gain on sales of assets                                   9    
Gain on sales of assets after tax                                   7    
Remaining Utility Property Transferred | SCDOR | Corporate and Other                                        
Loss Contingencies [Line Items]                                        
Gain on sales of assets                                   11    
Gain on sales of assets after tax                                   $ 8    
Dominion Energy South Carolina Inc | SCDOR                                        
Loss Contingencies [Line Items]                                        
Litigation settlement paid     $ 51         $ 165                        
Proposed assessment amount from audit                 $ 410                      
Proportional share of NND project                 100.00%                      
Fair value of certain non-utility property transferred   $ 28                                    
Gain on sales of assets                                     18  
Gain on sales of assets after tax                                     14  
Fair value of additional utility property transferred                           3         3  
Minimum | Dominion Energy South Carolina Inc | SCDOR                                        
Loss Contingencies [Line Items]                                        
Initial litigation settlement amount through stock issuance             $ 43                          
Maximum | Dominion Energy South Carolina Inc | SCDOR                                        
Loss Contingencies [Line Items]                                        
Payment For Remaining Obligation $ 1                                      
SCANA                                        
Loss Contingencies [Line Items]                                        
Cash payment     2                                  
Impairment of assets and other charges                                       100
Impairment of assets and other charges, after tax                                       $ 75
Utilization of insurance proceeds for settlements     $ 33                                  
Litigation settlement amount through stock issuance     0.4                                  
SCANA | Other Current Liabilities                                        
Loss Contingencies [Line Items]                                        
Reserves for SCANA legal proceedings                           94         94  
SCANA | Other Receivables                                        
Loss Contingencies [Line Items]                                        
Insurance receivables                           68         68  
SCANA | Personal Injury or Wrongful Death Cases                                        
Loss Contingencies [Line Items]                                        
Reserves for SCANA legal proceedings                           68         68  
Insurance receivables                           $ 68         $ 68  
SCANA | State Court Derivative Case                                        
Loss Contingencies [Line Items]                                        
Litigation settlement paid             33                          
SCANA | Federal Court Merger Case | State Court Merger Case                                        
Loss Contingencies [Line Items]                                        
Litigation settlement paid             $ 63                          
DESC                                        
Loss Contingencies [Line Items]                                        
Litigation settlement expense           $ 99                            
DESC | Common Stock | Dominion Energy South Carolina Inc                                        
Loss Contingencies [Line Items]                                        
Litigation settlement through stock issuance           1.4                            
DESC | Common Stock | Dominion Energy South Carolina Inc | SCDOR                                        
Loss Contingencies [Line Items]                                        
Initial litigation settlement through stock issuance       0.9 0.6                              
v3.24.0.1
Commitments and Contingencies (Nuclear Operations) (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]          
Minimum financial assurance $ 3,600,000,000   $ 3,600,000,000    
NRC minimum requirement for nuclear power plant licensees 1,060,000,000.00   1,060,000,000.00    
Maximum assessment for premiums on insurance policy     33,000,000    
Maximum assessment for insurance policy     67,000,000    
Receivables for spent nuclear fuel 62,000,000   62,000,000 $ 56,000,000  
Maximum          
Loss Contingencies [Line Items]          
Amount that could be assessed for each licensed reactor 166,000,000   166,000,000    
Amount that could be assessed for each licensed reactor per reactor 25,000,000   25,000,000    
Nuclear Obligations          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount     16,200,000,000    
Nuclear Obligations | Secondary Financial Protection Program          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount 16,200,000,000 $ 13,700,000,000      
Virginia Electric and Power Company          
Loss Contingencies [Line Items]          
Minimum financial assurance 2,100,000,000   2,100,000,000    
Maximum assessment for premiums on insurance policy     9,000,000    
Maximum assessment for insurance policy     33,000,000    
Receivables for spent nuclear fuel 43,000,000   43,000,000 37,000,000  
DESC | Non-nuclear Obligation | European Mutual Association          
Loss Contingencies [Line Items]          
Property insurance coverage 1,000,000   1,000,000    
Surry and North Anna          
Loss Contingencies [Line Items]          
Settlement amount awarded from other party     22,000,000 17,000,000 $ 25,000,000
Millstone          
Loss Contingencies [Line Items]          
Settlement amount awarded from other party     8,000,000 7,000,000 9,000,000
Summer          
Loss Contingencies [Line Items]          
Settlement amount awarded from other party     6,000,000 $ 1,000,000 $ 1,000,000
Millstone, Summer, Surry and North Anna          
Loss Contingencies [Line Items]          
Amount of coverage purchased from commercial insurance pools 450,000,000   450,000,000    
Property insurance coverage $ 1,060,000,000.00   $ 1,060,000,000.00    
v3.24.0.1
Commitments and Contingencies (Schedule of Long Term Purchase Commitments) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
 [1]
Long-term Purchase Commitment [Line Items]  
2024 $ 62
2025 62
2026 64
2027 64
2028 64
Thereafter 412
Total $ 728
[1] Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2040. Energy payments are generally based on fixed dollar amounts per month and totaled $58 million and $61 million for the years ended December 31, 2023 and 2022, respectively.
v3.24.0.1
Commitments and Contingencies (Schedule of Long Term Purchase Commitments) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Power Purchase Contracts [Abstract]    
Energy payments $ 58 $ 61
v3.24.0.1
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)
 12 Months Ended
Dec. 31, 2023
USD ($)
Guarantee
Guarantee Obligations [Line Items]  
Guarantee liability $ 4,506,000,000 [1],[2]
Financial Guarantee | Equity Method Investee | Cove Point  
Guarantee Obligations [Line Items]  
Number of Guarantee | Guarantee 4
Guarantees with Maximum Limit [Member] | Equity Method Investee | Cove Point  
Guarantee Obligations [Line Items]  
Number of Guarantee | Guarantee 2
Guarantee liability $ 1,900,000,000
Guarantees with No Maximum Limit [Member] | Equity Method Investee | Cove Point  
Guarantee Obligations [Line Items]  
Number of Guarantee | Guarantee 2
Guarantee liability $ 0
Additional Guarantees [Member]  
Guarantee Obligations [Line Items]  
Guarantee liability 20,000,000
Surety Bond  
Guarantee Obligations [Line Items]  
Guarantee liability 317,000,000
Surety Bond | Virginia Electric and Power Company  
Guarantee Obligations [Line Items]  
Guarantee liability 213,000,000
Financial Standby Letter of Credit  
Guarantee Obligations [Line Items]  
Guarantee liability 16,000,000
Held for Sale  
Guarantee Obligations [Line Items]  
Guarantee liability $ 38,000,000
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15.
[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 December 31, 2023, no amounts have been recorded related to this guarantee.
v3.24.0.1
Commitments and Contingencies (Schedule of Subsidiary Guarantees) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Guarantee Obligations [Line Items]  
Maximum Exposure $ 4,506 [1],[2]
Commodity Transactions  
Guarantee Obligations [Line Items]  
Maximum Exposure 2,854 [3]
Nuclear Obligations  
Guarantee Obligations [Line Items]  
Maximum Exposure 244 [4]
Solar  
Guarantee Obligations [Line Items]  
Maximum Exposure 215 [5]
Other  
Guarantee Obligations [Line Items]  
Maximum Exposure $ 1,193 [6]
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15.
[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 December 31, 2023, 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.
v3.24.0.1
Commitments and Contingencies (Schedule of Subsidiary Guarantees) (Parenthetical) (Detail) - USD ($)
 1 Months Ended
Jul. 31, 2016
Dec. 31, 2023
Dec. 31, 2019
Minimum      
Guarantee Obligations [Line Items]      
Lease extend term   1 year  
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property      
Guarantee Obligations [Line Items]      
Amount of financing commitments to fund estimated project costs $ 365,000,000   $ 465,000,000
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  
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property | Minimum      
Guarantee Obligations [Line Items]      
Lease extend term   1 year  
v3.24.0.1
Commitments and Contingencies (Charitable Commitments) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2023
Dec. 31, 2022
Other Deferred Credits and Other Liabilities      
Recorded Unconditional Purchase Obligation [Line Items]      
Charitable commitments   $ 8 $ 32
Other Current Liabilities      
Recorded Unconditional Purchase Obligation [Line Items]      
Charitable commitments   $ 6 $ 11
Other Income      
Recorded Unconditional Purchase Obligation [Line Items]      
Charitable expenses $ 80    
v3.24.0.1
Credit Risk (Narrative) (Detail)
 12 Months Ended
Dec. 31, 2023
USD ($)
Counterparty
Dec. 31, 2022
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 340,000,000  
Amount of exposure for single counterparty $ 80,000,000  
Number of counterparties | Counterparty 0  
Letter of credit as collateral posted for derivatives in liability position   $ 20,000,000
Additional collateral to be posted if the credit related contingent features were triggered $ 28,000,000 140,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 72,000,000
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 28,000,000 212,000,000
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 129,000,000  
Amount of exposure for single counterparty $ 22,000,000  
Number of counterparties | Counterparty 0  
Letter of credit as collateral posted for derivatives in liability position   20,000,000
Additional collateral to be posted if the credit related contingent features were triggered $ 14,000,000 28,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 72,000,000
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 14,000,000 $ 99,000,000
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) 83.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 89.00%  
v3.24.0.1
Related-Party Transactions (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Jan. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Jul. 31, 2023
Nov. 30, 2022
Jun. 30, 2021
Related Party Transaction [Line Items]              
Amounts due to Dominion, noncurrent   $ 1,434,000,000 $ 1,275,000,000        
Revolving credit facility maximum borrowing capacity   6,000,000,000 [1] 6,000,000,000 [1]   $ 600,000,000    
Payable to affiliates [2]   1,732,000,000 1,695,000,000        
Borrowing Interest Charges   80,000,000 15,000,000 $ 1,000,000      
Revolving Credit Facility              
Related Party Transaction [Line Items]              
Revolving credit facility maximum borrowing capacity             $ 6,000,000,000
Virginia Electric and Power Company              
Related Party Transaction [Line Items]              
Amounts due to Dominion, noncurrent [3]   1,125,000,000 1,040,000,000        
Revolving credit facility maximum borrowing capacity [4]   6,000,000,000 6,000,000,000        
Payable to affiliates   908,000,000 826,000,000        
Cost of Revenue, Related Party, Type [Extensible Enumeration] Affiliated Entity            
Related party transaction costs $ 240,000,000            
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries   $ 0 $ 0        
Issuance of stock (in shares)   0 0 0      
Commencing Period 20 months            
Lease commencement term 2025-08            
Virginia Electric and Power Company | Affiliated Entity              
Related Party Transaction [Line Items]              
Derivative assets   $ 1,000,000 $ 33,000,000        
Derivative liabilities   79,000,000 31,000,000        
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   456,000,000 422,000,000        
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   584,000,000 518,000,000        
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements              
Related Party Transaction [Line Items]              
Payable to affiliates   $ 500,000,000 $ 2,000,000,000        
Weighted- average interest rate percentage   5.61% 4.68%        
Virginia Electric and Power Company | Revolving Credit Facility              
Related Party Transaction [Line Items]              
Revolving credit facility maximum borrowing capacity           $ 3,000,000,000  
[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] See Note 9 for amounts attributable to related parties.
[3] See Note 25 for amounts attributable to affiliates.
[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 December 31, 2023, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.0.1
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]                      
Services provided to affiliates $ 3,534 $ 3,810 $ 3,166 $ 3,883 $ 3,807 $ 3,961 $ 3,058 $ 3,112 $ 14,393 $ 13,938 $ 11,419
Virginia Electric and Power Company                      
Related Party Transaction [Line Items]                      
Commodity purchases from affiliates                 582 1,423 742
Services provided to affiliates $ 2,292 $ 2,645 $ 2,252 $ 2,384 $ 2,436 $ 2,875 $ 2,176 $ 2,167 9,573 [1] 9,654 [1] 7,470 [1]
Virginia Electric and Power Company | Related Party                      
Related Party Transaction [Line Items]                      
Services provided by affiliates [2]                 605 519 494
Services provided to affiliates                 $ 20 $ 18 $ 18
[1] See Note 25 for amounts attributable to affiliates.
[2] Includes capitalized expenditures of $210 million, $177 million and $161 million for the years ended December 31, 2023, 2022 and 2021, respectively.
v3.24.0.1
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Related Party Transaction [Line Items]      
Capital expenditures $ 6,978 $ 4,909 $ 3,521
Services provided by affiliates | Affiliated Entity      
Related Party Transaction [Line Items]      
Capital expenditures $ 210 $ 177 $ 161
v3.24.0.1
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]        
Asset early retirement expense   $ 193 $ 125  
Gain (loss) on investments   474 (505) $ 639
Loss associated with sale of Kewaunee, after tax $ 513      
Charge for RGGI compliance cost, after tax 134      
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax $ 142      
Charge for the write-off of certain previously deferred amounts   307 1,401 194
Operating Segments        
Segment Reporting Information [Line Items]        
After- tax net benefits (expenses)   405 (2,400) (316)
Gain (loss) on investments   411 (559) 568
Gain (loss) on investments, after tax   $ 305 $ (451) $ 445
Investment, Type [Extensible Enumeration]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Charge associated with storm damage and service restoration     $ 125  
Charge associated with storm damage and service restoration, after tax     93  
Write-off of inventory charge     40  
Write-off of inventory charge, after tax     30  
Corporate and Other | Operating Segments        
Segment Reporting Information [Line Items]        
After- tax net benefits (expenses)   $ (166) (1,300) $ 873
After- tax net benefits (expenses) for specific items   251 (1,300) 991
Dominion Energy South Carolina Inc | Operating Segments        
Segment Reporting Information [Line Items]        
Litigation settlement expense       70
Litigation settlement expense, after tax       53
Charges associated with the settlement of the South Carolina electric base rate case       266
Charges associated with the settlement of the South Carolina electric base rate case, after tax       199
Benefit related to real estate transactions   28    
Benefit related to real estate transactions, after tax   21    
Dominion Energy Virginia | Operating Segments        
Segment Reporting Information [Line Items]        
Gain (loss) on investments, after tax   $ 43 $ (58) $ 55
Investment, Type [Extensible Enumeration]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Charge for RGGI compliance cost     $ 213  
Charge for RGGI compliance cost, after tax     159  
Charge in connection with comprehensive settlement agreement for fuel expenses     191  
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax     142  
Benefit for change in expected CCRO reserve       $ 130
Benefit for change in expected CCRO reserve, after tax       97
Charges associated with budget process related to customer arrears       77
Charges associated with budget process related to customer arrears, after tax       57
Charge associated with storm damage and service restoration       68
Charge associated with storm damage and service restoration, after tax     87 50
Charge for amortization of a regulatory asset, 2021 Triennial Review   $ 244 243 61
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax   182 181 45
Easement charge related to CVOW Commercial Project   65    
Easement charge related to CVOW Commercial Project, after tax   48    
Charges for Dismantling cost     167  
Charges for Dismantling cost, after tax     124  
Loss from unbilled revenue reduction       151
Loss from unbilled revenue reduction, after tax       112
Net charge associated with settlement of the 2021 Triennial Review       125
Net charge associated with settlement of the 2021 Triennial Review, after tax       93
Write-off of inventory charge, after tax     14  
Charge related to the abandonment of certain regulated solar generation facilities and other facilities   25    
Charge related to the abandonment of certain regulated solar generation facilities and other facilities, after tax   19    
Dominion Energy Virginia | Operating Segments | Deferred rider costs for Virginia electric utility        
Segment Reporting Information [Line Items]        
Charge for the write-off of certain previously deferred amounts   36    
Charge for the write-off of certain previously deferred amounts, after tax   27    
Contracted Energy | Operating Segments        
Segment Reporting Information [Line Items]        
Charges associated with impairment of nonregulated solar generation facilities     829  
Charges associated with impairment of nonregulated solar generation facilities net of tax     633  
Gain (loss) on investments, after tax   $ 262 $ (393) $ 390
Investment, Type [Extensible Enumeration]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Loss associated with sale of Kewaunee     $ 649  
Loss associated with sale of Kewaunee, after tax     513  
Loss related to economic hedging activities       $ 337
Loss related to economic hedging activities, after tax       254
Net loss on the sale of non-wholly-owned nonregulated solar facilities       513
Net benefit on the sale of non-wholly-owned nonregulated solar facilities, after-tax       8
Charge associated with storm damage and service restoration, after tax     6  
Charges related to revision of AROs   $ 83    
Charges related to revision of AROs, after tax   60    
Charge associated with revision in estimated recovery of spent nuclear fuel costs associated with the decommissioning of Kewaunee       44
Charge associated with revision in estimated recovery of spent nuclear fuel costs associated with the decommissioning of Kewaunee, after tax       $ 35
Gain related to economic hedging activities   586 67  
Gain related to economic hedging activities after tax   447 49  
Write-off of inventory charge, after tax     $ 16  
Charge related to impairment of certain property, plant and equipment   35    
Charge related to impairment of certain property, plant and equipment, net of tax   $ 26    
v3.24.0.1
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                        
Operating Revenue   $ 3,534 $ 3,810 $ 3,166 $ 3,883 $ 3,807 $ 3,961 $ 3,058 $ 3,112 $ 14,393 $ 13,938 $ 11,419
Depreciation and amortization                   2,580 2,442 2,117
Equity in earnings of equity method investees                   (26) 21 15
Interest income (expense)                   107 109 95
Interest and related charges (benefit)                   1,674 1,002 1,255
Income tax expense (benefit) $ 173                 575 113 (181)
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest   (71) (541) 168 281 122 150 212 410 (163) [1],[2] 894 [1],[2] 1,358 [1],[2]
Net income (loss) attributable to Dominion Energy   273 $ 157 $ 583 $ 981 344 $ 735 $ (447) $ 689 1,994 1,321 3,399
Investment in equity method affiliates [3]   268       295       268 295  
Capital expenditures                   10,235 7,758 6,061
Total assets   109,032       104,795       109,032 104,795  
Operating Segments                        
Segment Reporting Information [Line Items]                        
Total revenue from external customers                   14,393 13,938 11,419
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest                     894  
Adjustments & Eliminations                        
Segment Reporting Information [Line Items]                        
Total revenue from external customers                   0 0 61
Depreciation and amortization                   0 0 0
Equity in earnings of equity method investees                   0 0 0
Interest income (expense)                   (206) (50) (19)
Interest and related charges (benefit)                   (206) (50) (19)
Income tax expense (benefit)                   0 0 0
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest                   0 0 0
Net income (loss) attributable to Dominion Energy                   0 0 0
Investment in equity method affiliates [3]   0       0       0 0  
Capital expenditures                   0 0 0
Total assets   (4,100)       (5,500)       (4,100) (5,500)  
Intersegment revenue                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   0 0 0
Intersegment revenue                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   (959) (859) (901)
Eliminations                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   (959) (859) (840)
Dominion Energy Virginia | Operating Segments                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   9,573 9,643 7,976
Total revenue from external customers                   9,575 9,658 7,990
Depreciation and amortization                   1,622 1,452 1,296
Equity in earnings of equity method investees                   0 0 0
Interest income (expense)                   15 17 11
Interest and related charges (benefit)                   772 645 535
Income tax expense (benefit)                   471 514 516
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest                   0 0 0
Net income (loss) attributable to Dominion Energy                   1,684 1,905 1,863
Investment in equity method affiliates [3]   0       0       0 0  
Capital expenditures                   7,196 5,187 3,756
Total assets   60,700       55,300       60,700 55,300  
Dominion Energy Virginia | Intersegment revenue                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   (2) (15) (14)
Dominion Energy South Carolina | Operating Segments                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   3,375 3,330 2,975
Total revenue from external customers                   3,369 3,323 2,968
Depreciation and amortization                   531 507 486
Equity in earnings of equity method investees                   0 0 (3)
Interest income (expense)                   6 6 10
Interest and related charges (benefit)                   249 220 206
Income tax expense (benefit)                   79 132 125
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest                   0 0 0
Net income (loss) attributable to Dominion Energy                   377 505 437
Investment in equity method affiliates [3]   0       0       0 0  
Capital expenditures                   957 708 694
Total assets   17,300       17,200       17,300 17,200  
Dominion Energy South Carolina | Intersegment revenue                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   6 7 7
Contracted Energy | Operating Segments                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   851 902 1,084
Total revenue from external customers                   835 884 1,017
Depreciation and amortization                   105 123 176
Equity in earnings of equity method investees                   (34) 2 (2)
Interest income (expense)                   96 75 81
Interest and related charges (benefit)                   44 18 44
Income tax expense (benefit)                   15 55 47
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest                   0 0 0
Net income (loss) attributable to Dominion Energy                   99 188 226
Investment in equity method affiliates [3]   80       103       80 103  
Capital expenditures                   740 683 420
Total assets   9,100       8,200       9,100 8,200  
Contracted Energy | Intersegment revenue                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   16 18 67
Corporate and Other | Operating Segments                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   1,553 922 224
Total revenue from external customers                   614 73 (617)
Depreciation and amortization                   322 360 159
Equity in earnings of equity method investees                   8 19 20
Interest income (expense)                   196 61 12
Interest and related charges (benefit)                   815 169 489
Income tax expense (benefit)                   10 (588) (869)
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest                   (163) 894 1,358
Net income (loss) attributable to Dominion Energy                   (166) (1,277) 873
Investment in equity method affiliates [3]   188       192       188 192  
Capital expenditures                   1,342 1,180 1,191
Total assets   $ 26,000       $ 29,600       26,000 29,600  
Corporate and Other | Intersegment revenue                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   $ 939 $ 849 $ 841
[1] Includes income tax expense of $1.3 billion, $197 million and $374 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[2] See Note 9 for amounts attributable to related parties.
[3] Excludes liability to Atlantic Coast Pipeline.
v3.24.0.1
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]        
Charge for RGGI compliance cost, after tax $ 134      
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax 142      
Gain (loss) on investments   $ 474 $ (505) $ 639
Charge for the write-off of certain previously deferred amounts   307 1,401 194
Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Charge for RGGI compliance cost, after tax 134      
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax $ 142      
Gain (loss) on investments   68 (66) 81
Virginia Electric and Power Company | Deferred rider costs for Virginia electric utility        
Segment Reporting Information [Line Items]        
Charge for the write-off of certain previously deferred amounts   36    
Charge for the write-off of certain previously deferred amounts, after tax   27    
Operating Segments        
Segment Reporting Information [Line Items]        
After- tax net expenses   405 (2,400) (316)
Charge associated with storm damage and service restoration     125  
Charge associated with storm damage and service restoration, after tax     93  
Gain (loss) on investments   411 (559) 568
Gain (loss) on investments, after tax   $ 305 $ (451) $ 445
Investment, Type [Extensible Enumeration]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Operating Segments | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Charges associated with budget process related to customer arrears       $ 77
Charges associated with budget process related to customer arrears, after tax       57
Charge associated with storm damage and service restoration     $ 117 68
Charge associated with storm damage and service restoration, after tax     87 50
Loss from unbilled revenue reduction       151
Loss from unbilled revenue reduction, after tax       112
Net charge associated with settlement of the 2021 Triennial Review       125
Net charge associated with settlement of the 2021 Triennial Review, after tax       93
Easement charge related to CVOW Commercial Project   $ 65    
Easement charge related to CVOW Commercial Project, after tax   48    
Amortization of regulatory asset   244 243 61
Amortization of regulatory asset after tax   182 181 45
Charge for RGGI compliance cost     213  
Charge for RGGI compliance cost, after tax     159  
Charge in connection with comprehensive settlement agreement for fuel expenses     191  
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax     142  
Gain (loss) on investments   59 (78)  
Gain (loss) on investments, after tax   $ 43 $ (58)  
Investment, Type [Extensible Enumeration]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]  
Charges for Dismantling cost     $ 167  
Charges for Dismantling cost, after tax     124  
Benefit for change in CCRO reserve       130
Benefit for change in CCRO reserve, after tax       97
Charge related to the abandonment of certain regulated solar generation facilities and other facilities   $ 25    
Charge related to the abandonment of certain regulated solar generation facilities and other facilities, after tax   19    
Operating Segments | Virginia Electric and Power Company | Deferred rider costs for Virginia electric utility        
Segment Reporting Information [Line Items]        
Charge for the write-off of certain previously deferred amounts   36    
Charge for the write-off of certain previously deferred amounts, after tax   27    
Operating Segments | Corporate and Other        
Segment Reporting Information [Line Items]        
After- tax net expenses   (166) (1,300) 873
After- tax net expenses for specific items   251 (1,300) 991
Operating Segments | Corporate and Other | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
After- tax net expenses   (232) (793) (201)
After- tax net expenses for specific items   $ (232) $ (773) $ (201)
v3.24.0.1
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]                        
Operating Revenue   $ 3,534 $ 3,810 $ 3,166 $ 3,883 $ 3,807 $ 3,961 $ 3,058 $ 3,112 $ 14,393 $ 13,938 $ 11,419
Depreciation and amortization                   2,580 2,442 2,117
Interest income                   107 109 95
Interest and related charges (benefit)                   1,674 1,002 1,255
Income tax expense (benefit) $ 173                 575 113 (181)
Net income (loss)   273 157 583 981 344 735 (447) 689 1,994 1,321 3,399
Capital expenditures                   10,235 7,758 6,061
Total assets   109,032       104,795       109,032 104,795  
Virginia Electric and Power Company                        
Segment Reporting Information [Line Items]                        
Operating Revenue   2,292 2,645 2,252 2,384 2,436 2,875 2,176 2,167 9,573 [1] 9,654 [1] 7,470 [1]
Depreciation and amortization                   1,871 1,736 1,364
Interest income                   15 17 11
Interest and related charges (benefit) [1]                   764 642 534
Income tax expense (benefit)                   389 294 447
Net income (loss)   288 $ 475 $ 334 $ 355 218 $ 516 $ 42 $ 336 1,452 1,112 1,662
Capital expenditures                   7,196 5,187 3,756
Total assets   58,618       53,194       58,618 53,194  
Virginia Electric and Power Company | Dominion Energy Virginia                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   9,573 9,643 7,976
Depreciation and amortization                   1,622 1,452 1,296
Interest income                   15 17 11
Interest and related charges (benefit)                   772 645 535
Income tax expense (benefit)                   471 514 516
Net income (loss)                   1,684 1,905 1,863
Capital expenditures                   7,196 5,187 3,756
Total assets   58,600       53,200       58,600 53,200  
Virginia Electric and Power Company | Corporate and Other                        
Segment Reporting Information [Line Items]                        
Operating Revenue                   0 11 (506)
Depreciation and amortization                   249 284 68
Interest income                   0 0 0
Interest and related charges (benefit)                   (8) (3) (1)
Income tax expense (benefit)                   (82) (220) (69)
Net income (loss)                   (232) (793) (201)
Capital expenditures                   0 0 $ 0
Total assets   $ 0       $ 0       $ 0 $ 0  
[1] See Note 25 for amounts attributable to affiliates.
v3.24.0.1
Quarterly Financial Data (Unaudited) - Summary of Quarterly Results of Operations (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Quarterly Financial Information Disclosure [Line Items]                      
Operating Revenue $ 3,534 $ 3,810 $ 3,166 $ 3,883 $ 3,807 $ 3,961 $ 3,058 $ 3,112 $ 14,393 $ 13,938 $ 11,419
Income (loss) from continuing operations 712 1,029 594 1,079 253 998 (461) 643 3,414 1,433 1,996
Net income (loss) from continuing operations including noncontrolling interests 344 698 415 700 222 585 (659) 279 2,157 427 2,061
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interest (71) (541) 168 281 122 150 212 410 (163) [1],[2] 894 [1],[2] 1,358 [1],[2]
Net Income Including Noncontrolling Interests 273 157 583 981 344 735 (447) 689 1,994 1,321 3,419
Net income (loss) attributable to Dominion Energy $ 273 $ 157 $ 583 $ 981 $ 344 $ 735 $ (447) $ 689 $ 1,994 $ 1,321 $ 3,399
Net income from continuing operations $ 0.39 $ 0.81 $ 0.47 $ 0.81 $ 0.24 $ 0.68 $ (0.84) $ 0.32 $ 2.48 $ 0.41 $ 2.44
Net income (loss) from discontinued operations (0.09) (0.65) 0.2 0.34 0.15 0.18 0.26 0.5 (0.19) 1.08 1.68
Net income attributable to Dominion Energy 0.3 0.16 0.67 1.15 0.39 0.86 (0.58) 0.82 2.29 1.49 4.12
Net income from continuing operations 0.39 0.81 0.47 0.81 0.24 0.68 (0.84) 0.31 2.48 0.41 2.44
Net income (loss) from discontinued operations (0.09) (0.65) 0.2 0.34 0.15 0.18 0.26 0.5 (0.19) 1.08 1.68
Net income attributable to Dominion Energy 0.3 0.16 0.67 1.15 0.39 0.86 (0.58) 0.81 2.29 1.49 4.12
Dividends declared per common share $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 0.6675 $ 2.67 $ 2.67 $ 2.52
Virginia Electric and Power Company                      
Quarterly Financial Information Disclosure [Line Items]                      
Operating Revenue $ 2,292 $ 2,645 $ 2,252 $ 2,384 $ 2,436 $ 2,875 $ 2,176 $ 2,167 $ 9,573 [3] $ 9,654 [3] $ 7,470 [3]
Income (loss) from continuing operations 504 819 554 597 447 802 237 562 2,474 2,048 2,497
Net Income Including Noncontrolling Interests                 1,452 1,112 1,662
Net income (loss) attributable to Dominion Energy $ 288 $ 475 $ 334 $ 355 $ 218 $ 516 $ 42 $ 336 $ 1,452 $ 1,112 $ 1,662
Series A Preferred Stock                      
Quarterly Financial Information Disclosure [Line Items]                      
Dividends declared per preferred share $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 2.917 $ 4.375      
Series B Preferred Stock                      
Quarterly Financial Information Disclosure [Line Items]                      
Dividends declared per preferred share 11.625 11.625 11.625 11.625 11.625 11.625 11.625 11.625      
Series C Preferred Stock                      
Quarterly Financial Information Disclosure [Line Items]                      
Dividends declared per preferred share $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875 $ 10.875      
[1] Includes income tax expense of $1.3 billion, $197 million and $374 million for the years ended December 31, 2023, 2022 and 2021, respectively.
[2] See Note 9 for amounts attributable to related parties.
[3] See Note 25 for amounts attributable to affiliates.
v3.24.0.1
Quarterly Financial Data (Unaudited) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Quarterly Financial Information Disclosure [Line Items]        
Gain on sale of Dominion Energy's noncontrolling interest in cove point   $ 348    
Charges reflecting the recognition of deferred taxes   $ 939    
Impairment charge associated with the East Ohio and Questar Gas Transactions, after-tax $ 323      
Charges associated with impairment of nonregulated solar generation facilities after tax     $ 633  
Loss associated with sale of Kewaunee, after tax       $ 513
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax       142
Charge for RGGI compliance cost, after tax       134
Virginia Electric and Power Company        
Quarterly Financial Information Disclosure [Line Items]        
Charge in connection with comprehensive settlement agreement for fuel expenses, after-tax       142
Charge for RGGI compliance cost, after tax       $ 134