DOMINION ENERGY, INC, 10-Q filed on 11/1/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Oct. 25, 2024
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Title of 12(b) Security Common Stock, no par value  
Trading Symbol D  
Security Exchange Name NYSE  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name DOMINION ENERGY, INC.  
Entity Central Index Key 0000715957  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   840,009,626
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-08489  
Entity Tax Identification Number 54-1229715  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2284  
Virginia Electric and Power Company    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2024  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name VIRGINIA ELECTRIC AND POWER COMPANY  
Entity Central Index Key 0000103682  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   324,245
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 000-55337  
Entity Tax Identification Number 54-0418825  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2284  
v3.24.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Revenue $ 3,941 $ 3,810 $ 11,059 $ 10,859
Operating Expenses        
Electric fuel and other energy-related purchases 910 1,049 2,787 3,010
Purchased electric capacity 24 20 57 43
Purchased gas 34 40 198 212
Other operations and maintenance 900 842 2,597 2,366
Depreciation and amortization 549 667 1,791 1,896
Other taxes 184 162 556 517
Impairment of assets and other charges 122 1 219 136
Losses (gains) on sales of assets 0 0 (2) (23)
Total operating expenses 2,723 2,781 8,203 8,157
Income from operations 1,218 1,029 2,856 2,702
Other income (expense) 335 56 1,020 646
Interest and related charges 403 192 1,446 1,066
Income from continuing operations including noncontrolling interests before income tax expense 1,150 893 2,430 2,282
Income tax expense 183 195 412 469
Net Income From Continuing Operations 967 698 2,018 1,813
Net Income (Loss) From Discontinued Operations [1] (13) (541) 182 (92)
Net Income Including Noncontrolling Interests 954 157 2,200 1,721
Noncontrolling Interests 0 0 0 0
Net Income 954 157 2,200 1,721
Amounts attributable to Dominion Energy        
Net income from continuing operations 967 698 2,018 1,813
Net income (loss) from discontinued operations $ (13) $ (541) $ 182 $ (92)
[EPS - Basic]        
Net income from continuing operations $ 1.14 $ 0.81 $ 2.33 $ 2.10
Net income (loss) from discontinued operations (0.02) (0.65) 0.22 (0.11)
Net income attributable to Dominion Energy 1.12 0.16 2.55 1.99
[EPS - Diluted]        
Net income from continuing operations 1.14 0.81 2.33 2.10
Net income (loss) from discontinued operations (0.02) (0.65) 0.22 (0.11)
Net income attributable to Dominion Energy $ 1.12 $ 0.16 $ 2.55 $ 1.99
Virginia Electric and Power Company        
Operating Revenue [2] $ 2,762 $ 2,645 $ 7,788 $ 7,281
Operating Expenses        
Electric fuel and other energy-related purchases [2] 690 736 2,098 2,242
Purchased electric capacity 24 15 53 33
Affiliated suppliers 110 98 325 290
Other operations and maintenance 464 434 1,300 1,127
Depreciation and amortization 375 487 1,268 1,366
Other taxes 83 71 248 223
Impairment of assets and other charges (benefits) 40 (15) 38 30
Total operating expenses 1,786 1,826 5,330 5,311
Income from operations 976 819 2,458 1,970
Other income (expense) 58 (1) 159 83
Interest and related charges [2] 239 215 633 578
Income before income tax expense 795 603 1,984 1,475
Income tax expense 141 128 386 311
Net Income Including Noncontrolling Interests     1,598 1,164
Net Income $ 654 $ 475 $ 1,598 $ 1,164
[1] Includes income tax expense (benefit) of $(10) million and $1.2 billion for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively.
[2] See Note 19 for amounts attributable to affiliates.
v3.24.3
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Income tax expense (benefit) from discontinued operations $ (10) $ 1,200 $ 22 $ 1,300
v3.24.3
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net income including noncontrolling interests $ 954 $ 157 $ 2,200 $ 1,721
Net income (loss) attributable to Dominion Energy 954 157 2,200 1,721
Other comprehensive income (loss), net of taxes:        
Net deferred gains (losses) on derivatives-hedging activities [1] (7) 19 2 16
Changes in unrealized net gains (losses) on investment securities [2] 32 (22) 13 (6)
Changes in net unrecognized pension and other postretirement benefit costs [3] 4 0 (249) 0
Amounts reclassified to net income (loss):        
Net derivative (gains) losses-hedging activities [4] 8 8 24 24
Net realized (gains) losses on investment securities [5] (1) 2 5 1
Net pension and other postretirement benefit costs (credits) [6] (3) (8) 57 (31)
Net earnings from equity method investees [7] 0 3 0 3
Changes in other comprehensive income from equity method investees [8] 0 (1) 0 0
Total other comprehensive income (loss) 33 1 (148) 7
Comprehensive income including noncontrolling interests 987 158 2,052 1,728
Comprehensive income attributable to Dominion Energy 987 158 2,052 1,728
Virginia Electric and Power Company        
Net income including noncontrolling interests     1,598 1,164
Net income (loss) attributable to Dominion Energy 654 475 1,598 1,164
Other comprehensive income (loss), net of taxes:        
Net deferred gains (losses) on derivatives-hedging activities [9] (7) 18 2 15
Changes in unrealized net gains (losses) on investment securities [10] 6 (3) 2 0
Amounts reclassified to net income (loss):        
Net realized (gains) losses on investment securities [11] (1) 0 1 0
Total other comprehensive income (loss) (2) 15 5 15
Comprehensive income attributable to Dominion Energy $ 652 $ 490 $ 1,603 $ 1,179
[1] Net of $3 million and $(6) million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $— million and $(5) million tax for the nine months ended September 30, 2024 and 2023, respectively.
[2] Net of $(10) million and $6 million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $(2) million and $2 million tax for the nine months ended September 30, 2024 and 2023, respectively.
[3] Net of $(2) million and $— million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $86 million and $— million tax for the nine months ended September 30, 2024 and 2023, respectively.
[4] Net of $(3) million and $(3) million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $(9) million and $(8) million tax for the nine months ended September 30, 2024 and 2023, respectively.
[5] Net of $1 million and $— million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $(1) million and $— million tax for the nine months ended September 30, 2024 and 2023, respectively.
[6] Net of $1 million and $7 million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $(20) million and $15 million tax for the nine months ended September 30, 2024 and 2023, respectively.
[7] Net of $— million and $(1) million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $— million and $(1) million tax for the nine months ended September 30, 2024 and 2023, respectively.
[8] Net of $— million and $— million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $— million and $— million tax for the nine months ended September 30, 2024 and 2023, respectively.
[9] Net of $3 million and $(7) million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $— million and $(6) million tax for the nine months ended September 30, 2024 and 2023, respectively.
[10] Net of $(2) million and $— million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $(1) million and $— million tax for the nine months ended September 30, 2024 and 2023, respectively.
[11] Net of $(1) million and $— million tax for the three months ended September 30, 2024 and 2023, respectively, and net of $(1) million and $— million tax for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net deferred gains (losses) on derivatives-hedging activities, tax $ 3 $ (6) $ 0 $ (5)
Changes in unrealized net gains (losses) on investment securities, tax (10) 6 (2) 2
Changes in net unrecognized pension and other postretirement benefit costs, tax (2) 0 86 0
Net derivative (gains) losses-hedging activities, tax (3) (3) (9) (8)
Net realized (gains) losses on investment securities, tax 1 0 (1) 0
Net pension and other postretirement benefit costs (credits), tax 1 7 (20) 15
Net equity method investees, tax 0 (1) 0 (1)
Changes in other comprehensive income from equity method investees, tax 0 0 0 0
Virginia Electric and Power Company        
Net deferred gains (losses) on derivatives-hedging activities, tax 3 (7) 0 (6)
Changes in unrealized net gains (losses) on investment securities, tax (2) 0 (1) 0
Net realized (gains) losses on investment securities, tax $ (1) $ 0 $ (1) $ 0
v3.24.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 1,776 $ 184 [1]
Customer receivables (less allowance for doubtful accounts) 2,082 2,251 [1]
Other receivables (less allowance for doubtful accounts) 265 258 [1]
Inventories 1,717 1,698 [1]
Derivative assets 545 699
Regulatory assets [2] 1,030 1,309 [1]
Other [2] 550 459 [1]
Current assets held for sale 26 18,529 [1]
Total current assets 7,991 25,387 [1]
Investments    
Nuclear decommissioning trust funds 8,017 6,946 [1]
Investment in equity method affiliates 134 268 [1]
Other 348 324 [1]
Total investments 8,499 7,538 [1]
Property, Plant and Equipment    
Property, plant and equipment 91,164 83,417 [1]
Accumulated depreciation and amortization (25,742) (24,637) [1]
Total property, plant and equipment, net 65,422 58,780 [1]
Deferred Charges and Other Assets    
Goodwill 4,143 4,143 [1]
Regulatory assets [2] 8,352 8,356 [1]
Other 5,413 4,828 [1]
Total deferred charges and other assets 17,908 17,327 [1]
Total assets 99,820 109,032 [1]
Current Liabilities    
Securities due within one year [2] 1,820 6,589 [1]
Supplemental credit facility borrowings 0 450 [1]
Short-term debt 4,104 3,956 [1]
Accounts payable 937 921 [1]
Accrued interest, payroll and taxes [2] 1,354 1,075 [1]
Regulatory liabilities 714 522 [1]
Derivative liabilities 107 346
Other [3] 1,796 1,732 [1]
Current liabilities held for sale 0 8,885 [1]
Total current liabilities 10,832 24,476 [1]
Long-Term Debt    
Long-term debt 33,779 32,368 [1]
Securitization bonds [2] 1,136 0 [1]
Junior subordinated notes 1,981 688 [1]
Other 205 192 [1]
Total long-term debt 37,101 33,248 [1]
Deferred Credits and Other Liabilities    
Deferred income taxes 6,404 6,611 [1]
Deferred investment tax credits 1,077 1,098 [1]
Regulatory liabilities 8,995 8,674 [1]
Asset retirement obligations 6,584 5,641 [1]
Other 1,296 1,755 [1]
Total deferred credits and other liabilities 24,356 23,779 [1]
Total liabilities 72,289 81,503 [1]
Commitments and Contingencies (see Note 17)
Shareholders' Equity    
Preferred stock (see Note 16) 1,348 1,783 [1]
Common stock - no par [4] 23,854 23,728 [1]
Retained earnings 3,983 3,524 [1]
Accumulated other comprehensive (loss) income (1,654) (1,506) [1]
Shareholders' equity 27,531 27,529 [1]
Noncontrolling interests 0 0 [1]
Total shareholders' equity 27,531 27,529 [1]
Total liabilities and shareholders' equity 99,820 109,032 [1]
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents 28 90 [5]
Customer receivables (less allowance for doubtful accounts) 1,618 1,728 [5]
Other receivables (less allowance for doubtful accounts) 115 121 [5]
Affiliated receivables 73 50 [5]
Inventories 1,125 1,085 [5]
Derivative assets [6] 135 234 [5]
Regulatory assets [7] 751 868 [5]
Other [7] 271 141 [5]
Total current assets 4,116 4,317 [5]
Investments    
Nuclear decommissioning trust funds 4,266 3,716 [5]
Other 4 4 [5]
Total investments 4,270 3,720 [5]
Property, Plant and Equipment    
Property, plant and equipment 67,498 60,963 [5]
Accumulated depreciation and amortization (17,908) (17,096) [5]
Total property, plant and equipment, net 49,590 43,867 [5]
Deferred Charges and Other Assets    
Regulatory assets [7] 4,561 4,317 [5]
Other [6] 2,595 2,397 [5]
Total deferred charges and other assets 7,156 6,714 [5]
Total assets 65,132 58,618 [5]
Current Liabilities    
Securities due within one year 540 381 [5]
Short-term debt 740 455 [5]
Accounts payable 656 597 [5]
Payables to affiliates 95 111 [5]
Affiliated current borrowings 633 500 [5]
Accrued interest, payroll and taxes 493 293 [5]
Regulatory liabilities 516 321 [5]
Derivative liabilities 80 244 [5]
Other 1,328 1,285 [5]
Total current liabilities 5,081 4,187 [5]
Long-Term Debt    
Long-term debt 18,872 17,043 [5]
Securitization bonds 1,136 0 [5]
Other 96 72 [5]
Total long-term debt 20,104 17,115 [5]
Deferred Credits and Other Liabilities    
Deferred income taxes 4,073 3,624 [5]
Deferred investment tax credits 645 656 [5]
Regulatory liabilities 6,395 5,978 [5]
Asset retirement obligations 4,728 4,276 [5]
Other 1,096 1,125 [5]
Total deferred credits and other liabilities 16,937 15,659 [5]
Total liabilities 42,122 36,961 [5]
Commitments and Contingencies (see Note 17)
Shareholders' Equity    
Common stock - no par [8] 8,987 8,987 [5]
Other paid-in capital 1,113 1,113 [5]
Retained earnings 12,889 11,541 [5]
Accumulated other comprehensive (loss) income 21 16 [5]
Shareholders' equity 23,010 21,657 [5]
Total liabilities and shareholders' equity $ 65,132 $ 58,618 [5]
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] See Note 15 for amounts attributable to VIEs.
[3] See Note 10 for amounts attributable to related parties.
[4] 1.8 billion shares authorized; 840 million shares outstanding at September 30, 2024 and 838 million shares outstanding at December 31, 2023.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[6] See Note 19 for amounts attributable to affiliates.
[7] See Note 15 for amounts attributable to VIEs.
[8] 500,000 shares authorized; 324,245 shares outstanding at both September 30, 2024 and December 31, 2023.
v3.24.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Customer receivables, allowance for doubtful accounts $ 30 $ 38
Other receivables, allowance for doubtful accounts $ 2 $ 1
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 840,000,000 838,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 22 $ 30
Other receivables, allowance for doubtful accounts $ 2 $ 1
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 324,245 324,245
v3.24.3
Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Retained Earnings
AOCI
Total Shareholders' Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2022 $ 27,659 $ 1,783 $ 23,605 $ 3,843 $ (1,572) $ 27,659 $ 0
Beginning balance (in shares) at Dec. 31, 2022   2,000,000 835,000,000        
Net income including noncontrolling interests 1,721     1,721   1,721 0
Issuance of stock 91   $ 91     91  
Issuance of stock (in shares)     2,000,000        
Stock awards (net of change in unearned compensation) 24   $ 24     24  
Preferred stock dividends (see Note 16) (60)     (60)   (60)  
Common stock dividends and distributions (1,674)     (1,674)   (1,674) 0
Other comprehensive income (loss), net of tax 7       7 7  
Ending balance at Sep. 30, 2023 27,768 $ 1,783 $ 23,720 3,830 (1,565) 27,768 0
Ending balance (in shares) at Sep. 30, 2023   2,000,000 837,000,000        
Beginning balance at Jun. 30, 2023 28,174 $ 1,783 $ 23,704 4,253 (1,566) 28,174 0
Beginning balance (in shares) at Jun. 30, 2023   2,000,000 837,000,000        
Net income including noncontrolling interests 157     157   157 0
Issuance of stock 6   $ 6     6  
Issuance of stock (in shares)     0        
Stock awards (net of change in unearned compensation) 10   $ 10     10  
Preferred stock dividends (see Note 16) (20)     (20)   (20)  
Common stock dividends and distributions (559)     (559)   (559) 0
Other comprehensive income (loss), net of tax 1       1 1  
Other (1)     (1)   (1)  
Ending balance at Sep. 30, 2023 27,768 $ 1,783 $ 23,720 3,830 (1,565) 27,768 0
Ending balance (in shares) at Sep. 30, 2023   2,000,000 837,000,000        
Beginning balance at Dec. 31, 2023 27,529 [1] $ 1,783 $ 23,728 3,524 (1,506) 27,529 0
Beginning balance (in shares) at Dec. 31, 2023   2,000,000 838,000,000        
Net income including noncontrolling interests 2,200     2,200   2,200 0
Issuance of stock 102   $ 102     102  
Issuance of stock (in shares)     2,000,000        
Stock awards (net of change in unearned compensation) (in shares)     0        
Stock awards (net of change in unearned compensation) 24   $ 24     24  
Repurchase of preferred stock (435) $ (435)       (435)  
Repurchase of preferred stock, Shares   (1,000,000) 0        
Preferred stock dividends (see Note 16) (63)     (63)   (63)  
Common stock dividends and distributions (1,678)     (1,678)   (1,678) 0
Other comprehensive income (loss), net of tax (148)       (148) (148)  
Ending balance at Sep. 30, 2024 27,531 $ 1,348 $ 23,854 3,983 (1,654) 27,531 0
Ending balance (in shares) at Sep. 30, 2024   1,000,000 840,000,000        
Beginning balance at Jun. 30, 2024 27,073 $ 1,348 $ 23,809 3,603 (1,687) 27,073 0
Beginning balance (in shares) at Jun. 30, 2024   1,000,000 839,000,000        
Net income including noncontrolling interests 954     954   954  
Issuance of stock 35   $ 35     35  
Issuance of stock (in shares)     1,000,000        
Stock awards (net of change in unearned compensation) 9   $ 9     9  
Preferred stock dividends (see Note 16) (15)     (15)   (15)  
Common stock dividends and distributions (559)     (559)   (559)  
Other comprehensive income (loss), net of tax 33       33 33  
Other 1   1     1  
Ending balance at Sep. 30, 2024 $ 27,531 $ 1,348 $ 23,854 $ 3,983 $ (1,654) $ 27,531 $ 0
Ending balance (in shares) at Sep. 30, 2024   1,000,000 840,000,000        
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.3
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends declared per common share $ 0.6675 $ 0.6675 $ 2.0025 $ 2.0025
v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income including noncontrolling interests $ 2,200 $ 1,721
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 2,014 2,372
Deferred income taxes (274) 1,439
Deferred investment tax credits (benefits) (23) (37)
Impairment of assets and other charges 251 169
Losses from East Ohio, Questar Gas and PSNC Transactions 165  
Gains on sales of assets and equity method investments (including Cove Point)   (657)
Net gains on nuclear decommissioning trust funds and other investments (589) (228)
Other adjustments 60 106
Changes in:    
Accounts receivable 379 516
Inventories (47) (148)
Deferred fuel and purchased gas costs, net 768 635
Prepayments and deposits, net (14) 375
Accounts payable (27) (812)
Accrued interest, payroll and taxes 224 208
Net realized and unrealized changes related to derivative activities (34) 180
Pension and other postretirement benefits (446) (357)
Other operating assets and liabilities (230) (296)
Net cash provided by operating activities 4,377 5,186
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (8,719) (7,166)
Acquisition of solar development projects (202) (14)
Proceeds from sale of noncontrolling interest in Cove Point   3,293
Proceeds from East Ohio, Questar Gas and PSNC Transactions 9,237  
Proceeds from sales of securities 2,230 2,007
Purchases of securities (2,350) (2,182)
Proceeds from sale of assets 35 32
Contributions to equity method affiliates (14) (79)
Distributions from equity method affiliates 126 1
Other (50) 17
Net cash provided by (used in) investing activities 293 (4,091)
Financing Activities    
Issuance of short-term debt, net 148 362
364-day term loan facility borrowings 3,000 3,475
Repayment of 364-day term loan facility borrowings (7,750) (750)
Issuance and remarketing of long-term debt 4,743 2,660
Repayment and repurchase of long-term debt (1,884) (5,673)
Issuance of securitization bonds 1,282  
Supplemental credit facility borrowings   900
Supplemental credit facility repayments (450) (450)
Repurchase of preferred stock (440)  
Issuance of common stock 102 91
Common dividend payments (1,678) (1,674)
Other (142) (130)
Net cash provided by (used in) financing activities (3,069) (1,189)
Increase (decrease) in cash, restricted cash and equivalents 1,601 (94)
Cash, restricted cash and equivalents at beginning of period 301 341
Cash, restricted cash and equivalents at end of period 1,902 247
Virginia Electric and Power Company    
Operating Activities    
Net income including noncontrolling interests 1,598 1,164
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 1,386 1,486
Deferred income taxes 381 453
Deferred investment tax credits (benefits) (11) (11)
Impairment of assets and other charges (benefits) 37 44
Net gains on nuclear decommissioning trust funds and other investments (85) (31)
Other adjustments (20) 16
Changes in:    
Accounts receivable 89 (41)
Affiliated receivables and payables (38) (225)
Inventories (41) (98)
Deferred fuel and purchased gas costs, net 345 487
Prepayments and deposits, net 11 267
Accounts payable 41 (80)
Accrued interest, payroll and taxes 200 168
Net realized and unrealized changes related to derivative activities 136 541
Other operating assets and liabilities (94) (100)
Net cash provided by operating activities 3,935 4,040
Investing Activities    
Plant construction and other property additions (6,885) (4,871)
Purchases of nuclear fuel (122) (128)
Acquisition of solar development projects (27) (14)
Proceeds from sales of securities 1,370 1,254
Purchases of securities (1,449) (1,363)
Other (25) 34
Net cash provided by (used in) investing activities (7,138) (5,088)
Financing Activities    
Issuance of short-term debt, net 285 1
Issuance (repayment) of affiliated current borrowings, net 133 (230)
Issuance and remarketing of long-term debt 2,443 2,660
Repayment and repurchase of long-term debt (593) (1,308)
Issuance of securitization bonds 1,282 0
Common dividend payments (250) 0
Other (55) (62)
Net cash provided by (used in) financing activities 3,245 1,061
Increase (decrease) in cash, restricted cash and equivalents 42 13
Cash, restricted cash and equivalents at beginning of period 90 24
Cash, restricted cash and equivalents at end of period $ 132 $ 37
v3.24.3
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
AOCI
Virginia Electric and Power Company
Virginia Electric and Power Company
Common Stock
Virginia Electric and Power Company
Other Paid-In Capital
Virginia Electric and Power Company
Retained Earnings
Virginia Electric and Power Company
AOCI
Beginning balance at Dec. 31, 2022       $ (1,572) $ 16,949 $ 5,738 $ 1,113 $ 10,089 $ 9
Beginning balance (in shares) at Dec. 31, 2022   835,000       275      
Net Income (Loss) $ 1,721       1,164     1,164  
Other comprehensive income (loss), net of tax 7     7 15       15
Ending balance at Sep. 30, 2023       (1,565) 18,128 $ 5,738 1,113 11,253 24
Ending balance (in shares) at Sep. 30, 2023   837,000       275      
Beginning balance at Jun. 30, 2023       (1,566) 17,638 $ 5,738 1,113 10,778 9
Beginning balance (in shares) at Jun. 30, 2023   837,000       275      
Net Income (Loss) 157       475     475  
Other comprehensive income (loss), net of tax 1     1 15       15
Other 1   $ 1            
Ending balance at Sep. 30, 2023       (1,565) 18,128 $ 5,738 1,113 11,253 24
Ending balance (in shares) at Sep. 30, 2023   837,000       275      
Beginning balance at Dec. 31, 2023 27,529 [1]     (1,506) 21,657 [2] $ 8,987 1,113 11,541 16
Beginning balance (in shares) at Dec. 31, 2023   838,000       324      
Net Income (Loss) 2,200       1,598     1,598  
Dividends         (250)     (250)  
Other comprehensive income (loss), net of tax (148)     (148) 5       5
Ending balance at Sep. 30, 2024 27,531     (1,654) 23,010 $ 8,987 1,113 12,889 21
Ending balance (in shares) at Sep. 30, 2024   840,000       324      
Beginning balance at Jun. 30, 2024       (1,687) 22,359 $ 8,987 1,113 12,236 23
Beginning balance (in shares) at Jun. 30, 2024   839,000       324      
Net Income (Loss) 954       654     654  
Other comprehensive income (loss), net of tax 33     33 (2)       (2)
Other (1) $ (1)     (1)     (1)  
Ending balance at Sep. 30, 2024 $ 27,531     $ (1,654) $ 23,010 $ 8,987 $ 1,113 $ 12,889 $ 21
Ending balance (in shares) at Sep. 30, 2024   840,000       324      
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 954 $ 157 $ 2,200 $ 1,721
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Nature of Operations
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and distributors of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power. Dominion Energy’s operations also include DESC, a regulated public utility serving electric and gas customers in South Carolina, and nonregulated electric generation. See Note 3 for a description of the sale of regulated gas distribution operations to Enbridge including the East Ohio Transaction, which was completed in March 2024, the Questar Gas Transaction, which was completed in May 2024, and the PSNC Transaction, which was completed in September 2024.

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.

v3.24.3
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

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

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at September 30, 2024, their results of operations and changes in equity for the three and nine months ended September 30, 2024 and 2023 and their cash flows for the nine months ended September 30, 2024 and 2023. Such adjustments are normal and recurring in nature unless otherwise noted.

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

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

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

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

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

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023:

 

 

 

Cash, Restricted Cash and Equivalents
at End of Period

 

 

Cash, Restricted Cash and Equivalents
at Beginning of Period

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

December 31, 2023

 

 

December 31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

1,776

 

 

$

176

 

 

$

217

 

 

$

153

 

Restricted cash and equivalents(2)(4)

 

 

126

 

 

 

71

 

 

 

84

 

 

 

188

 

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

 

$

1,902

 

 

$

247

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28

 

 

$

37

 

 

$

90

 

 

$

22

 

Restricted cash and equivalents(3)(4)

 

 

104

 

 

 

—

 

 

 

—

 

 

 

2

 

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

 

$

132

 

 

$

37

 

 

$

90

 

 

$

24

 

 

(1)
At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $39 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
(4)
Includes $100 million attributable to VIEs at September 30, 2024.

 

Supplemental Cash Flow Information

 

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

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

930

 

 

$

884

 

Leases(2)

 

 

183

 

 

 

294

 
(1)
See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction, the Questar Gas Transaction and the PSNC Transaction and the transfer of property associated with the settlement of litigation.
(2)
Includes $100 million and $51 million of financing leases at September 30, 2024 and 2023, respectively, and $83 million and $243 million of operating leases at September 30, 2024 and 2023, respectively.

 

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

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

738

 

 

$

646

 

Leases(1)

 

 

156

 

 

 

253

 

 

(1)
Includes $89 million and $44 million of financing leases at September 30, 2024 and 2023, respectively, and $67 million and $209 million of operating leases at September 30, 2024 and 2023, respectively.

Property, Plant and Equipment

Virginia Power recorded a $25 million ($18 million after-tax) charge during the third quarter of 2024 within impairment of assets and other charges in its Consolidated Statements of Income related to the write-off of early-stage development costs associated with a hydroelectric pumped storage facility that it is no longer considering constructing.

Asset Retirement Obligations

In May 2024, the EPA released a final rule to regulate inactive surface impoundments located at retired generating stations that contained CCR and liquids after October 2015, and certain other inactive or previously closed surface impoundments, landfills or other areas that contain accumulations of CCR. Dominion Energy believes that it may have inactive or closed units or areas that could be subject to the final rule at up to 19 different stations, including 12 at Virginia Power. In connection with this rule, in the second quarter of 2024, Dominion Energy and Virginia Power recorded an increase to their AROs of $1.1 billion and $420 million, respectively, with a corresponding increase of $536 million and $234 million, respectively, to regulatory assets for amounts recoverable through retail electric rates, including riders, for electric generation stations that have been retired, $505 million and $152 million, respectively, to property, plant and equipment for amounts recoverable for electric generation stations that are currently in service and $34 million to other deferred charges and other assets for amounts associated with non-jurisdictional customers at Virginia Power. In the third quarter of 2024, Dominion Energy recorded an adjustment to decrease the ARO and related property, plant and equipment by $215 million to reflect updated information concerning one facility. The actual AROs related to CCRs may vary substantially from the estimates used to record the obligation.

New Accounting Standards

Climate-Related Disclosures

In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as a material component of plans to achieve climate-related targets or goals. This guidance, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
v3.24.3
Acquisitions and Dispositions
 9 Months Ended
Sep. 30, 2024
Text Block [Abstract]  
Acquisitions and Dispositions

Note 3. Acquisitions and Dispositions

Business Review Dispositions

Sale of East Ohio

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

Dominion Energy retained the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants in both East Ohio’s union pension and other postretirement benefit plans and retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $102 million ($113 million after-tax) upon the closing of the transaction, including the write-off of $1.5 billion of goodwill which was not deductible for tax purposes and including the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $29 million to reflect the recognition of deferred taxes on the outside basis of East Ohio’s stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 upon closing of the sale and became a component of current income tax expense on the loss on sale disclosed above. See Note 5 for additional information.

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

Sale of PSNC

In September 2023, Dominion Energy entered into an agreement with Enbridge for the PSNC Transaction, which included the sale of PSNC. The sale closed in September 2024 after all customary closing and regulatory conditions were satisfied, including clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and North Carolina Commission. At closing, the transaction was valued at $3.3 billion, consisting of a purchase price of $2.0 billion in cash and $1.3 billion of assumed indebtedness. The purchase price is

subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The transaction was structured as a stock sale for tax purposes. The internal reorganization in connection with the PSNC Transaction was subject to approval by the North Carolina Commission. Dominion Energy filed for such approval in September 2023 which was received in November 2023. The internal reorganization was completed in December 2023.

Dominion Energy retained 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. Dominion Energy recognized a pre-tax loss of $33 million ($30 million after-tax loss) upon the closing of the transaction, including the write-off of $0.7 billion of goodwill which is not deductible for tax purposes but excluding the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $334 million to reflect the deferred taxes on the outside basis of PSNC’s stock upon meeting the classification as held for sale. Dominion Energy recorded an additional charge of $16 million to adjust these deferred taxes to recorded balances as of June 30, 2024. These deferred taxes reversed in the third quarter of 2024 upon closing of the sale and became a component of current income tax expense on the pre-tax loss on sale disclosed above. See Note 5 for additional information.

At the closing of the PSNC Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of 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 included the sale of Questar Gas, Wexpro and related affiliates and was 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 sale closed in May 2024 after all customary closing and regulatory conditions were satisfied, including clearance or approval under or by the Hart-Scott-Rodino Act, CFIUS, FCC and Utah and Wyoming Commissions. Dominion Energy utilized the after-tax proceeds, as required, to repay outstanding borrowings under a 364-day term loan facility. See Note 16 for additional information. The purchase price was subject to customary post-closing adjustments, including adjustments for cash, indebtedness, net working capital, capital expenditures and net regulatory assets and liabilities. The transaction was structured as a stock sale for tax purposes. In October 2023, as required under the sale agreement, Dominion Energy filed the notice with the Idaho Commission. The internal reorganization in connection with the Questar Gas Transaction was subject to approval by the Utah and Wyoming Commissions. Dominion Energy filed for such approvals in September 2023 which were received in November 2023. The internal reorganization was completed in February 2024.

Dominion Energy retained the pension and other postretirement benefit plan assets and obligations, including related income tax and other deferred balances, associated with retiree participants of the sale entities in the Dominion Energy Pension Plan and the Dominion Energy Retiree Health and Welfare Plan. Dominion Energy recognized a pre-tax loss of $30 million ($18 million after-tax gain) upon the closing of the transaction, including the write-off of $0.7 billion of goodwill which was not deductible for tax purposes and including the effects of final closing adjustments. In 2023, Dominion Energy recorded a charge of $284 million ($279 million after-tax), including amounts associated with an impairment of goodwill. Based on the recorded balances at March 31, 2024, Dominion Energy recorded an additional charge of $78 million ($78 million after-tax), including amounts associated with an impairment of goodwill, in the first quarter of 2024. Following the internal reorganization noted above and upon closing of the East Ohio Transaction, Dominion Energy recorded a tax benefit of $5 million. In 2023, Dominion Energy recorded a charge of $462 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock upon meeting the classification as held for sale. These deferred taxes reversed in the first quarter of 2024 and became a component of current income tax expense. In addition, Dominion Energy recorded an incremental deferred tax benefit of $22 million to reflect the deferred taxes on the outside basis of Questar Gas, Wexpro and related affiliates’ stock in the first quarter of 2024. These deferred taxes reversed in the second quarter of 2024 upon closing of the sale and became a component of current income tax expense on the pre-tax loss on sale disclosed above. See Note 5 for additional information.

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

Other Sales

In February 2024, Dominion Energy entered into an agreement with AES to sell Birdseye and the Madison solar project for approximately $17 million in cash, subject to customary closing adjustments, which closed in April 2024. Dominion Energy had previously 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, the gain on the sale recognized by Dominion Energy in the second quarter of 2024, including the effects of final closing adjustments, was inconsequential.

Financial Statement Information for Business Review Dispositions

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

 

 

 

Three Months Ended
 September 30, 2024

 

 

Nine Months Ended
September 30, 2024

 

 

 

 

PSNC Transaction(1)

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction(1)

 

Questar Gas
Transaction(1)

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

$

81

 

 

$

229

 

$

488

 

$

894

 

$

—

 

Operating expense(2)

 

 

 

91

 

 

 

254

 

 

312

 

 

746

 

 

(8

)

Other income (expense)

 

 

 

5

 

 

 

(17

)

 

11

 

 

2

 

 

—

 

Interest and related charges

 

 

 

16

 

 

 

15

 

 

44

 

 

25

 

 

—

 

Income (loss) before income taxes

 

 

 

(21

)

 

 

(57

)

 

143

 

 

125

 

 

8

 

Income tax expense (benefit)

 

 

 

(9

)

 

 

9

 

 

44

 

 

46

 

 

—

 

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

 

 

$

(12

)

 

$

(66

)

$

99

 

$

79

 

$

8

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
(3)
Excludes $2 million and $(71) million of income tax expense (benefit) attributable to consolidated state adjustments for the three and nine months ended September 30, 2024, respectively.

 

 

 

Three Months Ended September 30, 2023

 

 

Nine Months Ended September 30, 2023

 

 

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

 

East Ohio
Transaction

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

214

 

$

86

 

$

150

 

$

2

 

 

$

761

 

$

532

 

$

1,151

 

$

5

 

Operating expense(1)

 

 

128

 

 

80

 

 

127

 

 

7

 

 

 

497

 

 

386

 

 

939

 

 

29

 

Other income (expense)

 

 

7

 

 

3

 

 

3

 

 

—

 

 

 

22

 

 

8

 

 

6

 

 

—

 

Interest and related charges

 

 

19

 

 

13

 

 

17

 

 

—

 

 

 

51

 

 

38

 

 

50

 

 

1

 

Income (loss) before income taxes

 

 

74

 

 

(4

)

 

9

 

 

(5

)

 

 

235

 

 

116

 

 

168

 

 

(25

)

Income tax expense (benefit)(2)

 

 

39

 

 

383

 

 

525

 

 

(2

)

 

 

58

 

 

409

 

 

557

 

 

(7

)

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

 

$

35

 

$

(387

)

$

(516

)

$

(3

)

 

$

177

 

$

(293

)

$

(389

)

$

(18

)
(1)
Other includes a charge of $15 million ($11 million after-tax) recorded in the second quarter of 2023 associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts recorded in the third quarter of 2023 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 $6 million and $2 million of income tax expense attributable to consolidated state and interim period tax allocation adjustments for the three and nine months ended September 30, 2023, respectively.

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

 

 

 

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

Current assets(1)

 

 

$

497

 

$

336

 

$

764

 

$

1

 

Property, plant and equipment, net

 

 

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

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

 

 

 

2,659

 

 

834

 

 

766

 

 

—

 

Current liabilities(3)

 

 

 

560

 

 

224

 

 

389

 

 

7

 

Long-term debt

 

 

 

2,286

 

 

948

 

 

1,205

 

 

—

 

Other deferred credits and liabilities(4)

 

 

 

1,437

 

 

711

 

 

1,116

 

 

2

 
(1)
Includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction, cash and cash equivalents of $2 million and regulatory assets of $89 million within the PSNC Transaction and cash and cash equivalents of $26 million and regulatory assets of $297 million within the Questar Gas Transaction at December 31, 2023.
(2)
Includes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction, goodwill of $673 million and regulatory assets of $86 million within the PSNC Transaction and goodwill of $720 million and regulatory assets of $(39) million within the Questar Gas Transaction at December 31, 2023.
(3)
Includes regulatory liabilities of $54 million within the East Ohio Transaction, $44 million within the PSNC Transaction and $55 million within the Questar Gas Transaction at December 31, 2023.
(4)
Includes regulatory liabilities of $711 million within the East Ohio Transaction, $435 million within the PSNC Transaction and $502 million within the Questar Gas Transaction at December 31, 2023.

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

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

 

East Ohio Transaction(1)

 

PSNC Transaction(1)

 

Questar Gas Transaction(1)

 

Other

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

287

 

$

160

 

$

—

 

$

355

 

$

153

 

$

290

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion
   and amortization

 

—

 

 

—

 

 

—

 

 

—

 

 

109

 

 

67

 

 

130

 

 

2

 

Accrued capital expenditures

 

 

 

 

 

 

 

 

 

53

 

 

22

 

 

33

 

 

—

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024, respectively.
v3.24.3
Operating Revenue
 9 Months Ended
Sep. 30, 2024
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

1,535

 

 

$

1,558

 

 

$

4,184

 

 

$

3,968

 

 

$

1,155

 

 

$

1,133

 

 

$

3,183

 

 

$

2,975

 

Commercial

 

1,248

 

 

 

1,236

 

 

 

3,533

 

 

 

3,453

 

 

 

998

 

 

 

962

 

 

 

2,851

 

 

 

2,745

 

Industrial

 

216

 

 

 

227

 

 

 

642

 

 

 

658

 

 

 

113

 

 

 

109

 

 

 

330

 

 

 

324

 

Government and other retail

 

303

 

 

 

288

 

 

 

812

 

 

 

764

 

 

 

285

 

 

 

269

 

 

 

763

 

 

 

711

 

Wholesale

 

39

 

 

 

53

 

 

 

108

 

 

 

133

 

 

 

29

 

 

 

37

 

 

 

82

 

 

 

88

 

Nonregulated electric sales

 

239

 

 

 

229

 

 

 

693

 

 

 

611

 

 

 

30

 

 

 

22

 

 

 

69

 

 

 

55

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

30

 

 

 

28

 

 

 

223

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

24

 

 

 

25

 

 

 

100

 

 

 

106

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

15

 

 

 

19

 

 

 

50

 

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

6

 

 

 

4

 

 

 

15

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Other regulated revenue

 

87

 

 

 

61

 

 

 

293

 

 

 

204

 

 

 

84

 

 

 

57

 

 

 

282

 

 

 

193

 

Other nonregulated revenues(1)(2)(3)

 

43

 

 

 

30

 

 

 

111

 

 

 

115

 

 

 

11

 

 

 

9

 

 

 

30

 

 

 

42

 

Total operating revenue from contracts with customers

 

3,785

 

 

 

3,758

 

 

 

10,764

 

 

 

10,290

 

 

 

2,705

 

 

 

2,598

 

 

 

7,590

 

 

 

7,133

 

Other revenues(1)(4)

 

156

 

 

 

52

 

 

 

295

 

 

 

569

 

 

 

57

 

 

 

47

 

 

 

198

 

 

 

148

 

Total operating revenue

$

3,941

 

 

$

3,810

 

 

$

11,059

 

 

$

10,859

 

 

$

2,762

 

 

$

2,645

 

 

$

7,788

 

 

$

7,281

 

 

(1)
See Note 19 for amounts attributable to affiliates.
(2)
Sales of renewable energy credits were $10 million and $7 million for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $36 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy and $4 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $9 million and $24 million for the nine months ended September 30, 2024 and 2023, respectively, at Virginia Power.
(3)
Includes revenue from transition services agreements of $17 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and $34 million and $16 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy.
(4)
Includes alternative revenue of $24 million and $34 million for the three months ended September 30, 2024 and 2023, respectively, and $85 million and $111 million for the nine months ended September 30, 2024 and 2023, respectively, at both Dominion Energy and Virginia Power.

 

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at September 30, 2024.

At September 30, 2024 and December 31, 2023, Dominion Energy’s contract liability balances were $50 million and $47 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At September 30, 2024 and December 31, 2023, Virginia Power’s contract liability balances were $43 million and $40 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the nine months ended September 30, 2024 and 2023, Dominion Energy recognized revenue of $45 million and $48 million, respectively, from the beginning contract liability balances. During the nine months ended September 30, 2024 and 2023, Virginia Power recognized $40 million and $39 million, respectively, from the beginning contract liability balances.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5. Income Taxes

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

3.3

 

 

 

3.9

 

 

 

4.4

 

 

 

4.6

 

Investment tax credits

 

 

(1.2

)

 

 

(1.5

)

 

 

(0.8

)

 

 

(0.7

)

Production tax credits

 

 

(2.8

)

 

 

(0.6

)

 

 

(3.0

)

 

 

(0.9

)

Reversal of excess deferred income taxes

 

 

(2.4

)

 

 

(2.6

)

 

 

(1.8

)

 

 

(2.6

)

Changes in state deferred taxes associated
   with assets held for sale

 

 

—

 

 

 

1.3

 

 

 

—

 

 

 

—

 

AFUDC - equity

 

 

(0.6

)

 

 

(0.1

)

 

 

(0.6

)

 

 

—

 

Other, net

 

 

(0.4

)

 

 

(0.8

)

 

 

0.3

 

 

 

(0.3

)

Effective tax rate

 

 

16.9

%

 

 

20.6

%

 

 

19.5

%

 

 

21.1

%

 

The IRA created a nuclear production tax credit for electricity produced and sold beginning in 2024. The amount of the credit to be realized, if any, is a function of annual qualified production levels and gross receipts determined for each of the Companies’ nuclear units that cannot be fully determined until the completion of the calendar year. For the nine months ended September 30, 2024, Virginia Power recorded a $53 million tax benefit which represents a prorated portion of the estimated net realizable value of the nuclear production tax credit. The ultimate nuclear production tax credit realized by the Companies could vary significantly based on actual market prices, qualifying production and/or final computational U.S. Treasury guidance.

Dominion Energy’s effective tax rate for the nine months ended September 30, 2023, 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 the sale of Dominion Energy's 50% noncontrolling partnership interest in Cove Point. See Notes 3 and 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these transactions.

As of September 30, 2024, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these unrecognized tax benefits.

Discontinued operations

Income tax expense reflected in discontinued operations is $22 million and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively. Dominion Energy entered into agreements for the East Ohio, PSNC and Questar Gas Transactions in September 2023, each of which was treated as a stock sale for income tax purposes. During 2023 in connection with the pending sales, Dominion Energy recorded a charge of $825 million to establish deferred tax liabilities to reflect the excess of financial reporting basis over tax basis in stock of the entities to be sold. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, for a discussion of these transactions.

Dominion Energy recorded a tax benefit of $52 million for the nine months ended September 30, 2024, including the reversal of $841 million of the deferred tax liabilities associated with the East Ohio, Questar Gas and PSNC Transactions previously established during 2023 and 2024. See Note 3 for additional information.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6. Earnings Per Share

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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from
   continuing operations

 

$

967

 

 

$

698

 

 

$

2,018

 

 

$

1,813

 

Preferred stock dividends (see Note 16)

 

 

(15

)

 

 

(20

)

 

 

(54

)

 

 

(60

)

Preferred stock deemed dividends (see Note 16)

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

—

 

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

 

 

952

 

 

 

678

 

 

$

1,955

 

 

$

1,753

 

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

 

$

(13

)

 

$

(541

)

 

$

182

 

 

$

(92

)

Average shares of common stock outstanding - Basic

 

 

839.0

 

 

 

836.8

 

 

 

838.3

 

 

 

836.0

 

Net effect of dilutive securities(1)

 

 

0.3

 

 

 

—

 

 

 

0.1

 

 

 

0.2

 

Average shares of common stock outstanding - Diluted

 

 

839.3

 

 

 

836.8

 

 

 

838.4

 

 

 

836.2

 

EPS from continuing operations - Basic

 

$

1.14

 

 

$

0.81

 

 

$

2.33

 

 

$

2.10

 

EPS from discontinued operations - Basic

 

 

(0.02

)

 

 

(0.65

)

 

$

0.22

 

 

 

(0.11

)

EPS attributable to Dominion Energy - Basic

 

$

1.12

 

 

$

0.16

 

 

$

2.55

 

 

$

1.99

 

EPS from continuing operations - Diluted

 

$

1.14

 

 

$

0.81

 

 

$

2.33

 

 

$

2.10

 

EPS from discontinued operations - Diluted

 

 

(0.02

)

 

 

(0.65

)

 

$

0.22

 

 

 

(0.11

)

EPS attributable to Dominion Energy - Diluted

 

$

1.12

 

 

$

0.16

 

 

$

2.55

 

 

$

1.99

 
(1)
Dilutive securities for the three and nine months ended September 30, 2024 consists of certain of the forward sales agreements entered into in the second and third quarters of 2024 (applying the treasury stock method). Dilutive securities for the nine months ended September 30, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Notes 16 and 17 for additional information.

Certain of the forward sales agreements entered into in the second and third quarters of 2024 were potentially dilutive securities but were excluded from the calculation of diluted EPS from continuing operations for the three and nine months ended September 30, 2024 as the dilutive stock price threshold was not met.
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 7. Accumulated Other Comprehensive Income (Loss)

Dominion Energy

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

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Pension
and other
postretirement
benefit costs(4)

 

 

Equity Method Investees(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(191

)

 

$

(13

)

 

$

(1,483

)

 

$

—

 

 

$

(1,687

)

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

 

 

(7

)

 

 

32

 

 

 

4

 

 

 

—

 

 

 

29

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

 

(6

)

Total

 

 

11

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

 

5

 

Income tax expense (benefit)

 

 

(3

)

 

 

1

 

 

 

1

 

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

8

 

 

 

(1

)

 

 

(3

)

 

 

—

 

 

 

4

 

Net current period other comprehensive
    income (loss)

 

 

1

 

 

 

31

 

 

 

1

 

 

 

—

 

 

 

33

 

Ending balance

 

$

(190

)

 

$

18

 

 

$

(1,482

)

 

$

—

 

 

$

(1,654

)

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(236

)

 

$

(29

)

 

$

(1,299

)

 

$

(2

)

 

$

(1,566

)

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

 

 

19

 

 

 

(22

)

 

 

—

 

 

 

(1

)

 

 

(4

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Other income (expense)

 

 

—

 

 

 

2

 

 

 

(15

)

 

 

—

 

 

 

(13

)

Total

 

 

11

 

 

 

2

 

 

 

(15

)

 

 

4

 

 

 

2

 

Income tax expense (benefit)

 

 

(3

)

 

 

—

 

 

 

7

 

 

 

(1

)

 

 

3

 

Total, net of tax

 

 

8

 

 

 

2

 

 

 

(8

)

 

 

3

 

 

 

5

 

Net current period other comprehensive
    income (loss)

 

 

27

 

 

 

(20

)

 

 

(8

)

 

 

2

 

 

 

1

 

Ending balance

 

$

(209

)

 

$

(49

)

 

$

(1,307

)

 

$

—

 

 

$

(1,565

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $64 million, $64 million, $70 million and $79 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(3)
Net of $(5) million, $3 million, $16 million and $9 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(4)
Net of $522 million, $522 million, $461 million and $453 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(5)
Net of $— million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Pension
and other
postretirement
benefit costs(4)

 

 

Equity Method Investees(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(216

)

 

$

—

 

 

$

(1,290

)

 

$

—

 

 

$

(1,506

)

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

 

 

2

 

 

 

13

 

 

 

(249

)

 

 

—

 

 

 

(234

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

33

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33

 

Other income (expense)

 

 

—

 

 

 

6

 

 

 

77

 

 

 

—

 

 

 

83

 

Total

 

 

33

 

 

 

6

 

 

 

77

 

 

 

—

 

 

 

116

 

Income tax expense (benefit)

 

 

(9

)

 

 

(1

)

 

 

(20

)

 

 

—

 

 

 

(30

)

Total, net of tax

 

 

24

 

 

 

5

 

 

 

57

 

 

 

—

 

 

 

86

 

Net current period other comprehensive
    income (loss)

 

 

26

 

 

 

18

 

 

 

(192

)

 

 

—

 

 

 

(148

)

Ending balance

 

$

(190

)

 

$

18

 

 

$

(1,482

)

 

$

—

 

 

$

(1,654

)

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)

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

 

 

16

 

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

10

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

32

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Other income (expense)

 

 

—

 

 

 

1

 

 

 

(46

)

 

 

—

 

 

 

(45

)

Total

 

 

32

 

 

 

1

 

 

 

(46

)

 

 

4

 

 

 

(9

)

Income tax expense (benefit)

 

 

(8

)

 

 

—

 

 

 

15

 

 

 

(1

)

 

 

6

 

Total, net of tax

 

 

24

 

 

 

1

 

 

 

(31

)

 

 

3

 

 

 

(3

)

Net current period other comprehensive
    income (loss)

 

 

40

 

 

 

(5

)

 

 

(31

)

 

 

3

 

 

 

7

 

Ending balance

 

$

(209

)

 

$

(49

)

 

$

(1,307

)

 

$

—

 

 

$

(1,565

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $64 million, $73 million, $70 million and $83 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(3)
Net of $(5) million, $(2) million, $16 million and $13 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(4)
Net of $522 million, $456 million, $461 million and $445 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(5)
Net of $— million tax at September 30, 2024, December 31, 2023, September 30, 2023 and $1 million tax at December 31, 2022, respectively.

Virginia Power

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

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

24

 

 

$

(1

)

 

$

23

 

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

 

 

(7

)

 

 

6

 

 

 

(1

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Interest and related charges

 

 

—

 

 

 

—

 

 

 

—

 

           Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

—

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

(1

)

 

 

(1

)

Net current period other comprehensive income (loss)

 

 

(7

)

 

 

5

 

 

 

(2

)

Ending balance

 

$

17

 

 

$

4

 

 

$

21

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

13

 

 

$

(4

)

 

$

9

 

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

 

 

18

 

 

 

(3

)

 

 

15

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

          Interest and related charges (benefit)

 

 

1

 

 

 

—

 

 

 

1

 

          Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

1

 

 

 

—

 

 

 

1

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

18

 

 

 

(3

)

 

 

15

 

Ending balance

 

$

31

 

 

$

(7

)

 

$

24

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(6) million, $(8) million, $(11) million and $(4) million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(3)
Net of $(2) million, $— million, $3 million and $1 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

15

 

 

$

1

 

 

$

16

 

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

 

 

2

 

 

 

2

 

 

 

4

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Interest and related charges

 

 

—

 

 

 

—

 

 

 

—

 

           Other income (expense)

 

 

—

 

 

 

2

 

 

 

2

 

Total

 

 

—

 

 

 

2

 

 

 

2

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

2

 

 

 

3

 

 

 

5

 

Ending balance

 

$

17

 

 

$

4

 

 

$

21

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16

 

 

$

(7

)

 

$

9

 

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

 

 

15

 

 

 

—

 

 

 

15

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Interest and related charges

 

 

1

 

 

 

—

 

 

 

1

 

           Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

1

 

 

 

—

 

 

 

1

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

15

 

 

 

—

 

 

 

15

 

Ending balance

 

$

31

 

 

$

(7

)

 

$

24

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(6) million, $(5) million, $(11) million and $(5) million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(3)
Net of $(2) million, $— million, $3 million and $2 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 8. Fair Value Measurements

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

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

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at September 30, 2024. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

 

 

Dominion Energy

 

Virginia Power

 

Valuation
Techniques

Unobservable
Input

 

Fair Value (millions)

 

Range

Weighted
Average(1)

 

Fair Value (millions)

 

Range

Weighted
Average(1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Discounted
   cash flow

Market price
   (per Dth)

(3)

$

8

 

(2)-4

(1)

 

$

8

 

(2)-3

(1)

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

72

 

(4)-11

4

 

 

72

 

(4)-11

4

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

186

 

27-118

48

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Option model

Market price
   (per Dth)

(3)

 

16

 

1-5

3

 

 

13

 

1-5

3

 

Price volatility

(4)

 

 

10%-71%

46%

 

 

 

14%-71%

52%

Total assets

 

 

 

$

282

 

 

 

 

$

93

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

1

 

(6)-7

1

 

 

1

 

(6)-7

1

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

11

 

35-118

62

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Option model

Market price (per Dth)

(3)

 

1

 

1-3

2

 

 

1

 

1-3

2

 

 

Price volatility

(4)

 

 

44%-54%

50%

 

 

 

44%-54%

50%

Total liabilities

 

 

 

$

13

 

 

 

 

$

2

 

 

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

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

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

Nonrecurring Fair Value Measurements

See Note 11 for information regarding impairment charges recorded by Dominion Energy associated with corporate office buildings and nonregulated renewable natural gas facilities.

In the second quarter of 2023, Dominion Energy recorded a charge of $15 million ($11 million after-tax) presented within discontinued operations in its Consolidated Statements of Income 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 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, these assets were sold in August 2023.

Recurring Fair Value Measurements

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

168

 

 

$

282

 

 

$

450

 

 

$

—

 

 

$

53

 

 

$

93

 

 

$

146

 

Interest rate

 

 

—

 

 

 

702

 

 

 

—

 

 

 

702

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

5,473

 

 

 

—

 

 

 

—

 

 

 

5,473

 

 

 

2,818

 

 

 

—

 

 

 

—

 

 

 

2,818

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

578

 

 

 

—

 

 

 

578

 

 

 

—

 

 

 

351

 

 

 

—

 

 

 

351

 

Government securities

 

 

—

 

 

 

1,605

 

 

 

—

 

 

 

1,605

 

 

 

—

 

 

 

912

 

 

 

—

 

 

 

912

 

Other

 

 

141

 

 

 

—

 

 

 

—

 

 

 

141

 

 

 

96

 

 

 

—

 

 

 

—

 

 

 

96

 

Cash equivalents and other

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Total assets

 

$

5,614

 

 

$

3,063

 

 

$

282

 

 

$

8,959

 

 

$

2,914

 

 

$

1,371

 

 

$

93

 

 

$

4,378

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

96

 

 

$

13

 

 

$

109

 

 

$

—

 

 

$

58

 

 

$

2

 

 

$

60

 

Interest rate

 

 

—

 

 

 

20

 

 

 

—

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

52

 

 

 

—

 

 

 

52

 

 

 

—

 

 

 

52

 

 

 

—

 

 

 

52

 

Total liabilities

 

$

—

 

 

$

168

 

 

$

13

 

 

$

181

 

 

$

—

 

 

$

110

 

 

$

2

 

 

$

112

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

325

 

 

$

225

 

 

$

550

 

 

$

—

 

 

$

96

 

 

$

21

 

 

$

117

 

Interest rate

 

 

—

 

 

 

800

 

 

 

—

 

 

 

800

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

181

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,527

 

 

 

—

 

 

 

—

 

 

 

4,527

 

 

 

2,362

 

 

 

—

 

 

 

—

 

 

 

2,362

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

500

 

 

 

—

 

 

 

500

 

 

 

—

 

 

 

274

 

 

 

—

 

 

 

274

 

Government securities

 

 

219

 

 

 

1,238

 

 

 

—

 

 

 

1,457

 

 

 

129

 

 

 

687

 

 

 

—

 

 

 

816

 

Cash equivalents and other

 

 

31

 

 

 

—

 

 

 

—

 

 

 

31

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,777

 

 

$

2,863

 

 

$

225

 

 

$

7,865

 

 

$

2,511

 

 

$

1,238

 

 

$

21

 

 

$

3,770

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

160

 

 

$

139

 

 

$

299

 

 

$

—

 

 

$

95

 

 

$

137

 

 

$

232

 

Interest rate

 

 

—

 

 

 

359

 

 

 

—

 

 

 

359

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

Total liabilities

 

$

—

 

 

$

558

 

 

$

139

 

 

$

697

 

 

$

—

 

 

$

179

 

 

$

137

 

 

$

316

 
(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $211 million and $457 million of assets at Dominion Energy, inclusive of $77 million and $217 million at Virginia Power, at September 30, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

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

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

360

 

 

$

134

 

 

$

86

 

 

$

422

 

 

$

105

 

 

$

(3

)

 

$

(116

)

 

$

221

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

13

 

 

 

(10

)

 

 

7

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-
related purchases

 

 

14

 

 

 

(103

)

 

 

(134

)

 

 

(191

)

 

 

10

 

 

 

(107

)

 

 

(136

)

 

 

(195

)

Discontinued operations

 

 

(3

)

 

 

1

 

 

 

(4

)

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in regulatory assets/
    liabilities

 

 

(77

)

 

 

(174

)

 

 

230

 

 

 

(463

)

 

 

(7

)

 

 

(176

)

 

 

219

 

 

 

(400

)

Settlements

 

 

(40

)

 

 

103

 

 

 

54

 

 

 

174

 

 

 

(17

)

 

 

107

 

 

 

103

 

 

 

179

 

Purchases

 

 

2

 

 

 

—

 

 

 

30

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

16

 

Ending balance

 

$

269

 

 

$

(49

)

 

$

269

 

 

$

(49

)

 

$

91

 

 

$

(179

)

 

$

91

 

 

$

(179

)

Dominion Energy had $12 million and $7 million of unrealized gains included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2024, respectively, and $(10) million and $(8) million of unrealized losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the three and nine months ended September 30, 2023. Virginia Power had no unrealized gains or losses for the three and nine months ended September 30, 2024 and 2023.

Fair Value of Financial Instruments

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

 

Carrying
Amount

 

 

Estimated
Fair
Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

34,555

 

 

$

33,818

 

 

$

19,221

 

 

$

18,571

 

Supplemental credit facility borrowings

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Securitization bonds(3)

 

 

1,282

 

 

 

1,315

 

 

 

1,282

 

 

 

1,315

 

Junior subordinated notes(2)

 

 

2,666

 

 

 

2,853

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

42,526

 

 

$

40,539

 

 

$

17,392

 

 

$

16,418

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Junior subordinated notes(2)

 

 

1,388

 

 

 

1,374

 

 

 

 

 

 

 

 

(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at September 30, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at December 31, 2023.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.24.3
Derivatives and Hedge Accounting Activities
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

Note 9. Derivatives and Hedge Accounting Activities

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

Balance Sheet Presentation

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

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

185

 

 

$

28

 

 

$

—

 

 

$

157

 

 

$

132

 

 

$

15

 

 

$

—

 

 

$

117

 

Exchange

 

 

104

 

 

 

46

 

 

 

—

 

 

 

58

 

 

 

3

 

 

 

2

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

702

 

 

 

17

 

 

 

—

 

 

 

685

 

 

 

45

 

 

 

—

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

999

 

 

$

99

 

 

$

—

 

 

$

900

 

 

$

188

 

 

$

25

 

 

$

—

 

 

$

163

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

289

 

 

$

26

 

 

$

—

 

 

$

263

 

 

$

112

 

 

$

13

 

 

$

—

 

 

$

99

 

Exchange

 

 

118

 

 

 

33

 

 

 

15

 

 

 

70

 

 

 

4

 

 

 

3

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

800

 

 

 

191

 

 

 

—

 

 

 

609

 

 

 

181

 

 

 

11

 

 

 

—

 

 

 

170

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,207

 

 

$

250

 

 

$

15

 

 

$

942

 

 

$

297

 

 

$

27

 

 

$

—

 

 

$

270

 

 

(1)
Excludes derivative assets of $161 million and $143 million at Dominion Energy and $11 million and $1 million at Virginia Power at September 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

59

 

 

$

28

 

 

$

—

 

 

$

31

 

 

$

21

 

 

$

15

 

 

$

—

 

 

$

6

 

Exchange

 

 

46

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

2

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

20

 

 

 

17

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

52

 

 

 

8

 

 

 

—

 

 

 

44

 

 

 

52

 

 

 

8

 

 

 

—

 

 

 

44

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

177

 

 

$

99

 

 

$

—

 

 

$

78

 

 

$

75

 

 

$

25

 

 

$

—

 

 

$

50

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

266

 

 

$

26

 

 

$

30

 

 

$

210

 

 

$

153

 

 

$

13

 

 

$

30

 

 

$

110

 

Exchange

 

 

33

 

 

 

33

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

359

 

 

 

186

 

 

 

—

 

 

 

173

 

 

 

45

 

 

 

6

 

 

 

—

 

 

 

39

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

697

 

 

$

250

 

 

$

30

 

 

$

417

 

 

$

240

 

 

$

27

 

 

$

30

 

 

$

183

 

 

(1)
Excludes derivative liabilities of $4 million at Dominion Energy at September 30, 2024 and $37 million and $76 million at Virginia Power at September 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.

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 September 30, 2024:

 

 

 

Dominion Energy

 

Virginia Power

 

 

AOCI After-Tax

 

 

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

 

 

Maximum Term

 

AOCI After-Tax

 

 

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

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(190

)

 

$

(30

)

 

375 months

 

$

17

 

 

$

1

 

 

375 months

Total

 

$

(190

)

 

$

(30

)

 

 

 

$

17

 

 

$

1

 

 

 

 

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

Fair Value and Gains and Losses on Derivative Instruments

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

235

 

 

$

235

 

 

$

—

 

 

$

130

 

 

$

130

 

Interest rate

 

 

—

 

 

 

305

 

 

 

305

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency
   exchange rate

 

 

—

 

 

 

5

 

 

 

5

 

 

 

—

 

 

 

5

 

 

 

5

 

Total current derivative assets

 

 

—

 

 

 

545

 

 

 

545

 

 

 

—

 

 

 

135

 

 

 

135

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

215

 

 

 

215

 

 

 

—

 

 

 

16

 

 

 

16

 

Interest rate

 

 

45

 

 

 

352

 

 

 

397

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency
   exchange rate

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

3

 

Total noncurrent derivative assets(1)

 

 

45

 

 

 

570

 

 

 

615

 

 

 

45

 

 

 

19

 

 

 

64

 

Total derivative assets

 

$

45

 

 

$

1,115

 

 

$

1,160

 

 

$

45

 

 

$

154

 

 

$

199

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

81

 

 

$

81

 

 

$

—

 

 

$

54

 

 

$

54

 

Interest rate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

26

 

 

 

26

 

 

 

—

 

 

 

26

 

 

 

26

 

Total current derivative liabilities

 

 

—

 

 

 

107

 

 

 

107

 

 

 

—

 

 

 

80

 

 

 

80

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

28

 

 

 

28

 

 

 

—

 

 

 

6

 

 

 

6

 

Interest rate

 

 

—

 

 

 

20

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

26

 

 

 

26

 

 

 

—

 

 

 

26

 

 

 

26

 

Total noncurrent derivative liabilities(2)

 

 

—

 

 

 

74

 

 

 

74

 

 

 

—

 

 

 

32

 

 

 

32

 

Total derivative liabilities

 

$

—

 

 

$

181

 

 

$

181

 

 

$

—

 

 

$

112

 

 

$

112

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

312

 

 

$

312

 

 

$

—

 

 

$

91

 

 

$

91

 

Interest rate

 

 

143

 

 

 

298

 

 

 

441

 

 

 

143

 

 

 

—

 

 

 

143

 

Total current derivative assets(3)

 

 

143

 

 

 

610

 

 

 

753

 

 

 

143

 

 

 

91

 

 

 

234

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

238

 

 

 

238

 

 

 

—

 

 

 

26

 

 

 

26

 

Interest rate

 

 

38

 

 

 

321

 

 

 

359

 

 

 

38

 

 

 

—

 

 

 

38

 

Total noncurrent derivative assets(1)

 

 

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(2)

 

 

—

 

 

 

321

 

 

 

321

 

 

 

—

 

 

 

72

 

 

 

72

 

Total derivative liabilities

 

$

45

 

 

$

652

 

 

$

697

 

 

$

45

 

 

$

271

 

 

$

316

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

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

Derivatives in cash flow
   hedging relationships

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(10

)

 

$

(11

)

 

$

(110

)

 

$

(10

)

 

$

—

 

 

$

(109

)

Total

 

$

(10

)

 

$

(11

)

 

$

(110

)

 

$

(10

)

 

$

—

 

 

$

(109

)

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

25

 

 

 

(11

)

 

$

268

 

 

$

25

 

 

$

(1

)

 

$

267

 

Total

 

$

25

 

 

$

(11

)

 

$

268

 

 

$

25

 

 

$

(1

)

 

$

267

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

2

 

 

$

(33

)

 

$

20

 

 

$

2

 

 

$

—

 

 

$

20

 

Total

 

$

2

 

 

$

(33

)

 

$

20

 

 

$

2

 

 

$

—

 

 

$

20

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

21

 

 

$

(32

)

 

$

236

 

 

$

21

 

 

$

(1

)

 

$

235

 

Total

 

$

21

 

 

$

(32

)

 

$

236

 

 

$

21

 

 

$

(1

)

 

$

235

 

 

(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.

 

 

 

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

 

Derivatives not designated as hedging instruments

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

123

 

 

$

7

 

 

$

184

 

 

$

428

 

 

$

31

 

 

$

6

 

 

$

107

 

 

$

25

 

Electric fuel and other energy-related
    purchases

 

 

2

 

 

 

(149

)

 

 

(188

)

 

 

(267

)

 

 

(1

)

 

 

(151

)

 

 

(188

)

 

 

(270

)

Operations and maintenance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Discontinued operations

 

 

(3

)

 

 

—

 

 

 

(28

)

 

 

94

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

77

 

 

 

274

 

 

 

(14

)

 

 

227

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

199

 

 

$

125

 

 

$

(46

)

 

$

501

 

 

$

30

 

 

$

(145

)

 

$

(81

)

 

$

(243

)

 

(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.
v3.24.3
Investments
 9 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 10. Investments

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $152 million and $119 million at September 30, 2024 and December 31, 2023, respectively.

Decommissioning Trust Securities

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

 

 

Dominion Energy

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,267

 

$

4,181

 

$

(2

)

 

 

 

$

5,446

 

 

$

728

 

$

2,168

 

$

(2

)

 

 

 

$

2,894

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

569

 

 

17

 

 

(17

)

 

$

—

 

 

569

 

 

 

357

 

 

8

 

 

(14

)

 

$

—

 

 

351

 

Government
   securities

 

1,549

 

 

42

 

 

(15

)

 

 

—

 

 

1,576

 

 

 

894

 

 

25

 

 

(7

)

 

 

—

 

 

912

 

Common/
   collective
   trust funds

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Other

 

131

 

 

—

 

 

—

 

 

 

—

 

 

131

 

 

 

96

 

 

—

 

 

—

 

 

 

—

 

 

96

 

Insurance
   contracts

 

252

 

 

—

 

 

—

 

 

 

 

 

252

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

43

 

 

—

 

 

—

 

 

 

—

 

 

43

 

 

 

13

 

 

—

 

 

—

 

 

 

—

 

 

13

 

Total

$

3,811

 

$

4,240

 

$

(34

)

(4)

$

—

 

$

8,017

 

 

$

2,088

 

$

2,201

 

$

(23

)

(4)

$

—

 

$

4,266

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,276

 

$

3,270

 

$

(10

)

 

 

 

$

4,536

 

 

$

759

 

$

1,706

 

$

(10

)

 

 

 

$

2,455

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

508

 

 

10

 

 

(27

)

 

$

—

 

 

491

 

 

 

292

 

 

3

 

 

(21

)

 

$

—

 

 

274

 

Government
   securities

 

1,426

 

 

28

 

 

(24

)

 

 

—

 

 

1,430

 

 

 

811

 

 

17

 

 

(12

)

 

 

—

 

 

816

 

Common/
   collective
   trust funds

 

161

 

 

—

 

 

—

 

 

 

—

 

 

161

 

 

 

124

 

 

—

 

 

—

 

 

 

—

 

 

124

 

Insurance
   contracts

 

244

 

 

—

 

 

—

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

84

 

 

—

 

 

—

 

 

 

—

 

 

84

 

 

 

47

 

 

—

 

 

—

 

 

 

—

 

 

47

 

Total

$

3,699

 

$

3,308

 

$

(61

)

(4)

$

—

 

$

6,946

 

 

$

2,033

 

$

1,726

 

$

(43

)

(4)

$

—

 

$

3,716

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Dominion Energy includes pending sales of securities of $21 million and $49 million at September 30, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $11 million and $27 million at September 30, 2024, and December 31, 2023, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $474 million and $764 million at September 30, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $262 million and $384 million at September 30, 2024 and December 31, 2023, respectively.

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during
   the period

 

$

282

 

 

$

(150

)

 

$

919

 

 

$

370

 

 

$

145

 

 

$

(80

)

 

$

473

 

 

$

189

 

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

 

 

5

 

 

 

1

 

 

 

1

 

 

 

4

 

 

 

3

 

 

 

(1

)

 

 

(2

)

 

 

2

 

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

 

$

287

 

 

$

(149

)

 

$

920

 

 

$

374

 

 

$

148

 

 

$

(81

)

 

$

471

 

 

$

191

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

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2024 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

27

 

 

$

18

 

Due after one year through five years

 

 

572

 

 

 

299

 

Due after five years through ten years

 

 

459

 

 

 

273

 

Due after ten years

 

 

1,218

 

 

 

769

 

Total

 

$

2,276

 

 

$

1,359

 

 

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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

651

 

 

$

869

 

 

$

2,230

 

 

$

2,007

 

 

$

297

 

 

$

535

 

 

$

1,370

 

 

$

1,254

 

Realized gains(1)

 

 

18

 

 

 

5

 

 

 

77

 

 

 

48

 

 

 

13

 

 

 

4

 

 

 

52

 

 

 

29

 

Realized losses(1)

 

 

21

 

 

 

33

 

 

 

93

 

 

 

110

 

 

 

16

 

 

 

16

 

 

 

61

 

 

 

61

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

Equity Method Investments

Dominion Energy recorded equity earnings on its investments of less than $1 million and $7 million for the nine months ended September 30, 2024 and 2023, respectively, in other income (expense) in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(11) million and $235 million for the nine months ended September 30, 2024 and 2023, respectively, in discontinued operations, including amounts related to its investments in Cove Point and Atlantic Coast Pipeline discussed below. Dominion Energy received distributions of $138 million and $241 million for the nine months ended September 30, 2024 and 2023, respectively. Dominion Energy made contributions of $6 million and $79 million for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024 and December 31, 2023, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $7 million and $18 million, respectively. At September 30, 2024, this difference is primarily comprised of $7 million of capitalized interest. At December 31, 2023, these differences are primarily comprised of $9 million of equity method goodwill that is not being amortized and $3 million attributable to capitalized interest.

Cove Point

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

Dominion Energy recorded distributions from Cove Point of $49 million and $227 million for the three and nine months ended September 30, 2023, respectively.

Amounts presented within discontinued operations within Dominion Energy’s Consolidated Statements of Income related to Cove Point for the three and nine months ended September 30, 2023 were $52 million and $218 million of earnings on equity method investees, $69 million and $120 million of interest expense and $7 million and $31 million of income tax expense, respectively.

Atlantic Coast Pipeline

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

Dominion Energy recorded equity losses related to Atlantic Coast Pipeline of less than $1 million and $1 million for the three months ended September 30, 2024 and 2023, respectively, in discontinued operations. Dominion Energy recorded equity losses related to Atlantic Coast Pipeline of $12 million and equity earnings of $16 million for the nine months ended September 30, 2024 and 2023, respectively, in discontinued operations.

At September 30, 2024 and December 31, 2023, Dominion Energy has recorded a liability of $10 million and $4 million, respectively, in other current liabilities in its Consolidated Balance Sheets as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its AROs.

Dominion Energy recorded $70 million of contributions to Atlantic Coast Pipeline during the nine months ended September 30, 2023.

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

Dominion Privatization

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

v3.24.3
Property, Plant and Equipment
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 11. Property, Plant and Equipment

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. In October 2024, Virginia Power and Stonepeak closed on the agreement following the receipt of consent by BOEM and satisfaction of other customary closing and regulatory conditions. Consistent with the terms of the agreement, Virginia Power contributed the CVOW Commercial Project and Stonepeak contributed cash to OSWP. The contribution of the CVOW Commercial Project required approvals from the Virginia and North Carolina Commissions, which were received in September 2024. At closing, Virginia Power received $2.6 billion, subject to customary post-closing adjustments, 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.

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.

OSWP is considered to be a VIE primarily because its equity capitalization is insufficient to support its operations. Virginia Power is considered to be the primary beneficiary and expects to consolidate OSWP with Stonepeak’s interests reflected as noncontrolling interests beginning in the fourth quarter of 2024 as Virginia Power has the power to direct the most significant activities of OSWP, including construction and operation of the CVOW Commercial Project. In the event that OSWP ceases to be a VIE, Virginia Power expects to continue to consolidate OSWP as its ownership interest is expected to be considered a controlling financial interest over the entity through its rights to control operations.

Acquisitions of Nonregulated Solar Projects

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

 

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

Acquisition of Offshore Wind Project

In July 2024, Virginia Power entered into an agreement to acquire an approximately 40,000-acre area lease 27 miles off the coast of North Carolina in federal waters and associated project assets in the early stages of development for approximately $160 million. The transaction closed in October 2024 following the receipt of approval from BOEM and other customary regulatory approvals. The CVOW South project, if constructed, is expected to have a generating capacity of 800 MW with ultimate development of the project dependent upon the receipt of approvals from the Virginia Commission and other permitting entities. The project would support Virginia Power’s ability to meet the renewable energy portfolio standards established in the VCEA.

Sales of Corporate Office Buildings

In the second quarter of 2024, Dominion Energy recorded a charge of $17 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 a market approach, of $23 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. In the third quarter of 2024, Dominion Energy entered into a new agreement to sell the corporate office building for approximately $23 million, which is expected to close by the end of 2024. The corporate office building continues to be reflected in the Corporate and Other segment and presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at both September 30, 2024 and December 31, 2023.

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

Nonregulated Renewable Natural Gas Facilities

Dominion Energy recorded impairment charges of $33 million ($25 million after-tax) and $27 million ($21 million after-tax) in the second and third quarters of 2024, respectively, in impairment of assets and other charges in the Consolidated Statements of Income to write down the long-lived assets of certain nonregulated renewable natural gas facilities under development to their estimated fair values which were each less than $1 million. The fair values were estimated using an income approach. The valuations 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 and discount rates reflecting risks inherent in future cash flows and market prices.

v3.24.3
Regulatory Assets and Liabilities
 9 Months Ended
Sep. 30, 2024
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities

Note 12. Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

September 30,
2024

 

December 31,
2023

 

 

September 30,
2024

 

December 31,
2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

35

 

$

245

 

 

$

10

 

$

95

 

Securitized cost of fuel used in electric generation(2)

 

 

119

 

 

—

 

 

 

119

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

328

 

 

270

 

 

 

328

 

 

270

 

Ash pond and landfill closure costs(4)

 

 

111

 

 

200

 

 

 

111

 

 

200

 

Deferred nuclear refueling outage costs(5)

 

 

67

 

 

63

 

 

 

67

 

 

63

 

NND Project costs(6)

 

 

138

 

 

138

 

 

 

 

 

 

Derivatives(7)

 

 

31

 

 

162

 

 

 

29

 

 

160

 

Other

 

 

201

 

 

231

 

 

 

87

 

 

80

 

Regulatory assets-current

 

 

1,030

 

 

1,309

 

 

 

751

 

 

868

 

Unrecognized pension and other postretirement benefit costs(8)

 

 

486

 

 

1,036

 

 

 

—

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

680

 

 

496

 

 

 

680

 

 

496

 

Interest rate hedges(9)

 

 

167

 

 

168

 

 

 

—

 

 

—

 

AROs and related funding(10)

 

 

392

 

 

379

 

 

 

 

 

 

NND Project costs(6)

 

 

1,845

 

 

1,949

 

 

 

 

 

 

CCR remediation, ash pond and landfill closure costs(4)

 

 

2,965

 

 

2,410

 

 

 

2,645

 

 

2,407

 

Deferred cost of fuel used in electric generation(1)

 

 

—

 

 

1,221

 

 

 

—

 

 

1,221

 

Securitized cost of fuel used in electric generation(2)

 

 

1,081

 

 

—

 

 

 

1,081

 

 

—

 

Derivatives(7)

 

 

80

 

 

107

 

 

 

41

 

 

66

 

Other

 

 

656

 

 

590

 

 

 

114

 

 

127

 

Regulatory assets-noncurrent

 

 

8,352

 

 

8,356

 

 

 

4,561

 

 

4,317

 

Total regulatory assets

 

$

9,382

 

$

9,665

 

 

$

5,312

 

$

5,185

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

 

166

 

 

—

 

 

 

166

 

 

—

 

Provision for future cost of removal and AROs(11)

 

 

118

 

 

118

 

 

 

118

 

 

118

 

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

 

 

77

 

 

83

 

 

 

—

 

 

—

 

Income taxes refundable through future rates(13)

 

 

107

 

 

107

 

 

 

70

 

 

70

 

Monetization of guarantee settlement(14)

 

 

67

 

 

67

 

 

 

 

 

 

Derivatives(7)

 

 

77

 

 

7

 

 

 

60

 

 

—

 

Other

 

 

102

 

 

140

 

 

 

102

 

 

133

 

Regulatory liabilities-current

 

 

714

 

 

522

 

 

 

516

 

 

321

 

Income taxes refundable through future rates(13)

 

 

2,980

 

 

3,076

 

 

 

2,170

 

 

2,237

 

Provision for future cost of removal and AROs(11)

 

 

1,842

 

 

1,818

 

 

 

1,207

 

 

1,185

 

Nuclear decommissioning trust(15)

 

 

2,537

 

 

2,098

 

 

 

2,537

 

 

2,098

 

Monetization of guarantee settlement(14)

 

 

585

 

 

635

 

 

 

 

 

 

Interest rate hedges(9)

 

 

240

 

 

233

 

 

 

240

 

 

233

 

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

 

 

181

 

 

237

 

 

 

—

 

 

—

 

Overrecovered other postretirement benefit costs(16)

 

 

176

 

 

155

 

 

 

 

 

 

Derivatives(7)

 

 

151

 

 

136

 

 

 

5

 

 

—

 

Other

 

 

303

 

 

286

 

 

 

236

 

 

225

 

Regulatory liabilities-noncurrent

 

 

8,995

 

 

8,674

 

 

 

6,395

 

 

5,978

 

Total regulatory liabilities

 

$

9,709

 

$

9,196

 

 

$

6,911

 

$

6,299

 
(1)
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
(4)
Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance at September 30, 2024 reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 2.
(5)
Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
(6)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(7)
Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
(8)
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $215 million and regulatory liabilities of $12 million at December 31, 2023 related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, Questar Gas and PSNC Transactions 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 September 30, 2024.
(10)
Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
(11)
Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(12)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(13)
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
(14)
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
(15)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

At September 30, 2024, Dominion Energy and Virginia Power regulatory assets include $6.1 billion and $4.5 billion, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years.
v3.24.3
Regulatory Matters
 9 Months Ended
Sep. 30, 2024
Regulated Operations [Abstract]  
Regulatory Matters

Note 13. Regulatory Matters

 

Regulatory Matters Involving Potential Loss Contingencies

 

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

Other Regulatory Matters

 

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

Virginia Regulation - Recent Developments

2023 Biennial Review

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

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

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

Virginia Fuel Expenses

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

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

that Virginia Power’s proposed total fuel factor rate be placed into effect on an interim basis for usage on and after July 1, 2024. This matter is pending.

PJM Capacity Expense Deferral

In October 2024, Virginia Power filed a request with the Virginia Commission for approval to defer up to $145 million of capacity expenses expected to be incurred with PJM for 2025 for jurisdictional customers and have such expenses considered as part of the 2027 Biennial Review. This matter is pending.

Renewable Generation Projects

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

In October 2024, Virginia Power filed a petition with the Virginia Commission for CPCNs to construct or acquire and operate two utility-scale projects totaling approximately 208 MW of solar generation as part of its efforts to meet the renewable generation development targets under the VCEA. The projects, as of October 2024, are expected to cost approximately $605 million in the aggregate, excluding financing costs, and be placed into service between 2026 and 2028. This matter is pending.

Virginia LNG Storage Facility

In June 2024, Virginia Power filed a petition with the Virginia Commission to amend the CPCNs for Brunswick County and Greensville County to construct and operate an LNG production, storage and regasification facility and related transmission facilities adjacent to Greensville County. When complete, the facility will store the liquefied equivalent of approximately 2.0 bcf and would be able to regasify approximately 25% of its storage capacity per day and liquefy from the pipeline less than 1% of its equivalent storage capacity per day. The facility will serve as a backup fuel source for Brunswick County and Greensville County to support operations and improve system reliability. The facility is expected to cost approximately $550 million, excluding financing costs, and be placed into service by the end of 2027. This matter is pending.

Riders

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

Rider Name

 

Application Date

 

Approval Date

 

Rate Year
Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
from Previous
(millions)

 

Rider CCR

 

March 2024

 

Pending

 

December 2024

 

$

103

 

 

$

(91

)

Rider CE(2)

 

October 2023

 

March 2024

 

May 2024

 

 

133

 

 

 

44

 

Rider CE(3)

 

October 2024

 

Pending

 

May 2025

 

 

182

 

 

 

49

 

Rider DIST(4)

 

August 2024

 

Pending

 

June 2025

 

 

269

 

 

N/A

 

Rider E

 

January 2024

 

September 2024

 

November 2024

 

 

72

 

 

 

(37

)

Rider GEN(5)

 

June 2024

 

Pending

 

April 2025

 

 

438

 

 

N/A

 

Rider GEN

 

June 2024

 

Pending

 

April 2026

 

 

311

 

 

 

(127

)

Rider GT

 

August 2023

 

May 2024

 

June 2024

 

 

145

 

 

 

131

 

Rider OSW

 

November 2023

 

July 2024

 

September 2024

 

 

486

 

 

 

215

 

Rider OSW(6)

 

November 2024

 

Pending

 

September 2025

 

 

640

 

 

 

154

 

Rider RPS

 

December 2023(11)

 

August 2024

 

September 2024

 

 

358

 

 

 

262

 

Rider SNA

 

October 2023

 

July 2024

 

September 2024

 

 

69

 

 

 

19

 

Rider SNA(7)

 

October 2024

 

Pending

 

September 2025

 

 

207

 

 

 

138

 

Rider T1(8)

 

May 2024

 

July 2024

 

September 2024

 

 

1,170

 

 

 

291

 

Rider U(9)

 

October 2023

 

July 2024

 

August 2024

 

 

150

 

 

 

76

 

DSM Riders(10)

 

December 2023

 

July 2024

 

September 2024

 

 

86

 

 

 

(21

)
(1)
In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $18 million as of September 30, 2024. There is a pending application associated with this rider, which if approved, would result in a net annual revenue requirement increase of $7 million.
(2)
The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
(3)
Associated with two solar generation projects, two small-scale solar projects and 24 purchased power agreements in addition to previously approved Rider CE projects.
(4)
Consists of $103 million in total revenue requirement for certain previously approved electric distribution grid transformation projects and $166 million for previously approved phases and proposed phase eight of certain new underground distribution facilities. If approved, would result in the consolidation of Riders GT and U and cease the separate collection of rates under these riders effective June 1, 2025.
(5)
Includes $348 million in total revenue requirement related to the consolidation of Riders BW, GV and four other riders associated with generation facilities, ceasing the separate collection of rates under these riders effective April 1, 2025 and the extension of existing rates for Rider BW through March 2025. In addition, Virginia Power also requests approval to recover costs associated with the Virginia LNG Storage Facility described above.
(6)
Includes a proposal for Virginia Power to establish a decommissioning trust fund associated with the CVOW Commercial Project. If approved, the applicable amount included within the total revenue requirement would be allocated for such purposes.
(7)
Virginia Power also requested approval of cost recovery of approximately $1.7 billion through Rider SNA for the second phase of nuclear life extension program which includes investments for calendar years 2025 through 2027.
(8)
Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.
(9)
Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In addition, the Virginia Commission approved Virginia Power’s request to extend existing rates for Rider U through July 2024.
(10)
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%.
(11)
Virginia Power amended its application in February 2024.

In June 2024, the Virginia Commission approved Virginia Power’s request, filed in May 2024, to cease Rider RGGI effective July 2024.

Electric Transmission Projects

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

Description and Location
of Project

 

Application Date

 

Approval Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

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

 

November 2023

 

August 2024

 

230 kV

 

2

 

$

55

 

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

 

February 2024

 

October 2024

 

230 kV

 

3

 

 

70

 

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

 

March 2024

 

Pending

 

500-
230 kV

 

10

 

 

690

 

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

 

March 2024

 

Pending

 

230-
115 kV

 

24

 

 

135

 

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

 

March 2024

 

Pending

 

230 kV

 

2

 

 

285

 

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

 

April 2024

 

Pending

 

230 kV

 

22

 

 

60

 

Rebuild and construct new Fentress-Yadkin
  transmission lines and related projects in the
  City of Chesapeake, Virginia

 

June 2024

 

Pending

 

500 kV

 

14

 

 

205

 

Partial rebuild, reconductor and construct new
  Network Takeoff transmission lines and related
  projects in the Counties of Fairfax and Loudoun,
  Virginia

 

July 2024

 

Pending

 

230 kV

 

6

 

 

170

 

Rebuild Aquia Harbour-Possum Point transmission
  lines and related projects in the Counties of
  Stafford and Prince William and the City of
  Fredericksburg, Virginia

 

August 2024

 

Pending

 

500-
230 kV

 

32

 

 

210

 

Partial rebuild, reconductor and construct new
  New Post transmission lines and related
  projects in the Counties of Caroline and
  Spotsylvania, Virginia

 

August 2024

 

Pending

 

230 kV

 

38

 

 

120

 

Construct new Centreport transmission line,
  substation and related projects in Stafford
  County, Virginia

 

September 2024

 

Pending

 

230 kV

 

3

 

 

55

 

Partial rebuild and construct new Meadowville
  transmission lines, substations and related
  projects in Chesterfield County, Virginia

 

October 2024

 

Pending

 

230 kV

 

11

 

 

190

 
(1)
Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $145 million and $55 million, respectively.

North Carolina Regulation

Virginia Power Base Rate Case

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

In October 2024, Virginia Power, the North Carolina public staff and other parties of record filed a settlement agreement with the North Carolina Commission for approval. The settlement agreement provides for a non-fuel, base rate increase of $37 million effective November 1, 2024 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective February 1, 2025, and an authorized ROE of 9.95%. In addition, the settlement agreement provides that Virginia Power may file with the North Carolina Commission an application for an annual rider to seek recovery of incurred North Carolina jurisdictional CCR expenses, with the first such rider, if approved by the North Carolina Commission, taking effect February 1, 2025 and covering costs for the period July 1, 2024 through December 31, 2024. This matter is pending.

Virginia Power Fuel Filing

In August 2024, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. As subsequently updated in October 2024, Virginia Power proposed a total $107 million decrease to the fuel component of its electric rates for the rate year beginning February 1, 2025. In addition, Virginia Power proposed the implementation of a three-month decrement rider effective November 1, 2024 to reduce the over-recovery of the fuel component of its electric rates during the current rate year. These matters are pending.

PSNC Customer Usage Tracker

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

South Carolina Regulation

Electric Base Rate Case

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

In July 2024, 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 provides for a non-fuel, base rate increase of $219 million prior to the effect of South Carolina Commission-ordered DSM reductions commencing with service rendered on September 1, 2024 and an authorized ROE of 9.94%. In addition, the comprehensive settlement agreement includes that DESC would provide a one-time bill credit in 2024 of approximately $7 million primarily to residential customers. In August 2024, the South Carolina Commission voted to approve the settlement agreement.

In connection with this matter, in the third quarter of 2024 Dominion Energy recorded a charge of $58 million ($44 million after tax) (reflected within the Corporate and Other segment), including $50 million to write down certain materials and supplies inventory presented within impairment of assets and other charges.

Cost of Fuel

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

DSM Programs

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

first billing cycle of May 2024. In April 2024, the South Carolina Commission approved the request, effective with the first billing cycle of May 2024.

Electric - Transmission Project

In March 2024, DESC filed an application with the South Carolina Commission requesting approval of a CPCN to construct and operate the Church Creek - Charleston Transmission Line, comprised of a 7-mile 230 kV transmission line and associated facilities in Charleston County, South Carolina with an estimated total project cost of $40 million. In July 2024, the South Carolina Commission approved the application.
v3.24.3
Leases
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases

Note 14. Leases

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

Dominion Energy’s Consolidated Statements of Income include $6 million and $15 million for the three and nine months ended September 30, 2024, respectively, and $7 million and $18 million for the three and nine months ended September 30, 2023, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $3 million and $6 million for the three and nine months ended September 30, 2024, respectively, and less than $1 million and $4 million for the three and nine months ended September 30, 2023, respectively, of depreciation expense included in depreciation and amortization related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

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

Offshore Wind Vessel Leasing Arrangement

In December 2020, Dominion Energy signed an agreement (most recently amended in August 2024) 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 $715 million, to fund the estimated project costs. The project is expected to be completed in 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 $544 million as of September 30, 2024. 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 after five years. 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.

v3.24.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities

Note 15. Variable Interest Entities

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

Virginia Power

Virginia Power purchased shared services from DES, an affiliated VIE, of $125 million and $113 million for the three months ended September 30, 2024 and 2023, respectively, and $368 million and $339 million for the nine months ended September 30, 2024 and 2023, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $33 million and $32 million at September 30, 2024 and December 31, 2023, respectively, recorded in payables to affiliates.

As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds. The Companies’ Consolidated Balance Sheets at September 30, 2024 included balances for VPFS in regulatory

assets-current ($119 million), other current assets ($100 million), regulatory assets-noncurrent ($1.1 billion), securities due within one year ($146 million), accrued interest, payroll and taxes ($40 million) and securitization bonds ($1.1 billion).

See Note 11 for discussion of OSWP, which is considered to be a VIE.

v3.24.3
Significant Financing Transactions
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Significant Financing Transactions

Note 16. Significant Financing Transactions

Credit Facilities and Short-term Debt

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

Dominion Energy

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

At September 30, 2024, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)(2)

 

$

6,000

 

 

$

3,622

 

 

$

21

 

 

$

2,357

 
(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)
In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.

DESC’s short-term financing is supported through its access as co-borrower to the joint revolving credit facility discussed above with the Companies. At September 30, 2024, the sub-limit for DESC was $500 million.

In addition to the credit facility mentioned above and Virginia Power’s letter of credit facilities mentioned below, Dominion Energy also had a credit facility which allowed Dominion Energy to issue up to approximately $30 million in letters of credit, which matured in June 2024. At December 31, 2023, 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 September 30, 2024 and December 31, 2023, $48 million and $54 million, respectively, in letters of credit were issued and outstanding under this agreement.

In June 2024, the Companies entered into an agreement with a financial institution which the Companies expect to allow the Companies to issue up to a combined $125 million in letters of credit. At September 30, 2024, Dominion Energy had no letters of credit issued and outstanding under this agreement.

Dominion Energy has an effective shelf registration statement with the SEC for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM as disclosed in Note 17 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. At September 30, 2024 and December 31, 2023, Dominion Energy’s Consolidated Balance Sheets include $482 million and $409 million, respectively, with respect to such notes presented within short-term debt. The proceeds are used for general corporate purposes and to repay debt.

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

In March 2024, Dominion Energy repaid $1.8 billion of its $2.25 billion 364-day term loan facility entered into in October 2023, using after-tax proceeds received in connection with the East Ohio Transaction. Subsequently in March 2024, Dominion Energy requested and received a $500 million increase to the amount of the facility and concurrently borrowed $500 million with the proceeds used for general corporate purposes. In May 2024, Dominion Energy repaid the full $976 million outstanding under the facility, using after-tax proceeds received in connection with the Questar Gas Transaction. The debt was scheduled to mature in October 2024. At December 31, 2023, Dominion Energy’s Consolidated Balance Sheet included $2.25 billion with respect to such facility presented within securities due within one year.

Virginia Power

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

At September 30, 2024, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:

 

 

 

Facility
Limit(1)

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)(2)

 

$

6,000

 

 

$

740

 

 

$

10

 
(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy 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 September 30, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
(2)
In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.

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

In March 2023, Virginia Power entered into an agreement with a financial institution, which it expects to allow it to issue up to $300 million in letters of credit. At September 30, 2024 and December 31, 2023, $123 million and $124 million, respectively, in letters of credit were issued and outstanding under this agreement.

As noted above, in June 2024, the Companies entered into an agreement with a financial institution which the Companies expect to allow the Companies to issue up to a combined $125 million in letters of credit. At September 30, 2024, Virginia Power had $21 million in letters of credit issued and outstanding under this agreement.

Long-term Debt

 

Unless otherwise noted, the proceeds of long-term debt issuances were used for general corporate purposes and/or to repay short-term debt.

In May 2024, Dominion Energy used a portion of the proceeds from the issuance of the 2024 EJSNs discussed below, to repay the outstanding balance of $450 million under the Sustainability Revolving Credit Facility, which is described in Note 18 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In June 2024, the facility was amended to extend the maturity date to June 2025. At December 31, 2023, Dominion Energy’s Consolidated Balance Sheet included $450 million with respect to this facility.

In May 2024, Dominion Energy issued $2.0 billion of enhanced junior subordinated notes, consisting of $1.0 billion of 2024 Series A EJSNs and $1.0 billion of 2024 Series B EJSNs that mature in 2055 and 2054, respectively. The 2024 Series A EJSNs will bear interest at 6.875% until February 1, 2030. The interest rate will reset every five years beginning on February 1, 2030, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.386%, provided that the interest rate will not reset below 6.875%. The 2024 Series B EJSNs will bear interest at 7.0% until June 1, 2034. The interest rate will reset every five years beginning on June 1, 2034, to equal the then-current five-year U.S. Treasury rate plus a spread of 2.511%, provided that the interest rate will not reset below 7.0%. Dominion Energy may defer interest payments on the 2024 EJSNs on one or more occasions for up to 10 consecutive

years. If interest payments on the 2024 EJSNs are deferred, Dominion Energy may not, subject to certain limited exceptions, declare or pay any dividends or other distributions on, or redeem, repurchase or otherwise acquire any of its capital stock during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities or make any payments under any guarantee of debt that, in each case, is equal or junior in right of payment to the 2024 EJSNs. Dominion Energy used the proceeds from this issuance for general corporate purposes including the repayment of short-term debt, the repayment of amounts outstanding under the Sustainability Revolving Credit Facility as discussed above and the repurchase of Series B Preferred Stock as discussed below.

In May 2024, Virginia Power remarketed three series of tax-exempt bonds, with an aggregate outstanding principal of $243 million to new investors. All three bonds will bear interest at a coupon of 3.80% until May 2027, after which they will bear interest at a market rate to be determined at that time.

In August 2024, Virginia Power issued $600 million of 5.05% senior notes and $600 million of 5.55% senior notes that mature in 2034 and 2054, respectively. Proceeds were used for general corporate purposes and to repay amounts outstanding under the intercompany credit facility with Dominion Energy.

In October 2024, Dominion Energy redeemed all $27 million in outstanding principal amount of its 3.80% Peninsula Ports Authority of Virginia Coal Terminal Revenue Refunding Bonds at par plus accrued interest. These bonds, which would have otherwise matured in 2033, are reflected in securities due within one year in Dominion Energy’s Consolidated Balance Sheet at September 30, 2024. Dominion Energy expects to record a charge of less than $1 million in the fourth quarter of 2024 in connection with this early redemption.

In October 2024, Dominion Energy redeemed all $685 million in outstanding principal amount of its October 2014 hybrids at par plus accrued interest including interest accrued at a floating rate effective October 2024. The notes, which would have otherwise matured in 2054, are reflected in securities due within one year in Dominion Energy’s Consolidated Balance Sheet at September 30, 2024. Dominion Energy expects to record a charge of approximately $7 million in the fourth quarter of 2024 in connection with this early redemption.

Dominion Energy recognized a charge of $10 million during the nine months ended September 30, 2024 within interest expense in its Consolidated Statements of Income in connection with the early redemption of Eagle Solar’s secured senior notes in February 2024.

Preferred Stock

Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At December 31, 2023, Dominion Energy had issued and outstanding 1.8 million shares of preferred stock, 0.8 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively. In June 2024, Dominion Energy completed a tender offer repurchasing 0.4 million of the 0.8 million shares of Series B Preferred Stock issued and outstanding representing $440 million in aggregate liquidation preference. At September 30, 2024, Dominion Energy had issued and outstanding 1.4 million shares of preferred stock, 0.4 million and 1.0 million of which were designated as the Series B Preferred Stock and the Series C Preferred Stock, respectively.

Dominion Energy recorded dividends on the Series B Preferred Stock of $4 million ($11.625 per share) and $21 million ($33.172 per share) for the three and nine months ended September 30, 2024, respectively. These amounts exclude a deemed dividend of $9 million representing deferred issuance costs, legal and bank fees and excise tax associated with the shares of Series B Preferred Stock repurchased in June 2024. Dominion Energy recorded dividends on the Series B Preferred Stock of $9 million ($11.625 per share) and $27 million ($34.875 per share) for the three and nine months ended September 30, 2023, respectively. Dominion Energy recorded dividends on the Series C Preferred Stock of $11 million ($10.875 per share) for both the three months ended September 30, 2024 and 2023 and $33 million ($32.625 per share) for both the nine months ended September 30, 2024 and 2023.

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

Issuance of Common Stock

Dominion Energy recorded, net of fees and commissions, $91 million from the issuance of 2 million shares of common stock for the nine months ended September 30, 2023 and $102 million from the issuance of 2 million shares of common stock for the nine months ended September 30, 2024, through various programs including Dominion Energy Direct® and employee savings plans as described in Note 20 to the Consolidated Financial Statements to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In August 2023, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans and, in March 2024, began issuing new shares of common stock.

At-the-Market Program

In May 2024, Dominion Energy entered into sales agency agreements to effect sales under a new at-the-market program. Under the sales agency agreements, Dominion Energy may, from time to time, offer and sell shares of its common stock through the sales agents or enter into one or more forward sale agreements with respect to shares of its common stock. Sales by Dominion Energy through the sales agents or by forward sellers pursuant to a forward sale agreement cannot exceed $1.8 billion in the aggregate. Through September 30, 2024, Dominion Energy entered forward sale agreements for approximately 11.4 million shares of its common stock expected to be settled in the fourth quarter of 2024 at a weighted average initial forward price of $53.23 per share. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements.

In September 2024, Dominion Energy entered forward sale agreements for approximately 3.8 million shares of its common stock expected to be settled in the fourth quarter of 2025 at a weighted average initial forward price of $57.62 per share. Except in certain circumstances, Dominion Energy can elect physical, cash or net settlement of the forward sale agreements.

Repurchase of Common Stock

In November 2020, the Board of Directors authorized the repurchase of up to $1.0 billion of Dominion Energy’s common stock, with $0.9 billion available as of September 30, 2024.

Dominion Energy did not repurchase any shares of common stock during the nine months ended September 30, 2024, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 17. Commitments and Contingencies

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

 

Environmental Matters

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

 

Air

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

 

Ozone Standards

The EPA published final non-attainment designations for the October 2015 ozone standards in June 2018 with states required to develop plans to address the new standard. Certain states in which the Companies operate have developed plans, and had such plans approved or partially approved by the EPA, which are not expected to have a material impact on the Companies’ results of operations

or cash flows. In March 2023, the EPA issued a final rule specifying an interstate federal implementation plan to comply with certain aspects of planning for the 2015 ozone standards which is applicable in August 2023 for certain states, including Virginia. The interstate federal implementation plan imposes tighter NOX emissions limits during the ozone season and includes provisions for the use of allowances to cover such emissions. Unless and 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 2024, the EPA repealed the ACE Rule as part of a package of final rules addressing CO2 emissions from new and existing fossil fuel-fired electric generating units.

 

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. In May 2024, the EPA withdrew the proposed revision to the performance standards for coal-fired steam generating units as part of a package of final rules addressing CO2 emissions from new and existing fossil fuel-fired electric generating units.

 

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 14 and eight 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 extended the latest dates for compliance with individual facilities’ compliance dates that would vary based on circumstances and the determination by state regulators and may range from 2021 to 2028. In May 2024, the EPA released a final rule revising the 2015 and 2020 Effluent Limitations Guidelines, establishing more stringent standards for wastewater discharges for the Steam Electric Power Generating Category, which apply primarily to wastewater discharges at coal and oil steam generating stations. Individual facilities’ compliance dates will vary based on circumstances and the determination by state regulators and may range to 2029, except in certain circumstances when a facility will be retired by 2034. Dominion Energy expects to complete wastewater treatment technology retrofits and modifications at DESC’s Williams generating station, with a similar project at DESC’s Wateree generation station under evaluation, to meet the requirements with the existing regulatory framework in South Carolina providing rate recovery mechanisms for costs of the projects. As discussed in Note 2, the Companies recorded an increase to their AROs in the second quarter of 2024 in connection with the expected compliance costs associated with the EPA’s May 2024 final rule concerning CCR. The Companies expect that such AROs would satisfy any AROs that would have otherwise been necessary for compliance with the EPA’s May 2024 Effluent Limitations Guidelines. Dominion Energy is currently unable to estimate what costs, if any, may be required in addition to the project for the Williams generating station, a potential project at the Wateree generating station and the recorded AROs to meet the requirements to operate certain facilities past 2034. However, Dominion Energy expects that while such costs for facility improvements, if required, could be material to the Companies’ financial condition and/or cash flows, the existing regulatory frameworks in Virginia and South Carolina provide rate recovery mechanisms that could substantially mitigate any such impacts.

 

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 four sites associated with Dominion Energy, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed remediation plans for one site at Virginia Power and expects to commence remediation activities in 2025 depending on receipt of final permits and approvals. At September 30, 2024 and December 31, 2023, Dominion Energy had $31 million and $32 million, respectively, of reserves recorded. At both September 30, 2024 and December 31, 2023, Virginia Power had $25 million of reserves recorded. Dominion Energy is associated with three additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, the Companies are unable to make an estimate of the potential financial statement impacts.

 

Other Legal Matters

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

 

SCANA Legal Proceedings

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

 

Matters Fully Resolved Prior to 2024 Impacting the Consolidated Financial Statements

 

Governmental Proceedings and Investigations

In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. In December 2020, the parties reached an agreement in principle in the amount of $165 million to resolve this matter. In June 2021, the parties executed a settlement agreement which allows DESC to fund the settlement amount through a combination of cash, shares of Dominion Energy common stock or real estate with an initial payment of at least $43 million in shares of Dominion Energy common stock. In August 2021, Dominion Energy issued 0.6 million shares of its common stock to satisfy DESC’s obligation for the initial payment under the settlement agreement. In May 2022, Dominion Energy issued an additional 0.9 million shares of its common stock to partially satisfy DESC’s remaining obligation under the settlement agreement. In June 2022, DESC requested approval from the South Carolina Commission to transfer certain real estate with a total settlement value of $51 million to satisfy its remaining obligation under the settlement agreement. In July 2022, the South Carolina Commission voted to approve the request and issued its final order in August 2022. In September 2022, DESC transferred certain non-utility property with a fair value of $28 million to the SCDOR under the settlement agreement. In December 2022, DESC transferred additional utility property with a fair value of $3 million to the SCDOR. In October 2022, DESC filed for approval to transfer the remaining real estate with FERC which was received in November 2022. In March 2023, DESC transferred utility property with a fair value of $10 million to the SCDOR resulting in a gain of $9 million ($7 million after-tax), recorded in losses (gains) on sales of assets in Dominion Energy’s Consolidated Statements of Income for the nine months ended September 30, 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 in Dominion Energy’s Consolidated Statements of Income for the nine months ended September 30, 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.

 

Nuclear Operations

Nuclear Insurance

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

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

 

Spent Nuclear Fuel

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

 

Guarantees, Surety Bonds and Letters of Credit

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

 

At September 30, 2024, Dominion Energy had issued the following subsidiary guarantees:

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,765

 

Nuclear obligations(2)

 

 

220

 

Solar(3)

 

 

207

 

Other(4)

 

 

849

 

Total(5)(6)

 

$

4,041

 
(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. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
(6)
In July 2016, Dominion Energy signed an agreement (subsequently amended most recently in December 2023) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced the five-year lease term in August 2019, with certain options at the end of the initial lease term as discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, 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 equal to the recorded lease balance.

 

In addition, Dominion Energy had issued an additional $20 million of guarantees at September 30, 2024, primarily to support third parties. No amounts related to these guarantees have been recorded.

 

Dominion Energy also had issued four guarantees as of September 30, 2024 related to Cove Point, previously an equity method investment, in support of terminal services, transportation and construction. Two of the Cove Point guarantees have a cumulative maximum exposure of $1.9 billion while the other two guarantees have no maximum limit. No amounts related to these guarantees have been recorded.

 

Additionally, at September 30, 2024, Dominion Energy had purchased $319 million of surety bonds, including $250 million at Virginia Power, and authorized the issuance of letters of credit by financial institutions of $21 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid.
v3.24.3
Credit Risk
 9 Months Ended
Sep. 30, 2024
Risks and Uncertainties [Abstract]  
Credit Risk

Note 18. Credit Risk

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

At September 30, 2024, Dominion Energy’s credit exposure totaled $138 million, primarily related to price risk management activities. Of this amount, investment grade counterparties, including those internally rated, represented 74%. No single counterparty, whether investment grade or non-investment grade, exceeded $28 million of exposure. At September 30, 2024, Virginia Power’s exposure related to wholesale customers totaled $82 million. Of this amount, investment grade counterparties, including those

internally rated, represented 58%. No single counterparty, whether investment grade or non-investment grade, exceeded $10 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 $19 million and $13 million, respectively, as of September 30, 2024, and $28 million and $14 million, respectively, as of December 31, 2023. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy and Virginia Power had no posted collateral at September 30, 2024 or December 31, 2023 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. In addition, Dominion Energy and Virginia Power had both posted letters of credit as collateral with counterparties covering less than $1 million of fair value of derivative instruments in a liability position at December 31, 2023. The aggregate fair value of all derivative instruments with credit related contingent provisions that are in a liability position and not fully collateralized with cash for Dominion Energy and Virginia Power was $19 million and $13 million, respectively, as of September 30, 2024 and $28 million and $14 million, respectively, as of December 31, 2023, which does not include the impact of any offsetting asset positions.

See Note 9 for additional information about derivative instruments.
v3.24.3
Related-Party Transactions
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 19. Related-Party Transactions

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

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At September 30, 2024, Virginia Power’s derivative assets and liabilities with affiliates were $11 million and $43 million, respectively. At December 31, 2023, Virginia Power’s derivative assets and liabilities with affiliates were $1 million and $79 million, respectively. See Note 9 for additional information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. At September 30, 2024 and December 31, 2023, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $493 million and $456 million, respectively. At September 30, 2024 and December 31, 2023, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $640 million and $584 million, respectively.

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

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

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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

147

 

 

$

146

 

 

$

453

 

 

$

463

 

Services provided by affiliates(1)

 

 

169

 

 

 

149

 

 

 

495

 

 

 

441

 

Services provided to affiliates

 

 

4

 

 

 

7

 

 

 

12

 

 

 

15

 
(1)
Includes capitalized expenditures of $59 million and $51 million for the three months ended September 30, 2024 and 2023, respectively and $170 million and $151 million for the nine months ended September 30, 2024 and 2023, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $633 million and $500 million in short-term demand note borrowings from Dominion Energy as of September 30, 2024 and December 31, 2023, respectively. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of September 30, 2024 and December 31, 2023. Interest charges related to Virginia Power’s borrowings from Dominion Energy were $17 million and $27 million for the three months ended September 30, 2024 and 2023, respectively and $23 million and $72 million for the nine months ended September 30, 2024 and 2023, respectively.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three and nine months ended September 30, 2024 and 2023.

In October 2024, Virginia Power paid a $600 million dividend to Dominion Energy.

In 2023, Virginia Power entered into a lease contract with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel currently under development with commencement of the 20-month lease term in August 2025 at a total cost of approximately $240 million plus ancillary services. Virginia Power filed an application with the Virginia Commission to amend the lease agreement to potentially accelerate the commencement of the lease term in August 2024 and received approval in October 2024. Virginia Power filed a corresponding application with the North Carolina Commission in September 2024.
v3.24.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

Note 20. Employee Benefit Plans

Net Periodic Benefit (Credit) Cost

The service cost component of net periodic benefit (credit) cost is reflected in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income, except for less than $1 million and $5 million for the three and nine months ended September 30, 2024, respectively, and $4 million and $12 million for the three and nine months ended September 30, 2023, respectively, presented in discontinued operations. The non-service cost components of net periodic benefit (credit) cost are reflected in other income (expense) in Dominion Energy’s Consolidated Statements of Income, except for $— million and $13 million for the three and nine months ended September 30, 2024, respectively, and $(11) million and $(34) million for the three and nine months ended September 30, 2023, respectively, presented in discontinued operations. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

19

 

 

$

24

 

 

$

63

 

 

$

72

 

 

$

2

 

 

$

3

 

 

$

8

 

 

$

10

 

Interest cost

 

 

107

 

 

 

111

 

 

 

324

 

 

 

332

 

 

 

15

 

 

 

15

 

 

 

43

 

 

 

46

 

Expected return on plan assets

 

 

(200

)

 

 

(216

)

 

 

(611

)

 

 

(648

)

 

 

(43

)

 

 

(37

)

 

 

(128

)

 

 

(113

)

Amortization of prior service
    cost (credit)

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

(9

)

 

 

(10

)

 

 

(27

)

 

 

(28

)

Amortization of net actuarial
    (gain) loss

 

 

3

 

 

 

—

 

 

 

16

 

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

(5

)

 

 

(4

)

Settlements and curtailments(1)

 

 

—

 

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

—

 

Plan amendment

 

 

—

 

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(70

)

 

$

(81

)

 

$

(181

)

 

$

(244

)

 

$

(37

)

 

$

(30

)

 

$

(110

)

 

$

(89

)
(1)
2024 amount relates to Dominion Energy nonqualified pension plan.

Pension and Other Postretirement Benefit Plan Remeasurements

In the first quarter of 2024, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the close of the East Ohio Transaction. The remeasurement and transfer to Enbridge of pension plan assets and liabilities resulted in a decrease in the pension benefit obligation of $419 million, inclusive of $195 million transferred upon closing, and a decrease in the fair value of

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

In the second quarter of 2024, Dominion Energy remeasured its pension and other postretirement benefit plans as a result of the close of the Questar Gas Transaction. The remeasurement and transfer to Enbridge of pension plan assets and liabilities resulted in a decrease in the pension benefit obligation of $251 million, inclusive of $136 million transferred upon closing, and a decrease in the fair value of the pension plan assets of $248 million, inclusive of $138 million transferred upon closing. In addition, the remeasurement and transfer to Enbridge of other postretirement benefit plan assets and liabilities resulted in a decrease in the accumulated postretirement benefit obligation of $14 million, inclusive of $6 million transferred upon closing, and an increase in the fair value of the other postretirement benefit plan assets of $24 million, inclusive of $5 million transferred upon closing. The impact of the remeasurement and transfer of pension and other postretirement benefit plan assets and liabilities on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The remeasurement is expected to increase the net periodic pension benefit credit by approximately $8 million and increase the net periodic other postretirement benefit credit by $3 million for the year ending December 31, 2024. The discount rate used for the remeasurement was 5.75% for the pension plan and 5.74% for the other postretirement benefit plan. The net actuarial loss and prior service cost (credit) related to the transferred pension and other postretirement plan assets and liabilities included in the Questar Gas Transaction loss on sale was $49 million for pension and $1 million for other postretirement benefits.

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

Employer Contributions

During the three and nine months ended September 30, 2024, Dominion Energy made $33 million and $40 million of contributions to its qualified defined benefit pension plans. In October 2024, Dominion Energy made an additional $6 million of contributions to its qualified defined benefit pension plans. Dominion Energy is not required to make any additional contributions to its qualified defined benefit pension plans in 2024. Dominion Energy is not required to make any contributions to its VEBAs associated with its other postretirement plans in 2024. Dominion Energy considers voluntary contributions from time to time, either in the form of cash or equity securities.

Other Employee Matters

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

v3.24.3
Operating Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Operating Segments

Note 21. Operating Segments

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

Primary Operating Segment

 

Description of Operations

 

Dominion
Energy

 

Virginia
Power

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

Regulated electric transmission

 

X

 

X

 

 

Regulated electric generation fleet(1)

 

X

 

X

Dominion Energy South Carolina

 

Regulated electric distribution

 

X

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

Regulated electric generation fleet

 

X

 

 

 

 

Regulated gas distribution and storage

 

X

 

 

Contracted Energy(2)

 

Nonregulated electric generation fleet

 

X

 

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

 

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

 

Dominion Energy

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

 

In the nine months ended September 30, 2024, Dominion Energy reported after-tax net income of $28 million in the Corporate and Other segment, including $319 million of after-tax net income for specific items with $155 million of after-tax net income attributable to its operating segments. In the nine months ended September 30, 2023, Dominion Energy reported after-tax net loss of $14 million in the Corporate and Other segment, including $245 million of after-tax net income for specific items all of which was attributable to its operating segments.

 

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

•
A $518 million ($402 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($347 million after-tax); and
•
Dominion Energy Virginia ($55 million after-tax);
•
A $107 million ($82 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy;
•
$60 million ($46 million after-tax) of charges for the impairment of certain nonregulated renewable natural gas facilities, attributable to Contracted Energy;
•
A $58 million ($44 million after-tax) charge in connection with the electric base rate case in South Carolina, attributable to Dominion Energy South Carolina;
•
A $47 million ($35 million after-tax) charge in connection with a settlement of an agreement, attributable to Contracted Energy; and
•
A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs, attributable to Dominion Energy Virginia.

 

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

•
A $335 million ($255 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy;
•
A $183 million ($142 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to:
•
Contracted Energy ($124 million after-tax); and
•
Dominion Energy Virginia ($18 million after-tax);
•
A $183 million ($136 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 $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; and
•
A $31 million ($23 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.

 

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

 

 

 

Dominion
Energy
Virginia

 

 

Dominion
Energy
South
Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments
& Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
      customers

 

$

2,760

 

 

$

846

 

 

$

256

 

 

$

79

 

 

$

—

 

 

$

3,941

 

Intersegment revenue

 

 

2

 

 

 

2

 

 

 

4

 

 

 

252

 

 

 

(260

)

 

 

—

 

Total operating revenue

 

 

2,762

 

 

 

848

 

 

 

260

 

 

 

331

 

 

 

(260

)

 

 

3,941

 

Net loss from discontinued
      operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

—

 

 

 

(13

)

Net income attributable to
      Dominion Energy

 

 

662

 

 

 

147

 

 

 

83

 

 

 

62

 

 

 

—

 

 

 

954

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
      customers

 

$

2,649

 

 

$

944

 

 

$

225

 

 

$

(8

)

 

$

—

 

 

$

3,810

 

Intersegment revenue

 

 

(4

)

 

 

1

 

 

 

6

 

 

 

232

 

 

 

(235

)

 

 

—

 

Total operating revenue

 

 

2,645

 

 

 

945

 

 

 

231

 

 

 

224

 

 

 

(235

)

 

 

3,810

 

Net loss from discontinued
      operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(541

)

 

 

—

 

 

 

(541

)

Net income (loss) attributable to
      Dominion Energy

 

 

535

 

 

 

143

 

 

 

52

 

 

 

(573

)

 

 

—

 

 

 

157

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

7,786

 

 

$

2,496

 

 

$

843

 

 

$

(66

)

 

$

—

 

 

$

11,059

 

Intersegment revenue

 

 

2

 

 

 

7

 

 

 

9

 

 

 

743

 

 

 

(761

)

 

 

—

 

Total operating revenue

 

 

7,788

 

 

 

2,503

 

 

 

852

 

 

 

677

 

 

 

(761

)

 

 

11,059

 

Net income from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

182

 

 

 

—

 

 

 

182

 

Net income attributable to
     Dominion Energy

 

 

1,571

 

 

 

296

 

 

 

305

 

 

 

28

 

 

 

—

 

 

 

2,200

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

7,286

 

 

$

2,559

 

 

$

659

 

 

$

355

 

 

$

—

 

 

$

10,859

 

Intersegment revenue

 

 

(5

)

 

 

4

 

 

 

14

 

 

 

694

 

 

 

(707

)

 

 

—

 

Total operating revenue

 

 

7,281

 

 

 

2,563

 

 

 

673

 

 

 

1,049

 

 

 

(707

)

 

 

10,859

 

Net loss from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(92

)

 

 

—

 

 

 

(92

)

Net income (loss) attributable to
     Dominion Energy

 

 

1,315

 

 

 

302

 

 

 

118

 

 

 

(14

)

 

 

—

 

 

 

1,721

 

 

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

Virginia Power

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

 

In the nine months ended September 30, 2024, Virginia Power reported after-tax net income of $27 million in the Corporate and Other segment, including $25 million of after-tax net income for specific items all of which was attributable to its operating segment. In the nine months ended September 30, 2023, Virginia Power reported after-tax net expenses of $151 million in the Corporate and Other segment, including $155 million of after-tax net expenses for specific items with $154 million of after-tax net expenses attributable to its operating segment.

 

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

•
A $74 million ($55 million after-tax) gain related to investments in nuclear decommissioning trust funds; and
•
A $30 million ($22 million after-tax) charge related to the write-off of certain early-stage development costs.

 

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

•
A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review;
•
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 $24 million ($18 million after-tax) gain related to investments in nuclear decommissioning trust funds.

 

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

 

 

 

Dominion
Energy
Virginia

 

 

Corporate
and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,762

 

 

$

—

 

 

$

2,762

 

Net income (loss)

 

 

662

 

 

 

(8

)

 

 

654

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,645

 

 

$

—

 

 

$

2,645

 

Net income (loss)

 

 

535

 

 

 

(60

)

 

 

475

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

7,788

 

 

$

—

 

 

$

7,788

 

Net income

 

 

1,571

 

 

 

27

 

 

 

1,598

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

7,281

 

 

$

—

 

 

$

7,281

 

Net income (loss)

 

 

1,315

 

 

 

(151

)

 

 

1,164

 
v3.24.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Accounting

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

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at September 30, 2024, their results of operations and changes in equity for the three and nine months ended September 30, 2024 and 2023 and their cash flows for the nine months ended September 30, 2024 and 2023. Such adjustments are normal and recurring in nature unless otherwise noted.
Estimates

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

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

Reclassifications

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

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

Cash, Restricted Cash and Equivalents

Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023:

 

 

 

Cash, Restricted Cash and Equivalents
at End of Period

 

 

Cash, Restricted Cash and Equivalents
at Beginning of Period

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

December 31, 2023

 

 

December 31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

1,776

 

 

$

176

 

 

$

217

 

 

$

153

 

Restricted cash and equivalents(2)(4)

 

 

126

 

 

 

71

 

 

 

84

 

 

 

188

 

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

 

$

1,902

 

 

$

247

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28

 

 

$

37

 

 

$

90

 

 

$

22

 

Restricted cash and equivalents(3)(4)

 

 

104

 

 

 

—

 

 

 

—

 

 

 

2

 

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

 

$

132

 

 

$

37

 

 

$

90

 

 

$

24

 

 

(1)
At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $39 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
(4)
Includes $100 million attributable to VIEs at September 30, 2024.

 

Supplemental Cash Flow Information

 

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

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

930

 

 

$

884

 

Leases(2)

 

 

183

 

 

 

294

 
(1)
See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction, the Questar Gas Transaction and the PSNC Transaction and the transfer of property associated with the settlement of litigation.
(2)
Includes $100 million and $51 million of financing leases at September 30, 2024 and 2023, respectively, and $83 million and $243 million of operating leases at September 30, 2024 and 2023, respectively.

 

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

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

738

 

 

$

646

 

Leases(1)

 

 

156

 

 

 

253

 

 

(1)
Includes $89 million and $44 million of financing leases at September 30, 2024 and 2023, respectively, and $67 million and $209 million of operating leases at September 30, 2024 and 2023, respectively.
Fair Value Measurements

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

Regulatory Matters Involving Potential Loss Contingencies

 

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

Commitments and Contingencies

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

Guarantees, Surety Bonds and Letters of Credit

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

Property, Plant and Equipment

Property, Plant and Equipment

Virginia Power recorded a $25 million ($18 million after-tax) charge during the third quarter of 2024 within impairment of assets and other charges in its Consolidated Statements of Income related to the write-off of early-stage development costs associated with a hydroelectric pumped storage facility that it is no longer considering constructing.
Asset Retirement Obligations

Asset Retirement Obligations

In May 2024, the EPA released a final rule to regulate inactive surface impoundments located at retired generating stations that contained CCR and liquids after October 2015, and certain other inactive or previously closed surface impoundments, landfills or other areas that contain accumulations of CCR. Dominion Energy believes that it may have inactive or closed units or areas that could be subject to the final rule at up to 19 different stations, including 12 at Virginia Power. In connection with this rule, in the second quarter of 2024, Dominion Energy and Virginia Power recorded an increase to their AROs of $1.1 billion and $420 million, respectively, with a corresponding increase of $536 million and $234 million, respectively, to regulatory assets for amounts recoverable through retail electric rates, including riders, for electric generation stations that have been retired, $505 million and $152 million, respectively, to property, plant and equipment for amounts recoverable for electric generation stations that are currently in service and $34 million to other deferred charges and other assets for amounts associated with non-jurisdictional customers at Virginia Power. In the third quarter of 2024, Dominion Energy recorded an adjustment to decrease the ARO and related property, plant and equipment by $215 million to reflect updated information concerning one facility. The actual AROs related to CCRs may vary substantially from the estimates used to record the obligation.
New Accounting Standards

New Accounting Standards

Climate-Related Disclosures

In March 2024, the SEC issued guidance for climate-related disclosures. The guidance requires disclosure of the financial statement impacts of severe weather events and other natural conditions, including amounts capitalized or expensed as well as any associated recoveries. In addition, the guidance requires disclosure of amounts related to renewable energy credits or carbon offsets if utilized as a material component of plans to achieve climate-related targets or goals. This guidance, which is currently subject to a stay issued by the SEC, would be effective for the fiscal year beginning January 1, 2025. The Companies expect this guidance to only impact their disclosures with no impacts to their results of operations, cash flows or financial condition.
v3.24.3
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Reconciliation of Total Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023:

 

 

 

Cash, Restricted Cash and Equivalents
at End of Period

 

 

Cash, Restricted Cash and Equivalents
at Beginning of Period

 

 

 

September 30, 2024

 

 

September 30, 2023

 

 

December 31, 2023

 

 

December 31, 2022

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(1)

 

$

1,776

 

 

$

176

 

 

$

217

 

 

$

153

 

Restricted cash and equivalents(2)(4)

 

 

126

 

 

 

71

 

 

 

84

 

 

 

188

 

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

 

$

1,902

 

 

$

247

 

 

$

301

 

 

$

341

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28

 

 

$

37

 

 

$

90

 

 

$

22

 

Restricted cash and equivalents(3)(4)

 

 

104

 

 

 

—

 

 

 

—

 

 

 

2

 

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

 

$

132

 

 

$

37

 

 

$

90

 

 

$

24

 

 

(1)
At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $39 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
(2)
At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
(3)
Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
(4)
Includes $100 million attributable to VIEs at September 30, 2024.
Schedule of Supplemental Cash Flow Information

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

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:(1)

 

 

 

 

 

 

Accrued capital expenditures

 

$

930

 

 

$

884

 

Leases(2)

 

 

183

 

 

 

294

 
(1)
See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction, the Questar Gas Transaction and the PSNC Transaction and the transfer of property associated with the settlement of litigation.
(2)
Includes $100 million and $51 million of financing leases at September 30, 2024 and 2023, respectively, and $83 million and $243 million of operating leases at September 30, 2024 and 2023, respectively.

 

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

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

Accrued capital expenditures

 

$

738

 

 

$

646

 

Leases(1)

 

 

156

 

 

 

253

 

 

(1)
Includes $89 million and $44 million of financing leases at September 30, 2024 and 2023, respectively, and $67 million and $209 million of operating leases at September 30, 2024 and 2023, respectively.
v3.24.3
Acquisitions and Dispositions (Tables)
 9 Months Ended
Sep. 30, 2024
Results of Operations Reported within Discontinued Operations

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

 

 

 

Three Months Ended
 September 30, 2024

 

 

Nine Months Ended
September 30, 2024

 

 

 

 

PSNC Transaction(1)

 

 

East Ohio
Transaction(1)

 

PSNC
Transaction(1)

 

Questar Gas
Transaction(1)

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

$

81

 

 

$

229

 

$

488

 

$

894

 

$

—

 

Operating expense(2)

 

 

 

91

 

 

 

254

 

 

312

 

 

746

 

 

(8

)

Other income (expense)

 

 

 

5

 

 

 

(17

)

 

11

 

 

2

 

 

—

 

Interest and related charges

 

 

 

16

 

 

 

15

 

 

44

 

 

25

 

 

—

 

Income (loss) before income taxes

 

 

 

(21

)

 

 

(57

)

 

143

 

 

125

 

 

8

 

Income tax expense (benefit)

 

 

 

(9

)

 

 

9

 

 

44

 

 

46

 

 

—

 

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

 

 

$

(12

)

 

$

(66

)

$

99

 

$

79

 

$

8

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
(2)
East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
(3)
Excludes $2 million and $(71) million of income tax expense (benefit) attributable to consolidated state adjustments for the three and nine months ended September 30, 2024, respectively.

 

 

 

Three Months Ended September 30, 2023

 

 

Nine Months Ended September 30, 2023

 

 

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

 

East Ohio
Transaction

 

PSNC
Transaction

 

Questar Gas
Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

214

 

$

86

 

$

150

 

$

2

 

 

$

761

 

$

532

 

$

1,151

 

$

5

 

Operating expense(1)

 

 

128

 

 

80

 

 

127

 

 

7

 

 

 

497

 

 

386

 

 

939

 

 

29

 

Other income (expense)

 

 

7

 

 

3

 

 

3

 

 

—

 

 

 

22

 

 

8

 

 

6

 

 

—

 

Interest and related charges

 

 

19

 

 

13

 

 

17

 

 

—

 

 

 

51

 

 

38

 

 

50

 

 

1

 

Income (loss) before income taxes

 

 

74

 

 

(4

)

 

9

 

 

(5

)

 

 

235

 

 

116

 

 

168

 

 

(25

)

Income tax expense (benefit)(2)

 

 

39

 

 

383

 

 

525

 

 

(2

)

 

 

58

 

 

409

 

 

557

 

 

(7

)

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

 

$

35

 

$

(387

)

$

(516

)

$

(3

)

 

$

177

 

$

(293

)

$

(389

)

$

(18

)
(1)
Other includes a charge of $15 million ($11 million after-tax) recorded in the second quarter of 2023 associated with the impairment of certain nonregulated solar assets.
(2)
Includes amounts recorded in the third quarter of 2023 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 $6 million and $2 million of income tax expense attributable to consolidated state and interim period tax allocation adjustments for the three and nine months ended September 30, 2023, respectively.
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

 

 

 

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

Current assets(1)

 

 

$

497

 

$

336

 

$

764

 

$

1

 

Property, plant and equipment, net

 

 

 

5,443

 

 

2,806

 

 

4,369

 

 

26

 

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

 

 

 

2,659

 

 

834

 

 

766

 

 

—

 

Current liabilities(3)

 

 

 

560

 

 

224

 

 

389

 

 

7

 

Long-term debt

 

 

 

2,286

 

 

948

 

 

1,205

 

 

—

 

Other deferred credits and liabilities(4)

 

 

 

1,437

 

 

711

 

 

1,116

 

 

2

 
(1)
Includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction, cash and cash equivalents of $2 million and regulatory assets of $89 million within the PSNC Transaction and cash and cash equivalents of $26 million and regulatory assets of $297 million within the Questar Gas Transaction at December 31, 2023.
(2)
Includes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction, goodwill of $673 million and regulatory assets of $86 million within the PSNC Transaction and goodwill of $720 million and regulatory assets of $(39) million within the Questar Gas Transaction at December 31, 2023.
(3)
Includes regulatory liabilities of $54 million within the East Ohio Transaction, $44 million within the PSNC Transaction and $55 million within the Questar Gas Transaction at December 31, 2023.
(4)
Includes regulatory liabilities of $711 million within the East Ohio Transaction, $435 million within the PSNC Transaction and $502 million within the Questar Gas Transaction at December 31, 2023.
Capital Expenditures and Significant Noncash Items Relating to the Disposal Groups

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

 

Nine Months Ended September 30, 2024

 

Nine Months Ended September 30, 2023

 

 

East Ohio Transaction(1)

 

PSNC Transaction(1)

 

Questar Gas Transaction(1)

 

Other

 

East Ohio Transaction

 

PSNC Transaction

 

Questar Gas Transaction

 

Other

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

$

65

 

$

287

 

$

160

 

$

—

 

$

355

 

$

153

 

$

290

 

$

—

 

Significant noncash items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation, depletion
   and amortization

 

—

 

 

—

 

 

—

 

 

—

 

 

109

 

 

67

 

 

130

 

 

2

 

Accrued capital expenditures

 

 

 

 

 

 

 

 

 

53

 

 

22

 

 

33

 

 

—

 
(1)
Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024, respectively.
v3.24.3
Operating Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Regulated and Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

1,535

 

 

$

1,558

 

 

$

4,184

 

 

$

3,968

 

 

$

1,155

 

 

$

1,133

 

 

$

3,183

 

 

$

2,975

 

Commercial

 

1,248

 

 

 

1,236

 

 

 

3,533

 

 

 

3,453

 

 

 

998

 

 

 

962

 

 

 

2,851

 

 

 

2,745

 

Industrial

 

216

 

 

 

227

 

 

 

642

 

 

 

658

 

 

 

113

 

 

 

109

 

 

 

330

 

 

 

324

 

Government and other retail

 

303

 

 

 

288

 

 

 

812

 

 

 

764

 

 

 

285

 

 

 

269

 

 

 

763

 

 

 

711

 

Wholesale

 

39

 

 

 

53

 

 

 

108

 

 

 

133

 

 

 

29

 

 

 

37

 

 

 

82

 

 

 

88

 

Nonregulated electric sales

 

239

 

 

 

229

 

 

 

693

 

 

 

611

 

 

 

30

 

 

 

22

 

 

 

69

 

 

 

55

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

30

 

 

 

28

 

 

 

223

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

24

 

 

 

25

 

 

 

100

 

 

 

106

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

15

 

 

 

19

 

 

 

50

 

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

6

 

 

 

4

 

 

 

15

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Other regulated revenue

 

87

 

 

 

61

 

 

 

293

 

 

 

204

 

 

 

84

 

 

 

57

 

 

 

282

 

 

 

193

 

Other nonregulated revenues(1)(2)(3)

 

43

 

 

 

30

 

 

 

111

 

 

 

115

 

 

 

11

 

 

 

9

 

 

 

30

 

 

 

42

 

Total operating revenue from contracts with customers

 

3,785

 

 

 

3,758

 

 

 

10,764

 

 

 

10,290

 

 

 

2,705

 

 

 

2,598

 

 

 

7,590

 

 

 

7,133

 

Other revenues(1)(4)

 

156

 

 

 

52

 

 

 

295

 

 

 

569

 

 

 

57

 

 

 

47

 

 

 

198

 

 

 

148

 

Total operating revenue

$

3,941

 

 

$

3,810

 

 

$

11,059

 

 

$

10,859

 

 

$

2,762

 

 

$

2,645

 

 

$

7,788

 

 

$

7,281

 

 

(1)
See Note 19 for amounts attributable to affiliates.
(2)
Sales of renewable energy credits were $10 million and $7 million for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $36 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy and $4 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $9 million and $24 million for the nine months ended September 30, 2024 and 2023, respectively, at Virginia Power.
(3)
Includes revenue from transition services agreements of $17 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and $34 million and $16 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy.
(4)
Includes alternative revenue of $24 million and $34 million for the three months ended September 30, 2024 and 2023, respectively, and $85 million and $111 million for the nine months ended September 30, 2024 and 2023, respectively, at both Dominion Energy and Virginia Power.

 

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at September 30, 2024.
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Effective Income Tax

 

 

 

Dominion Energy

 

 

Virginia Power

 

Nine Months Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

3.3

 

 

 

3.9

 

 

 

4.4

 

 

 

4.6

 

Investment tax credits

 

 

(1.2

)

 

 

(1.5

)

 

 

(0.8

)

 

 

(0.7

)

Production tax credits

 

 

(2.8

)

 

 

(0.6

)

 

 

(3.0

)

 

 

(0.9

)

Reversal of excess deferred income taxes

 

 

(2.4

)

 

 

(2.6

)

 

 

(1.8

)

 

 

(2.6

)

Changes in state deferred taxes associated
   with assets held for sale

 

 

—

 

 

 

1.3

 

 

 

—

 

 

 

—

 

AFUDC - equity

 

 

(0.6

)

 

 

(0.1

)

 

 

(0.6

)

 

 

—

 

Other, net

 

 

(0.4

)

 

 

(0.8

)

 

 

0.3

 

 

 

(0.3

)

Effective tax rate

 

 

16.9

%

 

 

20.6

%

 

 

19.5

%

 

 

21.1

%
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Computation

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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Dominion Energy from
   continuing operations

 

$

967

 

 

$

698

 

 

$

2,018

 

 

$

1,813

 

Preferred stock dividends (see Note 16)

 

 

(15

)

 

 

(20

)

 

 

(54

)

 

 

(60

)

Preferred stock deemed dividends (see Note 16)

 

 

—

 

 

 

—

 

 

 

(9

)

 

 

—

 

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

 

 

952

 

 

 

678

 

 

$

1,955

 

 

$

1,753

 

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

 

$

(13

)

 

$

(541

)

 

$

182

 

 

$

(92

)

Average shares of common stock outstanding - Basic

 

 

839.0

 

 

 

836.8

 

 

 

838.3

 

 

 

836.0

 

Net effect of dilutive securities(1)

 

 

0.3

 

 

 

—

 

 

 

0.1

 

 

 

0.2

 

Average shares of common stock outstanding - Diluted

 

 

839.3

 

 

 

836.8

 

 

 

838.4

 

 

 

836.2

 

EPS from continuing operations - Basic

 

$

1.14

 

 

$

0.81

 

 

$

2.33

 

 

$

2.10

 

EPS from discontinued operations - Basic

 

 

(0.02

)

 

 

(0.65

)

 

$

0.22

 

 

 

(0.11

)

EPS attributable to Dominion Energy - Basic

 

$

1.12

 

 

$

0.16

 

 

$

2.55

 

 

$

1.99

 

EPS from continuing operations - Diluted

 

$

1.14

 

 

$

0.81

 

 

$

2.33

 

 

$

2.10

 

EPS from discontinued operations - Diluted

 

 

(0.02

)

 

 

(0.65

)

 

$

0.22

 

 

 

(0.11

)

EPS attributable to Dominion Energy - Diluted

 

$

1.12

 

 

$

0.16

 

 

$

2.55

 

 

$

1.99

 
(1)
Dilutive securities for the three and nine months ended September 30, 2024 consists of certain of the forward sales agreements entered into in the second and third quarters of 2024 (applying the treasury stock method). Dilutive securities for the nine months ended September 30, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Notes 16 and 17 for additional information.
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

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

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Pension
and other
postretirement
benefit costs(4)

 

 

Equity Method Investees(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(191

)

 

$

(13

)

 

$

(1,483

)

 

$

—

 

 

$

(1,687

)

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

 

 

(7

)

 

 

32

 

 

 

4

 

 

 

—

 

 

 

29

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Other income (expense)

 

 

—

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

 

(6

)

Total

 

 

11

 

 

 

(2

)

 

 

(4

)

 

 

—

 

 

 

5

 

Income tax expense (benefit)

 

 

(3

)

 

 

1

 

 

 

1

 

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

8

 

 

 

(1

)

 

 

(3

)

 

 

—

 

 

 

4

 

Net current period other comprehensive
    income (loss)

 

 

1

 

 

 

31

 

 

 

1

 

 

 

—

 

 

 

33

 

Ending balance

 

$

(190

)

 

$

18

 

 

$

(1,482

)

 

$

—

 

 

$

(1,654

)

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(236

)

 

$

(29

)

 

$

(1,299

)

 

$

(2

)

 

$

(1,566

)

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

 

 

19

 

 

 

(22

)

 

 

—

 

 

 

(1

)

 

 

(4

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

11

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Other income (expense)

 

 

—

 

 

 

2

 

 

 

(15

)

 

 

—

 

 

 

(13

)

Total

 

 

11

 

 

 

2

 

 

 

(15

)

 

 

4

 

 

 

2

 

Income tax expense (benefit)

 

 

(3

)

 

 

—

 

 

 

7

 

 

 

(1

)

 

 

3

 

Total, net of tax

 

 

8

 

 

 

2

 

 

 

(8

)

 

 

3

 

 

 

5

 

Net current period other comprehensive
    income (loss)

 

 

27

 

 

 

(20

)

 

 

(8

)

 

 

2

 

 

 

1

 

Ending balance

 

$

(209

)

 

$

(49

)

 

$

(1,307

)

 

$

—

 

 

$

(1,565

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $64 million, $64 million, $70 million and $79 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(3)
Net of $(5) million, $3 million, $16 million and $9 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(4)
Net of $522 million, $522 million, $461 million and $453 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(5)
Net of $— million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Pension
and other
postretirement
benefit costs(4)

 

 

Equity Method Investees(5)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(216

)

 

$

—

 

 

$

(1,290

)

 

$

—

 

 

$

(1,506

)

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

 

 

2

 

 

 

13

 

 

 

(249

)

 

 

—

 

 

 

(234

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

33

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33

 

Other income (expense)

 

 

—

 

 

 

6

 

 

 

77

 

 

 

—

 

 

 

83

 

Total

 

 

33

 

 

 

6

 

 

 

77

 

 

 

—

 

 

 

116

 

Income tax expense (benefit)

 

 

(9

)

 

 

(1

)

 

 

(20

)

 

 

—

 

 

 

(30

)

Total, net of tax

 

 

24

 

 

 

5

 

 

 

57

 

 

 

—

 

 

 

86

 

Net current period other comprehensive
    income (loss)

 

 

26

 

 

 

18

 

 

 

(192

)

 

 

—

 

 

 

(148

)

Ending balance

 

$

(190

)

 

$

18

 

 

$

(1,482

)

 

$

—

 

 

$

(1,654

)

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(249

)

 

$

(44

)

 

$

(1,276

)

 

$

(3

)

 

$

(1,572

)

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

 

 

16

 

 

 

(6

)

 

 

—

 

 

 

—

 

 

 

10

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

32

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32

 

Discontinued operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Other income (expense)

 

 

—

 

 

 

1

 

 

 

(46

)

 

 

—

 

 

 

(45

)

Total

 

 

32

 

 

 

1

 

 

 

(46

)

 

 

4

 

 

 

(9

)

Income tax expense (benefit)

 

 

(8

)

 

 

—

 

 

 

15

 

 

 

(1

)

 

 

6

 

Total, net of tax

 

 

24

 

 

 

1

 

 

 

(31

)

 

 

3

 

 

 

(3

)

Net current period other comprehensive
    income (loss)

 

 

40

 

 

 

(5

)

 

 

(31

)

 

 

3

 

 

 

7

 

Ending balance

 

$

(209

)

 

$

(49

)

 

$

(1,307

)

 

$

—

 

 

$

(1,565

)
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $64 million, $73 million, $70 million and $83 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(3)
Net of $(5) million, $(2) million, $16 million and $13 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(4)
Net of $522 million, $456 million, $461 million and $445 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(5)
Net of $— million tax at September 30, 2024, December 31, 2023, September 30, 2023 and $1 million tax at December 31, 2022, respectively.
Virginia Electric and Power Company  
Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component

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

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

24

 

 

$

(1

)

 

$

23

 

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

 

 

(7

)

 

 

6

 

 

 

(1

)

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Interest and related charges

 

 

—

 

 

 

—

 

 

 

—

 

           Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

—

 

 

 

—

 

 

 

—

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

(1

)

 

 

(1

)

Net current period other comprehensive income (loss)

 

 

(7

)

 

 

5

 

 

 

(2

)

Ending balance

 

$

17

 

 

$

4

 

 

$

21

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

13

 

 

$

(4

)

 

$

9

 

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

 

 

18

 

 

 

(3

)

 

 

15

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

          Interest and related charges (benefit)

 

 

1

 

 

 

—

 

 

 

1

 

          Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

1

 

 

 

—

 

 

 

1

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

18

 

 

 

(3

)

 

 

15

 

Ending balance

 

$

31

 

 

$

(7

)

 

$

24

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(6) million, $(8) million, $(11) million and $(4) million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
(3)
Net of $(2) million, $— million, $3 million and $1 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.

 

 

 

Total Derivative-Hedging Activities(1)(2)

 

 

Investment
Securities(3)

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

15

 

 

$

1

 

 

$

16

 

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

 

 

2

 

 

 

2

 

 

 

4

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Interest and related charges

 

 

—

 

 

 

—

 

 

 

—

 

           Other income (expense)

 

 

—

 

 

 

2

 

 

 

2

 

Total

 

 

—

 

 

 

2

 

 

 

2

 

Income tax expense (benefit)

 

 

—

 

 

 

(1

)

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

2

 

 

 

3

 

 

 

5

 

Ending balance

 

$

17

 

 

$

4

 

 

$

21

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

16

 

 

$

(7

)

 

$

9

 

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

 

 

15

 

 

 

—

 

 

 

15

 

Amounts reclassified from AOCI: (gains) losses

 

 

 

 

 

 

 

           Interest and related charges

 

 

1

 

 

 

—

 

 

 

1

 

           Other income (expense)

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

 

1

 

 

 

—

 

 

 

1

 

Income tax expense (benefit)

 

 

(1

)

 

 

—

 

 

 

(1

)

Total, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

15

 

 

 

—

 

 

 

15

 

Ending balance

 

$

31

 

 

$

(7

)

 

$

24

 
(1)
Comprised entirely of interest rate derivative hedging activities.
(2)
Net of $(6) million, $(5) million, $(11) million and $(5) million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(3)
Net of $(2) million, $— million, $3 million and $2 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Inputs, Assets, Quantitative Information

The following table presents the Companies’ quantitative information about Level 3 fair value measurements at September 30, 2024. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

 

 

Dominion Energy

 

Virginia Power

 

Valuation
Techniques

Unobservable
Input

 

Fair Value (millions)

 

Range

Weighted
Average(1)

 

Fair Value (millions)

 

Range

Weighted
Average(1)

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Discounted
   cash flow

Market price
   (per Dth)

(3)

$

8

 

(2)-4

(1)

 

$

8

 

(2)-3

(1)

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

72

 

(4)-11

4

 

 

72

 

(4)-11

4

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

186

 

27-118

48

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Option model

Market price
   (per Dth)

(3)

 

16

 

1-5

3

 

 

13

 

1-5

3

 

Price volatility

(4)

 

 

10%-71%

46%

 

 

 

14%-71%

52%

Total assets

 

 

 

$

282

 

 

 

 

$

93

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

FTRs

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

1

 

(6)-7

1

 

 

1

 

(6)-7

1

Electricity

Discounted
   cash flow

Market price
   (per MWh)

(3)

 

11

 

35-118

62

 

 

 

 

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

Option model

Market price (per Dth)

(3)

 

1

 

1-3

2

 

 

1

 

1-3

2

 

 

Price volatility

(4)

 

 

44%-54%

50%

 

 

 

44%-54%

50%

Total liabilities

 

 

 

$

13

 

 

 

 

$

2

 

 

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

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

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

168

 

 

$

282

 

 

$

450

 

 

$

—

 

 

$

53

 

 

$

93

 

 

$

146

 

Interest rate

 

 

—

 

 

 

702

 

 

 

—

 

 

 

702

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

5,473

 

 

 

—

 

 

 

—

 

 

 

5,473

 

 

 

2,818

 

 

 

—

 

 

 

—

 

 

 

2,818

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

578

 

 

 

—

 

 

 

578

 

 

 

—

 

 

 

351

 

 

 

—

 

 

 

351

 

Government securities

 

 

—

 

 

 

1,605

 

 

 

—

 

 

 

1,605

 

 

 

—

 

 

 

912

 

 

 

—

 

 

 

912

 

Other

 

 

141

 

 

 

—

 

 

 

—

 

 

 

141

 

 

 

96

 

 

 

—

 

 

 

—

 

 

 

96

 

Cash equivalents and other

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Total assets

 

$

5,614

 

 

$

3,063

 

 

$

282

 

 

$

8,959

 

 

$

2,914

 

 

$

1,371

 

 

$

93

 

 

$

4,378

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

96

 

 

$

13

 

 

$

109

 

 

$

—

 

 

$

58

 

 

$

2

 

 

$

60

 

Interest rate

 

 

—

 

 

 

20

 

 

 

—

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

52

 

 

 

—

 

 

 

52

 

 

 

—

 

 

 

52

 

 

 

—

 

 

 

52

 

Total liabilities

 

$

—

 

 

$

168

 

 

$

13

 

 

$

181

 

 

$

—

 

 

$

110

 

 

$

2

 

 

$

112

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

325

 

 

$

225

 

 

$

550

 

 

$

—

 

 

$

96

 

 

$

21

 

 

$

117

 

Interest rate

 

 

—

 

 

 

800

 

 

 

—

 

 

 

800

 

 

 

—

 

 

 

181

 

 

 

—

 

 

 

181

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,527

 

 

 

—

 

 

 

—

 

 

 

4,527

 

 

 

2,362

 

 

 

—

 

 

 

—

 

 

 

2,362

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

500

 

 

 

—

 

 

 

500

 

 

 

—

 

 

 

274

 

 

 

—

 

 

 

274

 

Government securities

 

 

219

 

 

 

1,238

 

 

 

—

 

 

 

1,457

 

 

 

129

 

 

 

687

 

 

 

—

 

 

 

816

 

Cash equivalents and other

 

 

31

 

 

 

—

 

 

 

—

 

 

 

31

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,777

 

 

$

2,863

 

 

$

225

 

 

$

7,865

 

 

$

2,511

 

 

$

1,238

 

 

$

21

 

 

$

3,770

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

160

 

 

$

139

 

 

$

299

 

 

$

—

 

 

$

95

 

 

$

137

 

 

$

232

 

Interest rate

 

 

—

 

 

 

359

 

 

 

—

 

 

 

359

 

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

 

 

—

 

 

 

39

 

Total liabilities

 

$

—

 

 

$

558

 

 

$

139

 

 

$

697

 

 

$

—

 

 

$

179

 

 

$

137

 

 

$

316

 
(1)
Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $211 million and $457 million of assets at Dominion Energy, inclusive of $77 million and $217 million at Virginia Power, at September 30, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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

 

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

360

 

 

$

134

 

 

$

86

 

 

$

422

 

 

$

105

 

 

$

(3

)

 

$

(116

)

 

$

221

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

13

 

 

 

(10

)

 

 

7

 

 

 

(8

)

 

 

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-
related purchases

 

 

14

 

 

 

(103

)

 

 

(134

)

 

 

(191

)

 

 

10

 

 

 

(107

)

 

 

(136

)

 

 

(195

)

Discontinued operations

 

 

(3

)

 

 

1

 

 

 

(4

)

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in regulatory assets/
    liabilities

 

 

(77

)

 

 

(174

)

 

 

230

 

 

 

(463

)

 

 

(7

)

 

 

(176

)

 

 

219

 

 

 

(400

)

Settlements

 

 

(40

)

 

 

103

 

 

 

54

 

 

 

174

 

 

 

(17

)

 

 

107

 

 

 

103

 

 

 

179

 

Purchases

 

 

2

 

 

 

—

 

 

 

30

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

16

 

Ending balance

 

$

269

 

 

$

(49

)

 

$

269

 

 

$

(49

)

 

$

91

 

 

$

(179

)

 

$

91

 

 

$

(179

)
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)

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

34,555

 

 

$

33,818

 

 

$

19,221

 

 

$

18,571

 

Supplemental credit facility borrowings

 

 

—

 

 

 

—

 

 

 

 

 

 

 

Securitization bonds(3)

 

 

1,282

 

 

 

1,315

 

 

 

1,282

 

 

 

1,315

 

Junior subordinated notes(2)

 

 

2,666

 

 

 

2,853

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

42,526

 

 

$

40,539

 

 

$

17,392

 

 

$

16,418

 

Supplemental credit facility borrowings

 

 

450

 

 

 

450

 

 

 

 

 

 

 

Junior subordinated notes(2)

 

 

1,388

 

 

 

1,374

 

 

 

 

 

 

 

 

(1)
Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
(2)
Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs and discount or premium. There were no fair value hedges associated with fixed-rate debt at September 30, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at December 31, 2023.
(3)
Carrying amount includes current portions included in securities due within one year.
v3.24.3
Derivatives and Hedge Accounting Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Offsetting Assets

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

 

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

 

Gross Assets
Presented in the
Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Received

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

185

 

 

$

28

 

 

$

—

 

 

$

157

 

 

$

132

 

 

$

15

 

 

$

—

 

 

$

117

 

Exchange

 

 

104

 

 

 

46

 

 

 

—

 

 

 

58

 

 

 

3

 

 

 

2

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

702

 

 

 

17

 

 

 

—

 

 

 

685

 

 

 

45

 

 

 

—

 

 

 

—

 

 

 

45

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

999

 

 

$

99

 

 

$

—

 

 

$

900

 

 

$

188

 

 

$

25

 

 

$

—

 

 

$

163

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

289

 

 

$

26

 

 

$

—

 

 

$

263

 

 

$

112

 

 

$

13

 

 

$

—

 

 

$

99

 

Exchange

 

 

118

 

 

 

33

 

 

 

15

 

 

 

70

 

 

 

4

 

 

 

3

 

 

 

—

 

 

 

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

800

 

 

 

191

 

 

 

—

 

 

 

609

 

 

 

181

 

 

 

11

 

 

 

—

 

 

 

170

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

1,207

 

 

$

250

 

 

$

15

 

 

$

942

 

 

$

297

 

 

$

27

 

 

$

—

 

 

$

270

 

 

(1)
Excludes derivative assets of $161 million and $143 million at Dominion Energy and $11 million and $1 million at Virginia Power at September 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.
Offsetting Liabilities

 

 

Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

Virginia Power Gross Amounts Not Offset in the Consolidated Balance Sheet

 

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

 

Gross Liabilities
Presented in
the Consolidated
Balance Sheet(1)

 

 

Financial
Instruments

 

 

Cash
Collateral
Paid

 

 

Net
Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

59

 

 

$

28

 

 

$

—

 

 

$

31

 

 

$

21

 

 

$

15

 

 

$

—

 

 

$

6

 

Exchange

 

 

46

 

 

 

46

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

2

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

20

 

 

 

17

 

 

 

—

 

 

 

3

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

52

 

 

 

8

 

 

 

—

 

 

 

44

 

 

 

52

 

 

 

8

 

 

 

—

 

 

 

44

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

177

 

 

$

99

 

 

$

—

 

 

$

78

 

 

$

75

 

 

$

25

 

 

$

—

 

 

$

50

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

266

 

 

$

26

 

 

$

30

 

 

$

210

 

 

$

153

 

 

$

13

 

 

$

30

 

 

$

110

 

Exchange

 

 

33

 

 

 

33

 

 

 

—

 

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

359

 

 

 

186

 

 

 

—

 

 

 

173

 

 

 

45

 

 

 

6

 

 

 

—

 

 

 

39

 

Foreign currency exchange rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

 

 

39

 

 

 

5

 

 

 

—

 

 

 

34

 

Total derivatives,
   subject to a
   master netting
   or similar
   arrangement

 

$

697

 

 

$

250

 

 

$

30

 

 

$

417

 

 

$

240

 

 

$

27

 

 

$

30

 

 

$

183

 

 

(1)
Excludes derivative liabilities of $4 million at Dominion Energy at September 30, 2024 and $37 million and $76 million at Virginia Power at September 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of the Companies’ derivative activity at September 30, 2024. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

39

 

 

 

24

 

 

 

38

 

 

 

24

 

Basis(2)

 

 

167

 

 

 

328

 

 

 

157

 

 

 

328

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

18

 

 

 

33

 

 

 

9

 

 

 

2

 

FTRs

 

 

72

 

 

 

 

 

 

72

 

 

 

 

Interest rate(3) (in millions)

 

$

2,662

 

 

$

7,612

 

 

$

—

 

 

$

1,050

 

Foreign currency exchange rate(3) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,829 kr.

 

 

1,512 kr.

 

 

1,829 kr.

 

 

1,512 kr.

 

Euro

 

€592

 

 

€921

 

 

€592

 

 

€921

 
(1)
Includes options at Dominion Energy.
(2)
Includes options.
(3)
Maturity is determined based on final settlement period.
Schedule of Volume of Derivative Activity

The following table presents the volume of the Companies’ derivative activity at September 30, 2024. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

39

 

 

 

24

 

 

 

38

 

 

 

24

 

Basis(2)

 

 

167

 

 

 

328

 

 

 

157

 

 

 

328

 

Electricity (MWh in millions):

 

 

 

 

 

 

 

 

 

 

 

 

Fixed price

 

 

18

 

 

 

33

 

 

 

9

 

 

 

2

 

FTRs

 

 

72

 

 

 

 

 

 

72

 

 

 

 

Interest rate(3) (in millions)

 

$

2,662

 

 

$

7,612

 

 

$

—

 

 

$

1,050

 

Foreign currency exchange rate(3) (in millions)

 

 

 

 

 

 

 

 

 

 

 

 

Danish Krone

 

1,829 kr.

 

 

1,512 kr.

 

 

1,829 kr.

 

 

1,512 kr.

 

Euro

 

€592

 

 

€921

 

 

€592

 

 

€921

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

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in the Companies’ Consolidated Balance Sheets at September 30, 2024:

 

 

 

Dominion Energy

 

Virginia Power

 

 

AOCI After-Tax

 

 

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

 

 

Maximum Term

 

AOCI After-Tax

 

 

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

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(190

)

 

$

(30

)

 

375 months

 

$

17

 

 

$

1

 

 

375 months

Total

 

$

(190

)

 

$

(30

)

 

 

 

$

17

 

 

$

1

 

 

 
Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

 

Fair Value –
Derivatives
under Hedge
Accounting

 

 

Fair Value –
Derivatives
not under
Hedge
Accounting

 

 

Total Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

235

 

 

$

235

 

 

$

—

 

 

$

130

 

 

$

130

 

Interest rate

 

 

—

 

 

 

305

 

 

 

305

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency
   exchange rate

 

 

—

 

 

 

5

 

 

 

5

 

 

 

—

 

 

 

5

 

 

 

5

 

Total current derivative assets

 

 

—

 

 

 

545

 

 

 

545

 

 

 

—

 

 

 

135

 

 

 

135

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

215

 

 

 

215

 

 

 

—

 

 

 

16

 

 

 

16

 

Interest rate

 

 

45

 

 

 

352

 

 

 

397

 

 

 

45

 

 

 

—

 

 

 

45

 

Foreign currency
   exchange rate

 

 

—

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

3

 

Total noncurrent derivative assets(1)

 

 

45

 

 

 

570

 

 

 

615

 

 

 

45

 

 

 

19

 

 

 

64

 

Total derivative assets

 

$

45

 

 

$

1,115

 

 

$

1,160

 

 

$

45

 

 

$

154

 

 

$

199

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

81

 

 

$

81

 

 

$

—

 

 

$

54

 

 

$

54

 

Interest rate

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

26

 

 

 

26

 

 

 

—

 

 

 

26

 

 

 

26

 

Total current derivative liabilities

 

 

—

 

 

 

107

 

 

 

107

 

 

 

—

 

 

 

80

 

 

 

80

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

28

 

 

 

28

 

 

 

—

 

 

 

6

 

 

 

6

 

Interest rate

 

 

—

 

 

 

20

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

Foreign currency exchange rate

 

 

—

 

 

 

26

 

 

 

26

 

 

 

—

 

 

 

26

 

 

 

26

 

Total noncurrent derivative liabilities(2)

 

 

—

 

 

 

74

 

 

 

74

 

 

 

—

 

 

 

32

 

 

 

32

 

Total derivative liabilities

 

$

—

 

 

$

181

 

 

$

181

 

 

$

—

 

 

$

112

 

 

$

112

 

At December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

312

 

 

$

312

 

 

$

—

 

 

$

91

 

 

$

91

 

Interest rate

 

 

143

 

 

 

298

 

 

 

441

 

 

 

143

 

 

 

—

 

 

 

143

 

Total current derivative assets(3)

 

 

143

 

 

 

610

 

 

 

753

 

 

 

143

 

 

 

91

 

 

 

234

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

238

 

 

 

238

 

 

 

—

 

 

 

26

 

 

 

26

 

Interest rate

 

 

38

 

 

 

321

 

 

 

359

 

 

 

38

 

 

 

—

 

 

 

38

 

Total noncurrent derivative assets(1)

 

 

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(2)

 

 

—

 

 

 

321

 

 

 

321

 

 

 

—

 

 

 

72

 

 

 

72

 

Total derivative liabilities

 

$

45

 

 

$

652

 

 

$

697

 

 

$

45

 

 

$

271

 

 

$

316

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

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

Derivatives in cash flow
   hedging relationships

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

 

Amount of Gain
(Loss)
Recognized
in AOCI on
Derivatives(1)

 

 

Amount of Gain
(Loss)
Reclassified
from AOCI
to Income

 

 

Increase (Decrease)
in Derivatives
Subject to
Regulatory
Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(10

)

 

$

(11

)

 

$

(110

)

 

$

(10

)

 

$

—

 

 

$

(109

)

Total

 

$

(10

)

 

$

(11

)

 

$

(110

)

 

$

(10

)

 

$

—

 

 

$

(109

)

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

25

 

 

 

(11

)

 

$

268

 

 

$

25

 

 

$

(1

)

 

$

267

 

Total

 

$

25

 

 

$

(11

)

 

$

268

 

 

$

25

 

 

$

(1

)

 

$

267

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

2

 

 

$

(33

)

 

$

20

 

 

$

2

 

 

$

—

 

 

$

20

 

Total

 

$

2

 

 

$

(33

)

 

$

20

 

 

$

2

 

 

$

—

 

 

$

20

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

21

 

 

$

(32

)

 

$

236

 

 

$

21

 

 

$

(1

)

 

$

235

 

Total

 

$

21

 

 

$

(32

)

 

$

236

 

 

$

21

 

 

$

(1

)

 

$

235

 

 

(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.
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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

123

 

 

$

7

 

 

$

184

 

 

$

428

 

 

$

31

 

 

$

6

 

 

$

107

 

 

$

25

 

Electric fuel and other energy-related
    purchases

 

 

2

 

 

 

(149

)

 

 

(188

)

 

 

(267

)

 

 

(1

)

 

 

(151

)

 

 

(188

)

 

 

(270

)

Operations and maintenance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Discontinued operations

 

 

(3

)

 

 

—

 

 

 

(28

)

 

 

94

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and related charges

 

 

77

 

 

 

274

 

 

 

(14

)

 

 

227

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations

 

 

—

 

 

 

(7

)

 

 

—

 

 

 

17

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

199

 

 

$

125

 

 

$

(46

)

 

$

501

 

 

$

30

 

 

$

(145

)

 

$

(81

)

 

$

(243

)

 

(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies’ Consolidated Statements of Income.
Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.
v3.24.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds The Companies’ decommissioning trust funds are summarized below:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

 

Amortized
Cost

 

Total
Unrealized
Gains

 

Total
Unrealized
Losses

 

 

Allowance for Credit Losses

 

Fair
Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,267

 

$

4,181

 

$

(2

)

 

 

 

$

5,446

 

 

$

728

 

$

2,168

 

$

(2

)

 

 

 

$

2,894

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

569

 

 

17

 

 

(17

)

 

$

—

 

 

569

 

 

 

357

 

 

8

 

 

(14

)

 

$

—

 

 

351

 

Government
   securities

 

1,549

 

 

42

 

 

(15

)

 

 

—

 

 

1,576

 

 

 

894

 

 

25

 

 

(7

)

 

 

—

 

 

912

 

Common/
   collective
   trust funds

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

 

—

 

 

—

 

 

—

 

 

 

—

 

 

—

 

Other

 

131

 

 

—

 

 

—

 

 

 

—

 

 

131

 

 

 

96

 

 

—

 

 

—

 

 

 

—

 

 

96

 

Insurance
   contracts

 

252

 

 

—

 

 

—

 

 

 

 

 

252

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

43

 

 

—

 

 

—

 

 

 

—

 

 

43

 

 

 

13

 

 

—

 

 

—

 

 

 

—

 

 

13

 

Total

$

3,811

 

$

4,240

 

$

(34

)

(4)

$

—

 

$

8,017

 

 

$

2,088

 

$

2,201

 

$

(23

)

(4)

$

—

 

$

4,266

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

$

1,276

 

$

3,270

 

$

(10

)

 

 

 

$

4,536

 

 

$

759

 

$

1,706

 

$

(10

)

 

 

 

$

2,455

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt
   instruments

 

508

 

 

10

 

 

(27

)

 

$

—

 

 

491

 

 

 

292

 

 

3

 

 

(21

)

 

$

—

 

 

274

 

Government
   securities

 

1,426

 

 

28

 

 

(24

)

 

 

—

 

 

1,430

 

 

 

811

 

 

17

 

 

(12

)

 

 

—

 

 

816

 

Common/
   collective
   trust funds

 

161

 

 

—

 

 

—

 

 

 

—

 

 

161

 

 

 

124

 

 

—

 

 

—

 

 

 

—

 

 

124

 

Insurance
   contracts

 

244

 

 

—

 

 

—

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents
   and other(3)

 

84

 

 

—

 

 

—

 

 

 

—

 

 

84

 

 

 

47

 

 

—

 

 

—

 

 

 

—

 

 

47

 

Total

$

3,699

 

$

3,308

 

$

(61

)

(4)

$

—

 

$

6,946

 

 

$

2,033

 

$

1,726

 

$

(43

)

(4)

$

—

 

$

3,716

 

 

(1)
Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
(3)
Dominion Energy includes pending sales of securities of $21 million and $49 million at September 30, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $11 million and $27 million at September 30, 2024, and December 31, 2023, respectively.
(4)
Dominion Energy’s fair value of securities in an unrealized loss position was $474 million and $764 million at September 30, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $262 million and $384 million at September 30, 2024 and December 31, 2023, respectively.
Unrealized Gain Loss on Equity

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during
   the period

 

$

282

 

 

$

(150

)

 

$

919

 

 

$

370

 

 

$

145

 

 

$

(80

)

 

$

473

 

 

$

189

 

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

 

 

5

 

 

 

1

 

 

 

1

 

 

 

4

 

 

 

3

 

 

 

(1

)

 

 

(2

)

 

 

2

 

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

 

$

287

 

 

$

(149

)

 

$

920

 

 

$

374

 

 

$

148

 

 

$

(81

)

 

$

471

 

 

$

191

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

The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at September 30, 2024 by contractual maturity is as follows:

 

 

Dominion Energy

 

 

Virginia Power

 

(millions)

 

 

 

 

 

 

Due in one year or less

 

$

27

 

 

$

18

 

Due after one year through five years

 

 

572

 

 

 

299

 

Due after five years through ten years

 

 

459

 

 

 

273

 

Due after ten years

 

 

1,218

 

 

 

769

 

Total

 

$

2,276

 

 

$

1,359

 
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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

651

 

 

$

869

 

 

$

2,230

 

 

$

2,007

 

 

$

297

 

 

$

535

 

 

$

1,370

 

 

$

1,254

 

Realized gains(1)

 

 

18

 

 

 

5

 

 

 

77

 

 

 

48

 

 

 

13

 

 

 

4

 

 

 

52

 

 

 

29

 

Realized losses(1)

 

 

21

 

 

 

33

 

 

 

93

 

 

 

110

 

 

 

16

 

 

 

16

 

 

 

61

 

 

 

61

 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.24.3
Regulatory Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Schedule of Regulatory Assets and Liabilities

Regulatory assets and liabilities include the following:

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

 

September 30,
2024

 

December 31,
2023

 

 

September 30,
2024

 

December 31,
2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

35

 

$

245

 

 

$

10

 

$

95

 

Securitized cost of fuel used in electric generation(2)

 

 

119

 

 

—

 

 

 

119

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

328

 

 

270

 

 

 

328

 

 

270

 

Ash pond and landfill closure costs(4)

 

 

111

 

 

200

 

 

 

111

 

 

200

 

Deferred nuclear refueling outage costs(5)

 

 

67

 

 

63

 

 

 

67

 

 

63

 

NND Project costs(6)

 

 

138

 

 

138

 

 

 

 

 

 

Derivatives(7)

 

 

31

 

 

162

 

 

 

29

 

 

160

 

Other

 

 

201

 

 

231

 

 

 

87

 

 

80

 

Regulatory assets-current

 

 

1,030

 

 

1,309

 

 

 

751

 

 

868

 

Unrecognized pension and other postretirement benefit costs(8)

 

 

486

 

 

1,036

 

 

 

—

 

 

—

 

Deferred rider costs for Virginia electric utility(3)

 

 

680

 

 

496

 

 

 

680

 

 

496

 

Interest rate hedges(9)

 

 

167

 

 

168

 

 

 

—

 

 

—

 

AROs and related funding(10)

 

 

392

 

 

379

 

 

 

 

 

 

NND Project costs(6)

 

 

1,845

 

 

1,949

 

 

 

 

 

 

CCR remediation, ash pond and landfill closure costs(4)

 

 

2,965

 

 

2,410

 

 

 

2,645

 

 

2,407

 

Deferred cost of fuel used in electric generation(1)

 

 

—

 

 

1,221

 

 

 

—

 

 

1,221

 

Securitized cost of fuel used in electric generation(2)

 

 

1,081

 

 

—

 

 

 

1,081

 

 

—

 

Derivatives(7)

 

 

80

 

 

107

 

 

 

41

 

 

66

 

Other

 

 

656

 

 

590

 

 

 

114

 

 

127

 

Regulatory assets-noncurrent

 

 

8,352

 

 

8,356

 

 

 

4,561

 

 

4,317

 

Total regulatory assets

 

$

9,382

 

$

9,665

 

 

$

5,312

 

$

5,185

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

 

166

 

 

—

 

 

 

166

 

 

—

 

Provision for future cost of removal and AROs(11)

 

 

118

 

 

118

 

 

 

118

 

 

118

 

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

 

 

77

 

 

83

 

 

 

—

 

 

—

 

Income taxes refundable through future rates(13)

 

 

107

 

 

107

 

 

 

70

 

 

70

 

Monetization of guarantee settlement(14)

 

 

67

 

 

67

 

 

 

 

 

 

Derivatives(7)

 

 

77

 

 

7

 

 

 

60

 

 

—

 

Other

 

 

102

 

 

140

 

 

 

102

 

 

133

 

Regulatory liabilities-current

 

 

714

 

 

522

 

 

 

516

 

 

321

 

Income taxes refundable through future rates(13)

 

 

2,980

 

 

3,076

 

 

 

2,170

 

 

2,237

 

Provision for future cost of removal and AROs(11)

 

 

1,842

 

 

1,818

 

 

 

1,207

 

 

1,185

 

Nuclear decommissioning trust(15)

 

 

2,537

 

 

2,098

 

 

 

2,537

 

 

2,098

 

Monetization of guarantee settlement(14)

 

 

585

 

 

635

 

 

 

 

 

 

Interest rate hedges(9)

 

 

240

 

 

233

 

 

 

240

 

 

233

 

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

 

 

181

 

 

237

 

 

 

—

 

 

—

 

Overrecovered other postretirement benefit costs(16)

 

 

176

 

 

155

 

 

 

 

 

 

Derivatives(7)

 

 

151

 

 

136

 

 

 

5

 

 

—

 

Other

 

 

303

 

 

286

 

 

 

236

 

 

225

 

Regulatory liabilities-noncurrent

 

 

8,995

 

 

8,674

 

 

 

6,395

 

 

5,978

 

Total regulatory liabilities

 

$

9,709

 

$

9,196

 

 

$

6,911

 

$

6,299

 
(1)
Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s electric generation operations. Additionally, Dominion Energy includes deferred fuel expenses for the South Carolina jurisdiction of its electric generation operations. In February 2024, Virginia Power completed a securitization of $1.3 billion of under-recovered fuel costs for its Virginia service territory.
(2)
Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(3)
Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
(4)
Primarily reflects legislation in Virginia which requires any CCR asset located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through beneficial reuse. These deferred costs are expected to be collected over a period between 15 and 18 years commencing December 2021 through Rider CCR. Virginia Power is entitled to collect carrying costs on uncollected expenditures once expenditures have been made. In addition, the balance at September 30, 2024 reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 2.
(5)
Legislation in Virginia requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
(6)
Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039.
(7)
Represents changes in the fair value of derivatives, excluding separately presented interest rate hedges, that following settlement are expected to be recovered from or refunded to customers.
(8)
Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $215 million and regulatory liabilities of $12 million at December 31, 2023 related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, Questar Gas and PSNC Transactions 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 September 30, 2024.
(10)
Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
(11)
Rates charged to customers by Dominion Energy and Virginia Power’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
(12)
Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
(13)
Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
(14)
Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.
(15)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
(16)
Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.24.3
Regulatory Matters (Tables)
 9 Months Ended
Sep. 30, 2024
Public Utilities General Disclosures [Line Items]  
Summary of Significant Virginia Power Electric Transmission Projects Applied

Description and Location
of Project

 

Application Date

 

Approval Date

 

Type of
Line

 

Miles of
Lines

 

Cost Estimate
(millions)(1)

 

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

 

November 2023

 

August 2024

 

230 kV

 

2

 

$

55

 

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

 

February 2024

 

October 2024

 

230 kV

 

3

 

 

70

 

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

 

March 2024

 

Pending

 

500-
230 kV

 

10

 

 

690

 

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

 

March 2024

 

Pending

 

230-
115 kV

 

24

 

 

135

 

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

 

March 2024

 

Pending

 

230 kV

 

2

 

 

285

 

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

 

April 2024

 

Pending

 

230 kV

 

22

 

 

60

 

Rebuild and construct new Fentress-Yadkin
  transmission lines and related projects in the
  City of Chesapeake, Virginia

 

June 2024

 

Pending

 

500 kV

 

14

 

 

205

 

Partial rebuild, reconductor and construct new
  Network Takeoff transmission lines and related
  projects in the Counties of Fairfax and Loudoun,
  Virginia

 

July 2024

 

Pending

 

230 kV

 

6

 

 

170

 

Rebuild Aquia Harbour-Possum Point transmission
  lines and related projects in the Counties of
  Stafford and Prince William and the City of
  Fredericksburg, Virginia

 

August 2024

 

Pending

 

500-
230 kV

 

32

 

 

210

 

Partial rebuild, reconductor and construct new
  New Post transmission lines and related
  projects in the Counties of Caroline and
  Spotsylvania, Virginia

 

August 2024

 

Pending

 

230 kV

 

38

 

 

120

 

Construct new Centreport transmission line,
  substation and related projects in Stafford
  County, Virginia

 

September 2024

 

Pending

 

230 kV

 

3

 

 

55

 

Partial rebuild and construct new Meadowville
  transmission lines, substations and related
  projects in Chesterfield County, Virginia

 

October 2024

 

Pending

 

230 kV

 

11

 

 

190

 
(1)
Represents the cost estimate included in the application except as updated in the approval if applicable. In addition, Virginia Power had various other transmission projects approved or applied for and currently pending approval with aggregate cost estimates of approximately $145 million and $55 million, respectively.
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Significant Riders Associated With Virginia Power Projects

Rider Name

 

Application Date

 

Approval Date

 

Rate Year
Beginning

 

Total Revenue
Requirement
(millions)(1)

 

 

Increase (Decrease)
from Previous
(millions)

 

Rider CCR

 

March 2024

 

Pending

 

December 2024

 

$

103

 

 

$

(91

)

Rider CE(2)

 

October 2023

 

March 2024

 

May 2024

 

 

133

 

 

 

44

 

Rider CE(3)

 

October 2024

 

Pending

 

May 2025

 

 

182

 

 

 

49

 

Rider DIST(4)

 

August 2024

 

Pending

 

June 2025

 

 

269

 

 

N/A

 

Rider E

 

January 2024

 

September 2024

 

November 2024

 

 

72

 

 

 

(37

)

Rider GEN(5)

 

June 2024

 

Pending

 

April 2025

 

 

438

 

 

N/A

 

Rider GEN

 

June 2024

 

Pending

 

April 2026

 

 

311

 

 

 

(127

)

Rider GT

 

August 2023

 

May 2024

 

June 2024

 

 

145

 

 

 

131

 

Rider OSW

 

November 2023

 

July 2024

 

September 2024

 

 

486

 

 

 

215

 

Rider OSW(6)

 

November 2024

 

Pending

 

September 2025

 

 

640

 

 

 

154

 

Rider RPS

 

December 2023(11)

 

August 2024

 

September 2024

 

 

358

 

 

 

262

 

Rider SNA

 

October 2023

 

July 2024

 

September 2024

 

 

69

 

 

 

19

 

Rider SNA(7)

 

October 2024

 

Pending

 

September 2025

 

 

207

 

 

 

138

 

Rider T1(8)

 

May 2024

 

July 2024

 

September 2024

 

 

1,170

 

 

 

291

 

Rider U(9)

 

October 2023

 

July 2024

 

August 2024

 

 

150

 

 

 

76

 

DSM Riders(10)

 

December 2023

 

July 2024

 

September 2024

 

 

86

 

 

 

(21

)
(1)
In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $18 million as of September 30, 2024. There is a pending application associated with this rider, which if approved, would result in a net annual revenue requirement increase of $7 million.
(2)
The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
(3)
Associated with two solar generation projects, two small-scale solar projects and 24 purchased power agreements in addition to previously approved Rider CE projects.
(4)
Consists of $103 million in total revenue requirement for certain previously approved electric distribution grid transformation projects and $166 million for previously approved phases and proposed phase eight of certain new underground distribution facilities. If approved, would result in the consolidation of Riders GT and U and cease the separate collection of rates under these riders effective June 1, 2025.
(5)
Includes $348 million in total revenue requirement related to the consolidation of Riders BW, GV and four other riders associated with generation facilities, ceasing the separate collection of rates under these riders effective April 1, 2025 and the extension of existing rates for Rider BW through March 2025. In addition, Virginia Power also requests approval to recover costs associated with the Virginia LNG Storage Facility described above.
(6)
Includes a proposal for Virginia Power to establish a decommissioning trust fund associated with the CVOW Commercial Project. If approved, the applicable amount included within the total revenue requirement would be allocated for such purposes.
(7)
Virginia Power also requested approval of cost recovery of approximately $1.7 billion through Rider SNA for the second phase of nuclear life extension program which includes investments for calendar years 2025 through 2027.
(8)
Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.
(9)
Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In addition, the Virginia Commission approved Virginia Power’s request to extend existing rates for Rider U through July 2024.
(10)
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%.
(11)
Virginia Power amended its application in February 2024.
v3.24.3
Significant Financing Transactions (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At September 30, 2024, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility
Limit

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

 

Facility
Capacity
Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)(2)

 

$

6,000

 

 

$

3,622

 

 

$

21

 

 

$

2,357

 
(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)
In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At September 30, 2024, Virginia Power’s share of commercial paper and letters of credit outstanding under the joint revolving credit facility with Dominion Energy and DESC was as follows:

 

 

 

Facility
Limit(1)

 

 

Outstanding
Commercial
Paper

 

 

Outstanding
Letters of
Credit

 

(millions)

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)(2)

 

$

6,000

 

 

$

740

 

 

$

10

 
(1)
The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy 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 September 30, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
(2)
In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.
v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Subsidiary Guarantees

At September 30, 2024, Dominion Energy had issued the following subsidiary guarantees:

 

 

Maximum
Exposure

 

(millions)

 

 

 

Commodity transactions(1)

 

$

2,765

 

Nuclear obligations(2)

 

 

220

 

Solar(3)

 

 

207

 

Other(4)

 

 

849

 

Total(5)(6)

 

$

4,041

 
(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. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
(5)
Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
(6)
In July 2016, Dominion Energy signed an agreement (subsequently amended most recently in December 2023) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced the five-year lease term in August 2019, with certain options at the end of the initial lease term as discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, 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 equal to the recorded lease balance.
v3.24.3
Related-Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2024
Virginia Electric and Power Company  
Schedule of Related Party Transactions

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

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

147

 

 

$

146

 

 

$

453

 

 

$

463

 

Services provided by affiliates(1)

 

 

169

 

 

 

149

 

 

 

495

 

 

 

441

 

Services provided to affiliates

 

 

4

 

 

 

7

 

 

 

12

 

 

 

15

 
(1)
Includes capitalized expenditures of $59 million and $51 million for the three months ended September 30, 2024 and 2023, respectively and $170 million and $151 million for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Components of Provision for Net Periodic Benefit Cost (Credit) The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

19

 

 

$

24

 

 

$

63

 

 

$

72

 

 

$

2

 

 

$

3

 

 

$

8

 

 

$

10

 

Interest cost

 

 

107

 

 

 

111

 

 

 

324

 

 

 

332

 

 

 

15

 

 

 

15

 

 

 

43

 

 

 

46

 

Expected return on plan assets

 

 

(200

)

 

 

(216

)

 

 

(611

)

 

 

(648

)

 

 

(43

)

 

 

(37

)

 

 

(128

)

 

 

(113

)

Amortization of prior service
    cost (credit)

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

 

 

(9

)

 

 

(10

)

 

 

(27

)

 

 

(28

)

Amortization of net actuarial
    (gain) loss

 

 

3

 

 

 

—

 

 

 

16

 

 

 

—

 

 

 

(1

)

 

 

(1

)

 

 

(5

)

 

 

(4

)

Settlements and curtailments(1)

 

 

—

 

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

—

 

Plan amendment

 

 

—

 

 

 

—

 

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net periodic benefit (credit) cost

 

$

(70

)

 

$

(81

)

 

$

(181

)

 

$

(244

)

 

$

(37

)

 

$

(30

)

 

$

(110

)

 

$

(89

)
(1)
2024 amount relates to Dominion Energy nonqualified pension plan.
v3.24.3
Operating Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting Information [Line Items]  
Schedule of Primary Operating Segments

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

Primary Operating Segment

 

Description of Operations

 

Dominion
Energy

 

Virginia
Power

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

Regulated electric transmission

 

X

 

X

 

 

Regulated electric generation fleet(1)

 

X

 

X

Dominion Energy South Carolina

 

Regulated electric distribution

 

X

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

Regulated electric generation fleet

 

X

 

 

 

 

Regulated gas distribution and storage

 

X

 

 

Contracted Energy(2)

 

Nonregulated electric generation fleet

 

X

 

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

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

 

 

 

Dominion
Energy
Virginia

 

 

Dominion
Energy
South
Carolina

 

 

Contracted
Energy

 

 

Corporate
and Other

 

 

Adjustments
& Eliminations

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
      customers

 

$

2,760

 

 

$

846

 

 

$

256

 

 

$

79

 

 

$

—

 

 

$

3,941

 

Intersegment revenue

 

 

2

 

 

 

2

 

 

 

4

 

 

 

252

 

 

 

(260

)

 

 

—

 

Total operating revenue

 

 

2,762

 

 

 

848

 

 

 

260

 

 

 

331

 

 

 

(260

)

 

 

3,941

 

Net loss from discontinued
      operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(13

)

 

 

—

 

 

 

(13

)

Net income attributable to
      Dominion Energy

 

 

662

 

 

 

147

 

 

 

83

 

 

 

62

 

 

 

—

 

 

 

954

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
      customers

 

$

2,649

 

 

$

944

 

 

$

225

 

 

$

(8

)

 

$

—

 

 

$

3,810

 

Intersegment revenue

 

 

(4

)

 

 

1

 

 

 

6

 

 

 

232

 

 

 

(235

)

 

 

—

 

Total operating revenue

 

 

2,645

 

 

 

945

 

 

 

231

 

 

 

224

 

 

 

(235

)

 

 

3,810

 

Net loss from discontinued
      operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(541

)

 

 

—

 

 

 

(541

)

Net income (loss) attributable to
      Dominion Energy

 

 

535

 

 

 

143

 

 

 

52

 

 

 

(573

)

 

 

—

 

 

 

157

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

7,786

 

 

$

2,496

 

 

$

843

 

 

$

(66

)

 

$

—

 

 

$

11,059

 

Intersegment revenue

 

 

2

 

 

 

7

 

 

 

9

 

 

 

743

 

 

 

(761

)

 

 

—

 

Total operating revenue

 

 

7,788

 

 

 

2,503

 

 

 

852

 

 

 

677

 

 

 

(761

)

 

 

11,059

 

Net income from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

182

 

 

 

—

 

 

 

182

 

Net income attributable to
     Dominion Energy

 

 

1,571

 

 

 

296

 

 

 

305

 

 

 

28

 

 

 

—

 

 

 

2,200

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external
     customers

 

$

7,286

 

 

$

2,559

 

 

$

659

 

 

$

355

 

 

$

—

 

 

$

10,859

 

Intersegment revenue

 

 

(5

)

 

 

4

 

 

 

14

 

 

 

694

 

 

 

(707

)

 

 

—

 

Total operating revenue

 

 

7,281

 

 

 

2,563

 

 

 

673

 

 

 

1,049

 

 

 

(707

)

 

 

10,859

 

Net loss from discontinued
     operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(92

)

 

 

—

 

 

 

(92

)

Net income (loss) attributable to
     Dominion Energy

 

 

1,315

 

 

 

302

 

 

 

118

 

 

 

(14

)

 

 

—

 

 

 

1,721

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

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

 

 

 

Dominion
Energy
Virginia

 

 

Corporate
and Other

 

 

Consolidated
Total

 

(millions)

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,762

 

 

$

—

 

 

$

2,762

 

Net income (loss)

 

 

662

 

 

 

(8

)

 

 

654

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

2,645

 

 

$

—

 

 

$

2,645

 

Net income (loss)

 

 

535

 

 

 

(60

)

 

 

475

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

7,788

 

 

$

—

 

 

$

7,788

 

Net income

 

 

1,571

 

 

 

27

 

 

 

1,598

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

7,281

 

 

$

—

 

 

$

7,281

 

Net income (loss)

 

 

1,315

 

 

 

(151

)

 

 

1,164

 
v3.24.3
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [1] $ 1,776 $ 217 $ 176 $ 153
Cash and cash equivalents 1,776 184 [2]    
Restricted cash and equivalents [3],[4] 126 84 71 188
Restricted cash and equivalents   4 4 2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 1,902 301 247 341
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 28 90 [5] 37 22
Restricted cash and equivalents [4],[6] 104     2
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 132 $ 90 $ 37 $ 24
[1] At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $39 million, $33 million and $34 million, respectively, of cash and cash equivalents included in current assets held for sale.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] At September 30, 2023, December 31, 2023 and December 31, 2022, Dominion Energy had $4 million, $4 million and $2 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets.
[4] Includes $100 million attributable to VIEs at September 30, 2024.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[6] Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
v3.24.3
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Dec. 31, 2022
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 1,776 $ 184 [1]    
Restricted cash and equivalents   $ 4 $ 4 $ 2
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Current assets held for sale Current assets held for sale Current assets held for sale Current assets held for sale
VIE        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Restricted cash and equivalents $ 100      
Current Assets Held for Sale        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents   $ 33 $ 39 $ 34
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.3
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Significant noncash investing and financing activities:    
Accrued capital expenditures [1] $ 930 $ 884
Leases [2] 183 294
Virginia Electric and Power Company    
Significant noncash investing and financing activities:    
Accrued capital expenditures 738 646
Leases [3] $ 156 $ 253
[1] See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction, the Questar Gas Transaction and the PSNC Transaction and the transfer of property associated with the settlement of litigation.
[2] Includes $100 million and $51 million of financing leases at September 30, 2024 and 2023, respectively, and $83 million and $243 million of operating leases at September 30, 2024 and 2023, respectively.
[3] Includes $89 million and $44 million of financing leases at September 30, 2024 and 2023, respectively, and $67 million and $209 million of operating leases at September 30, 2024 and 2023, respectively.
v3.24.3
Significant Accounting Policies (Schedule of Supplemental Cash Flow Information) (Parenthetical) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Schedule Of Supplemental Cash Flow Information [Line Items]    
Financing leases $ 100 $ 51
Operating leases 83 243
Virginia Electric and Power Company    
Schedule Of Supplemental Cash Flow Information [Line Items]    
Financing leases 89 44
Operating leases $ 67 $ 209
v3.24.3
Significant Accounting Policies (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2024
Station
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Asset Retirement Obligations [Line Items]            
Impairment of assets and other charges   $ 122   $ 1 $ 219 $ 136
Number of stations maintains inactive or closed units expected to be subject to final rule | Station 19          
Dominion Energy            
Asset Retirement Obligations [Line Items]            
Increase in asset retirement obligation     $ 1,100      
Increase in regulatory assets     536      
Increase in property, plant, and equipment   (215) 505      
Virginia Electric and Power Company | Impairment of Assets and Other Charges            
Asset Retirement Obligations [Line Items]            
Impairment of assets and other charges   25        
Impairment of assets and other charges after tax   $ 18        
Virginia Power            
Asset Retirement Obligations [Line Items]            
Number of stations maintains inactive or closed units expected to be subject to final rule | Station 12          
Increase in asset retirement obligation     420      
Increase in regulatory assets     234      
Increase in property, plant, and equipment     152      
Increase in other deferred charges and other assets     $ 34      
v3.24.3
Acquisitions and Dispositions (Business Review Dispositions) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Feb. 29, 2024
Business Acquisition And Dispositions [Line Items]                
Income tax expense (benefit) $ 183     $ 195 $ 412 $ 469    
Deferred income tax expense (benefit)         (274) 1,439    
East Ohio | Enbridge                
Business Acquisition And Dispositions [Line Items]                
Disposal group, total value of consideration       6,600   6,600    
Disposal group, cash consideration       4,300   4,300    
Disposal group, indebtedness       2,300   2,300    
Disposal group, recognized a pre-tax loss         102      
Disposal group, loss recorded after tax         113      
Goodwill write-off         $ 1,500      
Deferred income tax expense (benefit)             $ 29  
Disposal group, transition services description         At the closing of the East Ohio Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of East Ohio for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.      
PSNC | Enbridge                
Business Acquisition And Dispositions [Line Items]                
Disposal group, total value of consideration       3,300   3,300    
Disposal group, cash consideration       2,000   2,000    
Disposal group, indebtedness       1,300   1,300    
Disposal group, recognized a pre-tax loss         $ 33      
Disposal group, loss recorded after tax         30      
Goodwill write-off         700      
Deferred tax of classified held for sale         $ 16   334  
Disposal group, transition services description         At the closing of the PSNC Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of 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   4,300    
Disposal group, cash consideration       3,000   3,000    
Disposal group, indebtedness       $ 1,300   $ 1,300    
Disposal group, recognized a pre-tax loss   $ 78     $ 30   284  
Disposal group, loss recorded after tax   78     18   279  
Goodwill write-off         $ 700      
Income tax expense (benefit)   (5)            
Deferred income tax expense (benefit)   $ 22         $ 462  
Disposal group, transition services description         At the closing of the Questar Gas Transaction, Dominion Energy and Enbridge entered into a transition services agreement pursuant to which Dominion Energy will continue to provide certain services to support the ongoing operations of Questar Gas and Wexpro for up to approximately two years. Enbridge has also agreed to provide certain services to Dominion Energy.      
Other Sales | Tredegar Solar Fund I, LLC                
Business Acquisition And Dispositions [Line Items]                
Realizable fair value charge net of tax     $ 68          
Realizable fair value charge net of tax     $ 51          
Other Sales | Birdseye and Madison [Member]                
Business Acquisition And Dispositions [Line Items]                
Disposal group, cash consideration               $ 17
v3.24.3
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Income tax expense (benefit) $ (10) $ 1,200 $ 22 $ 1,300
Net income (loss) attributable to Dominion Energy (13) (541) 182 (92)
East Ohio | Enbridge        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue   214 229 [1] 761
Operating expense   128 [2] 254 [1],[3] 497 [2]
Other income (expense)   7 (17) [1] 22
Interest and related charges   19 15 [1] 51
Income (loss) before income taxes   74 (57) [1] 235
Income tax expense (benefit)   39 [4] 9 [1] 58 [4]
Net income (loss) attributable to Dominion Energy   35 [5] (66) [1],[6] 177 [5]
PSNC | Enbridge        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue 81 [1] 86 488 [1] 532
Operating expense 91 [1],[3] 80 [2] 312 [1],[3] 386 [2]
Other income (expense) 5 [1] 3 11 [1] 8
Interest and related charges 16 [1] 13 44 [1] 38
Income (loss) before income taxes (21) [1] (4) 143 [1] 116
Income tax expense (benefit) (9) [1] 383 [4] 44 [1] 409 [4]
Net income (loss) attributable to Dominion Energy $ (12) [1],[6] (387) [5] 99 [1],[6] (293) [5]
Questar Gas and Wexpro | Enbridge        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue   150 894 [1] 1,151
Operating expense   127 [2] 746 [1],[3] 939 [2]
Other income (expense)   3 2 [1] 6
Interest and related charges   17 25 [1] 50
Income (loss) before income taxes   9 125 [1] 168
Income tax expense (benefit)   525 [4] 46 [1] 557 [4]
Net income (loss) attributable to Dominion Energy   (516) [5] 79 [1],[6] (389) [5]
Other Sales        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue     0  
Operating expense [3]     (8)  
Other income (expense)     0  
Interest and related charges     0  
Income (loss) before income taxes     8  
Income tax expense (benefit)     0  
Net income (loss) attributable to Dominion Energy [6]     $ 8  
Other Sales | Tredegar Solar Fund I, LLC        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue   2   5
Operating expense [2]   7   29
Other income (expense)   0   0
Interest and related charges   0   1
Income (loss) before income taxes   (5)   (25)
Income tax expense (benefit) [4]   (2)   (7)
Net income (loss) attributable to Dominion Energy [5]   $ (3)   $ (18)
[1] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
[2] Other includes a charge of $15 million ($11 million after-tax) recorded in the second quarter of 2023 associated with the impairment of certain nonregulated solar assets.
[3] East Ohio Transaction includes a charge of $45 million ($33 million after-tax) associated with an increase to certain pension retirement benefits attributable to a plan amendment and a contribution to the defined contribution employee savings plan. See Note 20 for further information on these transactions.
[4] Includes amounts recorded in the third quarter of 2023 to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
[5] Excludes $6 million and $2 million of income tax expense attributable to consolidated state and interim period tax allocation adjustments for the three and nine months ended September 30, 2023, respectively.
[6] Excludes $2 million and $(71) million of income tax expense (benefit) attributable to consolidated state adjustments for the three and nine months ended September 30, 2024, respectively.
v3.24.3
Acquisitions and Dispositions - (Schedule of Results of Operations of Disposal Groups Reported As Discontinued Operations) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income tax expense (benefit) $ (10) $ 1,200 $ 22 $ 1,300
Impairment of assets and other charges 122 1 219 136
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) $ 2 6 (71) 2
East Ohio | Enbridge        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income tax expense (benefit)   $ 39 [1] 9 [2] $ 58 [1]
Employee benefit plans     45  
Employee benefit plans after tax     33  
Other Sales        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income tax expense (benefit)     0  
Other Sales | 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  
Impairment of assets and other charges after tax     $ 11  
[1] Includes amounts recorded in the third quarter of 2023 to reflect the recognition of deferred taxes on the outside basis of the applicable entities’ stock upon meeting the classification as held for sale.
[2] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024.
v3.24.3
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
Sep. 30, 2024
Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets $ 26 $ 18,529 [1]
Current liabilities $ 0 8,885 [1]
East Ohio | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2]   497
Property, plant and equipment, net   5,443
Other deferred charges and other assets, including goodwill and intangible assets [3]   2,659
Current liabilities [4]   560
Long-term debt   2,286
Other deferred credits and liabilities [5]   1,437
PSNC | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2]   336
Property, plant and equipment, net   2,806
Other deferred charges and other assets, including goodwill and intangible assets [3]   834
Current liabilities [4]   224
Long-term debt   948
Other deferred credits and liabilities [5]   711
Questar Gas and Wexpro | Enbridge    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2]   764
Property, plant and equipment, net   4,369
Other deferred charges and other assets, including goodwill and intangible assets [3]   766
Current liabilities [4]   389
Long-term debt   1,205
Other deferred credits and liabilities [5]   1,116
Other Sales | Tredegar Solar Fund I, LLC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Current assets [2]   1
Property, plant and equipment, net   26
Other deferred charges and other assets, including goodwill and intangible assets [3]   0
Current liabilities [4]   7
Long-term debt   0
Other deferred credits and liabilities [5]   $ 2
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Includes cash and cash equivalents of $4 million and regulatory assets of $75 million within the East Ohio Transaction, cash and cash equivalents of $2 million and regulatory assets of $89 million within the PSNC Transaction and cash and cash equivalents of $26 million and regulatory assets of $297 million within the Questar Gas Transaction at December 31, 2023.
[3] ncludes goodwill of $1.5 billion and regulatory assets of $781 million within the East Ohio Transaction, goodwill of $673 million and regulatory assets of $86 million within the PSNC Transaction and goodwill of $720 million and regulatory assets of $(39) million within the Questar Gas Transaction at December 31, 2023.
[4] Includes regulatory liabilities of $54 million within the East Ohio Transaction, $44 million within the PSNC Transaction and $55 million within the Questar Gas Transaction at December 31, 2023.
[5] Includes regulatory liabilities of $711 million within the East Ohio Transaction, $435 million within the PSNC Transaction and $502 million within the Questar Gas Transaction at December 31, 2023.
v3.24.3
Acquisitions and Dispositions - (Schedule Of Major Classes Of Assets And Liabilities Relating To The Disposal Groups Reported As Held For Sale) (Parenthetical) (Detail) - Enbridge
$ in Millions
Dec. 31, 2023
USD ($)
East Ohio  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Cash and Cash Equivalents $ 4
Regulatory assets 75
Goodwill 1,500
Other deferred charges and other assets, including regulatory assets 781
Regulatory liabilities 54
Other deferred credits and liabilities including regulatory liabilities 711
PSNC  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Cash and Cash Equivalents 2
Regulatory assets 89
Goodwill 673
Other deferred charges and other assets, including regulatory assets 86
Regulatory liabilities 44
Other deferred credits and liabilities including regulatory liabilities 435
Questar Gas and Wexpro  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Cash and Cash Equivalents 26
Regulatory assets 297
Goodwill 720
Other deferred charges and other assets, including regulatory assets 39
Regulatory liabilities 55
Other deferred credits and liabilities including regulatory liabilities $ 502
v3.24.3
Acquisitions and Dispositions - (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Significant noncash items        
Depreciation, depletion and amortization $ 549 $ 667 $ 1,791 $ 1,896
Accrued capital expenditures [1]     930 884
East Ohio | Enbridge        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Capital expenditures     65 [2] 355
Significant noncash items        
Depreciation, depletion and amortization     0 [2] 109
Accrued capital expenditures       53
PSNC | Enbridge        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Capital expenditures     287 [2] 153
Significant noncash items        
Depreciation, depletion and amortization     0 [2] 67
Accrued capital expenditures       22
Questar Gas and Wexpro | Enbridge        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Capital expenditures     160 [2] 290
Significant noncash items        
Depreciation, depletion and amortization     0 [2] 130
Accrued capital expenditures       33
Other Sales        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Capital expenditures     0  
Significant noncash items        
Depreciation, depletion and amortization     $ 0  
Other Sales | Tredegar Solar Fund I, LLC        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Capital expenditures       0
Significant noncash items        
Depreciation, depletion and amortization       2
Accrued capital expenditures       $ 0
[1] See Notes 3 and 17 for noncash financing activities related to debt assumed with closing of the East Ohio Transaction, the Questar Gas Transaction and the PSNC Transaction and the transfer of property associated with the settlement of litigation.
[2] Represents amounts attributable to Dominion Energy prior to the closing of the East Ohio Transaction which closed on March 6, 2024, the PSNC Transaction which closed on September 30, 2024 and the Questar Gas Transaction which closed on May 31, 2024, respectively.
v3.24.3
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers $ 3,785 $ 3,758 $ 10,764 $ 10,290
Other revenues [1],[2] 156 52 295 569
Total operating revenue 3,941 3,810 11,059 10,859
Regulated Electric Sales | Residential        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 1,535 1,558 4,184 3,968
Regulated Electric Sales | Commercial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 1,248 1,236 3,533 3,453
Regulated Electric Sales | Industrial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 216 227 642 658
Regulated Electric Sales | Government and Other Retail        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 303 288 812 764
Regulated Electric Sales | Wholesale        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 39 53 108 133
Nonregulated Electric Sales        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 239 229 693 611
Regulated Gas Sales | Residential        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 30 28 223 207
Regulated Gas Sales | Commercial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 24 25 100 106
Regulated Gas Sales | Other        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 15 19 50 58
Regulated Gas Transportation and Storage        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 6 4 15 13
Other regulated revenue        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 87 61 293 204
Other Nonregulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2],[3],[4] 43 30 111 115
Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 2,705 2,598 7,590 7,133
Other revenues [1],[2] 57 47 198 148
Total operating revenue 2,762 2,645 7,788 7,281
Virginia Electric and Power Company | Regulated Electric Sales | Residential        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 1,155 1,133 3,183 2,975
Virginia Electric and Power Company | Regulated Electric Sales | Commercial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 998 962 2,851 2,745
Virginia Electric and Power Company | Regulated Electric Sales | Industrial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 113 109 330 324
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 285 269 763 711
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 29 37 82 88
Virginia Electric and Power Company | Nonregulated Electric Sales        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 30 22 69 55
Virginia Electric and Power Company | Other regulated revenue        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 84 57 282 193
Virginia Electric and Power Company | Other Nonregulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2],[3],[4] $ 11 $ 9 $ 30 $ 42
[1] Includes alternative revenue of $24 million and $34 million for the three months ended September 30, 2024 and 2023, respectively, and $85 million and $111 million for the nine months ended September 30, 2024 and 2023, respectively, at both Dominion Energy and Virginia Power.
[2] See Note 19 for amounts attributable to affiliates.
[3] Includes revenue from transition services agreements of $17 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and $34 million and $16 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy.
[4] Sales of renewable energy credits were $10 million and $7 million for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $36 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy and $4 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $9 million and $24 million for the nine months ended September 30, 2024 and 2023, respectively, at Virginia Power.
v3.24.3
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers $ 3,785 $ 3,758 $ 10,764 $ 10,290
Renewable Energy Investment Tax Credits        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 10 7 22 36
Alternative Revenue Programs        
Public Utilities General Disclosures [Line Items]        
Other revenues 24 34 85 111
Transition services agreements        
Public Utilities General Disclosures [Line Items]        
Other revenues 17 3 34 16
Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 2,705 2,598 7,590 7,133
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers $ 4 $ 2 $ 9 $ 24
v3.24.3
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Revenues From Contract With Customer [Line Items]      
Revenue recognized from contract liability balances $ 45 $ 48  
Other Current Liabilities and Other Deferred Credits and Other Liabilities      
Revenues From Contract With Customer [Line Items]      
Contract liability balances 50   $ 47
Virginia Electric and Power Company      
Revenues From Contract With Customer [Line Items]      
Revenue recognized from contract liability balances 40 $ 39  
Virginia Electric and Power Company | Other Current Liabilities and Other Deferred Credits and Other Liabilities      
Revenues From Contract With Customer [Line Items]      
Contract liability balances $ 43   $ 40
v3.24.3
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Effective Income Tax Computation [Line Items]    
U.S. statutory rate 21.00% 21.00%
Increases (reductions) resulting from:    
State taxes, net of federal benefit 3.30% 3.90%
Investment tax credits (1.20%) (1.50%)
Production tax credits (2.80%) (0.60%)
Reversal of excess deferred income taxes (2.40%) (2.60%)
Changes in state deferred taxes associated with assets held for sale 0.00% 1.30%
AFUDC - equity (0.60%) (0.10%)
Other, net (0.40%) (0.80%)
Effective tax rate 16.90% 20.60%
Virginia Electric and Power Company    
Effective Income Tax Computation [Line Items]    
U.S. statutory rate 21.00% 21.00%
Increases (reductions) resulting from:    
State taxes, net of federal benefit 4.40% 4.60%
Investment tax credits (0.80%) (0.70%)
Production tax credits (3.00%) (0.90%)
Reversal of excess deferred income taxes (1.80%) (2.60%)
Changes in state deferred taxes associated with assets held for sale 0.00% 0.00%
AFUDC - equity (0.60%) 0.00%
Other, net 0.30% (0.30%)
Effective tax rate 19.50% 21.10%
v3.24.3
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Taxes [Line Items]        
Income tax expense (benefit) $ 183 $ 195 $ 412 $ 469
Income tax (benefit) expense from discontinued operations (10) 1,200 22 1,300
Cove Point        
Income Taxes [Line Items]        
Income tax (benefit) expense from discontinued operations   7   31
East Ohio, PSNC and Questar Gas        
Income Taxes [Line Items]        
Discontinued operations, deferred tax liabilities $ 825   $ 825  
East Ohio, PSNC and Questar Gas | Cove Point        
Income Taxes [Line Items]        
Income tax expense (benefit)       29
Ownership percentage 50.00%   50.00%  
East Ohio, Questar Gas and PSNC Transactions        
Income Taxes [Line Items]        
Income tax expense (benefit)     $ 52  
Discontinued operations, deferred tax liabilities $ 841   841  
Virginia Electric and Power Company        
Income Taxes [Line Items]        
Income tax expense (benefit) $ 141 $ 128 386 $ 311
Production tax credit     $ 53  
v3.24.3
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Net income attributable to Dominion Energy from continuing operations $ 967 $ 698 $ 2,018 $ 1,813
Preferred stock dividends (see Note 16) (15) (20) (54) (60)
Preferred stock deemed dividends (see Note 16) 0 0 (9) 0
Net income attributable to Dominion Energy from continuing operations - Basic 952 678 1,955 1,753
Net income attributable to Dominion Energy from continuing operations - Diluted 952 678 1,955 1,753
Net income (loss) attributable to Dominion Energy $ (13) $ (541) $ 182 $ (92)
Average shares of common stock outstanding – Basic 839.0 836.8 838.3 836.0
Net effect of dilutive securities [1] 0.3 0.0 0.1 0.2
Average shares of common stock outstanding – Diluted 839.3 836.8 838.4 836.2
EPS from continuing operations – Basic $ 1.14 $ 0.81 $ 2.33 $ 2.10
EPS from discontinued operations – Basic (0.02) (0.65) 0.22 (0.11)
Net income attributable to Dominion Energy 1.12 0.16 2.55 1.99
EPS from continuing operations – Diluted 1.14 0.81 2.33 2.10
EPS from discontinued operations – Diluted (0.02) (0.65) 0.22 (0.11)
Net income attributable to Dominion Energy $ 1.12 $ 0.16 $ 2.55 $ 1.99
[1] Dilutive securities for the three and nine months ended September 30, 2024 consists of certain of the forward sales agreements entered into in the second and third quarters of 2024 (applying the treasury stock method). Dilutive securities for the nine months ended September 30, 2023 include stock potentially to be issued to satisfy the obligation under a settlement agreement with the SCDOR (applying the if converted method). See Notes 16 and 17 for additional information.
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance [1]     $ 27,529  
Total other comprehensive income (loss) $ 33 $ 1 (148) $ 7
Ending balance 27,531   27,531  
Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 22,359 17,638 21,657 [2] 16,949
Income before income tax expense 795 603 1,984 1,475
Total other comprehensive income (loss) (2) 15 5 15
Ending balance 23,010 18,128 23,010 18,128
Total Derivative-Hedging Activities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (191) [3],[4] (236) [3],[4] (216) [5],[6] (249) [5],[6]
Other comprehensive income (loss) before reclassifications: gains (losses) (7) [3],[4] 19 [3],[4] 2 [5],[6] 16 [5],[6]
Income tax expense (benefit) (3) [3],[4] (3) [3],[4] (9) [5],[6] (8) [5],[6]
Total, net of tax 8 [3],[4] 8 [3],[4] 24 [5],[6] 24 [5],[6]
Total other comprehensive income (loss) 1 [3],[4] 27 [3],[4] 26 [5],[6] 40 [5],[6]
Ending balance [3],[4],[6] (190) (209) (190) (209)
Total Derivative-Hedging Activities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 24 [7],[8] 13 [7],[8] 15 [9],[10] 16 [9],[10]
Other comprehensive income (loss) before reclassifications: gains (losses) (7) [7],[8] 18 [7],[8] 2 [9],[10] 15 [9],[10]
Interest and related charges (benefit) [7],[8] 0      
Income tax expense (benefit) 0 [7],[8] (1) [3],[8] 0 [9],[10] (1) [9],[10]
Total, net of tax 0 [3],[8] 0 [7],[8] 0 [9],[10] 0 [9],[10]
Total other comprehensive income (loss) (7) [7],[8] 18 [7],[8] 2 [9],[10] 15 [9],[10]
Ending balance [7],[8],[10] 17 31 17 31
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges (benefit) 11 [3],[4] 11 [3],[4] 33 [5],[6] 32 [5],[6]
Discontinued operations   0 [3],[4]   0 [5],[6]
Income (loss) before income tax expense 11 [3],[4] 11 [3],[4] 33 [5],[6] 32 [5],[6]
Total Derivative-Hedging Activities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges (benefit)   1 [7],[8]   1 [9],[10]
Income (loss) before income tax expense 0 [7],[8] 1 [3],[8] 0 [9],[10] 1 [9],[10]
Investment Securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (13) [11] (29) [11] 0 [12] (44) [12]
Other comprehensive income (loss) before reclassifications: gains (losses) 32 [11] (22) [11] 13 [12] (6) [12]
Income tax expense (benefit) 1 [11] 0 [11] (1) [12] 0 [12]
Total, net of tax (1) [11] 2 [11] 5 [12] 1 [12]
Total other comprehensive income (loss) 31 [11] (20) [11] 18 [12] (5) [12]
Ending balance [11],[12] 18 (49) 18 (49)
Investment Securities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (1) [13] (4) [13] 1 [14] (7) [14]
Other comprehensive income (loss) before reclassifications: gains (losses) 6 [13] (3) [13] 2 [14] 0 [14]
Income tax expense (benefit) (1) [13] 0 [13] (1) [14] 0 [14]
Total, net of tax (1) [13] 0 [13] 1 [14] 0 [14]
Total other comprehensive income (loss) 5 [13] (3) [13] 3 [14] 0 [14]
Ending balance [13],[14] 4 (7) 4 (7)
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Discontinued operations   0 [11]   0 [12]
Other income (expense) (2) [11] 2 [11] 6 [12] 1 [12]
Income (loss) before income tax expense (2) [11] 2 [11] 6 [12] 1 [12]
Investment Securities | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other income (expense) 0 [13] 0 [13] 2 [14] 0 [14]
Income (loss) before income tax expense 0 [13] 0 [13] 2 [14] 0 [14]
Pension and Other Postretirement Benefit Costs        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (1,483) [15] (1,299) [15] (1,290) [16] (1,276) [16]
Other comprehensive income (loss) before reclassifications: gains (losses) 4 [15] 0 [15] (249) [16] 0 [16]
Income tax expense (benefit) 1 [15] 7 [15] (20) [16] 15 [16]
Total, net of tax (3) [15] (8) [15] 57 [16] (31) [16]
Total other comprehensive income (loss) 1 [15] (8) [15] (192) [16] (31) [16]
Ending balance [15],[16] (1,482) (1,307) (1,482) (1,307)
Pension and Other Postretirement Benefit Costs | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Discontinued operations   0 [15]   0 [16]
Other income (expense) (4) [15] (15) [15] 77 [16] (46) [16]
Income (loss) before income tax expense (4) [15] (15) [15] 77 [16] (46) [16]
Equity Method Investees        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 0 [17] (2) [17] 0 [18] (3) [18]
Other comprehensive income (loss) before reclassifications: gains (losses) 0 [17] (1) [17] 0 [18] 0 [18]
Income tax expense (benefit) 0 [17] (1) [17] 0 [18] (1) [18]
Total, net of tax 0 [17] 3 [17] 0 [18] 3 [18]
Total other comprehensive income (loss) 0 [17] 2 [17] 0 [18] 3 [18]
Ending balance [17],[18] 0 0 0 0
Equity Method Investees | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Discontinued operations   4 [17]   4 [18]
Other income (expense) 0 [17] 0 [17] 0 [18] 0 [18]
Income (loss) before income tax expense 0 [17] 4 [17] 0 [18] 4 [18]
AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (1,687) (1,566) (1,506) (1,572)
Other comprehensive income (loss) before reclassifications: gains (losses) 29 (4) (234) 10
Income tax expense (benefit) (1) 3 (30) 6
Total, net of tax 4 5 86 (3)
Total other comprehensive income (loss) 33 1 (148) 7
Ending balance (1,654) (1,565) (1,654) (1,565)
AOCI | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 23 9 16 9
Other comprehensive income (loss) before reclassifications: gains (losses) (1) 15 4 15
Income tax expense (benefit) (1) (1) (1) (1)
Total, net of tax (1) 0 1 0
Total other comprehensive income (loss) (2) 15 5 15
Ending balance 21 24 21 24
AOCI | Reclassification out of Accumulated Other Comprehensive Income        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges (benefit) 11 11 33 32
Discontinued operations   4   4
Other income (expense) (6) (13) 83 (45)
Income (loss) before income tax expense 5 2 116 (9)
AOCI | Reclassification out of Accumulated Other Comprehensive Income | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges (benefit) 0 1   1
Other income (expense) 0 0 2 0
Income (loss) before income tax expense $ 0 $ 1 $ 2 $ 1
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Comprised entirely of interest rate derivative hedging activities.
[4] Net of $64 million, $64 million, $70 million and $79 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
[5] Comprised entirely of interest rate derivative hedging activities.
[6] Net of $64 million, $73 million, $70 million and $83 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
[7] Comprised entirely of interest rate derivative hedging activities.
[8] Net of $(6) million, $(8) million, $(11) million and $(4) million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
[9] Comprised entirely of interest rate derivative hedging activities.
[10] Net of $(6) million, $(5) million, $(11) million and $(5) million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
[11] Net of $(5) million, $3 million, $16 million and $9 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
[12] Net of $(5) million, $(2) million, $16 million and $13 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
[13] Net of $(2) million, $— million, $3 million and $1 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
[14] Net of $(2) million, $— million, $3 million and $2 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
[15] Net of $522 million, $522 million, $461 million and $453 million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
[16] Net of $522 million, $456 million, $461 million and $445 million tax at September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
[17] Net of $— million tax at September 30, 2024, June 30, 2024, September 30, 2023 and June 30, 2023, respectively.
[18] Net of $— million tax at September 30, 2024, December 31, 2023, September 30, 2023 and $1 million tax at December 31, 2022, respectively.
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in AOCI Net of Tax and Reclassifications out of AOCI by Component) (Parenthetical) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Total Derivative-Hedging Activities            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Amount of tax $ 64 $ 64 $ 73 $ 70 $ 79 $ 83
Total Derivative-Hedging Activities | Virginia Electric and Power Company            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Amount of tax (6) (8) (5) (11) (4) (5)
Investment Securities            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Amount of tax (5) 3 (2) 16 9 13
Investment Securities | Virginia Electric and Power Company            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Amount of tax (2) 0 0 3 1 2
Pension and Other Postretirement Benefit Costs            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Amount of tax 522 522 456 461 453 445
Equity Method Investees            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Amount of tax $ 0 $ 0 $ 0 $ 0 $ 0 $ 1
v3.24.3
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
$ / MMBTU
$ / MWh
Dec. 31, 2023
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 1,160 $ 1,350
Fair Value of Derivative Liabilities 181 697
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 199 298
Fair Value of Derivative Liabilities 112 316
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 8,959 7,865
Total liabilities 181 697
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 4,378 3,770
Total liabilities 112 316
Fair Value, Measurements, Recurring | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 109 550
Fair Value of Derivative Liabilities 450 299
Fair Value, Measurements, Recurring | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 60 117
Fair Value of Derivative Liabilities 146 232
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 282 225
Total liabilities 13 139
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 93 21
Total liabilities 2 137
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 13 225
Fair Value of Derivative Liabilities 282 139
Fair Value, Measurements, Recurring | Level 3 | Commodity Contract | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 2 21
Fair Value of Derivative Liabilities 93 $ 137
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] 8  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 8  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Minimum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Natural Gas | Maximum | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / 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] (1)  
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] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] $ 72  
Fair Value of Derivative Liabilities [2] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] 72  
Fair Value of Derivative Liabilities [2] $ 1  
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 [2] (4)  
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 [2] (4)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (6)  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Minimum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] (6)  
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 [2] 11  
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 [2] 11  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 7  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Maximum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 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 | $ / MWh [2],[3] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | FTRs | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [2] $ 186  
Fair Value of Derivative Liabilities [2] $ 11  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 27  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Minimum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 35  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 118  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2] 118  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 48  
Fair Value, Measurements, Recurring | Level 3 | Discounted cash flow | Commodity Contract | Electricity | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [2],[3] 62  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] $ 16  
Fair Value of Derivative Liabilities [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [1],[2] 13  
Fair Value of Derivative Liabilities [1],[2] $ 1  
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) [1],[4] 10.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 14.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Liabilities | 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 | Liabilities | 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 | Liabilities | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 44.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Minimum | Liabilities | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 44.00%  
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] 5  
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] 5  
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) [1],[4] 71.00%  
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) [1],[4] 71.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Liabilities | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 54.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Maximum | Liabilities | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[4] 54.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 3  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[3],[4] 46.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Assets | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[3],[4] 52.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Market Price | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2],[3] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[3],[4] 50.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model | Commodity Contract | Natural Gas | Weighted Average | Liabilities | Price Volatility | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [1],[3],[4] 50.00%  
[1] Includes basis.
[2] Represents market prices beyond defined terms for Levels 1 and 2.
[3] Averages weighted by volume.
[4] Represents volatilities unrepresented in published markets.
v3.24.3
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Unrealized gains (losses) included in operating revenue in Level 3 fair value category $ 12,000,000   $ (10,000,000)     $ 7,000,000 $ (8,000,000)
Impairment of assets and other charges 122,000,000   1,000,000     219,000,000 136,000,000
Level 2 | Nonregulated Solar Assets              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Long-lived assets, estimated fair value       $ 22,000,000      
Impairment of Assets and Other Charges | Nonregulated Solar Assets              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Impairment of assets and other charges       15,000,000      
Asset impairment charges after tax       $ 11,000,000      
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   $ 17,000,000     $ 91,000,000    
Asset impairment charges after tax   $ 12,000,000     $ 68,000,000    
Virginia Electric and Power Company              
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]              
Unrealized gains (losses) included in operating revenue in Level 3 fair value category 0   $ 0     $ 0 $ 0
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 25,000,000            
Asset impairment charges after tax $ 18,000,000            
v3.24.3
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets $ 1,160 $ 1,350
Total derivative liabilities 181 697
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 199 298
Total derivative liabilities 112 316
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 8,959 7,865
Total Liabilities 181 697
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 4,378 3,770
Total Liabilities 112 316
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 5,473 4,527
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2,818 2,362
Fair Value, Measurements, Recurring | Fixed Income | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 2 20
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 578 500
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 351 274
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,605 1,457
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 912 816
Fair Value, Measurements, Recurring | Fixed Income | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 141  
Fair Value, Measurements, Recurring | Fixed Income | Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 96  
Fair Value, Measurements, Recurring | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 2 31
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 8  
Total derivative liabilities 52 39
Fair Value, Measurements, Recurring | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 8  
Total derivative liabilities 52 39
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 109 550
Total derivative liabilities 450 299
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 60 117
Total derivative liabilities 146 232
Fair Value, Measurements, Recurring | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 20 800
Total derivative liabilities 702 359
Fair Value, Measurements, Recurring | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 181
Total derivative liabilities 45 45
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 5,614 4,777
Total Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,914 2,511
Total Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 5,473 4,527
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2,818 2,362
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 219
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 129
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 141  
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 96  
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 0 31
Fair Value, Measurements, Recurring | Level 1 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 0 20
Fair Value, Measurements, Recurring | Level 1 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 3,063 2,863
Total Liabilities 168 558
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,371 1,238
Total Liabilities 110 179
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 578 500
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 351 274
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,605 1,238
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 912 687
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0  
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0  
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 2 0
Fair Value, Measurements, Recurring | Level 2 | Cash Equivalents and Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 2 0
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 8  
Total derivative liabilities 52 39
Fair Value, Measurements, Recurring | Level 2 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 8  
Total derivative liabilities 52 39
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 96 325
Total derivative liabilities 168 160
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 58 96
Total derivative liabilities 53 95
Fair Value, Measurements, Recurring | Level 2 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 20 800
Total derivative liabilities 702 359
Fair Value, Measurements, Recurring | Level 2 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 181
Total derivative liabilities 45 45
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 282 225
Total Liabilities 13 139
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 93 21
Total Liabilities 2 137
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0  
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0  
Fair Value, Measurements, Recurring | Level 3 | Cash Equivalents and Other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents and other [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign Currency Exchange Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign Currency Exchange Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0  
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 13 225
Total derivative liabilities 282 139
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 2 21
Total derivative liabilities 93 137
Fair Value, Measurements, Recurring | Level 3 | Interest Rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Interest Rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total derivative assets 0 0
Total derivative liabilities $ 0 $ 0
[1] Includes investments held in the nuclear decommissioning trusts and rabbi trusts. Excludes $211 million and $457 million of assets at Dominion Energy, inclusive of $77 million and $217 million at Virginia Power, at September 30, 2024 and December 31, 2023, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
v3.24.3
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 211 $ 457
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 77 $ 217
v3.24.3
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning balance $ 360 $ 134 $ 86 $ 422
Total realized and unrealized gains (losses):        
Included in earnings 14 (103) (134) (191)
Operating Revenue $ 13 $ (10) $ 7 $ (8)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Electric fuel and other energy-related purchases Electric fuel and other energy-related purchases Electric fuel and other energy-related purchases Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities $ (77) $ (174) $ 230 $ (463)
Settlements (40) 103 54 174
Purchases 2 0 30 16
Ending balance 269 (49) 269 (49)
Virginia Electric and Power Company        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning balance 105 (3) (116) 221
Total realized and unrealized gains (losses):        
Included in earnings $ 10 $ (107) $ (136) $ (195)
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 Electric fuel and other energy-related purchases
Included in regulatory assets/liabilities $ (7) $ (176) $ 219 $ (400)
Settlements (17) 107 103 179
Purchases 0 0 21 16
Ending balance 91 (179) 91 (179)
Discontinued operations        
Total realized and unrealized gains (losses):        
Included in earnings $ (3) $ 1 $ (4) $ 1
v3.24.3
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 34,555 $ 42,526
Supplemental credit facility borrowings 0 450
Securitization bonds [2] 1,282  
Junior subordinated notes [1] 2,666 1,388
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 33,818 40,539
Supplemental credit facility borrowings 0 450
Securitization bonds [2],[3] 1,315  
Junior subordinated notes [1],[3] 2,853 1,374
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] 19,221 17,392
Securitization bonds [2] 1,282  
Virginia Electric and Power Company | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 18,571 $ 16,418
Securitization bonds [2],[3] $ 1,315  
[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 September 30, 2024 and December 31, 2023. Additionally, Dominion Energy carrying amounts include portions classified as current liabilities held for sale at December 31, 2023.
[2] Carrying amount includes current portions included in securities due within one year.
[3] Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
v3.24.3
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Supplemental line of credit facility borrowings expiration period 1 year  
Valuation of certain fair value hedges associated with fixed rate debt $ 0 $ 0
v3.24.3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 999 $ 1,207
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 99 250
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 15
Net Amounts 900 942
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 188 297
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 25 27
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 163 270
Commodity Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 185 289
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 28 26
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 157 263
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 132 112
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 15 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 117 99
Commodity Contract | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 104 118
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 46 33
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 15
Net Amounts 58 70
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 3 4
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 2 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 1 1
Interest Rate Contract | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 702 800
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 17 191
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 685 609
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 45 181
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 11
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 45 $ 170
Foreign currency exchange rate | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 8  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0  
Net Amounts 0  
Foreign currency exchange rate | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 8  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8  
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0  
Net Amounts $ 0  
[1] Excludes derivative assets of $161 million and $143 million at Dominion Energy and $11 million and $1 million at Virginia Power at September 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or other similar arrangements.
v3.24.3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 161 $ 143
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 11 $ 1
v3.24.3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 177 $ 697
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 99 250
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 78 417
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 75 240
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 25 27
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 50 183
Commodity Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 59 266
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 28 26
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 31 210
Commodity Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 21 153
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 15 13
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 30
Net Amounts 6 110
Commodity Contract | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 46 33
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 46 33
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Commodity Contract | Exchange | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 2 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 2 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Interest Rate Contract | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 20 359
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 17 186
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 3 173
Interest Rate Contract | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 0 45
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 6
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 39
Foreign currency exchange rate | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 52 39
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 5
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 44 34
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] 52 39
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 5
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 44 $ 34
[1] Excludes derivative liabilities of $4 million at Dominion Energy at September 30, 2024 and $37 million and $76 million at Virginia Power at September 30, 2024 and December 31, 2023, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did not have any derivative liabilities at December 31, 2023 which were not subject to master netting or similar arrangements.
v3.24.3
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 4,000,000 $ 0
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 37,000,000 $ 76,000,000
v3.24.3
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 9 months ended Sep. 30, 2024
kr in Millions
USD ($)
MWh
Bcf
DKK (kr)
EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [1] 39    
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [1] 38    
Basis - Natural Gas - Current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [2] 167    
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [2] 157    
Fixed Price - Electricity - Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 18    
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 9    
Financial Transmission Rights - Electricity- Current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 72    
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 72    
Interest Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [3] $ 2,662,000,000    
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [3] $ 0    
Foreign Currency Exchange Rate - Current Derivative Contract      
Derivative [Line Items]      
Derivative payment [3]   kr 1,829 € 592,000,000
Foreign Currency Exchange Rate - Current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [3]   1,829 592,000,000
Fixed Price - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [1] 24    
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [1] 24    
Basis - Natural Gas - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of derivative activity [2] 328    
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of derivative activity [2] 328    
Fixed Price - Electricity - Non-current Derivative Contract      
Derivative [Line Items]      
Volume of electricity | MWh 33    
Fixed Price - Electricity - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Volume of electricity | MWh 2    
Interest Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment | $ [3] $ 7,612,000,000    
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment | $ [3] $ 1,050,000,000    
Foreign Currency Exchange Rate - Non-current Derivative Contract      
Derivative [Line Items]      
Derivative payment [3]   1,512 921,000,000
Foreign Currency Exchange Rate - Non-current Derivative Contract | Virginia Electric and Power Company      
Derivative [Line Items]      
Derivative payment [3]   kr 1,512 € 921,000,000
[1] Includes options at Dominion Energy.
[2] Includes options.
[3] Maturity is determined based on final settlement period.
v3.24.3
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains and Losses on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (190)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (30)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax 17
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax 1
Interest Rate Contract  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (190)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (30)
Maximum Term 375 months
Interest Rate Contract | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 17
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 1
Maximum Term 375 months
v3.24.3
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives Fair Value [Line Items]    
Total current derivative assets $ 545 $ 753
Total noncurrent derivative assets 615 597
Total derivative assets 1,160 1,350
Total current derivative liabilities 107 376
Total noncurrent derivative liabilities 74 321
Total derivative liabilities 181 697
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 135 234
Total noncurrent derivative assets 64 64
Total derivative assets 199 298
Total current derivative liabilities 80 244
Total noncurrent derivative liabilities 32 72
Total derivative liabilities 112 316
Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 235 312
Total noncurrent derivative assets 215 238
Total current derivative liabilities 81 244
Total noncurrent derivative liabilities 28 55
Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 130 91
Total noncurrent derivative assets 16 26
Total current derivative liabilities 54 188
Total noncurrent derivative liabilities 6 44
Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 305 441
Total noncurrent derivative assets 397 359
Total current derivative liabilities 0 121
Total noncurrent derivative liabilities 20 238
Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 143
Total noncurrent derivative assets 45 38
Total current derivative liabilities 0 45
Total noncurrent derivative liabilities 0 0
Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 5  
Total noncurrent derivative assets 3  
Total current derivative liabilities 26 11
Total noncurrent derivative liabilities 26 28
Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 5  
Total noncurrent derivative assets 3  
Total current derivative liabilities 26 11
Total noncurrent derivative liabilities 26 28
Designated as Hedging Instrument    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 143
Total noncurrent derivative assets 45 38
Total derivative assets 45 181
Total current derivative liabilities 0 45
Total noncurrent derivative liabilities 0 0
Total derivative liabilities 0 45
Designated as Hedging Instrument | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 143
Total noncurrent derivative assets 45 38
Total derivative assets 45 181
Total current derivative liabilities 0 45
Total noncurrent derivative liabilities 0 0
Total derivative liabilities 0 45
Designated as Hedging Instrument | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 0
Total noncurrent derivative assets 0 0
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 0
Total noncurrent derivative assets 0 0
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 143
Total noncurrent derivative assets 45 38
Total current derivative liabilities 0 45
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 143
Total noncurrent derivative assets 45 38
Total current derivative liabilities 0 45
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0  
Total noncurrent derivative assets 0  
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Designated as Hedging Instrument | Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0  
Total noncurrent derivative assets 0  
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Fair Value - Derivatives not under Hedge Accounting    
Derivatives Fair Value [Line Items]    
Total current derivative assets 545 610
Total noncurrent derivative assets 570 559
Total derivative assets 1,115 1,169
Total current derivative liabilities 107 331
Total noncurrent derivative liabilities 74 321
Total derivative liabilities 181 652
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 135 91
Total noncurrent derivative assets 19 26
Total derivative assets 154 117
Total current derivative liabilities 80 199
Total noncurrent derivative liabilities 32 72
Total derivative liabilities 112 271
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 235 312
Total noncurrent derivative assets 215 238
Total current derivative liabilities 81 244
Total noncurrent derivative liabilities 28 55
Fair Value - Derivatives not under Hedge Accounting | Commodity Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 130 91
Total noncurrent derivative assets 16 26
Total current derivative liabilities 54 188
Total noncurrent derivative liabilities 6 44
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract    
Derivatives Fair Value [Line Items]    
Total current derivative assets 305 298
Total noncurrent derivative assets 352 321
Total current derivative liabilities 0 76
Total noncurrent derivative liabilities 20 238
Fair Value - Derivatives not under Hedge Accounting | Interest Rate Contract | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 0 0
Total noncurrent derivative assets 0 0
Total current derivative liabilities 0 0
Total noncurrent derivative liabilities 0 0
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate    
Derivatives Fair Value [Line Items]    
Total current derivative assets 5  
Total noncurrent derivative assets 3  
Total current derivative liabilities 26 11
Total noncurrent derivative liabilities 26 28
Fair Value - Derivatives not under Hedge Accounting | Foreign currency exchange rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Total current derivative assets 5  
Total noncurrent derivative assets 3  
Total current derivative liabilities 26 11
Total noncurrent derivative liabilities $ 26 $ 28
v3.24.3
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail) - Held for Sale
$ in Millions
Dec. 31, 2023
USD ($)
Derivatives, Fair Value [Line Items]  
Derivative asset held for sale, current $ 54
Derivative liabilities held for sale, current $ 30
v3.24.3
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ (10) $ 25 $ 2 $ 21
Amount of Gain (Loss) Reclassified From AOCI to Income (11) (11) (33) (32)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] (110) 268 20 236
Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] (10) 25 2 21
Amount of Gain (Loss) Reclassified From AOCI to Income 0 (1) 0 (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] (109) 267 20 235
Interest Rate        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] (10) 25 2 21
Amount of Gain (Loss) Reclassified From AOCI to Income [3] (11) (11) (33) (32)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] (110) 268 20 236
Interest Rate | Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[3] (10) 25 2 21
Amount of Gain (Loss) Reclassified From AOCI to Income [3] 0 (1) 0 (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[3] $ (109) $ 267 $ 20 $ 235
[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.
v3.24.3
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 199 $ 125 $ (46) $ 501
Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 30 (145) (81) (243)
Commodity | Operating Revenue        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 123 7 184 428
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] 31 6 107 25
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] 2 (149) (188) (267)
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] (1) (151) (188) (270)
Commodity | Operation and maintenance        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 0 0 2
Commodity | Operation and maintenance | Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 0 0 2
Commodity | Discontinued operations        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] 0 (7) 0 17
Interest Rate Contract | Discontinued operations        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] (3) 0 (28) 94
Interest Rate Contract | Interest And Related Charges        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[2] $ 77 $ 274 $ (14) $ 227
[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.
v3.24.3
Investments (Narrative) (Detail) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Feb. 29, 2024
Schedule of Equity Method Investments [Line Items]            
Earnings (loss) from equity method investees       $ 7,000,000    
Net earnings (losses) from discontinued operations including noncontrolling interest [1] $ 13,000,000 $ 541,000,000 $ (182,000,000) 92,000,000    
Distributions received from investment     138,000,000 241,000,000    
Equity method affiliates includes cash and accrued amounts of contributions     6,000,000 79,000,000    
Current liabilities 0   0   $ 8,885,000,000 [2]  
Contributions to equity method affiliates     14,000,000 79,000,000    
Income tax expense (benefit) from discontinued operations (10,000,000) 1,200,000,000 22,000,000 1,300,000,000    
Investment company received distribution amount           $ 126,000,000
Discontinued operations            
Schedule of Equity Method Investments [Line Items]            
Net earnings (losses) from discontinued operations including noncontrolling interest     11,000,000 (235,000,000)    
Atlantic Coast Pipeline            
Schedule of Equity Method Investments [Line Items]            
Earnings (loss) from equity method investees   (1,000,000) (12,000,000) 16,000,000    
Contributions to equity method affiliates       70,000,000    
Atlantic Coast Pipeline | Other Current Liabilities            
Schedule of Equity Method Investments [Line Items]            
Current liabilities 10,000,000   10,000,000   4,000,000  
Cove Point            
Schedule of Equity Method Investments [Line Items]            
Distributions received from investment   49,000,000   227,000,000    
Discontinued operations, interest expense   69,000,000   120,000,000    
Income tax expense (benefit) from discontinued operations   7,000,000   31,000,000    
Cove Point | Discontinued operations            
Schedule of Equity Method Investments [Line Items]            
Earnings (loss) from equity method investees   $ 52,000,000   $ 218,000,000    
Finite Lived Equity Method Investment Basis Difference            
Schedule of Equity Method Investments [Line Items]            
Carrying amount of investment that exceeded share of underlying equity 7,000,000   7,000,000   18,000,000  
Equity method investment goodwill         9,000,000  
Capitalized interest     7,000,000   3,000,000  
Trading Securities            
Schedule of Equity Method Investments [Line Items]            
Rabbi trust securities 152,000,000   152,000,000   $ 119,000,000  
Maximum            
Schedule of Equity Method Investments [Line Items]            
Earnings (loss) from equity method investees     $ 1,000,000      
Maximum | Atlantic Coast Pipeline            
Schedule of Equity Method Investments [Line Items]            
Earnings (loss) from equity method investees $ (1,000,000)          
[1] Includes income tax expense (benefit) of $(10) million and $1.2 billion for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.3
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value $ 2,276  
Cash equivalents and other, Amortized Cost [1] 43 $ 84
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Allowance for Credit Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 43 84
Amortized Cost, Total 3,811 3,699
Total Unrealized Gains 4,240 3,308
Total Unrealized Losses [2] (34) (61)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 8,017 6,946 [3]
Net assets related to pending sales of securities 21 49
Fair value of securities in an unrealized loss position 474 764
Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Fair Value 1,359  
Cash equivalents and other, Amortized Cost [1] 13 47
Cash equivalents and other, Total Unrealized Gains [1] 0 0
Cash equivalents and other, Total Unrealized Losses [1] 0 0
Cash equivalents and other, Allowance for Credit Losses [1] 0 0
Cash equivalents and other, Fair Value [1] 13 47
Amortized Cost, Total 2,088 2,033
Total Unrealized Gains 2,201 1,726
Total Unrealized Losses [2] (23) (43)
Allowance for Credit Losses, Total 0 0
Fair Value, Total 4,266 3,716 [4]
Net assets related to pending sales of securities 11 27
Fair value of securities in an unrealized loss position 262 384
Corporate Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 569 508
Fixed income securities Total Unrealized Gains [5] 17 10
Fixed income securities Total Unrealized Losses [5] (17) (27)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 569 491
Corporate Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 357 292
Fixed income securities Total Unrealized Gains [5] 8 3
Fixed income securities Total Unrealized Losses [5] (14) (21)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 351 274
Government Debt Fixed Income Securities    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 1,549 1,426
Fixed income securities Total Unrealized Gains [5] 42 28
Fixed income securities Total Unrealized Losses [5] (15) (24)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 1,576 1,430
Government Debt Fixed Income Securities | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 894 811
Fixed income securities Total Unrealized Gains [5] 25 17
Fixed income securities Total Unrealized Losses [5] (7) (12)
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 912 816
Other    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 131  
Fixed income securities Total Unrealized Gains [5] 0  
Fixed income securities Total Unrealized Losses [5] 0  
Fixed income securities Allowance for Credit Losses [5] 0  
Fixed income securities Fair Value [5] 131  
Other | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 96  
Fixed income securities Total Unrealized Gains [5] 0  
Fixed income securities Total Unrealized Losses [5] 0  
Fixed income securities Allowance for Credit Losses [5] 0  
Fixed income securities Fair Value [5] 96  
Insurance Contracts    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 252 244
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Fair Value [5] 252 244
U.S.    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 1,267 1,276
Equity securities Total Unrealized Gains [6] 4,181 3,270
Equity securities Total Unrealized Losses [6] (2) (10)
Equity securities Fair Value [6] 5,446 4,536
U.S. | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Equity securities Amortized Cost [6] 728 759
Equity securities Total Unrealized Gains [6] 2,168 1,706
Equity securities Total Unrealized Losses [6] (2) (10)
Equity securities Fair Value [6] 2,894 2,455
Common/collective trust funds | Fixed Income    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 0 161
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] 0 161
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company    
Debt Securities, Available-for-Sale [Line Items]    
Fixed income securities Amortized Cost, Total [5] 0 124
Fixed income securities Total Unrealized Gains [5] 0 0
Fixed income securities Total Unrealized Losses [5] 0 0
Fixed income securities Allowance for Credit Losses [5] 0 0
Fixed income securities Fair Value [5] $ 0 $ 124
[1] Dominion Energy includes pending sales of securities of $21 million and $49 million at September 30, 2024 and December 31, 2023, respectively. Virginia Power includes pending sales of securities of $11 million and $27 million at September 30, 2024, and December 31, 2023, respectively.
[2] Dominion Energy’s fair value of securities in an unrealized loss position was $474 million and $764 million at September 30, 2024 and December 31, 2023, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $262 million and $384 million at September 30, 2024 and December 31, 2023, respectively.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[5] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Changes in allowance for credit losses are included in other income (expense).
[6] Unrealized gains and losses on equity securities are included in other income (expense) and the nuclear decommissioning trust regulatory liability.
v3.24.3
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Securities, Available-for-Sale [Line Items]        
Net gains (losses) recognized during the period $ 282 $ (150) $ 919 $ 370
Less: Net (gains) losses recognized during the period on securities sold during the period 5 1 1 4
Unrealized gains (losses) recognized during the period on securities still held at period end [1] 287 (149) 920 374
Virginia Electric and Power Company        
Debt Securities, Available-for-Sale [Line Items]        
Net gains (losses) recognized during the period 145 (80) 473 189
Less: Net (gains) losses recognized during the period on securities sold during the period 3 (1) (2) 2
Unrealized gains (losses) recognized during the period on securities still held at period end [1] $ 148 $ (81) $ 471 $ 191
[1] Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
v3.24.3
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Sep. 30, 2024
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 27
Due after one year through five years 572
Due after five years through ten years 459
Due after ten years 1,218
Total 2,276
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 18
Due after one year through five years 299
Due after five years through ten years 273
Due after ten years 769
Total $ 1,359
v3.24.3
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Schedule of Available-for-sale Securities [Line Items]        
Proceeds from sales $ 651 $ 869 $ 2,230 $ 2,007
Realized gains [1] 18 5 77 48
Realized losses [1] 21 33 93 110
Virginia Electric and Power Company        
Schedule of Available-for-sale Securities [Line Items]        
Proceeds from sales 297 535 1,370 1,254
Realized gains [1] 13 4 52 29
Realized losses [1] $ 16 $ 16 $ 61 $ 61
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.24.3
Property, Plant and Equipment (Narrative) (Detail)
 1 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
a
mi
MW
Feb. 29, 2024
USD ($)
Sep. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Property, Plant and Equipment [Line Items]                  
Impairment of assets and other charges       $ 122,000,000   $ 1,000,000   $ 219,000,000 $ 136,000,000
Minimum                  
Property, Plant and Equipment [Line Items]                  
Additional capital contribution percentage     67.00%            
Maximum                  
Property, Plant and Equipment [Line Items]                  
Additional capital contribution percentage     83.00%            
Corporate Office Building                  
Property, Plant and Equipment [Line Items]                  
Proceeds from sale of property, plant and equipment         $ 23,000,000        
Level 3 | Corporate Office Building                  
Property, Plant and Equipment [Line Items]                  
Long-lived assets, estimated fair value         23,000,000   $ 35,000,000    
Level 3 | Nonregulated renewable natural gas facilities | Minimum                  
Property, Plant and Equipment [Line Items]                  
Long-lived assets, estimated fair value       1,000,000 1,000,000     $ 1,000,000  
Impairment of Assets and Other Charges | Corporate Office Building                  
Property, Plant and Equipment [Line Items]                  
Impairment of assets and other charges         17,000,000   91,000,000    
Asset impairment charges after tax         12,000,000   $ 68,000,000    
Impairment of Assets and Other Charges | Nonregulated renewable natural gas facilities                  
Property, Plant and Equipment [Line Items]                  
Impairment of assets and other charges       27,000,000 33,000,000        
Asset impairment charges after tax       21,000,000 $ 25,000,000        
Acquisition of Wind Project                  
Property, Plant and Equipment [Line Items]                  
Offshore wind project price expected   $ 160,000,000              
Acquisition of Solar Project Foxhound Virginia                  
Property, Plant and Equipment [Line Items]                  
Date Agreement Entered               2023-03  
Date Agreement Closed               February 2024  
Date of Commercial Operations               April 2024  
Acquisition Of Offshore Wind Project                  
Property, Plant and Equipment [Line Items]                  
Date Agreement Entered               2024-07  
Date Agreement Closed               October 2024  
Miles of area acquired | mi   27              
Acres of area acquired | a   40,000              
Power generating capacity | MW   800              
CVOW Commercial Project Excluding Financing Costs | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Total project costs $ 9,800,000,000                
CVOW Commercial Project Excluding Financing Costs Condition Two | Maximum | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Total project costs $ 11,300,000,000                
Virginia Power and Stonepeak | Maximum                  
Property, Plant and Equipment [Line Items]                  
Total project costs     $ 11,300,000,000            
Virginia Power and Stonepeak | CVOW Commercial Project                  
Property, Plant and Equipment [Line Items]                  
Remaining capital percentage     50.00%            
Virginia Electric and Power Company | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Percentage of proceeds from sale of non controlling interests in CVOW commercial project 50.00%                
Virginia Electric and Power Company | Minimum                  
Property, Plant and Equipment [Line Items]                  
Total project costs     $ 13,700,000,000            
Virginia Electric and Power Company | Impairment of Assets and Other Charges                  
Property, Plant and Equipment [Line Items]                  
Impairment of assets and other charges       25,000,000          
Asset impairment charges after tax       $ 18,000,000          
Virginia Electric and Power Company | CVOW Commercial Project                  
Property, Plant and Equipment [Line Items]                  
Ownership percentage     50.00%            
Virginia Electric and Power Company | CVOW Commercial Project | Minimum | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Initial withholding amount $ 145,000,000                
Virginia Electric and Power Company | CVOW Commercial Project Excluding Financing Costs | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Initial withholding amount 100,000,000                
Virginia Electric and Power Company | CVOW Commercial Project Excluding Financing Costs Condition Two | Subsequent Event                  
Property, Plant and Equipment [Line Items]                  
Proceeds from sale of non controlling interests in CVOW commercial project $ 2,600,000,000                
Stonepeak | Minimum                  
Property, Plant and Equipment [Line Items]                  
Total project costs     $ 11,300,000,000            
Stonepeak | Maximum                  
Property, Plant and Equipment [Line Items]                  
Total project costs     13,700,000,000            
Additional capital costs     $ 11,300,000,000            
v3.24.3
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Feb. 29, 2024
Sep. 30, 2024
Dec. 31, 2023
Regulatory Assets [Line Items]      
Regulatory assets-current [1]   $ 1,030 $ 1,309 [2]
Regulatory assets-noncurrent [1]   8,352 8,356 [2]
Total regulatory assets   9,382 9,665
Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [3]   751 868 [4]
Regulatory assets-noncurrent [3]   4,561 4,317 [4]
Total regulatory assets   $ 5,312 5,185
Estimated under-recovered balances $ 1,300    
Weighted Average      
Regulatory Assets [Line Items]      
Weighted average useful life   25 years  
Weighted Average | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Weighted average useful life   24 years  
SCANA      
Regulatory Assets [Line Items]      
Electric service customers over period   20 years  
Derivatives      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [5]   $ 80 107
Derivatives | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [5]   41 66
Deferred cost of fuel used in electric generation      
Regulatory Assets [Line Items]      
Regulatory assets-current [6]   35 245
Regulatory assets-noncurrent [6]   0 1,221
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [6]   10 95
Regulatory assets-noncurrent [6]   0 1,221
Securitized cost of fuel used in electric generation      
Regulatory Assets [Line Items]      
Regulatory assets-current [7]   119 0
Regulatory assets-noncurrent [7]   1,081  
Securitized cost of fuel used in electric generation | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [7]   119 0
Regulatory assets-noncurrent [7]   1,081  
Deferred rider costs for Virginia electric utility      
Regulatory Assets [Line Items]      
Regulatory assets-current [8]   328 270
Regulatory assets-noncurrent [8]   680 496
Deferred rider costs for Virginia electric utility | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [8]   328 270
Regulatory assets-noncurrent [8]   680 496
Ash pond and landfill closure costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [9]   $ 111 200
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 [9]   $ 111 200
Ash pond and landfill closure costs | Maximum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period   18 years  
Ash pond and landfill closure costs | Minimum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period   15 years  
Deferred nuclear refueling outage costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [10]   $ 67 63
Deferred nuclear refueling outage costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [10]   67 63
NND Project Costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [11]   138 138
Regulatory assets-noncurrent [11]   1,845 1,949
CCR Remediation, Ash Pond and Landfill Closure Cost      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [9]   2,965 2,410
CCR Remediation, Ash Pond and Landfill Closure Cost | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [9]   2,645 2,407
Derivatives      
Regulatory Assets [Line Items]      
Regulatory assets-current [5]   31 162
Derivatives | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [5]   29 160
Other      
Regulatory Assets [Line Items]      
Regulatory assets-current   201 231
Regulatory assets-noncurrent   656 590
Other | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current   87 80
Regulatory assets-noncurrent   114 127
Unrecognized Pension and Other Postretirement Benefit Costs      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [12]   486 1,036
Unrecognized Pension and Other Postretirement Benefit Costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [12]   0 0
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent     215
Interest rate hedges      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [13]   167 168
Interest rate hedges | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [13]   0 0
AROs and related funding      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [14]   $ 392 $ 379
Amortization period for deferred costs   105 years  
Deferred Project Costs | Maximum      
Regulatory Assets [Line Items]      
Amortization period for deferred costs   18 months  
[1] See Note 15 for amounts attributable to VIEs.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[5] 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.
[6] 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.
[7] Reflects under-recovered fuel costs for Virginia Power’s Virginia service territory securitized through the issuance of bonds by VPFS in February 2024. See Note 15 in this report and Notes 13 and 18 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
[8] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects.
[9] 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. In addition, the balance at September 30, 2024 reflects amounts related to the EPA’s May 2024 final rule concerning CCR as discussed in Note 2.
[10] 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.
[11] 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.
[12] Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy’s rate-regulated subsidiaries. Includes regulatory assets of $215 million and regulatory liabilities of $12 million at December 31, 2023 related to retained pension and other postretirement benefit plan assets and obligations for the East Ohio, Questar Gas and PSNC Transactions reclassified to AOCI upon closing of each transaction.
[13] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 25 years and 24 years for Dominion Energy and Virginia Power, respectively, as of September 30, 2024.
[14] Represents uncollected costs, including deferred depreciation and accretion expense, related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
v3.24.3
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 714 $ 522 [1]
Regulatory liabilities-noncurrent 8,995 8,674 [1]
Total regulatory liabilities 9,709 9,196
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 516 321 [2]
Regulatory liabilities-noncurrent 6,395 5,978 [2]
Total regulatory liabilities $ 6,911 6,299
SCANA    
Regulatory Liabilities [Line Items]    
Estimation period of collection to be credited 11 years  
Electric service customers over period 20 years  
Deferred cost of fuel used in electric generation    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] $ 166 0
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 166 0
Provision for future cost of removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 118 118
Regulatory liabilities-noncurrent [4] 1,842 1,818
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 118 118
Regulatory liabilities-noncurrent [4] 1,207 1,185
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 77 83
Regulatory liabilities-noncurrent [5] 181 237
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 0 0
Regulatory liabilities-noncurrent [5] 0 0
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 107 107
Regulatory liabilities-noncurrent [6] 2,980 3,076
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 70 70
Regulatory liabilities-noncurrent [6] 2,170 2,237
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] 67 67
Regulatory liabilities-noncurrent [7] $ 585 635
Electric service customers over period 20 years  
Derivatives    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] $ 77 7
Regulatory liabilities-noncurrent [8] 151 136
Derivatives | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] 60 0
Regulatory liabilities-noncurrent [8] 5 0
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 102 140
Regulatory liabilities-noncurrent 303 286
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 102 133
Regulatory liabilities-noncurrent 236 225
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [9] 2,537 2,098
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [9] 2,537 2,098
Interest rate hedges    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [10] 240 233
Interest rate hedges | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [10] 240 233
Unrecognized Pension and Other Postretirement Benefit Costs | East Ohio, PSNC and Questar Gas    
Regulatory Liabilities [Line Items]    
Regulatory liabilities   12
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [11] $ 176 $ 155
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] 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.
[4] 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.
[5] Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. Also reflects amounts to be refunded to jurisdictional retail electric customers in Virginia associated with the settlement of the 2021 Triennial Review. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
[6] 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.
[7] 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.
[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.
[9] 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.
[10] 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 September 30, 2024.
[11] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
v3.24.3
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Billions
Sep. 30, 2024
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 6.1
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 $ 4.5
v3.24.3
Regulatory Matters (Narrative) (Detail)
$ in Millions
 1 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2024
USD ($)
MW
Sep. 30, 2024
USD ($)
Jul. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Bcf / d
May 31, 2024
USD ($)
Mar. 31, 2024
USD ($)
mi
kV
Feb. 29, 2024
USD ($)
Jan. 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Oct. 31, 2023
USD ($)
Project
MW
Jul. 31, 2023
USD ($)
May 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Maximum | Subsequent Event                                  
Public Utilities General Disclosures [Line Items]                                  
Capacity expenses expected to be incurred with PJM $ 145                                
Virginia Regulation                                  
Public Utilities General Disclosures [Line Items]                                  
Percentage of earned return                     9.04%            
Authorized return percentage             9.35%       9.35%            
Virginia Regulation | Annual Fuel Factor | Securitization Option                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement           $ 541                      
North Carolina Regulation                                  
Public Utilities General Disclosures [Line Items]                                  
Application date           2024-03                      
North Carolina Regulation | Rider DSM                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (Decrease) in customer usage tracker           $ 31                      
North Carolina Regulation | Virginia Power Base Rate Case                                  
Public Utilities General Disclosures [Line Items]                                  
Increase(Decrease) in gas cost           $ 57                      
Percentage of earned return           5.01%                      
Percentage of proposed earned return           10.60%                      
Authorized return percentage           9.75%                      
North Carolina Regulation | Virginia Power Base Rate Case | Subsequent Event                                  
Public Utilities General Disclosures [Line Items]                                  
Increase(Decrease) in gas cost $ 37                                
Authorized return percentage 9.95%                                
North Carolina Regulation | Virginia Power Fuel Filing | Subsequent Event                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (Decrease) In fuel component of electric rates $ 107                                
South Carolina Regulation                                  
Public Utilities General Disclosures [Line Items]                                  
Materials and supplies inventory write down                           $ 50      
Impairment of assets and other charges (benefits)                           58      
Impairment of assets and other charges (benefits) after tax                           $ 44      
South Carolina Regulation | Forecast                                  
Public Utilities General Disclosures [Line Items]                                  
One-time bill credit                                 $ 7
South Carolina Regulation | Electric Base Rate Case                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement     $ 219                            
Approved return on equity percentage     9.94%                            
Percentage of earned return           4.32%                      
Percentage of proposed earned return           10.60%                      
Authorized return percentage           9.50%                      
Virginia Electric and Power Company                                  
Public Utilities General Disclosures [Line Items]                                  
Estimated under-recovered balances             $ 1,300                    
Virginia Electric and Power Company | Impairment of Assets and Other Charges                                  
Public Utilities General Disclosures [Line Items]                                  
Impairment of assets and other charges (benefits)                             $ (17)    
Impairment of assets and other charges (benefits) after tax                             (12)    
Virginia Electric and Power Company | Annual Fuel Factor                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement                       $ (13)          
Virginia Electric and Power Company | Utility Scale Solar                                  
Public Utilities General Disclosures [Line Items]                                  
Proposed cost of project                   $ 850              
Number of utility-scale projects | Project                   4              
Targeted capacity provided by legislation | MW                   329              
Virginia Electric and Power Company | Utility Scale Solar | Subsequent Event                                  
Public Utilities General Disclosures [Line Items]                                  
Proposed cost of project $ 605                                
Targeted capacity provided by legislation | MW 208                                
Virginia Electric and Power Company | Virginia LNG Storage Facility                                  
Public Utilities General Disclosures [Line Items]                                  
Liquefied equivalent | Bcf / d       2                          
Regasify storage capacity       25.00%                          
Liquefy storage capacity       1.00%                          
Facility expected cost, excluding financing costs       $ 550                          
Virginia Electric and Power Company | Virginia Regulation                                  
Public Utilities General Disclosures [Line Items]                                  
Public utilities event costs to be recovered                 $ 45                
One-time credits to customers   $ 15                              
Authorized return percentage             9.70%       9.70%            
Capitalization ratio                     52.10%            
Virginia Electric and Power Company | Virginia Regulation | Base Rate Case                                  
Public Utilities General Disclosures [Line Items]                                  
Total revenue requirement                     $ 350            
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor                                  
Public Utilities General Disclosures [Line Items]                                  
Total revenue requirement         $ 2,200             $ 2,300          
Rate year beginning         2024-07             2023-07          
Increase (decrease) in revenue requirement         $ 636                        
Estimated under-recovered balances                       $ 1,300          
Estimated over-recovered balances                         $ 266        
Virginia Electric and Power Company | Virginia Regulation | Annual Fuel Factor | Securitization Option                                  
Public Utilities General Disclosures [Line Items]                                  
Estimated under-recovered balances                       $ 1,300          
Virginia Electric and Power Company | Virginia Regulation | Generation And Distribution Services                                  
Public Utilities General Disclosures [Line Items]                                  
Authorized return percentage                 9.05%                
Virginia Electric and Power Company | Biennial Review                                  
Public Utilities General Disclosures [Line Items]                                  
Authorized return percentage             0.70%                    
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric DSM Programs                                  
Public Utilities General Disclosures [Line Items]                                  
Public energy efficiency programs cost rate adjustment approval request to recover amount               $ 47                  
Dominion Energy South Carolina Inc | South Carolina Regulation | Cost of Fuel                                  
Public Utilities General Disclosures [Line Items]                                  
Rate year beginning             2024-05                    
Application date             2024-02                    
Proposed increase (decrease) in annual base fuel component recoveries                               $ (315)  
Increase (decrease) in annual base fuel component recoveries           $ (316)                      
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Base Rate Case                                  
Public Utilities General Disclosures [Line Items]                                  
Increase (decrease) in revenue requirement   $ 291       295                      
Increase in proposed base rate percentage   12.59%                              
Increase (decrease) in net of storm damage           $ (4)                      
Dominion Energy South Carolina Inc | South Carolina Regulation | Electric Transmission Projects                                  
Public Utilities General Disclosures [Line Items]                                  
Application date           2024-03                      
Type of Line | kV           230                      
Miles of Lines | mi           7                      
Cost Estimate           $ 40                 $ 40    
v3.24.3
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Rider CCR  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Approval Date Pending
Rate Year Beginning 2024-12
Total Revenue Requirement (millions) $ 103 [1]
Increase (decrease) in revenue requirement $ (91)
Rider CE  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10 [2]
Approval Date March 2024 [2]
Rate Year Beginning 2024-05 [2]
Total Revenue Requirement (millions) $ 133 [1],[2]
Increase (decrease) in revenue requirement $ 44 [2]
Rider CE One  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10 [3]
Approval Date Pending [3]
Rate Year Beginning 2025-05 [3]
Total Revenue Requirement (millions) $ 182 [1],[3]
Increase (decrease) in revenue requirement $ 49 [2],[3]
Rider DIST  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-08 [4]
Approval Date Pending [4]
Rate Year Beginning 2025-06 [4]
Total Revenue Requirement (millions) $ 269 [1],[4]
Rider E  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-01
Approval Date September 2024
Rate Year Beginning 2024-11
Total Revenue Requirement (millions) $ 72 [1]
Increase (decrease) in revenue requirement $ (37)
Rider GEN  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06 [5]
Approval Date Pending [5]
Rate Year Beginning 2025-04 [5]
Total Revenue Requirement (millions) $ 438 [1],[5]
Rider GEN One  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06
Approval Date Pending
Rate Year Beginning 2026-04
Total Revenue Requirement (millions) $ 311 [1]
Increase (decrease) in revenue requirement $ (127)
Rider GT  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-08
Approval Date May 2024
Rate Year Beginning 2024-06
Total Revenue Requirement (millions) $ 145 [1]
Increase (decrease) in revenue requirement $ 131
Rider OSW  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-11
Approval Date July 2024
Rate Year Beginning 2024-09
Total Revenue Requirement (millions) $ 486 [1]
Increase (decrease) in revenue requirement $ 215
Rider O S W One  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-11 [6]
Approval Date Pending [6]
Rate Year Beginning 2025-09 [6]
Total Revenue Requirement (millions) $ 640 [1],[6]
Increase (decrease) in revenue requirement $ 154 [6]
Rider RPS  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-12 [7]
Approval Date August 2024
Rate Year Beginning 2024-09
Total Revenue Requirement (millions) $ 358 [1]
Increase (decrease) in revenue requirement $ 262
Rider SNA  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10
Approval Date July 2024
Rate Year Beginning 2024-09
Total Revenue Requirement (millions) $ 69 [1]
Increase (decrease) in revenue requirement $ 19
Rider S N A One  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10 [8]
Approval Date Pending [8]
Rate Year Beginning 2025-09 [8]
Total Revenue Requirement (millions) $ 207 [1],[8]
Increase (decrease) in revenue requirement $ 138 [8]
Rider T1  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-05 [9]
Approval Date July 2024 [9]
Rate Year Beginning 2024-09 [9]
Total Revenue Requirement (millions) $ 1,170 [1],[9]
Increase (decrease) in revenue requirement $ 291 [9]
Rider U  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-10 [10]
Approval Date July 2024 [10]
Rate Year Beginning 2024-08 [10]
Total Revenue Requirement (millions) $ 150 [1],[10]
Increase (decrease) in revenue requirement $ 76 [10]
DSM Riders  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-12 [11]
Approval Date July 2024 [11]
Rate Year Beginning 2024-09 [11]
Total Revenue Requirement (millions) $ 86 [1],[11]
Increase (decrease) in revenue requirement $ (21) [11]
[1] In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $18 million as of September 30, 2024. There is a pending application associated with this rider, which if approved, would result in a net annual revenue requirement increase of $7 million.
[2] The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
[3] Associated with two solar generation projects, two small-scale solar projects and 24 purchased power agreements in addition to previously approved Rider CE projects.
[4] Consists of $103 million in total revenue requirement for certain previously approved electric distribution grid transformation projects and $166 million for previously approved phases and proposed phase eight of certain new underground distribution facilities. If approved, would result in the consolidation of Riders GT and U and cease the separate collection of rates under these riders effective June 1, 2025.
[5] Includes $348 million in total revenue requirement related to the consolidation of Riders BW, GV and four other riders associated with generation facilities, ceasing the separate collection of rates under these riders effective April 1, 2025 and the extension of existing rates for Rider BW through March 2025. In addition, Virginia Power also requests approval to recover costs associated with the Virginia LNG Storage Facility described above.
[6] Includes a proposal for Virginia Power to establish a decommissioning trust fund associated with the CVOW Commercial Project. If approved, the applicable amount included within the total revenue requirement would be allocated for such purposes.
[7] Virginia Power amended its application in February 2024.
[8] Virginia Power also requested approval of cost recovery of approximately $1.7 billion through Rider SNA for the second phase of nuclear life extension program which includes investments for calendar years 2025 through 2027.
[9] Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.
[10] Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In addition, the Virginia Commission approved Virginia Power’s request to extend existing rates for Rider U through July 2024.
[11] 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%.
v3.24.3
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Parenthetical) (Detail)
$ in Millions
 1 Months Ended 9 Months Ended
Jul. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Project
Agreement
Program
Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Additional total revenue requirement   $ 18
Public utilities requested rate increase annual revenue of pending applications approval   7
Rider T1 | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [1],[2]   1,170
Rider T1 | Operating Segments | Virginia Electric and Power Company | Virginia Regulation    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   638
Rider T1 | Operating Segments | Virginia Electric and Power Company | Virginia Regulation | Transmission Component Of Virginia Powers    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   532
Rider SNA | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [2]   69
Rider SNA | Operating Segments | Virginia Electric and Power Company | Virginia Regulation | Second Phase of Nuclear Life Extension Program    
Public Utilities, General Disclosures [Line Items]    
Projected capital investment   $ 1,700
Rider CE    
Public Utilities, General Disclosures [Line Items]    
Public utilities number of power purchase agreements | Agreement   13
Rider CE | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [2],[3]   $ 133
Public utilities number of solar generation projects | Project   4
Rider CE One    
Public Utilities, General Disclosures [Line Items]    
Public utilities number of small scale solar project | Agreement   2
Public utilities number of power purchase agreements | Agreement   24
Rider CE One | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [2],[4]   $ 182
Public utilities number of solar generation projects | Project   2
Rider U | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [2],[5]   $ 150
Rider U | Virginia Electric and Power Company | Virginia Regulation | Previous Phase    
Public Utilities, General Disclosures [Line Items]    
Projected capital investment   72
Rider U | Virginia Electric and Power Company | Virginia Regulation | Seven Phase    
Public Utilities, General Disclosures [Line Items]    
Projected capital investment   78
Electric Distribution Grid Transformation Projects | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   103
Underground Distribution Facilities    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   166
Consolidation of Riders BW, GV and Four Other Riders | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement   348
DSM Riders | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement [2],[6]   86
DSM Riders | Virginia Electric and Power Company | Virginia Regulation    
Public Utilities, General Disclosures [Line Items]    
Amount of cost cap recovery   $ 102
Public utilities energy efficiency program cost exceed percentage   15.00%
DSM Riders | Operating Segments | Virginia Electric and Power Company | Virginia Regulation    
Public Utilities, General Disclosures [Line Items]    
Number of new demand response programs | Program   1
DSM Riders | Operating Segments | Virginia Electric and Power Company | Virginia Regulation | Energy Efficiency Program    
Public Utilities, General Disclosures [Line Items]    
Number of new energy efficiency programs | Program   3
Base Rate Case | Virginia Electric and Power Company | Virginia Regulation    
Public Utilities, General Disclosures [Line Items]    
Total revenue requirement $ 350  
[1] Consists of $532 million for the transmission component of Virginia Power’s base rates and $638 million for Rider T1.
[2] In addition, Virginia Power has a rider associated with another project with a total annual revenue requirement of $18 million as of September 30, 2024. There is a pending application associated with this rider, which if approved, would result in a net annual revenue requirement increase of $7 million.
[3] The Virginia Commission approved four solar generation projects and 13 power purchase agreements in addition to previously approved Rider CE projects. In addition, the approved total revenue requirement includes amounts which had previously been collected under a separate rider.
[4] Associated with two solar generation projects, two small-scale solar projects and 24 purchased power agreements in addition to previously approved Rider CE projects.
[5] Consists of $72 million for previously approved phases and $78 million for phase seven costs for Rider U. In addition, the Virginia Commission approved Virginia Power’s request to extend existing rates for Rider U through July 2024.
[6] 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%.
v3.24.3
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
mi
kV
Construct new Germanna substation, transmission line and related projects in Culpeper County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2023-11
Approval Date 2024-08
Type of Line 230 kV
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
Approval Date 2024-10
Type of Line 230 kV
Miles of Lines | mi 3
Cost Estimate | $ $ 70 [1]
Construct new Aspen and Golden substations, transmission lines and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Type of Line 500-230 kV
Miles of Lines | mi 10
Cost Estimate | $ $ 690 [1]
Partial rebuild Fredericksburg-Aquia Harbour transmission lines and related projects in Stafford County and the City of Fredericksburg, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Type of Line 230-115 kV
Miles of Lines | mi 24
Cost Estimate | $ $ 135 [1]
Construct new Apollo-Twin Creek transmission lines, new substations and related projects in Loudoun County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-03
Type of Line | kV 230
Miles of Lines | mi 2
Cost Estimate | $ $ 285 [1]
Rebuild Dooms-Harrisonburg transmission lines and related projects in the Counties of Augusta and Rockingham and the Town of Grottoes, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-04
Type of Line | kV 230
Miles of Lines | mi 22
Cost Estimate | $ $ 60 [1]
Rebuild and construct new Fentress-Yadkin transmission lines and related projects in the City of Chesapeake, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-06
Type of Line | kV 500
Miles of Lines | mi 14
Cost Estimate | $ $ 205 [1]
Partial rebuild, reconductor and construct new Network Takeoff transmission lines and related projects in the Counties of Fairfax and Loudoun, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-07
Type of Line | kV 230
Miles of Lines | mi 6
Cost Estimate | $ $ 170 [1]
Rebuild Aquia Harbour-Possum Point transmission lines and related projects in the Counties of Stafford and Prince William and the City of Fredericksburg, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-08
Type of Line 500-230 kV
Miles of Lines | mi 32
Cost Estimate | $ $ 210 [1]
Partial rebuild, reconductor and construct new New Post transmission lines and related projects in the Counties of Caroline and Spotsylvania, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-08
Type of Line | kV 230
Miles of Lines | mi 38
Cost Estimate | $ $ 120 [1]
Construct new centreport transmission line, substation and related projects in stafford county, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-09
Type of Line | kV 230
Miles of Lines | mi 3
Cost Estimate | $ $ 55 [1]
Partial rebuild and construct new Meadowville transmission lines, substations and related projects in Chesterfield County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2024-10
Type of Line | kV 230
Miles of Lines | mi 11
Cost Estimate | $ $ 190 [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 or applied for and currently pending approval with aggregate cost estimates of approximately $145 million and $55 million, respectively.
v3.24.3
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Parenthetical) (Details) - Virginia Electric and Power Company
$ in Millions
Sep. 30, 2024
USD ($)
Other transmission projects approved  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 145
Other transmission projects applied  
Public Utilities, General Disclosures [Line Items]  
Cost Estimate $ 55
v3.24.3
Leases (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 30, 2024
Dec. 31, 2020
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Aug. 31, 2024
Leases Disclosure [Line Items]                
Payment of settlement of an agreement related to the offshore wind installation vessel under development $ 47,000,000              
Charge in connection with settlement of an agreement       $ 47,000,000        
Charge in connection with settlement of an agreement, after tax       $ 35,000,000        
Lessor To Complete Construction And Lease Jones Act Compliant Offshore Wind Installation Vessel [Member]                
Leases Disclosure [Line Items]                
Requested cash draws from lessor to fund project costs           $ 544,000,000    
Required percentage payment for specific full recourse events   100.00%            
Lessor | Lessor To Complete Construction And Lease Jones Act Compliant Offshore Wind Installation Vessel [Member]                
Leases Disclosure [Line Items]                
Amount of financing commitments to fund estimated project costs               $ 715,000,000
Power Purchase Arrangement                
Leases Disclosure [Line Items]                
Rental revenue     $ 6,000,000   $ 7,000,000 $ 15,000,000 $ 18,000,000  
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Revenues   Revenues Revenues Revenues  
Depreciation expense     $ 3,000,000     $ 6,000,000 $ 4,000,000  
Power Purchase Arrangement | Minimum                
Leases Disclosure [Line Items]                
Depreciation expense         $ 1,000,000      
v3.24.3
Variable Interest Entities - (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]          
Payable to affiliates [1] $ 1,796   $ 1,796   $ 1,732 [2]
Regulatory assets-current [3] 1,030   1,030   1,309 [2]
Other current assets [3] 550   550   459 [2]
Regulatory assets-noncurrent [3] 8,352   8,352   8,356 [2]
Securities due within one year [3] 1,820   1,820   6,589 [2]
Accrued interest, payroll and taxes [3] 1,354   1,354   1,075 [2]
Long-term debt 37,101   37,101   33,248 [2]
Virginia Electric and Power Company          
Variable Interest Entity [Line Items]          
Payable to affiliates 1,328   1,328   1,285 [4]
Regulatory assets-current [5] 751   751   868 [4]
Other current assets [5] 271   271   141 [4]
Regulatory assets-noncurrent [5] 4,561   4,561   4,317 [4]
Securities due within one year 540   540   381 [4]
Accrued interest, payroll and taxes 493   493   293 [4]
Long-term debt 20,104   20,104   17,115 [4]
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company          
Variable Interest Entity [Line Items]          
Regulatory assets-current 119   119    
Other current assets 100   100    
Regulatory assets-noncurrent 1,100   1,100    
Securities due within one year 146   146    
Accrued interest, payroll and taxes 40   40    
Long-term debt 1,100   1,100    
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES          
Variable Interest Entity [Line Items]          
Shared Services Purchased 125 $ 113 368 $ 339  
Variable Interest Entity Not Primary Beneficiary | Virginia Electric and Power Company | DES | Related Party          
Variable Interest Entity [Line Items]          
Payable to affiliates $ 33   $ 33   $ 32
[1] See Note 10 for amounts attributable to related parties.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See Note 15 for amounts attributable to VIEs.
[4] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[5] See Note 15 for amounts attributable to VIEs.
v3.24.3
Significant Financing Transactions (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 5 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Sep. 30, 2024
Aug. 31, 2024
Jun. 30, 2024
May 31, 2024
Mar. 31, 2024
Jan. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Oct. 31, 2023
Mar. 31, 2023
Nov. 30, 2020
Debt Instrument [Line Items]                                
Facility Limit [1],[2]   $ 6,000,000,000           $ 6,000,000,000   $ 6,000,000,000 $ 6,000,000,000          
Short-term debt   $ 4,104,000,000           $ 4,104,000,000   $ 4,104,000,000 4,104,000,000   $ 3,956,000,000 [3]      
Line of credit issued                     $ 3,000,000,000 $ 3,475,000,000        
Preferred stock shares authorized   20,000,000           20,000,000   20,000,000 20,000,000          
Issuance of common stock                     $ 102,000,000 $ 91,000,000        
Securities due within one year [4]   $ 1,820,000,000           $ 1,820,000,000   $ 1,820,000,000 $ 1,820,000,000   6,589,000,000 [3]      
Period of deferral         10 years                      
Common Stock                                
Debt Instrument [Line Items]                                
Stock repurchased, shares                     0          
Issuance of stock (in shares)               1,000,000 0   2,000,000 2,000,000        
Stock repurchase program, authorized amount   $ 900,000,000           $ 900,000,000   $ 900,000,000 $ 900,000,000         $ 1,000,000,000
Series B Preferred Stock                                
Debt Instrument [Line Items]                                
Recorded dividend               $ 4,000,000 $ 9,000,000   $ 21,000,000 $ 27,000,000        
Recorded dividends per share               $ 11.625 $ 11.625   $ 33.172 $ 34.875        
Preferred stock tendered, aggregate liquidation preference       $ 440,000,000                        
Deemed dividend                     $ 9,000,000          
Series C Preferred Stock                                
Debt Instrument [Line Items]                                
Recorded dividend               $ 11,000,000 $ 11,000,000   $ 33,000,000 $ 33,000,000        
Recorded dividends per share               $ 10.875 $ 10.875   $ 32.625 $ 32.625        
Various Programs                                
Debt Instrument [Line Items]                                
Issuance of common stock                     $ 102,000,000 $ 91,000,000        
Issuance of stock (in shares)                     2,000,000 2,000,000        
At-the-Market Program | Maximum                                
Debt Instrument [Line Items]                                
Sale of stock authorized amount         $ 1,800,000,000                      
Forward Sale Agreements                                
Debt Instrument [Line Items]                                
Weighted average initial forward price per share   $ 57.62               $ 53.23            
Forward sale agreements, number of shares of common stock to be settled   3,800,000               11,400,000            
Floating Rate Demand Notes                                
Debt Instrument [Line Items]                                
Facility Limit                         3,000,000,000      
Short-term debt   $ 482,000,000           $ 482,000,000   $ 482,000,000 $ 482,000,000   409,000,000      
DESC                                
Debt Instrument [Line Items]                                
Facility Limit   500,000,000           500,000,000   500,000,000 500,000,000          
Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit [5],[6]   6,000,000,000           6,000,000,000   6,000,000,000 6,000,000,000          
Short-term debt   740,000,000           $ 740,000,000   740,000,000 $ 740,000,000   455,000,000 [7]      
Issuance of stock (in shares)               0 0   0 0        
Securities due within one year   $ 540,000,000           $ 540,000,000   $ 540,000,000 $ 540,000,000   $ 381,000,000 [7]      
Interest Rate         3.80%                      
Aggregate outstanding principal         $ 243,000,000                      
Debt, maturity month and year         2027-05                      
Virginia Electric and Power Company | Senior Notes Due in 2034                                
Debt Instrument [Line Items]                                
Debt instrument maturity year     2034                          
Interest Rate     5.05%                          
Debt issued amount     $ 600,000,000                          
Virginia Electric and Power Company | Senior Notes Due in 2054                                
Debt Instrument [Line Items]                                
Debt instrument maturity year     2054                          
Interest Rate     5.55%                          
Debt issued amount     $ 600,000,000                          
Dominion Energy                                
Debt Instrument [Line Items]                                
Preferred stock shares issued   1,400,000           1,400,000   1,400,000 1,400,000   1,800,000      
Preferred stock shares outstanding   1,400,000           1,400,000   1,400,000 1,400,000   1,800,000      
Dominion Energy | Series B Preferred Stock                                
Debt Instrument [Line Items]                                
Preferred stock shares issued   400,000           400,000   400,000 400,000   800,000      
Preferred stock shares outstanding   400,000           400,000   400,000 400,000   800,000      
Stock repurchased, shares       400,000                        
Dominion Energy | Series C Preferred Stock                                
Debt Instrument [Line Items]                                
Preferred stock shares issued   1,000,000           1,000,000   1,000,000 1,000,000   1,000,000      
Preferred stock shares outstanding   1,000,000           1,000,000   1,000,000 1,000,000   1,000,000      
Dominion Energy | 2024 Series A EJSNs                                
Debt Instrument [Line Items]                                
Debt instrument maturity year         2055                      
Interest reset period         5 years                      
Interest Rate         6.875%                      
Interest rate spread         2.386%                      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]         us-gaap:UsTreasuryUstInterestRateMember                      
Interest rate minimum reset         6.875%                      
Dominion Energy | 2024 Series B EJSNs                                
Debt Instrument [Line Items]                                
Debt instrument maturity year         2054                      
Interest reset period         5 years                      
Interest Rate         7.00%                      
Interest rate spread         2.511%                      
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]         us-gaap:UsTreasuryUstInterestRateMember                      
Interest rate minimum reset         7.00%                      
Dominion Energy | Senior Notes Due In February 2024                                
Debt Instrument [Line Items]                                
Recorded interest expense                     $ 10,000,000          
Dominion Energy | Enhanced Junior Subordinated Notes                                
Debt Instrument [Line Items]                                
Junior subordinated notes         $ 2,000,000,000                      
Dominion Energy | Enhanced Junior Subordinated Notes | 2024 Series A EJSNs                                
Debt Instrument [Line Items]                                
Junior subordinated notes         1,000,000,000                      
Dominion Energy | Enhanced Junior Subordinated Notes | 2024 Series B EJSNs                                
Debt Instrument [Line Items]                                
Junior subordinated notes         1,000,000,000                      
Dominion Energy | 3.80% Peninsula Ports Authority Due in 2033 | Subsequent Event                                
Debt Instrument [Line Items]                                
Debt instrument maturity year 2033                              
Interest Rate 3.80%                              
Debt, redeemed remaining principal outstanding $ 27,000,000                              
Dominion Energy | 3.80% Peninsula Ports Authority Due in 2033 | Maximum | Subsequent Event                                
Debt Instrument [Line Items]                                
Early redemption charges to be paid $ 1,000,000                              
Dominion Energy | October 2014 Hybrids | Subsequent Event                                
Debt Instrument [Line Items]                                
Debt instrument maturity year 2054                              
Debt, redeemed remaining principal outstanding $ 685,000,000                              
Early redemption charges to be paid $ 7,000,000                              
Joint Revolving Credit Facility                                
Debt Instrument [Line Items]                                
Facility Limit   $ 6,000,000,000           $ 6,000,000,000   $ 6,000,000,000 6,000,000,000          
Letter of Credit                                
Debt Instrument [Line Items]                                
Facility Limit                             $ 100,000,000  
Letters of credit issued and outstanding   48,000,000           48,000,000   48,000,000 48,000,000   $ 54,000,000      
Letter of Credit | Credit Facility, Maturing in June 2024                                
Debt Instrument [Line Items]                                
Facility Limit   30,000,000           30,000,000   30,000,000 $ 30,000,000          
Letter of credit                         25,000,000      
Line of credit facility, maturity date                     Jun. 30, 2024          
Letter of Credit | Credit Facility in June 2024                                
Debt Instrument [Line Items]                                
Facility Limit       $ 125,000,000                        
Letters of credit issued and outstanding   0           0   0 $ 0          
Letter of Credit | Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit             $ 125,000,000               $ 300,000,000  
Letter of credit                         0      
Line of credit facility, maturity date             Jan. 31, 2026                  
Line of credit issued                     123,000,000   124,000,000      
Letter of Credit | Virginia Electric and Power Company | Maximum                                
Debt Instrument [Line Items]                                
Letters of credit issued and outstanding                         1,000,000      
Letter of Credit | Virginia Electric and Power Company | Credit Facility in June 2024                                
Debt Instrument [Line Items]                                
Facility Limit       $ 125,000,000                        
Letters of credit issued and outstanding   $ 21,000,000           $ 21,000,000   $ 21,000,000 $ 21,000,000          
364 Term loan facility                                
Debt Instrument [Line Items]                                
Securities due within one year                         2,500,000,000      
364 Term loan facility | Credit Facility, Maturing In July 2024                                
Debt Instrument [Line Items]                                
Facility Limit             $ 2,500,000,000                  
Repayments of borrowings           $ 2,500,000,000                    
364 Term loan facility | Credit Facility, Maturing In October 2024                                
Debt Instrument [Line Items]                                
Facility Limit                           $ 2,250,000,000    
Line of credit issued           500,000,000                    
Repayments of borrowings         976,000,000 1,800,000,000                    
Securities due within one year                         2,250,000,000      
364 Term loan facility | Credit Facility, Maturing In October 2024 | General Corporate Purposes                                
Debt Instrument [Line Items]                                
Line of credit issued           $ 500,000,000                    
Sustainability Revolving Credit Facility | Dominion Energy                                
Debt Instrument [Line Items]                                
Line of credit facility, maturity date       Jun. 30, 2025                        
Repayments of borrowings         $ 450,000,000                      
Securities due within one year                         $ 450,000,000      
[1] In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower
[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
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[4] See Note 15 for amounts attributable to VIEs.
[5] In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.
[6] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy 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 September 30, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[7] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.3
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail)
Sep. 30, 2024
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1],[2]
Outstanding Commercial Paper 3,622,000,000 [1],[2]
Outstanding Letters of Credit 21,000,000 [1],[2]
Facility Capacity Available 2,357,000,000 [1],[2]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [3],[4]
Outstanding Commercial Paper 740,000,000 [3],[4]
Outstanding Letters of Credit $ 10,000,000 [3],[4]
[1] In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower
[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
[3] In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.
[4] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy 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 September 30, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.3
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail)
Sep. 30, 2024
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1],[2]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [3],[4]
Letter of Credit Matures in June 2028.  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000
Letter of Credit Matures in June 2028. | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000
Line of Credit | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit $ 1,750,000,000
[1] In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower
[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
[3] In May 2024, the joint revolving credit facility was amended to remove Questar Gas as a co-borrower.
[4] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy 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 September 30, 2024, the sub-limit for Virginia Power was $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in June 2026, with the potential to be extended by the borrowers to June 2028. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.24.3
Commitments and Contingencies (Narrative) (Detail)
shares in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
May 31, 2024
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jul. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
May 31, 2022
shares
Aug. 31, 2021
shares
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Oct. 31, 2020
Jun. 30, 2018
USD ($)
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Sep. 30, 2024
USD ($)
Indicator
Site
Facility
gal
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]                                            
Gain on sales of assets                             $ 0 $ 0   $ 2,000,000 $ 23,000,000      
Gain on sales of assets after tax                             $ 967,000,000 $ 698,000,000   $ 2,018,000,000 1,813,000,000      
Nuclear Obligations | Secondary Financial Protection Program                                            
Loss Contingencies [Line Items]                                            
Maximum liability protection per nuclear incident amount   $ 16,300,000,000 $ 16,200,000,000                                      
Virginia Electric and Power Company | EPA and State Regulatory Agencies                                            
Loss Contingencies [Line Items]                                            
Number of facilities to assess the applicability of section 316(b) | Facility                                   3        
Hydroelectric Facilities | EPA and State Regulatory Agencies                                            
Loss Contingencies [Line Items]                                            
Number of facilities to assess the applicability of section 316(b) | Facility                                   8        
Dominion Energy South Carolina Inc | SCDOR                                            
Loss Contingencies [Line Items]                                            
Litigation settlement paid           $ 51,000,000       $ 165,000,000                        
Proposed assessment amount from audit                       $ 410,000,000                    
Proportional share of NND project                       100.00%                    
Fair value of certain non-utility property transferred         $ 28,000,000                                  
Fair value of utility property transferred                                 $ 10,000,000          
Gain upon completion of remaining transfer of utility properties                                         $ 11,000,000  
Fair value of additional utility property transferred                                           $ 3,000,000
Dominion Energy South Carolina Inc | DESC | SCDOR | Common Stock                                            
Loss Contingencies [Line Items]                                            
Initial litigation settlement through stock issuance | shares             0.9 0.6                            
Dominion Energy South Carolina Inc | Utility Property Transferred | SCDOR                                            
Loss Contingencies [Line Items]                                            
Gain on sales of assets                                     9,000,000      
Gain on sales of assets after tax                                     7,000,000      
Dominion Energy South Carolina Inc | Remaining Utility Property Transferred | SCDOR                                            
Loss Contingencies [Line Items]                                            
Gain on sales of assets                                     11,000,000      
Gain on sales of assets after tax                                     $ 8,000,000      
Dominion Energy South Carolina Inc | Minimum | SCDOR                                            
Loss Contingencies [Line Items]                                            
Initial litigation settlement amount through stock issuance                 $ 43,000,000                          
Dominion Energy South Carolina Inc | Maximum | SCDOR                                            
Loss Contingencies [Line Items]                                            
Cash payment for remaining obligation       $ 1,000,000                                    
Unfavorable Regulatory Action | EPA                                            
Loss Contingencies [Line Items]                                            
Electric generating station facilities water withdrawals per day | gal                                   2,000,000        
Electric generating station facilities heightened entrainment analysis per day | gal                                   125,000,000        
Carbon Regulations                                            
Loss Contingencies [Line Items]                                            
Public Utilities Significant Emission Rate Per Year CO2 Equivalent | T                           75,000                
CWA | Unfavorable Regulatory Action                                            
Loss Contingencies [Line Items]                                            
Number of mandatory facility-specific factors | Indicator                                   5        
Number of optional facility-specific factors | Indicator                                   6        
Number of facilities that are subject to final regulations | Facility                                   14        
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                  
Loss contingencies facility retirement period 2034                                          
CWA | Unfavorable Regulatory Action | EPA | Minimum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                            
Loss Contingencies [Line Items]                                            
Loss contingencies individual circumstances period                     2021                      
CWA | Unfavorable Regulatory Action | EPA | Maximum | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                            
Loss Contingencies [Line Items]                                            
Loss contingencies individual circumstances period 2029                   2028                      
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company                                            
Loss Contingencies [Line Items]                                            
Number of facilities that are subject to final regulations | Facility                                   8        
Waste Management and Remediation | Unfavorable Regulatory Action | EPA                                            
Loss Contingencies [Line Items]                                            
Number of sites remediation work substantially completed | Site                                   4        
Number of additional sites which are not under investigation | Site                                   3        
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                                            
Loss Contingencies [Line Items]                                            
Environmental remediation reserves                                   $ 31,000,000   $ 32,000,000    
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA                                            
Loss Contingencies [Line Items]                                            
Number of sites with remediation plans | Site                                   1        
Number of additional sites which are not under investigation | Site                                   2        
Waste Management and Remediation | Unfavorable Regulatory Action | Virginia Electric and Power Company | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                                            
Loss Contingencies [Line Items]                                            
Environmental remediation reserves                                   $ 25,000,000   25,000,000    
Millstone, Summer, Surry and North Anna                                            
Loss Contingencies [Line Items]                                            
Amount of coverage purchased from commercial insurance pools   $ 500,000,000 $ 450,000,000                                 $ 450,000,000    
v3.24.3
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)
Sep. 30, 2024
USD ($)
Guarantee Obligations [Line Items]  
Guarantee liability $ 4,041,000,000 [1],[2]
Guarantee obligations additional guarantees 20,000,000
Cove Point  
Guarantee Obligations [Line Items]  
Guarantee obligations cumulative maximum exposure 1,900,000,000
Surety Bond  
Guarantee Obligations [Line Items]  
Guarantee liability 319,000,000
Surety Bond | Virginia Electric and Power Company  
Guarantee Obligations [Line Items]  
Guarantee liability 250,000,000
Financial Standby Letter of Credit  
Guarantee Obligations [Line Items]  
Guarantee liability $ 21,000,000
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
[2] In July 2016, Dominion Energy signed an agreement (subsequently amended most recently in December 2023) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced the five-year lease term in August 2019, with certain options at the end of the initial lease term as discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, 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 equal to the recorded lease balance.
v3.24.3
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Detail)
Sep. 30, 2024
USD ($)
Guarantee Obligations [Line Items]  
Maximum Exposure $ 4,041,000,000 [1],[2]
Commodity Transactions  
Guarantee Obligations [Line Items]  
Maximum Exposure 2,765,000,000 [3]
Nuclear Obligations  
Guarantee Obligations [Line Items]  
Maximum Exposure 220,000,000 [4]
Solar  
Guarantee Obligations [Line Items]  
Maximum Exposure 207,000,000 [5]
Other  
Guarantee Obligations [Line Items]  
Maximum Exposure $ 849,000,000 [6]
[1] Excludes Dominion Energy’s guarantee of an offshore wind installation vessel discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023.
[2] In July 2016, Dominion Energy signed an agreement (subsequently amended most recently in December 2023) with a lessor to construct and lease a new corporate office property in Richmond, Virginia and commenced the five-year lease term in August 2019, with certain options at the end of the initial lease term as discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2023. In July 2024, the agreement was amended to reflect Dominion Energy’s election to extend the lease term through July 2029. At the end of the lease term, Dominion Energy can (i) extend the term of the lease for at least one year, 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 equal to the recorded lease balance.
[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. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
v3.24.3
Commitments and Contingencies - Schedule of Subsidiary Guarantees (Parenthetical) (Detail) - Lessor - New Corporate Office - Agreement with Lessor to Construct and Lease Corporate Office Property
 1 Months Ended
Jul. 31, 2024
Jul. 31, 2016
Sep. 30, 2024
Guarantee Obligations [Line Items]      
Lease commenced term   5 years  
Lease commencement period   2019-08  
Lessee, operating Lease, existence of option to extend true    
Lessee operating lease extended maturity period 2029-07    
Minimum      
Guarantee Obligations [Line Items]      
Lease extend term     1 year
v3.24.3
Credit Risk (Narrative) (Detail)
 9 Months Ended
Sep. 30, 2024
USD ($)
Counterparty
Dec. 31, 2023
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 138,000,000  
Number of counterparties | Counterparty 0  
Amount of exposure for single counterparty $ 28,000,000  
Additional collateral to be posted if the credit related contingent features were triggered 19,000,000 $ 28,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 19,000,000 28,000,000
Maximum    
Concentration Risk and Guarantor Obligations [Line Items]    
Letter of credit as collateral posted for derivatives in liability position   1,000,000
Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Credit exposure $ 82,000,000  
Number of counterparties | Counterparty 0  
Amount of exposure for single counterparty $ 10,000,000  
Additional collateral to be posted if the credit related contingent features were triggered 13,000,000 14,000,000
Collateral derivatives with credit-related contingent provision in a liability position 0 0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position $ 13,000,000 14,000,000
Virginia Electric and Power Company | Maximum    
Concentration Risk and Guarantor Obligations [Line Items]    
Letter of credit as collateral posted for derivatives in liability position   $ 1,000,000
Credit Concentration Risk | Investment Grade Counterparty | Virginia Electric and Power Company    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 58.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty    
Concentration Risk and Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 74.00%  
v3.24.3
Related-Party Transactions (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Oct. 31, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Related Party Transaction [Line Items]            
Amounts due to Dominion, noncurrent   $ 1,296,000,000   $ 1,296,000,000   $ 1,755,000,000 [1]
Borrowing Interest Charges   17,000,000 $ 27,000,000 23,000,000 $ 72,000,000  
Dividend paid   559,000,000 $ 559,000,000 1,678,000,000 $ 1,674,000,000  
Virginia Electric and Power Company            
Related Party Transaction [Line Items]            
Amounts due to Dominion, noncurrent   1,096,000,000   1,096,000,000   1,125,000,000 [2]
Payable to affiliates   633,000,000   633,000,000   500,000,000 [2]
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries   $ 0   $ 0   $ 0
Issuance of stock (in shares)   0 0 0 0  
Dividend paid $ 600,000,000          
Commencing Period           20 months
Lease commencement term           2025-08
Related party transaction costs           $ 240,000,000
Cost of Revenue, Related Party [Extensible Enumeration]           Affiliated Entity
Virginia Electric and Power Company | Affiliated Entity            
Related Party Transaction [Line Items]            
Derivative assets   $ 11,000,000   $ 11,000,000   $ 1,000,000
Derivative liabilities   43,000,000   43,000,000   79,000,000
Virginia Electric and Power Company | Affiliated Entity | Pension Benefits | Amounts Associated With Dominion Pension Plan            
Related Party Transaction [Line Items]            
Amounts due to Dominion, noncurrent   493,000,000   493,000,000   456,000,000
Virginia Electric and Power Company | Affiliated Entity | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan            
Related Party Transaction [Line Items]            
Amounts due from Dominion, noncurrent   640,000,000   640,000,000   584,000,000
Virginia Electric and Power Company | Principal Owner | Short-Term Borrowing Arrangements            
Related Party Transaction [Line Items]            
Payable to affiliates   $ 633,000,000   $ 633,000,000   $ 500,000,000
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2023 has been derived from the audited Consolidated Balance Sheet at that date.
v3.24.3
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]        
Services provided to affiliates $ 3,941 $ 3,810 $ 11,059 $ 10,859
Virginia Electric and Power Company        
Related Party Transaction [Line Items]        
Services provided to affiliates [1] 2,762 2,645 7,788 7,281
Virginia Electric and Power Company | Affiliated Entity        
Related Party Transaction [Line Items]        
Commodity purchases from affiliates 147 146 453 463
Virginia Electric and Power Company | Related Party        
Related Party Transaction [Line Items]        
Services provided by affiliates [2] 169 149 495 441
Services provided to affiliates $ 4 $ 7 $ 12 $ 15
[1] See Note 19 for amounts attributable to affiliates.
[2] Includes capitalized expenditures of $59 million and $51 million for the three months ended September 30, 2024 and 2023, respectively and $170 million and $151 million for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Related-Party Transactions (Parenthetical) (Detail) - Virginia Electric and Power Company - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]        
Capital expenditures     $ 6,885 $ 4,871
Services provided by affiliates | Affiliated Entity        
Related Party Transaction [Line Items]        
Capital expenditures $ 59 $ 51 $ 170 $ 151
v3.24.3
Employee Benefit Plans (Components of Provision for Net Periodic Benefit Cost (Credit)) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 19 $ 24 $ 63 $ 72
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Nonoperating Income (Expense)   Other Nonoperating Income (Expense)
Interest cost 107 $ 111 324 $ 332
Expected return on plan assets (200) (216) (611) (648)
Amortization of prior service cost (credit) 1   1  
Amortization of net actuarial (gain) loss 3   16  
Settlements and curtailments     4  
Plan amendment     22  
Net periodic benefit (credit) cost (70) (81) (181) (244)
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 2 $ 3 8 $ 10
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]   Other Nonoperating Income (Expense)   Other Nonoperating Income (Expense)
Interest cost 15 $ 15 43 $ 46
Expected return on plan assets (43) (37) (128) (113)
Amortization of prior service cost (credit) (9) (10) (27) (28)
Amortization of net actuarial (gain) loss (1) (1) (5) (4)
Settlements and curtailments (1)   (1)  
Net periodic benefit (credit) cost $ (37) $ (30) $ (110) $ (89)
v3.24.3
Employee Benefit Plans (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2024
Oct. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined contribution plan operating expenses within discontinued operations     $ 23          
Defined Contribution Plan Operating Expenses Within Discontinued Operations After Tax     17          
Defined contribution plan other operations and maintenance expense     13          
Defined contribution plan other operations and maintenance expense after tax     10          
Discontinued operations                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Service cost $ 1     $ 4 $ 5 $ 12    
Non-service cost (credit) (0)     (11) 13 (34)    
Other Postretirement Benefits Plan                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Service cost 2     3 8 10    
Decrease in the accumulated postretirement benefit obligation, transferred upon closing (1)       (1)      
Defined benefit plan, loss on sale 1     1 5 4    
Other Postretirement Benefits Plan | Closure of East Ohio Transaction                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Increase in the fair value of the plan assets due to remeasurement   $ 24 19          
Increase in the fair value of the plan assets, transferred upon closing   5 36          
Decrease in the accumulated postretirement benefit obligation   14 38          
Decrease in the accumulated postretirement benefit obligation, transferred upon closing   $ 6 22          
Increase (decrease) in net periodic benefit credit     1          
Defined benefit plan, loss on sale     $ (9)          
Other Postretirement Benefits Plan | Questar Gas and Wexpro                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Remeasurement, discount rate   5.74%            
Defined benefit plan, loss on sale   $ 1            
Other Postretirement Benefits Plan | Forecast | Questar Gas and Wexpro                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Increase (decrease) in net periodic benefit credit             $ 3  
Other Postretirement Benefits Plan | Minimum | Closure of East Ohio Transaction                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Remeasurement, discount rate     5.61%          
Other Postretirement Benefits Plan | Maximum | Closure of East Ohio Transaction                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Remeasurement, discount rate     5.62%          
Pension Benefits                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Contributions to qualified defined benefit pension plans 33       40      
Service cost 19     $ 24 63 $ 72    
Decrease in the accumulated postretirement benefit obligation, transferred upon closing         4      
Defined benefit plan, loss on sale $ (3)       $ (16)      
Pension Benefits | Subsequent Event                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Additional employer contributions               $ 6
Pension Benefits | Closure of East Ohio Transaction                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Decrease in the pension benefit obligation due to remeasurement     $ 419          
Decrease in the pension benefit obligation, amount transferred upon closing     195          
Increase in the fair value of the plan assets due to remeasurement     555          
Increase in the fair value of the plan assets, transferred upon closing     531          
Increase (decrease) in net periodic benefit credit     $ 11          
Remeasurement, discount rate     5.62%          
Defined benefit plan, loss on sale     $ 147          
Pension Benefits | Questar Gas and Wexpro                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Decrease in the pension benefit obligation due to remeasurement   251            
Decrease in the pension benefit obligation, amount transferred upon closing   136            
Increase in the fair value of the plan assets due to remeasurement   248            
Increase in the fair value of the plan assets, transferred upon closing   $ 138            
Remeasurement, discount rate   5.75%            
Defined benefit plan, loss on sale   $ 49            
Pension Benefits | Forecast | Questar Gas and Wexpro                
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]                
Increase (decrease) in net periodic benefit credit             $ 8  
v3.24.3
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]          
Gain (loss) on investments       $ 589 $ 228
Charge for the write-off of certain previously deferred amounts $ 122   $ 1 219 136
Charge in connection with settlement of an agreement   $ 47      
Charge in connection with settlement of an agreement, after tax   $ 35      
Operating Segments          
Segment Reporting Information [Line Items]          
After- tax net benefits (expenses)       155  
Gain (loss) on investments       518 183
Gain (loss) on investments, after tax       $ 402 $ 142
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Corporate and Other | Operating Segments          
Segment Reporting Information [Line Items]          
After- tax net benefits (expenses)       $ 28 $ (14)
After- tax net benefits (expenses) for specific items       319 245
Contracted Energy | Operating Segments          
Segment Reporting Information [Line Items]          
Gain (loss) on investments, after tax       347 124
Loss related to economic hedging activities       107  
Loss related to economic hedging activities after tax       82  
Gain related to economic hedging activities         335
Gain related to economic hedging activities after tax         255
Charge in connection with settlement of an agreement       47  
Charge in connection with settlement of an agreement, after tax       35  
Charge for impairment of nonregulated renewable natural gas facilities       60  
Charge for impairment of nonregulated renewable natural gas facilities after tax       46  
Dominion Energy Virginia | Operating Segments          
Segment Reporting Information [Line Items]          
Gain (loss) on investments, after tax       $ 55 $ 18
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member]   Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Charge for amortization of a regulatory asset, 2021 Triennial Review         $ 183
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax         136
Charge related to write-off of certain early stage development costs       $ 30  
Charge related to write-off of certain early stage development costs after tax       22  
Dominion Energy Virginia | Deferred amounts related to certain riders | Operating Segments          
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
Dominion Energy South Carolina | Operating Segments          
Segment Reporting Information [Line Items]          
Benefit related to real estate transactions         31
Benefit related to real estate transactions, after tax         $ 23
Charge in connection with the electric base rate case       58  
Charge in connection with the electric base rate case, after tax       $ 44  
v3.24.3
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Operating Revenue $ 3,941 $ 3,810 $ 11,059 $ 10,859
Net Income from discontinued operations including noncontrolling interest [1] (13) (541) 182 (92)
Net income (loss) attributable to Dominion Energy 954 157 2,200 1,721
Operating Segments        
Segment Reporting Information [Line Items]        
Total revenue from external customers 3,941 3,810 11,059 10,859
Adjustments & Eliminations        
Segment Reporting Information [Line Items]        
Net Income from discontinued operations including noncontrolling interest 0 0 0 0
Net income (loss) attributable to Dominion Energy 0 0 0 0
Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 0 0 0 0
Adjustments & Eliminations        
Segment Reporting Information [Line Items]        
Operating Revenue (260) (235) (761) (707)
Eliminations        
Segment Reporting Information [Line Items]        
Total revenue from external customers 0 0 0 0
Operating Revenue (260) (235) (761) (707)
Dominion Energy Virginia | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenue from external customers 2,760 2,649 7,786 7,286
Operating Revenue 2,762 2,645 7,788 7,281
Net Income from discontinued operations including noncontrolling interest 0 0 0 0
Net income (loss) attributable to Dominion Energy 662 535 1,571 1,315
Dominion Energy Virginia | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 2 (4) 2 (5)
Dominion Energy South Carolina | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenue from external customers 846 944 2,496 2,559
Operating Revenue 848 945 2,503 2,563
Net Income from discontinued operations including noncontrolling interest 0 0 0 0
Net income (loss) attributable to Dominion Energy 147 143 296 302
Dominion Energy South Carolina | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 2 1 7 4
Contracted Energy | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenue from external customers 256 225 843 659
Operating Revenue 260 231 852 673
Net Income from discontinued operations including noncontrolling interest 0 0 0 0
Net income (loss) attributable to Dominion Energy 83 52 305 118
Contracted Energy | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 4 6 9 14
Corporate and Other | Operating Segments        
Segment Reporting Information [Line Items]        
Total revenue from external customers 79 (8) (66) 355
Operating Revenue 331 224 677 1,049
Net Income from discontinued operations including noncontrolling interest (13) (541) 182 (92)
Net income (loss) attributable to Dominion Energy 62 (573) 28 (14)
Corporate and Other | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue $ 252 $ 232 $ 743 $ 694
[1] Includes income tax expense (benefit) of $(10) million and $1.2 billion for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $1.3 billion for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Gain (loss) on investments     $ 589 $ 228
Charge for the write-off of certain previously deferred amounts $ 122 $ 1 219 136
Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Gain (loss) on investments     85 31
Operating Segments        
Segment Reporting Information [Line Items]        
After- tax net benefits (expenses)     155  
Gain (loss) on investments     518 183
Gain (loss) on investments, after tax     $ 402 $ 142
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Operating Segments | Corporate and Other        
Segment Reporting Information [Line Items]        
After- tax net benefits (expenses)     $ 28 $ (14)
After- tax net benefits (expenses) for specific items     319 245
Operating Segments | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
After- tax net benefits (expenses)       (154)
Charge for amortization of a regulatory asset, 2021 Triennial Review       183
Charge for amortization of a regulatory asset, 2021 Triennial Review, after tax       136
Gain (loss) on investments     74 24
Gain (loss) on investments, after tax     $ 55 18
Charge for the write-off of certain previously deferred amounts       36
Charge for the write-off of certain previously deferred amounts, after tax       $ 27
Investment, Type [Extensible Enumeration] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member] Nuclear Decommissioning Trust Fund [Member]
Charge for write-off of certain early stage development costs     $ 30  
Charge for write-off of certain early stage development costs after tax     22  
Operating Segments | Virginia Electric and Power Company | Corporate and Other        
Segment Reporting Information [Line Items]        
After- tax net benefits (expenses)     27 $ (151)
After- tax net benefits (expenses) for specific items     $ 25 $ (155)
v3.24.3
Operating Segments (Schedule of Segment Reporting Information, by Segment, Virginia Power) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Operating Revenue $ 3,941 $ 3,810 $ 11,059 $ 10,859
Net Income (Loss) 954 157 2,200 1,721
Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Operating Revenue [1] 2,762 2,645 7,788 7,281
Net Income (Loss) 654 475 1,598 1,164
Dominion Energy Virginia | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Operating Revenue 2,762 2,645 7,788 7,281
Net Income (Loss) 662 535 1,571 1,315
Corporate and Other | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Operating Revenue 0 0 0 0
Net Income (Loss) $ (8) $ (60) $ 27 $ (151)
[1] See Note 19 for amounts attributable to affiliates.