DOMINION ENERGY GAS HOLDINGS, LLC, 10-Q filed on 8/5/2020
Quarterly Report
v3.20.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2020
Jul. 17, 2020
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
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   840,135,854
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-08489  
Entity Tax Identification Number 54-1229715  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2000  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, no par value  
Trading Symbol D  
Security Exchange Name NYSE  
2016 Series A 5.25% Enhanced Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 2016 Series A 5.25% Enhanced Junior Subordinated Notes  
Trading Symbol DRUA  
Security Exchange Name NYSE  
2019 Series A Corporate Units    
Document Information [Line Items]    
Title of 12(b) Security 2019 Series A Corporate Units  
Trading Symbol DCUE  
Security Exchange Name NYSE  
Virginia Electric and Power Company    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name VIRGINIA ELECTRIC AND POWER COMPANY  
Entity Central Index Key 0000103682  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   274,723
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 000-55337  
Entity Tax Identification Number 54-0418825  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2000  
Dominion Energy Gas Holdings, LLC    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q2  
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 GAS HOLDINGS, LLC  
Entity Central Index Key 0001603291  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-37591  
Entity Tax Identification Number 46-3639580  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2000  
Dominion Energy Gas Holdings, LLC | 2014 Series C 4.6% Senior Notes    
Document Information [Line Items]    
Title of 12(b) Security 2014 Series C 4.6% Senior Notes  
No Trading Symbol Flag true  
Security Exchange Name NYSE  
v3.20.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating Revenue [1] $ 3,585 $ 3,970 $ 8,081 $ 7,828
Operating Expenses        
Electric fuel and other energy-related purchases 505 718 1,173 1,509
Purchased (excess) electric capacity 11 24 13 63
Purchased (excess) gas 74 227 501 957
Other operations and maintenance 995 1,283 2,038 2,285
Depreciation, depletion and amortization 673 661 1,346 1,312
Other taxes 256 284 540 576
Impairment of assets and other charges 531 312 1,299 1,147
Total operating expenses 3,045 3,509 6,910 7,849
Income (loss) from operations 540 461 1,171 (21)
Earnings (loss) from equity method investees (2,281) 39 (2,228) 80
Other income 502 53 50 400
Interest and related charges 449 452 939 921
Income (loss) from operations including noncontrolling interests before income tax expense (benefit) (1,688) 101 (1,946) (462)
Income tax expense (benefit) (556) 43 (575) 157
Net Income (Loss) Including Noncontrolling Interests (1,132) 58 (1,371) (619)
Noncontrolling Interests 37 4 68 7
Net Income (Loss) $ (1,169) $ 54 $ (1,439) $ (626)
Earnings Per Common Share        
Net Income (Loss) attributable to Dominion Energy - Basic $ (1.41) $ 0.07 $ (1.75) $ (0.78)
Net Income (Loss) attributable to Dominion Energy - Diluted $ (1.41) $ 0.05 $ (1.75) $ (0.78)
Virginia Electric and Power Company        
Operating Revenue [2] $ 1,805 $ 1,938 $ 3,735 $ 3,903
Operating Expenses        
Electric fuel and other energy-related purchases [2] 366 536 858 1,132
Purchased (excess) electric capacity (8) 13 (17) 46
Affiliated suppliers 80 127 167 213
Other operations and maintenance 296 438 627 631
Depreciation, depletion and amortization 307 299 618 603
Other taxes 85 90 172 175
Impairment of assets and other charges 44 197 808 743
Total operating expenses 1,170 1,700 3,233 3,543
Income (loss) from operations 635 238 502 360
Other income 52 16 0 53
Interest and related charges [2] 137 135 263 270
Income before income tax expense 550 119 239 143
Income tax expense (benefit) 60 19 29 23
Net Income (Loss) 490 100 210 120
Dominion Energy Gas Holdings, LLC        
Operating Revenue [3] 510 530 1,066 1,096
Operating Expenses        
Purchased (excess) gas [3] 0 (3) 8 9
Other energy-related purchases 1 1 1 1
Affiliated suppliers 39 54 79 93
Other operations and maintenance 111 156 236 293
Depreciation, depletion and amortization 94 92 187 182
Other taxes 35 38 77 78
Impairment of assets and other charges 482 13 482 13
Total operating expenses 762 351 1,070 669
Income (loss) from operations (252) 179 (4) 427
Earnings (loss) from equity method investees 8 9 23 22
Other income [3] 46 44 95 85
Interest and related charges [3] 50 86 108 173
Income (loss) from operations including noncontrolling interests before income tax expense (benefit) (248) 146 6 361
Income tax expense (benefit) (82) 23 (30) 66
Net income (loss) from continuing operations (166) 123 36 295
Net Income from discontinued operations 0 26 0 80
Net Income (Loss) Including Noncontrolling Interests (166) 149 36 375
Noncontrolling Interests 32 30 65 66
Net Income (Loss) $ (198) $ 119 $ (29) $ 309
[1] See Note 10 for amounts attributable to related parties.
[2] See Note 19 for amounts attributable to affiliates.
[3] See Note 19 for amounts attributable to related parties.
v3.20.2
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net income (loss) including noncontrolling interests $ (1,132) $ 58 $ (1,371) $ (619)
Net income (loss) (1,169) 54 (1,439) (626)
Other comprehensive income (loss), net of taxes:        
Net deferred gains (losses) on derivatives-hedging activities [1] 2 (78) (264) (102)
Changes in unrealized net gains (losses) on investment securities [2] 19 13 28 29
Changes in net unrecognized pension and other postretirement benefit costs [3] (1) 113 (1) 113
Amounts reclassified to net income (loss):        
Net derivative (gains) losses-hedging activities [4] 5 (21) 27 (52)
Net realized (gains) losses on investment securities [5] (5) (1) (14) (1)
Net pension and other postretirement benefit costs [6] 18 22 37 30
Total other comprehensive income (loss) 38 48 (187) 17
Comprehensive income (loss) including noncontrolling interests (1,094) 106 (1,558) (602)
Comprehensive income attributable to noncontrolling interests 37 4 68 7
Comprehensive income (loss) attributable to Dominion Energy (1,131) 102 (1,626) (609)
Virginia Electric and Power Company        
Net income (loss) 490 100 210 120
Other comprehensive income (loss), net of taxes:        
Net deferred gains (losses) on derivatives-hedging activities [7] 1 (11) (44) (18)
Changes in unrealized net gains (losses) on investment securities [8] 6 2 4 4
Amounts reclassified to net income (loss):        
Net derivative (gains) losses-hedging activities [9] 0 1 0 1
Net realized (gains) losses on investment securities [10] (2) (1) (1) (1)
Total other comprehensive income (loss) 5 (9) (41) (14)
Comprehensive income (loss) attributable to Dominion Energy 495 91 169 106
Dominion Energy Gas Holdings, LLC        
Net income (loss) including noncontrolling interests (166) 149 36 375
Net income (loss) (198) 119 (29) 309
Other comprehensive income (loss), net of taxes:        
Net deferred gains (losses) on derivatives-hedging activities 0 (24) (91) (51)
Changes in net unrecognized pension and other postretirement benefit costs [11] 0 29 0 29
Amounts reclassified to net income (loss):        
Net derivative (gains) losses-hedging activities [12] (2) (2) 4 1
Net pension and other postretirement benefit costs [13] 2 2 3 3
Total other comprehensive income (loss) 0 5 (84) (18)
Comprehensive income (loss) including noncontrolling interests (166) 154 (48) 357
Comprehensive income attributable to noncontrolling interests 32 30 65 65
Comprehensive income (loss) attributable to Dominion Energy $ (198) $ 124 $ (113) $ 292
[1] Net of $(4) million and $27 million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $89 million and $32 million tax for the six months ended June 30, 2020 and 2019, respectively.
[2] Net of $(6) million and $(5) million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $(10) million and $(11) million tax for the six months ended June 30, 2020 and 2019, respectively.
[3] Net of $3 million and $(49) million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $3 million and $(49) million tax for the six months ended June 30, 2020 and 2019 respectively.
[4] Net of $(2) million and $8 million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $(9) million and $18 million tax for the six months ended June 30, 2020 and 2019, respectively.
[5] Net of $— million and $— million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $4 million and $— million tax for the six months ended June 30, 2020 and 2019, respectively.
[6] Net of $(8) million and $3 million tax for the three months ended June 30, 2020 and 2019 respectively, and net of $(13) million and $(11) million tax for the six months ended June 30, 2020 and 2019, respectively.
[7] Net of $(1) million and $4 million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $15 million and $6 million tax for the six months ended June 30, 2020 and 2019, respectively.
[8] Net of $(1) million and $— million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $(1) million and $(1) million tax for the six months ended June 30, 2020 and 2019, respectively.  
[9] Net of $(1) million and $ — million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $ (1) million and $ — million tax for the six months ended June 30, 2020 and 2019, respectively.
[10] Net of $2 million and $ — million tax for the three months ended June 30, 2020 and 2019, respectively, and net of $1 million and $ — million tax for the six months ended June 30, 2020 and 2019, respectively.
[11] Net of $ — million and $(11) million tax for the three months ended June 30, 2020 and 2019, respectively, and $ — million and $(11) million tax for the six months ended June 30, 2020 and 2019, respectively.
[12] Net of $ — million and $— million tax for the three months ended June 30, 2020 and 2019, respectively, and $(2) million and $ — million tax for the six months ended June 30, 2020 and 2019, respectively.
[13] Net of $ — million and $ — million tax for the three months ended June 30, 2020 and 2019, respectively, and $(1) million and $(1) million tax for the six months ended June 30, 2020 and 2019, respectively.  
v3.20.2
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Net deferred losses on derivative-hedging activities, tax $ (4) $ 27 $ 89 $ 32
Changes in unrealized net gains (losses) on investment securities, tax (6) (5) (10) (11)
Changes in net unrecognized pension and other postretirement benefit costs, tax 3 (49) 3 (49)
Net derivative (gains) losses-hedging activities, tax (2) 8 (9) 18
Net realized (gains) losses on investment securities, tax 0 0 4 0
Net pension and other postretirement benefit costs, tax (8) 3 (13) (11)
Virginia Electric and Power Company        
Net deferred losses on derivative-hedging activities, tax (1) 4 15 6
Changes in unrealized net gains (losses) on investment securities, tax (1) 0 (1) (1)
Net derivative (gains) losses-hedging activities, tax (1) 0 (1) 0
Net realized (gains) losses on investment securities, tax 2 0 1 0
Dominion Energy Gas Holdings, LLC        
Net deferred losses on derivative-hedging activities, tax (1) 8 31 17
Changes in net unrecognized pension and other postretirement benefit costs, tax 0 (11) 0 (11)
Net derivative (gains) losses-hedging activities, tax 0 0 (2) 0
Net pension and other postretirement benefit costs, tax $ 0 $ 0 $ (1) $ (1)
v3.20.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 675 $ 166 [1]
Customer receivables (less allowance for doubtful accounts) 2,040 2,278 [1]
Other receivables (less allowance for doubtful accounts) [2] 233 367 [1]
Inventories 1,735 1,742 [1]
Prepayments 589 328 [1]
Regulatory assets 616 879 [1]
Other 236 328 [1]
Total current assets 6,124 6,088 [1]
Investments    
Nuclear decommissioning trust funds 6,018 6,192 [1]
Investment in equity method affiliates 584 1,646 [1]
Other 382 379 [1]
Total investments 6,984 8,217 [1]
Property, Plant and Equipment    
Property, plant and equipment 96,527 97,466 [1]
Accumulated depreciation, depletion and amortization (28,547) (28,384) [1]
Total property, plant and equipment, net 67,980 69,082 [1]
Deferred Charges and Other Assets    
Goodwill 8,946 8,946 [1]
Regulatory assets 9,438 7,687 [1]
Other 4,256 3,803 [1]
Total deferred charges and other assets 22,640 20,436 [1]
Total assets 103,728 103,823 [1]
Current Liabilities    
Securities due within one year 2,799 3,162 [1]
Supplemental 364-Day credit facility borrowings 225  
Short-term debt 386 911 [1]
Accounts payable 797 1,115 [1]
Accrued interest, payroll and taxes 1,011 1,323 [1]
Regulatory liabilities 749 497 [1]
Derivative liabilities 586 408 [1]
Other [2] 2,446 1,827 [1]
Total current liabilities 9,537 9,939 [1]
Long-Term Debt    
Long-term debt 33,844 30,313 [1]
Junior subordinated notes 2,858 3,406 [1]
Other 444 105 [1]
Total long-term debt 37,146 33,824 [1]
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 5,921 6,277 [1]
Regulatory liabilities 10,680 11,001 [1]
Derivative liabilities 748 332 [1]
Other [3] 8,812 8,417 [1]
Total deferred credits and other liabilities 26,161 26,027 [1]
Total liabilities 72,844 69,790 [1]
Commitments and Contingencies (see Note 17) [1]
Equity    
Preferred stock (See Note 16) 2,387 2,387 [1]
Common stock - no par [4] 23,984 23,824 [1]
Retained earnings 4,480 7,576 [1]
Accumulated other comprehensive income (loss) (1,980) (1,793) [1]
Total shareholders' equity 28,871 31,994 [1]
Noncontrolling interests 2,013 2,039 [1]
Total equity 30,884 34,033 [1]
Total liabilities and equity 103,728 103,823 [1]
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents 37 17 [5]
Customer receivables (less allowance for doubtful accounts) 1,184 1,163 [5]
Other receivables (less allowance for doubtful accounts) 94 106 [5]
Affiliated receivables 2 27 [5]
Inventories 874 873 [5]
Regulatory assets 197 433 [5]
Other [6] 64 57 [5]
Total current assets 2,452 2,676 [5]
Investments    
Nuclear decommissioning trust funds 2,782 2,881 [5]
Other 3 3 [5]
Total investments 2,785 2,884 [5]
Property, Plant and Equipment    
Property, plant and equipment 45,273 47,038 [5]
Accumulated depreciation, depletion and amortization (13,774) (14,156) [5]
Total property, plant and equipment, net 31,499 32,882 [5]
Deferred Charges and Other Assets    
Regulatory assets 3,780 1,863 [5]
Other [6] 1,524 1,123 [5]
Total deferred charges and other assets 5,304 2,986 [5]
Total assets 42,040 41,428 [5]
Current Liabilities    
Securities due within one year 7 4 [5]
Short-term debt 0 243 [5]
Accounts payable 305 334 [5]
Payables to affiliates 406 210 [5]
Affiliated current borrowings 340 107 [5]
Accrued interest, payroll and taxes 276 253 [5]
Regulatory liabilities 296 167 [5]
Asset retirement obligations 91 340 [5]
Derivative liabilities [6] 478 243 [5],[7]
Other 598 571 [5]
Total current liabilities 2,797 2,472 [5]
Long-Term Debt    
Long-term debt 12,328 12,325 [5]
Total long-term debt 12,358 12,341 [5]
Finance leases 30 16 [5]
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 2,739 2,962 [5]
Asset retirement obligations 3,548 3,241 [5]
Regulatory liabilities 4,954 5,074 [5]
Derivative liabilities [8] 526 223
Other [6] 1,700 1,349 [5]
Total deferred credits and other liabilities 12,941 12,626 [5]
Total liabilities 28,096 27,439 [5]
Commitments and Contingencies (see Note 17) [5]
Equity    
Common stock - no par [9] 5,738 5,738 [5]
Other paid-in capital 1,113 1,113 [5]
Retained earnings 7,163 7,167 [5]
Accumulated other comprehensive income (loss) (70) (29) [5]
Total shareholders' equity 13,944 13,989 [5]
Total liabilities and equity 42,040 41,428 [5]
Dominion Energy Gas Holdings, LLC    
Current Assets    
Cash and cash equivalents [10] 53 27 [11]
Customer receivables (less allowance for doubtful accounts) 151 173 [11]
Other receivables (less allowance for doubtful accounts) [12] 12 26 [11]
Affiliated receivables 77 362 [11]
Affiliated notes receivable 263 0 [11]
Inventories 130 122 [11]
Prepayments 43 73 [11]
Gas imbalances [12] 25 52 [11]
Regulatory assets [13] 9 8
Other 23 23 [11]
Total current assets 777 858 [11]
Investments    
Affiliated notes receivable 2,272 3,437 [11]
Investment in equity method affiliates 310 312 [11]
Total investments 2,582 3,749 [11]
Property, Plant and Equipment    
Property, plant and equipment 14,899 15,166 [11]
Accumulated depreciation, depletion and amortization (3,695) (3,538) [11]
Total property, plant and equipment, net 11,204 11,628 [11]
Deferred Charges and Other Assets    
Goodwill 1,471 1,471 [11]
Regulatory assets [14] 37 40
Other [12] 1,107 1,078 [11]
Total deferred charges and other assets 2,578 2,549 [11]
Total assets 17,141 18,784 [11]
Current Liabilities    
Securities due within one year 1,200 700 [11]
Short-term debt 0 62 [11]
Accounts payable 52 59 [11]
Payables to affiliates 159 82 [11]
Affiliated current borrowings 314 260 [11]
Regulatory liabilities [15] 37 41
Derivative liabilities [16] 76 33
Other [12] 382 289 [11]
Total current liabilities 2,107 1,452 [11]
Long-Term Debt    
Long-term debt 4,324 4,821 [11]
Total long-term debt 4,329 4,826 [11]
Finance leases 5 5 [11]
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 1,156 1,288 [11]
Regulatory liabilities [17] 820 800
Derivative liabilities [18] 128 53
Other 1,093 989 [11]
Total deferred credits and other liabilities 2,249 2,277 [11]
Total liabilities 8,685 8,555 [11]
Commitments and Contingencies (see Note 17) [11]
Equity    
Membership interests 7,352 9,031 [11]
Accumulated other comprehensive income (loss) (271) (187) [11]
Total members' equity 7,081 8,844 [11]
Noncontrolling interests 1,375 1,385 [11]
Total equity 8,456 10,229 [11]
Total liabilities and equity 17,141 18,784 [11]
SCANA    
Current Liabilities    
Reserves for SCANA legal proceedings $ 538 $ 696 [1]
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] See Note 10 for amounts attributable to related parties.
[3] See Note 10 for amounts attributable to related parties
[4] 1.8 billion shares authorized; 840 million shares and 838 million shares outstanding at June 30, 2020 and December 31, 2019, respectively.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[6] See Note 19 for amounts attributable to affiliates.
[7] Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets
[8] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.
[9] 500,000 shares authorized; 274,723 shares outstanding at June 30, 2020 and December 31, 2019.
[10] At June 30, 2019 and December 31, 2018, Dominion Energy Gas had $12 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
[11] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[12] See Note 19 for amounts attributable to related parties.
[13] Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[14] Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[15] Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[16] Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[17] Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[18] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Customer receivables, allowance for doubtful accounts $ 44 $ 20 [1]
Other receivables, allowance for doubtful accounts [2] $ 3 $ 3 [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 $ 20 $ 9 [3]
Other receivables, allowance for doubtful accounts $ 2 $ 2 [3]
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 274,723 274,723
Dominion Energy Gas Holdings, LLC    
Customer receivables, allowance for doubtful accounts $ 5 $ 2 [4]
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] See Note 10 for amounts attributable to related parties.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Preferred Stock
Common Stock
Retained Earnings
AOCI
Total Shareholders' Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2018 $ 22,048 $ 0 $ 12,588 $ 9,219 $ (1,700) $ 20,107 $ 1,941
Beginning balance (in shares) at Dec. 31, 2018   0 681        
Net income (loss) including noncontrolling interests (619)     (626)   (626) 7
Issuance of stock 1,921 $ 1,596 $ 325     1,921  
Issuance of stock (in shares)   2 4        
Stock purchase contract component of 2019 Equity Units [1] (264)   $ (264)     (264)  
Acquisition of SCANA 6,818   $ 6,818     6,818  
Acquisition of SCANA (in shares)     96        
Acquisition of public interest in Dominion Energy Midstream (40)   $ 1,181     1,181 (1,221)
Acquisition of public interest in Dominion Energy Midstream (in shares)     22        
Stock awards (net of change in unearned compensation) 12   $ 12     12  
Dividends and distributions (1,512)     (1,469)   (1,469) (43)
Other comprehensive income (loss), net of tax 17       17 17  
Ending balance at Jun. 30, 2019 28,381 $ 1,596 $ 20,660 7,124 (1,683) 27,697 684
Ending balance (in shares) at Jun. 30, 2019   2 803        
Beginning balance at Mar. 31, 2019 27,599 $ 0 $ 20,834 7,806 (1,731) 26,909 690
Beginning balance (in shares) at Mar. 31, 2019   0 802        
Net income (loss) including noncontrolling interests 58     54   54 4
Issuance of stock 1,674 $ 1,596 $ 78     1,674  
Issuance of stock (in shares)   2 1        
Stock purchase contract component of 2019 Equity Units [1] (264)   $ (264)     (264)  
Stock awards (net of change in unearned compensation) 12   12     12  
Dividends and distributions (746)     (736)   (736) (10)
Other comprehensive income (loss), net of tax 48       48 48  
Ending balance at Jun. 30, 2019 28,381 $ 1,596 $ 20,660 7,124 (1,683) 27,697 684
Ending balance (in shares) at Jun. 30, 2019   2 803        
Beginning balance at Dec. 31, 2019 34,033 [2] $ 2,387 $ 23,824 7,576 (1,793) 31,994 2,039
Beginning balance (in shares) at Dec. 31, 2019   2 838        
Cumulative-effect of changes in accounting principles (48)     (48)   (48)  
Net income (loss) including noncontrolling interests (1,371)     (1,439)   (1,439) 68
Issuance of stock 148   $ 148     148  
Issuance of stock (in shares)     2        
Stock awards (net of change in unearned compensation) 13   $ 13     13  
Preferred stock dividends and distributions [1] (32)     (32)   (32)  
Common stock dividends and distributions (1,671)     (1,577)   (1,577) (94)
Other comprehensive income (loss), net of tax (187)       (187) (187)  
Other (1)   (1)     (1)  
Ending balance at Jun. 30, 2020 30,884 $ 2,387 $ 23,984 4,480 (1,980) 28,871 2,013
Ending balance (in shares) at Jun. 30, 2020   2 840        
Beginning balance at Mar. 31, 2020 32,752 $ 2,387 $ 23,902 6,455 (2,018) 30,726 2,026
Beginning balance (in shares) at Mar. 31, 2020   2 839        
Net income (loss) including noncontrolling interests (1,132)     (1,169)   (1,169) 37
Issuance of stock 70   $ 70     70  
Issuance of stock (in shares)     1        
Stock awards (net of change in unearned compensation) 13   $ 13     13  
Preferred stock dividends and distributions [1] (16)     (16)   (16)  
Common stock dividends and distributions (839)     (789)   (789) (50)
Other comprehensive income (loss), net of tax 38       38 38  
Other (2)   (1) (1)   (2)  
Ending balance at Jun. 30, 2020 $ 30,884 $ 2,387 $ 23,984 $ 4,480 $ (1,980) $ 28,871 $ 2,013
Ending balance (in shares) at Jun. 30, 2020   2 840        
[1] See Note 16 for further information.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement Of Stockholders Equity [Abstract]        
Dividends declared per common share $ 0.940 $ 0.9175 $ 1.880 $ 1.835
v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income (loss) including noncontrolling interests $ (1,371) $ (619)
Net income (loss) (1,439) (626)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 1,497 1,472
Deferred income taxes and investment tax credits (231) 107
Provision for refunds and rate credits to electric utility customers 0 953
Impairment of assets and other charges 1,297 1,012
Loss for equity method investee 2,315 0
Charge related to a voluntary retirement program 0 409
Net losses (gains) on nuclear decommissioning trust funds and other investments 117 (371)
Revision to future ash pond and landfill closure costs 0 (113)
Other adjustments 4 4
Changes in:    
Accounts receivable 396 492
Inventories 7 (14)
Deferred fuel and purchased gas costs, net 237 120
Prepayments (193) 22
Accounts payable (191) (446)
Accrued interest, payroll and taxes (313) (264)
Customer deposits (7) (85)
Margin deposit assets and liabilities 19 113
Other operating assets and liabilities (447) (479)
Net cash provided by operating activities 3,136 2,313
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (2,915) (2,112)
Cash and restricted cash acquired in the SCANA Combination 0 389
Acquisition of solar development projects (187) (152)
Proceeds from sales of securities 1,660 882
Purchases of securities (1,710) (888)
Proceeds from sales of assets and equity method investments 0 196
Contributions to equity method affiliates (39) (132)
Acquisition of equity method investments (178) 0
Other 35 (16)
Net cash used in investing activities (3,334) (1,833)
Financing Activities    
Issuance (repayment) of short-term debt, net (525) 2,040
Issuance of short-term notes 1,125 0
Repayment of short-term notes (625) 0
Supplemental 364-Day credit facility borrowings 225 0
Repayment of credit facility borrowings 0 (113)
Issuance of long-term debt 4,355 798
Repayment of long-term debt (2,210) (3,378)
Issuance of 2019 Equity Units 0 1,582
Issuance of common stock 148 325
Common dividend payments (1,577) (1,469)
Dividends and distributions 0 0
Other (245) (96)
Net cash provided by (used in) financing activities 671 (311)
Increase (decrease) in cash, restricted cash and equivalents 473 169
Cash, restricted cash and equivalents at beginning of period 269 391
Cash, restricted cash and equivalents at end of period 742 560
Significant noncash investing and financing activities:    
Accrued capital expenditures [1],[2] 346 311
Leases [1],[2],[3] 35 24
Financing leases 32 22
Virginia Electric and Power Company    
Operating Activities    
Net income (loss) 210 120
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 702 690
Deferred income taxes and investment tax credits (220) (43)
Impairment of assets and other charges 806 608
Charge related to a voluntary retirement program 0 190
Revision to future ash pond and landfill closure costs 0 (113)
Other adjustments 2 (51)
Changes in:    
Accounts receivable 1 68
Affiliated receivables and payables 220 (179)
Inventories (1) (30)
Deferred fuel and purchased gas costs, net 136 153
Prepayments 0 (4)
Accounts payable (9) (35)
Accrued interest, payroll and taxes 18 14
Other operating assets and liabilities 47 (331)
Net realized and unrealized changes related to derivative activities (20) 17
Net cash provided by operating activities 1,892 1,074
Investing Activities    
Plant construction and other property additions (1,474) (1,079)
Purchases of nuclear fuel (154) (67)
Acquisition of solar development projects (19) (150)
Proceeds from sales of securities 530 447
Purchases of securities (549) (478)
Other 18 (11)
Net cash used in investing activities (1,648) (1,338)
Financing Activities    
Issuance (repayment) of short-term debt, net (243) 986
Issuance (repayment) of affiliated current borrowings, net 233 (153)
Issuance of long-term debt 105 198
Repayment of long-term debt (105) (589)
Common dividend payments (215) (189)
Other (3) (2)
Net cash provided by (used in) financing activities (228) 251
Increase (decrease) in cash, restricted cash and equivalents 16 (13)
Cash, restricted cash and equivalents at beginning of period 24 38
Cash, restricted cash and equivalents at end of period 40 25
Significant noncash investing and financing activities:    
Accrued capital expenditures 239 193
Financing leases 20 9
Dominion Energy Gas Holdings, LLC    
Operating Activities    
Net income (loss) including noncontrolling interests 36 375
Net income (loss) (29) 309
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization 187 227
Deferred income taxes and investment tax credits (97) 39
Impairment of assets and other charges 482 13
Charge related to a voluntary retirement program 0 73
Other adjustments (1) 15
Changes in:    
Accounts receivable 37 88
Affiliated receivables and payables 362 (48)
Inventories (8) (31)
Prepayments 30 59
Accounts payable 6 (105)
Accrued interest, payroll and taxes (16) (55)
Customer deposits (1) (81)
Other operating assets and liabilities 26 (45)
Pension and other postretirement benefits (35) (64)
Net cash provided by operating activities 1,008 460
Investing Activities    
Plant construction and other property additions (147) (341)
Repayment of loans by affiliates 1,165 0
Advances to affiliates (263) 0
Other (4) (12)
Net cash used in investing activities 751 (353)
Financing Activities    
Issuance (repayment) of short-term debt, net (62) 240
Issuance (repayment) of affiliated current borrowings, net 54 (11)
Repayment of credit facility borrowings 0 (73)
Issuance of affiliated long-term debt 0 395
Repayment of long-term debt 0 (300)
Dividends and distributions (1,725) (348)
Other (1) (1)
Net cash provided by (used in) financing activities (1,734) (98)
Increase (decrease) in cash, restricted cash and equivalents 25 9
Cash, restricted cash and equivalents at beginning of period 39 198
Cash, restricted cash and equivalents at end of period 64 207
Significant noncash investing and financing activities:    
Accrued capital expenditures 24 43
Financing leases $ 1 $ 6
[1] See Note 16 for noncash financing activities related to derivative restructuring, the acquisition of the public interest in Dominion Energy Midstream and the issuance of stock purchase contracts associated with the 2019 Equity Units. See Note 18 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2019 for non-cash financing activities related to the remarketing of RSNs.
[2] See Note 3 for noncash investing and financing activities related to the SCANA Combination.
[3] Includes $32 million and $22 million of financing leases at June 30, 2020 and 2019, respectively, and $3 million and $2 million of operating leases at June 30, 2020 and 2019, respectively.
v3.20.2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Statement Of Cash Flows [Abstract]    
Financing leases $ 32 $ 22
Operating leases $ 3 $ 2
Supplemental line of credit facility borrowings expiration period 364 days  
v3.20.2
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, 2018       $ (1,700) $ 13,047 $ 5,738 $ 1,113 $ 6,208 $ (12)
Beginning balance (in shares) at Dec. 31, 2018   681,000       275      
Net income (loss) $ (626)       120     120  
Dividends and distributions (1,512)   $ (1,469)   (189)     (189)  
Other comprehensive income (loss), net of tax 17     17 (14)       (14)
Ending balance at Jun. 30, 2019       (1,683) 12,964 $ 5,738 1,113 6,139 (26)
Ending balance (in shares) at Jun. 30, 2019   803,000       275      
Beginning balance at Mar. 31, 2019       (1,731) 12,944 $ 5,738 1,113 6,110 (17)
Beginning balance (in shares) at Mar. 31, 2019   802,000       275      
Net income (loss) 54       100     100  
Dividends and distributions (746)   (736)   (71)     (71)  
Other comprehensive income (loss), net of tax 48     48 (9)       (9)
Ending balance at Jun. 30, 2019       (1,683) 12,964 $ 5,738 1,113 6,139 (26)
Ending balance (in shares) at Jun. 30, 2019   803,000       275      
Beginning balance at Dec. 31, 2019 31,994 [1]     (1,793) 13,989 [2] $ 5,738 1,113 7,167 (29)
Beginning balance (in shares) at Dec. 31, 2019   838,000       275      
Net income (loss) (1,439)       210     210  
Dividends and distributions         (215)     (215)  
Other comprehensive income (loss), net of tax (187)     (187) (41)       (41)
Other (1) $ (1)     1     1  
Ending balance at Jun. 30, 2020 28,871     (1,980) 13,944 $ 5,738 1,113 7,163 (70)
Ending balance (in shares) at Jun. 30, 2020   840,000       275      
Beginning balance at Mar. 31, 2020       (2,018) 13,556 $ 5,738 1,113 6,780 (75)
Beginning balance (in shares) at Mar. 31, 2020   839,000       275      
Net income (loss) (1,169)       490     490  
Dividends and distributions         (107)     (107)  
Other comprehensive income (loss), net of tax 38     38 5       5
Other (2) $ (1) $ (1)            
Ending balance at Jun. 30, 2020 $ 28,871     $ (1,980) $ 13,944 $ 5,738 $ 1,113 $ 7,163 $ (70)
Ending balance (in shares) at Jun. 30, 2020   840,000       275      
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Dominion Energy Gas Holdings, LLC Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
AOCI
Total Shareholders' Equity
Noncontrolling Interests
Dominion Energy Gas Holdings, LLC
Dominion Energy Gas Holdings, LLC
Predecessor Equity
Dominion Energy Gas Holdings, LLC
Member Interests
Dominion Energy Gas Holdings, LLC
AOCI
Dominion Energy Gas Holdings, LLC
Total Shareholders' Equity
Dominion Energy Gas Holdings, LLC
Noncontrolling Interests
Beginning balance at Dec. 31, 2018 $ 22,048 $ (1,700) $ 20,107 $ 1,941 $ 8,865 $ 1,804 $ 4,566 $ (169) $ 6,201 $ 2,664
Net income (loss) including noncontrolling interests (619)   (626) 7 375 146 163   309 66
Acquisition of public interest in Dominion Energy Midstream (40)   1,181 (1,221) (40) 1,181     1,181 (1,221)
Dividends and distributions (1,512)   (1,469) (43) (348) (266)     (266) (82)
Other comprehensive income (loss), net of tax         (18)     (17) (17) (1)
Other         (6) (6)     (6)  
Ending balance at Jun. 30, 2019 28,381 (1,683) 27,697 684 8,828 2,859 4,729 (186) 7,402 1,426
Beginning balance at Mar. 31, 2019 27,599 (1,731) 26,909 690 8,861 2,938 4,682 (191) 7,429 1,432
Net income (loss) including noncontrolling interests 58   54 4 149 72 47   119 30
Dividends and distributions (746)   (736) (10) (189) (153)     (153) (36)
Other comprehensive income (loss), net of tax         5     5 5  
Other         2 2     2  
Ending balance at Jun. 30, 2019 28,381 (1,683) 27,697 684 8,828 $ 2,859 4,729 (186) 7,402 1,426
Beginning balance at Dec. 31, 2019 34,033 [1] (1,793) 31,994 2,039 10,229 [2]   9,031 (187) 8,844 1,385
Net income (loss) including noncontrolling interests (1,371)   (1,439) 68 36   (29)   (29) 65
Dividends and distributions         (1,725)   (1,650)   (1,650) (75)
Other comprehensive income (loss), net of tax         (84)     (84) (84)  
Other (1)   (1)              
Ending balance at Jun. 30, 2020 30,884 (1,980) 28,871 2,013 8,456   7,352 (271) 7,081 1,375
Beginning balance at Mar. 31, 2020 32,752 (2,018) 30,726 2,026 10,078   8,968 (271) 8,697 1,381
Net income (loss) including noncontrolling interests (1,132)   (1,169) 37 (166)   (198)   (198) 32
Dividends and distributions         (1,456)   (1,418)   (1,418) (38)
Other (2)   (2)              
Ending balance at Jun. 30, 2020 $ 30,884 $ (1,980) $ 28,871 $ 2,013 $ 8,456   $ 7,352 $ (271) $ 7,081 $ 1,375
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Nature of Operations
 6 Months Ended
Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Nature of Operations

Note 1. Nature of Operations

Dominion Energy, headquartered in Richmond, Virginia, is one of the nation’s largest producers and transporters of energy. Dominion Energy’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Energy Gas. Dominion Energy’s operations also include DESC, an equity investment in Atlantic Coast Pipeline and regulated gas distribution operations primarily in the eastern and Rocky Mountain regions of the U.S. Dominion Energy’s nonregulated operations include merchant generation and retail energy marketing operations. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Energy Gas is a holding company that conducts business activities through FERC-regulated interstate natural gas transmission pipeline and underground storage systems in the eastern and Rocky Mountain regions of the U.S., as well as the Cove Point LNG Facility. In addition, Dominion Energy Gas owns a 50% noncontrolling interest in both Iroquois and White River Hub. See Note 3 for additional information on the Dominion Energy Gas Restructuring. In July 2020, Dominion Energy entered an agreement to sell substantially all of its gas transmission and storage operations, including Dominion Energy Gas, to BHE. See Note 3 for additional information.

 

 
v3.20.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at June 30, 2020, their results of operations and changes in equity for the three and six months ended June 30, 2020 and 2019 and their cash flows for the six months ended June 30, 2020 and 2019. Such adjustments are normal and recurring in nature unless otherwise noted.

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

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At June 30, 2020, Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain merchant projects upon the occurrence of certain events, none of which are expected to occur in the next 12 months. Brookfield’s 25% interest in Cove Point (effective December 2019) and the public’s ownership interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy Gas’ Consolidated Financial Statements.

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

Certain amounts in the Companies’ 2019 Consolidated Financial Statements and Notes have been reclassified to conform to the 2020 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the items described below.

Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019:

 

 

 

Cash, Restricted Cash and Equivalents

at End of Period

 

 

Cash, Restricted Cash and Equivalents

at Beginning of Period

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

December 31, 2019

 

 

December 31, 2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

675

 

 

$

382

 

 

$

166

 

 

$

268

 

Restricted cash and equivalents(1)

 

 

67

 

 

 

178

 

 

 

103

 

 

 

123

 

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

 

$

742

 

 

$

560

 

 

$

269

 

 

$

391

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37

 

 

$

17

 

 

$

17

 

 

$

29

 

Restricted cash and equivalents(1)

 

 

3

 

 

 

8

 

 

 

7

 

 

 

9

 

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

 

$

40

 

 

$

25

 

 

$

24

 

 

$

38

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

53

 

 

$

195

 

 

$

27

 

 

$

108

 

Restricted cash and equivalents (1)

 

 

11

 

 

 

12

 

 

 

12

 

 

 

90

 

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

 

$

64

 

 

$

207

 

 

$

39

 

 

$

198

 

 

(1)

Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

(2)

At June 30, 2019 and December 31, 2018, Dominion Energy Gas had $12 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.

 

Property, Plant and Equipment

In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax) in the first quarter of 2019, included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax) in the first quarter of 2019, primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax) in the second quarter of 2019, included in impairment of assets and other charges in its Consolidated Statements of Income.

 

In March 2020, Virginia Power committed to retire certain coal- and oil-fired generating units before the end of their useful lives based on economic and other factors, including but not limited to market power prices and the VCEA. These units will be retired after they meet their capacity obligations to PJM in 2023. As a result, Virginia Power recorded a charge of $754 million ($561 million after-tax) in the first quarter of 2020, primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

In the second quarter of 2020, Virginia Power recorded charges of $30 million ($22 million after-tax) associated with dismantling certain of these electric generation facilities, recorded in impairment of assets and other charges in its Consolidated Statements of Income.

 

In the first quarter of 2020, Virginia Power updated depreciation rates for its nuclear plants to reflect lower depreciation rates as a result of the expected approval of license extensions from the NRC. This adjustment resulted in a decrease in depreciation expense of $8 million ($6 million after-tax) and $16 million ($12 million after-tax) for the three and six months ended June 30, 2020, respectively, in Virginia Power’s Consolidated Statements of Income and a $0.01 increase in Dominion Energy’s EPS, for both the three and six months ended June 30, 2020. This revision is expected to decrease annual depreciation expense by approximately $31 million ($23 million after-tax) and increase Dominion Energy’s EPS by $0.03 for the year ended December 31, 2020.

 

In the second quarter of 2020, DESC completed a nuclear decommissioning cost study related to Summer. As a result of the study, Dominion Energy recorded an $89 million increase to its nuclear decommissioning ARO, with a corresponding increase to property, plant and equipment.

 

In December 2014, DETI entered into a precedent agreement with Atlantic Coast Pipeline for the Supply Header Project. As a result of the cancellation of the Atlantic Coast Pipeline Project, Dominion Energy and Dominion Energy Gas recorded a charge of $482 million ($359 million after-tax) in impairment of assets and other charges in their Consolidated Statements of Income for the three and six months ended June 30, 2020 associated with the probable abandonment of a significant portion of the project as well as the establishment of a $75 million ARO.  As DETI evaluates its future use, approximately $40 million remains within property, plant and equipment for a potential modified project.

Credit Risk

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

 

Effective January 2020, expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.

 

Investments

Debt and Equity Securities with Readily Determinable Fair Value

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

 

• Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income.

 

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

 

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

 

Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by Dominion Energy and Virginia Power in the nuclear decommissioning

trusts. Dominion Energy and Virginia Power record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, Dominion Energy and Virginia Power may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Dominion Energy and Virginia Power qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in Virginia Power’s nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income.

 

Equity Securities without Readily Determinable Fair Values

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

 

• Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy and Dominion Energy Gas’ investments are included in investments in equity method affiliates in their Consolidated Balance Sheets. Dominion Energy and Dominion Energy Gas record equity method adjustments in other income and earnings from equity method investees, respectively, in their Consolidated Statements of Income, including their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method.

 

• Cost method investments when Dominion Energy and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion Energy and Virginia Power’s investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

 

Other-Than-Temporary Impairment

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

 

Credit Impairment

Effective January 2020, Dominion Energy and Virginia Power periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in Dominion Energy and Virginia Power’s Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations.

 

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.
v3.20.2
Acquisitions and Dispositions
 6 Months Ended
Jun. 30, 2020
Text Block [Abstract]  
Acquisitions and Dispositions

Note 3. Acquisitions and Dispositions

Acquisition of SCANA

In January 2019, Dominion Energy issued 95.6 million shares of Dominion Energy common stock, valued at $6.8 billion, representing 0.6690 of a share of Dominion Energy common stock for each share of SCANA common stock, in connection with the completion of the SCANA Combination. SCANA, through its regulated subsidiaries, is primarily engaged in the generation, transmission and distribution of electricity in the central, southern and southwestern portions of South Carolina and in the distribution of natural gas in

North Carolina and South Carolina. In addition, at the closing of the SCANA Combination, SCANA marketed natural gas to retail customers in the southeast U.S. Following completion of the SCANA Combination, SCANA operates as a wholly-owned subsidiary of Dominion Energy. In addition, SCANA’s debt totaled $6.9 billion at closing. The SCANA Combination expanded Dominion Energy’s portfolio of regulated electric generation, transmission and distribution and regulated natural gas distribution infrastructure operations.

See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information on the SCANA Combination, including merger approval and conditions, information on assets acquired and liabilities assumed and purchase price allocation. In addition, see Note 17 for a discussion of certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination.

In accordance with the SCANA Merger Approval Order, Dominion Energy incurred certain charges to its Consolidated Statements of Income for the following:

 

•

In the first quarter of 2019, DESC recorded a reduction in operating revenue and a corresponding regulatory liability of $1.0 billion representing a refund of amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period, effective January 2019, As a result, Dominion Energy’s Consolidated Statement of Income for the six months ended June 30, 2019 includes a $756 million after-tax charge.

 

•

Dominion Energy committed to forgo recovery of $105 million of certain property, plant and equipment associated with the NND Project. As a result, Dominion Energy’s Consolidated Statement of Income for the six months ended June 30, 2019 includes a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges.

 

•

Dominion Energy committed to forgo recovery of $264 million of certain income tax-related regulatory assets associated with the NND Project.  As a result, Dominion Energy’s Consolidated Statement of Income for the six months ended June 30, 2019 includes a charge of $198 million included in income tax expense.

Results of Operations and Unaudited Pro Forma Information

The impact of the SCANA Combination on Dominion Energy’s operating revenue was an increase of $701 million and $909 million for the three months ended June 30, 2020 and 2019, respectively, and an increase of $1.6 billion and $1.1 billion for the six months ended June 30, 2020 and 2019, respectively, in the Consolidated Statements of Income. The impact of the SCANA Combination on net income attributable to Dominion Energy was an increase of $58 million and a decrease of $102 million for the three months ended June 30, 2020 and 2019, respectively, and an increase of $112 million and a decrease of $1.2 billion for the six months ended June 30, 2020 and 2019, respectively, in the Consolidated Statements of Income.

Dominion Energy incurred merger and integration-related costs of $23 million and $42 million for the three and six months ended June 30, 2020, respectively, of which $20 million and $39 million are recorded in other operations and maintenance expense in the Consolidated Statements of Income. Dominion Energy incurred merger and integration-related costs of $443 million and $567 million in the Consolidated Statements of Income for the three and six months ended June 30, 2019, respectively. These amounts for both the three and six months ended June 30, 2019 include $423 million for a charge related to a voluntary retirement program. See Note 20 for additional information. Of the remaining merger and integration-related costs, $20 million and $135 million was recorded in other operations and maintenance expense in the Consolidated Statements of Income for the three and six months ended June 30, 2019, respectively, and $9 million was recorded in interest and related charges in the Consolidated Statement of Income for the six months ended June 30, 2019. There were no such charges recorded in interest and related charges for the three months ended June 30, 2019. These costs consist of professional fees, charitable contribution commitments, employee-related expenses, certain financing costs and other miscellaneous costs.

The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company.

 

 

 

Three Months Ended

June 30, 2019(1)

 

 

Six Months Ended

June 30, 2019(1)

 

(millions, except EPS)

 

 

 

 

 

 

 

 

Operating Revenue

 

$

3,970

 

 

$

8,835

 

Net income attributable to Dominion Energy

 

 

392

 

 

 

962

 

Earnings Per Common Share – Basic

 

$

0.49

 

 

$

1.21

 

Earnings Per Common Share – Diluted

 

$

0.47

 

 

$

1.19

 

 

(1)

Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.

Disposition of Gas Transmission & Storage Operations to BHE

In July 2020, Dominion Energy entered into an agreement with BHE with a total value of approximately $10 billion, comprised of approximately $4.0 billion of cash consideration (subject to customary closing adjustments) plus the assumption of Dominion Energy Gas’ long-term debt, to sell substantially all of its  gas transmission and storage operations, including processing assets, as well as noncontrolling partnership interests in Iroquois, JAX LNG and White River Hub and a controlling interest in Cove Point (consisting of 100% of the general partner interest and 25% of the total limited partner interests). Upon closing, Dominion Energy Gas will become a wholly-owned subsidiary of BHE. Dominion Energy will retain a 50% noncontrolling interest in Cove Point, which will be accounted for as an equity method investment following completion of the sale, as well as the assets and obligations of the pension and other postretirement employee benefit plans associated with the operations to be sold and relating to services provided through closing. The sale will be treated as an asset sale for tax purposes and is expected to close in the fourth quarter of 2020, contingent on clearance or approval under the Hart-Scott-Rodino Act and from the DOE, and other customary closing and regulatory conditions. Based on the recorded balances at June 30, 2020, Dominion Energy expects to recognize a pre-tax gain of approximately $1 billion upon closing, excluding the effects of any closing adjustments.  If approval under the Hart-Scott-Rodino Act is not obtained by mid-September 2020, Dominion Energy may elect to exclude from this transaction Dominion Energy Questar Pipeline and certain other affiliated entities pursuant to a provision in the agreement with BHE, with an associated reduction in the cash consideration to $2.7 billion, subject to customary closing adjustments.

Dominion Energy will reclassify the assets and liabilities to be disposed of, currently reflected within Gas Transmission & Storage, as held for sale and will report the associated results of operations as discontinued operations starting in the third quarter of 2020. In addition, in the third quarter of 2020, Dominion Energy and Dominion Energy Gas expect to record pre-tax losses of approximately $225 million and $140 million, respectively, for cash flow hedges of debt-related items that are probable of not occurring.

Dominion Energy Gas Restructuring

The Dominion Energy Gas Restructuring is considered to be a reorganization of entities under common control. As a result, Dominion Energy Gas’ basis in DCP and DMLPHCII, which includes the general partner of Dominion Energy Midstream, a controlling 75% interest in Cove Point, DECG, Dominion Energy Questar Pipeline, a 50% noncontrolling interest in White River Hub and a 25.93% noncontrolling interest in Iroquois, is equal to Dominion Energy’s cost basis in the assets and liabilities of such entities since the applicable inception dates of common control. In November 2019, following completion of the Dominion Energy Gas Restructuring, DCP and DMLPHCII are wholly-owned subsidiaries of Dominion Energy Gas and therefore are consolidated by Dominion Energy Gas. The accompanying Consolidated Financial Statements and Notes of Dominion Energy Gas have been retrospectively adjusted to include the historical results and financial position of DCP and DMLPHCII. The 25% interest in Cove Point retained by Dominion Energy, and subsequently sold to Brookfield in December 2019, and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest.

The Dominion Energy Gas Restructuring includes the disposition of East Ohio and DGP by Dominion Energy Gas in November 2019. This restructuring represented a strategic shift in the operations of Dominion Energy Gas as Dominion Energy Gas’ operations consist of LNG import/export and storage and regulated gas transmission and storage operations. As a result, the accompanying Consolidated Financial Statements and Notes of Dominion Energy Gas have been retrospectively adjusted to include the historical results and financial position of East Ohio and DGP as discontinued operations until November 2019, presented within the Corporate and Other segment. As the Dominion Energy Gas Restructuring is considered to be a reorganization of entities under common control, Dominion Energy Gas has reflected the disposition as an equity transaction. The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:

 

 

 

Three Months Ended

June 30, 2019

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

 

 

 

 

Operating revenue

 

$

154

 

 

$

383

 

Depreciation and amortization

 

 

22

 

 

 

43

 

Other operating expenses

 

 

128

 

 

 

277

 

Other income

 

 

18

 

 

 

37

 

Interest and related charges

 

 

8

 

 

 

18

 

Income tax expense

 

 

3

 

 

 

17

 

Net income from discontinued operations

 

$

11

 

 

$

65

 

 

Capital expenditures and significant noncash items relating to East Ohio included the following:

 

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

Capital expenditures

 

$

168

 

Significant noncash items

 

 

 

 

Charge related to a voluntary retirement program

 

 

32

 

Accrued capital expenditures

 

 

8

 

 

The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:

 

 

 

Three Months Ended

June 30, 2019

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

 

 

 

 

Operating revenue

 

$

34

 

 

$

79

 

Depreciation and amortization

 

 

1

 

 

 

2

 

Other operating expenses

 

 

12

 

 

 

56

 

Income tax expense

 

 

6

 

 

 

6

 

Net income from discontinued operations

 

$

15

 

 

$

15

 

 

Capital expenditures and significant noncash items of DGP included the following:

 

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

Capital Expenditures

 

$

8

 

 

 
v3.20.2
Operating Revenue
 6 Months Ended
Jun. 30, 2020
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,091

 

 

$

1,094

 

 

$

2,249

 

 

$

1,740

 

Commercial

 

 

728

 

 

 

889

 

 

 

1,526

 

 

 

1,385

 

Industrial

 

 

176

 

 

 

217

 

 

 

358

 

 

 

247

 

Government and other retail

 

 

193

 

 

 

214

 

 

 

412

 

 

 

414

 

Wholesale

 

 

29

 

 

 

41

 

 

 

62

 

 

 

89

 

Nonregulated electric sales

 

 

177

 

 

 

175

 

 

 

409

 

 

 

491

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

182

 

 

 

177

 

 

 

730

 

 

 

779

 

Commercial

 

 

63

 

 

 

73

 

 

 

254

 

 

 

264

 

Other

 

 

16

 

 

 

25

 

 

 

44

 

 

 

63

 

Nonregulated gas sales

 

 

33

 

 

 

71

 

 

 

116

 

 

 

318

 

Regulated gas transportation and storage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FERC-regulated

 

 

247

 

 

 

247

 

 

 

528

 

 

 

524

 

State-regulated

 

 

182

 

 

 

166

 

 

 

414

 

 

 

379

 

Nonregulated gas transportation and storage

 

 

176

 

 

 

174

 

 

 

351

 

 

 

348

 

Other regulated revenues(1)

 

 

98

 

 

 

82

 

 

 

173

 

 

 

126

 

Other nonregulated revenues(1)(2)

 

 

79

 

 

 

101

 

 

 

167

 

 

 

209

 

Total operating revenue from contracts

   with customers

 

 

3,470

 

 

 

3,746

 

 

 

7,793

 

 

 

7,376

 

Other revenues(3)

 

 

115

 

 

 

224

 

 

 

288

 

 

 

452

 

Total operating revenue

 

$

3,585

 

 

$

3,970

 

 

$

8,081

 

 

$

7,828

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

818

 

 

$

808

 

 

$

1,714

 

 

$

1,731

 

Commercial

 

 

546

 

 

 

681

 

 

 

1,160

 

 

 

1,317

 

Industrial

 

 

89

 

 

 

118

 

 

 

186

 

 

 

230

 

Government and other retail

 

 

177

 

 

 

197

 

 

 

380

 

 

 

401

 

Wholesale

 

 

21

 

 

 

29

 

 

 

45

 

 

 

66

 

Other regulated revenues

 

 

94

 

 

 

62

 

 

 

156

 

 

 

88

 

Other nonregulated revenues(1)(2)

 

 

20

 

 

 

19

 

 

 

33

 

 

 

33

 

Total operating revenue from contracts

   with customers

 

 

1,765

 

 

 

1,914

 

 

 

3,674

 

 

 

3,866

 

Other revenues(2)(3)

 

 

40

 

 

 

24

 

 

 

61

 

 

 

37

 

Total operating revenue

 

$

1,805

 

 

$

1,938

 

 

$

3,735

 

 

$

3,903

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated gas sales - wholesale

 

$

—

 

 

$

—

 

 

$

2

 

 

$

2

 

Nonregulated gas sales(2)

 

 

—

 

 

 

1

 

 

 

1

 

 

 

3

 

Regulated gas transportation and storage(2)

 

 

302

 

 

 

306

 

 

 

646

 

 

 

646

 

Nonregulated gas transportation and storage

 

 

175

 

 

 

173

 

 

 

350

 

 

 

348

 

Management service revenue(2)

 

 

29

 

 

 

45

 

 

 

60

 

 

 

88

 

Other regulated revenues(1)

 

 

2

 

 

 

3

 

 

 

3

 

 

 

6

 

Other nonregulated revenues(1)(2)

 

 

1

 

 

 

1

 

 

 

2

 

 

 

1

 

Total operating revenue from contracts

   with customers

 

 

509

 

 

 

529

 

 

 

1,064

 

 

 

1,094

 

Other revenues(2)

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Total operating revenue

 

$

510

 

 

$

530

 

 

$

1,066

 

 

$

1,096

 

 

1)

Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts included $19 million and $— million for the three months ended June 30, 2020, $42 million and $2 million for the three months ended June 30, 2019, $58 million and $1 million for the six months ended June 30, 2020 and $93 and $3 million for the six months ended June 30, 2019, primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively. Additionally, amounts above include sales of renewable energy credits. Such amounts included $7 million and $5 million for the three months ended June 30, 2020, $4 million and $2 million for the three months ended June 30, 2019, $11 million and $8 million for the six months ended June 30, 2020 and $7 million and $3 million for the six months ended June 30, 2019, at Dominion Energy and Virginia Power, respectively.

2)

See Notes 10 and 19 for amounts attributable to related parties and affiliates.

3)

Amounts above include alternative revenue of $39 million and $21 million at Dominion Energy and $34 million and $18 million at Virginia Power for the three months ended June 30, 2020 and 2019, respectively, and $75 million and $35 million at Dominion Energy and $51 million and $26 million at Virginia Power for the six months ended June 30, 2020 and 2019, respectively.

 

 

The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice.

 

Revenue expected to be recognized on multi-year

   contracts in place at June 30, 2020

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

$

823

 

 

$

1,567

 

 

$

1,475

 

 

$

1,315

 

 

$

1,190

 

 

$

13,095

 

 

$

19,465

 

Virginia Power

 

 

2

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Dominion Energy Gas

 

 

899

 

 

 

1,719

 

 

 

1,585

 

 

 

1,402

 

 

 

1,248

 

 

 

13,280

 

 

 

20,133

 

 

Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At June 30, 2020 and December 31, 2019, Dominion Energy’s contract asset balances were $25 million and $28 million, respectively. Dominion Energy Gas’ contract asset balances were $35 million and $40 million at June 30, 2020 and December 31, 2019, respectively. Dominion Energy and Dominion Energy Gas’ contract assets are recorded in other deferred charges and other assets in the Consolidated Balance Sheets. Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At June 30, 2020 and December 31, 2019, Dominion Energy’s contract liability balances were $109 million and $123 million, respectively. At June 30, 2020 and December 31, 2019, Virginia Power’s contract liability balances were $37 million and $24 million, respectively. At June 30, 2020 and December 31, 2019, Dominion Energy Gas’ contract liability balances were $21 million and $20 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets.

 

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the six months ended June 30, 2020 and 2019 Dominion Energy recognized revenue of $106 million and $91 million, respectively, from the beginning contract liability balances. During the six months ended June 30, 2020 and 2019, Virginia Power recognized $24 million and $22 million, respectively, from the beginning contract liability balance. During the six months ended June 30, 2020 and 2019, Dominion Energy Gas recognized $1 million and $28 million from the beginning contract liability balance.  
v3.20.2
Income Taxes
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5. Income Taxes

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Dominion Energy Gas

 

 

Six Months Ended June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

5.6

 

 

 

0.7

 

 

 

4.9

 

 

 

4.7

 

 

 

(255.3

)

 

 

3.0

 

 

Investment tax credits

 

 

3.9

 

 

 

(3.8

)

 

 

(11.3

)

 

 

(5.2

)

 

 

—

 

 

 

—

 

 

Production tax credits

 

 

0.3

 

 

 

(1.1

)

 

 

(2.0

)

 

 

(0.8

)

 

 

—

 

 

 

—

 

 

Reversal of excess deferred income

   taxes

 

 

1.5

 

 

 

(6.9

)

 

 

(0.8

)

 

 

(4.2

)

 

 

(68.4

)

 

 

(0.9

)

 

Write-off of regulatory assets

 

 

(4.2

)

 

 

(41.6

)

 

 

—

 

 

 

—

 

 

 

189.4

 

 

 

—

 

 

AFUDC - equity

 

 

0.5

 

 

 

(1.9

)

 

 

(0.6

)

 

 

(0.1

)

 

 

(36.8

)

 

 

(0.5

)

 

Other, net

 

 

0.9

 

 

 

(0.3

)

 

 

1.1

 

 

 

0.4

 

 

 

(467.1

)

(1)

 

(4.3

)

(1)

Effective tax rate

 

 

29.5

%

 

 

(33.9

)%

 

 

12.3

%

 

 

15.8

%

 

 

(617.2

)%

 

 

18.3

%

 

 

(1)

Includes (276.0)% and (4.0)% relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively.

 

For the Companies’ rate-regulated entities, deferred taxes will reverse at the weighted average rate used to originate the deferred tax liability, which in some cases will be 35%. The Companies have recorded an estimate of excess deferred income tax amortization in 2020. The reversal of these excess deferred income taxes will impact the effective tax rate and rates charged to customers. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

 

For the six months ended June 30, 2020, Dominion Energy’s effective tax rate reflects a charge of $81 million for the write-off of tax-related regulatory assets associated with the impacts of the cancellation of the Atlantic Coast Pipeline Project and related portions of the Supply Header Project.  In addition, Dominion Energy Gas’ effective tax rate is a function of the nominal year-to-date pre-tax income driven by a charge associated with the Supply Header Project as discussed in Note 2.

In March 2020, the CARES Act was enacted which includes several significant business tax provisions that modify or temporarily suspend certain provisions of the 2017 Tax Reform Act.  The CARES Act provisions are intended to improve cash flow and liquidity by, among other things, providing a temporary five-year carryback for certain net operating losses, accelerating the refund of previously generated corporate alternative minimum tax credits and temporarily loosening the business interest limitation to 50% of adjusted taxable income for certain businesses.  While Dominion Energy intends to utilize the income tax provisions of the CARES Act to accelerate the recognition of certain tax attributes, where applicable, they are not expected to provide a material benefit.

In July 2020, the U.S. Department of Treasury issued final regulations providing guidance about the limitation on the deduction for business interest expenses and issued proposed regulations on the application of these rules to certain pass-through entities and partners in those entities under the 2017 Tax Reform Act as modified by the CARES Act.  Dominion Energy is currently assessing the impact of these regulations, but expects interest expense to be deductible in 2020.

In connection with the SCANA Combination, Dominion Energy committed to forgo, or limit, the recovery of certain income tax-related regulatory assets associated with the NND Project.  Dominion Energy’s 2019 effective tax rate reflects deferred income tax expense of $198 million in satisfaction of this commitment.  Dominion Energy’s 2019 effective tax rate also reflects the changes in consolidated state income taxes resulting from the SCANA Combination.

As of June 30, 2020, there have been no material changes in the Companies’ unrecognized tax benefits or possible changes that could reasonably be expected to occur during the next twelve months. See Note 5 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, for a discussion of these unrecognized tax benefits.

 
v3.20.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6. Earnings Per Share

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Dominion Energy

 

$

(1,169

)

 

$

54

 

 

$

(1,439

)

 

$

(626

)

Preferred stock dividends (see Note 16)

 

 

(16

)

 

 

—

 

 

 

(32

)

 

 

—

 

Net income (loss) attributable to Dominion Energy – Basic

 

 

(1,185

)

 

 

54

 

 

 

(1,471

)

 

 

(626

)

Dilutive effect of Series A Preferred Stock

 

 

—

 

 

 

(13

)

 

 

—

 

 

 

—

 

Net income (loss) attributable to Dominion Energy - Diluted

 

 

(1,185

)

 

 

41

 

 

 

(1,471

)

 

 

(626

)

Average shares of common stock outstanding – Basic &

    Diluted

 

 

839.4

 

 

 

802.5

 

 

 

838.8

 

 

 

797.8

 

Net effect of dilutive securities

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Average shares of common stock outstanding – Diluted

 

 

839.4

 

 

 

802.6

 

 

 

838.8

 

 

 

797.8

 

Earnings Per Common Share – Basic

 

$

(1.41

)

 

$

0.07

 

 

$

(1.75

)

 

$

(0.78

)

Earnings Per Common Share – Diluted

 

$

(1.41

)

 

$

0.05

 

 

$

(1.75

)

 

$

(0.78

)

 

As a result of a net loss for the three and six months ended June 30, 2020 and the six months ended June 30, 2019, any adjustments to earnings or shares would be considered antidilutive and are therefore excluded from the calculation of diluted EPS. The 2019 Equity Units are potentially dilutive securities. The forward stock purchase contracts included within the 2019 Equity Units were excluded from the calculation of diluted EPS for the three months ended June 30, 2019, as the dilutive stock price threshold was not met. The Series A Preferred Stock included within the 2019 Equity Units is excluded from the effect of dilutive securities within diluted EPS, but a fair value adjustment is reflected within net income attributable to Dominion Energy for the calculation of diluted EPS for the three months ended June 30, 2019, based upon the expectation that the conversion will be settled in cash rather than through the

issuance of Dominion Energy common stock. The 2016 Equity Units are potentially dilutive securities, but were excluded from the calculation of diluted EPS for the three months ended June 30, 2019 as the dilutive stock price threshold was not met.
v3.20.2
Accumulated Other Comprehensive Income
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income

Note 7. Accumulated Other Comprehensive Income

Dominion Energy

The following table presents Dominion Energy’s changes in AOCI by component, net of tax:

 

 

 

Deferred

gains and

losses on

derivatives-

hedging

activities

 

 

Unrealized

gains and

losses on

investment

securities

 

 

Unrecognized

pension and

other

postretirement

benefit costs

 

 

Other

comprehensive

loss from

equity method

investees

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(651

)

 

$

37

 

 

$

(1,402

)

 

$

(2

)

 

$

(2,018

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

2

 

 

 

19

 

 

 

(1

)

 

 

—

 

 

 

20

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

5

 

 

 

(5

)

 

 

18

 

 

 

—

 

 

 

18

 

Net current period other comprehensive income (loss)

 

 

7

 

 

 

14

 

 

 

17

 

 

 

—

 

 

 

38

 

Ending balance

 

$

(644

)

 

$

51

 

 

$

(1,385

)

 

$

(2

)

 

$

(1,980

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(290

)

 

$

18

 

 

$

(1,457

)

 

$

(2

)

 

$

(1,731

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(78

)

 

 

13

 

 

 

113

 

 

 

—

 

 

 

48

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(21

)

 

 

(1

)

 

 

22

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(99

)

 

 

12

 

 

 

135

 

 

 

—

 

 

 

48

 

Ending balance

 

$

(389

)

 

$

30

 

 

$

(1,322

)

 

$

(2

)

 

$

(1,683

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(407

)

 

$

37

 

 

$

(1,421

)

 

$

(2

)

 

$

(1,793

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(264

)

 

 

28

 

 

 

(1

)

 

 

—

 

 

 

(237

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

27

 

 

 

(14

)

 

 

37

 

 

 

—

 

 

 

50

 

Net current period other comprehensive income (loss)

 

 

(237

)

 

 

14

 

 

 

36

 

 

 

—

 

 

 

(187

)

Ending balance

 

$

(644

)

 

$

51

 

 

$

(1,385

)

 

$

(2

)

 

$

(1,980

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(235

)

 

$

2

 

 

$

(1,465

)

 

$

(2

)

 

$

(1,700

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(102

)

 

 

29

 

 

 

113

 

 

 

—

 

 

 

40

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(52

)

 

 

(1

)

 

 

30

 

 

 

—

 

 

 

(23

)

Net current period other comprehensive income (loss)

 

 

(154

)

 

 

28

 

 

 

143

 

 

 

—

 

 

 

17

 

Ending balance

 

$

(389

)

 

$

30

 

 

$

(1,322

)

 

$

(2

)

 

$

(1,683

)

 

(1)

See table below for details about these reclassifications.

The following table presents Dominion Energy’s reclassifications out of AOCI by component:

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of

Income

(millions)

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(9

)

 

Operating revenue

Interest rate contracts

 

 

22

 

 

Interest and related charges

Foreign currency contracts

 

 

(6

)

 

Other income

Total

 

 

7

 

 

 

Tax

 

 

(2

)

 

Income tax expense (benefit)

Total, net of tax

 

$

5

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(5

)

 

Other income

Total

 

 

(5

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(5

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(5

)

 

Other income

Amortization of actuarial losses

 

 

31

 

 

Other income

Total

 

 

26

 

 

 

Tax

 

 

(8

)

 

Income tax expense (benefit)

Total, net of tax

 

$

18

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(38

)

 

Operating revenue

Interest rate contracts

 

 

13

 

 

Interest and related charges

Foreign currency contracts

 

 

(4

)

 

Other income

Total

 

 

(29

)

 

 

Tax

 

 

8

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(21

)

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(1

)

 

Other income

Total

 

 

(1

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(1

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(8

)

 

Other income

Amortization of actuarial losses

 

 

27

 

 

Other income

Total

 

 

19

 

 

 

Tax

 

 

3

 

 

Income tax expense (benefit)

Total, net of tax

 

$

22

 

 

 

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of

Income

(millions)

 

 

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(16

)

 

Operating revenue

 

 

 

3

 

 

Purchased gas

Interest rate contracts

 

 

49

 

 

Interest and related charges

Total

 

 

36

 

 

 

Tax

 

 

(9

)

 

Income tax expense (benefit)

Total, net of tax

 

$

27

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(18

)

 

Other income

Total

 

 

(18

)

 

 

Tax

 

 

4

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(14

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(11

)

 

Other income

Amortization of actuarial losses

 

 

61

 

 

Other income

Total

 

 

50

 

 

 

Tax

 

 

(13

)

 

Income tax expense (benefit)

Total, net of tax

 

$

37

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(92

)

 

Operating revenue

 

 

 

(3

)

 

Purchased gas

Interest rate contracts

 

 

23

 

 

Interest and related charges

Foreign currency contracts

 

 

2

 

 

Other income

Total

 

 

(70

)

 

 

Tax

 

 

18

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(52

)

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(1

)

 

Other income

Total

 

 

(1

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(1

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(13

)

 

Other income

Amortization of actuarial losses

 

 

54

 

 

Other income

Total

 

 

41

 

 

 

Tax

 

 

(11

)

 

Income tax expense (benefit)

Total, net of tax

 

$

30

 

 

 

 

 

 

 

 

 

 

Virginia Power

The following table presents Virginia Power’s changes in AOCI by component, net of tax:

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrealized gains

and losses on

investment

securities

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(79

)

 

$

4

 

 

$

(75

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

1

 

 

 

6

 

 

 

7

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

—

 

 

 

(2

)

 

 

(2

)

Net current period other comprehensive income (loss)

 

 

1

 

 

 

4

 

 

 

5

 

Ending balance

 

$

(78

)

 

$

8

 

 

$

(70

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(20

)

 

$

3

 

 

$

(17

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(11

)

 

 

2

 

 

 

(9

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

1

 

 

 

(1

)

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(10

)

 

 

1

 

 

 

(9

)

Ending balance

 

$

(30

)

 

$

4

 

 

$

(26

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(34

)

 

$

5

 

 

$

(29

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(44

)

 

 

4

 

 

 

(40

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

—

 

 

 

(1

)

 

 

(1

)

Net current period other comprehensive income (loss)

 

 

(44

)

 

 

3

 

 

 

(41

)

Ending balance

 

$

(78

)

 

$

8

 

 

$

(70

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(13

)

 

$

1

 

 

$

(12

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(18

)

 

 

4

 

 

 

(14

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

1

 

 

 

(1

)

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(17

)

 

 

3

 

 

 

(14

)

Ending balance

 

$

(30

)

 

$

4

 

 

$

(26

)

 

(1)

See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and six months ended June 30, 2019.

 

The following table presents Virginia Power’s reclassifications out of AOCI by component:

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements  of

Income

(millions)

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

(Gains) losses on cash flow hedges:

 

 

 

 

 

 

Interest rate contracts

 

$

1

 

 

Interest and related charges

Total

 

 

1

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

—

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(4

)

 

Other income

Total

 

 

(4

)

 

 

Tax

 

 

2

 

 

Income tax expense

Total, net of tax

 

$

(2

)

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

(Gains) losses on cash flow hedges:

 

 

 

 

 

 

Interest rate contracts

 

 

1

 

 

Interest and related charges

Total

 

 

1

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

—

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(2

)

 

Other income

Total

 

 

(2

)

 

 

Tax

 

 

1

 

 

Income tax expense

Total, net of tax

 

$

(1

)

 

 

 

Dominion Energy Gas

The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax:

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrecognized

pension costs

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(166

)

 

$

(105

)

 

$

(271

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(2

)

 

 

2

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(2

)

 

 

2

 

 

 

—

 

Ending balance

 

$

(168

)

 

$

(103

)

 

$

(271

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(48

)

 

$

(143

)

 

$

(191

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(24

)

 

 

29

 

 

 

5

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(2

)

 

 

2

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(26

)

 

 

31

 

 

 

5

 

Ending balance

 

$

(74

)

 

$

(112

)

 

$

(186

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(81

)

 

$

(106

)

 

$

(187

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(91

)

 

 

—

 

 

 

(91

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

4

 

 

 

3

 

 

 

7

 

Net current period other comprehensive income (loss)

 

 

(87

)

 

 

3

 

 

 

(84

)

Ending balance

 

$

(168

)

 

$

(103

)

 

$

(271

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(25

)

 

$

(144

)

 

$

(169

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(51

)

 

 

29

 

 

 

(22

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

1

 

 

 

3

 

 

 

4

 

Net current period other comprehensive income (loss)

 

 

(50

)

 

 

32

 

 

 

(18

)

Less other comprehensive income (loss) attributable to noncontrolling interest

 

 

(1

)

 

 

—

 

 

 

(1

)

Ending balance

 

$

(74

)

 

$

(112

)

 

$

(186

)

 

(1)

See table below for details about these reclassifications.

The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component:

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of  Income

(millions)

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Interest rate contracts

 

$

4

 

 

Interest and related charges

Foreign currency contracts

 

 

(6

)

 

Other income

Total

 

 

(2

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(2

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

2

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Interest rate contracts

 

$

2

 

 

Interest and related charges

Foreign currency contracts

 

 

(4

)

 

Other income

Total

 

 

(2

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(2

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

2

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Interest rate contracts

 

$

6

 

 

Interest and related charges

Total

 

 

6

 

 

 

Tax

 

 

(2

)

 

Income tax expense (benefit)

Total, net of tax

 

$

4

 

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

4

 

 

Other income

Total

 

 

4

 

 

 

Tax

 

 

(1

)

 

Income tax expense (benefit)

Total, net of tax

 

$

3

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(2

)

 

Net income from discontinued operations

Interest rate contracts

 

 

1

 

 

Interest and related charges

Foreign currency contracts

 

 

2

 

 

Other income

Total

 

 

1

 

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

1

 

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

4

 

 

Other income

Total

 

 

4

 

 

 

Tax

 

 

(1

)

 

Income tax expense (benefit)

Total, net of tax

 

$

3

 

 

 

 
v3.20.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 8. Fair Value Measurements

The Companies’ fair value measurements are made in accordance with the policies discussed in Note 6 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. See Note 9 in this report for further information about the Companies’ derivatives and hedge accounting activities.

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

The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at June 30, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

112

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 3

 

 

(1

)

FTRs

 

 

18

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 5

 

 

1

 

Total assets

 

$

130

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

5

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(5) - 5

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 5

 

 

2

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

56% - 72%

 

 

66

%

Total liabilities

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

(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)

Recurring Fair Value Measurements

Dominion Energy

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

52

 

 

$

130

 

 

$

182

 

Interest rate

 

 

—

 

 

 

34

 

 

 

—

 

 

 

34

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,817

 

 

 

—

 

 

 

—

 

 

 

3,817

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

624

 

 

 

—

 

 

 

624

 

Government securities

 

 

488

 

 

 

746

 

 

 

—

 

 

 

1,234

 

Cash equivalents and other

 

 

19

 

 

 

12

 

 

 

—

 

 

 

31

 

Total assets

 

$

4,324

 

 

$

1,468

 

 

$

130

 

 

$

5,922

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

43

 

 

$

7

 

 

$

50

 

Interest rate

 

 

—

 

 

 

1,272

 

 

 

—

 

 

 

1,272

 

Foreign currency

 

 

—

 

 

 

12

 

 

 

—

 

 

 

12

 

Total liabilities

 

$

—

 

 

$

1,327

 

 

$

7

 

 

$

1,334

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

55

 

 

$

19

 

 

$

74

 

Interest rate

 

 

—

 

 

 

11

 

 

 

—

 

 

 

11

 

Foreign currency

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,195

 

 

 

—

 

 

 

—

 

 

 

4,195

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

463

 

 

 

—

 

 

 

463

 

Government securities

 

 

473

 

 

 

719

 

 

 

—

 

 

 

1,192

 

Cash equivalents and other

 

 

19

 

 

 

1

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,687

 

 

$

1,257

 

 

$

19

 

 

$

5,963

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

75

 

 

$

56

 

 

$

131

 

Interest rate

 

 

—

 

 

 

606

 

 

 

—

 

 

 

606

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

684

 

 

$

56

 

 

$

740

 

(1)

Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $296 million and $274 million of assets at June 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

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

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

43

 

 

$

53

 

 

$

(37

)

 

$

64

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

—

 

 

 

3

 

 

 

—

 

 

 

2

 

Purchased gas

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Electric fuel and other energy-related purchases

 

 

(4

)

 

 

(3

)

 

 

(26

)

 

 

(7

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

18

 

 

 

160

 

 

 

25

 

Settlements

 

 

4

 

 

 

3

 

 

 

26

 

 

 

2

 

Purchases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10

)

Transfers out of Level 3

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

Ending balance

 

$

123

 

 

$

75

 

 

$

123

 

 

$

75

 

The amount of total gains (losses) for the period included in

   earnings attributable to the change in unrealized gains

   (losses) relating to assets/liabilities still held at the

   reporting date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

—

 

 

$

2

 

 

$

—

 

 

$

2

 

Purchased gas

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Total

 

$

—

 

 

$

3

 

 

$

—

 

 

$

3

 

 

 There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and six months ended June 30, 2020 and 2019.

Virginia Power

The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at June 30, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

112

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 2

 

 

(1

)

FTRs

 

 

18

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 5

 

 

1

 

Total assets

 

$

130

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

5

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(5) - 5

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 5

 

 

2

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

56% - 72%

 

 

66

%

Total liabilities

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

Represents market prices beyond defined terms for Levels 1 and 2.

(4)

Represents volatilities unrepresented in published markets.

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

 

Significant Unobservable

Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

 

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

3

 

 

$

130

 

 

$

133

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,787

 

 

 

—

 

 

 

—

 

 

 

1,787

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

354

 

 

 

—

 

 

 

354

 

Government securities

 

 

184

 

 

 

306

 

 

 

—

 

 

 

490

 

Total assets

 

$

1,971

 

 

$

663

 

 

$

130

 

 

$

2,764

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

17

 

 

$

7

 

 

$

24

 

Interest rate

 

 

—

 

 

 

980

 

 

 

—

 

 

 

980

 

Total liabilities

 

$

—

 

 

$

997

 

 

$

7

 

 

$

1,004

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

3

 

 

$

19

 

 

$

22

 

Interest rate

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,920

 

 

 

—

 

 

 

—

 

 

 

1,920

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

256

 

 

 

—

 

 

 

256

 

Government securities

 

 

186

 

 

 

361

 

 

 

—

 

 

 

547

 

Cash equivalents and other

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Total assets

 

$

2,106

 

 

$

623

 

 

$

19

 

 

$

2,748

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

47

 

 

$

56

 

 

$

103

 

Interest rate

 

 

—

 

 

 

363

 

 

 

—

 

 

 

363

 

Total liabilities

 

$

—

 

 

$

410

 

 

$

56

 

 

$

466

 

 

(1)

Includes investments held in the nuclear decommissioning trusts. Excludes $154 million and $159 million of assets at June 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

43

 

 

$

59

 

 

$

(37

)

 

$

60

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(4

)

 

 

(3

)

 

 

(26

)

 

 

(7

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

18

 

 

 

160

 

 

 

26

 

Settlements

 

 

4

 

 

 

3

 

 

 

26

 

 

 

(2

)

Ending balance

 

$

123

 

 

$

77

 

 

$

123

 

 

$

77

 

 

There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three and six months ended June 30, 2020 and 2019.

Dominion Energy Gas

The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions.

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

192

 

 

$

—

 

 

$

192

 

Foreign currency

 

 

—

 

 

 

12

 

 

 

—

 

 

 

12

 

Total liabilities

 

$

—

 

 

$

204

 

 

$

—

 

 

$

204

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Total assets

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

83

 

 

$

—

 

 

$

83

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

86

 

 

$

—

 

 

$

86

 

 

 

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:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

36,060

 

 

$

42,151

 

 

$

32,055

 

 

$

36,155

 

Supplemental 364-Day credit facility borrowings

 

 

225

 

 

 

225

 

 

 

—

 

 

 

—

 

Junior subordinated notes(3)

 

 

3,408

 

 

 

3,554

 

 

 

4,797

 

 

 

4,953

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(3)

 

$

12,328

 

 

$

15,189

 

 

$

12,326

 

 

$

14,281

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(4)

 

$

5,523

 

 

$

5,891

 

 

$

5,520

 

 

$

5,738

 

 

(1)

Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At June 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively.

(3)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium.

(4)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments.
v3.20.2
Derivatives and Hedge Accounting Activities
 6 Months Ended
Jun. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

Note 9. Derivatives and Hedge Accounting Activities

The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. See Note 8 in this report for further information about fair value measurements and associated valuation methods for derivatives.

 

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

 

In general, most over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral for over-the-counter and exchange contracts include cash, letters of credit, and in some cases other forms of security, none of which are subject to restrictions. Cash collateral is used in the table below to offset derivative assets and liabilities.  Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, as well as letters of credit and other forms of security, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for further information regarding credit-related contingent features for the Companies’ derivative instruments.

 

Dominion Energy

Balance Sheet Presentation

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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

136

 

 

$

9

 

 

$

—

 

 

$

127

 

 

$

35

 

 

$

21

 

 

$

—

 

 

$

14

 

Exchange

 

 

45

 

 

 

20

 

 

 

7

 

 

 

18

 

 

 

37

 

 

 

21

 

 

 

—

 

 

 

16

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

34

 

 

 

14

 

 

 

—

 

 

 

20

 

 

 

11

 

 

 

3

 

 

 

—

 

 

 

8

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

215

 

 

$

43

 

 

$

7

 

 

$

165

 

 

$

91

 

 

$

53

 

 

$

—

 

 

$

38

 

 

(1)

Excludes $1 million and $2 million of derivative assets at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

30

 

 

$

9

 

 

$

—

 

 

$

21

 

 

$

105

 

 

$

21

 

 

$

—

 

 

$

84

 

Exchange

 

 

20

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

21

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

1,272

 

 

 

14

 

 

 

22

 

 

 

1,236

 

 

 

606

 

 

 

8

 

 

 

35

 

 

 

563

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

12

 

 

 

—

 

 

 

—

 

 

 

12

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

1,334

 

 

$

43

 

 

$

22

 

 

$

1,269

 

 

$

735

 

 

$

53

 

 

$

35

 

 

$

647

 

 

(1)

Excludes $— million and $5 million of derivative liabilities at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of Dominion Energy’s derivative activity at June 30, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

69

 

 

 

32

 

Basis

 

 

236

 

 

 

538

 

Electricity (MWh):

 

 

 

 

 

 

 

 

Fixed price

 

 

4,964,045

 

 

 

2,775,850

 

FTRs

 

 

101,087,887

 

 

 

—

 

Liquids (Gal)(2)

 

 

26,460,000

 

 

 

—

 

Interest rate(3)

 

$

1,950,000,000

 

 

$

6,576,403,434

 

Foreign currency(3)

 

€

-

 

 

€

250,000,000

 

 

(1)

Includes options.

(2)

Includes NGLs.

(3)

Maturity is determined based on final settlement period.

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at June 30, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Commodities:

 

 

 

 

 

 

 

 

 

 

Gas

 

$

(2

)

 

$

(2

)

 

18 months

Electricity

 

 

8

 

 

 

8

 

 

6 months

NGL

 

 

—

 

 

 

—

 

 

6 months

Interest rate

 

 

(640

)

 

 

(59

)

 

378 months

Foreign currency

 

 

(10

)

 

 

(4

)

 

72 months

Total

 

$

(644

)

 

$

(57

)

 

 

 

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

 

In connection with the agreement Dominion Energy entered in July 2020 for the disposition of substantially all of its gas transmission and storage operations, certain cash flow hedges of debt-related items will become probable of not occurring.  See Note 3 for further information.

Fair Value Hedges

For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in current earnings and presented in the same line item. There were no derivative instruments designated in fair value hedges during the three and six months ended June 30, 2020. Gains and losses on derivatives in fair value hedge relationships were immaterial for the three and six months ended June 30, 2019.

 

The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:

 

 

 

Carrying Amount of the Hedged Asset

(Liability)(1)

 

 

Cumulative Amount of Fair Value Hedging

Adjustments Included in the Carrying Amount

of the Hedged Assets (Liabilities)(2)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

(1,154

)

 

$

(1,154

)

 

$

(4

)

 

$

(4

)

 

(1)

Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at June 30, 2020 and December 31, 2019, respectively.

(2)

Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at June 30, 2020 and December 31, 2019, respectively.

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: 

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

73

 

 

$

73

 

Interest rate

 

 

—

 

 

 

8

 

 

 

8

 

Total current derivative assets(1)

 

 

—

 

 

 

81

 

 

 

81

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

109

 

 

 

109

 

Interest rate

 

 

—

 

 

 

26

 

 

 

26

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

135

 

 

 

135

 

Total derivative assets

 

$

—

 

 

$

216

 

 

$

216

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

42

 

 

$

42

 

Interest rate

 

 

514

 

 

 

25

 

 

 

539

 

Foreign currency

 

 

5

 

 

 

—

 

 

 

5

 

Total current derivative liabilities

 

 

519

 

 

 

67

 

 

 

586

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

8

 

 

 

8

 

Interest rate

 

 

655

 

 

 

78

 

 

 

733

 

Foreign currency

 

 

7

 

 

 

—

 

 

 

7

 

Total noncurrent derivative liabilities

 

 

662

 

 

 

86

 

 

 

748

 

Total derivative liabilities

 

$

1,181

 

 

$

153

 

 

$

1,334

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

30

 

 

$

37

 

 

$

67

 

Interest rate

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative assets(1)

 

 

31

 

 

 

37

 

 

 

68

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

6

 

 

 

7

 

Interest rate

 

 

10

 

 

 

—

 

 

 

10

 

Foreign currency

 

 

8

 

 

 

—

 

 

 

8

 

Total noncurrent derivative assets(2)

 

 

19

 

 

 

6

 

 

 

25

 

Total derivative assets

 

$

50

 

 

$

43

 

 

$

93

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

6

 

 

$

77

 

 

$

83

 

Interest rate

 

 

321

 

 

 

1

 

 

 

322

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities

 

 

330

 

 

 

78

 

 

 

408

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

47

 

 

 

48

 

Interest rate

 

 

267

 

 

 

17

 

 

 

284

 

Total noncurrent derivative liabilities

 

 

268

 

 

 

64

 

 

 

332

 

Total derivative liabilities

 

$

598

 

 

$

142

 

 

$

740

 

 

(1)

Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets.

(2)

Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.

 

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

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized

in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase

(Decrease) in

Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

9

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

—

 

 

 

 

 

Total commodity

 

$

—

 

 

$

9

 

 

$

—

 

Interest rate(3)

 

 

—

 

 

 

(22

)

 

 

14

 

Foreign currency(4)

 

 

6

 

 

 

6

 

 

 

—

 

Total

 

$

6

 

 

$

(7

)

 

$

14

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

38

 

 

 

 

 

Total commodity

 

$

35

 

 

$

38

 

 

$

—

 

Interest rate(3)

 

 

(142

)

 

 

(13

)

 

 

(131

)

Foreign currency(4)

 

 

2

 

 

 

4

 

 

 

—

 

Total

 

$

(105

)

 

$

29

 

 

$

(131

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

16

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

(3

)

 

 

 

 

Electric fuel and other energy-related

   purchases

 

 

 

 

 

 

—

 

 

 

 

 

Total commodity

 

$

—

 

 

$

13

 

 

$

—

 

Interest rate(3)

 

 

(336

)

 

 

(49

)

 

 

(550

)

Foreign currency(4)

 

 

(17

)

 

 

—

 

 

 

—

 

Total

 

$

(353

)

 

$

(36

)

 

$

(550

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

92

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

3

 

 

 

 

 

Total commodity

 

$

101

 

 

$

95

 

 

$

—

 

Interest rate(3)

 

 

(226

)

 

 

(23

)

 

 

(215

)

Foreign currency(4)

 

 

(9

)

 

 

(2

)

 

 

—

 

Total

 

$

(134

)

 

$

70

 

 

$

(215

)

 

(1)

Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.

(3)

Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.

(4)

Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense).

 

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(10

)

 

$

27

 

 

$

55

 

 

$

30

 

 

Purchased gas

 

 

—

 

 

 

(11

)

 

 

(14

)

 

 

(8

)

 

Electric fuel and other energy-related

   purchases

 

 

(8

)

 

 

(3

)

 

 

(73

)

 

 

(12

)

 

Interest rate(2)

 

 

(25

)

 

 

—

 

 

 

(86

)

 

 

—

 

 

Total

 

$

(43

)

 

$

13

 

 

$

(118

)

 

$

10

 

 

 

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.

(2)

Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.

Virginia Power

Balance Sheet Presentation

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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross

Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

129

 

 

$

5

 

 

$

—

 

 

$

124

 

 

$

19

 

 

$

18

 

 

$

—

 

 

$

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

129

 

 

$

5

 

 

$

—

 

 

$

124

 

 

$

21

 

 

$

18

 

 

$

—

 

 

$

3

 

 

(1)

Excludes $4 million and $3 million of derivative assets at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the Consolidated Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

5

 

 

$

5

 

 

$

—

 

 

$

—

 

 

$

59

 

 

$

18

 

 

$

—

 

 

$

41

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

980

 

 

 

—

 

 

 

—

 

 

 

980

 

 

 

363

 

 

 

—

 

 

 

—

 

 

 

363

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

985

 

 

$

5

 

 

$

—

 

 

$

980

 

 

$

422

 

 

$

18

 

 

$

—

 

 

$

404

 

 

(1)

Excludes $19 million and $44 million of derivative liabilities at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of Virginia Power’s derivative activity at June 30, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

38

 

 

 

8

 

Basis

 

 

143

 

 

 

507

 

Electricity (MWh):

 

 

 

 

 

 

 

 

FTRs

 

 

101,087,887

 

 

 

—

 

Interest rate(2)

 

$

900,000,000

 

 

$

1,150,000,000

 

 

(1)

Includes options.

(2)

Maturity is determined based on final settlement period.

 

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at June 30, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12

Months After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(78

)

 

$

(1

)

 

378 months

Total

 

$

(78

)

 

$

(1

)

 

 

 

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

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets:

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

31

 

 

$

31

 

Total current derivative assets(1)

 

 

—

 

 

 

31

 

 

 

31

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

102

 

 

 

102

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

102

 

 

 

102

 

Total derivative assets

 

$

—

 

 

$

133

 

 

$

133

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

23

 

 

$

23

 

Interest rate

 

 

455

 

 

 

—

 

 

 

455

 

Total current derivative liabilities

 

 

455

 

 

 

23

 

 

 

478

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

1

 

 

 

1

 

Interest rate

 

 

525

 

 

 

—

 

 

 

525

 

Total noncurrent derivatives liabilities(3)

 

 

525

 

 

 

1

 

 

 

526

 

Total derivative liabilities

 

$

980

 

 

$

24

 

 

$

1,004

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

20

 

 

$

20

 

Total current derivative assets(1)

 

 

—

 

 

 

20

 

 

 

20

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

2

 

 

 

2

 

Interest rate

 

 

2

 

 

 

—

 

 

 

2

 

Total noncurrent derivative assets(2)

 

 

2

 

 

 

2

 

 

 

4

 

Total derivative assets

 

$

2

 

 

$

22

 

 

$

24

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

58

 

 

$

58

 

Interest rate

 

 

185

 

 

 

—

 

 

 

185

 

Total current derivatives liabilities(4)

 

 

185

 

 

 

58

 

 

 

243

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

45

 

 

 

45

 

Interest rate

 

 

178

 

 

 

—

 

 

 

178

 

Total noncurrent derivatives liabilities(3)

 

 

178

 

 

 

45

 

 

 

223

 

Total derivative liabilities

 

$

363

 

 

$

103

 

 

$

466

 

 

(1)

Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.

(2)

Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. 

(3)

Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.

(4)

Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets.

 

The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized

in AOCI on Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase (Decrease)

in Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

2

 

 

$

(1

)

 

$

13

 

Total

 

$

2

 

 

$

(1

)

 

$

13

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(15

)

 

$

(1

)

 

$

(133

)

Total

 

$

(15

)

 

$

(1

)

 

$

(133

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(59

)

 

$

(1

)

 

$

(552

)

Total

 

$

(59

)

 

$

(1

)

 

$

(552

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(24

)

 

$

(1

)

 

$

(218

)

Total

 

$

(24

)

 

$

(1

)

 

$

(218

)

 

(1)

Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.

(3)

Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.

 

 

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity(2)

 

$

(8

)

 

$

(3

)

 

$

(73

)

 

$

(12

)

 

Total

 

$

(8

)

 

$

(3

)

 

$

(73

)

 

$

(12

)

 

 

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.

(2)

Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases.

Dominion Energy Gas

Balance Sheet Presentation

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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

192

 

 

$

—

 

 

$

—

 

 

$

192

 

 

$

83

 

 

$

5

 

 

$

—

 

 

$

78

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

12

 

 

 

—

 

 

 

—

 

 

 

12

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

204

 

 

$

—

 

 

$

—

 

 

$

204

 

 

$

86

 

 

$

8

 

 

$

—

 

 

$

78

 

 

Volumes

The following table presents the volume of Dominion Energy Gas’ derivative activity at June 30, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Interest rate(1)

 

$

750,000,000

 

 

$

550,000,000

 

Foreign currency(1)

 

€

-

 

 

€

250,000,000

 

 

(1)

Maturity is determined based on final settlement period. 

 

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at June 30, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected

to be Reclassified to

Earnings During the

Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(158

)

 

$

(11

)

 

294 months

Foreign currency

 

 

(10

)

 

 

(4

)

 

72 months

Total

 

$

(168

)

 

$

(15

)

 

 

 

The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest 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 and foreign currency exchange rates.

 

In connection with the agreement Dominion Energy entered in July 2020 for the disposition of substantially all of its gas transmission and storage operations, certain cash flow hedges of debt-related items will become probable of not occurring.  See Note 3 for further information.

Fair Value and Gains and Losses on Derivative Instruments

The following tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets:

 

 

 

Fair Value-

Derivatives

Under Hedge

Accounting

 

 

Fair Value-Derivatives

Not Under Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

58

 

 

$

13

 

 

$

71

 

Foreign currency

 

 

5

 

 

 

—

 

 

 

5

 

Total current derivative liabilities(2)

 

 

63

 

 

 

13

 

 

 

76

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

121

 

 

 

—

 

 

 

121

 

Foreign currency

 

 

7

 

 

 

—

 

 

 

7

 

Total noncurrent derivative liabilities(3)

 

 

128

 

 

 

—

 

 

 

128

 

Total derivative liabilities

 

$

191

 

 

$

13

 

 

$

204

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

8

 

 

$

—

 

 

$

8

 

Total noncurrent derivative assets(1)

 

 

8

 

 

 

—

 

 

 

8

 

Total derivative assets

 

$

8

 

 

$

—

 

 

$

8

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

30

 

 

$

—

 

 

$

30

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities(2)

 

 

33

 

 

 

—

 

 

 

33

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

53

 

 

 

—

 

 

 

53

 

Total noncurrent derivative liabilities(3)

 

 

53

 

 

 

—

 

 

 

53

 

Total derivative liabilities

 

$

86

 

 

$

—

 

 

$

86

 

 

(1)

Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(2)

Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

(3)

Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. 

 

 

The following table presents the gains and losses on Dominion Energy Gas’ derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified From AOCI

to Income

 

(millions)

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Interest rate(2)

 

$

(4

)

 

$

(4

)

Foreign currency(3)

 

 

5

 

 

 

6

 

Total

 

$

1

 

 

$

2

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

 

 

 

$

—

 

Total commodity

 

$

3

 

 

$

—

 

Interest rate(2)

 

 

(36

)

 

 

(2

)

Foreign currency(3)

 

 

1

 

 

 

4

 

Total

 

$

(32

)

 

$

2

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Interest rate(2)

 

 

(105

)

 

 

(6

)

Foreign currency(3)

 

 

(17

)

 

 

—

 

Total

 

$

(122

)

 

$

(6

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

 

 

 

$

2

 

Total commodity

 

$

2

 

 

$

2

 

Interest rate(2)

 

 

(60

)

 

 

(1

)

Foreign currency(3)

 

 

(10

)

 

 

(2

)

Total

 

$

(68

)

 

$

(1

)

 

(1)

Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income.

(2)

Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges.

(3)

Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income.

 

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized in Income on Derivatives

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(1)

 

$

—

 

 

$

—

 

 

$

(8

)

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

(8

)

 

$

—

 

 

(1)

Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges.

 
v3.20.2
Investments
 6 Months Ended
Jun. 30, 2020
Investments Debt And Equity Securities [Abstract]  
Investments

Note 10. Investments

Dominion Energy

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $121 million and $120 million at June 30, 2020 and December 31, 2019, respectively.

Decommissioning Trust Securities

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

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,701

 

 

$

2,221

 

 

$

(71

)

 

$

—

 

 

$

3,851

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

577

 

 

 

48

 

 

 

(1

)

 

 

—

 

 

 

624

 

Government securities

 

 

1,119

 

 

 

62

 

 

 

(1

)

 

 

—

 

 

 

1,180

 

Common/collective trust funds

 

 

146

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

148

 

Insurance contracts

 

 

223

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

223

 

Cash equivalents and other(3)

 

 

(8

)

 

 

2

 

 

 

(2

)

 

 

—

 

 

 

(8

)

Total

 

$

3,758

 

 

$

2,335

 

 

$

(75

)

(4)

$

—

 

(5)

$

6,018

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,807

 

 

$

2,451

 

 

$

(20

)

 

$

—

 

 

$

4,238

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

434

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

463

 

Government securities

 

 

1,108

 

 

 

39

 

 

 

(2

)

 

 

—

 

 

 

1,145

 

Common/collective trust funds

 

 

115

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

119

 

Insurance contracts

 

 

214

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

214

 

Cash equivalents and other(3)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

 

$

3,691

 

 

$

2,523

 

 

$

(22

)

(4)

$

—

 

 

$

6,192

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $35 million and $1 million at June 30, 2020 and December 31, 2019, respectively.

(4)

The fair value of securities in an unrealized loss position was $181 million and $298 million at June 30, 2020 and December 31, 2019, respectively.

(5)

The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million.  These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020.     

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

610

 

 

$

156

 

 

$

(288

)

 

$

570

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(5

)

 

 

(25

)

 

 

9

 

 

 

(44

)

Unrealized gains (losses) recognized during the period

   on securities still held at June 30, 2020 and 2019(1)

 

$

605

 

 

$

131

 

 

$

(279

)

 

$

526

 

 

(1)

Included in other income and the nuclear decommissioning trust regulatory liability.

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at June 30, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

212

 

Due after one year through five years

 

 

486

 

Due after five years through ten years

 

 

485

 

Due after ten years

 

 

769

 

Total

 

$

1,952

 

 

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

1,058

 

 

$

376

 

 

$

1,660

 

 

$

882

 

Realized gains(1)

 

 

74

 

 

 

56

 

 

 

140

 

 

 

99

 

Realized losses(1)

 

 

61

 

 

 

27

 

 

 

130

 

 

 

50

 

 

(1)

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

Virginia Power

Virginia Power holds equity and fixed income securities and cash equivalents in nuclear decommissioning trust funds to fund future decommissioning costs for its nuclear plants. Virginia Power’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

901

 

 

$

1,028

 

 

$

(46

)

 

$

—

 

 

$

1,883

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

328

 

 

 

26

 

 

 

—

 

 

 

—

 

 

 

354

 

Government securities

 

 

467

 

 

 

23

 

 

 

(1

)

 

 

—

 

 

 

489

 

Common/collective trust funds

 

 

57

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

57

 

Cash equivalents and other(3)

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

Total

 

$

1,752

 

 

$

1,077

 

 

$

(47

)

(4)

$

—

 

(5)

$

2,782

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

894

 

 

$

1,144

 

 

$

(11

)

 

$

—

 

 

$

2,027

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

241

 

 

 

15

 

 

 

—

 

 

 

—

 

 

 

256

 

Government securities

 

 

534

 

 

 

14

 

 

 

(2

)

 

 

—

 

 

 

546

 

Common/collective trust funds

 

 

51

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51

 

Cash equivalents and other

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Total

 

$

1,721

 

 

$

1,173

 

 

$

(13

)

(4)

$

—

 

 

$

2,881

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $1 million at June 30, 2020.

(4)

The fair value of securities in an unrealized loss position was $74 million and $185 million at June 30, 2020 and December 31, 2019, respectively.

(5)

The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million.  These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020.     

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

269

 

 

$

70

 

 

$

(154

)

 

$

256

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(3

)

 

 

(7

)

 

 

3

 

 

 

(8

)

Unrealized gains (losses) recognized during the period

   on securities still held at June 30, 2020 and 2019(1)

 

$

266

 

 

$

63

 

 

$

(151

)

 

$

248

 

 

(1)

Included in other income and the nuclear decommissioning trust regulatory liability.

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at June 30, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

79

 

Due after one year through five years

 

 

227

 

Due after five years through ten years

 

 

273

 

Due after ten years

 

 

321

 

Total

 

$

900

 

 

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

236

 

 

$

194

 

 

$

530

 

 

$

447

 

Realized gains(1)

 

 

24

 

 

 

15

 

 

 

55

 

 

 

25

 

Realized losses(1)

 

 

17

 

 

 

3

 

 

 

48

 

 

 

12

 

 

(1)

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

Equity Method Investments

Dominion Energy 

Dominion Energy’s equity earnings (losses) on its investments totaled $(2.2) billion and $80 million for the six months ended June 30, 2020 and 2019, respectively. Dominion Energy received distributions of $46 million and $57 million for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $96 million and $110 million, respectively. At June 30, 2020, these differences are comprised of $175 million of equity method goodwill that is not being amortized and a net $79 million basis difference primarily attributable to Dominion Energy’s investments in Fowler Ridge and an unfunded commitment made to Align RNG.  At December 31, 2019, these differences are comprised of $159 million of equity method goodwill that is not being amortized and a net $49 million basis difference from Dominion Energy’s investments in Fowler Ridge, which is being amortized over the useful lives of the underlying assets, in Atlantic Coast Pipeline, which is being amortized over the term of its credit facility, and an unfunded commitment made to Align RNG.

Atlantic Coast Pipeline

In September 2014, Dominion Energy, along with Duke Energy and Southern, announced the formation of Atlantic Coast Pipeline for the purpose of constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of Dominion Energy, Duke Energy and Southern had planned to be customers of the pipeline under 20-year contracts.

In March 2020, Dominion Energy completed the acquisition from Southern of its 5% membership interest in Atlantic Coast Pipeline and its 100% ownership interest in Pivotal LNG, Inc., for $184 million in aggregate, subject to certain purchase price adjustments. Pivotal LNG, Inc. includes a 50% noncontrolling interest in JAX LNG.  Following completion of the acquisition, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke Energy owning the remaining interest.  

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

The Atlantic Coast Pipeline Project had been the subject of challenges in federal courts including, among others, challenges of the Atlantic Coast Pipeline Project’s biological opinion and incidental take statement, permits providing right of way crossings of certain federal lands, the Army Corps of Engineers 404 permit, the air permit for a compressor station at Buckingham, Virginia, and the FERC order approving the CPCN. Each of these challenges alleged non-compliance on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project was permitted to proceed. Since December 2018, notable developments in these challenges included a stay in December 2018 issued by the U.S. Court of Appeals for the Fourth Circuit and the same court’s July 2019 vacatur of the biological opinion and incidental take statement (which stay and subsequent vacatur halted most project construction activity), the U.S. Court of Appeals for the Fourth Circuit decisions vacating the permits to cross certain federal forests and the air permit for a compressor station at Buckingham, Virginia, the U.S. Court of Appeals for the Fourth Circuit’s remand to the Army Corps of Engineers of Atlantic Coast Pipeline’s Huntington District 404 verification and the U.S. Court of Appeals for the Fourth Circuit’s remand to the National Park Service of Atlantic Coast Pipeline’s Blue Ridge Parkway right-of-way. In June 2019, the Solicitor General of the U.S. and Atlantic Coast Pipeline filed petitions requesting that the Supreme Court of the U.S. hear the case regarding the Appalachian Trail crossing and in June 2020, the Supreme Court of the U.S. ruled in favor of the Atlantic Coast Pipeline, reversing the lower court’s decision and remanding the case back to the U.S. Court of Appeals for the Fourth Circuit.

The project also faced new and serious challenges from uncertainty related to NWP 12, specifically, from the decision of the U.S. District Court for the District of Montana in April 2020 vacating an NWP 12 issued by the Army Corps of Engineers, including among other things gas pipelines, followed by a U.S. Court of Appeals for the Ninth Circuit ruling in May 2020 denying a stay of that decision. In July 2020, the Supreme Court of the U.S. issued an order allowing other new oil and gas pipeline projects to use the NWP 12 process pending appeal to the U.S. Court of Appeals for the Ninth Circuit; however, that did not decrease the uncertainty associated with an eventual ruling.  The Montana district court decision was viewed as likely to prompt similar challenges in other federal circuit courts related to permits issued under NWP 12, including for the Atlantic Coast Pipeline Project.

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

As a result of the determination of the probable abandonment of the Atlantic Coast Pipeline Project in June 2020, Atlantic Coast Pipeline has provided to Dominion Energy that it recorded net losses of $4.4 billion and $4.3 billion for the three and six months ended June 30, 2020, respectively, compared to net income of $61 million and $114 million for the three and six months ended June 30, 2019, respectively, and that it did not record revenue for any period.  As a result, Dominion Energy has recorded within earnings

(loss) from equity method investees a loss of $2.3 billion for both the three and six months ended June 30, 2020 compared to income of $29 million and $53 million for the three and six months ended June 30, 2019, respectively. At June 30, 2020, Dominion Energy has recorded a liability of $1.0 billion within other current liabilities in its Consolidated Balance Sheet, as a result of its share of equity losses exceeding its investment which reflects Dominion Energy’s obligations on behalf of Atlantic Coast Pipeline related to its credit facility and AROs.               

In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility with a stated maturity date of October 2021. As of June 30, 2020, Atlantic Coast Pipeline had borrowed $1.8 billion against the revolving credit facility. In July 2020, the capacity of the revolving credit facility was reduced from $3.4 billion to $1.9 billion.  Dominion Energy’s Consolidated Balance Sheets include a liability of $14 million associated with this guarantee agreement at December 31, 2019. The $1.0 billion liability at June 30, 2020 discussed above includes a $48 million adjustment related to this guarantee agreement that is reflected within equity as a cumulative effect of a change in accounting principle upon adoption of the new credit loss standard in January 2020.

Dominion Energy recorded contributions of $13 million and $33 million during the three months ended June 30, 2020 and 2019, respectively, and $29 million and $128 million during the six months ended June 30, 2020 and 2019, respectively, to Atlantic Coast Pipeline. At June 30, 2020 and December 31, 2019, Dominion Energy had $5 million and $7 million, respectively, of contributions payable to Atlantic Coast Pipeline included within other current liabilities in the Consolidated Balance Sheets.

Dominion Energy expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities.  While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows.  In connection with the sale of Dominion Energy’s gas transmission and storage operations to BHE discussed in Note 3, Dominion Energy expects to reflect the results of its equity method investment in Atlantic Coast Pipeline as discontinued operations effective in the third quarter of 2020.

Blue Racer

In the first quarter of 2019, Dominion Energy received $151 million of additional consideration, including applicable interest, in connection with the sale of Dominion Energy’s 50% limited partnership interest in Blue Racer in December 2018, as discussed in Note 9 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

Fowler Ridge

In July 2020, Dominion Energy entered into an agreement to sell its 50% noncontrolling partnership interest in Fowler Ridge to BP and to terminate a long-term power, capacity and renewable energy credit contract for a net payment by Dominion Energy of $150 million. The transaction is expected to close in the third quarter of 2020, subject to approval by FERC. Dominion Energy expects to record a loss of approximately $220 million ($170 million after-tax), consisting of a loss on the contract termination partially offset by a gain on the sale of the partnership interest.

Dominion Energy Gas

Dominion Energy Gas’ equity earnings totaled $23 million and $22 million for the six months ended June 30, 2020 and 2019, respectively. Dominion Energy Gas received distributions of $25 million and $30 million for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020 and December 31, 2019, the carrying amount of Dominion Energy Gas’ investment of $310 million and $312 million, respectively, exceeded its share of underlying equity in net assets by $146 million. The difference reflects equity method goodwill and is not being amortized.

Atlantic Coast Pipeline

DETI provides services to Atlantic Coast Pipeline which totaled $17 million and $26 million for the three months ended June 30, 2020 and 2019, respectively, and $37 million and $57 million for the six months ended June 30, 2020 and 2019, respectively, included in operating revenue in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. Amounts receivable related to these services were $7 million at both June 30, 2020 and December 31, 2019, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy and Dominion Energy Gas’ Consolidated Balance Sheets.

 
v3.20.2
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2020
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

Note 11. Property, Plant and Equipment

Acquisitions of Solar Projects

Other than the items discussed below, there have been no updates to acquisitions of solar projects by Dominion Energy or Virginia Power from those discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

The following table presents acquisitions by Virginia Power of solar projects. Virginia Power expects to claim federal investment tax credits on the projects.

 

Date Agreement Entered

 

Date Agreement Closed

 

Project Location

 

Project Name

 

Project Cost (millions)(1)

 

 

Date of Commercial Operations

 

MW Capacity

 

May 2020

 

May 2020

 

Virginia

 

Pumpkinseed

 

$

130

 

 

Expected 2022

 

 

60

 

 

(1)

Includes acquisition cost.

 

The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

 

Date Agreement Entered

 

Date Agreement Closed

 

Project Location

 

Project Name

 

Project Cost (millions)(1)

 

 

Date of Commercial Operations

 

MW Capacity

 

August 2019

 

August 2019

 

Virginia

 

Myrtle

 

$

32

 

 

June 2020

 

 

15

 

May 2020

 

May 2020

 

South Carolina

 

Blackville

 

 

15

 

 

Expected 2020

 

 

7

 

May 2020

 

May 2020

 

South Carolina

 

Denmark

 

 

15

 

 

Expected 2020

 

 

6

 

May 2020

 

Expected August 2020

 

South Carolina

 

Yemassee

 

 

20

 

 

Expected 2020

 

 

10

 

May 2020

 

Expected August 2020

 

South Carolina

 

Trask

 

 

25

 

 

Expected 2020

 

 

12

 

June 2020

 

June 2020

 

Ohio

 

Hardin I

 

 

250

 

 

Expected 2020

 

 

150

 

July 2020

 

July 2020

 

Virginia

 

Madison

 

 

125

 

 

Expected 2021

 

 

62

 

 

(1)

Includes acquisition cost.

 

 

In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities, primarily at schools in Virginia, with in-service dates in 2020 or 2021. Through July 2020, Dominion Energy anticipates a total projected cost of approximately $35 million under these agreements with an associated aggregate generation capacity of 18 MW.

 

Acquisition of Gathering and Processing Assets

In March 2020, Wexpro closed on an agreement with a natural gas gathering systems operator to purchase existing natural gas gathering systems including pipelines, compressors and dehydration equipment for total consideration of $38 million. These facilities gather natural gas in Colorado, Utah and Wyoming.

 

 
v3.20.2
Regulatory Assets and Liabilities
 6 Months Ended
Jun. 30, 2020
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities

Note 12. Regulatory Assets and Liabilities

 

Regulatory assets and liabilities include the following:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

—

 

 

$

48

 

Deferred project costs and DSM programs for gas utilities(2)

 

 

49

 

 

 

21

 

Unrecovered gas costs(3)

 

 

42

 

 

 

102

 

Deferred rate adjustment clause costs for Virginia electric utility(4)(5)

 

 

58

 

 

 

109

 

Deferred nuclear refueling outage costs(6)

 

 

60

 

 

 

68

 

NND Project costs(7)

 

 

138

 

 

 

138

 

PJM transmission rates(8)

 

 

21

 

 

 

121

 

Other

 

 

248

 

 

 

272

 

Regulatory assets-current

 

 

616

 

 

 

879

 

Pension and other postretirement benefit costs(9)

 

 

1,392

 

 

 

1,431

 

Deferred rate adjustment clause costs for Virginia electric utility(4)(5)(10)(11)

 

 

409

 

 

 

235

 

PJM transmission rates(8)

 

 

154

 

 

 

85

 

Deferred project costs for gas utilities(2)

 

 

557

 

 

 

521

 

Interest rate hedges(12)

 

 

1,302

 

 

 

741

 

AROs and related funding(13)

 

 

312

 

 

 

311

 

Cost of reacquired debt(14)

 

 

252

 

 

 

262

 

NND Project costs(7)

 

 

2,434

 

 

 

2,503

 

Ash pond and landfill closure costs(15)

 

 

2,139

 

 

 

1,016

 

Other

 

 

487

 

 

 

582

 

Regulatory assets-noncurrent

 

 

9,438

 

 

 

7,687

 

Total regulatory assets

 

$

10,054

 

 

$

8,566

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

111

 

 

$

—

 

Provision for future cost of removal and AROs(16)

 

 

142

 

 

 

142

 

Reserve for refunds and rate credits to electric utility customers(17)

 

 

134

 

 

 

143

 

Cost-of-service impact of 2017 Tax Reform Act(18)

 

 

35

 

 

 

4

 

Income taxes refundable through future rates(19)

 

 

140

 

 

 

77

 

Monetization of guarantee settlement(20)

 

 

67

 

 

 

67

 

Other

 

 

120

 

 

 

64

 

Regulatory liabilities-current

 

 

749

 

 

 

497

 

Income taxes refundable through future rates(19)

 

 

4,988

 

 

 

5,088

 

Provision for future cost of removal and AROs(16)

 

 

2,253

 

 

 

2,302

 

Nuclear decommissioning trust(21)

 

 

1,372

 

 

 

1,471

 

Monetization of guarantee settlement(20)

 

 

936

 

 

 

970

 

Reserve for refunds and rate credits to electric utility customers(17)

 

 

588

 

 

 

656

 

Overrecovered other postretirement benefit costs(22)

 

 

212

 

 

 

189

 

Other

 

 

331

 

 

 

325

 

Regulatory liabilities-noncurrent

 

 

10,680

 

 

 

11,001

 

Total regulatory liabilities

 

$

11,429

 

 

$

11,498

 

 

(1)

Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.

(2)

Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information.

(3)

Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.

(4)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.

(5)

As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.

 

(6)

Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(7)

Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(8)

Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.

(9)

Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries.

(10)

During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.

(11)

During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. 

(12)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of June 30, 2020. 

(13)

Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.

(14)  Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt.  The reacquired debt costs had a weighted-average life of approximately 26 years as of June 30, 2020.

(15)

Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(16)

Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(17)

Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(18)

Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(19)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(20)

Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.  See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(21)

Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs.

(22)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

—

 

 

$

48

 

Deferred rate adjustment clause costs(2)(3)

 

 

58

 

 

 

109

 

Deferred nuclear refueling outage costs(4)

 

 

60

 

 

 

68

 

PJM transmission rates(5)

 

 

21

 

 

 

121

 

Other

 

 

58

 

 

 

87

 

Regulatory assets-current

 

 

197

 

 

 

433

 

Deferred rate adjustment clause costs(2)(3)(6)(7)

 

 

409

 

 

 

235

 

PJM transmission rates(5)

 

 

154

 

 

 

85

 

Interest rate hedges(8)

 

 

956

 

 

 

404

 

Ash pond and landfill closure costs(9)

 

 

2,139

 

 

 

1,016

 

Other

 

 

122

 

 

 

123

 

Regulatory assets-noncurrent

 

 

3,780

 

 

 

1,863

 

Total regulatory assets

 

$

3,977

 

 

$

2,296

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

111

 

 

$

—

 

Provision for future cost of removal(10)

 

 

103

 

 

 

103

 

Income taxes refundable through future rates(11)

 

 

54

 

 

 

54

 

Other

 

 

28

 

 

 

10

 

Regulatory liabilities-current

 

 

296

 

 

 

167

 

Income taxes refundable through future rates(11)

 

 

2,425

 

 

 

2,438

 

Nuclear decommissioning trust(12)

 

 

1,372

 

 

 

1,471

 

Provision for future cost of removal(10)

 

 

993

 

 

 

1,054

 

Deferred cost of fuel used in electric generation(1)

 

 

3

 

 

 

30

 

Other

 

 

161

 

 

 

81

 

Regulatory liabilities-noncurrent

 

 

4,954

 

 

 

5,074

 

Total regulatory liabilities

 

$

5,250

 

 

$

5,241

 

 

(1)

Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.

(2)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.

(3)

As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.

(4)

Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(5)

Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.

(6)

During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.

(7)

During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery.

(8)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of June 30, 2020.

(9)

Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(10)

Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(11)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.  

(12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Unrecovered gas costs(1)

 

$

2

 

 

$

2

 

Other

 

 

7

 

 

 

6

 

Regulatory assets-current(2)

 

 

9

 

 

 

8

 

Interest rate hedges(3)

 

 

32

 

 

 

32

 

Other

 

 

5

 

 

 

8

 

Regulatory assets-noncurrent(4)

 

 

37

 

 

 

40

 

Total regulatory assets

 

$

46

 

 

$

48

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(5)

 

$

18

 

 

$

18

 

Overrecovered gas costs(1)

 

 

6

 

 

 

8

 

Other

 

 

13

 

 

 

15

 

Regulatory liabilities-current(6)

 

 

37

 

 

 

41

 

Income taxes refundable through future rates(7)

 

 

566

 

 

 

560

 

Provision for future cost of removal and AROs(5)

 

 

93

 

 

 

95

 

Overrecovered other postretirement benefit costs(8)

 

 

151

 

 

 

133

 

Other

 

 

10

 

 

 

12

 

Regulatory liabilities-noncurrent(9)

 

 

820

 

 

 

800

 

Total regulatory liabilities

 

$

857

 

 

$

841

 

 

(1)

Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.

(2)

Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(3)

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 22 years.

(4)

Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(5)

Rates charged to customers by Dominion Energy Gas' 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.

(6)

Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

(7)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(8)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

(9)

Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

At June 30, 2020, Dominion Energy, Virginia Power and Dominion Energy Gas’ regulatory assets include $4.8 billion, $3.4 billion and $44 million, 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.

 
v3.20.2
Regulatory Matters
 6 Months Ended
Jun. 30, 2020
Regulated Operations [Abstract]  
Regulatory Matters

Note 13. Regulatory Matters

 

Regulatory Matters Involving Potential Loss Contingencies

 

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

management does not anticipate that the outcome from such matters would have a material effect on the Companies’ financial position, liquidity or results of operations.

FERC – Gas

DETI

In July 2017, FERC audit staff communicated to DETI that it had substantially completed an audit of DETI’s compliance with the accounting and reporting requirements of FERC’s Uniform System of Accounts and provided a description of matters and preliminary recommendations. In November 2017, the FERC audit staff issued its audit report which could have the potential to result in adjustments which could be material to Dominion Energy and Dominion Energy Gas’ results of operations. In December 2017, DETI provided its response to the audit report. DETI reached resolution of certain matters with FERC in the fourth quarter of 2018. Pending final resolution of the audit process and a determination by FERC, management is unable to estimate the potential impact of the remaining finding and no amounts have been recognized.

2017 Tax Reform Act

Other than the items discussed below, which are pending or have been resolved during the period, there have been no changes to the 2017 Tax Reform Act matters discussed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

In March 2019, Questar Gas filed with the Utah and Wyoming Commissions as to the impact of excess deferred income taxes resulting from the 2017 Tax Reform Act. Questar Gas proposed to return the 2018 amortization of excess deferred income taxes to customers and to incorporate the remaining excess deferred income tax impact in its next general rate cases in each jurisdiction. In March 2020, the Utah Commission issued an order approving Questar Gas’ proposal to refund the January 2019 through February 2020 amortization of excess deferred income taxes over 12 months beginning in June 2020. In April 2020, at the request of the Wyoming Commission, this matter was considered in conjunction with the base rate case that was filed in November 2019. In June 2020, the Wyoming Commission approved a proposal to share the benefits of deferred income taxes for the period January 2018 through August 2020 with customers over a one-year period beginning in September 2020. In addition, new base rates that go into effect in September 2020 will include the prospective impacts of sharing excess deferred income taxes with customers.

 

In October 2018, the Ohio Commission issued an order requiring rate-regulated utilities to file an application reflecting the impact of the 2017 Tax Reform Act on current rates by January 1, 2019. In December 2018, East Ohio filed its application proposing an approach to establishing rates and charges by and through which to return tax reform benefits to its customers.  In December 2019, the Ohio Commission issued an order approving customer credits of approximately $600 million that will be shared with customers primarily over the remaining book life of the property to which the excess deferred income taxes relate. In addition, East Ohio will reduce rates approximately $19 million per year to account for the 2017 Tax Reform Act’s impact on its equity return component of rates charged to customers. A tax savings credit, which passes through the reduction in the federal income tax rate under the 2017 Tax Reform Act to customers in accordance with the settlement agreement approved by the Ohio Commission, became effective with the first billing cycle in April 2020.

Other Regulatory Matters

 

Other than the following matters, there have been no significant developments regarding the pending regulatory matters disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

 

Virginia Regulation

Virginia 2020 Legislation

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

and timing, the use of the customer credit reinvestment offset and the $50 million cap on revenue reductions in the first triennial review proceeding. Key provisions of the VCEA and related legislation passed include the following:

 

-

Fossil Fuel Electric Generation:  The legislation mandates Chesterfield Power Station Units 5 & 6 and Yorktown Power Station Unit 3 to be retired by the end of 2024, Altavista, Southampton and Hopewell to be retired by the end of 2028 and Virginia Power’s remaining fossil fuel units to be retired by the end of 2045, unless the retirement of such generating units will compromise grid reliability or security. The legislation also imposes a temporary moratorium on CPCNs for fossil fuel generation, unless the resources are needed for grid reliability. In addition, the Virginia Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities, which could result in the reversal of previous retirement costs deemed recovered during the review period ending 2020. As discussed in Note 2, Virginia Power had recorded charges for early retirement of certain coal- and -oil fired generating units in the first quarters of 2020 and 2019. Virginia Power also revised the depreciable lives of Altavista, Southampton and Hopewell for the mandated retirement to the end of 2028, which will not have a material impact to Virginia Power’s results of operations or cash flows given the existing regulatory framework.

 

-

Renewable Generation: The legislation provides a detailed renewable energy portfolio standard to achieve 100% zero-carbon generation by the end of 2045, excluding existing nuclear generation and certain new carbon-free resources. Components include requirements to petition the Virginia Commission for approval to construct or acquire new generating capacity to reach 16.1 GW of installed solar and onshore wind by the end of 2035, which includes specific requirements for utility-scale solar of 3.0 GW by the end of 2024, up to 15.0 GW by the end of 2035 and 1.1 GW of small-scale solar by the end of 2035. The legislation deems 2,700 MW of energy storage, including up to 800 MW for any one project which may include a pumped storage facility, by the end of 2035 to be in the public interest. The legislation also deems the construction or purchase of an offshore wind facility constructed off the Virginia coast with a capacity of up to 5,200 MW before 2035 to be in the public interest and provides certain presumptions facilitating cost recovery. The costs of such a facility constructed by the utility with a capacity between 2,500 and 3,000 MW will be presumed reasonably and prudently incurred if the Virginia Commission finds that the project meets competitive procurement requirements, the projected cost of the facility does not exceed a specified industry benchmark and the utility commences construction by the end of 2023 or has a plan for the facility to be in service by the end of 2027. The Virginia Commission must approve all projects to meet those requirements.  

 

-

Energy Efficiency: The legislation includes an energy efficiency target of 5% energy savings, as measured from a 2019 baseline, through verifiable energy efficiency programs by the end of 2025 with future targets to be set by the Virginia Commission. Virginia Power has the opportunity to offset the lost revenues with margins on program spend if certain targets are achieved and can also seek recovery of the lost revenues associated with energy efficiency programs if such reductions are found to have caused Virginia Power to earn more than 50 basis points below a fair rate of return on its rates for generation and distribution services.

 

-

Carbon trading program:  The legislation directs Virginia Power to participate in a market-based carbon trading program consistent with RGGI through 2050. All costs of the carbon trading program are recoverable through an environmental rider.

 

 

-

Low-income customers:  The legislation includes the establishment of a percentage of income payment program to be administered by the Virginia Department of Housing and Community Development and the Virginia Department of Social Services.  To fund the program, Virginia Power will remit amounts collected from customers under a universal service fee established and set by the Virginia Commission. As such, this program will not affect Virginia Power’s results of operations, financial position or cash flows.

 

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

 

In May 2020 and July 2020, Virginia Power entered into and closed on separate agreements to acquire Grassfield Solar, Norge Solar and Sycamore Solar. The projects are expected to cost approximately $170 million in aggregate once constructed, including the initial acquisition cost. The facilities are expected to generate 82 MW combined and be placed into service by the end of 2022. Virginia Power expects to file with the Virginia Commission for CPCNs to construct and operate these projects as well as a rider to recover the costs associated with the recovery of certain renewable generation facilities in Virginia by the end of 2020.

Grid Transformation and Security Act of 2018

In July 2018, Virginia Power filed a petition with the Virginia Commission for approval of the first three years of its ten-year plan for electric distribution grid transformation projects as authorized by the GTSA. During the first three years of the plan, Virginia Power proposed to focus on the following seven foundational components of the overall grid transformation plan: (i) smart meters; (ii)

customer information platform; (iii) reliability and resilience; (iv) telecommunications infrastructure; (v) cyber and physical security; (vi) predictive analytics; and (vii) emerging technology. The total estimated capital investment during 2019-2021 was $816 million and the proposed operations and maintenance expenses were $102 million. In January 2019, the Virginia Commission issued its final order approving capital spending for the first three years of the plan totaling $68 million on cyber and physical security and related telecommunications infrastructure (Phase IA). The Virginia Commission declined to approve the remainder of the proposed components for the first three years of the plan, the proposed spending for which was not found reasonable and prudent based on the record in the proceeding.

 

In September 2019, Virginia Power filed a revised plan which includes six components: (i) smart meters; (ii) customer information platform; (iii) grid improvement projects; (iv) telecommunications infrastructure; (v) cyber security; and (vi) a smart charging electric vehicle infrastructure pilot program (Phase IB). For Phase IB, the total proposed capital investment during 2019 – 2021 was $503 million and the proposed operations and maintenance investment was $78 million. In March 2020, the Virginia Commission issued an order approving $212 million of costs related to a new customer information platform, targeted grid hardening and corridor improvements, an electric vehicle Smart Charging Infrastructure Pilot Program, cyber security, stakeholder engagement and customer education and denied the costs associated with AMI, self-healing grid and certain other grid hardening projects alleging that Virginia Power did not prove the reasonableness and prudency of these costs. In April 2020, Virginia Power filed a petition for reconsideration of the Virginia Commission’s order and requested clarification of certain matters, including the Smart Charging Infrastructure Pilot Program.  Additionally, Virginia Power requested clarification of certain matters relating to an AMI time-of-use rate and the smart charging electric vehicle infrastructure pilot program. Subsequently, in April 2020, the Virginia Commission denied in full Virginia Power’s petition for reconsideration; however, it stated that its March 2020 order contained all necessary approvals for the smart charging electric vehicle infrastructure pilot program.  Virginia Power intends to file a revised plan that will address the elements needed for a comprehensive plan, as outlined by the Virginia Commission in its order.

 

Solar Facility Projects

 

In July 2019, Virginia Power filed an application with the Virginia Commission for a CPCN to construct Sadler Solar, which is estimated to cost approximately $146 million, excluding financing costs. Sadler Solar is expected to commence commercial operations, subject to regulatory approvals associated with the project, in the fourth quarter of 2020. Virginia Power also applied for approval of Rider US-4 associated with this project with a proposed $9 million total revenue requirement for the rate year beginning June 1, 2020. In January 2020, the Virginia Commission issued a final order granting the CPCN to construct Sadler Solar, subject to a 20- year performance guarantee of the facility at a 22% solar capacity factor when normalized for force majeure events. In March 2020, the Virginia Commission approved a $7 million total annual revenue requirement.

 

Virginia Fuel Expenses

 

In February 2020, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $1.2 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2020 and a projected over-recovery of approximately $81 million for the prior year balance as of June 30, 2020. Virginia Power requested that the new fuel factor rate be implemented on an interim basis two months early, beginning on May 1, 2020. In March 2020, the Virginia Commission approved the interim rates. Virginia Power’s proposed fuel rate represents a fuel revenue decrease of approximately $393 million when applied to projected kilowatt-hour sales for the rate year beginning May 1, 2020. In June 2020, the Virginia Commission approved a revised fuel rate based on an updated projected over-recovery of $103 million for the prior year balance as of June 30, 2020.

 

Rate Adjustment Clauses

Below is a discussion of significant riders associated with various Virginia Power projects:

 

 

•

The Virginia Commission previously approved Rider T1 concerning transmission rates. In May 2020, Virginia Power proposed a $1.0 billion total revenue requirement consisting of $474 million for the transmission component of Virginia Power’s base rates and $529 million for Rider T1 for the rate year beginning September 1, 2020. This total revenue requirement represents a $73 million increase versus the revenues to be produced during the rate year under current rates. In July 2020, the Virginia Commission approved the filing.

 

 

•

The Virginia Commission previously approved Riders C1A, C2A and C3A in connection with cost recovery for DSM programs. In December 2019, Virginia Power filed a petition to approve an additional 10 new energy efficiency programs and one new demand response DSM program for five years, subject to future extension, with a $186 million cost cap, and proposed a total $60 million revenue requirement for the rate year beginning September 1, 2020. This total revenue requirement represents an $11 million increase over the previous year. In July 2020, the Virginia Commission approved the filing.

 

 

•

The Virginia Commission previously approved Rider U in conjunction with cost recovery to move certain electric distribution facilities underground as authorized by Virginia legislation. In June 2020, Virginia Power proposed an $80 total revenue requirement consisting of $44 million for previously approved phases and $36 million for phase five costs for Rider U for the rate year beginning April 1, 2021. This total revenue requirement represents a $28 million increase over the previous year. This matter is pending.

Additional significant riders associated with various Virginia Power projects are as follows:

 

Rider Name

 

Application Date

 

Approval Date

 

Rate Year

Beginning

 

Total Revenue

Requirement

(millions)

 

 

Increase (Decrease)

Over Previous Year

(millions)

 

Rider US-3

 

July 2019

 

March 2020

 

June 2020

 

$

28

 

 

$

18

 

Rider BW

 

October 2019

 

June 2020

 

September 2020

 

 

99

 

 

 

(20

)

Rider US-2

 

October 2019

 

July 2020

 

September 2020

 

 

10

 

 

 

(5

)

Rider B

 

June 2020

 

Pending

 

April 2021

 

 

24

 

 

 

(8

)

Rider GV

 

June 2020

 

Pending

 

April 2021

 

 

154

 

 

 

22

 

Rider R

 

June 2020

 

Pending

 

April 2021

 

 

59

 

 

 

15

 

Rider S

 

June 2020

 

Pending

 

April 2021

 

 

194

 

 

 

(1

)

Rider W

 

June 2020

 

Pending

 

April 2021

 

 

120

 

 

 

14

 

Rider US-3

 

July 2020

 

Pending

 

June 2021

 

 

39

 

 

 

10

 

Rider US-4

 

July 2020

 

Pending

 

June 2021

 

 

12

 

 

 

4

 

 

 

Electric Transmission Projects

 

In December 2019, Virginia Power filed an application with the Virginia Commission for a CPCN to construct a new Evergreen Mills switching station and add approximately one mile of overhead 230 kV double circuit transmission lines from both the existing Brambleton-Yardley Ridge line and Brambleton-Poland Road line in Loudoun County, Virginia, estimated to cost approximately $30 million. In May 2020, the Virginia Commission issued an order approving in part and denying in part the petition. The Virginia Commission approved Virginia Power’s request to construct the new Evergreen Mills switching station and the new 230 kV double circuit transmission line from the existing Brambleton-Yardley Ridge line with a total estimated cost of $25 million.

 

 

Additional Virginia Power electric transmission projects approved and applied for are as follows:

 

 

Description and Location

of Project

 

Application

Date

 

Approval

Date

 

Type of

Line

 

Miles of

Lines

 

Cost Estimate

(millions)

Rebuild and operate five segments between the Loudoun and Ox substations

 

August 2019

 

June 2020

 

230 kV

 

19

 

70

Rebuild and operate two lines in Chesterfield County, Virginia

 

January 2020

 

June 2020

 

230 kV

 

3

 

15

Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia

 

May 2020

 

Pending

 

500 kV

 

37

 

110

 

 

North Carolina Regulation

North Carolina Base Rate Case

In March 2019, Virginia Power filed its base rate case and schedules with the North Carolina Commission. Virginia Power proposed a non-fuel, base rate increase of $27 million effective November 1, 2019 on an interim basis subject to refund, with any permanent rates ordered by the North Carolina Commission effective January 1, 2020. The base rate increase was proposed to recover the significant investments in generation, transmission and distribution infrastructure for the benefit of North Carolina customers. Virginia Power presented an earned return of 7.52% based upon a fully-adjusted test period, compared to its authorized 9.90% return, and proposed a 10.75% ROE. In September 2019, Virginia Power revised its filing to reduce the non-fuel base rate increase to $24 million. In January 2020, the North Carolina Commission approved a 9.75% ROE and disallowed certain costs associated with coal ash remediation at Chesterfield power station. In February 2020, the North Carolina Commission issued its final order relating to base rates. In July 2020, Virginia Power filed a notice of appeal and exceptions to the Supreme Court of North Carolina, arguing that the North Carolina Commission committed reversible error on certain issues relating to the ratemaking treatment of certain coal ash remediation costs. This matter is pending.

 

Pipeline Integrity and Safety Program

 

The North Carolina Commission has authorized PSNC to use a tracker mechanism to recover the incurred capital investment and associated costs of complying with federal standards for pipeline integrity and safety requirements that are not in current base rates. In February 2020, the North Carolina Commission approved PSNC’s request to increase the integrity management annual revenue requirement to $28 million, an increase of $7 million over its previous filing, effective March 2020.

 

South Carolina Regulation

South Carolina Electric Base Rate Case

Pursuant to the SCANA Merger Approval Order, DESC will not file an application for a general rate case with the South Carolina Commission with a requested effective date for new rates earlier than January 2021.  In April 2020, the South Carolina Commission issued an order vacating the portion of the SCANA Merger Approval Order requiring that new retail electric rates be implemented by January 1, 2021. In July 2020, DESC filed a notice of intent with the South Carolina Commission to file for an increase to base rates for retail electric service no earlier than 30 days following the notice. The net lost revenue recovery portion of the DSM rider would be adjusted lower simultaneously with any approved retail electric base rate increases.

 

DSM Programs

DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2020, DESC filed an application with the South Carolina Commission seeking approval to recover $40 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. In April 2020, the South Carolina Commission approved the filing.

 

 

Cost of Fuel

In February 2020, DESC filed a proposal with the South Carolina Commission to decrease the total fuel cost component of retail electric rates. DESC’s proposed decrease would reduce annual base fuel component recoveries by $44 million and is projected to return to customers the existing over-collected balance while recovering DESC’s current base fuel costs over the 12-month period beginning with the first billing cycle of May 2020. In addition, DESC proposed an increase to its variable environmental and distributed energy resource components. In April 2020, the South Carolina Commission approved the filing.

 

Electric Transmission Projects

 

In 2020, DESC began several electric transmission projects in connection with two new nuclear plants under development by Southern. These transmission projects are required to be in place prior to these plants beginning operations to maintain reliability. DESC anticipates the projects to go into service in phases, costing approximately $75 million in aggregate. In February 2020, DESC filed an application with the South Carolina Commission requesting approval to construct and operate 28 miles of 230 kV transmission lines in Aiken County, South Carolina estimated to cost approximately $30 million. In June 2020, the South Carolina Commission approved the filing.

 

Natural Gas Rates

 

In June 2020, DESC filed with the South Carolina Commission its monitoring report for the 12-month period ended March 31, 2020 with a total revenue requirement of $409 million. This represents a $9 million overall annual increase to its natural gas rates under the terms of the Natural Gas Rate Stabilization Act effective with the first billing cycle of November 2020. This matter is pending.

 

 

Ohio Regulation

PIR Program

In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In April 2020, the Ohio Commission approved East Ohio’s application to adjust the PIR recovery for 2019 costs. The filing reflects gross plant investment for 2019 of $209 million, cumulative gross plant investment of $1.8 billion and an annual revenue requirement of $218 million.

 

West Virginia Regulation

PREP

In May 2020, Hope filed a PREP application with the West Virginia Commission requesting approval to recover PREP costs related to $39 million and $54 million of projected capital investment for 2020 and 2021, respectively. The application also includes a true-up of PREP costs related to the 2019 actual capital investment of $27 million and sets forth $13 million of annual PREP costs to be recovered in proposed rates effective November 1, 2020. This matter is pending.

Wyoming Regulation

Wyoming Base Rate Case

In November 2019, Questar Gas filed its base rate case and schedules with the Wyoming Commission. Questar Gas proposed a non-fuel, base rate increase of $4 million effective September 2020. The base rate increase was proposed to replace aging infrastructure and expand its system. Questar Gas presented an earned return of 7.46%, based upon a fully-adjusted test period, compared to its authorized 9.5% return, and proposed a 10.5% ROE. In June 2020, the Wyoming Commission approved a base rate increase of $2 million annually, with rates effective September 1, 2020. This revenue requirement increase is based on an approved ROE of 9.35%.

 

FERC – Gas

Cove Point

In January 2020, pursuant to the terms of a previous settlement, Cove Point filed a general rate case for its FERC-jurisdictional services, with proposed rates to be effective March 1, 2020. Cove Point proposed an annual cost-of-service of approximately $182 million. In February 2020, FERC approved suspending the changes in rates for five months following the proposed effective date, until August 1, 2020, subject to refund.

In February 2020, Cove Point submitted its annual electric power cost adjustment to FERC requesting approval to recover $28 million. FERC approved the adjustment in March 2020.

Overthrust

In May 2020, Overthrust filed an application to request FERC authorization to construct, operate and maintain the Wamsutter West Expansion project to provide 120,000 Dth per day of new capacity flowing east to west from the Wamsutter interconnect to the Opal interconnect. The project facilities are expected to commence commercial operations in the fourth quarter of 2020 and are expected to cost $10 million. FERC approved the application in July 2020.

DETI

In January 2018, DETI filed an application to request FERC authorization to construct and operate certain facilities located in Ohio and Pennsylvania for the Sweden Valley project. In June 2019, DETI withdrew its application for the project due to certain regulatory delays. As a result of the project abandonment, during the second quarter of 2019, DETI recorded a charge of $13 million ($10 million after-tax), included in impairment of assets and other charges in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income.

 
v3.20.2
Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Leases

Note 14. Leases

Other than the items discussed below, there have been no significant changes regarding the Companies’ leases as described in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

 

Dominion Energy’s Consolidated Statements of Income include $53 million and $85 million for the three and six months ended June 30, 2020, respectively, and $53 million and $82 million for the three and six months ended June 30, 2019, respectively, of rental revenue included in operating revenue. Dominion Energy’s Consolidated Statements of Income include $27 million and $50 million for the three and six months ended June 30, 2020, respectively, and $24 million and $47 million for the three and six months ended June 30, 2019, respectively, of depreciation expense included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

 

 

 

Corporate Office Leasing Arrangement

 

In December 2019, Dominion Energy signed an agreement with a lessor, as amended in May 2020, to construct and lease a new corporate office property in Richmond, Virginia. The lessor is providing equity and has obtained financing commitments from debt investors, totaling $465 million, to fund the estimated project costs. If Dominion Energy ultimately proceeds with the project through completion, the project is expected to be completed by September 2024. Dominion Energy has been appointed to act as the construction agent for the lessor, during which time Dominion Energy will request cash draws from the lessor and debt investors to fund all project costs. If the project is terminated under certain events, Dominion Energy could be required to pay up to 100% of the then funded amount.

 

The lease term will commence once construction is substantially complete and the facility is able to be occupied and end in December 2027. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 83% of project costs, for the difference between the project costs and sale proceeds.  Dominion Energy is not considered the owner during construction for financial accounting purposes and, therefore, will not reflect the construction activity in its consolidated financial statements. Dominion Energy expects to recognize a right-of-use asset and a corresponding finance lease liability at the commencement of the lease term. Dominion Energy will be considered the owner of the leased property for tax purposes, and as a result, will be entitled to tax deductions for depreciation and interest expense.

 

 
v3.20.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Variable Interest Entities

Note 15. Variable Interest Entities

There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

Dominion Energy

At June 30, 2020 and December 31, 2019, Dominion Energy’s securities due within one year included $32 million and $31 million, respectively, and long-term debt included $258 million and $267 million of debt issued by SBL Holdco, a VIE, net of issuance costs, that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in certain merchant solar facilities.

Virginia Power

Virginia Power had a long-term power and capacity contract with one non-utility generator with an aggregate summer generation capacity of approximately 218 MW. In May 2019, Virginia Power entered into an agreement and paid $135 million to terminate the remaining contract with the non-utility generator, effective April 2019. A $135 million ($100 million after-tax) charge was recorded in impairment of assets and other charges in Virginia Power’s Consolidated Statements of Income for the three and six months ended June 30, 2019. Virginia Power paid $13 million for electric capacity and $1 million for electric energy to the non-utility generator in the six months ended June 30, 2019.

 

Dominion Energy Gas

Dominion Energy Gas purchased shared services from DECGS and DEQPS of $3 million and $7 million for the three months ended June 30, 2020, $5 million and $11 million for the three months ended June 30, 2019, $7 million and $14 million for the six months ended June 30, 2020, and $9 million and $20 million for the six months ended June 30, 2019, respectively. Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to both DECGS and DEQPS of $18 million and $15 million at June 30, 2020 and December 31, 2019, respectively.

Virginia Power and Dominion Energy Gas

Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $86 million and $27 million for the three months ended June 30, 2020, respectively, and $129 million and $39 million for the three months ended June 30, 2019, $179 million and $58 million for the six months ended June, 30, 2020 and $218 million and $67 million for the six months ended June 30, 2019, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $92 million and $102 million at June 30, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. Dominion Energy Gas’ Consolidated Balance Sheets include amounts due to DES of $38 million and $27 million at June 30, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. 

 

 
v3.20.2
Significant Financing Transactions
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Significant Financing Transactions

Note 16. Significant Financing Transactions

Credit Facilities and Short-term Debt

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

Dominion Energy

At June 30, 2020, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility

Limit

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

 

Facility

Capacity

Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

210

 

 

$

103

 

 

$

5,687

 

 

(1)

This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.

In addition to the credit facility mentioned above, Dominion Energy also has a credit facility which had an original stated maturity date of June 2020 and allowed Dominion Energy to issue up to approximately $21 million in letters of credit. In May 2020, the credit facility was amended to increase the facility capacity to approximately $30 million and extend the maturity date to June 2022. At June 30, 2020, Dominion Energy had $21 million in letters of credit outstanding under this agreement.

 

In March 2020, Dominion Energy entered into a $900 million 364-Day Revolving Credit Agreement.  The agreement bears interest at a variable rate. At June 30, 2020, $225 million was outstanding under the agreement. The proceeds from these borrowings were used to provide for general working capital and other general corporate purposes.  The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

DESC and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with Dominion Energy, Virginia Power and Dominion Energy Gas.  At June 30, 2020, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively.

In January 2020, DESC and GENCO applied to FERC for a two-year short-term borrowing authorization. In March 2020, FERC granted DESC authority through March 2021 to issue short-term indebtedness (pursuant to Section 204 of the Federal Power Act) in amounts not to exceed $2.2 billion outstanding with maturity dates of one year or less. In addition, in March 2020, FERC granted GENCO authority through March 2021 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less.

In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which had an original stated maturity date of December 2017 with automatic one-year renewals through the maturity of the SBL Holdco term loan agreement in 2023. Dominion Solar Projects III, Inc. has $25 million of credit facilities which had an original stated maturity date of May 2018 with automatic one-year renewals through the maturity of the Dominion Solar Projects III, Inc. term loan agreement in 2024. At June 30, 2020, no amounts were outstanding under either of these facilities.

In March 2020, Dominion Energy borrowed $500 million under a 364-Day Term Loan Credit Agreement that bears interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes.  These borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at June 30, 2020. The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

In April 2020, Dominion Energy borrowed $625 million under a 364-Day Term Loan Credit Agreement that bore interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes. In June 2020, Dominion Energy repaid the outstanding balance in full.

 

In November 2017, Dominion Energy filed a SEC shelf registration statement for the sale of up to $3.0 billion of variable denomination floating rate demand notes, called Dominion Energy Reliability InvestmentSM. The registration limits the principal

amount that may be outstanding at any one time to $1.0 billion. The notes are offered on a continuous basis and bear interest at a floating rate per annum determined by the Dominion Energy Reliability Investment Committee, or its designee, on a weekly basis. The notes have no stated maturity date, are non-transferable and may be redeemed in whole or in part by Dominion Energy or at the investor’s option at any time. At June 30, 2020 and December 31, 2019, Dominion Energy’s Consolidated Balance Sheets include $176 million and $75 million, respectively, presented within short-term debt.  The proceeds are used for general corporate purposes and to repay debt.

 

Virginia Power

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

At June 30, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

—

 

 

$

9

 

 

(1)

The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

Dominion Energy Gas

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

At June 30, 2020, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

1,500

 

 

$

—

 

 

$

—

 

 

(1)

A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.

 

Long-term Debt

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

In February 2020, Dominion Energy redeemed the remaining principal outstanding of $111 million and $286 million of its June 2006 hybrids and its September 2006 hybrids, respectively, both which would have otherwise matured in 2066. All purchases were

conducted in compliance with the applicable RCC, each of which was terminated in February 2020. Expenses related to the early redemption of the hybrids were $10 million reflected within interest and related charges in the Consolidated Statements of Income for the six months ended June 30, 2020.

In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034. Expenses related to the early redemption of the senior notes were $7 million reflected within interest and related charges in the Consolidated Statements of Income for the six months ended June 30, 2020.

In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively.  Total expenses related to the early redemption of the medium-term notes were $14 million reflected within interest and related charges in the Consolidated Statements of Income for the six months ended June 30, 2020.

 

In March 2020, Dominion Energy issued $400 million of 3.30% senior notes and $350 million of 3.60% senior notes that mature in 2025 and 2027, respectively.

In March 2020, PSNC issued, through private placement, $200 million of 4.05% senior notes that mature in 2030.

 

In April 2020, Dominion Energy issued $1.5 billion of 3.375% senior notes that mature in 2030.

 

In April 2020, Dominion Energy purchased and canceled $7 million of its 2.579% junior subordinated notes that mature in July 2020. In June 2020, Dominion Energy prepaid the remaining balance of $993 million.

 

In June 2020, East Ohio issued, through private placement, $500 million of 1.30% senior notes, $500 million of 2.00% senior notes and $800 million of 3.00% senior notes that mature in 2025, 2030 and 2050, respectively. East Ohio used the proceeds from this offering to repay intercompany promissory notes with Dominion Energy Gas and a portion of its intercompany revolving credit agreement balance with Dominion Energy.

 

In June 2020, Virginia Power remarketed one series of tax-exempt bonds, with an aggregate outstanding principal of $105 million to new investors. The bonds will bear interest at a coupon rate of 1.20% until May 2024, after which they will bear interest at a market rate to be determined at that time.

 

Derivative Restructuring

 

In June 2020, Dominion Energy amended a portfolio of interest rate swaps with a notional value of $2.0 billion, extending the mandatory termination dates from 2020 and 2021 to December 2024. The transaction is viewed as a non-cash financing activity with an embedded interest rate swap. As a result, in June 2020, Dominion Energy recorded $326 million in other long-term debt, representing the net present value of the initial fair value measurement of the new contract with an imputed interest rate of 1.19%, in its Consolidated Balance Sheets with an embedded interest rate derivative that had a fair value of zero at inception.

 

Noncontrolling Interest in Dominion Energy Midstream

 

 

In January 2019, Dominion Energy and Dominion Energy Midstream closed on an agreement and plan of merger pursuant to which Dominion Energy acquired each outstanding common unit representing limited partner interests in Dominion Energy Midstream not already owned by Dominion Energy through the issuance of 22.5 million shares of common stock valued at $1.6 billion. Under the terms of the agreement and plan of merger, each publicly held outstanding common unit representing limited partner interests in Dominion Energy Midstream was converted into the right to receive 0.2492 shares of Dominion Energy common stock. Immediately prior to the closing, each Series A Preferred Unit representing limited partner interests in Dominion Energy Midstream was converted into common units representing limited partner interests in Dominion Energy Midstream in accordance with the terms of Dominion Energy Midstream’s partnership agreement. The merger was accounted for by Dominion Energy following the guidance for a change in a parent company’s ownership interest in a consolidated subsidiary. Because Dominion Energy controls Dominion Energy Midstream both before and after the merger, the changes in Dominion Energy’s ownership interest in Dominion Energy Midstream were accounted for as an equity transaction and no gain or loss was recognized. In connection with the merger, Dominion Energy recognized $40 million of income taxes in equity primarily attributable to establishing additional regulatory liabilities related to excess deferred income taxes and changes in state income taxes.

 

2019 Corporate Units

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

Each 2019 Series A Corporate Unit consists of a stock purchase contract and a 1/10, or 10%, undivided beneficial ownership interest in one share of Series A Preferred Stock. Beginning in June 2022, the Series A Preferred Stock is convertible at the option of the holder into Dominion Energy common stock under a formula based upon the average closing price of Dominion Energy common stock prior to the conversion date. The Series A Preferred Stock is redeemable in cash by Dominion Energy beginning September 2022 at the liquidation preference. Settlement of any conversion is payable in cash, common stock or a combination thereof, at Dominion Energy’s election.

The stock purchase contracts obligate the holders to purchase shares of Dominion Energy common stock in June 2022. The purchase price to be paid under the stock purchase contracts is $100 per Corporate Unit and the number of shares to be purchased will be determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. The Series A Preferred Stock was pledged upon issuance as collateral to secure the purchase of common stock under the related stock purchase contracts.

Dominion Energy pays cumulative dividends on the Series A Preferred Stock and quarterly contract adjustment payments on the stock purchase contracts, at the rates described below. Dominion Energy may elect to pay such dividends and/or payments in cash, shares of Dominion Energy common stock or a combination of cash and shares of Dominion Energy common stock.  Dominion Energy may defer the contract adjustment payments for one or more consecutive periods but generally not beyond the purchase contract settlement date. If payments are deferred, Dominion Energy may not make any distributions related to its capital stock, including dividends, redemptions, repurchases or liquidation payments. Also, during the deferral period, Dominion Energy may not make any payments on or redeem, repay or repurchase any debt securities that are equal in right of payment with, or subordinated to, the contract adjustment payments or make any payment on any guarantee of a security of a subsidiary if the guarantee ranks equal or junior to the contract adjustment payments.  Unless all accumulated and unpaid dividends on the Series A Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series A Preferred Stock as to dividends or upon liquidation, as applicable, including dividends, redemptions, repurchases or liquidation payments.  In such circumstances, Dominion Energy also may not make any contract adjustment payments or other similar types of payments, subject to certain exceptions.

Dominion Energy has recorded the present value of the stock purchase contract payments as a liability offset to common stock. Stock purchase contract payments are recorded against this liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense. In calculating diluted EPS, Dominion Energy applies the treasury stock method to the stock purchase contracts and the if-converted method to the Series A Preferred Stock. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, the maximum number of shares of common stock Dominion Energy will issue in June 2022 is 21.8 million.

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

 

Issuance Date

 

Units Issued

 

Total Net

Proceeds(1)

 

 

Total

Preferred

Stock (2)

 

 

Cumulative

Dividend

Rate

 

 

Stock

Purchase

Contract

Annual Rate

 

 

Stock

Purchase

Contract

Liability(3)

 

 

Stock Purchase

Contract

Settlement Date

(millions except interest rates)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/14/2019

 

16

 

$

1,582

 

 

$

1,610

 

 

 

1.75

%

 

 

5.5

%

 

$

250

 

 

6/1/2022

 

(1)

Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets.

(2)

Dominion Energy recorded dividends of $7 million ($4.375 per share) and $14 million ($8.750 per share) for the three and six months ended June 30, 2020, respectively.

(3)

Payments of $41 million were made during the six months ended June 30, 2020. The stock purchase contract liability was $171 million and $212 million at June 30, 2020 and December 31, 2019, respectively.

 

Series B Preferred Stock

In December 2019, Dominion Energy issued 800,000 shares of Series B Preferred Stock for $791 million, net of $9 million of issuance costs. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.65% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing June 15, 2020. Dominion Energy recorded dividends of $9 million ($11.625 per share) and $18 million ($23.250 per share) for the three and six months ended June 30, 2020, respectively. The dividend rate for the Series B Preferred Stock will be reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993%. Unless all accumulated and unpaid dividends on the Series B Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise.

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

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

 

 

Issuance of Common Stock

See Note 3 to the Consolidated Financial Statements for information on the issuance of Dominion Energy common stock in January 2019 in connection with the SCANA Combination. Also in January 2019, Dominion Energy acquired all outstanding partnership interests of Dominion Energy Midstream not owned by Dominion Energy through the issuance of common stock as noted above.

Dominion Energy maintains Dominion Energy Direct® and a number of employee savings plans through which contributions may be invested in Dominion Energy’s common stock. These shares may either be newly issued or purchased on the open market with proceeds contributed to these plans. In April 2014, Dominion Energy began issuing new common shares for these direct stock purchase plans. In August 2020, Dominion Energy began purchasing its common stock on the open market for these direct stock purchase plans.

 

At-the-Market Program

 

In June 2017, Dominion Energy filed an SEC shelf registration statement for the sale of debt and equity securities including the ability to sell common stock through an at-the-market program as discussed in Note 20 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. In March 2020, Dominion Energy entered into four separate sales agency agreements to effect sales under a new at-the-market program and pursuant to which it had the ability to offer from time to time up to $500 million aggregate amount of its common stock. Dominion Energy did not issue any shares under this new program which expired in June 2020.

 

Repurchase of Common Stock

In July 2020, the Board of Directors authorized the repurchase of up to $3.0 billion of Dominion Energy’s common stock and rescinded the prior two authorizations from 2005 and 2007.  The repurchase program does not include a specific timetable or price or volume targets and may be modified, suspended or terminated at any time. Shares may be purchased through open market or privately negotiated transactions or otherwise at the discretion of management subject to prevailing market conditions, applicable securities laws and other factors.

 

Dividend Restrictions

At June 30, 2020, DESC’s retained earnings exceed the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is permitted to pay dividends without additional regulatory approval provided that such amounts would not bring the retained earnings balance below the threshold. There have been no other significant changes to dividend restrictions affecting the Companies described in Note 21, to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

 

 

 
v3.20.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 17. Commitments and Contingencies

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

 

Environmental Matters

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

 

Air

CAA

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

MATS

In February 2019, the EPA published a proposed rule to reverse its previous finding that it is appropriate and necessary to regulate hazardous air pollutant emissions from coal- and oil-fired electric generating units. In May 2020, the EPA’s final rule became effective. The final rule is consistent with the EPA’s February 2019 proposal, and determines that it is not appropriate and necessary to regulate mercury and hazardous air pollutant emissions from coal- and oil-fired electric generating units. The final rule also states that the MATS rule remains in place and the emissions standards for affected coal- and oil-fired electric generating units will not change. Dominion Energy and Virginia Power are complying with the applicable requirements of the rule and do not expect any impacts to their operations.

Ozone Standards

The EPA published final non-attainment designations for the October 2015 ozone standard in June 2018. States have until August 2021 to develop plans to address the new standard. Until the states have developed implementation plans for the standard, the Companies are unable to predict whether or to what extent the new rules will ultimately require additional controls. The expenditures required to implement additional controls could have a material impact on the Companies’ results of operations and cash flows.

Oil and Gas NSPS

In August 2012, the EPA issued an NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers and compressors in the upstream sector. In June 2016, the EPA issued another NSPS regulation, for the oil and natural gas sector, to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. All projects which commenced construction after September 2015 are required to comply with this regulation. In October 2018, the EPA published a proposed rule reconsidering and amending portions of the 2016 rule, including but not limited to, the fugitive emissions requirements at well sites and compressor stations. The amended portions of the 2016 rule

were effective immediately upon publication. Until the proposed rule regarding reconsideration is final, Dominion Energy and Dominion Energy Gas are implementing the 2016 regulation. Dominion Energy and Dominion Energy Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material.

ACE Rule

In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. The ACE Rule applies to existing coal-fired power plants. The final rule includes unit-specific performance standards based on the degree of emission reduction levels achievable from unit efficiency improvements to be determined by the permitting agency. The ACE Rule requires states to develop plans by July 2022, to implement these performance standards. These state plans must be approved by the EPA by January 2024. While the impacts of this rule could be material to Dominion Energy and Virginia Power’s results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.

 

Carbon Regulations

In August 2016, the EPA issued a draft rule proposing to reaffirm that a source’s obligation to obtain a PSD or Title V permit for GHGs is triggered only if such permitting requirements are first triggered by non-GHG, or conventional, pollutants that are regulated by the New Source Review program, and to set a significant emissions rate at 75,000 tons per year of CO2 equivalent emissions under which a source would not be required to apply BACT for its GHG 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 the best operating practices.

State Regulations

In May 2019, VDEQ issued a final rule establishing a state carbon regulation program with a 28.0 million ton initial state-wide carbon cap in 2020. The cap was to be reduced by approximately three percent per year through 2030, resulting in an ultimate cap of 19.6 million tons. The final rule included a provision for VDEQ to delay implementation of the rule pending authorization from the General Assembly and Governor of Virginia. In April 2020, Virginia legislation was enacted authorizing VDEQ to implement the final rule. In June 2020, the VDEQ signed the CO2 Budget Trading Program rule outlining the requirements for Virginia’s participation in RGGI starting in 2021. The regulatory framework in Virginia provides rate recovery mechanisms that are expected to substantially mitigate any such impact.

The legislation discussed above is considered related legislation to the VCEA as discussed in Note 13. The VCEA institutes a mandatory renewable portfolio standard, enhances renewable generation and energy storage development, requires the retirement of certain generation facilities, establishes energy efficiency targets, expands net metering and directs Virginia’s participation in a market-based carbon trading program through 2050.

Water

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

Regulation 316(b)

In October 2014, the final regulations under Section 316(b) of the CWA that govern existing facilities and new units at existing facilities that employ a cooling water intake structure and that have flow levels exceeding a minimum threshold became effective. The rule establishes a national standard for impingement based on seven compliance options, but forgoes the creation of a single technology standard for entrainment. Instead, the EPA has delegated entrainment technology decisions to state regulators. State regulators are to make case-by-case entrainment technology determinations after an examination of five mandatory facility-specific factors, including a social cost-benefit test, and six optional facility-specific factors. The rule governs all electric generating stations with water withdrawals above two MGD, with a heightened entrainment analysis for those facilities over 125 MGD. Dominion Energy and Virginia Power currently have 13 and seven 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 six hydroelectric facilities, including one Virginia Power facility. Dominion Energy anticipates that it may have to install impingement control technologies at certain of these stations that have once-through cooling systems. Dominion Energy and Virginia Power 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, technology, cost and 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 Dominion Energy and Virginia Power’s 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 establishes 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 remains December 2023. While the impacts of this rule could be material to Dominion Energy and Virginia Power’s results of operations, financial condition and/or cash flows, the existing regulatory frameworks in South Carolina and Virginia provide rate recovery mechanisms that could substantially mitigate any such impacts for the regulated electric utilities.

 

Waste Management and Remediation

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

 

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

 

Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At 11 sites associated with Dominion Energy, including certain sites acquired in the SCANA Combination, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed or expects to propose remediation plans associated with three sites, including one at Virginia Power, and expects to conduct remediation activities primarily by the end of 2021. At both June 30, 2020 and December 31, 2019, Dominion Energy and Virginia Power have $34 million and $16 million, respectively, of reserves recorded. In addition, for one site associated with Dominion Energy, an updated work plan submitted to SCDHEC in September 2018, would increase costs by approximately $11 million if approved by federal and state agencies. Dominion Energy is associated with 13 additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, Dominion Energy and Virginia Power are unable to make an estimate of the potential financial statement impacts.

Other Legal Matters

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

 

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows.  For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at June 30, 2020 and December 31, 2019 include reserves of $538 million and $696 million, respectively, and insurance

receivables of $8 million and $111 million, respectively, included within other receivables. During the six months ended June 30, 2020, Dominion Energy’s Consolidated Statements of Income include charges of $25 million ($25 million after-tax) included within other income (expense). During the three and six months ended June 30, 2019, Dominion Energy’s Consolidated Statements of Income include charges of $100 million ($75 million after-tax) and $278 million ($208 million after-tax), respectively, included within impairment of assets and other charges.

Ratepayer Class Actions

In May 2018, a consolidated complaint against DESC, SCANA and the State of South Carolina was filed in the State Court of Common Pleas in Hampton County, South Carolina (the DESC Ratepayer Case). In September 2018, the court certified this case as a class action. The plaintiffs allege, among other things, that DESC was negligent and unjustly enriched, breached alleged fiduciary and contractual duties and committed fraud and misrepresentation in failing to properly manage the NND Project, and that DESC committed unfair trade practices and violated state anti-trust laws. The plaintiffs sought a declaratory judgment that DESC may not charge its customers for any past or continuing costs of the NND Project, sought to have SCANA and DESC’s assets frozen and all monies recovered from Toshiba Corporation and other sources be placed in a constructive trust for the benefit of ratepayers and sought specific performance of the alleged implied contract to construct the NND Project.

In December 2018, the State Court of Common Pleas in Hampton County entered an order granting preliminary approval of a class action settlement and a stay of pre-trial proceedings in the DESC Ratepayer Case. The settlement agreement, contingent upon the closing of the SCANA Combination, provided that SCANA and DESC would establish an escrow account and proceeds from the escrow account would be distributed to the class members, after payment of certain taxes, attorneys' fees and other expenses and administrative costs. The escrow account would include (1) up to $2.0 billion, net of a credit of up to $2.0 billion in future electric bill relief, which would inure to the benefit of the escrow account in favor of class members over a period of time established by the South Carolina Commission in its order related to matters before the South Carolina Commission related to the NND Project, (2) a cash payment of $115 million and (3) the transfer of certain DESC-owned real estate or sales proceeds from the sale of such properties, which counsel for the DESC Ratepayer Class estimate to have an aggregate value between $60 million and $85 million. At the closing of the SCANA Combination, SCANA and DESC funded the cash payment portion of the escrow account. The court held a fairness hearing on the settlement in May 2019. In June 2019, the court entered an order granting final approval of the settlement, which order became effective July 2019. In July 2019, DESC transferred $117 million representing the cash payment, plus accrued interest, to the plaintiffs. In addition, property, plant and equipment with a net recorded value of $54 million is in the process of being transferred to the plaintiffs in coordination with the court-appointed real estate trustee to satisfy the settlement agreement, of which $26 million had been transferred as of June 30, 2020.

In September 2017, a purported class action was filed by Santee Cooper ratepayers against Santee Cooper, DESC, Palmetto Electric Cooperative, Inc. and Central Electric Power Cooperative, Inc. in the State Court of Common Pleas in Hampton County, South Carolina (the Santee Cooper Ratepayer Case). The allegations are substantially similar to those in the DESC Ratepayer Case. The plaintiffs seek a declaratory judgment that the defendants may not charge the purported class for reimbursement for past or future costs of the NND Project. In March 2018, the plaintiffs filed an amended complaint including as additional named defendants, including certain then current and former directors of Santee Cooper and SCANA. In June 2018, Santee Cooper filed a Notice of Petition for Original Jurisdiction with the Supreme Court of South Carolina. In December 2018, Santee Cooper filed its answer to the plaintiffs' fourth amended complaint and filed cross claims against DESC, which was denied. In October 2019, Santee Cooper voluntarily consented to stay its cross claims against DESC pending the outcome of the trial of the underlying case. In November 2019, DESC removed the case to the U.S. District Court for the District of South Carolina. In December 2019, the plaintiffs and Santee Cooper filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In March 2020, the parties executed a settlement agreement relating to this matter as well as the Luquire Case and the Glibowski Case described below. The settlement agreement provides that Dominion Energy and Santee Cooper will establish a fund for the benefit of class members in the amount of $520 million, of which Dominion Energy’s portion is $320 million of shares of Dominion Energy common stock. Also in March 2020, the court granted preliminary approval for the settlement agreement. In July 2020, the court issued a final approval of the settlement agreement. The settlement will become effective upon the expiration of a 30-day appellate period. This case is pending.

In July 2019, a similar purported class action was filed by certain Santee Cooper ratepayers against DESC, SCANA, Dominion Energy and former directors and officers of SCANA in the State Court of Common Pleas in Orangeburg, South Carolina (the Luquire Case). In August 2019, DESC, SCANA and Dominion Energy were voluntarily dismissed from the case. The claims are similar to the Santee Cooper Ratepayer Case. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Glibowski Case. This case will be dismissed upon the effective date of the Santee Cooper Ratepayer Case settlement. This case is pending.

RICO Class Action

In January 2018, a purported class action was filed, and subsequently amended, against SCANA, DESC and certain former executive officers in the U.S. District Court for the District of South Carolina (the Glibowski Case). The plaintiff alleges, among other things, that SCANA, DESC and the individual defendants participated in an unlawful racketeering enterprise in violation of RICO and conspired to violate RICO by fraudulently inflating utility bills to generate unlawful proceeds. The DESC Ratepayer Class Action settlement described previously contemplates dismissal of claims by DESC ratepayers in this case against DESC, SCANA and their officers. In August 2019, the individual defendants filed motions to dismiss. In March 2020, the parties executed a settlement agreement as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Luquire Case. This case will be dismissed upon the effective date of the Santee Cooper Ratepayer Case settlement. This case is pending.

SCANA Shareholder Litigation

In September 2017, a purported class action was filed against SCANA and certain former executive officers and directors in the U.S. District Court for the District of South Carolina. Subsequent additional purported class actions were separately filed against all or nearly all of these defendants (collectively the SCANA Securities Class Action). In January 2018, the U.S. District Court for the District of South Carolina consolidated these suits, and the plaintiffs filed a consolidated amended complaint in March 2018. The plaintiffs allege, among other things, that the defendants violated §10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder, and that the individually named defendants are liable under §20(a) of the same act. In June 2018, the defendants filed motions to dismiss. In March 2019, the U.S. District Court for the District of South Carolina granted in part and denied in part the defendants’ motions to dismiss. In December 2019, the parties executed a settlement agreement pursuant to which SCANA will pay $192.5 million, up to $32.5 million of which can be satisfied through the issuance of shares of Dominion Energy common stock, subject to approval by the U.S. District Court for the District of South Carolina. In February 2020, the U.S. District Court for the District of South Carolina granted preliminary approval of the settlement agreement, pending a fairness hearing. In March 2020, SCANA funded an escrow account with $160 million in cash and the balance of the settlement will be paid upon final approval of the settlement by the court. In July 2020, the court granted final approval of the settlement agreement. In August 2020, SCANA paid the balance of $32.5 million in cash to satisfy the settlement.

 

In September 2017, a shareholder derivative action was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. In September 2018, this action was consolidated with another action in the Business Court Pilot Program in Richland County. The plaintiffs allege, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, and that the defendants were unjustly enriched by bonuses they were paid in connection with the project. In January 2019, the defendants filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. In March 2020, the court denied the defendants’ motion to dismiss. In April 2020, the defendants filed a notice of appeal with the South Carolina Court of Appeals and a petition with the Supreme Court of South Carolina seeking appellate review of the denial of the motion to dismiss. In June 2020, the plaintiffs filed a motion to dismiss the appeal with the South Carolina Court of Appeals, which was granted in July 2020. This case is pending.

 

In January 2018, a purported class action was filed against SCANA, Dominion Energy and certain former executive officers and directors of SCANA in the State Court of Common Pleas in Lexington County, South Carolina (the City of Warren Lawsuit). The plaintiff alleges, among other things, that defendants violated their fiduciary duties to shareholders by executing a merger agreement that would unfairly deprive plaintiffs of the true value of their SCANA stock, and that Dominion Energy aided and abetted these actions. Among other remedies, the plaintiff seeks to enjoin and/or rescind the merger. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In June 2018, the case was remanded back to the State Court of Common Pleas in Lexington County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with a similar appeal in the Metzler Lawsuit discussed below. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court.

 

In February 2018, a purported class action was filed against Dominion Energy and certain former directors of SCANA and DESC in the State Court of Common Pleas in Richland County, South Carolina (the Metzler Lawsuit). The allegations made and the relief sought by the plaintiffs are substantially similar to that described for the City of Warren Lawsuit. In February 2018, Dominion Energy removed the case to the U.S. District Court for the District of South Carolina, and filed a Motion to Dismiss in March 2018. In August 2018, the case was remanded back to the State Court of Common Pleas in Richland County. Dominion Energy appealed the decision to remand to the U.S. Court of Appeals for the Fourth Circuit, where the appeal was consolidated with the City of Warren Lawsuit. In June 2019, the U.S. Court of Appeals for the Fourth Circuit reversed the order remanding the case to state court.

 

In September 2019, the U.S. District Court for the District of South Carolina granted the plaintiffs’ motion to consolidate the City of Warren Lawsuit and the Metzler Lawsuit. In October 2019, the plaintiffs filed an amended complaint against certain former directors and executive officers of SCANA and DESC, which stated substantially similar allegations to those in the City of Warren Lawsuit and the Metzler Lawsuit as well as an inseparable fraud claim. In November 2019, the defendants filed a motion to dismiss. In April 2020,

the U.S. District Court for the District of South Carolina denied the motion to dismiss. In May 2020, SCANA filed a motion to intervene. This case is pending.

 

In May 2019, a case was filed against certain former executive officers and directors of SCANA in the State Court of Common Pleas in Richland County, South Carolina. The plaintiff alleges, among other things, that the defendants breached their fiduciary duties to shareholders by their gross mismanagement of the NND Project, were unjustly enriched by the bonuses they were paid in connection with the project and breached their fiduciary duties to secure and obtain the best price for the sale of SCANA. Also in May 2019, the case was removed to the U.S. District Court of South Carolina by the non-South Carolina defendants. In June 2019, the plaintiffs filed a motion to remand the case to state court. In January 2020, the case was remanded to state court. In February 2020, the defendants filed a motion to dismiss. This case is pending.

 

Employment Class Actions and Indemnification

In August 2017, a case was filed in the U.S. District Court for the District of South Carolina on behalf of persons who were formerly employed at the NND Project. In July 2018, the court certified this case as a class action.  In February 2019, certain of these plaintiffs filed an additional case, which case has been dismissed and the plaintiffs have joined the case filed August 2017.  The plaintiffs allege, among other things, that SCANA, DESC, Fluor Corporation and Fluor Enterprises, Inc. violated the Worker Adjustment and Retraining Notification Act in connection with the decision to stop construction at the NND Project. The plaintiffs allege that the defendants failed to provide adequate advance written notice of their terminations of employment and are seeking damages, which could be as much as $100 million for 100% of the NND Project.

In September 2018, a case was filed in the State Court of Common Pleas in Fairfield County, South Carolina by Fluor Enterprises, Inc. and Fluor Daniel Maintenance Services, Inc. against DESC and Santee Cooper. The plaintiffs make claims for indemnification, breach of contract and promissory estoppel arising from, among other things, the defendants' alleged failure and refusal to defend and indemnify the Fluor defendants in the aforementioned case. These cases are pending.

FILOT Litigation and Related Matters

In November 2017, Fairfield County filed a complaint and a motion for temporary injunction against DESC in the State Court of Common Pleas in Fairfield County, South Carolina, making allegations of breach of contract, fraud, negligent misrepresentation, breach of fiduciary duty, breach of implied duty of good faith and fair dealing and unfair trade practices related to DESC’s termination of the FILOT agreement between DESC and Fairfield County related to the NND Project. The plaintiff sought a temporary and permanent injunction to prevent DESC from terminating the FILOT agreement. The plaintiff withdrew the motion for temporary injunction in December 2017. This case is pending.

Governmental Proceedings and Investigations

In June 2018, DESC received a notice of proposed assessment of approximately $410 million, excluding interest, from the SCDOR following its audit of DESC’s sales and use tax returns for the periods September 1, 2008 through December 31, 2017. The proposed assessment, which includes 100% of the NND Project, is based on the SCDOR’s position that DESC’s sales and use tax exemption for the NND Project does not apply because the facility will not become operational. DESC has protested the proposed assessment, which remains pending.

In September and October 2017, SCANA was served with subpoenas issued by the U.S. Attorney’s Office for the District of South Carolina and the Staff of the SEC’s Division of Enforcement seeking documents related to the NND Project. In February 2020, the SEC filed a complaint against SCANA, two of its former executive officers and DESC in the U.S. District Court for the District of South Carolina alleging that the defendants violated federal securities laws by making false and misleading statements about the NND Project. In April 2020, SCANA and DESC reached an agreement in principle with the Staff of the SEC’s Division of Enforcement to settle, without admitting or denying the allegations in the complaint. The Staff of the SEC’s Division of Enforcement has not yet presented the proposed settlement to the SEC. The agreement in principle would, among other things, require SCANA to pay a civil monetary penalty totaling $25 million, and SCANA and DESC to pay disgorgement and prejudgment interest totaling $112.5 million, which disgorgement and prejudgment interest amount will be deemed satisfied by the settlements in the SCANA Securities Class Action and the DESC Ratepayer Case. The proposed settlement is contingent on the review and approval of final documentation by SCANA, DESC and the Staff of the SEC’s Division of Enforcement and is subject to approval by the SEC and the U.S. District Court for the District of South Carolina. In June 2020, the U.S. Attorney’s Office for the District of South Carolina filed a motion to intervene and stay the SEC civil action, which the court granted. The stay is currently in effect but does not preclude the SEC’s Division of Enforcement from presenting the proposed settlement with SCANA and DESC to the SEC. This matter is pending.

In addition, the South Carolina Law Enforcement Division is conducting a criminal investigation into the handling of the NND Project by SCANA and DESC.  Dominion Energy is cooperating fully with the investigations by the U.S. Attorney’s Office and the South Carolina Law Enforcement Division, including responding to additional subpoenas and document requests. Dominion Energy has also entered into a cooperation agreement with the U.S. Attorney’s Office and the South Carolina Attorney General’s Office.  The cooperation agreement provides that in consideration of its full cooperation with these investigations to the satisfaction of both agencies, neither such agency will criminally prosecute or bring any civil action against Dominion Energy or any of its current, previous, or future direct or indirect subsidiaries related to the NND Project. A former executive officer of SCANA entered a plea agreement with the U.S. Attorney’s Office and the South Carolina Attorney General’s Office in June 2020 and entered a guilty plea with the U.S. District Court for the District of South Carolina in July 2020. These matters are pending.

Other Litigation

In December 2018, arbitration proceedings commenced between DESC and Cameco Corporation related to a supply agreement signed in May 2008. This agreement provides the terms and conditions under which DESC agreed to purchase uranium hexafluoride from Cameco Corporation over a period from 2010 to 2020. Cameco Corporation alleges that DESC violated this agreement by failing to purchase the stated quantities of uranium hexafluoride for the 2017 and 2018 delivery years. DESC denies that it is in breach of the agreement and believes that it has reduced its purchase quantity within the terms of the agreement. This matter is pending.

Abandoned NND Project

DESC, for itself and as agent for Santee Cooper, entered into an engineering, construction and procurement contract with Westinghouse and WECTEC in 2008 for the design and construction of the NND Project, of which DESC’s ownership share is 55%. Various difficulties were encountered in connection with the project. The ability of Westinghouse and WECTEC to adhere to established budgets and construction schedules was affected by many variables, including unanticipated difficulties encountered in connection with project engineering and the construction of project components, constrained financial resources of the contractors, regulatory, legal, training and construction processes associated with securing approvals, permits and licenses and necessary amendments to them within projected time frames, the availability of labor and materials at estimated costs and the efficiency of project labor. There were also contractor and supplier performance issues, difficulties in timely meeting critical regulatory requirements, contract disputes, and changes in key contractors or subcontractors. These matters preceded the filing for bankruptcy protection by Westinghouse and WECTEC in March 2017, and were the subject of comprehensive analyses performed by SCANA and Santee Cooper.

Based on the results of SCANA’s analysis, and in light of Santee Cooper's decision to suspend construction on the NND Project, in July 2017, SCANA determined to stop the construction of the units and to pursue recovery of costs incurred in connection with the construction under the abandonment provisions of the Base Load Review Act or through other means. This decision by SCANA became the focus of numerous legislative, regulatory and legal proceedings. Some of these proceedings remain unresolved and are described above.

 

In September 2017, DESC, for itself and as agent for Santee Cooper, filed with the U.S. Bankruptcy Court for the Southern District of New York Proofs of Claim for unliquidated damages against each of Westinghouse and WECTEC. These Proofs of Claim were based upon the anticipatory repudiation and material breach by Westinghouse and WECTEC of the contract, and assert against Westinghouse and WECTEC any and all claims that are based thereon or that may be related thereto.

Westinghouse’s reorganization plan was confirmed by the U.S. Bankruptcy Court for the Southern District of New York and became effective in August 2018. In connection with the effectiveness of the reorganization plan, the contract associated with the NND Project was deemed rejected. DESC is contesting approximately $285 million of filed liens in Fairfield County, South Carolina. Most of these asserted liens are claims that relate to work performed by Westinghouse subcontractors before the Westinghouse bankruptcy, although some of them are claims arising from work performed after the Westinghouse bankruptcy.

 

Westinghouse has indicated that some unsecured creditors have sought or may seek amounts beyond what Westinghouse allocated when it submitted its reorganization plan to the U.S. Bankruptcy Court for the Southern District of New York. If any unsecured creditor is successful in its attempt to include its claim as part of the class of general unsecured creditors beyond the amounts in the bankruptcy reorganization plan allocated by Westinghouse, it is possible that the reorganization plan will not provide for payment in full or nearly in full to its pre-petition trade creditors. The shortfall could be significant.

 

DESC and Santee Cooper were responsible for amounts owed to Westinghouse for valid work performed by Westinghouse subcontractors on the NND Project after the Westinghouse bankruptcy filing until termination of the interim assessment agreement. In December 2019, DESC and Santee Cooper entered into a confidential settlement agreement with W Wind Down Co LLC resolving claims relating to the interim assessment agreement.

 

Further, some Westinghouse subcontractors who have made claims against Westinghouse in the bankruptcy proceeding also filed against DESC and Santee Cooper in South Carolina state court for damages. Many of these claimants have also asserted construction liens against the NND Project site. DESC also intends to oppose these claims and liens. With respect to claims of Westinghouse subcontractors, DESC believes there were sufficient amounts previously funded during the interim assessment agreement period to pay such validly asserted claims. With respect to the Westinghouse subcontractor claims which relate to other periods, DESC understands that such claims will be paid pursuant to Westinghouse’s confirmed bankruptcy reorganization plan. DESC further understands that the amounts paid under the plan may satisfy such claims in full. Therefore, DESC believes that the Westinghouse subcontractors may be paid substantially (and potentially in full) by Westinghouse. While Dominion Energy cannot be assured that it will not have any exposure on account of unpaid Westinghouse subcontractor claims, which DESC is presently disputing, Dominion Energy believes it is unlikely that it will be required to make payments on account of such claims.

 

Nuclear Matters

In March 2011, a magnitude 9.0 earthquake and subsequent tsunami caused significant damage at the Fukushima Daiichi nuclear power station in northeast Japan. These events resulted in significant nuclear safety reviews by the NRC and industry groups such as the Institute of Nuclear Power Operations. Like other U.S. nuclear operators, Dominion Energy has gathered supporting data and participated in industry initiatives focused on the ability to respond to and mitigate the consequences of, design-basis and beyond-design-basis events at its stations.

 

In July 2011, an NRC task force provided initial recommendations based on its review of the Fukushima Daiichi accident and in October 2011 the NRC staff prioritized these recommendations into Tiers 1, 2 and 3. Tier 1 recommendations consisted of actions which the NRC staff determined should be started without unnecessary delay. Tier 2 and 3 items consisted of items which could not be initiated in the near term because of resource restraints, the need for further technical assessment, or were dependent on activities related to the higher priority Tier 1 issues. In December 2011, the NRC Commissioners approved the agency staff’s prioritization and recommendations, and that same month an appropriations act directed the NRC to require reevaluation of external hazards (not limited to seismic and flooding hazards) as soon as possible.

 

Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactor licensees, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion Energy requiring implementation of safety enhancements related to mitigation strategies for responding to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation have been implemented. The information requests issued by the NRC requested each reactor licensee to reevaluate the seismic and external flooding hazards at their facility using present-day methods and information, conduct walkdowns of their facility to ensure protection against these hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. The walkdowns of each unit have been completed, audited by the NRC and found to be adequate. Reevaluation of the emergency communications systems and staffing levels was completed as part of the effort to comply with the orders. Reevaluation of the seismic hazards is complete and final with NRC acceptance received for all Dominion Energy facilities. Reevaluation of the external flooding hazards is complete for all Dominion Energy facilities. The NRC approved the external flooding hazards for Surry in May 2020. NRC acceptance of the external flooding hazards reevaluations for Millstone has not yet been received, although the NRC is expected to accept the analysis in 2020. Dominion Energy and Virginia Power do not currently expect that compliance with the NRC’s information requests will materially impact their financial position, results of operations or cash flows during the implementation period. The NRC staff has resolved the Tier 2 and Tier 3 recommendations and no additional future actions on the part of Dominion Energy are anticipated with respect to these recommendations. Therefore, Dominion Energy and Virginia Power do not expect material financial impacts related to compliance with Tier 2 and Tier 3 recommendations.

 

Nuclear Operations

Nuclear Insurance

During the second quarter of 2020, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program decreased from $13.9 billion to $13.8 billion. This decrease does not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988.

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, 2019, Dominion Energy and Virginia Power entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.

In June 2018, a lawsuit for Kewaunee was filed in the U.S. Court of Federal Claims for recovery of spent nuclear fuel storage costs incurred after 2013. In March 2019, Dominion Energy amended its filing for recovery of spent nuclear fuel storage to include costs incurred for the year ended December 31, 2018. This matter is pending.  

 

Guarantees, Surety Bonds and Letters of Credit

 

Dominion Energy’s guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a revolving credit facility is described in Note 10. In addition, at June 30, 2020, Dominion Energy had issued an additional $27 million of guarantees, primarily to support other equity method investees. No amounts related to the other guarantees have been recorded.

 

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

 

At June 30, 2020, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum

Exposure

 

(millions)

 

 

 

 

Commodity transactions(1)

 

$

2,215

 

Nuclear obligations(2)

 

 

224

 

Cove Point(3)

 

 

1,900

 

Solar(4)

 

 

449

 

Other(5)

 

 

460

 

Total(6)

 

$

5,248

 

 

(1)

Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.

(2)

Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.

(3)

Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount.

(4)

Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects.

(5)

Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.  

(6)

Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 and in Note 14 in this report.

 

Additionally, at June 30, 2020, Dominion Energy had purchased $177 million of surety bonds, including $89 million at Virginia Power and $27 million at Dominion Energy Gas, and authorized the issuance of letters of credit by financial institutions of $103 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.
v3.20.2
Credit Risk
 6 Months Ended
Jun. 30, 2020
Risks And Uncertainties [Abstract]  
Credit Risk

Note 18. Credit Risk

The Companies’ accounting policies for credit risk are discussed in Note 24 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

At June 30, 2020, Dominion Energy’s gross credit exposure related to energy marketing and price risk management activities totaled $215 million. Of this amount, investment grade counterparties, including those internally rated, represented 95%. No single counterparty, whether investment grade or non-investment grade, exceeded $53 million of exposure. At June 30, 2020, Virginia Power’s exposure related to wholesale customers totaled $59 million. Of this amount, investment grade counterparties, including those internally rated, represented 100%. No single counterparty, whether investment grade or non-investment grade, exceeded $53 million of exposure. At June 30, 2020, Dominion Energy Gas’ exposure primarily related to wholesale customers totaled $27 million. Of this

amount, investment grade counterparties, including those internally rated, represented 88%. No single counterparty, whether investment grade or non-investment grade, exceeded $3 million of exposure.  

For the three and six months ended June 30, 2020, the Export Customers comprised approximately 36% and 34%, respectively, of Dominion Energy Gas’ total operating revenue, with Dominion Energy Gas’ largest customer representing approximately 19% and 18%, respectively, of such amounts during the periods. For the three and six months ended June 2019, the Export Customers comprised approximately 34% and 33%, respectively, of Dominion Energy Gas’ total operating revenue, with Dominion Energy Gas’ largest customer representing approximately 18% and 17%, respectively, of such amounts during the periods.

Credit-Related Contingent Provisions

The majority of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of June 30, 2020 and December 31, 2019, Dominion Energy would have been required to post $13 million and $10 million, respectively, of additional collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted $4 million of collateral at June 30, 2020 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash and had posted no collateral at December 31, 2019. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash was $17 million and $10 million at June 30, 2020 and December 31, 2019, respectively, which does not include the impact of any offsetting asset positions.

 

If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of June 30, 2020 and December 31, 2019, Virginia Power would have been required to post an additional $2 million and $8 million, respectively, of collateral to its counterparties.

Credit-related contingent provisions for Dominion Energy Gas were not material as of June 30, 2020 and December 31, 2019. See Note 9 for further information about derivative instruments.
v3.20.2
Related-Party Transactions
 6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 19. Related-Party Transactions

Virginia Power and Dominion Energy Gas engage in related-party transactions primarily with other Dominion Energy subsidiaries (affiliates). Virginia Power and Dominion Energy Gas’ 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 and Dominion Energy Gas are included in Dominion Energy's consolidated federal income tax return and, where applicable, combined income tax returns for Dominion Energy are filed in various states. Dominion Energy’s transactions with equity method investments are described in Note 10. A discussion of significant related-party transactions follows.

Virginia Power

Transactions with Affiliates

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At June 30, 2020, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $19 million, respectively. At December 31, 2019, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $53 million, respectively. See Note 9 for more information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. At June 30, 2020 and December 31, 2019, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $838 million and $782 million, respectively.  At June 30, 2020 and December 31, 2019, Virginia Power's amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $318 million and $287 million, respectively.

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

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

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

104

 

 

$

119

 

 

$

315

 

 

$

391

 

Services provided by affiliates(1)

 

 

114

 

 

 

161

 

 

 

235

 

 

 

280

 

Services provided to affiliates

 

 

4

 

 

 

8

 

 

 

9

 

 

 

14

 

 

(1)

Includes capitalized expenditures of $34 million for both the three months ended June 30, 2020 and 2019, and $68 million and $67 million for the six months ended June 30, 2020 and 2019, respectively.

Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $340 million in short-term demand note borrowings from Dominion Energy as of June 30, 2020 and $107 million in short-term demand note borrowings from Dominion Energy as of December 31, 2019. Virginia Power had no outstanding borrowings, net of repayments, under the Dominion Energy money pool for its nonregulated subsidiaries as of June 30, 2020 and December 31, 2019. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the three and six months ended June 30, 2020 and 2019.

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three and six months ended June 30, 2020 and 2019.

Dominion Energy Gas

Transactions with Related Parties

Dominion Energy Gas transacts with affiliates for certain quantities of natural gas and other commodities at market prices in the ordinary course of business. Additionally, Dominion Energy Gas provides transportation and storage services to affiliates. Dominion Energy Gas also enters into certain other contracts with affiliates and related parties, including construction services, which are presented separately from contracts involving commodities or services. As of June 30, 2020 and December 31, 2019, Dominion Energy Gas did not have any commodity derivative assets or liabilities with affiliates. See Notes 7 and 9 for more information. See Note 10 for information regarding transactions with Atlantic Coast Pipeline. See Note 3 for information regarding the Dominion Energy Gas Restructuring, an affiliated transaction.

Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. At June 30, 2020 and December 31, 2019, amounts due from Dominion Energy associated with the Dominion Energy Pension Plan included in other deferred charges and other assets in the Consolidated Balance Sheets were $334 million and $326 million, respectively. At June 30, 2020 and December 31, 2019, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan included in other deferred charges and other assets in the Consolidated Balance Sheets were $20 million and $17 million, respectively.  

DES, DECGS, DEQPS and other affiliates provide accounting, legal, finance, marketing and certain administrative and technical services to Dominion Energy Gas. Dominion Energy Gas provides certain services to related parties, including technical services.

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

Presented below are Dominion Energy Gas’ significant transactions with DES, DECGS, DEQPS and other affiliates and related parties:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of natural gas and transportation and storage services

 

$

60

 

 

$

60

 

 

$

128

 

 

$

127

 

Purchases of natural gas and transportation storage services

 

 

3

 

 

 

—

 

 

 

6

 

 

 

—

 

Services provided by related parties(1)

 

 

37

 

 

 

59

 

 

 

80

 

 

 

104

 

Services provided to related parties(2)

 

 

29

 

 

 

45

 

 

 

61

 

 

 

90

 

(1)

Includes capitalized expenditures of $4 million and $5 million for the three months ended June 30, 2020 and 2019, respectively, and $7 million and $11 million for the six months ended June 30, 2020 and 2019, respectively.

(2)

Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE.

The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Other receivables(1)

 

$

7

 

 

$

7

 

Imbalances receivable from affiliates

 

 

3

 

 

 

8

 

Imbalances payable to affiliates(2)

 

 

2

 

 

 

1

 

Other deferred charges and other assets

 

 

10

 

 

 

12

 

 

(1)

Represents amounts due from Atlantic Coast Pipeline, a related-party VIE.

(2)

Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

 

Affiliated receivables at June 30, 2020 and December 31, 2019 included $18 million and $22 million, respectively, of accrued unbilled revenue.  This revenue is based on estimated amounts of services provided but not yet billed to various affiliates.

 

 

Dominion Energy Gas’ affiliated borrowings and investments are discussed in Note 25 to the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

Dominion Energy Gas had $263 million in affiliated notes receivable under the Dominion Energy money pool as of June 30, 2020 and no outstanding receivables as of December 31, 2019. Interest income related to the affiliated notes receivable was less than $1 million and $2 million for the three and six months ended June 30, 2020, respectively.

 

Interest income on affiliated notes receivable from East Ohio and DGP for borrowings under intercompany revolving credit agreements with Dominion Energy Gas was $3 million and $8 million for the three and six months ended June 30, 2019, respectively.

Interest income earned on DMLPHCII’s promissory note to Dominion Energy was immaterial for both the three and six months ended June 30, 2020 and 2019.

Interest income related to Dominion Energy’s promissory note borrowings with Cove Point was $27 million and $54 million for the three and six months ended June 30, 2019, respectively.

Dominion Energy Gas’ affiliated notes receivable from Dominion Energy totaled $2.3 billion and $1.8 billion at June 30, 2020 and December 31, 2019, respectively. Interest income on these promissory notes was $12 million and $23 million for the three and six months ended June 30, 2020, respectively.

At December 31, 2019, Dominion Energy Gas’ affiliated notes receivable from East Ohio totaled $1.7 billion. In June 2020, East Ohio repaid the remaining principal balance outstanding. Interest income on these promissory notes were $15 million and $33 million for the three and six months ended June 30, 2020, respectively.

Dominion Energy Gas’ borrowings under the intercompany revolving credit agreement with Dominion Energy totaled $314 million and $251 million as of June 30, 2020 and December 31, 2019, respectively. Interest charges related to Dominion Energy Gas’ total borrowings from Dominion Energy were less than $1 million and $2 million for the three months and six months ended June 30, 2020, respectively, and were less than $1 million and $1 million for the three and six months ended June 30, 2019, respectively.

 

Interest charges related to DCP’s total borrowings from Dominion Energy under an intercompany revolving credit agreement totaled $29 million and $58 million for the three and six months ended June 30, 2019, respectively.

DCP had borrowings of $9 million with DES as of December 31, 2019. No amounts were outstanding as of June 30, 2020. Interest related to DCP’s total borrowings from DES were less than $1 million for the three and six months ended June 30, 2020 and were less than $1 million and $2 million for the three and six months ended June 2019, respectively.

In the first quarter of 2019, Dominion Energy Midstream borrowed $395 million from Dominion Energy under a $400 million promissory note with Dominion Energy that was scheduled to mature in 2022. Interest charges of $3 million and $6 million were incurred for the three and six months ended June 30, 2019, respectively.

For the six months ended June 30, 2020 and 2019, Dominion Energy Gas, including entities acquired in the Dominion Energy Gas Restructuring, distributed $1.7 billion and $323 million to Dominion Energy, respectively.

 
v3.20.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

Note 20. Employee Benefit Plans

Dominion Energy

The service cost component and non-service cost components of net periodic benefit (credit) cost are reflected in other operations and maintenance expense and other income, respectively, in the Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

43

 

 

$

40

 

 

$

7

 

 

$

6

 

Interest cost

 

 

90

 

 

 

98

 

 

 

15

 

 

 

17

 

Expected return on plan assets

 

 

(192

)

 

 

(176

)

 

 

(39

)

 

 

(35

)

Amortization of prior service cost (credit)

 

 

1

 

 

 

1

 

 

 

(13

)

 

 

(13

)

Amortization of net actuarial loss

 

 

48

 

 

 

43

 

 

 

2

 

 

 

3

 

Settlement and curtailment(1)

 

 

2

 

 

 

71

 

 

 

—

 

 

 

42

 

Net periodic benefit cost (credit)

 

$

(8

)

 

$

77

 

 

$

(28

)

 

$

20

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

86

 

 

$

80

 

 

$

14

 

 

$

13

 

Interest cost

 

 

181

 

 

 

199

 

 

 

30

 

 

 

34

 

Expected return on plan assets

 

 

(385

)

 

 

(353

)

 

 

(78

)

 

 

(68

)

Amortization of prior service cost (credit)

 

 

1

 

 

 

1

 

 

 

(25

)

 

 

(26

)

Amortization of net actuarial loss

 

 

97

 

 

 

82

 

 

 

3

 

 

 

7

 

Settlement and curtailment(1)

 

 

2

 

 

 

73

 

 

 

—

 

 

 

42

 

Net periodic benefit cost (credit)

 

$

(18

)

 

$

82

 

 

$

(56

)

 

$

2

 

 

(1) 2019 amounts relate primarily to a voluntary retirement program.

Voluntary Retirement Program

In March 2019, the Companies announced a voluntary retirement program to employees that meet certain age and service requirements. In the second quarter of 2019, upon the determinations made concerning the number of employees that elected to participate in the program, Dominion Energy recorded a charge of $423 million ($316 million after-tax) included within other operations and maintenance expense ($288 million), other taxes ($23 million) and other income ($112 million), Virginia Power recorded a charge of $194 million ($144 million after-tax) included within other operations and maintenance expense ($186 million)  and other taxes ($8 million) and Dominion Energy Gas recorded a charge of $74 million ($58 million after-tax) included within other operations and maintenance expense ($39 million), other taxes ($2 million), other income ($1 million) and discontinued operations ($32 million) in their respective Consolidated Statements of Income. See Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

Employer Contributions

During the six months ended June 30, 2020, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy does not expect to make contributions to its defined benefit pension plans and expects to contribute $12 million to other postretirement benefit plans through VEBAs, respectively, during the remainder of 2020.

Following closing of the transaction with BHE described in Note 3, Dominion Energy expects to utilize $250 million of the proceeds from the sale to contribute to its qualified defined benefit pension plans by the end of 2020.  In addition, Dominion Energy would not expect to make any further contributions to other postretirement plans in 2020.

 

 

Dominion Energy Gas

Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. See Note 19 for more information.

 

The service cost component and non-service cost components of net periodic benefit (credit) cost are reflected in other operations and maintenance expense and other income, respectively, in the Consolidated Statements of Income. The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

2

 

 

$

4

 

 

$

—

 

 

$

1

 

Interest cost

 

 

2

 

 

 

8

 

 

 

1

 

 

 

2

 

Expected return on plan assets

 

 

(14

)

 

 

(39

)

 

 

(5

)

 

 

(7

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(1

)

Amortization of net actuarial loss

 

 

2

 

 

 

5

 

 

 

1

 

 

 

1

 

Curtailment(1)

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Net periodic benefit credit

 

$

(8

)

 

$

(21

)

 

$

(4

)

 

$

(3

)

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

3

 

 

$

8

 

 

$

1

 

 

$

2

 

Interest cost

 

 

5

 

 

 

16

 

 

 

2

 

 

 

5

 

Expected return on plan assets

 

 

(28

)

 

 

(78

)

 

 

(10

)

 

 

(14

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(2

)

Amortization of net actuarial loss

 

 

4

 

 

 

10

 

 

 

1

 

 

 

2

 

Curtailment(1)

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Net periodic benefit credit

 

$

(16

)

 

$

(43

)

 

$

(8

)

 

$

(6

)

(1) 2019 amounts relate to a voluntary retirement program.

 

Employer Contributions

During the six months ended June 30, 2020, Dominion Energy Gas made no contributions to its qualified defined benefit pension plan or other postretirement benefit plans. Dominion Energy Gas does not expect to make contributions to its qualified defined benefit pension plan and expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2020.
v3.20.2
Operating Segments
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Operating Segments

Note 21. Operating Segments

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

 

Primary Operating Segment

 

Description of Operations

 

Dominion

Energy

 

Virginia

Power

 

Dominion

Energy

Gas

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

 

 

Regulated electric transmission

 

X

 

X

 

 

 

 

Regulated electric generation fleet(1)

 

X

 

X

 

 

Gas Transmission & Storage

 

Regulated gas transmission and storage(2)

 

X

 

 

 

X

 

 

LNG terminalling and storage

 

X

 

 

 

X

 

 

Nonregulated retail energy marketing

 

X

 

 

 

 

Gas Distribution

 

Regulated gas distribution and storage(3)

 

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 Generation

 

Merchant electric generation fleet

 

X

 

 

 

 

 

(1)

Includes Virginia Power’s nonjurisdictional generation operations.

(2)

Includes gathering and processing activities.

(3)

Includes Wexpro’s gas development and production operations.

 

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

Dominion Energy

The Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt). In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources. As discussed in Note 1 in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, in December 2019, Dominion Energy realigned its segments which resulted in the formation of five primary operating segments. The information for the six months ended June 30, 2019 presented herein has been recast to reflect the current segment presentation.

In the six months ended June 30, 2020, Dominion Energy reported after-tax net expenses of $3.1 billion for specific items in the Corporate and Other segment, with $2.9 billion of net expenses attributable to its operating segments. In the six months ended June 30, 2019, Dominion Energy reported after-tax net expenses of $2.1 billion for specific items in the Corporate and Other segment, with $1.8 billion of net expenses attributable to its operating segments.

The net expense for specific items attributable to Dominion Energy’s operating segments in 2020 primarily related to the impact of the following items:

 

•

$2.8 billion ($2.2 billion after-tax) of charges associated with the cancellation of the Atlantic Coast Pipeline Project and the related portions of the Supply Header Project, attributable to Gas Transmission & Storage;

 

•

A $751 million ($564 million after-tax) charge primarily related to the planned early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia; and

 

•

A $145 million ($115 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

 

 

•

Contracted Generation ($100 million after-tax) and;

 

•

Dominion Energy Virginia ($15 million after-tax).

 

The net expense for specific items attributable to Dominion Energy’s operating segments in 2019 primarily related to the impact of the following items:

•

A $1.0 billion ($756 million after-tax) charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, attributable to Dominion Energy South Carolina;

 

•

$446 million ($339 million after-tax) of merger and integration-related costs associated with the SCANA Combination, including a $425 million ($317 million after-tax) charge related to a voluntary retirement program, attributable to:

 

 

•

Dominion Energy Virginia ($145 million after-tax);

 

•

Gas Transmission & Storage ($39 million after-tax);

 

•

Gas Distribution ($53 million after-tax);

 

•

Dominion Energy South Carolina ($64 million after-tax) and;

 

•

Contracted Generation ($38 million after-tax).

 

•

A $369 million ($275 million after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia;

 

•

$278 million ($209 million after-tax) of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina;

 

•

A $198 million tax charge for $264 million of income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery, attributable to Dominion Energy South Carolina;

 

•

A $160 million ($119 million after-tax) charge related to Virginia Power’s planned early retirement of certain automated meter reading infrastructure, attributable to Dominion Energy Virginia;

 

•

A $135 million ($100 million after-tax) charge related to Virginia Power’s contract termination with a non-utility generator, attributable to Dominion Energy Virginia; and

 

•

A $114 million ($86 million after-tax) charge for property, plant and equipment acquired in the SCANA Combination primarily for which Dominion Energy committed to forego recovery, attributable to Dominion Energy South Carolina; partially offset by

 

•

A $336 million ($251 million after-tax) net gain related to investments in nuclear decommissioning trust funds, attributable to:

 

 

•

Contracted Generation ($222 million after-tax) and;

 

•

Dominion Energy Virginia ($29 million after-tax); and

 

•

A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019, attributable to Dominion Energy Virginia.

 

 

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

 

 

 

Dominion

Energy

Virginia

 

 

Gas

Transmission

& Storage

 

 

Gas

Distribution

 

 

Dominion

Energy

South

Carolina

 

 

Contracted

Generation

 

 

Corporate

and Other

 

 

Adjustments

& Eliminations

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

1,818

 

 

$

528

 

 

$

400

 

 

$

634

 

 

$

238

 

 

$

(32

)

 

$

(1

)

 

$

3,585

 

Intersegment revenue

 

 

(4

)

 

 

49

 

 

 

2

 

 

 

1

 

 

 

5

 

 

 

262

 

 

 

(315

)

 

 

—

 

Total operating revenue

 

 

1,814

 

 

 

577

 

 

 

402

 

 

 

635

 

 

 

243

 

 

 

230

 

 

 

(316

)

 

 

3,585

 

Net income (loss) attributable to Dominion Energy

 

 

437

 

 

 

184

 

 

 

87

 

 

 

75

 

 

 

21

 

 

 

(1,973

)

 

 

—

 

 

 

(1,169

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

1,945

 

 

$

664

 

 

$

397

 

 

$

701

 

 

$

249

 

 

$

(18

)

 

$

32

 

 

$

3,970

 

Intersegment revenue

 

 

(2

)

 

 

91

 

 

 

3

 

 

 

2

 

 

 

4

 

 

 

386

 

 

 

(484

)

 

 

—

 

Total operating revenue

 

 

1,943

 

 

 

755

 

 

 

400

 

 

 

703

 

 

 

253

 

 

 

368

 

 

 

(452

)

 

 

3,970

 

Net income (loss) attributable to Dominion Energy

 

 

393

 

 

 

177

 

 

 

66

 

 

 

95

 

 

 

13

 

 

 

(690

)

 

 

—

 

 

 

54

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

3,756

 

 

$

1,172

 

 

$

1,287

 

 

$

1,347

 

 

$

524

 

 

$

(4

)

 

$

(1

)

 

$

8,081

 

Intersegment revenue

 

 

(7

)

 

 

106

 

 

 

5

 

 

 

2

 

 

 

9

 

 

 

541

 

 

 

(656

)

 

 

—

 

Total operating revenue

 

 

3,749

 

 

 

1,278

 

 

 

1,292

 

 

 

1,349

 

 

 

533

 

 

 

537

 

 

 

(657

)

 

 

8,081

 

Net income (loss) attributable to Dominion Energy

 

 

866

 

 

 

405

 

 

 

312

 

 

 

169

 

 

 

80

 

 

 

(3,271

)

 

 

—

 

 

 

(1,439

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

3,946

 

 

$

1,647

 

 

$

1,314

 

 

$

1,390

 

 

$

601

 

 

$

(1,070

)

 

$

—

 

 

$

7,828

 

Intersegment revenue

 

 

(6

)

 

 

146

 

 

 

7

 

 

 

2

 

 

 

7

 

 

 

663

 

 

 

(819

)

 

 

—

 

Total operating revenue

 

 

3,940

 

 

 

1,793

 

 

 

1,321

 

 

 

1,392

 

 

 

608

 

 

 

(407

)

 

 

(819

)

 

 

7,828

 

Net income (loss) attributable to Dominion Energy

 

 

754

 

 

 

399

 

 

 

271

 

 

 

166

 

 

 

115

 

 

 

(2,331

)

 

 

—

 

 

 

(626

)

 

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.

Virginia Power

The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. As discussed in Note 1 in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, in December 2019, Virginia Power realigned its segments which resulted in the formation of one primary operating segment. The information for the six months ended June 30, 2019 presented herein has been recast to reflect the current segment presentation.

In the six months ended June 30, 2020, Virginia Power reported after-tax net expenses of $654 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segment. In the six months ended June 30, 2019, Virginia Power reported after-tax expense of $652 million for specific items in the Corporate and Other segment, with $607 million of net expenses attributable to its operating segment.

 

The net expense for specific items attributable to Virginia Power’s operating segment in 2020 primarily related to a $751 million ($559 million after-tax) charge related to the planned early retirement of certain electric generation facilities.

 

The net expenses for specific items in 2019 primarily related to the impact of the following items:

 

•

A $369 million ($275 million after-tax) charge related to the early retirement of certain electric generation facilities;

 

•

A $192 million ($143 million after-tax) charge related to a voluntary retirement program;

 

•

A $160 million ($119 million after-tax) charge related to the planned early retirement of certain automated meter reading infrastructure;

 

•

A $135 million ($100 million after-tax) charge related to a contract termination with a non-utility generator; and

 

•

A $62 million ($46 million after-tax) charge related the abandonment of a project at an electric generating facility; partially offset by

 

•

A $113 million ($84 million after-tax) benefit from the revision of future ash pond and landfill closure costs as a result of Virginia legislation enacted in March 2019.

 

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

 

 

 

Dominion

Energy

Virginia

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,805

 

 

$

—

 

 

$

1,805

 

Net income

 

 

435

 

 

 

55

 

 

 

490

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,938

 

 

$

—

 

 

$

1,938

 

Net income (loss)

 

 

393

 

 

 

(293

)

 

 

100

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,735

 

 

$

—

 

 

$

3,735

 

Net income (loss)

 

 

862

 

 

 

(652

)

 

 

210

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,932

 

 

$

(29

)

 

$

3,903

 

Net income (loss)

 

 

751

 

 

 

(631

)

 

 

120

 

 

Dominion Energy Gas

The Corporate and Other Segment of Dominion Energy Gas primarily includes specific items attributable to Dominion Energy Gas’ operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources and the effect of certain items recorded at Dominion Energy Gas as a result of Dominion Energy’s basis in the net assets contributed. In addition, Corporate and Other includes the net impact of discontinued operations, which are discussed in Note 3.  As discussed in Note 1 in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, in December 2019, Dominion Energy Gas realigned its segments which resulted in the formation of one primary operating segment. The information for six months ended June 30, 2019 presented herein has been recast to reflect the current segment presentation.

In the six months ended June 30, 2020, Dominion Energy Gas reported after-tax net expenses of $365 million for specific items in the Corporate and Other segment, all of which was attributable to its operating segment. In the six months ended June 30, 2019, Dominion Energy Gas reported after-tax net expenses of $44 million for specific items in the Corporate and Other segment, with $43 million of net expenses attributable to its operating segment.

 

The net expense for specific items attributable to Dominion Energy Gas’ operating segment in 2020 primarily related to a $482 million ($359 million after-tax) charge associated with the Supply Header Project.

The net expense for specific items attributable to Dominion Energy Gas’ operating segment in 2019 primarily related to a $42 million ($31 million after-tax) charge related to a voluntary retirement program.

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

 

 

 

Gas

Transmission

& Storage

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

510

 

 

$

—

 

 

$

510

 

Net income (loss) attributable to Dominion Energy Gas

 

 

163

 

 

 

(361

)

 

 

(198

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

530

 

 

$

—

 

 

$

530

 

Net income from discontinued operations

 

 

—

 

 

 

26

 

 

 

26

 

Net income attributable to Dominion Energy Gas

 

 

116

 

 

 

3

 

 

 

119

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,066

 

 

$

—

 

 

$

1,066

 

Net income (loss) attributable to Dominion Energy Gas

 

 

337

 

 

 

(366

)

 

 

(29

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,096

 

 

$

—

 

 

$

1,096

 

Net income from discontinued operations

 

 

—

 

 

 

80

 

 

 

80

 

Net income attributable to Dominion Energy Gas

 

 

254

 

 

 

55

 

 

 

309

 

 
v3.20.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Basis of Accounting

As permitted by the rules and regulations of the SEC, the Companies’ accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at June 30, 2020, their results of operations and changes in equity for the three and six months ended June 30, 2020 and 2019 and their cash flows for the six months ended June 30, 2020 and 2019. Such adjustments are normal and recurring in nature unless otherwise noted.
Estimates

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

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At June 30, 2020, Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain merchant projects upon the occurrence of certain events, none of which are expected to occur in the next 12 months. Brookfield’s 25% interest in Cove Point (effective December 2019) and the public’s ownership interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy Gas’ Consolidated Financial Statements.
Reclassifications

Certain amounts in the Companies’ 2019 Consolidated Financial Statements and Notes have been reclassified to conform to the 2020 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.

Amounts disclosed for Dominion Energy are inclusive of Virginia Power and/or Dominion Energy Gas, where applicable. There have been no significant changes from Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the items described below.
Cash, Restricted Cash and Equivalents

Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019:

 

 

 

Cash, Restricted Cash and Equivalents

at End of Period

 

 

Cash, Restricted Cash and Equivalents

at Beginning of Period

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

December 31, 2019

 

 

December 31, 2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

675

 

 

$

382

 

 

$

166

 

 

$

268

 

Restricted cash and equivalents(1)

 

 

67

 

 

 

178

 

 

 

103

 

 

 

123

 

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

 

$

742

 

 

$

560

 

 

$

269

 

 

$

391

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37

 

 

$

17

 

 

$

17

 

 

$

29

 

Restricted cash and equivalents(1)

 

 

3

 

 

 

8

 

 

 

7

 

 

 

9

 

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

 

$

40

 

 

$

25

 

 

$

24

 

 

$

38

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

53

 

 

$

195

 

 

$

27

 

 

$

108

 

Restricted cash and equivalents (1)

 

 

11

 

 

 

12

 

 

 

12

 

 

 

90

 

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

 

$

64

 

 

$

207

 

 

$

39

 

 

$

198

 

 

(1)

Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

(2)

At June 30, 2019 and December 31, 2018, Dominion Energy Gas had $12 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
Property, Plant and Equipment

Property, Plant and Equipment

In January 2019, Virginia Power committed to a plan to retire certain automated metering reading infrastructure associated with its electric operations before the end of its estimated useful life and replace such equipment with more current AMI technology. As a result, Virginia Power recorded a charge of $160 million ($119 million after-tax) in the first quarter of 2019, included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

In March 2019, Virginia Power committed to retire certain electric generating units before the end of their useful lives and completed the retirement of certain units at six facilities representing 1,292 MW of electric generating capacity, which had previously been placed in cold reserve. An additional unit at Possum Point power station will be retired after it meets its capacity obligation to PJM in 2021. As a result, Virginia Power recorded a charge of $369 million ($275 million after-tax) in the first quarter of 2019, primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

In May 2019, Virginia Power abandoned a coal rail project at its Mt. Storm generating facility. As a result, Virginia Power recorded a charge of $62 million ($46 million after-tax) in the second quarter of 2019, included in impairment of assets and other charges in its Consolidated Statements of Income.

 

In March 2020, Virginia Power committed to retire certain coal- and oil-fired generating units before the end of their useful lives based on economic and other factors, including but not limited to market power prices and the VCEA. These units will be retired after they meet their capacity obligations to PJM in 2023. As a result, Virginia Power recorded a charge of $754 million ($561 million after-tax) in the first quarter of 2020, primarily included in impairment of assets and other charges in its Consolidated Statements of Income. This charge is considered a component of Virginia Power’s base rates deemed recovered under the GTSA, subject to review as discussed in Note 13 to the Consolidated Financial Statements in Virginia Power’s Annual Report on Form 10-K for the year ended December 31, 2019.

 

In the second quarter of 2020, Virginia Power recorded charges of $30 million ($22 million after-tax) associated with dismantling certain of these electric generation facilities, recorded in impairment of assets and other charges in its Consolidated Statements of Income.

 

In the first quarter of 2020, Virginia Power updated depreciation rates for its nuclear plants to reflect lower depreciation rates as a result of the expected approval of license extensions from the NRC. This adjustment resulted in a decrease in depreciation expense of $8 million ($6 million after-tax) and $16 million ($12 million after-tax) for the three and six months ended June 30, 2020, respectively, in Virginia Power’s Consolidated Statements of Income and a $0.01 increase in Dominion Energy’s EPS, for both the three and six months ended June 30, 2020. This revision is expected to decrease annual depreciation expense by approximately $31 million ($23 million after-tax) and increase Dominion Energy’s EPS by $0.03 for the year ended December 31, 2020.

 

In the second quarter of 2020, DESC completed a nuclear decommissioning cost study related to Summer. As a result of the study, Dominion Energy recorded an $89 million increase to its nuclear decommissioning ARO, with a corresponding increase to property, plant and equipment.

 

In December 2014, DETI entered into a precedent agreement with Atlantic Coast Pipeline for the Supply Header Project. As a result of the cancellation of the Atlantic Coast Pipeline Project, Dominion Energy and Dominion Energy Gas recorded a charge of $482 million ($359 million after-tax) in impairment of assets and other charges in their Consolidated Statements of Income for the three and six months ended June 30, 2020 associated with the probable abandonment of a significant portion of the project as well as the establishment of a $75 million ARO.  As DETI evaluates its future use, approximately $40 million remains within property, plant and equipment for a potential modified project.
Credit Risk

Credit Risk

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

 

Effective January 2020, expected credit losses are estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.
Investments

Investments

Debt and Equity Securities with Readily Determinable Fair Value

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

 

• Debt securities classified as trading securities include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans. These securities are reported in other investments in the Consolidated Balance Sheets at fair value with net realized and unrealized gains and losses included in other income in the Consolidated Statements of Income.

 

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

 

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

 

Equity securities with readily determinable fair values include securities held by Dominion Energy in rabbi trusts associated with certain deferred compensation plans and securities held by Dominion Energy and Virginia Power in the nuclear decommissioning

trusts. Dominion Energy and Virginia Power record all equity securities with a readily determinable fair value, or for which they are permitted to estimate fair value using NAV (or its equivalent), at fair value in nuclear decommissioning trust funds and other investments in the Consolidated Balance Sheets. However, Dominion Energy and Virginia Power may elect a measurement alternative for equity securities without a readily determinable fair value. Under the measurement alternative, equity securities are reported at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Dominion Energy and Virginia Power qualitatively assess equity securities reported using the measurement alternative to determine whether an investment is impaired on an ongoing basis. Net realized and unrealized gains and losses on equity securities held in Virginia Power’s nuclear decommissioning trusts are deferred to a regulatory asset or liability, as applicable, for certain jurisdictions subject to cost-based regulation. For all other equity securities, including those held in Dominion Energy’s merchant generation nuclear decommissioning trusts and rabbi trusts, net realized and unrealized gains and losses are included in other income in the Consolidated Statements of Income.

 

Equity Securities without Readily Determinable Fair Values

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

 

• Equity method investments when the Companies have the ability to exercise significant influence, but not control, over the investee. Dominion Energy and Dominion Energy Gas’ investments are included in investments in equity method affiliates in their Consolidated Balance Sheets. Dominion Energy and Dominion Energy Gas record equity method adjustments in other income and earnings from equity method investees, respectively, in their Consolidated Statements of Income, including their proportionate share of investee income or loss, gains or losses resulting from investee capital transactions, amortization of certain differences between the carrying value and the equity in the net assets of the investee at the date of investment and other adjustments required by the equity method.

 

• Cost method investments when Dominion Energy and Virginia Power do not have the ability to exercise significant influence over the investee. Dominion Energy and Virginia Power’s investments are included in other investments and nuclear decommissioning trust funds. Cost method investments are reported at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer.

 

Other-Than-Temporary Impairment

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

 

Credit Impairment

Effective January 2020, Dominion Energy and Virginia Power periodically review their available-for-sale debt securities to determine whether a decline in fair value should be considered credit related. If a decline in the fair value of any available-for-sale debt security is determined to be credit related, the credit-related impairment is recorded to an allowance included in nuclear decommissioning trust funds in Dominion Energy and Virginia Power’s Consolidated Balance Sheets at the end of the reporting period, with such allowance for credit losses subject to reversal in subsequent evaluations.

 

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.
Fair Value Measurements

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

Commitments and Contingencies

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

Guarantees, Surety Bonds and Letters of Credit

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

v3.20.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Reconciliation of Total Cash, Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019:

 

 

 

Cash, Restricted Cash and Equivalents

at End of Period

 

 

Cash, Restricted Cash and Equivalents

at Beginning of Period

 

 

 

June 30, 2020

 

 

June 30, 2019

 

 

December 31, 2019

 

 

December 31, 2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

675

 

 

$

382

 

 

$

166

 

 

$

268

 

Restricted cash and equivalents(1)

 

 

67

 

 

 

178

 

 

 

103

 

 

 

123

 

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

 

$

742

 

 

$

560

 

 

$

269

 

 

$

391

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37

 

 

$

17

 

 

$

17

 

 

$

29

 

Restricted cash and equivalents(1)

 

 

3

 

 

 

8

 

 

 

7

 

 

 

9

 

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

 

$

40

 

 

$

25

 

 

$

24

 

 

$

38

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

53

 

 

$

195

 

 

$

27

 

 

$

108

 

Restricted cash and equivalents (1)

 

 

11

 

 

 

12

 

 

 

12

 

 

 

90

 

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

 

$

64

 

 

$

207

 

 

$

39

 

 

$

198

 

 

(1)

Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.

(2)

At June 30, 2019 and December 31, 2018, Dominion Energy Gas had $12 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
v3.20.2
Acquisitions and Dispositions (Tables)
 6 Months Ended
Jun. 30, 2020
Dominion Energy Gas Holdings, LLC | East Ohio  
Schedule of Operations, Assets and Liabilities, Capital Expenditures and Significant Noncash Items Reported as Discontinued Operations The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:

 

 

 

Three Months Ended

June 30, 2019

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

 

 

 

 

Operating revenue

 

$

154

 

 

$

383

 

Depreciation and amortization

 

 

22

 

 

 

43

 

Other operating expenses

 

 

128

 

 

 

277

 

Other income

 

 

18

 

 

 

37

 

Interest and related charges

 

 

8

 

 

 

18

 

Income tax expense

 

 

3

 

 

 

17

 

Net income from discontinued operations

 

$

11

 

 

$

65

 

 

Capital expenditures and significant noncash items relating to East Ohio included the following:

 

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

Capital expenditures

 

$

168

 

Significant noncash items

 

 

 

 

Charge related to a voluntary retirement program

 

 

32

 

Accrued capital expenditures

 

 

8

 
Dominion Energy Gas Holdings, LLC | DGP  
Schedule of Operations, Assets and Liabilities, Capital Expenditures and Significant Noncash Items Reported as Discontinued Operations

The following table represents selected information regarding the results of operations of DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:

 

 

 

Three Months Ended

June 30, 2019

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

 

 

 

 

Operating revenue

 

$

34

 

 

$

79

 

Depreciation and amortization

 

 

1

 

 

 

2

 

Other operating expenses

 

 

12

 

 

 

56

 

Income tax expense

 

 

6

 

 

 

6

 

Net income from discontinued operations

 

$

15

 

 

$

15

 

Capital expenditures and significant noncash items of DGP included the following:

 

 

 

Six Months Ended

June 30, 2019

 

(millions)

 

 

 

 

Capital Expenditures

 

$

8

 
SCANA  
Business Acquisition, Pro Forma Information

The following unaudited pro forma financial information reflects the consolidated results of operations of Dominion Energy assuming the SCANA Combination had taken place on January 1, 2018. The unaudited pro forma financial information has been presented for illustrative purposes only and is not necessarily indicative of the consolidated results of operations that would have been achieved or the future consolidated results of operations of the combined company.

 

 

 

Three Months Ended

June 30, 2019(1)

 

 

Six Months Ended

June 30, 2019(1)

 

(millions, except EPS)

 

 

 

 

 

 

 

 

Operating Revenue

 

$

3,970

 

 

$

8,835

 

Net income attributable to Dominion Energy

 

 

392

 

 

 

962

 

Earnings Per Common Share – Basic

 

$

0.49

 

 

$

1.21

 

Earnings Per Common Share – Diluted

 

$

0.47

 

 

$

1.19

 

 

(1)

Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.
v3.20.2
Operating Revenue (Tables)
 6 Months Ended
Jun. 30, 2020
Regulated And Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,091

 

 

$

1,094

 

 

$

2,249

 

 

$

1,740

 

Commercial

 

 

728

 

 

 

889

 

 

 

1,526

 

 

 

1,385

 

Industrial

 

 

176

 

 

 

217

 

 

 

358

 

 

 

247

 

Government and other retail

 

 

193

 

 

 

214

 

 

 

412

 

 

 

414

 

Wholesale

 

 

29

 

 

 

41

 

 

 

62

 

 

 

89

 

Nonregulated electric sales

 

 

177

 

 

 

175

 

 

 

409

 

 

 

491

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

 

182

 

 

 

177

 

 

 

730

 

 

 

779

 

Commercial

 

 

63

 

 

 

73

 

 

 

254

 

 

 

264

 

Other

 

 

16

 

 

 

25

 

 

 

44

 

 

 

63

 

Nonregulated gas sales

 

 

33

 

 

 

71

 

 

 

116

 

 

 

318

 

Regulated gas transportation and storage:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FERC-regulated

 

 

247

 

 

 

247

 

 

 

528

 

 

 

524

 

State-regulated

 

 

182

 

 

 

166

 

 

 

414

 

 

 

379

 

Nonregulated gas transportation and storage

 

 

176

 

 

 

174

 

 

 

351

 

 

 

348

 

Other regulated revenues(1)

 

 

98

 

 

 

82

 

 

 

173

 

 

 

126

 

Other nonregulated revenues(1)(2)

 

 

79

 

 

 

101

 

 

 

167

 

 

 

209

 

Total operating revenue from contracts

   with customers

 

 

3,470

 

 

 

3,746

 

 

 

7,793

 

 

 

7,376

 

Other revenues(3)

 

 

115

 

 

 

224

 

 

 

288

 

 

 

452

 

Total operating revenue

 

$

3,585

 

 

$

3,970

 

 

$

8,081

 

 

$

7,828

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

818

 

 

$

808

 

 

$

1,714

 

 

$

1,731

 

Commercial

 

 

546

 

 

 

681

 

 

 

1,160

 

 

 

1,317

 

Industrial

 

 

89

 

 

 

118

 

 

 

186

 

 

 

230

 

Government and other retail

 

 

177

 

 

 

197

 

 

 

380

 

 

 

401

 

Wholesale

 

 

21

 

 

 

29

 

 

 

45

 

 

 

66

 

Other regulated revenues

 

 

94

 

 

 

62

 

 

 

156

 

 

 

88

 

Other nonregulated revenues(1)(2)

 

 

20

 

 

 

19

 

 

 

33

 

 

 

33

 

Total operating revenue from contracts

   with customers

 

 

1,765

 

 

 

1,914

 

 

 

3,674

 

 

 

3,866

 

Other revenues(2)(3)

 

 

40

 

 

 

24

 

 

 

61

 

 

 

37

 

Total operating revenue

 

$

1,805

 

 

$

1,938

 

 

$

3,735

 

 

$

3,903

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated gas sales - wholesale

 

$

—

 

 

$

—

 

 

$

2

 

 

$

2

 

Nonregulated gas sales(2)

 

 

—

 

 

 

1

 

 

 

1

 

 

 

3

 

Regulated gas transportation and storage(2)

 

 

302

 

 

 

306

 

 

 

646

 

 

 

646

 

Nonregulated gas transportation and storage

 

 

175

 

 

 

173

 

 

 

350

 

 

 

348

 

Management service revenue(2)

 

 

29

 

 

 

45

 

 

 

60

 

 

 

88

 

Other regulated revenues(1)

 

 

2

 

 

 

3

 

 

 

3

 

 

 

6

 

Other nonregulated revenues(1)(2)

 

 

1

 

 

 

1

 

 

 

2

 

 

 

1

 

Total operating revenue from contracts

   with customers

 

 

509

 

 

 

529

 

 

 

1,064

 

 

 

1,094

 

Other revenues(2)

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Total operating revenue

 

$

510

 

 

$

530

 

 

$

1,066

 

 

$

1,096

 

 

1)

Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts included $19 million and $— million for the three months ended June 30, 2020, $42 million and $2 million for the three months ended June 30, 2019, $58 million and $1 million for the six months ended June 30, 2020 and $93 and $3 million for the six months ended June 30, 2019, primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively. Additionally, amounts above include sales of renewable energy credits. Such amounts included $7 million and $5 million for the three months ended June 30, 2020, $4 million and $2 million for the three months ended June 30, 2019, $11 million and $8 million for the six months ended June 30, 2020 and $7 million and $3 million for the six months ended June 30, 2019, at Dominion Energy and Virginia Power, respectively.

2)

See Notes 10 and 19 for amounts attributable to related parties and affiliates.

3)

Amounts above include alternative revenue of $39 million and $21 million at Dominion Energy and $34 million and $18 million at Virginia Power for the three months ended June 30, 2020 and 2019, respectively, and $75 million and $35 million at Dominion Energy and $51 million and $26 million at Virginia Power for the six months ended June 30, 2020 and 2019, respectively.

 
Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized

The table below discloses the aggregate amount of the transaction price allocated to fixed-price performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period and when the Companies expect to recognize this revenue. These revenues relate to contracts containing fixed prices where the Companies will earn the associated revenue over time as they stand ready to perform services provided. This disclosure does not include revenue related to performance obligations that are part of a contract with original durations of one year or less. In addition, this disclosure does not include expected consideration related to performance obligations for which the Companies elect to recognize revenue in the amount they have a right to invoice.

 

Revenue expected to be recognized on multi-year

   contracts in place at June 30, 2020

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

$

823

 

 

$

1,567

 

 

$

1,475

 

 

$

1,315

 

 

$

1,190

 

 

$

13,095

 

 

$

19,465

 

Virginia Power

 

 

2

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Dominion Energy Gas

 

 

899

 

 

 

1,719

 

 

 

1,585

 

 

 

1,402

 

 

 

1,248

 

 

 

13,280

 

 

 

20,133

 
v3.20.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Effective Income Tax

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Dominion Energy Gas

 

 

Six Months Ended June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

5.6

 

 

 

0.7

 

 

 

4.9

 

 

 

4.7

 

 

 

(255.3

)

 

 

3.0

 

 

Investment tax credits

 

 

3.9

 

 

 

(3.8

)

 

 

(11.3

)

 

 

(5.2

)

 

 

—

 

 

 

—

 

 

Production tax credits

 

 

0.3

 

 

 

(1.1

)

 

 

(2.0

)

 

 

(0.8

)

 

 

—

 

 

 

—

 

 

Reversal of excess deferred income

   taxes

 

 

1.5

 

 

 

(6.9

)

 

 

(0.8

)

 

 

(4.2

)

 

 

(68.4

)

 

 

(0.9

)

 

Write-off of regulatory assets

 

 

(4.2

)

 

 

(41.6

)

 

 

—

 

 

 

—

 

 

 

189.4

 

 

 

—

 

 

AFUDC - equity

 

 

0.5

 

 

 

(1.9

)

 

 

(0.6

)

 

 

(0.1

)

 

 

(36.8

)

 

 

(0.5

)

 

Other, net

 

 

0.9

 

 

 

(0.3

)

 

 

1.1

 

 

 

0.4

 

 

 

(467.1

)

(1)

 

(4.3

)

(1)

Effective tax rate

 

 

29.5

%

 

 

(33.9

)%

 

 

12.3

%

 

 

15.8

%

 

 

(617.2

)%

 

 

18.3

%

 

 

(1)

Includes (276.0)% and (4.0)% relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively.
v3.20.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Computation

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions, except EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Dominion Energy

 

$

(1,169

)

 

$

54

 

 

$

(1,439

)

 

$

(626

)

Preferred stock dividends (see Note 16)

 

 

(16

)

 

 

—

 

 

 

(32

)

 

 

—

 

Net income (loss) attributable to Dominion Energy – Basic

 

 

(1,185

)

 

 

54

 

 

 

(1,471

)

 

 

(626

)

Dilutive effect of Series A Preferred Stock

 

 

—

 

 

 

(13

)

 

 

—

 

 

 

—

 

Net income (loss) attributable to Dominion Energy - Diluted

 

 

(1,185

)

 

 

41

 

 

 

(1,471

)

 

 

(626

)

Average shares of common stock outstanding – Basic &

    Diluted

 

 

839.4

 

 

 

802.5

 

 

 

838.8

 

 

 

797.8

 

Net effect of dilutive securities

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

—

 

Average shares of common stock outstanding – Diluted

 

 

839.4

 

 

 

802.6

 

 

 

838.8

 

 

 

797.8

 

Earnings Per Common Share – Basic

 

$

(1.41

)

 

$

0.07

 

 

$

(1.75

)

 

$

(0.78

)

Earnings Per Common Share – Diluted

 

$

(1.41

)

 

$

0.05

 

 

$

(1.75

)

 

$

(0.78

)
v3.20.2
Accumulated Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents Dominion Energy’s changes in AOCI by component, net of tax:

 

 

 

Deferred

gains and

losses on

derivatives-

hedging

activities

 

 

Unrealized

gains and

losses on

investment

securities

 

 

Unrecognized

pension and

other

postretirement

benefit costs

 

 

Other

comprehensive

loss from

equity method

investees

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(651

)

 

$

37

 

 

$

(1,402

)

 

$

(2

)

 

$

(2,018

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

2

 

 

 

19

 

 

 

(1

)

 

 

—

 

 

 

20

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

5

 

 

 

(5

)

 

 

18

 

 

 

—

 

 

 

18

 

Net current period other comprehensive income (loss)

 

 

7

 

 

 

14

 

 

 

17

 

 

 

—

 

 

 

38

 

Ending balance

 

$

(644

)

 

$

51

 

 

$

(1,385

)

 

$

(2

)

 

$

(1,980

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(290

)

 

$

18

 

 

$

(1,457

)

 

$

(2

)

 

$

(1,731

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(78

)

 

 

13

 

 

 

113

 

 

 

—

 

 

 

48

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(21

)

 

 

(1

)

 

 

22

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(99

)

 

 

12

 

 

 

135

 

 

 

—

 

 

 

48

 

Ending balance

 

$

(389

)

 

$

30

 

 

$

(1,322

)

 

$

(2

)

 

$

(1,683

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(407

)

 

$

37

 

 

$

(1,421

)

 

$

(2

)

 

$

(1,793

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(264

)

 

 

28

 

 

 

(1

)

 

 

—

 

 

 

(237

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

27

 

 

 

(14

)

 

 

37

 

 

 

—

 

 

 

50

 

Net current period other comprehensive income (loss)

 

 

(237

)

 

 

14

 

 

 

36

 

 

 

—

 

 

 

(187

)

Ending balance

 

$

(644

)

 

$

51

 

 

$

(1,385

)

 

$

(2

)

 

$

(1,980

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(235

)

 

$

2

 

 

$

(1,465

)

 

$

(2

)

 

$

(1,700

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(102

)

 

 

29

 

 

 

113

 

 

 

—

 

 

 

40

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(52

)

 

 

(1

)

 

 

30

 

 

 

—

 

 

 

(23

)

Net current period other comprehensive income (loss)

 

 

(154

)

 

 

28

 

 

 

143

 

 

 

—

 

 

 

17

 

Ending balance

 

$

(389

)

 

$

30

 

 

$

(1,322

)

 

$

(2

)

 

$

(1,683

)

 

(1)

See table below for details about these reclassifications.
Reclassification out of Accumulated Other Comprehensive Income

The following table presents Dominion Energy’s reclassifications out of AOCI by component:

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of

Income

(millions)

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(9

)

 

Operating revenue

Interest rate contracts

 

 

22

 

 

Interest and related charges

Foreign currency contracts

 

 

(6

)

 

Other income

Total

 

 

7

 

 

 

Tax

 

 

(2

)

 

Income tax expense (benefit)

Total, net of tax

 

$

5

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(5

)

 

Other income

Total

 

 

(5

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(5

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(5

)

 

Other income

Amortization of actuarial losses

 

 

31

 

 

Other income

Total

 

 

26

 

 

 

Tax

 

 

(8

)

 

Income tax expense (benefit)

Total, net of tax

 

$

18

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(38

)

 

Operating revenue

Interest rate contracts

 

 

13

 

 

Interest and related charges

Foreign currency contracts

 

 

(4

)

 

Other income

Total

 

 

(29

)

 

 

Tax

 

 

8

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(21

)

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(1

)

 

Other income

Total

 

 

(1

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(1

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(8

)

 

Other income

Amortization of actuarial losses

 

 

27

 

 

Other income

Total

 

 

19

 

 

 

Tax

 

 

3

 

 

Income tax expense (benefit)

Total, net of tax

 

$

22

 

 

 

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of

Income

(millions)

 

 

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(16

)

 

Operating revenue

 

 

 

3

 

 

Purchased gas

Interest rate contracts

 

 

49

 

 

Interest and related charges

Total

 

 

36

 

 

 

Tax

 

 

(9

)

 

Income tax expense (benefit)

Total, net of tax

 

$

27

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(18

)

 

Other income

Total

 

 

(18

)

 

 

Tax

 

 

4

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(14

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(11

)

 

Other income

Amortization of actuarial losses

 

 

61

 

 

Other income

Total

 

 

50

 

 

 

Tax

 

 

(13

)

 

Income tax expense (benefit)

Total, net of tax

 

$

37

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(92

)

 

Operating revenue

 

 

 

(3

)

 

Purchased gas

Interest rate contracts

 

 

23

 

 

Interest and related charges

Foreign currency contracts

 

 

2

 

 

Other income

Total

 

 

(70

)

 

 

Tax

 

 

18

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(52

)

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(1

)

 

Other income

Total

 

 

(1

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(1

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(13

)

 

Other income

Amortization of actuarial losses

 

 

54

 

 

Other income

Total

 

 

41

 

 

 

Tax

 

 

(11

)

 

Income tax expense (benefit)

Total, net of tax

 

$

30

 

 

 

 

 

 

 

 

 

 
Virginia Electric and Power Company  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents Virginia Power’s changes in AOCI by component, net of tax:

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrealized gains

and losses on

investment

securities

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(79

)

 

$

4

 

 

$

(75

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

1

 

 

 

6

 

 

 

7

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

—

 

 

 

(2

)

 

 

(2

)

Net current period other comprehensive income (loss)

 

 

1

 

 

 

4

 

 

 

5

 

Ending balance

 

$

(78

)

 

$

8

 

 

$

(70

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(20

)

 

$

3

 

 

$

(17

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(11

)

 

 

2

 

 

 

(9

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

1

 

 

 

(1

)

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(10

)

 

 

1

 

 

 

(9

)

Ending balance

 

$

(30

)

 

$

4

 

 

$

(26

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(34

)

 

$

5

 

 

$

(29

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(44

)

 

 

4

 

 

 

(40

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

—

 

 

 

(1

)

 

 

(1

)

Net current period other comprehensive income (loss)

 

 

(44

)

 

 

3

 

 

 

(41

)

Ending balance

 

$

(78

)

 

$

8

 

 

$

(70

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(13

)

 

$

1

 

 

$

(12

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(18

)

 

 

4

 

 

 

(14

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

1

 

 

 

(1

)

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(17

)

 

 

3

 

 

 

(14

)

Ending balance

 

$

(30

)

 

$

4

 

 

$

(26

)

 

(1)

See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and six months ended June 30, 2019.
Reclassification out of Accumulated Other Comprehensive Income

The following table presents Virginia Power’s reclassifications out of AOCI by component:

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements  of

Income

(millions)

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

(Gains) losses on cash flow hedges:

 

 

 

 

 

 

Interest rate contracts

 

$

1

 

 

Interest and related charges

Total

 

 

1

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

—

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(4

)

 

Other income

Total

 

 

(4

)

 

 

Tax

 

 

2

 

 

Income tax expense

Total, net of tax

 

$

(2

)

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

(Gains) losses on cash flow hedges:

 

 

 

 

 

 

Interest rate contracts

 

 

1

 

 

Interest and related charges

Total

 

 

1

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

—

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(2

)

 

Other income

Total

 

 

(2

)

 

 

Tax

 

 

1

 

 

Income tax expense

Total, net of tax

 

$

(1

)

 

 
Dominion Energy Gas Holdings, LLC  
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents Dominion Energy Gas’ changes in AOCI by component, net of tax:

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrecognized

pension costs

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(166

)

 

$

(105

)

 

$

(271

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(2

)

 

 

2

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(2

)

 

 

2

 

 

 

—

 

Ending balance

 

$

(168

)

 

$

(103

)

 

$

(271

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(48

)

 

$

(143

)

 

$

(191

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(24

)

 

 

29

 

 

 

5

 

Amounts reclassified from AOCI: (gains) losses(1)

 

 

(2

)

 

 

2

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(26

)

 

 

31

 

 

 

5

 

Ending balance

 

$

(74

)

 

$

(112

)

 

$

(186

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(81

)

 

$

(106

)

 

$

(187

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(91

)

 

 

—

 

 

 

(91

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

4

 

 

 

3

 

 

 

7

 

Net current period other comprehensive income (loss)

 

 

(87

)

 

 

3

 

 

 

(84

)

Ending balance

 

$

(168

)

 

$

(103

)

 

$

(271

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(25

)

 

$

(144

)

 

$

(169

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(51

)

 

 

29

 

 

 

(22

)

Amounts reclassified from AOCI: (gains) losses(1)

 

 

1

 

 

 

3

 

 

 

4

 

Net current period other comprehensive income (loss)

 

 

(50

)

 

 

32

 

 

 

(18

)

Less other comprehensive income (loss) attributable to noncontrolling interest

 

 

(1

)

 

 

—

 

 

 

(1

)

Ending balance

 

$

(74

)

 

$

(112

)

 

$

(186

)

 

(1)

See table below for details about these reclassifications.
Reclassification out of Accumulated Other Comprehensive Income

The following table presents Dominion Energy Gas’ reclassifications out of AOCI by component:

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of  Income

(millions)

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Interest rate contracts

 

$

4

 

 

Interest and related charges

Foreign currency contracts

 

 

(6

)

 

Other income

Total

 

 

(2

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(2

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

2

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Interest rate contracts

 

$

2

 

 

Interest and related charges

Foreign currency contracts

 

 

(4

)

 

Other income

Total

 

 

(2

)

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(2

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

2

 

 

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Interest rate contracts

 

$

6

 

 

Interest and related charges

Total

 

 

6

 

 

 

Tax

 

 

(2

)

 

Income tax expense (benefit)

Total, net of tax

 

$

4

 

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

4

 

 

Other income

Total

 

 

4

 

 

 

Tax

 

 

(1

)

 

Income tax expense (benefit)

Total, net of tax

 

$

3

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

Deferred (gains) and losses on derivatives-hedging activities:

 

 

 

 

 

 

Commodity contracts

 

$

(2

)

 

Net income from discontinued operations

Interest rate contracts

 

 

1

 

 

Interest and related charges

Foreign currency contracts

 

 

2

 

 

Other income

Total

 

 

1

 

 

 

Tax

 

 

—

 

 

Income tax expense (benefit)

Total, net of tax

 

$

1

 

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Actuarial losses

 

$

4

 

 

Other income

Total

 

 

4

 

 

 

Tax

 

 

(1

)

 

Income tax expense (benefit)

Total, net of tax

 

$

3

 

 

 
v3.20.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Inputs, Assets, Quantitative Information

The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at June 30, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

112

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 3

 

 

(1

)

FTRs

 

 

18

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 5

 

 

1

 

Total assets

 

$

130

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

5

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(5) - 5

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 5

 

 

2

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

56% - 72%

 

 

66

%

Total liabilities

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

Represents market prices beyond defined terms for Levels 1 and 2.

(4)

Represents volatilities unrepresented in published markets.    
Fair Value, Options, Qualitative Disclosures

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

 

Significant Unobservable

Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

52

 

 

$

130

 

 

$

182

 

Interest rate

 

 

—

 

 

 

34

 

 

 

—

 

 

 

34

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,817

 

 

 

—

 

 

 

—

 

 

 

3,817

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

624

 

 

 

—

 

 

 

624

 

Government securities

 

 

488

 

 

 

746

 

 

 

—

 

 

 

1,234

 

Cash equivalents and other

 

 

19

 

 

 

12

 

 

 

—

 

 

 

31

 

Total assets

 

$

4,324

 

 

$

1,468

 

 

$

130

 

 

$

5,922

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

43

 

 

$

7

 

 

$

50

 

Interest rate

 

 

—

 

 

 

1,272

 

 

 

—

 

 

 

1,272

 

Foreign currency

 

 

—

 

 

 

12

 

 

 

—

 

 

 

12

 

Total liabilities

 

$

—

 

 

$

1,327

 

 

$

7

 

 

$

1,334

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

55

 

 

$

19

 

 

$

74

 

Interest rate

 

 

—

 

 

 

11

 

 

 

—

 

 

 

11

 

Foreign currency

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,195

 

 

 

—

 

 

 

—

 

 

 

4,195

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

463

 

 

 

—

 

 

 

463

 

Government securities

 

 

473

 

 

 

719

 

 

 

—

 

 

 

1,192

 

Cash equivalents and other

 

 

19

 

 

 

1

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,687

 

 

$

1,257

 

 

$

19

 

 

$

5,963

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

75

 

 

$

56

 

 

$

131

 

Interest rate

 

 

—

 

 

 

606

 

 

 

—

 

 

 

606

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

684

 

 

$

56

 

 

$

740

 

(1)

Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $296 million and $274 million of assets at June 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

43

 

 

$

53

 

 

$

(37

)

 

$

64

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

—

 

 

 

3

 

 

 

—

 

 

 

2

 

Purchased gas

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Electric fuel and other energy-related purchases

 

 

(4

)

 

 

(3

)

 

 

(26

)

 

 

(7

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

18

 

 

 

160

 

 

 

25

 

Settlements

 

 

4

 

 

 

3

 

 

 

26

 

 

 

2

 

Purchases

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(10

)

Transfers out of Level 3

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2

)

Ending balance

 

$

123

 

 

$

75

 

 

$

123

 

 

$

75

 

The amount of total gains (losses) for the period included in

   earnings attributable to the change in unrealized gains

   (losses) relating to assets/liabilities still held at the

   reporting date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

—

 

 

$

2

 

 

$

—

 

 

$

2

 

Purchased gas

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Total

 

$

—

 

 

$

3

 

 

$

—

 

 

$

3

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

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

36,060

 

 

$

42,151

 

 

$

32,055

 

 

$

36,155

 

Supplemental 364-Day credit facility borrowings

 

 

225

 

 

 

225

 

 

 

—

 

 

 

—

 

Junior subordinated notes(3)

 

 

3,408

 

 

 

3,554

 

 

 

4,797

 

 

 

4,953

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(3)

 

$

12,328

 

 

$

15,189

 

 

$

12,326

 

 

$

14,281

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(4)

 

$

5,523

 

 

$

5,891

 

 

$

5,520

 

 

$

5,738

 

 

(1)

Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.

(2)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At June 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively.

(3)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium.

(4)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments.
Virginia Electric and Power Company  
Fair Value Inputs, Assets, Quantitative Information

The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at June 30, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

112

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 2

 

 

(1

)

FTRs

 

 

18

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 5

 

 

1

 

Total assets

 

$

130

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

5

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(5) - 5

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 5

 

 

2

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

56% - 72%

 

 

66

%

Total liabilities

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

Represents market prices beyond defined terms for Levels 1 and 2.

(4)

Represents volatilities unrepresented in published markets.
Fair Value, Options, Qualitative Disclosures

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

 

Significant Unobservable

Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

 

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

3

 

 

$

130

 

 

$

133

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,787

 

 

 

—

 

 

 

—

 

 

 

1,787

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

354

 

 

 

—

 

 

 

354

 

Government securities

 

 

184

 

 

 

306

 

 

 

—

 

 

 

490

 

Total assets

 

$

1,971

 

 

$

663

 

 

$

130

 

 

$

2,764

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

17

 

 

$

7

 

 

$

24

 

Interest rate

 

 

—

 

 

 

980

 

 

 

—

 

 

 

980

 

Total liabilities

 

$

—

 

 

$

997

 

 

$

7

 

 

$

1,004

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

3

 

 

$

19

 

 

$

22

 

Interest rate

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,920

 

 

 

—

 

 

 

—

 

 

 

1,920

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

256

 

 

 

—

 

 

 

256

 

Government securities

 

 

186

 

 

 

361

 

 

 

—

 

 

 

547

 

Cash equivalents and other

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Total assets

 

$

2,106

 

 

$

623

 

 

$

19

 

 

$

2,748

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

47

 

 

$

56

 

 

$

103

 

Interest rate

 

 

—

 

 

 

363

 

 

 

—

 

 

 

363

 

Total liabilities

 

$

—

 

 

$

410

 

 

$

56

 

 

$

466

 

 

(1)

Includes investments held in the nuclear decommissioning trusts. Excludes $154 million and $159 million of assets at June 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

43

 

 

$

59

 

 

$

(37

)

 

$

60

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(4

)

 

 

(3

)

 

 

(26

)

 

 

(7

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

18

 

 

 

160

 

 

 

26

 

Settlements

 

 

4

 

 

 

3

 

 

 

26

 

 

 

(2

)

Ending balance

 

$

123

 

 

$

77

 

 

$

123

 

 

$

77

 
Dominion Energy Gas Holdings, LLC  
Fair Value, by Balance Sheet Grouping

The following table presents Dominion Energy Gas’ assets and liabilities for derivatives that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions.

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

192

 

 

$

—

 

 

$

192

 

Foreign currency

 

 

—

 

 

 

12

 

 

 

—

 

 

 

12

 

Total liabilities

 

$

—

 

 

$

204

 

 

$

—

 

 

$

204

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Total assets

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

83

 

 

$

—

 

 

$

83

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

86

 

 

$

—

 

 

$

86

 
v3.20.2
Derivatives and Hedge Accounting Activities (Tables)
 6 Months Ended
Jun. 30, 2020
Offsetting Assets

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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

136

 

 

$

9

 

 

$

—

 

 

$

127

 

 

$

35

 

 

$

21

 

 

$

—

 

 

$

14

 

Exchange

 

 

45

 

 

 

20

 

 

 

7

 

 

 

18

 

 

 

37

 

 

 

21

 

 

 

—

 

 

 

16

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

34

 

 

 

14

 

 

 

—

 

 

 

20

 

 

 

11

 

 

 

3

 

 

 

—

 

 

 

8

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

215

 

 

$

43

 

 

$

7

 

 

$

165

 

 

$

91

 

 

$

53

 

 

$

—

 

 

$

38

 

 

(1)

Excludes $1 million and $2 million of derivative assets at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
Offsetting Liabilities

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

30

 

 

$

9

 

 

$

—

 

 

$

21

 

 

$

105

 

 

$

21

 

 

$

—

 

 

$

84

 

Exchange

 

 

20

 

 

 

20

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

21

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

1,272

 

 

 

14

 

 

 

22

 

 

 

1,236

 

 

 

606

 

 

 

8

 

 

 

35

 

 

 

563

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

12

 

 

 

—

 

 

 

—

 

 

 

12

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

1,334

 

 

$

43

 

 

$

22

 

 

$

1,269

 

 

$

735

 

 

$

53

 

 

$

35

 

 

$

647

 

 

(1)

Excludes $— million and $5 million of derivative liabilities at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative Activity

The following table presents the volume of Dominion Energy’s derivative activity at June 30, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

69

 

 

 

32

 

Basis

 

 

236

 

 

 

538

 

Electricity (MWh):

 

 

 

 

 

 

 

 

Fixed price

 

 

4,964,045

 

 

 

2,775,850

 

FTRs

 

 

101,087,887

 

 

 

—

 

Liquids (Gal)(2)

 

 

26,460,000

 

 

 

—

 

Interest rate(3)

 

$

1,950,000,000

 

 

$

6,576,403,434

 

Foreign currency(3)

 

€

-

 

 

€

250,000,000

 

 

(1)

Includes options.

(2)

Includes NGLs.

(3)

Maturity is determined based on final settlement period.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at June 30, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Commodities:

 

 

 

 

 

 

 

 

 

 

Gas

 

$

(2

)

 

$

(2

)

 

18 months

Electricity

 

 

8

 

 

 

8

 

 

6 months

NGL

 

 

—

 

 

 

—

 

 

6 months

Interest rate

 

 

(640

)

 

 

(59

)

 

378 months

Foreign currency

 

 

(10

)

 

 

(4

)

 

72 months

Total

 

$

(644

)

 

$

(57

)

 

 
Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges

The following table presents the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges:

 

 

 

Carrying Amount of the Hedged Asset

(Liability)(1)

 

 

Cumulative Amount of Fair Value Hedging

Adjustments Included in the Carrying Amount

of the Hedged Assets (Liabilities)(2)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

(1,154

)

 

$

(1,154

)

 

$

(4

)

 

$

(4

)

 

(1)

Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at June 30, 2020 and December 31, 2019, respectively.

(2)

Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at June 30, 2020 and December 31, 2019, respectively.
Fair Value of Derivatives

Fair Value and Gains and Losses on Derivative Instruments

The following table presents the fair values of Dominion Energy’s derivatives and where they are presented in its Consolidated Balance Sheets: 

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

73

 

 

$

73

 

Interest rate

 

 

—

 

 

 

8

 

 

 

8

 

Total current derivative assets(1)

 

 

—

 

 

 

81

 

 

 

81

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

109

 

 

 

109

 

Interest rate

 

 

—

 

 

 

26

 

 

 

26

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

135

 

 

 

135

 

Total derivative assets

 

$

—

 

 

$

216

 

 

$

216

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

42

 

 

$

42

 

Interest rate

 

 

514

 

 

 

25

 

 

 

539

 

Foreign currency

 

 

5

 

 

 

—

 

 

 

5

 

Total current derivative liabilities

 

 

519

 

 

 

67

 

 

 

586

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

8

 

 

 

8

 

Interest rate

 

 

655

 

 

 

78

 

 

 

733

 

Foreign currency

 

 

7

 

 

 

—

 

 

 

7

 

Total noncurrent derivative liabilities

 

 

662

 

 

 

86

 

 

 

748

 

Total derivative liabilities

 

$

1,181

 

 

$

153

 

 

$

1,334

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

30

 

 

$

37

 

 

$

67

 

Interest rate

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative assets(1)

 

 

31

 

 

 

37

 

 

 

68

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

6

 

 

 

7

 

Interest rate

 

 

10

 

 

 

—

 

 

 

10

 

Foreign currency

 

 

8

 

 

 

—

 

 

 

8

 

Total noncurrent derivative assets(2)

 

 

19

 

 

 

6

 

 

 

25

 

Total derivative assets

 

$

50

 

 

$

43

 

 

$

93

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

6

 

 

$

77

 

 

$

83

 

Interest rate

 

 

321

 

 

 

1

 

 

 

322

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities

 

 

330

 

 

 

78

 

 

 

408

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

47

 

 

 

48

 

Interest rate

 

 

267

 

 

 

17

 

 

 

284

 

Total noncurrent derivative liabilities

 

 

268

 

 

 

64

 

 

 

332

 

Total derivative liabilities

 

$

598

 

 

$

142

 

 

$

740

 

 

(1)

Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets.

(2)

Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

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

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized

in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase

(Decrease) in

Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

9

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

—

 

 

 

 

 

Total commodity

 

$

—

 

 

$

9

 

 

$

—

 

Interest rate(3)

 

 

—

 

 

 

(22

)

 

 

14

 

Foreign currency(4)

 

 

6

 

 

 

6

 

 

 

—

 

Total

 

$

6

 

 

$

(7

)

 

$

14

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

38

 

 

 

 

 

Total commodity

 

$

35

 

 

$

38

 

 

$

—

 

Interest rate(3)

 

 

(142

)

 

 

(13

)

 

 

(131

)

Foreign currency(4)

 

 

2

 

 

 

4

 

 

 

—

 

Total

 

$

(105

)

 

$

29

 

 

$

(131

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

16

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

(3

)

 

 

 

 

Electric fuel and other energy-related

   purchases

 

 

 

 

 

 

—

 

 

 

 

 

Total commodity

 

$

—

 

 

$

13

 

 

$

—

 

Interest rate(3)

 

 

(336

)

 

 

(49

)

 

 

(550

)

Foreign currency(4)

 

 

(17

)

 

 

—

 

 

 

—

 

Total

 

$

(353

)

 

$

(36

)

 

$

(550

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

92

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

3

 

 

 

 

 

Total commodity

 

$

101

 

 

$

95

 

 

$

—

 

Interest rate(3)

 

 

(226

)

 

 

(23

)

 

 

(215

)

Foreign currency(4)

 

 

(9

)

 

 

(2

)

 

 

—

 

Total

 

$

(134

)

 

$

70

 

 

$

(215

)

 

(1)

Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.

(3)

Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.

(4)

Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense).
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

(10

)

 

$

27

 

 

$

55

 

 

$

30

 

 

Purchased gas

 

 

—

 

 

 

(11

)

 

 

(14

)

 

 

(8

)

 

Electric fuel and other energy-related

   purchases

 

 

(8

)

 

 

(3

)

 

 

(73

)

 

 

(12

)

 

Interest rate(2)

 

 

(25

)

 

 

—

 

 

 

(86

)

 

 

—

 

 

Total

 

$

(43

)

 

$

13

 

 

$

(118

)

 

$

10

 

 

 

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.

(2)

Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.
Virginia Electric and Power Company  
Offsetting Assets

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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross

Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

129

 

 

$

5

 

 

$

—

 

 

$

124

 

 

$

19

 

 

$

18

 

 

$

—

 

 

$

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

129

 

 

$

5

 

 

$

—

 

 

$

124

 

 

$

21

 

 

$

18

 

 

$

—

 

 

$

3

 

 

(1)

Excludes $4 million and $3 million of derivative assets at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
Offsetting Liabilities

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the Consolidated Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

5

 

 

$

5

 

 

$

—

 

 

$

—

 

 

$

59

 

 

$

18

 

 

$

—

 

 

$

41

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

980

 

 

 

—

 

 

 

—

 

 

 

980

 

 

 

363

 

 

 

—

 

 

 

—

 

 

 

363

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

985

 

 

$

5

 

 

$

—

 

 

$

980

 

 

$

422

 

 

$

18

 

 

$

—

 

 

$

404

 

 

(1)

Excludes $19 million and $44 million of derivative liabilities at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative Activity

The following table presents the volume of Virginia Power’s derivative activity at June 30, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

38

 

 

 

8

 

Basis

 

 

143

 

 

 

507

 

Electricity (MWh):

 

 

 

 

 

 

 

 

FTRs

 

 

101,087,887

 

 

 

—

 

Interest rate(2)

 

$

900,000,000

 

 

$

1,150,000,000

 

 

(1)

Includes options.

(2)

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

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at June 30, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12

Months After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(78

)

 

$

(1

)

 

378 months

Total

 

$

(78

)

 

$

(1

)

 

 
Fair Value of Derivatives

The following table presents the fair values of Virginia Power’s derivatives and where they are presented in its Consolidated Balance Sheets:

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

31

 

 

$

31

 

Total current derivative assets(1)

 

 

—

 

 

 

31

 

 

 

31

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

102

 

 

 

102

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

102

 

 

 

102

 

Total derivative assets

 

$

—

 

 

$

133

 

 

$

133

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

23

 

 

$

23

 

Interest rate

 

 

455

 

 

 

—

 

 

 

455

 

Total current derivative liabilities

 

 

455

 

 

 

23

 

 

 

478

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

1

 

 

 

1

 

Interest rate

 

 

525

 

 

 

—

 

 

 

525

 

Total noncurrent derivatives liabilities(3)

 

 

525

 

 

 

1

 

 

 

526

 

Total derivative liabilities

 

$

980

 

 

$

24

 

 

$

1,004

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

20

 

 

$

20

 

Total current derivative assets(1)

 

 

—

 

 

 

20

 

 

 

20

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

2

 

 

 

2

 

Interest rate

 

 

2

 

 

 

—

 

 

 

2

 

Total noncurrent derivative assets(2)

 

 

2

 

 

 

2

 

 

 

4

 

Total derivative assets

 

$

2

 

 

$

22

 

 

$

24

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

58

 

 

$

58

 

Interest rate

 

 

185

 

 

 

—

 

 

 

185

 

Total current derivatives liabilities(4)

 

 

185

 

 

 

58

 

 

 

243

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

45

 

 

 

45

 

Interest rate

 

 

178

 

 

 

—

 

 

 

178

 

Total noncurrent derivatives liabilities(3)

 

 

178

 

 

 

45

 

 

 

223

 

Total derivative liabilities

 

$

363

 

 

$

103

 

 

$

466

 

 

(1)

Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.

(2)

Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets. 

(3)

Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.

(4)

Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets.

 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized

in AOCI on Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase (Decrease)

in Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

2

 

 

$

(1

)

 

$

13

 

Total

 

$

2

 

 

$

(1

)

 

$

13

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(15

)

 

$

(1

)

 

$

(133

)

Total

 

$

(15

)

 

$

(1

)

 

$

(133

)

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(59

)

 

$

(1

)

 

$

(552

)

Total

 

$

(59

)

 

$

(1

)

 

$

(552

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(24

)

 

$

(1

)

 

$

(218

)

Total

 

$

(24

)

 

$

(1

)

 

$

(218

)

 

(1)

Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.

(2)

Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.

(3)

Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity(2)

 

$

(8

)

 

$

(3

)

 

$

(73

)

 

$

(12

)

 

Total

 

$

(8

)

 

$

(3

)

 

$

(73

)

 

$

(12

)

 

 

(1)

Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.

(2)

Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases.
Dominion Energy Gas Holdings, LLC  
Offsetting Assets

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

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 
Offsetting Liabilities

 

 

 

June 30, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

192

 

 

$

—

 

 

$

—

 

 

$

192

 

 

$

83

 

 

$

5

 

 

$

—

 

 

$

78

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

12

 

 

 

—

 

 

 

—

 

 

 

12

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

204

 

 

$

—

 

 

$

—

 

 

$

204

 

 

$

86

 

 

$

8

 

 

$

—

 

 

$

78

 
Schedule of Volume of Derivative Activity

The following table presents the volume of Dominion Energy Gas’ derivative activity at June 30, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Interest rate(1)

 

$

750,000,000

 

 

$

550,000,000

 

Foreign currency(1)

 

€

-

 

 

€

250,000,000

 

 

(1)

Maturity is determined based on final settlement period. 

 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at June 30, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected

to be Reclassified to

Earnings During the

Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(158

)

 

$

(11

)

 

294 months

Foreign currency

 

 

(10

)

 

 

(4

)

 

72 months

Total

 

$

(168

)

 

$

(15

)

 

 
Fair Value of Derivatives

The following tables present the fair values of Dominion Energy Gas’ derivatives and where they are presented in its Consolidated Balance Sheets:

 

 

 

Fair Value-

Derivatives

Under Hedge

Accounting

 

 

Fair Value-Derivatives

Not Under Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

58

 

 

$

13

 

 

$

71

 

Foreign currency

 

 

5

 

 

 

—

 

 

 

5

 

Total current derivative liabilities(2)

 

 

63

 

 

 

13

 

 

 

76

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

121

 

 

 

—

 

 

 

121

 

Foreign currency

 

 

7

 

 

 

—

 

 

 

7

 

Total noncurrent derivative liabilities(3)

 

 

128

 

 

 

—

 

 

 

128

 

Total derivative liabilities

 

$

191

 

 

$

13

 

 

$

204

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

8

 

 

$

—

 

 

$

8

 

Total noncurrent derivative assets(1)

 

 

8

 

 

 

—

 

 

 

8

 

Total derivative assets

 

$

8

 

 

$

—

 

 

$

8

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

30

 

 

$

—

 

 

$

30

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities(2)

 

 

33

 

 

 

—

 

 

 

33

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

53

 

 

 

—

 

 

 

53

 

Total noncurrent derivative liabilities(3)

 

 

53

 

 

 

—

 

 

 

53

 

Total derivative liabilities

 

$

86

 

 

$

—

 

 

$

86

 

 

(1)

Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(2)

Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

(3)

Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets. 

 

 
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following table presents the gains and losses on Dominion Energy Gas’ derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified From AOCI

to Income

 

(millions)

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Interest rate(2)

 

$

(4

)

 

$

(4

)

Foreign currency(3)

 

 

5

 

 

 

6

 

Total

 

$

1

 

 

$

2

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

 

 

 

$

—

 

Total commodity

 

$

3

 

 

$

—

 

Interest rate(2)

 

 

(36

)

 

 

(2

)

Foreign currency(3)

 

 

1

 

 

 

4

 

Total

 

$

(32

)

 

$

2

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Interest rate(2)

 

 

(105

)

 

 

(6

)

Foreign currency(3)

 

 

(17

)

 

 

—

 

Total

 

$

(122

)

 

$

(6

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

 

 

 

$

2

 

Total commodity

 

$

2

 

 

$

2

 

Interest rate(2)

 

 

(60

)

 

 

(1

)

Foreign currency(3)

 

 

(10

)

 

 

(2

)

Total

 

$

(68

)

 

$

(1

)

 

(1)

Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income.

(2)

Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges.

(3)

Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income.
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized in Income on Derivatives

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(1)

 

$

—

 

 

$

—

 

 

$

(8

)

 

$

—

 

Total

 

$

—

 

 

$

—

 

 

$

(8

)

 

$

—

 

 

(1)

Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges.

 
v3.20.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2020
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Dominion Energy’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,701

 

 

$

2,221

 

 

$

(71

)

 

$

—

 

 

$

3,851

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

577

 

 

 

48

 

 

 

(1

)

 

 

—

 

 

 

624

 

Government securities

 

 

1,119

 

 

 

62

 

 

 

(1

)

 

 

—

 

 

 

1,180

 

Common/collective trust funds

 

 

146

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

148

 

Insurance contracts

 

 

223

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

223

 

Cash equivalents and other(3)

 

 

(8

)

 

 

2

 

 

 

(2

)

 

 

—

 

 

 

(8

)

Total

 

$

3,758

 

 

$

2,335

 

 

$

(75

)

(4)

$

—

 

(5)

$

6,018

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,807

 

 

$

2,451

 

 

$

(20

)

 

$

—

 

 

$

4,238

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

434

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

463

 

Government securities

 

 

1,108

 

 

 

39

 

 

 

(2

)

 

 

—

 

 

 

1,145

 

Common/collective trust funds

 

 

115

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

119

 

Insurance contracts

 

 

214

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

214

 

Cash equivalents and other(3)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

 

$

3,691

 

 

$

2,523

 

 

$

(22

)

(4)

$

—

 

 

$

6,192

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $35 million and $1 million at June 30, 2020 and December 31, 2019, respectively.

(4)

The fair value of securities in an unrealized loss position was $181 million and $298 million at June 30, 2020 and December 31, 2019, respectively.

(5)

The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million.  These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020.     
Unrealized Gain Loss on Equity

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

610

 

 

$

156

 

 

$

(288

)

 

$

570

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(5

)

 

 

(25

)

 

 

9

 

 

 

(44

)

Unrealized gains (losses) recognized during the period

   on securities still held at June 30, 2020 and 2019(1)

 

$

605

 

 

$

131

 

 

$

(279

)

 

$

526

 

 

(1)

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

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at June 30, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

212

 

Due after one year through five years

 

 

486

 

Due after five years through ten years

 

 

485

 

Due after ten years

 

 

769

 

Total

 

$

1,952

 

 
Marketable Securities

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

1,058

 

 

$

376

 

 

$

1,660

 

 

$

882

 

Realized gains(1)

 

 

74

 

 

 

56

 

 

 

140

 

 

 

99

 

Realized losses(1)

 

 

61

 

 

 

27

 

 

 

130

 

 

 

50

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
Virginia Electric and Power Company  
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Virginia Power’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

901

 

 

$

1,028

 

 

$

(46

)

 

$

—

 

 

$

1,883

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

328

 

 

 

26

 

 

 

—

 

 

 

—

 

 

 

354

 

Government securities

 

 

467

 

 

 

23

 

 

 

(1

)

 

 

—

 

 

 

489

 

Common/collective trust funds

 

 

57

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

57

 

Cash equivalents and other(3)

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1

)

Total

 

$

1,752

 

 

$

1,077

 

 

$

(47

)

(4)

$

—

 

(5)

$

2,782

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

894

 

 

$

1,144

 

 

$

(11

)

 

$

—

 

 

$

2,027

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

241

 

 

 

15

 

 

 

—

 

 

 

—

 

 

 

256

 

Government securities

 

 

534

 

 

 

14

 

 

 

(2

)

 

 

—

 

 

 

546

 

Common/collective trust funds

 

 

51

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51

 

Cash equivalents and other

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Total

 

$

1,721

 

 

$

1,173

 

 

$

(13

)

(4)

$

—

 

 

$

2,881

 

 

(1)

Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.

(2)

Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.

(3)

Includes pending purchases of securities of $1 million at June 30, 2020.

(4)

The fair value of securities in an unrealized loss position was $74 million and $185 million at June 30, 2020 and December 31, 2019, respectively.

(5)

The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million.  These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020.     
Unrealized Gain Loss on Equity

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

269

 

 

$

70

 

 

$

(154

)

 

$

256

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

(3

)

 

 

(7

)

 

 

3

 

 

 

(8

)

Unrealized gains (losses) recognized during the period

   on securities still held at June 30, 2020 and 2019(1)

 

$

266

 

 

$

63

 

 

$

(151

)

 

$

248

 

 

(1)

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

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at June 30, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

79

 

Due after one year through five years

 

 

227

 

Due after five years through ten years

 

 

273

 

Due after ten years

 

 

321

 

Total

 

$

900

 

 
Marketable Securities

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

236

 

 

$

194

 

 

$

530

 

 

$

447

 

Realized gains(1)

 

 

24

 

 

 

15

 

 

 

55

 

 

 

25

 

Realized losses(1)

 

 

17

 

 

 

3

 

 

 

48

 

 

 

12

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.20.2
Property Plant And Equipment (Tables)
 6 Months Ended
Jun. 30, 2020
Dominion Energy And Virginia Electric And Power Company  
Schedule of Business Acquisitions, by Acquisition

The following table presents acquisitions by Virginia Power of solar projects. Virginia Power expects to claim federal investment tax credits on the projects.

 

Date Agreement Entered

 

Date Agreement Closed

 

Project Location

 

Project Name

 

Project Cost (millions)(1)

 

 

Date of Commercial Operations

 

MW Capacity

 

May 2020

 

May 2020

 

Virginia

 

Pumpkinseed

 

$

130

 

 

Expected 2022

 

 

60

 

 

(1)

Includes acquisition cost.

Dominion Energy  
Schedule of Business Acquisitions, by Acquisition

The following table presents acquisitions by Dominion Energy of solar projects. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects.

 

Date Agreement Entered

 

Date Agreement Closed

 

Project Location

 

Project Name

 

Project Cost (millions)(1)

 

 

Date of Commercial Operations

 

MW Capacity

 

August 2019

 

August 2019

 

Virginia

 

Myrtle

 

$

32

 

 

June 2020

 

 

15

 

May 2020

 

May 2020

 

South Carolina

 

Blackville

 

 

15

 

 

Expected 2020

 

 

7

 

May 2020

 

May 2020

 

South Carolina

 

Denmark

 

 

15

 

 

Expected 2020

 

 

6

 

May 2020

 

Expected August 2020

 

South Carolina

 

Yemassee

 

 

20

 

 

Expected 2020

 

 

10

 

May 2020

 

Expected August 2020

 

South Carolina

 

Trask

 

 

25

 

 

Expected 2020

 

 

12

 

June 2020

 

June 2020

 

Ohio

 

Hardin I

 

 

250

 

 

Expected 2020

 

 

150

 

July 2020

 

July 2020

 

Virginia

 

Madison

 

 

125

 

 

Expected 2021

 

 

62

 

 

(1)

Includes acquisition cost.

v3.20.2
Regulatory Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2020
Regulated Operations [Abstract]  
Schedule of Regulatory Assets

Regulatory assets and liabilities include the following:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

—

 

 

$

48

 

Deferred project costs and DSM programs for gas utilities(2)

 

 

49

 

 

 

21

 

Unrecovered gas costs(3)

 

 

42

 

 

 

102

 

Deferred rate adjustment clause costs for Virginia electric utility(4)(5)

 

 

58

 

 

 

109

 

Deferred nuclear refueling outage costs(6)

 

 

60

 

 

 

68

 

NND Project costs(7)

 

 

138

 

 

 

138

 

PJM transmission rates(8)

 

 

21

 

 

 

121

 

Other

 

 

248

 

 

 

272

 

Regulatory assets-current

 

 

616

 

 

 

879

 

Pension and other postretirement benefit costs(9)

 

 

1,392

 

 

 

1,431

 

Deferred rate adjustment clause costs for Virginia electric utility(4)(5)(10)(11)

 

 

409

 

 

 

235

 

PJM transmission rates(8)

 

 

154

 

 

 

85

 

Deferred project costs for gas utilities(2)

 

 

557

 

 

 

521

 

Interest rate hedges(12)

 

 

1,302

 

 

 

741

 

AROs and related funding(13)

 

 

312

 

 

 

311

 

Cost of reacquired debt(14)

 

 

252

 

 

 

262

 

NND Project costs(7)

 

 

2,434

 

 

 

2,503

 

Ash pond and landfill closure costs(15)

 

 

2,139

 

 

 

1,016

 

Other

 

 

487

 

 

 

582

 

Regulatory assets-noncurrent

 

 

9,438

 

 

 

7,687

 

Total regulatory assets

 

$

10,054

 

 

$

8,566

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

111

 

 

$

—

 

Provision for future cost of removal and AROs(16)

 

 

142

 

 

 

142

 

Reserve for refunds and rate credits to electric utility customers(17)

 

 

134

 

 

 

143

 

Cost-of-service impact of 2017 Tax Reform Act(18)

 

 

35

 

 

 

4

 

Income taxes refundable through future rates(19)

 

 

140

 

 

 

77

 

Monetization of guarantee settlement(20)

 

 

67

 

 

 

67

 

Other

 

 

120

 

 

 

64

 

Regulatory liabilities-current

 

 

749

 

 

 

497

 

Income taxes refundable through future rates(19)

 

 

4,988

 

 

 

5,088

 

Provision for future cost of removal and AROs(16)

 

 

2,253

 

 

 

2,302

 

Nuclear decommissioning trust(21)

 

 

1,372

 

 

 

1,471

 

Monetization of guarantee settlement(20)

 

 

936

 

 

 

970

 

Reserve for refunds and rate credits to electric utility customers(17)

 

 

588

 

 

 

656

 

Overrecovered other postretirement benefit costs(22)

 

 

212

 

 

 

189

 

Other

 

 

331

 

 

 

325

 

Regulatory liabilities-noncurrent

 

 

10,680

 

 

 

11,001

 

Total regulatory liabilities

 

$

11,429

 

 

$

11,498

 

 

(1)

Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.

(2)

Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information.

(3)

Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.

(4)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.

(5)

As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.

 

(6)

Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(7)

Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(8)

Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.

(9)

Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries.

(10)

During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.

(11)

During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. 

(12)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of June 30, 2020. 

(13)

Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.

(14)  Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt.  The reacquired debt costs had a weighted-average life of approximately 26 years as of June 30, 2020.

(15)

Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(16)

Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(17)

Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(18)

Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(19)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(20)

Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.  See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(21)

Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs.

(22)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

—

 

 

$

48

 

Deferred rate adjustment clause costs(2)(3)

 

 

58

 

 

 

109

 

Deferred nuclear refueling outage costs(4)

 

 

60

 

 

 

68

 

PJM transmission rates(5)

 

 

21

 

 

 

121

 

Other

 

 

58

 

 

 

87

 

Regulatory assets-current

 

 

197

 

 

 

433

 

Deferred rate adjustment clause costs(2)(3)(6)(7)

 

 

409

 

 

 

235

 

PJM transmission rates(5)

 

 

154

 

 

 

85

 

Interest rate hedges(8)

 

 

956

 

 

 

404

 

Ash pond and landfill closure costs(9)

 

 

2,139

 

 

 

1,016

 

Other

 

 

122

 

 

 

123

 

Regulatory assets-noncurrent

 

 

3,780

 

 

 

1,863

 

Total regulatory assets

 

$

3,977

 

 

$

2,296

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

111

 

 

$

—

 

Provision for future cost of removal(10)

 

 

103

 

 

 

103

 

Income taxes refundable through future rates(11)

 

 

54

 

 

 

54

 

Other

 

 

28

 

 

 

10

 

Regulatory liabilities-current

 

 

296

 

 

 

167

 

Income taxes refundable through future rates(11)

 

 

2,425

 

 

 

2,438

 

Nuclear decommissioning trust(12)

 

 

1,372

 

 

 

1,471

 

Provision for future cost of removal(10)

 

 

993

 

 

 

1,054

 

Deferred cost of fuel used in electric generation(1)

 

 

3

 

 

 

30

 

Other

 

 

161

 

 

 

81

 

Regulatory liabilities-noncurrent

 

 

4,954

 

 

 

5,074

 

Total regulatory liabilities

 

$

5,250

 

 

$

5,241

 

 

(1)

Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.

(2)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.

(3)

As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.

(4)

Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(5)

Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.

(6)

During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.

(7)

During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery.

(8)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of June 30, 2020.

(9)

Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(10)

Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(11)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.  

(12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Unrecovered gas costs(1)

 

$

2

 

 

$

2

 

Other

 

 

7

 

 

 

6

 

Regulatory assets-current(2)

 

 

9

 

 

 

8

 

Interest rate hedges(3)

 

 

32

 

 

 

32

 

Other

 

 

5

 

 

 

8

 

Regulatory assets-noncurrent(4)

 

 

37

 

 

 

40

 

Total regulatory assets

 

$

46

 

 

$

48

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(5)

 

$

18

 

 

$

18

 

Overrecovered gas costs(1)

 

 

6

 

 

 

8

 

Other

 

 

13

 

 

 

15

 

Regulatory liabilities-current(6)

 

 

37

 

 

 

41

 

Income taxes refundable through future rates(7)

 

 

566

 

 

 

560

 

Provision for future cost of removal and AROs(5)

 

 

93

 

 

 

95

 

Overrecovered other postretirement benefit costs(8)

 

 

151

 

 

 

133

 

Other

 

 

10

 

 

 

12

 

Regulatory liabilities-noncurrent(9)

 

 

820

 

 

 

800

 

Total regulatory liabilities

 

$

857

 

 

$

841

 

 

(1)

Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.

(2)

Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(3)

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 22 years.

(4)

Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(5)

Rates charged to customers by Dominion Energy Gas' 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.

(6)

Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

(7)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(8)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

(9)

Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
Schedule of Regulatory Liabilities

Regulatory assets and liabilities include the following:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

—

 

 

$

48

 

Deferred project costs and DSM programs for gas utilities(2)

 

 

49

 

 

 

21

 

Unrecovered gas costs(3)

 

 

42

 

 

 

102

 

Deferred rate adjustment clause costs for Virginia electric utility(4)(5)

 

 

58

 

 

 

109

 

Deferred nuclear refueling outage costs(6)

 

 

60

 

 

 

68

 

NND Project costs(7)

 

 

138

 

 

 

138

 

PJM transmission rates(8)

 

 

21

 

 

 

121

 

Other

 

 

248

 

 

 

272

 

Regulatory assets-current

 

 

616

 

 

 

879

 

Pension and other postretirement benefit costs(9)

 

 

1,392

 

 

 

1,431

 

Deferred rate adjustment clause costs for Virginia electric utility(4)(5)(10)(11)

 

 

409

 

 

 

235

 

PJM transmission rates(8)

 

 

154

 

 

 

85

 

Deferred project costs for gas utilities(2)

 

 

557

 

 

 

521

 

Interest rate hedges(12)

 

 

1,302

 

 

 

741

 

AROs and related funding(13)

 

 

312

 

 

 

311

 

Cost of reacquired debt(14)

 

 

252

 

 

 

262

 

NND Project costs(7)

 

 

2,434

 

 

 

2,503

 

Ash pond and landfill closure costs(15)

 

 

2,139

 

 

 

1,016

 

Other

 

 

487

 

 

 

582

 

Regulatory assets-noncurrent

 

 

9,438

 

 

 

7,687

 

Total regulatory assets

 

$

10,054

 

 

$

8,566

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

111

 

 

$

—

 

Provision for future cost of removal and AROs(16)

 

 

142

 

 

 

142

 

Reserve for refunds and rate credits to electric utility customers(17)

 

 

134

 

 

 

143

 

Cost-of-service impact of 2017 Tax Reform Act(18)

 

 

35

 

 

 

4

 

Income taxes refundable through future rates(19)

 

 

140

 

 

 

77

 

Monetization of guarantee settlement(20)

 

 

67

 

 

 

67

 

Other

 

 

120

 

 

 

64

 

Regulatory liabilities-current

 

 

749

 

 

 

497

 

Income taxes refundable through future rates(19)

 

 

4,988

 

 

 

5,088

 

Provision for future cost of removal and AROs(16)

 

 

2,253

 

 

 

2,302

 

Nuclear decommissioning trust(21)

 

 

1,372

 

 

 

1,471

 

Monetization of guarantee settlement(20)

 

 

936

 

 

 

970

 

Reserve for refunds and rate credits to electric utility customers(17)

 

 

588

 

 

 

656

 

Overrecovered other postretirement benefit costs(22)

 

 

212

 

 

 

189

 

Other

 

 

331

 

 

 

325

 

Regulatory liabilities-noncurrent

 

 

10,680

 

 

 

11,001

 

Total regulatory liabilities

 

$

11,429

 

 

$

11,498

 

 

(1)

Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.

(2)

Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information.

(3)

Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.

(4)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.

(5)

As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.

 

(6)

Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(7)

Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(8)

Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.

(9)

Represents unrecognized pension and other postretirement employee benefit costs expected to be recovered or refunded through future rates generally over the expected remaining service period of plan participants by certain of Dominion Energy's rate-regulated subsidiaries.

(10)

During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.

(11)

During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. 

(12)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of June 30, 2020. 

(13)

Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.

(14)  Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt.  The reacquired debt costs had a weighted-average life of approximately 26 years as of June 30, 2020.

(15)

Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(16)

Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(17)

Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(18)

Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(19)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(20)

Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.  See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.

(21)

Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs.

(22)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

—

 

 

$

48

 

Deferred rate adjustment clause costs(2)(3)

 

 

58

 

 

 

109

 

Deferred nuclear refueling outage costs(4)

 

 

60

 

 

 

68

 

PJM transmission rates(5)

 

 

21

 

 

 

121

 

Other

 

 

58

 

 

 

87

 

Regulatory assets-current

 

 

197

 

 

 

433

 

Deferred rate adjustment clause costs(2)(3)(6)(7)

 

 

409

 

 

 

235

 

PJM transmission rates(5)

 

 

154

 

 

 

85

 

Interest rate hedges(8)

 

 

956

 

 

 

404

 

Ash pond and landfill closure costs(9)

 

 

2,139

 

 

 

1,016

 

Other

 

 

122

 

 

 

123

 

Regulatory assets-noncurrent

 

 

3,780

 

 

 

1,863

 

Total regulatory assets

 

$

3,977

 

 

$

2,296

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

111

 

 

$

—

 

Provision for future cost of removal(10)

 

 

103

 

 

 

103

 

Income taxes refundable through future rates(11)

 

 

54

 

 

 

54

 

Other

 

 

28

 

 

 

10

 

Regulatory liabilities-current

 

 

296

 

 

 

167

 

Income taxes refundable through future rates(11)

 

 

2,425

 

 

 

2,438

 

Nuclear decommissioning trust(12)

 

 

1,372

 

 

 

1,471

 

Provision for future cost of removal(10)

 

 

993

 

 

 

1,054

 

Deferred cost of fuel used in electric generation(1)

 

 

3

 

 

 

30

 

Other

 

 

161

 

 

 

81

 

Regulatory liabilities-noncurrent

 

 

4,954

 

 

 

5,074

 

Total regulatory liabilities

 

$

5,250

 

 

$

5,241

 

 

(1)

Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.

(2)

Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.

(3)

As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.

(4)

Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.

(5)

Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.

(6)

During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.

(7)

During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery.

(8)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of June 30, 2020.

(9)

Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(10)

Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.

(11)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.  

(12) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.

 

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Unrecovered gas costs(1)

 

$

2

 

 

$

2

 

Other

 

 

7

 

 

 

6

 

Regulatory assets-current(2)

 

 

9

 

 

 

8

 

Interest rate hedges(3)

 

 

32

 

 

 

32

 

Other

 

 

5

 

 

 

8

 

Regulatory assets-noncurrent(4)

 

 

37

 

 

 

40

 

Total regulatory assets

 

$

46

 

 

$

48

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(5)

 

$

18

 

 

$

18

 

Overrecovered gas costs(1)

 

 

6

 

 

 

8

 

Other

 

 

13

 

 

 

15

 

Regulatory liabilities-current(6)

 

 

37

 

 

 

41

 

Income taxes refundable through future rates(7)

 

 

566

 

 

 

560

 

Provision for future cost of removal and AROs(5)

 

 

93

 

 

 

95

 

Overrecovered other postretirement benefit costs(8)

 

 

151

 

 

 

133

 

Other

 

 

10

 

 

 

12

 

Regulatory liabilities-noncurrent(9)

 

 

820

 

 

 

800

 

Total regulatory liabilities

 

$

857

 

 

$

841

 

 

(1)

Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.

(2)

Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(3)

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 22 years.

(4)

Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.

(5)

Rates charged to customers by Dominion Energy Gas' 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.

(6)

Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

(7)

Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.

(8)

Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.

(9)

Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.2
Regulatory Matters (Tables) - Virginia Electric and Power Company
 6 Months Ended
Jun. 30, 2020
Public Utilities General Disclosures [Line Items]  
Summary of Additional Significant Riders Associated with Virginia Power Projects

Additional significant riders associated with various Virginia Power projects are as follows:

 

Rider Name

 

Application Date

 

Approval Date

 

Rate Year

Beginning

 

Total Revenue

Requirement

(millions)

 

 

Increase (Decrease)

Over Previous Year

(millions)

 

Rider US-3

 

July 2019

 

March 2020

 

June 2020

 

$

28

 

 

$

18

 

Rider BW

 

October 2019

 

June 2020

 

September 2020

 

 

99

 

 

 

(20

)

Rider US-2

 

October 2019

 

July 2020

 

September 2020

 

 

10

 

 

 

(5

)

Rider B

 

June 2020

 

Pending

 

April 2021

 

 

24

 

 

 

(8

)

Rider GV

 

June 2020

 

Pending

 

April 2021

 

 

154

 

 

 

22

 

Rider R

 

June 2020

 

Pending

 

April 2021

 

 

59

 

 

 

15

 

Rider S

 

June 2020

 

Pending

 

April 2021

 

 

194

 

 

 

(1

)

Rider W

 

June 2020

 

Pending

 

April 2021

 

 

120

 

 

 

14

 

Rider US-3

 

July 2020

 

Pending

 

June 2021

 

 

39

 

 

 

10

 

Rider US-4

 

July 2020

 

Pending

 

June 2021

 

 

12

 

 

 

4

 

 
Summary of Additional Significant Virginia Power Electric Transmission Projects Approved and Applied

Additional Virginia Power electric transmission projects approved and applied for are as follows:

 

 

Description and Location

of Project

 

Application

Date

 

Approval

Date

 

Type of

Line

 

Miles of

Lines

 

Cost Estimate

(millions)

Rebuild and operate five segments between the Loudoun and Ox substations

 

August 2019

 

June 2020

 

230 kV

 

19

 

70

Rebuild and operate two lines in Chesterfield County, Virginia

 

January 2020

 

June 2020

 

230 kV

 

3

 

15

Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia

 

May 2020

 

Pending

 

500 kV

 

37

 

110
v3.20.2
Significant Financing Transactions (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At June 30, 2020, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility

Limit

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

 

Facility

Capacity

Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

210

 

 

$

103

 

 

$

5,687

 

 

(1)

This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
Schedule of Equity Units

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

 

Issuance Date

 

Units Issued

 

Total Net

Proceeds(1)

 

 

Total

Preferred

Stock (2)

 

 

Cumulative

Dividend

Rate

 

 

Stock

Purchase

Contract

Annual Rate

 

 

Stock

Purchase

Contract

Liability(3)

 

 

Stock Purchase

Contract

Settlement Date

(millions except interest rates)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/14/2019

 

16

 

$

1,582

 

 

$

1,610

 

 

 

1.75

%

 

 

5.5

%

 

$

250

 

 

6/1/2022

 

(1)

Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets.

(2)

Dominion Energy recorded dividends of $7 million ($4.375 per share) and $14 million ($8.750 per share) for the three and six months ended June 30, 2020, respectively.

(3)

Payments of $41 million were made during the six months ended June 30, 2020. The stock purchase contract liability was $171 million and $212 million at June 30, 2020 and December 31, 2019, respectively.

Virginia Electric and Power Company  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At June 30, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

—

 

 

$

9

 

 

(1)

The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
Dominion Energy Gas Holdings, LLC  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At June 30, 2020, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

1,500

 

 

$

—

 

 

$

—

 

 

(1)

A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.20.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]  
Schedule Of Subsidiary Guarantees

At June 30, 2020, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum

Exposure

 

(millions)

 

 

 

 

Commodity transactions(1)

 

$

2,215

 

Nuclear obligations(2)

 

 

224

 

Cove Point(3)

 

 

1,900

 

Solar(4)

 

 

449

 

Other(5)

 

 

460

 

Total(6)

 

$

5,248

 

 

(1)

Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.

(2)

Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.

(3)

Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount.

(4)

Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects.

(5)

Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.  

(6)

Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 and in Note 14 in this report.

v3.20.2
Related-Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2020
Virginia Electric and Power Company  
Schedule of Related Party Transactions

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

104

 

 

$

119

 

 

$

315

 

 

$

391

 

Services provided by affiliates(1)

 

 

114

 

 

 

161

 

 

 

235

 

 

 

280

 

Services provided to affiliates

 

 

4

 

 

 

8

 

 

 

9

 

 

 

14

 

 

(1)

Includes capitalized expenditures of $34 million for both the three months ended June 30, 2020 and 2019, and $68 million and $67 million for the six months ended June 30, 2020 and 2019, respectively.
Dominion Energy Gas Holdings, LLC  
Schedule of Related Party Transactions

Presented below are Dominion Energy Gas’ significant transactions with DES, DECGS, DEQPS and other affiliates and related parties:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales of natural gas and transportation and storage services

 

$

60

 

 

$

60

 

 

$

128

 

 

$

127

 

Purchases of natural gas and transportation storage services

 

 

3

 

 

 

—

 

 

 

6

 

 

 

—

 

Services provided by related parties(1)

 

 

37

 

 

 

59

 

 

 

80

 

 

 

104

 

Services provided to related parties(2)

 

 

29

 

 

 

45

 

 

 

61

 

 

 

90

 

(1)

Includes capitalized expenditures of $4 million and $5 million for the three months ended June 30, 2020 and 2019, respectively, and $7 million and $11 million for the six months ended June 30, 2020 and 2019, respectively.

(2)

Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE.
Schedule of Related Party Transactions

The following table presents affiliated and related party balances reflected in Dominion Energy Gas’ Consolidated Balance Sheets:

 

 

 

June 30, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Other receivables(1)

 

$

7

 

 

$

7

 

Imbalances receivable from affiliates

 

 

3

 

 

 

8

 

Imbalances payable to affiliates(2)

 

 

2

 

 

 

1

 

Other deferred charges and other assets

 

 

10

 

 

 

12

 

 

(1)

Represents amounts due from Atlantic Coast Pipeline, a related-party VIE.

(2)

Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.

 
v3.20.2
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Periodic Benefit Cost (Credit)

The service cost component and non-service cost components of net periodic benefit (credit) cost are reflected in other operations and maintenance expense and other income, respectively, in the Consolidated Statements of Income. The components of Dominion Energy’s provision for net periodic benefit cost (credit) are as follows:

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

43

 

 

$

40

 

 

$

7

 

 

$

6

 

Interest cost

 

 

90

 

 

 

98

 

 

 

15

 

 

 

17

 

Expected return on plan assets

 

 

(192

)

 

 

(176

)

 

 

(39

)

 

 

(35

)

Amortization of prior service cost (credit)

 

 

1

 

 

 

1

 

 

 

(13

)

 

 

(13

)

Amortization of net actuarial loss

 

 

48

 

 

 

43

 

 

 

2

 

 

 

3

 

Settlement and curtailment(1)

 

 

2

 

 

 

71

 

 

 

—

 

 

 

42

 

Net periodic benefit cost (credit)

 

$

(8

)

 

$

77

 

 

$

(28

)

 

$

20

 

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

86

 

 

$

80

 

 

$

14

 

 

$

13

 

Interest cost

 

 

181

 

 

 

199

 

 

 

30

 

 

 

34

 

Expected return on plan assets

 

 

(385

)

 

 

(353

)

 

 

(78

)

 

 

(68

)

Amortization of prior service cost (credit)

 

 

1

 

 

 

1

 

 

 

(25

)

 

 

(26

)

Amortization of net actuarial loss

 

 

97

 

 

 

82

 

 

 

3

 

 

 

7

 

Settlement and curtailment(1)

 

 

2

 

 

 

73

 

 

 

—

 

 

 

42

 

Net periodic benefit cost (credit)

 

$

(18

)

 

$

82

 

 

$

(56

)

 

$

2

 

 

(1) 2019 amounts relate primarily to a voluntary retirement program.
Dominion Energy Gas Holdings, LLC  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Periodic Benefit Cost (Credit)

 

The service cost component and non-service cost components of net periodic benefit (credit) cost are reflected in other operations and maintenance expense and other income, respectively, in the Consolidated Statements of Income. The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units are as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

2

 

 

$

4

 

 

$

—

 

 

$

1

 

Interest cost

 

 

2

 

 

 

8

 

 

 

1

 

 

 

2

 

Expected return on plan assets

 

 

(14

)

 

 

(39

)

 

 

(5

)

 

 

(7

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(1

)

Amortization of net actuarial loss

 

 

2

 

 

 

5

 

 

 

1

 

 

 

1

 

Curtailment(1)

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Net periodic benefit credit

 

$

(8

)

 

$

(21

)

 

$

(4

)

 

$

(3

)

Six Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

3

 

 

$

8

 

 

$

1

 

 

$

2

 

Interest cost

 

 

5

 

 

 

16

 

 

 

2

 

 

 

5

 

Expected return on plan assets

 

 

(28

)

 

 

(78

)

 

 

(10

)

 

 

(14

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(2

)

Amortization of net actuarial loss

 

 

4

 

 

 

10

 

 

 

1

 

 

 

2

 

Curtailment(1)

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Net periodic benefit credit

 

$

(16

)

 

$

(43

)

 

$

(8

)

 

$

(6

)

(1) 2019 amounts relate to a voluntary retirement program.

 
v3.20.2
Operating Segments (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting Information [Line Items]  
Schedule of Primary Operating Segments A description of the operations included in the Companies’ primary operating segments is as follows:

Primary Operating Segment

 

Description of Operations

 

Dominion

Energy

 

Virginia

Power

 

Dominion

Energy

Gas

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

 

 

Regulated electric transmission

 

X

 

X

 

 

 

 

Regulated electric generation fleet(1)

 

X

 

X

 

 

Gas Transmission & Storage

 

Regulated gas transmission and storage(2)

 

X

 

 

 

X

 

 

LNG terminalling and storage

 

X

 

 

 

X

 

 

Nonregulated retail energy marketing

 

X

 

 

 

 

Gas Distribution

 

Regulated gas distribution and storage(3)

 

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 Generation

 

Merchant electric generation fleet

 

X

 

 

 

 

 

(1)

Includes Virginia Power’s nonjurisdictional generation operations.

(2)

Includes gathering and processing activities.

(3)

Includes Wexpro’s gas development and production operations.
Schedule of Segment Reporting Information, by Segment

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

 

 

 

Dominion

Energy

Virginia

 

 

Gas

Transmission

& Storage

 

 

Gas

Distribution

 

 

Dominion

Energy

South

Carolina

 

 

Contracted

Generation

 

 

Corporate

and Other

 

 

Adjustments

& Eliminations

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

1,818

 

 

$

528

 

 

$

400

 

 

$

634

 

 

$

238

 

 

$

(32

)

 

$

(1

)

 

$

3,585

 

Intersegment revenue

 

 

(4

)

 

 

49

 

 

 

2

 

 

 

1

 

 

 

5

 

 

 

262

 

 

 

(315

)

 

 

—

 

Total operating revenue

 

 

1,814

 

 

 

577

 

 

 

402

 

 

 

635

 

 

 

243

 

 

 

230

 

 

 

(316

)

 

 

3,585

 

Net income (loss) attributable to Dominion Energy

 

 

437

 

 

 

184

 

 

 

87

 

 

 

75

 

 

 

21

 

 

 

(1,973

)

 

 

—

 

 

 

(1,169

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

1,945

 

 

$

664

 

 

$

397

 

 

$

701

 

 

$

249

 

 

$

(18

)

 

$

32

 

 

$

3,970

 

Intersegment revenue

 

 

(2

)

 

 

91

 

 

 

3

 

 

 

2

 

 

 

4

 

 

 

386

 

 

 

(484

)

 

 

—

 

Total operating revenue

 

 

1,943

 

 

 

755

 

 

 

400

 

 

 

703

 

 

 

253

 

 

 

368

 

 

 

(452

)

 

 

3,970

 

Net income (loss) attributable to Dominion Energy

 

 

393

 

 

 

177

 

 

 

66

 

 

 

95

 

 

 

13

 

 

 

(690

)

 

 

—

 

 

 

54

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

3,756

 

 

$

1,172

 

 

$

1,287

 

 

$

1,347

 

 

$

524

 

 

$

(4

)

 

$

(1

)

 

$

8,081

 

Intersegment revenue

 

 

(7

)

 

 

106

 

 

 

5

 

 

 

2

 

 

 

9

 

 

 

541

 

 

 

(656

)

 

 

—

 

Total operating revenue

 

 

3,749

 

 

 

1,278

 

 

 

1,292

 

 

 

1,349

 

 

 

533

 

 

 

537

 

 

 

(657

)

 

 

8,081

 

Net income (loss) attributable to Dominion Energy

 

 

866

 

 

 

405

 

 

 

312

 

 

 

169

 

 

 

80

 

 

 

(3,271

)

 

 

—

 

 

 

(1,439

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

3,946

 

 

$

1,647

 

 

$

1,314

 

 

$

1,390

 

 

$

601

 

 

$

(1,070

)

 

$

—

 

 

$

7,828

 

Intersegment revenue

 

 

(6

)

 

 

146

 

 

 

7

 

 

 

2

 

 

 

7

 

 

 

663

 

 

 

(819

)

 

 

—

 

Total operating revenue

 

 

3,940

 

 

 

1,793

 

 

 

1,321

 

 

 

1,392

 

 

 

608

 

 

 

(407

)

 

 

(819

)

 

 

7,828

 

Net income (loss) attributable to Dominion Energy

 

 

754

 

 

 

399

 

 

 

271

 

 

 

166

 

 

 

115

 

 

 

(2,331

)

 

 

—

 

 

 

(626

)

 
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 June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,805

 

 

$

—

 

 

$

1,805

 

Net income

 

 

435

 

 

 

55

 

 

 

490

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,938

 

 

$

—

 

 

$

1,938

 

Net income (loss)

 

 

393

 

 

 

(293

)

 

 

100

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,735

 

 

$

—

 

 

$

3,735

 

Net income (loss)

 

 

862

 

 

 

(652

)

 

 

210

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

3,932

 

 

$

(29

)

 

$

3,903

 

Net income (loss)

 

 

751

 

 

 

(631

)

 

 

120

 
Dominion Energy Gas Holdings, LLC  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment

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

 

 

 

Gas

Transmission

& Storage

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

510

 

 

$

—

 

 

$

510

 

Net income (loss) attributable to Dominion Energy Gas

 

 

163

 

 

 

(361

)

 

 

(198

)

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

530

 

 

$

—

 

 

$

530

 

Net income from discontinued operations

 

 

—

 

 

 

26

 

 

 

26

 

Net income attributable to Dominion Energy Gas

 

 

116

 

 

 

3

 

 

 

119

 

Six Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,066

 

 

$

—

 

 

$

1,066

 

Net income (loss) attributable to Dominion Energy Gas

 

 

337

 

 

 

(366

)

 

 

(29

)

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,096

 

 

$

—

 

 

$

1,096

 

Net income from discontinued operations

 

 

—

 

 

 

80

 

 

 

80

 

Net income attributable to Dominion Energy Gas

 

 

254

 

 

 

55

 

 

 

309

 
v3.20.2
Nature of Operations (Narrative) (Detail)
Jun. 30, 2020
Dec. 31, 2019
White River Hub    
Subsidiary Sale Of Stock [Line Items]    
Percentage ownership in total units   50.00%
White River Hub | Dominion Energy Gas Holdings, LLC    
Subsidiary Sale Of Stock [Line Items]    
Percentage ownership in total units 50.00%  
Iroquois | Dominion Energy Gas Holdings, LLC    
Subsidiary Sale Of Stock [Line Items]    
Percentage ownership in total units 50.00%  
v3.20.2
Significant Accounting Policies (Narrative) (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2019
Facility
MW
Jan. 31, 2019
USD ($)
Jun. 30, 2020
USD ($)
$ / shares
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Jun. 30, 2020
USD ($)
$ / shares
Jun. 30, 2019
USD ($)
Dec. 31, 2020
USD ($)
$ / shares
Dec. 31, 2019
USD ($)
Significant Accounting Policies [Line Items]                    
Impairment of assets and other charges       $ 531 $ 312   $ 1,299 $ 1,147    
Increase to nuclear decommissioning asset retirement obligation       89            
Property, plant and equipment       $ 67,980     $ 67,980     $ 69,082 [1]
Change In Depreciation Rates From New Depreciation Study                    
Significant Accounting Policies [Line Items]                    
Increase in EPS | $ / shares       $ 0.01     $ 0.01      
Change In Depreciation Rates From New Depreciation Study | Merchant generation assets | Scenario Forecast                    
Significant Accounting Policies [Line Items]                    
Increase in EPS | $ / shares                 $ 0.03  
Dominion Energy Gas Holdings, LLC                    
Significant Accounting Policies [Line Items]                    
Impairment of assets and other charges       $ 482 13   $ 482 13    
Property, plant and equipment       11,204     11,204     11,628 [2]
Virginia Electric and Power Company                    
Significant Accounting Policies [Line Items]                    
Impairment of assets and other charges       44 197   808 $ 743    
MW Capacity | MW   1,292                
Number of facilities in cold reserve units retired | Facility   6                
Asset retirement obligations       91     91     340 [3]
Property, plant and equipment       31,499     31,499     $ 32,882 [3]
Virginia Electric and Power Company | Change In Depreciation Rates From New Depreciation Study                    
Significant Accounting Policies [Line Items]                    
Increase (decrease) in depreciation expense       (8)     (16)      
Increase (decrease) in depreciation expense, after tax       (6)     (12)      
Virginia Electric and Power Company | Change In Depreciation Rates From New Depreciation Study | Merchant generation assets | Scenario Forecast                    
Significant Accounting Policies [Line Items]                    
Increase (decrease) in depreciation expense                 $ (31)  
Increase (decrease) in depreciation expense, after tax                 $ (23)  
Virginia Electric and Power Company | Electric Generation Facilities                    
Significant Accounting Policies [Line Items]                    
Charges recorded with dismantling       30            
Charges recorded with dismantling after tax       22            
Virginia Electric and Power Company | Impairment of Assets and Other Charges                    
Significant Accounting Policies [Line Items]                    
Impairment of assets and other charges $ 754   $ 160   62 $ 369        
Asset impairment charges after tax $ 561   $ 119   $ 46 $ 275        
DETI                    
Significant Accounting Policies [Line Items]                    
Impairment of assets and other charges             482      
Asset impairment charges after tax             359      
Asset retirement obligations       75     75      
Property, plant and equipment       $ 40     $ 40      
Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Merchant Solar Projects | Call Option                    
Significant Accounting Policies [Line Items]                    
Percentage ownership in total units       67.00%     67.00%      
Cove Point                    
Significant Accounting Policies [Line Items]                    
Percentage ownership in total units                   75.00%
Cove Point | Dominion Energy Gas Holdings, LLC                    
Significant Accounting Policies [Line Items]                    
Percentage of equity interest sold to noncontrolling interest owners       25.00%     25.00%      
Four Brothers and Three Cedars                    
Significant Accounting Policies [Line Items]                    
Business Acquisition, Percentage of Voting Interests Acquired       50.00%     50.00%      
Four Brothers and Three Cedars | Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Merchant Solar Projects                    
Significant Accounting Policies [Line Items]                    
Percentage of equity interest sold to noncontrolling interest owners       33.00%     33.00%      
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Dec. 31, 2018
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 675 $ 166 [1] $ 382 $ 268
Restricted cash and equivalents [2] 67 103 178 123
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 742 269 560 391
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 37 17 [3] 17 29
Restricted cash and equivalents [2] 3 7 8 9
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 40 24 25 38
Dominion Energy Gas Holdings, LLC        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [4] 53 27 [5] 195 108
Restricted cash and equivalents [2] 11 12 12 90
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 64 $ 39 $ 207 $ 198
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] At June 30, 2019 and December 31, 2018, Dominion Energy Gas had $12 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
[5] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2019
Dec. 31, 2018
Dominion Energy Gas Holdings, LLC    
Cash Cash Equivalents And Restricted Cash [Line Items]    
Cash, restricted cash and equivalents classified as discontinued operations $ 12 $ 9
v3.20.2
Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Business Acquisition And Dispositions [Line Items]            
Stock issued during period for acquisition, value           $ 6,818
Impairment of assets and other charges   $ 531 $ 312   $ 1,299 1,147
SCANA            
Business Acquisition And Dispositions [Line Items]            
Stock issued during period for acquisition, shares 95.6          
Stock issued during period for acquisition, value $ 6,800          
Common stock agreed to be issued, percentage 0.669%          
Total outstanding debt $ 6,900          
Impairment of assets and other charges     100     278
Impairment of assets and other charges, after tax     75     208
SCANA | NND Project            
Business Acquisition And Dispositions [Line Items]            
Property, plant and equipment $ 105          
Impairment of assets and other charges           105
Impairment of assets and other charges, after tax           79
SCANA | Dominion Energy South Carolina Inc            
Business Acquisition And Dispositions [Line Items]            
Period to provide refund to customer       11 years    
Charge for refund of amounts from customers     1,000 $ 1,000   1,000
After tax charge in statements of income           756
SCANA | Dominion Energy South Carolina Inc | NND Project            
Business Acquisition And Dispositions [Line Items]            
Income tax regulatory assets     $ 264     264
Impairment of assets and other charges           $ 198
v3.20.2
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - SCANA - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Business Acquisition [Line Items]        
Increase in operating revenue $ 701,000,000 $ 909,000,000 $ 1,600,000,000 $ 1,100,000,000
Increase (decrease) in net income 58,000,000 (102,000,000) 112,000,000 (1,200,000,000)
Merger and integration-related costs       446,000,000
Dominion Energy        
Business Acquisition [Line Items]        
Merger and integration-related costs 23,000,000 443,000,000 42,000,000 567,000,000
Dominion Energy | Voluntary Retirement Program        
Business Acquisition [Line Items]        
Merger and integration-related costs   423,000,000   423,000,000
Dominion Energy | Other Operations and Maintenance        
Business Acquisition [Line Items]        
Merger and integration-related costs $ 20,000,000 20,000,000 $ 39,000,000 135,000,000
Dominion Energy | Interest and Related Charges        
Business Acquisition [Line Items]        
Merger and integration-related costs   $ 0   $ 9,000,000
v3.20.2
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - SCANA - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2019
Business Acquisition [Line Items]    
Operating Revenue [1] $ 3,970 $ 8,835
Net income attributable to Dominion Energy [1] $ 392 $ 962
Earnings Per Common Share – Basic [1] $ 0.49 $ 1.21
Earnings Per Common Share – Diluted [1] $ 0.47 $ 1.19
[1] Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.
v3.20.2
Acquisitions and Dispositions (Disposition of Gas Transmission & Storage Operations to BHE) (Narrative) (Detail) - Gas, Transmission & Storage - BHE - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2020
Jul. 31, 2020
Dominion Energy | Scenario Forecast    
Business Acquisition And Dispositions [Line Items]    
Expect to record pre-tax losses $ 225  
Dominion Energy Gas Holdings, LLC | Scenario Forecast    
Business Acquisition And Dispositions [Line Items]    
Expect to record pre-tax losses $ 140  
Dominion Energy Gas Holdings, LLC | Subsequent Event    
Business Acquisition And Dispositions [Line Items]    
Disposal group, total value of consideration   $ 10,000
Disposal group, cash consideration   $ 4,000
Percentage ownership in total units   50.00%
Disposal group, expects to recognize pre-tax gain upon closing   $ 1,000
Disposal group, decrease in cash consideration   $ 2,700
Dominion Energy Gas Holdings, LLC | General Partner Interest | Subsequent Event    
Business Acquisition And Dispositions [Line Items]    
Percentage ownership in total units   100.00%
Dominion Energy Gas Holdings, LLC | Limited Partner Interests | Subsequent Event    
Business Acquisition And Dispositions [Line Items]    
Percentage ownership in total units   25.00%
v3.20.2
Acquisitions and Dispositions (Dominion Energy Gas Restructuring) (Narrative) (Detail)
Dec. 31, 2019
Cove Point  
Business Acquisition And Dispositions [Line Items]  
Percentage Of Controlling Ownership 25.00%
Percentage ownership in total units 75.00%
White River Hub  
Business Acquisition And Dispositions [Line Items]  
Percentage ownership in total units 50.00%
Iroquois  
Business Acquisition And Dispositions [Line Items]  
Percentage Of Controlling Ownership 25.93%
v3.20.2
Acquisitions and Dispositions (Schedule of Results of Operations Reported As Discontinued Operations) (Detail) - Dominion Energy Gas Holdings, LLC - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Net income (loss) from discontinued operations $ 0 $ 26 $ 0 $ 80
East Ohio        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue   154   383
Depreciation and amortization   22   43
Other operating expenses   128   277
Other income   18   37
Interest and related charges   8   18
Income tax expense   3   17
Net income (loss) from discontinued operations   11   65
DGP        
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]        
Operating revenue   34   79
Depreciation and amortization   1   2
Other operating expenses   12   56
Income tax expense   6   6
Net income (loss) from discontinued operations   $ 15   $ 15
v3.20.2
Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Significant noncash items    
Charge related to a voluntary retirement program $ 0 $ 409
Accrued capital expenditures [1],[2] 346 311
Dominion Energy Gas Holdings, LLC    
Significant noncash items    
Charge related to a voluntary retirement program 0 73
Accrued capital expenditures $ 24 43
East Ohio | Dominion Energy Gas Holdings, LLC    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Capital expenditures   168
Significant noncash items    
Charge related to a voluntary retirement program   32
Accrued capital expenditures   8
DGP | Dominion Energy Gas Holdings, LLC    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Capital expenditures   $ 8
[1] See Note 16 for noncash financing activities related to derivative restructuring, the acquisition of the public interest in Dominion Energy Midstream and the issuance of stock purchase contracts associated with the 2019 Equity Units. See Note 18 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2019 for non-cash financing activities related to the remarketing of RSNs.
[2] See Note 3 for noncash investing and financing activities related to the SCANA Combination.
v3.20.2
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers $ 3,470 $ 3,746 $ 7,793 $ 7,376
Other revenues [1] 115 224 288 452
Total operating revenue 3,585 3,970 8,081 7,828
Regulated Electric Sales | Residential        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 1,091 1,094 2,249 1,740
Regulated Electric Sales | Commercial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 728 889 1,526 1,385
Regulated Electric Sales | Industrial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 176 217 358 247
Regulated Electric Sales | Government and Other Retail        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 193 214 412 414
Regulated Electric Sales | Wholesale        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 29 41 62 89
Nonregulated Electric Sales        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 177 175 409 491
Regulated Gas Sales | Residential        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 182 177 730 779
Regulated Gas Sales | Commercial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 63 73 254 264
Regulated Gas Sales | Other        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 16 25 44 63
Nonregulated Gas Sales        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 33 71 116 318
Regulated Gas Transportation and Storage | FERC-regulated        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 247 247 528 524
Regulated Gas Transportation and Storage | State-regulated        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 182 166 414 379
Nonregulated gas transportation and storage        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 176 174 351 348
Other Regulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2] 98 82 173 126
Other Nonregulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2],[3] 79 101 167 209
Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 1,765 1,914 3,674 3,866
Other revenues [1],[3] 40 24 61 37
Total operating revenue 1,805 1,938 3,735 3,903
Virginia Electric and Power Company | Regulated Electric Sales | Residential        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 818 808 1,714 1,731
Virginia Electric and Power Company | Regulated Electric Sales | Commercial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 546 681 1,160 1,317
Virginia Electric and Power Company | Regulated Electric Sales | Industrial        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 89 118 186 230
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 177 197 380 401
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 21 29 45 66
Virginia Electric and Power Company | Other Regulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 94 62 156 88
Virginia Electric and Power Company | Other Nonregulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2],[3] 20 19 33 33
Dominion Energy Gas Holdings, LLC        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 509 529 1,064 1,094
Other revenues [3] 1 1 2 2
Total operating revenue 510 530 1,066 1,096
Dominion Energy Gas Holdings, LLC | Regulated Gas Sales | Wholesale        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 0 0 2 2
Dominion Energy Gas Holdings, LLC | Regulated Gas Transportation and Storage        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [3] 302 306 646 646
Dominion Energy Gas Holdings, LLC | Nonregulated gas transportation and storage        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 175 173 350 348
Dominion Energy Gas Holdings, LLC | Other Regulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2] 2 3 3 6
Dominion Energy Gas Holdings, LLC | Other Nonregulated Revenues        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [2],[3] 1 1 2 1
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Sale        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [3] 0 1 1 3
Dominion Energy Gas Holdings, LLC | Management Service        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers [3] $ 29 $ 45 $ 60 $ 88
[1] Amounts above include alternative revenue of $39 million and $21 million at Dominion Energy and $34 million and $18 million at Virginia Power for the three months ended June 30, 2020 and 2019, respectively, and $75 million and $35 million at Dominion Energy and $51 million and $26 million at Virginia Power for the six months ended June 30, 2020 and 2019, respectively.
[2] Amounts above include sales which are considered to be goods transferred at a point in time. Such amounts included $19 million and $— million for the three months ended June 30, 2020, $42 million and $2 million for the three months ended June 30, 2019, $58 million and $1 million for the six months ended June 30, 2020 and $93 and $3 million for the six months ended June 30, 2019, primarily consisting of NGL sales at Dominion Energy and Dominion Energy Gas, respectively. Additionally, amounts above include sales of renewable energy credits. Such amounts included $7 million and $5 million for the three months ended June 30, 2020, $4 million and $2 million for the three months ended June 30, 2019, $11 million and $8 million for the six months ended June 30, 2020 and $7 million and $3 million for the six months ended June 30, 2019, at Dominion Energy and Virginia Power, respectively.
[3] See Notes 10 and 19 for amounts attributable to related parties and affiliates.
v3.20.2
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers $ 3,470 $ 3,746 $ 7,793 $ 7,376
Other revenues [1] 115 224 288 452
NGL Midstream | Transferred at a Point in Time        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 19 42 58 93
Renewable Energy Investment Tax Credits        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 7 4 11 7
Alternative Revenue Programs        
Public Utilities General Disclosures [Line Items]        
Other revenues 39 21 75 35
Dominion Energy Gas Holdings, LLC        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 509 529 1,064 1,094
Other revenues [2] 1 1 2 2
Dominion Energy Gas Holdings, LLC | NGL Midstream | Transferred at a Point in Time        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 0 2 1 3
Virginia Electric and Power Company        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 1,765 1,914 3,674 3,866
Other revenues [1],[2] 40 24 61 37
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits        
Public Utilities General Disclosures [Line Items]        
Operating revenue from contracts with customers 5 2 8 3
Virginia Electric and Power Company | Alternative Revenue Programs        
Public Utilities General Disclosures [Line Items]        
Other revenues $ 34 $ 18 $ 51 $ 26
[1] Amounts above include alternative revenue of $39 million and $21 million at Dominion Energy and $34 million and $18 million at Virginia Power for the three months ended June 30, 2020 and 2019, respectively, and $75 million and $35 million at Dominion Energy and $51 million and $26 million at Virginia Power for the six months ended June 30, 2020 and 2019, respectively.
[2] See Notes 10 and 19 for amounts attributable to related parties and affiliates.
v3.20.2
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail)
$ in Millions
Jun. 30, 2020
USD ($)
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 19,465
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 823
Revenue, expected to be recognized on multi-year contracts, period 6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,567
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,475
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,315
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,190
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 13,095
Revenue, expected to be recognized on multi-year contracts, period
Virginia Electric and Power Company  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 3
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 2
Revenue, expected to be recognized on multi-year contracts, period 6 months
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period
Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 20,133
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 899
Revenue, expected to be recognized on multi-year contracts, period 6 months
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,719
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,585
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,402
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,248
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 13,280
Revenue, expected to be recognized on multi-year contracts, period
v3.20.2
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail1)
$ in Millions
Jun. 30, 2020
USD ($)
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 19,465
Virginia Electric and Power Company  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts 3
Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 20,133
v3.20.2
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Revenues From Contract With Customer [Line Items]      
Contract asset balances $ 25   $ 28
Contract liability balances 109   123
Revenue recognized from contract liability balances 106 $ 91  
Dominion Energy Gas Holdings, LLC      
Revenues From Contract With Customer [Line Items]      
Contract asset balances 35   40
Contract liability balances 21   20
Revenue recognized from contract liability balances 1 28  
Virginia Electric and Power Company      
Revenues From Contract With Customer [Line Items]      
Contract liability balances 37   $ 24
Revenue recognized from contract liability balances $ 24 $ 22  
v3.20.2
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2017
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00% 35.00%
Increases (reductions) resulting from:      
State taxes, net of federal benefit 5.60% 0.70%  
Investment tax credits 3.90% (3.80%)  
Production tax credits 0.30% (1.10%)  
Reversal of excess deferred income taxes 1.50% (6.90%)  
Write-off of regulatory assets (4.20%) (41.60%)  
AFUDC - equity 0.50% (1.90%)  
Other, net 0.90% (0.30%)  
Effective tax rate 29.50% (33.90%)  
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 4.90% 4.70%  
Investment tax credits (11.30%) (5.20%)  
Production tax credits (2.00%) (0.80%)  
Reversal of excess deferred income taxes (0.80%) (4.20%)  
Write-off of regulatory assets 0.00% 0.00%  
AFUDC - equity (0.60%) (0.10%)  
Other, net 1.10% 0.40%  
Effective tax rate 12.30% 15.80%  
Dominion Energy Gas Holdings, LLC      
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00%  
Increases (reductions) resulting from:      
State taxes, net of federal benefit (255.30%) 3.00%  
Investment tax credits 0.00% 0.00%  
Production tax credits 0.00% 0.00%  
Reversal of excess deferred income taxes (68.40%) (0.90%)  
Write-off of regulatory assets 189.40% 0.00%  
AFUDC - equity (36.80%) (0.50%)  
Other, net [1] (467.10%) (4.30%)  
Effective tax rate (617.20%) 18.30%  
[1] Includes (276.0)% and (4.0)% relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively
v3.20.2
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Parenthetical) (Detail)
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Noncontrolling Interest Income (Loss), Percent (276.00%) (4.00%)
v3.20.2
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2017
Effective Income Tax Computation [Line Items]      
Federal statutory income tax rate 21.00% 21.00% 35.00%
SCANA      
Effective Income Tax Computation [Line Items]      
Deferred income tax expense $ 198    
Atlantic Coast Pipeline | Supply Header Project      
Effective Income Tax Computation [Line Items]      
Income tax charge due to write off of tax related regulatory assets $ 81    
v3.20.2
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Earnings Per Share [Abstract]        
Net income (loss) $ (1,169) $ 54 $ (1,439) $ (626)
Preferred stock dividends (see Note 16) (16) 0 (32) 0
Net income (loss) attributable to Dominion Energy – Basic (1,185) 54 (1,471) (626)
Dilutive effect of Series A Preferred Stock 0 (13) 0 0
Net income (loss) attributable to Dominion Energy - Diluted $ (1,185) $ 41 $ (1,471) $ (626)
Average shares of common stock outstanding – Basic & Diluted 839.4 802.5 838.8 797.8
Net effect of dilutive securities 0.0 0.1 0.0 0.0
Average shares of common stock outstanding – Diluted 839.4 802.6 838.8 797.8
Earnings Per Common Share – Basic $ (1.41) $ 0.07 $ (1.75) $ (0.78)
Earnings Per Common Share – Diluted $ (1.41) $ 0.05 $ (1.75) $ (0.78)
v3.20.2
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance [1]     $ 31,994  
Total other comprehensive income (loss) $ 38 $ 48 (187) $ 17
Ending balance 28,871   28,871  
Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 13,556 12,944 13,989 [2] 13,047
Total other comprehensive income (loss) 5 (9) (41) (14)
Ending balance 13,944 12,964 13,944 12,964
Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Total other comprehensive income (loss) 0 5 (84) (18)
Deferred Gains and Losses on Derivatives-Hedging Activities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (651) (290) (407) (235)
Other comprehensive income before reclassifications: gains (losses) 2 (78) (264) (102)
Amounts reclassified from AOCI: (gains) losses [3] 5 (21) 27 (52)
Total other comprehensive income (loss) 7 (99) (237) (154)
Ending balance (644) (389) (644) (389)
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (79) (20) (34) (13)
Other comprehensive income before reclassifications: gains (losses) 1 (11) (44) (18)
Amounts reclassified from AOCI: (gains) losses [4] 0 1 0 1
Total other comprehensive income (loss) 1 (10) (44) (17)
Ending balance (78) (30) (78) (30)
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (166) (48) (81) (25)
Other comprehensive income before reclassifications: gains (losses)   (24) (91) (51)
Amounts reclassified from AOCI: (gains) losses (2) [3] (2) [3] 4 [5] 1 [5]
Total other comprehensive income (loss) (2) (26) (87) (50)
Ending balance (168) (74) (168) (74)
Less other comprehensive income (loss) attributable to noncontrolling interest       (1)
Unrealized Gains and Losses on Investment Securities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 37 18 37 2
Other comprehensive income before reclassifications: gains (losses) 19 13 28 29
Amounts reclassified from AOCI: (gains) losses [3] (5) (1) (14) (1)
Total other comprehensive income (loss) 14 12 14 28
Ending balance 51 30 51 30
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance 4 3 5 1
Other comprehensive income before reclassifications: gains (losses) 6 2 4 4
Amounts reclassified from AOCI: (gains) losses [4] (2) (1) (1) (1)
Total other comprehensive income (loss) 4 1 3 3
Ending balance 8 4 8 4
Unrecognized Pension and Other Postretirement Benefit Costs        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (1,402) (1,457) (1,421) (1,465)
Other comprehensive income before reclassifications: gains (losses) (1) 113 (1) 113
Amounts reclassified from AOCI: (gains) losses [3] 18 22 37 30
Total other comprehensive income (loss) 17 135 36 143
Ending balance (1,385) (1,322) (1,385) (1,322)
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (105) (143) (106) (144)
Other comprehensive income before reclassifications: gains (losses)   29 0 29
Amounts reclassified from AOCI: (gains) losses 2 [3] 2 [3] 3 [5] 3 [5]
Total other comprehensive income (loss) 2 31 3 32
Ending balance (103) (112) (103) (112)
Less other comprehensive income (loss) attributable to noncontrolling interest       0
Other Comprehensive Loss From Equity Method Investees        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (2) (2) (2) (2)
Other comprehensive income before reclassifications: gains (losses) 0 0 0 0
Amounts reclassified from AOCI: (gains) losses [3] 0 0 0 0
Total other comprehensive income (loss) 0 0 0 0
Ending balance (2) (2) (2) (2)
Accumulated Other Comprehensive Income (Loss)        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (2,018) (1,731) (1,793) (1,700)
Other comprehensive income before reclassifications: gains (losses) 20 48 (237) 40
Amounts reclassified from AOCI: (gains) losses [3] 18 0 50 (23)
Total other comprehensive income (loss) 38 48 (187) 17
Ending balance (1,980) (1,683) (1,980) (1,683)
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (75) (17) (29) (12)
Other comprehensive income before reclassifications: gains (losses) 7 (9) (40) (14)
Amounts reclassified from AOCI: (gains) losses [4] (2) 0 (1) 0
Total other comprehensive income (loss) 5 (9) (41) (14)
Ending balance (70) (26) (70) (26)
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Beginning balance (271) (191) (187) (169)
Other comprehensive income before reclassifications: gains (losses)   5 (91) (22)
Amounts reclassified from AOCI: (gains) losses 0 [3] 0 [3] 7 [5] 4 [5]
Total other comprehensive income (loss) 0 5 (84) (18)
Ending balance $ (271) $ (186) $ (271) (186)
Less other comprehensive income (loss) attributable to noncontrolling interest       $ (1)
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See table below for details about these reclassifications.
[4] See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and six months ended June 30, 2019
[5] See table below for details about these reclassifications
v3.20.2
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Operating revenue [1] $ (3,585) $ (3,970) $ (8,081) $ (7,828)
Interest and related charges 449 452 939 921
Other income (502) (53) (50) (400)
Income tax expense (benefit) (556) 43 (575) 157
Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Operating revenue [2] (1,805) (1,938) (3,735) (3,903)
Interest and related charges [2] 137 135 263 270
Other income (52) (16) 0 (53)
Income from operations before income tax expense (550) (119) (239) (143)
Income tax expense (benefit) 60 19 29 23
Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Operating revenue [3] (510) (530) (1,066) (1,096)
Interest and related charges [3] 50 86 108 173
Other income [3] (46) (44) (95) (85)
Income tax expense (benefit) (82) 23 (30) 66
Income (loss) including noncontrolling interests, net of tax 166 (123) (36) (295)
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Income from operations before income tax expense 7 (29) 36 (70)
Income tax expense (benefit) (2) 8 (9) 18
Income (loss) including noncontrolling interests, net of tax 5 (21) 27 (52)
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Income from operations before income tax expense (2) (2) 6 1
Income tax expense (benefit) 0 0 (2) 0
Income (loss) including noncontrolling interests, net of tax (2) (2) 4 1
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Commodity contracts        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Operating revenue (9) (38) (16) (92)
Purchased gas     3 (3)
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Commodity contracts | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Operating revenue       (2)
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Interest rate contracts        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges 22 13 49 23
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Interest rate contracts | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges 4 2 6 1
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Foreign currency        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other income (6) (4)   2
Deferred (Gains) and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Foreign currency | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other income (6) (4)   2
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Realized (gains) losses on sale of securities (5) (1) (18) (1)
Income from operations before income tax expense (5) (1) (18) (1)
Income tax expense (benefit) 0 0 4 0
Income (loss) including noncontrolling interests, net of tax (5) (1) (14) (1)
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Realized (gains) losses on sale of securities (4)   (2)  
Income from operations before income tax expense (4)   (2)  
Income tax expense (benefit) 2   1  
Income (loss) including noncontrolling interests, net of tax (2)   (1)  
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other income (5) (8) (11) (13)
Amortization of actuarial losses | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension and other postretirement benefit costs, before tax 2 2 4 4
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) 0 0 (1) (1)
Unrecognized pension and other postretirement benefit costs, net of tax 2 2 3 3
Amortization of actuarial losses | Amounts Reclassified From AOCI        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other income 31 27 61 54
Amortization of actuarial losses | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Other income 2 2 4 4
Unrecognized pension and other postretirement benefit costs        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension and other postretirement benefit costs, before tax 26 19 50 41
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) (8) 3 (13) (11)
Unrecognized pension and other postretirement benefit costs, net of tax 18 22 37 30
Deferred Gains and Losses on Derivatives-Hedging Activities        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension and other postretirement benefit costs, net of tax [4] 5 (21) 27 (52)
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension and other postretirement benefit costs, net of tax [5] 0 1 0 1
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Unrecognized pension and other postretirement benefit costs, net of tax (2) [4] $ (2) [4] 4 [6] $ 1 [6]
Deferred Gains and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Income from operations before income tax expense 1   1  
Income tax expense (benefit) (1)   (1)  
Income (loss) including noncontrolling interests, net of tax 0   0  
Deferred Gains and Losses on Derivatives-Hedging Activities | Amounts Reclassified From AOCI | Interest rate contracts | Virginia Electric and Power Company        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Interest and related charges $ 1   $ 1  
[1] See Note 10 for amounts attributable to related parties.
[2] See Note 19 for amounts attributable to affiliates.
[3] See Note 19 for amounts attributable to related parties.
[4] See table below for details about these reclassifications.
[5] See table below for details about these reclassifications. Virginia Power’s reclassifications out of AOCI were immaterial for both the three and six months ended June 30, 2019
[6] See table below for details about these reclassifications
v3.20.2
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
$ / MMBTU
$ / MWh
Dec. 31, 2019
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 216 $ 93
Fair Value of Derivative Liabilities 1,334 740
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 133 24
Fair Value of Derivative Liabilities 1,004 466
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 5,922 5,963
Total liabilities 1,334 740
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 2,764 2,748
Total liabilities 1,004 466
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 182 74
Fair Value of Derivative Liabilities 50 131
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 133 22
Fair Value of Derivative Liabilities 24 103
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 130 19
Total liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 130 19
Total liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 130 19
Fair Value of Derivative Liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 130 19
Fair Value of Derivative Liabilities 7 $ 56
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 18  
Fair Value of Derivative Liabilities 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 18  
Fair Value of Derivative Liabilities $ 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (5)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (5)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 5  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [3] $ 112  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [3] $ 112  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 3  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Liabilities $ 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Liabilities $ 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 56.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 56.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 5  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 5  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 72.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 72.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [2],[4] 66.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [2],[4] 66.00%  
[1] Represents market prices beyond defined terms for Levels 1 and 2.
[2] Averages weighted by volume.
[3] Includes basis.
[4] Represents volatilities unrepresented in published markets.
v3.20.2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 216 $ 93
Derivative Liabilities 1,334 740
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 133 24
Derivative Liabilities 1,004 466
Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 204 86
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 5,922 5,963
Total Liabilities 1,334 740
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,764 2,748
Total Liabilities 1,004 466
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   8
Total Liabilities 204 86
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 3,817 4,195
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 1,787 1,920
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 624 463
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 354 256
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,234 1,192
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 490 547
Fair Value, Measurements, Recurring | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 31 20
Fair Value, Measurements, Recurring | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   1
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 182 74
Derivative Liabilities 50 131
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 133 22
Derivative Liabilities 24 103
Fair Value, Measurements, Recurring | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 34 11
Derivative Liabilities 1,272 606
Fair Value, Measurements, Recurring | Interest rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   2
Derivative Liabilities 980 363
Fair Value, Measurements, Recurring | Interest rate | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 192 83
Fair Value, Measurements, Recurring | Foreign currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 12 3
Fair Value, Measurements, Recurring | Foreign currency | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 12 3
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 4,324 4,687
Total Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,971 2,106
Total Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   0
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] 3,817 4,195
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 1,787 1,920
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 0 0
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 488 473
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 184 186
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 19 19
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   0
Fair Value, Measurements, Recurring | Level 1 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Interest rate | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 1 | Foreign currency | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,468 1,257
Total Liabilities 1,327 684
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 663 623
Total Liabilities 997 410
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   8
Total Liabilities 204 86
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 2 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 0 0
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 624 463
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 354 256
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 746 719
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 306 361
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 12 1
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   1
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 52 55
Derivative Liabilities 43 75
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 3 3
Derivative Liabilities 17 47
Fair Value, Measurements, Recurring | Level 2 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 34 11
Derivative Liabilities 1,272 606
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   2
Derivative Liabilities 980 363
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 192 83
Fair Value, Measurements, Recurring | Level 2 | Foreign currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 12 3
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 12 3
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 130 19
Total Liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 130 19
Total Liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   0
Total Liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 0 0
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 0 0
Fair Value, Measurements, Recurring | Level 3 | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   0
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 130 19
Derivative Liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 130 19
Derivative Liabilities 7 56
Fair Value, Measurements, Recurring | Level 3 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Interest rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Interest rate | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Derivative Liabilities 0 0
Fair Value, Measurements, Recurring | Level 3 | Foreign currency | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   0
Derivative Liabilities $ 0 $ 0
[1] Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $296 million and $274 million of assets at June 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
[2] Includes investments held in the nuclear decommissioning trusts. Excludes $154 million and $159 million of assets at June 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
v3.20.2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 296 $ 274
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 154 $ 159
v3.20.2
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning balance $ 43 $ 53 $ (37) $ 64
Total realized and unrealized gains (losses):        
Included in regulatory assets/liabilities 80 18 160 25
Settlements 4 3 26 2
Purchases 0 0 0 (10)
Transfers out of Level 3 0 0 0 (2)
Ending balance 123 75 123 75
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date 0 3 0 3
Virginia Electric and Power Company        
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]        
Beginning balance 43 59 (37) 60
Total realized and unrealized gains (losses):        
Included in regulatory assets/liabilities 80 18 160 26
Settlements 4 3 26 (2)
Ending balance 123 77 123 77
Operating Revenue        
Total realized and unrealized gains (losses):        
Included in earnings 0 3 0 2
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date 0 2 0 2
Purchased Gas        
Total realized and unrealized gains (losses):        
Included in earnings 0 1 0 1
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at the reporting date 0 1 0 1
Electric Fuel and Other Energy-Related Purchases        
Total realized and unrealized gains (losses):        
Included in earnings (4) (3) (26) (7)
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company        
Total realized and unrealized gains (losses):        
Included in earnings $ (4) $ (3) $ (26) $ (7)
v3.20.2
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Unrealized gains or losses included in earnings in Level 3 fair value category $ 0 $ 0 $ 0 $ 0
Virginia Electric and Power Company        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Unrealized gains or losses included in earnings in Level 3 fair value category $ 0 $ 0 $ 0 $ 0
v3.20.2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 36,060 $ 32,055
Supplemental 364-Day credit facility borrowings 225 0
Junior subordinated notes [2] 3,408 4,797
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 42,151 36,155
Supplemental 364-Day credit facility borrowings [3] 225 0
Junior subordinated notes [2],[3] 3,554 4,953
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [2] 12,328 12,326
Virginia Electric and Power Company | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [2],[3] 15,189 14,281
Dominion Energy Gas Holdings, LLC | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [4] 5,523 5,520
Dominion Energy Gas Holdings, LLC | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [3],[4] $ 5,891 $ 5,738
[1] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At June 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively.
[2] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium.
[3] Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
[4] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments.
v3.20.2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Fair Value Disclosures [Abstract]    
Valuation of certain fair value hedges associated with fixed rate debt $ 4 $ 4
Supplemental line of credit facility borrowings expiration period 364 days  
v3.20.2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 215 $ 91
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 43 53
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 7 0
Net Amounts 165 38
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [2] 129 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 124 3
Dominion Energy Gas Holdings, LLC    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 0
Commodity | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 136 35
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 127 14
Commodity | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [2] 129 19
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 124 1
Commodity | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 45 37
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 20 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 7 0
Net Amounts 18 16
Interest rate | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 34 11
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 14 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 20 8
Foreign currency | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 0
Foreign currency | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [2] 0 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 2
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts $ 0 $ 0
[1] Excludes $1 million and $2 million of derivative assets at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
[2] Excludes $4 million and $3 million of derivative assets at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
v3.20.2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 1 $ 2
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 4 $ 3
v3.20.2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 1,334 $ 735
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 43 53
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 22 35
Net Amounts 1,269 647
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [2] 985 422
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 980 404
Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 204 86
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 204 78
Commodity | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 30 105
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 9 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 21 84
Commodity | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [2] 5 59
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 41
Commodity | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 20 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 20 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Interest rate | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 1,272 606
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 14 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 22 35
Net Amounts 1,236 563
Interest rate | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [2] 980 363
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 980 363
Interest rate | Over-the-counter | Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 192 83
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 5
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 192 78
Foreign currency | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 12 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 12 0
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 12 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 12 $ 0
[1] Excludes $— million and $5 million of derivative liabilities at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
[2] Excludes $19 million and $44 million of derivative liabilities at June 30, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
v3.20.2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 0 $ 5
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 19 $ 44
v3.20.2
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 6 months ended Jun. 30, 2020
USD ($)
MWh
Bcf
gal
EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity [1] 69  
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 236  
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity 143  
Fixed Price - Electricity - Current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 4,964,045  
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of electricity | MWh 101,087,887  
Financial Transmission Rights - Electricity- Current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 101,087,887  
Liquids - Current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity | gal [2] 26,460,000  
Interest Rate - Current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 1,950,000,000  
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] 900,000,000  
Interest Rate - Current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 750,000,000  
Foreign Exchange - Current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   € 0
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   0
Fixed Price - Natural Gas - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity [1] 32  
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity [1] 8  
Basis - Natural Gas - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity 538  
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity 507  
Fixed Price - Electricity - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 2,775,850  
Financial Transmission Rights - Electricity- Non-current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 0  
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of electricity | MWh 0  
Liquids - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity | gal [2] 0  
Interest Rate - Non-current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 6,576,403,434  
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ 1,150,000,000  
Interest Rate - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 550,000,000  
Foreign Exchange - Non- Current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   250,000,000
Foreign Exchange - Non- Current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   € 250,000,000
[1] Includes options.
[2] Includes NGLs.
[3] Maturity is determined based on final settlement period.
v3.20.2
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (644)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (57)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (78)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (1)
Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (168)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (15)
Commodity | Natural Gas  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (2)
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (2)
Maximum Term 18 months
Commodity | Natural Gas Liquids  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 0
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 0
Maximum Term 6 months
Commodity | Electricity  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 8
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 8
Maximum Term 6 months
Interest rate  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (640)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (59)
Maximum Term 378 months
Interest rate | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (78)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (1)
Maximum Term 378 months
Interest rate | Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (158)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (11)
Maximum Term 294 months
Foreign currency  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (10)
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (4)
Maximum Term 72 months
Foreign currency | Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (10)
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (4)
Maximum Term 72 months
v3.20.2
Derivatives and Hedge Accounting Activities (Narrative) (Detail)
Jun. 30, 2020
USD ($)
Derivative Instrument Detail [Abstract]  
Derivative instruments designated in fair value hedges $ 0
v3.20.2
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]    
Carrying Amount of the Hedged Asset (Liability) [1] $ (1,154) $ (1,154)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) [2] $ (4) $ (4)
[1] Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at June 30, 2020 and December 31, 2019, respectively.
[2] Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at June 30, 2020 and December 31, 2019, respectively.
v3.20.2
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]    
Discontinued hedging liability $ (1.1) $ (397.0)
Hedging adjustments on discontinued hedging relationships $ (4.0) $ 3.0
v3.20.2
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [1] $ 81 $ 68
Derivative Asset, Noncurrent [2] 135 25
Derivative Asset 216 93
Derivative Liabilities, Current 586 408 [3]
Derivative Liabilities, Noncurrent 748 332 [3]
Derivative Liabilities 1,334 740
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [4] 31 20
Derivative Asset, Noncurrent [5] 102 4
Derivative Asset 133 24
Derivative Liabilities, Current [6] 478 243 [7],[8]
Derivative Liabilities, Noncurrent [9] 526 223
Derivative Liabilities 1,004 466
Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent [10]   8
Derivative Asset   8
Derivative Liabilities, Current [11] 76 33
Derivative Liabilities, Noncurrent [12] 128 53
Derivative Liabilities 204 86
Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 73 67
Derivative Asset, Noncurrent 109 7
Derivative Liabilities, Current 42 83
Derivative Liabilities, Noncurrent 8 48
Commodity | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 31 20
Derivative Asset, Noncurrent 102 2
Derivative Liabilities, Current 23 58
Derivative Liabilities, Noncurrent 1 45
Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 8 1
Derivative Asset, Noncurrent 26 10
Derivative Liabilities, Current 539 322
Derivative Liabilities, Noncurrent 733 284
Interest rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   2
Derivative Liabilities, Current 455 185
Derivative Liabilities, Noncurrent 525 178
Interest rate | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current 71 30
Derivative Liabilities, Noncurrent 121 53
Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 5 3
Derivative Liabilities, Noncurrent 7  
Foreign currency | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 5 3
Derivative Liabilities, Noncurrent 7  
Designated as Hedging Instrument    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [1] 0 31
Derivative Asset, Noncurrent [2] 0 19
Derivative Asset 0 50
Derivative Liabilities, Current 519 330
Derivative Liabilities, Noncurrent 662 268
Derivative Liabilities 1,181 598
Designated as Hedging Instrument | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [4] 0 0
Derivative Asset, Noncurrent [5] 0 2
Derivative Asset 0 2
Derivative Liabilities, Current 455 185 [7]
Derivative Liabilities, Noncurrent [9] 525 178
Derivative Liabilities 980 363
Designated as Hedging Instrument | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent [10]   8
Derivative Asset   8
Derivative Liabilities, Current [11] 63 33
Derivative Liabilities, Noncurrent [12] 128 53
Derivative Liabilities 191 86
Designated as Hedging Instrument | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 0 30
Derivative Asset, Noncurrent 0 1
Derivative Liabilities, Current 0 6
Derivative Liabilities, Noncurrent 0 1
Designated as Hedging Instrument | Commodity | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 0 0
Derivative Asset, Noncurrent 0 0
Derivative Liabilities, Current 0 0
Derivative Liabilities, Noncurrent 0 0
Designated as Hedging Instrument | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 0 1
Derivative Asset, Noncurrent 0 10
Derivative Liabilities, Current 514 321
Derivative Liabilities, Noncurrent 655 267
Designated as Hedging Instrument | Interest rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   2
Derivative Liabilities, Current 455 185
Derivative Liabilities, Noncurrent 525 178
Designated as Hedging Instrument | Interest rate | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current 58 30
Derivative Liabilities, Noncurrent 121 53
Designated as Hedging Instrument | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 5 3
Derivative Liabilities, Noncurrent 7  
Designated as Hedging Instrument | Foreign currency | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 5 3
Derivative Liabilities, Noncurrent 7  
Fair Value - Derivatives not under Hedge Accounting    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [1] 81 37
Derivative Asset, Noncurrent [2] 135 6
Derivative Asset 216 43
Derivative Liabilities, Current 67 78
Derivative Liabilities, Noncurrent 86 64
Derivative Liabilities 153 142
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [4] 31 20
Derivative Asset, Noncurrent [5] 102 2
Derivative Asset 133 22
Derivative Liabilities, Current 23 58 [7]
Derivative Liabilities, Noncurrent [9] 1 45
Derivative Liabilities 24 103
Fair Value - Derivatives not under Hedge Accounting | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent [10]   0
Derivative Asset   0
Derivative Liabilities, Current [11] 13 0
Derivative Liabilities, Noncurrent [12] 0 0
Derivative Liabilities 13 0
Fair Value - Derivatives not under Hedge Accounting | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 73 37
Derivative Asset, Noncurrent 109 6
Derivative Liabilities, Current 42 77
Derivative Liabilities, Noncurrent 8 47
Fair Value - Derivatives not under Hedge Accounting | Commodity | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 31 20
Derivative Asset, Noncurrent 102 2
Derivative Liabilities, Current 23 58
Derivative Liabilities, Noncurrent 1 45
Fair Value - Derivatives not under Hedge Accounting | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 8 0
Derivative Asset, Noncurrent 26 0
Derivative Liabilities, Current 25 1
Derivative Liabilities, Noncurrent 78 17
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   0
Derivative Liabilities, Current 0 0
Derivative Liabilities, Noncurrent 0 0
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current 13 0
Derivative Liabilities, Noncurrent 0 0
Fair Value - Derivatives not under Hedge Accounting | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   0
Derivative Liabilities, Current 0 0
Derivative Liabilities, Noncurrent 0  
Fair Value - Derivatives not under Hedge Accounting | Foreign currency | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   0
Derivative Liabilities, Current 0 $ 0
Derivative Liabilities, Noncurrent $ 0  
[1] Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets.
[2] Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.
[5] Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets.
[6] See Note 19 for amounts attributable to affiliates.
[7] Current derivative liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets
[8] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[9] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.
[10] Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[11] Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[12] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.2
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ 6 $ (105) $ (353) $ (134)
Amount of Gain (Loss) Reclassified From AOCI to Income (7) 29 (36) 70
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 14 (131) (550) (215)
Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [3] 2 (15) (59) [4] (24) [4]
Amount of Gain (Loss) Reclassified From AOCI to Income (1) (1) (1) [4] (1) [4]
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [5] 13 (133) (552) [4] (218) [4]
Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [6] 1 (32) (122) (68)
Amount of Gain (Loss) Reclassified From AOCI to Income 2 2 (6) (1)
Commodity        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] 0 35 0 101
Amount of Gain (Loss) Reclassified From AOCI to Income 9 38 13 95
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] 0 0 0 0
Commodity | Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [6]   3   2
Amount of Gain (Loss) Reclassified From AOCI to Income   0   2
Commodity | Dominion Energy Gas Holdings, LLC | Net Income Discontinued Operation        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Reclassified From AOCI to Income       2
Commodity | Operating Revenue        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Reclassified From AOCI to Income 9 38 16 92
Commodity | Operating Revenue | Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Reclassified From AOCI to Income 0      
Commodity | Purchased Gas        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Reclassified From AOCI to Income 0   (3) 3
Commodity | Electric Fuel and Other Energy-Related Purchases        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Reclassified From AOCI to Income     0  
Interest rate        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[7] 0 (142) (336) (226)
Amount of Gain (Loss) Reclassified From AOCI to Income [7] (22) (13) (49) (23)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[7] 14 (131) (550) (215)
Interest rate | Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [3] 2 [4] (15) [4] (59) (24)
Amount of Gain (Loss) Reclassified From AOCI to Income (1) [4] (1) [4] (1) (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [5] 13 [4] (133) [4] (552) (218)
Interest rate | Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [6],[8] (4) (36) (105) (60)
Amount of Gain (Loss) Reclassified From AOCI to Income [8] (4) (2) (6) (1)
Foreign currency        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[9] 6 2 (17) (9)
Amount of Gain (Loss) Reclassified From AOCI to Income [9] 6 4 0 (2)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[9] 0 0 0 0
Foreign currency | Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in AOCI on Derivatives [6],[10] 5 1 (17) (10)
Amount of Gain (Loss) Reclassified From AOCI to Income [10] $ 6 $ 4 $ 0 $ (2)
[1] Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[2] Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[3] Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.
[4] Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.
[5] Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.
[6] Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income.
[7] Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.
[8] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges
[9] Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense).
[10] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income.
v3.20.2
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1] $ (43) $ 13 $ (118) $ 10
Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [2] (8) (3) (73) (12)
Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives 0 0 (8) 0
Commodity | Virginia Electric and Power Company        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [2],[3] (8) (3) (73) (12)
Commodity | Operating Revenue        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1] (10) 27 55 30
Commodity | Purchased Gas        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1] 0 (11) (14) (8)
Commodity | Electric Fuel and Other Energy-Related Purchases        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1] (8) (3) (73) (12)
Interest rate        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[4] (25) 0 (86) 0
Interest rate | Dominion Energy Gas Holdings, LLC        
Derivative Instruments Gain Loss [Line Items]        
Amount of Gain (Loss) Recognized in Income on Derivatives [5] $ 0 $ 0 $ (8) $ 0
[1] Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[2] Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.
[3] Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases.
[4] Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.
[5] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges
v3.20.2
Investments (Narrative) (Detail)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2020
USD ($)
Oct. 31, 2017
USD ($)
Sep. 30, 2014
mi
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2018
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Schedule of Equity Method Investments [Line Items]                      
Earnings (loss) from equity method investees       $ (2,281,000,000) $ 39,000,000   $ (2,228,000,000) $ 80,000,000      
Distributions received from investment             46,000,000 57,000,000      
Carrying amount of investment that exceeded share of underlying equity       96,000,000 110,000,000   96,000,000 110,000,000      
Equity method investment goodwill       175,000,000 159,000,000   175,000,000 159,000,000      
Cost to acquire equity method investments                   $ 184,000,000  
Maximum obligation amount under credit facility [1]       6,000,000,000     6,000,000,000        
Guarantee liability [2]       5,248,000,000     5,248,000,000        
Cumulative-effect of changes in accounting principles             (48,000,000)        
Contributions to equity method affiliates             178,000,000 0      
Other payables [3]       2,446,000,000     2,446,000,000       $ 1,827,000,000 [4]
Investment in equity method affiliates       584,000,000     584,000,000       1,646,000,000 [4]
Revenue       3,470,000,000 3,746,000,000   7,793,000,000 7,376,000,000      
Other receivables [3]       233,000,000     233,000,000       367,000,000 [4]
Dominion Energy Gas Holdings, LLC                      
Schedule of Equity Method Investments [Line Items]                      
Earnings (loss) from equity method investees       8,000,000 9,000,000   23,000,000 22,000,000      
Maximum obligation amount under credit facility [5]       1,500,000,000     1,500,000,000        
Other payables [6]       382,000,000     382,000,000       289,000,000 [7]
Investment in equity method affiliates       310,000,000     310,000,000       312,000,000 [7]
Revenue       509,000,000 529,000,000   1,064,000,000 1,094,000,000      
Other receivables [6]       12,000,000     12,000,000       26,000,000 [7]
Dominion Energy Gas Holdings, LLC | Partnership Interest                      
Schedule of Equity Method Investments [Line Items]                      
Earnings (loss) from equity method investees             23,000,000 22,000,000      
Distributions received from investment             25,000,000 30,000,000      
Carrying amount of investment that exceeded share of underlying equity       146,000,000     146,000,000       146,000,000
Investment in equity method affiliates       310,000,000     310,000,000       312,000,000
Pivotal LNG | Dominion Energy Gas Holdings, LLC                      
Schedule of Equity Method Investments [Line Items]                      
Ownership percentage acquired                   100.00%  
Atlantic Coast Pipeline                      
Schedule of Equity Method Investments [Line Items]                      
Earnings (loss) from equity method investees       (2,300,000,000) 29,000,000   (2,300,000,000) 53,000,000      
Net income (losses) from abandonment of project       (4,400,000,000) 61,000,000   (4,300,000,000) 114,000,000      
Contributions to equity method affiliates       13,000,000 33,000,000   29,000,000 128,000,000      
Atlantic Coast Pipeline | Financial Guarantee                      
Schedule of Equity Method Investments [Line Items]                      
Guarantee liability                     14,000,000
Atlantic Coast Pipeline | Revolving Credit Facility                      
Schedule of Equity Method Investments [Line Items]                      
Maximum obligation amount under credit facility   $ 3,400,000,000                  
Credit facility, maturity date   Oct. 31, 2021                  
Credit facility, amount borrowed       1,800,000,000     1,800,000,000        
Atlantic Coast Pipeline | Revolving Credit Facility | Financial Guarantee                      
Schedule of Equity Method Investments [Line Items]                      
Cumulative-effect of changes in accounting principles             (48,000,000)        
Atlantic Coast Pipeline | Subsequent Event | Revolving Credit Facility                      
Schedule of Equity Method Investments [Line Items]                      
Maximum obligation amount under credit facility $ 1,900,000,000                    
Atlantic Coast Pipeline | Other Current Liabilities                      
Schedule of Equity Method Investments [Line Items]                      
Liabilities from abandonment of project       1,000,000.0     1,000,000.0        
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC                      
Schedule of Equity Method Investments [Line Items]                      
Ownership percentage acquired                   5.00%  
Percentage ownership in total units                   53.00%  
Atlantic Coast Pipeline | DETI                      
Schedule of Equity Method Investments [Line Items]                      
Other payables       5,000,000     5,000,000       7,000,000
Revenue       17,000,000 $ 26,000,000   37,000,000 $ 57,000,000      
Other receivables       7,000,000     7,000,000       7,000,000
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution                      
Schedule of Equity Method Investments [Line Items]                      
Length of natural gas pipeline (in miles) | mi     600                
Duration of contract     20 years                
JAX LNG LLC | Pivotal LNG                      
Schedule of Equity Method Investments [Line Items]                      
Percentage of interest held                   50.00%  
Blue Racer                      
Schedule of Equity Method Investments [Line Items]                      
Additional consideration including interest received in connection with sale           $ 151,000,000          
Ownership interest percentage of limited partner interests                 50.00%    
Fowler Ridge | Subsequent Event                      
Schedule of Equity Method Investments [Line Items]                      
Percentage of interest held 50.00%                    
Net payment of long-term power and capacity contract $ 150,000,000                    
Contract termination loss 220,000,000                    
Contract termination loss net of tax $ 170,000,000                    
Finite Lived Equity Method Investment Basis Difference                      
Schedule of Equity Method Investments [Line Items]                      
Equity method investment goodwill       79,000,000     79,000,000       49,000,000
Trading Securities                      
Schedule of Equity Method Investments [Line Items]                      
Rabbi trust securities       $ 121,000,000     $ 121,000,000       $ 120,000,000
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 and in Note 14 in this report.
[3] See Note 10 for amounts attributable to related parties.
[4] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[5] A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
[6] See Note 19 for amounts attributable to related parties.
[7] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Investment Holdings [Line Items]      
Fixed income securities Fair Value $ 1,952 $ 1,952  
Amortized Cost, Total 3,758 3,758 $ 3,691
Total Unrealized Gains 2,335 2,335 2,523
Total Unrealized Losses [1] (75) (75) (22)
Allowance for Credit Losses, Total 0 0 0
Fair Value, Total 6,018 6,018 6,192
Net assets related to pending purchases of securities 35 35 1
Fair value of securities in an unrealized loss position 181 181 298
Virginia Electric and Power Company      
Investment Holdings [Line Items]      
Fixed income securities Fair Value 900 900  
Amortized Cost, Total 1,752 1,752 1,721
Total Unrealized Gains 1,077 1,077 1,173
Total Unrealized Losses [2] (47) (47) (13)
Allowance for Credit Losses, Total 0 0 0
Fair Value, Total 2,782 2,782 2,881
Net assets related to pending purchases of securities 1 1  
Fair value of securities in an unrealized loss position 74 74 185
Decrease in allowance for credit losses 12    
Fixed Income      
Investment Holdings [Line Items]      
Cash equivalents and other, Amortized Cost [3] (8) (8) 13
Cash equivalents and other, Total Unrealized Gains [3] 2 2  
Cash equivalents and other, Total Unrealized Losses [3] (2) (2)  
Cash equivalents and other, Allowance for Credit Losses [3] 0 0 0
Cash equivalents and other, Fair Value [3] (8) (8) 13
Decrease in allowance for credit losses 21    
Common/collective trust funds | Fixed Income      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total [4] 146 146 115
Fixed income securities Total Unrealized Gains [4]   2 4
Fixed income securities Total Unrealized Losses [4]   0 0
Fixed income securities Allowance for Credit Losses [4] 0 0 0
Fixed income securities Fair Value [4] 148 148 119
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total [4] 57 57 51
Fixed income securities Total Unrealized Gains [4]   0 0
Fixed income securities Total Unrealized Losses [4]   0 0
Fixed income securities Allowance for Credit Losses [4] 0 0 0
Fixed income securities Fair Value [4] 57 57 51
Equity securities: | U.S.      
Investment Holdings [Line Items]      
Equity securities Amortized Cost [5] 1,701 1,701 1,807
Equity securities Total Unrealized Gains [5]   2,221 2,451
Equity securities Total Unrealized Losses [5]   (71) (20)
Equity securities Allowance for Credit Losses [5] 0 0 0
Equity securities Fair Value [5] 3,851 3,851 4,238
Equity securities: | U.S. | Virginia Electric and Power Company      
Investment Holdings [Line Items]      
Equity securities Amortized Cost [5] 901 901 894
Equity securities Total Unrealized Gains [5]   1,028 1,144
Equity securities Total Unrealized Losses [5]   (46) (11)
Equity securities Allowance for Credit Losses [5] 0 0 0
Equity securities Fair Value [5] 1,883 1,883 2,027
Corporate debt instruments | Fixed Income      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total [4] 577 577 434
Fixed income securities Total Unrealized Gains [4]   48 29
Fixed income securities Total Unrealized Losses [4]   (1) 0
Fixed income securities Allowance for Credit Losses [4] 0 0 0
Fixed income securities Fair Value [4] 624 624 463
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total [4] 328 328 241
Fixed income securities Total Unrealized Gains [4]   26 15
Fixed income securities Total Unrealized Losses [4]   0 0
Fixed income securities Allowance for Credit Losses [4] 0 0 0
Fixed income securities Fair Value [4] 354 354 256
Government Securities | Fixed Income      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total [4] 1,119 1,119 1,108
Fixed income securities Total Unrealized Gains [4]   62 39
Fixed income securities Total Unrealized Losses [4]   (1) (2)
Fixed income securities Allowance for Credit Losses [4] 0 0 0
Fixed income securities Fair Value [4] 1,180 1,180 1,145
Government Securities | Fixed Income | Virginia Electric and Power Company      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total [4] 467 467 534
Fixed income securities Total Unrealized Gains [4]   23 14
Fixed income securities Total Unrealized Losses [4]   (1) (2)
Fixed income securities Allowance for Credit Losses [4] 0 0 0
Fixed income securities Fair Value [4] 489 489 546
Insurance Contracts      
Investment Holdings [Line Items]      
Fixed income securities Amortized Cost, Total 223 223 214
Fixed income securities Total Unrealized Gains   0 0
Fixed income securities Total Unrealized Losses   0 0
Fixed income securities Allowance for Credit Losses 0 0 0
Fixed income securities Fair Value 223 223 214
Cash equivalents and other | Virginia Electric and Power Company      
Investment Holdings [Line Items]      
Cash equivalents and other, Amortized Cost (1) [6] (1) [6] 1
Cash equivalents and other, Allowance for Credit Losses 0 [6] 0 [6] 0
Cash equivalents and other, Fair Value $ (1) [6] $ (1) [6] $ 1
[1] The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $21 million.  These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020.     
[2] The allowance for credit losses associated with fixed income securities decreased from March 31, 2020 by $12 million.  These recoveries are a result of improvements in credit spreads experienced in the market between March 31, 2020 and June 30, 2020.     
[3] Includes pending purchases of securities of $35 million and $1 million at June 30, 2020 and December 31, 2019, respectively.
[4] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income.
[5] Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.
[6] Includes pending purchases of securities of $1 million at June 30, 2020.
v3.20.2
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Investment Holdings [Line Items]        
Net gains (losses) recognized during the period $ 610 $ 156 $ (288) $ 570
Less: Net (gains) losses recognized during the period on securities sold during the period (5) (25) 9 (44)
Unrealized gains (losses) recognized during the period on securities still held at June 30, 2020 and 2019 [1] 605 131 (279) 526
Virginia Electric and Power Company        
Investment Holdings [Line Items]        
Net gains (losses) recognized during the period 269 70 (154) 256
Less: Net (gains) losses recognized during the period on securities sold during the period (3) (7) 3 (8)
Unrealized gains (losses) recognized during the period on securities still held at June 30, 2020 and 2019 [1] $ 266 $ 63 $ (151) $ 248
[1] Included in other income and the nuclear decommissioning trust regulatory liability.
v3.20.2
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Jun. 30, 2020
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 212
Due after one year through five years 486
Due after five years through ten years 485
Due after ten years 769
Total 1,952
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 79
Due after one year through five years 227
Due after five years through ten years 273
Due after ten years 321
Total $ 900
v3.20.2
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Schedule of Available-for-sale Securities [Line Items]        
Proceeds from sales $ 1,058 $ 376 $ 1,660 $ 882
Realized gains [1] 74 56 140 99
Realized losses [1] 61 27 130 50
Virginia Electric and Power Company        
Schedule of Available-for-sale Securities [Line Items]        
Proceeds from sales 236 194 530 447
Realized gains [1] 24 15 55 25
Realized losses [1] $ 17 $ 3 $ 48 $ 12
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.20.2
Schedule of Acquisitions of Solar Projects (Detail)
$ in Millions
 1 Months Ended 6 Months Ended
Mar. 31, 2019
MW
Jun. 30, 2020
USD ($)
MW
Jun. 30, 2019
USD ($)
Property Plant And Equipment [Line Items]      
Project Cost   $ 187 $ 152
Acquisition of Solar Project Myrtle in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2019-08  
Date Agreement Closed   2019-08  
Project Cost [1]   $ 32  
Date of Commercial Operations   June 2020  
MW Capacity | MW   15  
Acquisition of Solar Project Blackville in South Carolina      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-05  
Date Agreement Closed   2020-05  
Project Cost [1]   $ 15  
Date of Commercial Operations   Expected 2020  
MW Capacity | MW   7  
Acquisition of Solar Project Denmark in South Carolina      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-05  
Date Agreement Closed   2020-05  
Project Cost [1]   $ 15  
Date of Commercial Operations   Expected 2020  
MW Capacity | MW   6  
Acquisition of Solar Project Yemassee in South Carolina      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-05  
Date Agreement Closed   Expected August 2020  
Project Cost [1]   $ 20  
Date of Commercial Operations   Expected 2020  
MW Capacity | MW   10  
Acquisition of Solar Project Trask in South Carolina      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-05  
Date Agreement Closed   Expected August 2020  
Project Cost [1]   $ 25  
Date of Commercial Operations   Expected 2020  
MW Capacity | MW   12  
Acquisition of Solar Project Hardin I in Ohio      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-06  
Date Agreement Closed   2020-06  
Project Cost [1]   $ 250  
Date of Commercial Operations   Expected 2020  
MW Capacity | MW   150  
Acquisition of Solar Project Madison in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-07  
Date Agreement Closed   2020-07  
Project Cost [1]   $ 125  
Date of Commercial Operations   Expected 2021  
MW Capacity | MW   62  
Virginia Electric and Power Company      
Property Plant And Equipment [Line Items]      
Project Cost   $ 19 $ 150
MW Capacity | MW 1,292    
Virginia Electric and Power Company | Acquisition of Solar Project Pumpkinseed in Virginia      
Property Plant And Equipment [Line Items]      
Date Agreement Entered   2020-05  
Date Agreement Closed   2020-05  
Project Cost [1]   $ 130  
Date of Commercial Operations   Expected 2022  
MW Capacity | MW   60  
[1] Includes acquisition cost
v3.20.2
Property, Plant and Equipment (Narrative) (Detail)
$ in Millions
 1 Months Ended 6 Months Ended
Mar. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
MW
Wexpro | Natural Gas Gathering Systems | Colorado, Utah and Wyoming    
Property Plant And Equipment [Line Items]    
Payments to acquire existing natural gas gathering systems $ 38  
Acquisition of Solar Project at Schools in Virginia    
Property Plant And Equipment [Line Items]    
Anticipated projected cost   $ 35
Aggregate generation capacity | MW   18
v3.20.2
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Mar. 31, 2019
Jun. 30, 2020
Dec. 31, 2019
Regulatory Assets [Line Items]        
Regulatory assets-current $ 616   $ 616 $ 879 [1]
Regulatory assets-noncurrent 9,438   9,438 7,687 [1]
Total regulatory assets 10,054   $ 10,054 8,566
Weighted Average        
Regulatory Assets [Line Items]        
Weighted average useful life     27 years  
SCANA        
Regulatory Assets [Line Items]        
Electric service customers over period     20 years  
Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current 197   $ 197 433 [2]
Regulatory assets-noncurrent 3,780   3,780 1,863 [2]
Total regulatory assets 3,977   3,977 2,296
Excess deferred taxes adjusted in charge of operating revenue     29  
Excess deferred taxes adjusted in charge of operating revenue net of tax     22  
Write off of regulatory asset 16 $ 17 17  
Write off of regulatory asset, after tax 15 $ 13 $ 13  
Virginia Electric and Power Company | Weighted Average        
Regulatory Assets [Line Items]        
Weighted average useful life     26 years  
Dominion Energy Gas Holdings, LLC        
Regulatory Assets [Line Items]        
Regulatory assets-current [3] 9   $ 9 8
Regulatory assets-noncurrent [4] 37   37 40
Total regulatory assets 46   46 48
Regulatory assets not expect to earn return        
Regulatory Assets [Line Items]        
Regulatory assets-current [5] 0   0 48
Regulatory assets not expect to earn return | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [6] 0   0 48
Deferred project costs and DSM programs for gas utilities        
Regulatory Assets [Line Items]        
Regulatory assets-current [7] 49   49 21
Unrecovered gas costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [8] 42   42 102
Unrecovered gas costs | Dominion Energy Gas Holdings, LLC        
Regulatory Assets [Line Items]        
Regulatory assets-current [9] 2   2 2
Deferred rate adjustment clause costs for Virginia electric utility        
Regulatory Assets [Line Items]        
Regulatory assets-current [10],[11] 58   58 109
Regulatory assets-noncurrent [10],[11],[12],[13] 409   409 235
Deferred nuclear refueling outage costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [14] 60   60 68
Deferred nuclear refueling outage costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [14] 60   60 68
PJM transmission rates        
Regulatory Assets [Line Items]        
Regulatory assets-current [15] 21   21 121
Regulatory assets-noncurrent [15] 154   154 85
PJM transmission rates | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [15] 21   21 121
Regulatory assets-noncurrent [16] 154   154 85
Other        
Regulatory Assets [Line Items]        
Regulatory assets-current 248   248 272
Regulatory assets-noncurrent 487   487 582
Other | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current 58   58 87
Regulatory assets-noncurrent 122   122 123
Other | Dominion Energy Gas Holdings, LLC        
Regulatory Assets [Line Items]        
Regulatory assets-current 7   7 6
Regulatory assets-noncurrent 5   5 8
NND Project Costs        
Regulatory Assets [Line Items]        
Regulatory assets-current [17] 138   138 138
Regulatory assets-noncurrent [17] 2,434   2,434 2,503
Pension and Other Postretirement Benefit Costs        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [18] 1,392   1,392 1,431
Deferred project costs for gas utilities        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [7] 557   557 521
Interest rate hedges        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [19] 1,302   1,302 741
Interest rate hedges | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [20] 956   956 404
Interest rate hedges | Dominion Energy Gas Holdings, LLC        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [21] 32   32 32
AROs and related funding        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [22] 312   $ 312 311
Amortization period for deferred costs     105 years  
Cost of reacquired debt        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [23] 252   $ 252 262
Amortization period for deferred costs     26 years  
Ash pond and landfill closure costs        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [24] 2,139   $ 2,139 1,016
Regulatory assets expected collection period commencing year     2021  
Ash pond and landfill closure costs | Maximum        
Regulatory Assets [Line Items]        
Regulatory assets amounts expected collection period     18 years  
Ash pond and landfill closure costs | Minimum        
Regulatory Assets [Line Items]        
Regulatory assets amounts expected collection period     15 years  
Ash pond and landfill closure costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-noncurrent [25] 2,139   $ 2,139 1,016
Regulatory assets expected collection period commencing year     2021  
Ash pond and landfill closure costs | Virginia Electric and Power Company | Maximum        
Regulatory Assets [Line Items]        
Regulatory assets amounts expected collection period     18 years  
Ash pond and landfill closure costs | Virginia Electric and Power Company | Minimum        
Regulatory Assets [Line Items]        
Regulatory assets amounts expected collection period     15 years  
Deferred Project Costs | Maximum        
Regulatory Assets [Line Items]        
Amortization period for deferred costs     18 months  
Deferred Project Costs | Virginia Electric and Power Company | Maximum        
Regulatory Assets [Line Items]        
Amortization period for deferred costs     18 months  
Transmission Rate Design For Allocation Of Costs Of Service | FERC-regulated        
Regulatory Assets [Line Items]        
Duration of payment under settlement agreement     10 years  
Transmission Rate Design For Allocation Of Costs Of Service | Virginia Electric and Power Company | FERC-regulated        
Regulatory Assets [Line Items]        
Duration of payment under settlement agreement     10 years  
Deferred rate adjustment clause costs | Virginia Electric and Power Company        
Regulatory Assets [Line Items]        
Regulatory assets-current [10],[26] 58   $ 58 109
Regulatory assets-noncurrent [10],[12],[26],[27] $ 409   $ 409 $ 235
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[4] Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[5] Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.
[6] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.
[7] Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information.
[8] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
[9] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.
[10] As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.
[11] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.
[12] During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.
[13] During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery. 
[14] Legislation enacted in Virginia in April 2014 requires Virginia Power to defer operation and maintenance costs incurred in connection with the refueling of any nuclear-powered generating plant. These deferred costs will be amortized over the refueling cycle, not to exceed 18 months.
[15] Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.
[16] Reflects amounts to be recovered through retail rates in Virginia for payments Virginia Power will make to PJM over a ten-year period ending 2028 under the terms of a FERC settlement agreement in May 2018 resolving a PJM cost allocation matter.
[17] Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[18] 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.
[19] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 27 years as of June 30, 2020. 
[20] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of June 30, 2020.
[21] 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 22 years.
[22] Represents deferred depreciation and accretion expense related to legal obligations associated with the future retirement of generation, transmission and distribution properties. The AROs primarily relate to DESC’s electric generating facilities, including Summer, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
[23] Costs of the reacquisition of debt are deferred and amortized as interest expense over the would-be remaining life of the reacquired debt.  The reacquired debt costs had a weighted-average life of approximately 26 years as of June 30, 2020.
[24] Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.
[25] Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.
[26] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.
[27] During the second quarter of 2020, Virginia Power recorded a charge of $16 million ($15 million after-tax) in impairment of assets and other charges to write off the balance of a regulatory asset for which it is no longer seeking recovery.
v3.20.2
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 749 $ 497 [1]
Regulatory liabilities-noncurrent 10,680 11,001 [1]
Total regulatory liabilities 11,429 11,498
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 296 167 [2]
Regulatory liabilities-noncurrent 4,954 5,074 [2]
Total regulatory liabilities 5,250 5,241
Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 37 41
Regulatory liabilities-noncurrent [4] 820 800
Total regulatory liabilities 857 841
Provision for future cost of removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 142 142
Regulatory liabilities-noncurrent [5] 2,253 2,302
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 103 103
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] 18 18
Regulatory liabilities-noncurrent [7] 93 95
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] 134 143
Regulatory liabilities-noncurrent [8] 588 656
Cost-of-service impact of 2017 Tax Reform Act    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [9] 35 4
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [10] 140 77
Regulatory liabilities-noncurrent [10] 4,988 5,088
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [11] 54 54
Regulatory liabilities-noncurrent [11] 2,425 2,438
Income taxes refundable through future rates | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [11] 566 560
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [12] 67 67
Regulatory liabilities-noncurrent [12] 936 970
Deferred cost of fuel used in electric generation    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [13] 111 0
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [14] 111 0
Regulatory liabilities-noncurrent [14] 3 30
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 120 64
Regulatory liabilities-noncurrent 331 325
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 28 10
Regulatory liabilities-noncurrent 161 81
Other | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 13 15
Regulatory liabilities-noncurrent 10 12
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [15] 1,372 1,471
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [16] 1,372 1,471
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [17] 212 189
Overrecovered Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [17] 151 133
Provision For Future Cost Of Removal | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [6] 993 1,054
Overrecovered Gas Costs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [18] $ 6 $ 8
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[4] Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[5] Rates charged to customers by Dominion Energy’s regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
[6] Rates charged to customers by Virginia Power's regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
[7] Rates charged to customers by Dominion Energy Gas' regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement.
[8] Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[9] Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[10] 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.
[11] Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
[12] Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.  See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[13] Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.
[14] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.
[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 Dominion Energy’s utility nuclear generation stations, in excess of the related AROs.
[16] Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
[17] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
[18] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.
v3.20.2
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 4,800
Period for which expenditures are expected to be recovered 2 years
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 3,400
Period for which expenditures are expected to be recovered 2 years
Dominion Energy Gas Holdings, LLC  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 44
Period for which expenditures are expected to be recovered 2 years
v3.20.2
Regulatory Matters (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 01, 2020
USD ($)
Jun. 30, 2020
USD ($)
May 31, 2020
USD ($)
kV
Apr. 30, 2020
USD ($)
MW
GW
Mar. 31, 2020
USD ($)
Feb. 29, 2020
USD ($)
kV
mi
Jan. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
a
kV
Nov. 30, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jul. 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
Jul. 31, 2018
USD ($)
Jun. 30, 2020
USD ($)
GW
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2008
Jan. 31, 2019
USD ($)
Public Utilities General Disclosures [Line Items]                                            
Number of new demand response programs | a               1                            
Impairment of assets and other charges                           $ 531 $ 312 $ 1,299 $ 1,147          
Pipeline Integrity and Safety Program                                            
Public Utilities General Disclosures [Line Items]                                            
Rate year beginning         2020-03                                  
Rider DSM                                            
Public Utilities General Disclosures [Line Items]                                            
Approval date       2020-04                                    
Application date             2020-01                              
Cost of Fuel                                            
Public Utilities General Disclosures [Line Items]                                            
Rate year beginning           2020-05                                
Approval date       2020-04                                    
Application date           2020-02                                
PIR Program                                            
Public Utilities General Disclosures [Line Items]                                            
Percentage of pipeline system replaced                                         25.00%  
PREP                                            
Public Utilities General Disclosures [Line Items]                                            
Rate year beginning     2020-11                                      
Application date     2020-05                                      
Target to Reach by End of 2025                                            
Public Utilities General Disclosures [Line Items]                                            
Energy efficiency target percentage. based on energy savings from 2019 baseline       5.00%                                    
Virginia Electric and Power Company                                            
Public Utilities General Disclosures [Line Items]                                            
Impairment of assets and other charges                           $ 44 197 808 743          
Virginia Electric and Power Company | Rider US-4                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement                               $ 12            
Rate year beginning                               2021-06            
Increase (decrease) in revenue requirement                               $ 4            
Application date                               2020-07            
Virginia Electric and Power Company | Riders C1A C2A and C3A                                            
Public Utilities General Disclosures [Line Items]                                            
Increase (decrease) in revenue requirement               $ 11                            
Amount of cost recovery               186                            
Virginia Power | Grassfield Solar, Norge Solar and Sycamore Solar                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | GW                           82                
Proposed cost of project                           $ 170                
Dominion Energy South Carolina Inc | Transmission Lines in Aiken County South Carolina                                            
Public Utilities General Disclosures [Line Items]                                            
Estimated cost of project           $ 30                                
DETI                                            
Public Utilities General Disclosures [Line Items]                                            
Impairment of assets and other charges                               $ 482            
Ohio Regulation                                            
Public Utilities General Disclosures [Line Items]                                            
Contract with customer credits tax reform                                       $ 600    
Tax Reform Act's impact on its equity return                                       19    
Ohio Regulation | PIR Program                                            
Public Utilities General Disclosures [Line Items]                                            
Approved annual revenue required       $ 218                                    
Total estimated cost               209                       209    
Total cumulative estimated cost       $ 1,800                                    
Virginia Regulation                                            
Public Utilities General Disclosures [Line Items]                                            
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources       100.00%                                    
Cap on revenue reductions in the first triennial       $ 50                                    
Virginia Regulation | Virginia Electric and Power Company | Annual Fuel Factor                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement           $ 1,200                                
Rate year beginning         2020-05 2020-07                                
Proposed revenue requirement recovered balance   $ 103       $ 81                                
Increase (decrease) in revenue requirement         $ (393)                                  
Approval date   2020-06                                        
Virginia Regulation | Virginia Electric and Power Company | Rider T1 | Operating Segments                                            
Public Utilities General Disclosures [Line Items]                                            
Approved annual revenue required     $ 73                                      
Total revenue requirement     $ 529                                      
Approval date     2020-07                                      
Application date     2020-05                                      
Beginning date of total revenue requirement     Sep. 01, 2020                                      
Virginia Regulation | Virginia Electric and Power Company | Riders C1A C2A and C3A | Operating Segments | Energy Efficiency Program                                            
Public Utilities General Disclosures [Line Items]                                            
Approved annual revenue required               $ 60                            
Number of new energy efficiency programs | a               10                            
Period for cost cap               5 years                            
Virginia Regulation | Virginia Electric and Power Company | Rider U                                            
Public Utilities General Disclosures [Line Items]                                            
Increase (decrease) in revenue requirement   $ 28                                        
Projected capital investment   80                                        
Virginia Regulation | Virginia Electric and Power Company | GTSA                                            
Public Utilities General Disclosures [Line Items]                                            
Proposed cost of project                   $ 503                        
Estimated cost of project                         $ 816                 $ 68
Operations and maintenance expenses                   78     $ 102                  
Increase (decrease) in revenue requirement         212                                  
Virginia Regulation | Virginia Electric and Power Company | Transmission Component of Virginia Power's | Rider T1 | Operating Segments                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement     $ 474                                      
Virginia Regulation | Virginia Electric and Power Company | Fifth Phase | Rider U                                            
Public Utilities General Disclosures [Line Items]                                            
Projected capital investment   36                                        
Virginia Regulation | Virginia Electric and Power Company | Previous Phase | Rider U                                            
Public Utilities General Disclosures [Line Items]                                            
Projected capital investment   44                                        
Virginia Regulation | Virginia Electric and Power Company | Solar and Onshore Wind | Target to Reach by End of 2035                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | GW       16.1                                    
Virginia Regulation | Virginia Electric and Power Company | Utility-scale Solar | Target to Reach by End of 2035 | Maximum                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | GW       15.0                                    
Virginia Regulation | Virginia Electric and Power Company | Utility-scale Solar | Target to Reach by End of 2024                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | GW       3.0                                    
Virginia Regulation | Virginia Electric and Power Company | Small-scale Solar | Target to Reach by End of 2035                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | GW       1.1                                    
Virginia Regulation | Virginia Electric and Power Company | Energy Storage | Target to Reach by End of 2035                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | MW       2,700                                    
Virginia Regulation | Virginia Electric and Power Company | Offshore Wind Facility | Target to Reach by End of 2035 | Maximum                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | MW       5,200                                    
Constructed by utility capacity | MW       3,000                                    
Virginia Regulation | Virginia Electric and Power Company | Offshore Wind Facility | Target to Reach by End of 2035 | Minimum                                            
Public Utilities General Disclosures [Line Items]                                            
Constructed by utility capacity | MW       2,500                                    
Virginia Regulation | Virginia Electric and Power Company | Pumped Storage | Target to Reach by End of 2035 | Maximum                                            
Public Utilities General Disclosures [Line Items]                                            
Targeted capacity provided by legislation | MW       800                                    
Virginia Regulation | Virginia Electric and Power Company | Solar Development Project | Rider US-4                                            
Public Utilities General Disclosures [Line Items]                                            
Estimated cost of project                     $ 146                      
Proposed revenue requirement                     $ 9                      
Solar capacity factor when normalized for force majeure events             22.00%                              
Approved annual revenue required         7                                  
Virginia Regulation | Virginia Electric and Power Company | Electric Transmission Projects | Brambleton-Yardley Ridge line and Brambleton-Poland Road line in Loudoun County, Virginia                                            
Public Utilities General Disclosures [Line Items]                                            
Estimated cost of project               $ 30                       30    
Capacity of transmission line (kV) | kV               230                            
Virginia Regulation | Virginia Electric and Power Company | Electric Transmission Projects | Brambleton-Yardley Ridge line                                            
Public Utilities General Disclosures [Line Items]                                            
Estimated cost of project     $ 25                                      
Capacity of transmission line (kV) | kV     230                                      
Federal Energy Regulatory Commission | General Rate Case                                            
Public Utilities General Disclosures [Line Items]                                            
Annual cost-of-service, amount             $ 182                              
Federal Energy Regulatory Commission | Electric Power Cost Adjustment | Atlantic Coast Pipeline                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement         $ 28                                  
Federal Energy Regulatory Commission | Virginia Electric and Power Company | Operating Segments                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement     $ 1,000                                      
Federal Energy Regulatory Commission | Overthrust                                            
Public Utilities General Disclosures [Line Items]                                            
Expected cost of project     $ 10                                      
Federal Energy Regulatory Commission | DETI                                            
Public Utilities General Disclosures [Line Items]                                            
Impairment of assets and other charges                             13              
Asset impairment after tax charge                             $ 10   $ 10          
North Carolina Regulation | Virginia Electric and Power Company                                            
Public Utilities General Disclosures [Line Items]                                            
Approved return on equity percentage             9.75%                              
North Carolina Regulation | Virginia Electric and Power Company | Base Rate Case                                            
Public Utilities General Disclosures [Line Items]                                            
Increase (decrease) in revenue requirement                   $ 24   $ 27                    
Percentage of earned return                       7.52%                    
Authorized return percentage                       9.90%                    
Return of equity percentage                       10.75%                    
North Carolina Regulation | PSNC | Pipeline Integrity and Safety Program                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement           28                                
Increase (decrease) in revenue requirement           7                                
South Carolina Regulation | Gas Rate Case                                            
Public Utilities General Disclosures [Line Items]                                            
Total revenue requirement   $ 409                                        
Increase (decrease) in revenue requirement                               9            
South Carolina Regulation | Dominion Energy South Carolina Inc | Rider DSM                                            
Public Utilities General Disclosures [Line Items]                                            
Annual transportation cost rate adjustment, approval amount requested to recover amount             $ 40                              
South Carolina Regulation | Dominion Energy South Carolina Inc | Cost of Fuel                                            
Public Utilities General Disclosures [Line Items]                                            
Increase decrease in annual base fuel component recoveries           $ 44                                
South Carolina Regulation | Dominion Energy South Carolina Inc | Transmission Lines in Aiken County South Carolina                                            
Public Utilities General Disclosures [Line Items]                                            
Capacity of transmission line (kV) | kV           230                                
Length of kV line (miles | mi           28                                
South Carolina Regulation | Dominion Energy South Carolina Inc | Scenario Forecast                                            
Public Utilities General Disclosures [Line Items]                                            
Estimated cost of project                                     $ 75      
West Virginia Regulation | Hope Gas, Inc. | PREP                                            
Public Utilities General Disclosures [Line Items]                                            
Amount of cost recovery                                       $ 27    
West Virginia Regulation | Hope Gas, Inc. | Scenario Forecast | PREP                                            
Public Utilities General Disclosures [Line Items]                                            
Amount of cost recovery $ 13                                          
Projected capital investment                                   $ 54 $ 39      
Wyoming Base Rate Case | Questar Gas                                            
Public Utilities General Disclosures [Line Items]                                            
Increase (decrease) in revenue requirement                               $ 2            
Return of equity percentage                 10.50%                          
Approved return on equity percentage                               9.35%            
Base fuel cost                 $ 4                          
Percentage of earned return                 7.46%                          
Authorized return percentage                 9.50%                          
v3.20.2
Regulatory Matters - Schedule of Additional Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Rider US-3  
Public Utilities General Disclosures [Line Items]  
Application Date 2019-07
Approval Date March 2020
Rate Year Beginning 2020-06
Total Revenue Requirement (millions) $ 28
Increase (decrease) in revenue requirement $ 18
Rider BW  
Public Utilities General Disclosures [Line Items]  
Application Date 2019-10
Approval Date June 2020
Rate Year Beginning 2020-09
Total Revenue Requirement (millions) $ 99
Increase (decrease) in revenue requirement $ (20)
Rider B  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-06
Approval Date Pending
Rate Year Beginning 2021-04
Total Revenue Requirement (millions) $ 24
Increase (decrease) in revenue requirement $ (8)
Rider GV  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-06
Approval Date Pending
Rate Year Beginning 2021-04
Total Revenue Requirement (millions) $ 154
Increase (decrease) in revenue requirement $ 22
Rider US-2  
Public Utilities General Disclosures [Line Items]  
Application Date 2019-10
Approval Date July 2020
Rate Year Beginning 2020-09
Total Revenue Requirement (millions) $ 10
Increase (decrease) in revenue requirement $ (5)
Rider R  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-06
Approval Date Pending
Rate Year Beginning 2021-04
Total Revenue Requirement (millions) $ 59
Increase (decrease) in revenue requirement $ 15
Rider S  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-06
Approval Date Pending
Rate Year Beginning 2021-04
Total Revenue Requirement (millions) $ 194
Increase (decrease) in revenue requirement $ (1)
Rider W  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-06
Approval Date Pending
Rate Year Beginning 2021-04
Total Revenue Requirement (millions) $ 120
Increase (decrease) in revenue requirement $ 14
Rider US-3  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-07
Approval Date Pending
Rate Year Beginning 2021-06
Total Revenue Requirement (millions) $ 39
Increase (decrease) in revenue requirement $ 10
Rider US-4  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-07
Approval Date Pending
Rate Year Beginning 2021-06
Total Revenue Requirement (millions) $ 12
Increase (decrease) in revenue requirement $ 4
v3.20.2
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail) - Virginia Electric and Power Company
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
kV
mi
Rebuild and operate five segments between the Loudoun and Ox substations  
Public Utilities General Disclosures [Line Items]  
Application Date 2019-08
Approval Date 2020-06
Capacity of transmission line (kV) | kV 230
Length of kV line (miles | mi 19
The total estimated capital investment | $ $ 70
Rebuild and operate two lines in Chesterfield County, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-01
Approval Date 2020-06
Capacity of transmission line (kV) | kV 230
Length of kV line (miles | mi 3
The total estimated capital investment | $ $ 15
Bristers-Ladysmith Rebuild Project in the counties of Fauquier, Stafford, Spotsylvania, and Caroline, Virginia  
Public Utilities General Disclosures [Line Items]  
Application Date 2020-05
Approval Date Pending
Capacity of transmission line (kV) | kV 500
Length of kV line (miles | mi 37
The total estimated capital investment | $ $ 110
v3.20.2
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property          
Leases Disclosure [Line Items]          
Required percentage payment for specific full recourse events         100.00%
Extension term of lease         5 years
Required percentage payment to lessor for difference between project costs and sales proceeds         83.00%
Lessor | New Corporate Office | Agreement with Lessor to Construct and Lease Corporate Office Property          
Leases Disclosure [Line Items]          
Amount of financing commitments to fund estimated project costs         $ 465
Power Purchase Arrangements          
Leases Disclosure [Line Items]          
Rental revenue $ 53 $ 53 $ 85 $ 82  
Depreciation expense $ 27 $ 24 $ 50 $ 47  
v3.20.2
Variable Interest Entities (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
May 31, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
MW
Generator
Virginia Electric and Power Company            
Variable Interest Entity [Line Items]            
Long term debt   $ 12,328   $ 12,328   $ 12,325 [1]
Payables to affiliates   406   406   $ 210 [1]
Virginia Electric and Power Company | Variable Interest Entity (VIE) or Potential VIE, Information Unavailability            
Variable Interest Entity [Line Items]            
Long term capacity contract non utility generators (generators) | Generator           1
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW           218
Payment for contract termination $ 135   $ 135   $ 135  
Payment for contract termination after tax     100   100  
Payment for electric capacity         13  
Payment for electric energy         1  
Virginia Electric and Power Company | Variable Interest Entity, Not Primary Beneficiary | DES            
Variable Interest Entity [Line Items]            
Shared services purchased   86 129 179 218  
Payables to affiliates   92   92   $ 102
Dominion Energy Gas Holdings, LLC            
Variable Interest Entity [Line Items]            
Long term debt   4,324   4,324   4,821 [2]
Payables to affiliates   159   159   82 [2]
Dominion Energy Gas Holdings, LLC | Variable Interest Entity, Not Primary Beneficiary | DECGS            
Variable Interest Entity [Line Items]            
Shared services purchased   3 5 7 9  
Dominion Energy Gas Holdings, LLC | Variable Interest Entity, Not Primary Beneficiary | DEQPS            
Variable Interest Entity [Line Items]            
Shared services purchased   7 11 14 20  
Dominion Energy Gas Holdings, LLC | Variable Interest Entity, Not Primary Beneficiary | DECGS and DEQPS            
Variable Interest Entity [Line Items]            
Payables to affiliates   18   18   15
Dominion Energy Gas Holdings, LLC | Variable Interest Entity, Not Primary Beneficiary | DES            
Variable Interest Entity [Line Items]            
Shared services purchased   27 $ 39 58 $ 67  
Payables to affiliates   38   38   27
Variable Interest Entity, Primary Beneficiary | SBL Holdco            
Variable Interest Entity [Line Items]            
Securities due within one year   32   32   31
Long term debt   $ 258   $ 258   $ 267
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail)
Jun. 30, 2020
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Outstanding Commercial Paper 210,000,000 [1]
Outstanding Letters of Credit 103,000,000 [1]
Facility Capacity Available 5,687,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [2]
Outstanding Commercial Paper 0 [2]
Outstanding Letters of Credit 9,000,000 [2]
Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000 [3]
Outstanding Commercial Paper 0 [3]
Outstanding Letters of Credit $ 0 [3]
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[3] A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.20.2
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail)
Jun. 30, 2020
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [2]
Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000 [3]
Letter of Credit  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000.0
Letter of Credit | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000.0
Letter of Credit | Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000
Line of Credit | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000
Line of Credit | Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit $ 750,000,000
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[3] A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.20.2
Significant Financing Transactions (Narrative) (Detail)
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 14, 2019
USD ($)
$ / shares
shares
Jun. 30, 2022
shares
Jun. 30, 2020
USD ($)
Bond
$ / shares
May 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
$ / shares
shares
Jan. 31, 2019
USD ($)
shares
Jun. 30, 2020
USD ($)
$ / shares
shares
Jun. 30, 2019
shares
Jun. 30, 2020
USD ($)
$ / shares
shares
Jun. 30, 2019
USD ($)
shares
Dec. 15, 2024
$ / shares
Jul. 31, 2020
USD ($)
Feb. 29, 2020
USD ($)
Nov. 30, 2017
USD ($)
Debt Instrument [Line Items]                                
Facility Limit [1]     $ 6,000,000,000           $ 6,000,000,000   $ 6,000,000,000          
Short-term debt     386,000,000       $ 911,000,000 [2]   386,000,000   386,000,000          
Other long-term debt     444,000,000       105,000,000 [2]   444,000,000   444,000,000          
Shares of common stock issued in acquisition, value                       $ 6,818,000,000        
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities                       $ (40,000,000)        
Total Preferred Stock     2,387,000,000       $ 2,387,000,000 [2]   $ 2,387,000,000   $ 2,387,000,000          
Preferred stock, redemption price per share | $ / shares             $ 1,020                  
Subsequent Event                                
Debt Instrument [Line Items]                                
Stock repurchase program, authorized amount                           $ 3,000,000,000.0    
Scenario Forecast                                
Debt Instrument [Line Items]                                
Preferred stock, redemption price per share | $ / shares                         $ 1,000      
Common Stock                                
Debt Instrument [Line Items]                                
Shares of common stock issued in acquisition | shares                       96,000,000        
Shares of common stock issued in acquisition, value                       $ 6,818,000,000        
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities                       $ 1,181,000,000        
Issuance of common stock (in shares) | shares                 1,000,000 1,000,000 2,000,000 4,000,000        
2019 Corporate Units                                
Debt Instrument [Line Items]                                
Total Long-term Debt $ 1,600,000,000                              
Percentage of interest in undivided beneficial ownership 10.00%                              
Total Preferred Stock [3] $ 1,610,000,000                              
Dividend rate percentage 1.75%                              
Issuance of common stock (in shares) | shares 16,000,000                              
2019 Corporate Units | Scenario Forecast | Maximum                                
Debt Instrument [Line Items]                                
Shares to be issued under purchase contracts | shares   21,800,000                            
2019 Corporate Units | Common Stock                                
Debt Instrument [Line Items]                                
Purchase price to be paid under stock purchase contracts | $ / shares $ 100                              
Interest Rate Swap                                
Debt Instrument [Line Items]                                
Derivative notional value     $ 2,000,000,000.0           $ 2,000,000,000.0   $ 2,000,000,000.0          
Derivative maturity month and year     2024-12                          
Other long-term debt     $ 326,000,000           $ 326,000,000   $ 326,000,000          
Derivative imputed interest rate     1.19%           1.19%   1.19%          
SCANA                                
Debt Instrument [Line Items]                                
Debt instrument, maturity date, description                     In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively.          
Shares of common stock issued in acquisition | shares               95,600,000                
Shares of common stock issued in acquisition, value               $ 6,800,000,000                
June 2006 Hybrids                                
Debt Instrument [Line Items]                                
Debt, amount redeemed                             $ 111,000,000  
September 2006 Hybrids                                
Debt Instrument [Line Items]                                
Debt, amount redeemed                             $ 286,000,000  
June 2006 and September 2006 Hybrids | Interest and Related Charges                                
Debt Instrument [Line Items]                                
Expenses related to early redemption of hybrids                     $ 10,000,000          
Shelf Registration for Sale of Common Stock through At-the-market Program                                
Debt Instrument [Line Items]                                
Issuance of common stock (in shares) | shares                     0          
Shelf Registration for Sale of Common Stock through At-the-market Program | Maximum                                
Debt Instrument [Line Items]                                
Sale of stock authorized amount           $ 500,000,000                    
DESC                                
Debt Instrument [Line Items]                                
Facility Limit     $ 500,000,000           $ 500,000,000   $ 500,000,000          
Short-term indebtedness outstanding                     $ 2,200,000,000          
Debt maturity month and year                     2021-03          
Questar Gas                                
Debt Instrument [Line Items]                                
Facility Limit     250,000,000           250,000,000   $ 250,000,000          
GESC                                
Debt Instrument [Line Items]                                
Short-term indebtedness outstanding                     $ 200,000,000          
Debt maturity month and year                     2021-03          
Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit [4]     6,000,000,000           6,000,000,000   $ 6,000,000,000          
Short-term debt     $ 0       $ 243,000,000 [5]   $ 0   $ 0          
Issuance of common stock (in shares) | shares                 0 0 0 0        
Virginia Electric and Power Company | Tax Exempt Bonds                                
Debt Instrument [Line Items]                                
Number of series of tax exempt bonds | Bond     1                          
Long-term debt     $ 105,000,000           $ 105,000,000   $ 105,000,000          
Dominion Energy Midstream Partners, LP                                
Debt Instrument [Line Items]                                
Shares of common stock issued in acquisition | shares               22,500,000                
Shares of common stock issued in acquisition, value               $ 1,600,000,000                
Common units conversion ratio               0.2492                
Gain or loss recognized in equity transaction               $ 0                
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities               $ 40,000,000                
Dominion Energy                                
Debt Instrument [Line Items]                                
Dividend rate percentage             2.993%                  
Dominion Energy | Series B Preferred Stock                                
Debt Instrument [Line Items]                                
Preferred stock shares authorized | shares             800,000                  
Total Preferred Stock             $ 791,000,000                  
Issuance of costs             9,000,000                  
Preferred stock liquidation value             $ 1,000                  
Dividend rate percentage             4.65%                  
Dividend stock                 $ 9,000,000   $ 18,000,000          
Dominion Energy | Second Quarter Dividend | Series B Preferred Stock                                
Debt Instrument [Line Items]                                
Dividends payable, amount per share | $ / shares     $ 11.625           $ 11.625   $ 11.625          
Dominion Energy | First And Second Quarter Dividend | Series B Preferred Stock                                
Debt Instrument [Line Items]                                
Dividends payable, amount per share | $ / shares     $ 23.250           $ 23.250   $ 23.250          
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco                                
Debt Instrument [Line Items]                                
Facility Limit     $ 30,000,000           $ 30,000,000   $ 30,000,000          
Automatic renewal period                     1 year          
Short-term debt     0           0   $ 0          
Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Dominion Solar Projects III, Inc                                
Debt Instrument [Line Items]                                
Facility Limit     25,000,000           25,000,000   $ 25,000,000          
Automatic renewal period                     1 year          
Short-term debt     0           0   $ 0          
Term Loan Credit Agreement                                
Debt Instrument [Line Items]                                
Credit facility, outstanding amount         $ 625,000,000 $ 500,000,000                    
Debt Instrument, Term         364 days 364 days                    
Floating Rate Demand Notes                                
Debt Instrument [Line Items]                                
Short-term debt     $ 176,000,000       $ 75,000,000   $ 176,000,000   $ 176,000,000          
Floating Rate Demand Notes | Shelf Registration for Sale of Demand Notes                                
Debt Instrument [Line Items]                                
Facility Limit                               $ 3,000,000,000.0
Debt instrument, maximum principal outstanding amount                               $ 1,000,000,000.0
Floating rate senior notes | SCANA                                
Debt Instrument [Line Items]                                
Debt, amount redeemed           $ 66,000,000                    
Debt instrument, maturity date, description                     In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034.          
Floating rate senior notes | Interest and Related Charges | SCANA                                
Debt Instrument [Line Items]                                
Expenses related to early redemption of hybrids                     $ 7,000,000          
4.75% Medium Term Notes | SCANA                                
Debt Instrument [Line Items]                                
Debt, amount redeemed           $ 183,000,000                    
Interest Rate           4.75%                    
4.125% Medium Term Notes | SCANA                                
Debt Instrument [Line Items]                                
Debt, amount redeemed           $ 155,000,000                    
Interest Rate           4.125%                    
4.75% and 4.125% Medium Term Notes | Interest and Related Charges | SCANA                                
Debt Instrument [Line Items]                                
Expenses related to early redemption of hybrids                     $ 14,000,000          
Senior Notes Due in 2025 | Senior Notes                                
Debt Instrument [Line Items]                                
Interest Rate     1.30%     3.30%     1.30%   1.30%          
Total Long-term Debt     $ 500,000,000     $ 400,000,000     $ 500,000,000   $ 500,000,000          
Debt maturity year     2025     2025                    
Senior Notes Due in 2027 | Senior Notes                                
Debt Instrument [Line Items]                                
Interest Rate           3.60%                    
Total Long-term Debt           $ 350,000,000                    
Debt maturity year           2027                    
Senior Notes Due in 2030 | Senior Notes                                
Debt Instrument [Line Items]                                
Interest Rate     2.00%   3.375%       2.00%   2.00%          
Total Long-term Debt     $ 500,000,000   $ 1,500,000,000       $ 500,000,000   $ 500,000,000          
Debt maturity year     2030   2030                      
Senior Notes Due in 2030 | PSNC                                
Debt Instrument [Line Items]                                
Interest Rate           4.05%                    
Total Long-term Debt           $ 200,000,000                    
Debt maturity year           2030                    
2.579% Junior Subordinated Notes | Unsecured Junior Subordinated Notes                                
Debt Instrument [Line Items]                                
Debt maturity month and year         2020-07                      
Interest Rate         2.579%                      
Debt instrument repurchased and canceled amount     $ 993,000,000   $ 7,000,000       $ 993,000,000   $ 993,000,000          
Senior Notes Due in 2050 | Senior Notes                                
Debt Instrument [Line Items]                                
Interest Rate     3.00%           3.00%   3.00%          
Total Long-term Debt     $ 800,000,000           $ 800,000,000   $ 800,000,000          
Debt maturity year     2050                          
1.20% Tax-Exempt Bond | Virginia Electric and Power Company | Tax Exempt Bonds                                
Debt Instrument [Line Items]                                
Interest Rate     1.20%           1.20%   1.20%          
Letter of Credit                                
Debt Instrument [Line Items]                                
Facility Limit     $ 2,000,000,000.0           $ 2,000,000,000.0   $ 2,000,000,000.0          
Letter of Credit | Virginia Electric and Power Company                                
Debt Instrument [Line Items]                                
Facility Limit     2,000,000,000.0           2,000,000,000.0   2,000,000,000.0          
Letter of Credit | Credit Facility, Maturing in June 2020                                
Debt Instrument [Line Items]                                
Facility Limit       $ 30,000,000 $ 21,000,000                      
Credit facility, outstanding amount     21,000,000           21,000,000   $ 21,000,000          
Credit facility, maturity date       Jun. 30, 2022             Jun. 30, 2020          
364-Day Revolving Credit Facility                                
Debt Instrument [Line Items]                                
Facility Limit           $ 900,000,000                    
Credit facility, outstanding amount     $ 225,000,000           $ 225,000,000   $ 225,000,000          
Debt Instrument, Term           364 days                    
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Dominion Energy recorded dividends of $7 million ($4.375 per share) and $14 million ($8.750 per share) for the three and six months ended June 30, 2020, respectively.
[4] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At June 30, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[5] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Significant Financing Transactions (Schedule of Equity Units) (Detail) - USD ($)
shares in Millions, $ in Millions
Jun. 14, 2019
Jun. 30, 2020
Dec. 31, 2019
Capital Unit [Line Items]      
Total Preferred Stock   $ 2,387 $ 2,387 [1]
Stock Purchase Contract Liability   $ 171 $ 212
2019 Corporate Units      
Capital Unit [Line Items]      
Units Issued 16    
Total Net Proceeds [2] $ 1,582    
Total Preferred Stock [3] $ 1,610    
Cumulative Dividend Rate 1.75%    
Stock Purchase Contract Annual Rate 5.50%    
Stock Purchase Contract Liability [4] $ 250    
Stock Purchase Contract Settlement Date Jun. 01, 2022    
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets.
[3] Dominion Energy recorded dividends of $7 million ($4.375 per share) and $14 million ($8.750 per share) for the three and six months ended June 30, 2020, respectively.
[4] Payments of $41 million were made during the six months ended June 30, 2020. The stock purchase contract liability was $171 million and $212 million at June 30, 2020 and December 31, 2019, respectively.
v3.20.2
Significant Financing Transactions (Schedule of Equity Units) (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 14, 2019
Jun. 30, 2020
Jun. 30, 2020
Dec. 31, 2019
Capital Unit [Line Items]        
Issuance costs $ 28      
Corporate units stock purchase contract liability payments     $ 41  
Stock Purchase Contract Liability   $ 171 171 $ 212
Preferred Stock        
Capital Unit [Line Items]        
Issuance costs 14      
Recorded dividend   $ 7 $ 14  
Preferred Stock | Second Quarter Dividend        
Capital Unit [Line Items]        
Dividends payable, amount per share   $ 4.375 $ 4.375  
Preferred Stock | First And Second Quarter Dividend        
Capital Unit [Line Items]        
Dividends payable, amount per share   $ 8.750 $ 8.750  
Common Stock        
Capital Unit [Line Items]        
Issuance costs $ 14      
v3.20.2
Commitments and Contingencies (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jul. 31, 2020
USD ($)
Apr. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jul. 31, 2019
USD ($)
May 31, 2019
T
Feb. 28, 2019
USD ($)
Aug. 31, 2018
USD ($)
Jun. 30, 2018
USD ($)
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
Facility
Indicator
site
gal
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Loss Contingencies [Line Items]                                    
Impairment of assets and other charges                       $ 531.0   $ 312.0 $ 1,299.0 $ 1,147.0    
Property, plant and equipment, net       $ 69,082.0 [1]               67,980.0     67,980.0   $ 69,082.0 [1]  
Nuclear Obligations                                    
Loss Contingencies [Line Items]                                    
Liability protection per nuclear incident available amount                       13,800.0 $ 13,900.0          
Common Stock                                    
Loss Contingencies [Line Items]                                    
Litigation settlement, benefit fund     $ 320.0                              
DESC Ratepayer Case                                    
Loss Contingencies [Line Items]                                    
Litigation settlement, benefit fund     520.0                              
SCANA                                    
Loss Contingencies [Line Items]                                    
Reserves for SCANA legal proceedings       696.0 [1]               538.0     538.0   696.0 [1]  
Other expense                             25.0      
Other expense, after tax                             25.0      
Impairment of assets and other charges                           100.0   278.0    
Impairment of assets and other charges, after tax                           75.0   208.0    
Escrow account     $ 160.0                   $ 160.0          
Litigation settlement, amount received from SCANA       192.5                            
Payment for civil monetary penalty from SCANA   $ 25.0                                
SCANA | Subsequent Event                                    
Loss Contingencies [Line Items]                                    
Litigation settlement, amount received from SCANA $ 32.5                                  
SCANA | DESC Ratepayer Case                                    
Loss Contingencies [Line Items]                                    
Escrow account                                   $ 2,000.0
Credit in future electric rate relief                                   2,000.0
Cash payment         $ 117.0                         115.0
Property, plant and equipment, net         $ 54.0             26.0     26.0      
SCANA | Other Receivables                                    
Loss Contingencies [Line Items]                                    
Insurance receivables       111.0               8.0     8.0   111.0  
DESC                                    
Loss Contingencies [Line Items]                                    
Contesting amount for filed liens in Fairfield country               $ 285.0                    
DESC | SCDOR                                    
Loss Contingencies [Line Items]                                    
Proposed assessment amount from audit                 $ 410.0                  
Proportional share of NND project                 100.00%                  
DESC | SOUTH CAROLINA                                    
Loss Contingencies [Line Items]                                    
Amount claimed by plaintiffs in legal matter             $ 100.0                      
Percentage claimed by plaintiffs in legal matter             100.00%                      
SCANA and DESC                                    
Loss Contingencies [Line Items]                                    
Disgorgement and prejudgment interest total, amount   $ 112.5                                
Minimum | SCANA | DESC Ratepayer Case                                    
Loss Contingencies [Line Items]                                    
Proceeds from sale of property                                   60.0
Maximum | SCANA | Common Stock                                    
Loss Contingencies [Line Items]                                    
Litigation settlement amount through stock issuance       32.5                            
Maximum | SCANA | DESC Ratepayer Case                                    
Loss Contingencies [Line Items]                                    
Proceeds from sale of property                                   $ 85.0
Virginia Electric and Power Company                                    
Loss Contingencies [Line Items]                                    
Impairment of assets and other charges                       44.0   $ 197.0 808.0 $ 743.0    
Property, plant and equipment, net       $ 32,882.0 [2]               $ 31,499.0     $ 31,499.0   32,882.0 [2]  
DESC | NND Project Costs                                    
Loss Contingencies [Line Items]                                    
Percentage ownership in total units                       55.00%     55.00%      
Unfavorable Regulatory Action | VDEQ                                    
Loss Contingencies [Line Items]                                    
Significant emission rate initial carbon cap | T           28,000,000.0                        
Significant emission rate carbon cap reduction percentage per year           3.00%                        
Significant emission rate ultimate carbon cap | T           19,600,000                        
Unfavorable Regulatory Action | EPA                                    
Loss Contingencies [Line Items]                                    
Electric generating station facilities heightened entrainment analysis per day | gal                             125,000,000      
Carbon Regulations                                    
Loss Contingencies [Line Items]                                    
Significant emission rate per rear CO2 equivalent | T                     75,000              
CWA | Unfavorable Regulatory Action                                    
Loss Contingencies [Line Items]                                    
Number of mandatory facility-specific factors | Indicator                             5      
Number of optional facility-specific factors | Indicator                             6      
Number of facilities that are subject to final regulations | Facility                             13      
CWA | Unfavorable Regulatory Action | Minimum                                    
Loss Contingencies [Line Items]                                    
Electric generating stations with water withdrawals per day | gal                             2,000,000      
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company                                    
Loss Contingencies [Line Items]                                    
Number of facilities that are subject to final regulations | Facility                             7      
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                    
Loss Contingencies [Line Items]                                    
Number of separate petitions for reconsideration granted | Petition                   2                
Waste Management and Remediation | Unfavorable Regulatory Action | EPA                                    
Loss Contingencies [Line Items]                                    
Number of sites remediation work substantially completed | site                             11      
Number of sites with remediation plans | site                             3      
Number of sites with an updated work plan | site                             1      
Updated work plan, cost increase                             $ 11.0      
Number of additional sites which are not under investigation | site                             13      
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                                    
Loss Contingencies [Line Items]                                    
Environmental remediation reserves                             $ 34.0   34.0  
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company                                    
Loss Contingencies [Line Items]                                    
Number of sites with remediation plans | site                             1      
Number of additional sites which are not under investigation | site                             2      
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                                    
Loss Contingencies [Line Items]                                    
Environmental remediation reserves                             $ 16.0   $ 16.0  
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail)
Jun. 30, 2020
USD ($)
Guarantee Obligations [Line Items]  
Maximum Exposure $ 5,248,000,000 [1]
Commodity Transactions  
Guarantee Obligations [Line Items]  
Maximum Exposure 2,215,000,000 [2]
Nuclear Obligations  
Guarantee Obligations [Line Items]  
Maximum Exposure 224,000,000 [3]
Cove Point  
Guarantee Obligations [Line Items]  
Maximum Exposure 1,900,000,000 [4]
Financial Guarantee | Equity Method Investee [Member]  
Guarantee Obligations [Line Items]  
Maximum Exposure 27,000,000
Solar  
Guarantee Obligations [Line Items]  
Maximum Exposure 449,000,000 [5]
Other  
Guarantee Obligations [Line Items]  
Maximum Exposure 460,000,000 [6]
Surety Bond  
Guarantee Obligations [Line Items]  
Maximum Exposure 177,000,000
Surety Bond | Virginia Electric and Power Company  
Guarantee Obligations [Line Items]  
Maximum Exposure 89,000,000
Surety Bond | Dominion Energy Gas Holdings, LLC  
Guarantee Obligations [Line Items]  
Maximum Exposure 27,000,000
Financial Standby Letter of Credit  
Guarantee Obligations [Line Items]  
Maximum Exposure $ 103,000,000
[1] Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 and in Note 14 in this report.
[2] Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
[3] Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
[4] Guarantees related to Cove Point, in support of terminal services, transportation and construction. Cove Point has two guarantees that have no maximum limit and, therefore, are not included in this amount.
[5] Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects.
[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.
v3.20.2
Credit Risk (Narrative) (Detail)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
counterparty
Jun. 30, 2019
Jun. 30, 2020
USD ($)
counterparty
Jun. 30, 2019
Dec. 31, 2019
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]          
Gross credit exposure     $ 215,000,000    
Additional collateral to be posted if the credit related contingent features were triggered $ 13,000,000   13,000,000   $ 10,000,000
Collateral derivatives with credit-related contingent provision in a liability position 4,000,000   4,000,000   0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 17,000,000   17,000,000   10,000,000
Virginia Electric and Power Company          
Concentration Risk and Guarantor Obligations [Line Items]          
Gross credit exposure     59,000,000    
Additional collateral to be posted if the credit related contingent features were triggered $ 2,000,000   2,000,000   $ 8,000,000
Wholesale Customers | Dominion Energy Gas Holdings, LLC          
Concentration Risk and Guarantor Obligations [Line Items]          
Gross credit exposure     27,000,000    
Credit Concentration Risk          
Concentration Risk and Guarantor Obligations [Line Items]          
Gross credit exposure     $ 53,000,000    
Number of counterparties | counterparty 0   0    
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC          
Concentration Risk and Guarantor Obligations [Line Items]          
Gross credit exposure     $ 3,000,000    
Number of counterparties | counterparty 0   0    
Credit Concentration Risk | Wholesale Customers | Sales Revenue, Net | Virginia Electric and Power Company          
Concentration Risk and Guarantor Obligations [Line Items]          
Gross credit exposure     $ 53,000,000    
Number of counterparties | counterparty 0   0    
Credit Concentration Risk | Export Customers | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC          
Concentration Risk and Guarantor Obligations [Line Items]          
Concentration risk, percentage (percentage) 36.00% 34.00% 34.00% 33.00%  
Credit Concentration Risk | Largest Customer | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC          
Concentration Risk and Guarantor Obligations [Line Items]          
Concentration risk, percentage (percentage) 19.00% 18.00% 18.00% 17.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty          
Concentration Risk and Guarantor Obligations [Line Items]          
Concentration risk, percentage (percentage)     95.00%    
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company          
Concentration Risk and Guarantor Obligations [Line Items]          
Concentration risk, percentage (percentage)     100.00%    
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC          
Concentration Risk and Guarantor Obligations [Line Items]          
Concentration risk, percentage (percentage)     88.00%    
v3.20.2
Related-Party Transactions (Narrative) (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Related Party Transaction [Line Items]            
Derivative Asset $ 216,000,000     $ 216,000,000   $ 93,000,000
Derivative Liabilities 1,334,000,000     1,334,000,000   740,000,000
DCP | IRCA            
Related Party Transaction [Line Items]            
Interest charges related to others   $ 29,000,000     $ 58,000,000  
Virginia Electric and Power Company            
Related Party Transaction [Line Items]            
Derivative Asset 133,000,000     133,000,000   24,000,000
Derivative Liabilities 1,004,000,000     1,004,000,000   466,000,000
Payable to affiliates 340,000,000     340,000,000   107,000,000 [1]
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries $ 0     $ 0   0
Issuance of common stock to Dominion 0 0   0 0  
Affiliated receivables $ 2,000,000     $ 2,000,000   27,000,000 [1]
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan            
Related Party Transaction [Line Items]            
Amounts due to Dominion, noncurrent 838,000,000     838,000,000   782,000,000
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan            
Related Party Transaction [Line Items]            
Amounts due from Dominion, noncurrent 318,000,000     318,000,000   287,000,000
Virginia Electric and Power Company | Affiliated Entity            
Related Party Transaction [Line Items]            
Derivative Asset 3,000,000     3,000,000   3,000,000
Derivative Liabilities 19,000,000     19,000,000   53,000,000
Virginia Electric and Power Company | Principal Owner            
Related Party Transaction [Line Items]            
Payable to affiliates 340,000,000     340,000,000   107,000,000
Dominion Energy Gas Holdings, LLC            
Related Party Transaction [Line Items]            
Derivative Asset           8,000,000
Derivative Liabilities 204,000,000     204,000,000   86,000,000
Payable to affiliates 314,000,000     314,000,000   260,000,000 [2]
Affiliated receivables 77,000,000     77,000,000   362,000,000 [2]
Business combination acquisition related costs       1,700,000,000 $ 323,000,000  
Dominion Energy Gas Holdings, LLC | IRCA | Revolving Credit Facility            
Related Party Transaction [Line Items]            
Payable to affiliates 314,000,000     314,000,000   251,000,000
Dominion Energy Gas Holdings, LLC | DCP | Revolving Credit Facility            
Related Party Transaction [Line Items]            
Payable to affiliates           9,000,000
Dominion Energy Gas Holdings, LLC | Maximum | IRCA | Revolving Credit Facility            
Related Party Transaction [Line Items]            
Interest charges related to others 1,000,000 $ 1,000,000   2,000,000 1,000,000  
Dominion Energy Gas Holdings, LLC | Maximum | DCP | Revolving Credit Facility            
Related Party Transaction [Line Items]            
Interest charges related to others 1,000,000 1,000,000   1,000,000 2,000,000  
Dominion Energy Gas Holdings, LLC | Commercial Paper            
Related Party Transaction [Line Items]            
Payable to affiliates 2,300,000,000     2,300,000,000   1,800,000,000
Affiliated receivables 263,000,000     263,000,000   0
Interest income 12,000,000     23,000,000    
Dominion Energy Gas Holdings, LLC | Commercial Paper | East Ohio and DGP | IRCA            
Related Party Transaction [Line Items]            
Interest income   3,000,000     8,000,000  
Dominion Energy Gas Holdings, LLC | Commercial Paper | Maximum            
Related Party Transaction [Line Items]            
Interest income 1,000,000     2,000,000    
Dominion Energy Gas Holdings, LLC | Amounts Associated with the Dominion Pension Plan | Other Deferred Charges and Other Assets            
Related Party Transaction [Line Items]            
Amounts due from Dominion, noncurrent 334,000,000     334,000,000   326,000,000
Dominion Energy Gas Holdings, LLC | Amounts Associated with the Dominion Retiree Health and Welfare Plan | Other Deferred Charges and Other Assets            
Related Party Transaction [Line Items]            
Amounts due from Dominion, noncurrent 20,000,000     20,000,000   17,000,000
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Unbilled Revenues            
Related Party Transaction [Line Items]            
Amounts due from Dominion, noncurrent 18,000,000     18,000,000   22,000,000
Dominion Energy Gas Holdings, LLC | Affiliated Entity | Commodity            
Related Party Transaction [Line Items]            
Derivative Asset 0     0   0
Derivative Liabilities 0     0   0
Cove Point | Commercial Paper | Term Loan Credit Agreement            
Related Party Transaction [Line Items]            
Interest income   27,000,000     54,000,000  
East Ohio | Commercial Paper            
Related Party Transaction [Line Items]            
Affiliated receivables           $ 1,700,000,000
Interest income $ 15,000,000     $ 33,000,000    
Dominion Energy Midstream Partners, LP | Commercial Paper | Term Loan Credit Agreement            
Related Party Transaction [Line Items]            
Payable to affiliates     $ 395,000,000      
Interest charges related to others   $ 3,000,000     $ 6,000,000  
Debt instrument, face amount     $ 400,000,000      
Debt maturity year     2022      
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.2
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Virginia Electric and Power Company          
Related Party Transaction [Line Items]          
Commodity purchases from affiliates $ 104 $ 119 $ 315 $ 391  
Services provided by affiliates [1] 114 161 235 280  
Virginia Electric and Power Company | Affiliated Entity          
Related Party Transaction [Line Items]          
Services provided to related parties 4 8 9 14  
Dominion Energy Gas Holdings, LLC          
Related Party Transaction [Line Items]          
Services provided by affiliates [2] 37 59 80 104  
Services provided to related parties [3] 29 45 61 90  
Other receivables [4] 7   7   $ 7
Other deferred charges and other assets 10   10   12
Dominion Energy Gas Holdings, LLC | Affiliated Entity          
Related Party Transaction [Line Items]          
Commodity purchases from affiliates 3 0 6 0  
Services provided to related parties 60 $ 60 128 $ 127  
Imbalances receivable from affiliates 3   3   8
Imbalances payable to affiliates [5] $ 2   $ 2   $ 1
[1] Includes capitalized expenditures of $34 million for both the three months ended June 30, 2020 and 2019, and $68 million and $67 million for the six months ended June 30, 2020 and 2019, respectively.
[2] Includes capitalized expenditures of $4 million and $5 million for the three months ended June 30, 2020 and 2019, respectively, and $7 million and $11 million for the six months ended June 30, 2020 and 2019, respectively.
[3] Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE.
[4] Represents amounts due from Atlantic Coast Pipeline, a related-party VIE.
[5] Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.2
Related-Party Transactions (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Virginia Electric and Power Company        
Related Party Transaction [Line Items]        
Capital expenditures     $ 1,474 $ 1,079
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity        
Related Party Transaction [Line Items]        
Capital expenditures $ 34 $ 34 68 67
Dominion Energy Gas Holdings, LLC        
Related Party Transaction [Line Items]        
Capital expenditures     147 341
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity        
Related Party Transaction [Line Items]        
Capital expenditures $ 4 $ 5 $ 7 $ 11
v3.20.2
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Pension Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 43 $ 40 $ 86 $ 80
Interest cost 90 98 181 199
Expected return on plan assets (192) (176) (385) (353)
Amortization of prior service cost (credit) 1 1 1 1
Amortization of net actuarial loss 48 43 97 82
Settlement and curtailment [1] 2 71 2 73
Net periodic benefit cost (credit) (8) 77 (18) 82
Pension Benefits | Dominion Energy Gas Holdings, LLC        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 2 4 3 8
Interest cost 2 8 5 16
Expected return on plan assets (14) (39) (28) (78)
Amortization of prior service cost (credit) 0 0 0 0
Amortization of net actuarial loss 2 5 4 10
Settlement and curtailment [2] 0 1 0 1
Net periodic benefit cost (credit) (8) (21) (16) (43)
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 7 6 14 13
Interest cost 15 17 30 34
Expected return on plan assets (39) (35) (78) (68)
Amortization of prior service cost (credit) (13) (13) (25) (26)
Amortization of net actuarial loss 2 3 3 7
Settlement and curtailment [1] 0 42 0 42
Net periodic benefit cost (credit) (28) 20 (56) 2
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0 1 1 2
Interest cost 1 2 2 5
Expected return on plan assets (5) (7) (10) (14)
Amortization of prior service cost (credit) (1) (1) (2) (2)
Amortization of net actuarial loss 1 1 1 2
Settlement and curtailment [2] 0 1 0 1
Net periodic benefit cost (credit) $ (4) $ (3) $ (8) $ (6)
[1] 2019 amounts relate primarily to a voluntary retirement program.
[2] 2019 amounts relate to a voluntary retirement program.
v3.20.2
Employee Benefit Plans (Narrative) (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2020
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Contributions to qualified defined benefit pension plans and OPEB plans   $ 0  
Dominion Energy Gas Holdings, LLC      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Contributions to qualified defined benefit pension plans and OPEB plans   0  
Voluntary Retirement Program      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges $ 423,000,000    
Voluntary retirement program related charges net of tax 316,000,000    
Voluntary Retirement Program | Other Operations and Maintenance      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 288,000,000    
Voluntary Retirement Program | Other Taxes      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 23,000,000    
Voluntary Retirement Program | Other Income      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 112,000,000    
Voluntary Retirement Program | Virginia Electric and Power Company      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 194,000,000    
Voluntary retirement program related charges net of tax 144,000,000    
Voluntary Retirement Program | Virginia Electric and Power Company | Other Operations and Maintenance      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 186,000,000    
Voluntary Retirement Program | Virginia Electric and Power Company | Other Taxes      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 8,000,000    
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 74,000,000    
Voluntary retirement program related charges net of tax 58,000,000    
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Other Operations and Maintenance      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 39,000,000    
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Other Taxes      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 2,000,000    
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Other Income      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges 1,000,000    
Voluntary Retirement Program | Dominion Energy Gas Holdings, LLC | Net income loss from discontinued operations      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Voluntary retirement program related charges $ 32,000,000    
Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected contribution defined benefit pension plans and OPEB plans through VEBAs for the remainder of 2020   0  
Pension Benefits | Scenario Forecast      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected contribution defined benefit pension plans and OPEB plans through VEBAs for the remainder of 2020     $ 250,000,000
Pension Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected contribution defined benefit pension plans and OPEB plans through VEBAs for the remainder of 2020   0  
Other Postretirement Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected contribution defined benefit pension plans and OPEB plans through VEBAs for the remainder of 2020   12,000,000  
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Expected contribution defined benefit pension plans and OPEB plans through VEBAs for the remainder of 2020   $ 12,000,000  
v3.20.2
Operating Segments - Dominion Energy (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 31, 2019
May 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Mar. 31, 2019
Segment Reporting Information [Line Items]              
Asset early retirement expense     $ 89.0        
Gain loss on investments held in nuclear decommissioning trust funds, after tax     38.0 $ 48.0 $ (187.0) $ 17.0  
Virginia Electric and Power Company              
Segment Reporting Information [Line Items]              
Charge related to a voluntary retirement program           192.0  
Charge related to a voluntary retirement program, after-tax           143.0  
Cancellation abandonment expense           62.0  
Cancellation abandonment expense, after tax           46.0  
Asset early retirement expense after tax           275.0  
Gain loss on investments held in nuclear decommissioning trust funds, after tax     $ 5.0 (9.0) (41.0) (14.0)  
Benefit from revision of future closure costs           113.0  
Benefit from revision of future closure costs, after tax           84.0  
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company              
Segment Reporting Information [Line Items]              
Payment for contract termination   $ 135.0   135.0   135.0  
Payment for contract termination after tax       100.0   100.0  
SCANA              
Segment Reporting Information [Line Items]              
Merger and integration-related costs           446.0  
Merger and integration-related costs, after tax           339.0  
Charge related to a voluntary retirement program           425.0  
Charge related to a voluntary retirement program, after-tax           317.0  
Litigation settlement expense $ 192.5            
Operating Segments              
Segment Reporting Information [Line Items]              
After- tax net expenses         2,900.0 1,800.0  
Gain loss on investments held in nuclear decommissioning trust funds         145.0 336.0  
Gain loss on investments held in nuclear decommissioning trust funds, after tax         115.0 251.0  
Operating Segments | Virginia Electric and Power Company              
Segment Reporting Information [Line Items]              
After- tax net expenses         654.0 607.0  
Asset early retirement expense after tax         559.0    
Corporate and Other | Operating Segments              
Segment Reporting Information [Line Items]              
After- tax net expenses         3,100.0 2,100.0  
Corporate and Other | Operating Segments | Virginia Electric and Power Company              
Segment Reporting Information [Line Items]              
After- tax net expenses         654.0 652.0  
Dominion Energy South Carolina Inc | SCANA              
Segment Reporting Information [Line Items]              
Charge for refund of amounts from customers       1,000.0   1,000.0 $ 1,000.0
Charge for refund of amounts from customers, after tax           756.0  
Charge related to a voluntary retirement program, after-tax           64.0  
Litigation settlement expense           278.0  
Litigation settlement expense, after tax           209.0  
Charge for property, plant and equipment acquired but committed to forgo recovery           114.0  
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax           86.0  
Dominion Energy South Carolina Inc | SCANA | NND Project              
Segment Reporting Information [Line Items]              
Tax benefit resulting from re-measurement of deferred income taxes as a result of the 2017 Tax Reform Act           198.0  
Income tax related to regulatory assets acquired       $ 264.0   264.0  
Dominion Energy Virginia | Virginia Legislation              
Segment Reporting Information [Line Items]              
Benefit from revision of future closure costs           113.0  
Benefit from revision of future closure costs, after tax           84.0  
Dominion Energy Virginia | Automated Meter Reading Program              
Segment Reporting Information [Line Items]              
Asset early retirement expense           160.0  
Asset early retirement expense after tax           119.0  
Dominion Energy Virginia | SCANA              
Segment Reporting Information [Line Items]              
Charge related to a voluntary retirement program, after-tax           145.0  
Dominion Energy Virginia | Operating Segments              
Segment Reporting Information [Line Items]              
Gain loss on investments held in nuclear decommissioning trust funds, after tax         15.0 29.0  
Dominion Energy Virginia | Operating Segments | Electric Generation Facilities              
Segment Reporting Information [Line Items]              
Asset early retirement expense         751.0 369.0  
Asset early retirement expense after tax         564.0 275.0  
Gas, Transmission & Storage | Atlantic Coast Pipeline | Supply Header Project              
Segment Reporting Information [Line Items]              
Cancellation abandonment expense         2,800.0    
Cancellation abandonment expense, after tax         2,200.0    
Gas, Transmission & Storage | SCANA              
Segment Reporting Information [Line Items]              
Charge related to a voluntary retirement program, after-tax           39.0  
Gas Distribution | SCANA              
Segment Reporting Information [Line Items]              
Charge related to a voluntary retirement program, after-tax           53.0  
Contracted Generation | SCANA              
Segment Reporting Information [Line Items]              
Charge related to a voluntary retirement program, after-tax           38.0  
Contracted Generation | Operating Segments              
Segment Reporting Information [Line Items]              
Gain loss on investments held in nuclear decommissioning trust funds, after tax         $ 100.0 $ 222.0  
v3.20.2
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Operating Revenue [1] $ 3,585 $ 3,970 $ 8,081 $ 7,828
Net income (loss) (1,169) 54 (1,439) (626)
Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Operating Revenue [2] 1,805 1,938 3,735 3,903
Net income (loss) 490 100 210 120
Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
Operating Revenue [3] 510 530 1,066 1,096
Net income (loss) (198) 119 (29) 309
Net Income from discontinued operations 0 26 0 80
Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue (315) (484) (656) (819)
Operating revenue   32    
Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue 3,585 3,970 8,081 7,828
Adjustments & Eliminations        
Segment Reporting Information [Line Items]        
Operating Revenue (1)   (1)  
Eliminations        
Segment Reporting Information [Line Items]        
Operating Revenue (316) (452) (657) (819)
Dominion Energy Virginia        
Segment Reporting Information [Line Items]        
Operating Revenue 1,818 1,945 3,756 3,946
Net income (loss) 437 393 866 754
Dominion Energy Virginia | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Operating Revenue 1,805 1,938 3,735 3,932
Net income (loss) 435 393 862 751
Dominion Energy Virginia | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue (4) (2) (7) (6)
Dominion Energy Virginia | Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue 1,814 1,943 3,749 3,940
Gas, Transmission & Storage        
Segment Reporting Information [Line Items]        
Operating Revenue 528 664 1,172 1,647
Net income (loss) 184 177 405 399
Gas, Transmission & Storage | Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
Operating Revenue 510 530 1,066 1,096
Net income (loss) 163 116 337 254
Net Income from discontinued operations   0   0
Gas, Transmission & Storage | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 49 91 106 146
Gas, Transmission & Storage | Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue 577 755 1,278 1,793
Gas Distribution        
Segment Reporting Information [Line Items]        
Operating Revenue 400 397 1,287 1,314
Net income (loss) 87 66 312 271
Gas Distribution | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 2 3 5 7
Gas Distribution | Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue 402 400 1,292 1,321
Dominion Energy South Carolina        
Segment Reporting Information [Line Items]        
Operating Revenue 634 701 1,347 1,390
Net income (loss) 75 95 169 166
Dominion Energy South Carolina | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 1 2 2 2
Dominion Energy South Carolina | Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue 635 703 1,349 1,392
Contracted Generation        
Segment Reporting Information [Line Items]        
Operating Revenue 238 249 524 601
Net income (loss) 21 13 80 115
Contracted Generation | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 5 4 9 7
Contracted Generation | Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue 243 253 533 608
Corporate and Other        
Segment Reporting Information [Line Items]        
Operating Revenue (32) (18) (4) (1,070)
Net income (loss) (1,973) (690) (3,271) (2,331)
Corporate and Other | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Operating Revenue 0 0 0 (29)
Net income (loss) 55 (293) (652) (631)
Corporate and Other | Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
Operating Revenue 0 0 0 0
Net income (loss) (361) 3 (366) 55
Net Income from discontinued operations   26   80
Corporate and Other | Intersegment revenue        
Segment Reporting Information [Line Items]        
Operating Revenue 262 386 541 663
Corporate and Other | Operating Segments        
Segment Reporting Information [Line Items]        
Operating Revenue $ 230 $ 368 $ 537 $ (407)
[1] See Note 10 for amounts attributable to related parties.
[2] See Note 19 for amounts attributable to affiliates.
[3] See Note 19 for amounts attributable to related parties.
v3.20.2
Operating Segments - Virginia Power (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Gain loss on investments held in nuclear decommissioning trust funds, after tax $ 38 $ 48 $ (187) $ 17
Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
Asset early retirement expense       369
Asset early retirement expense after tax       275
Gain loss on investments held in nuclear decommissioning trust funds, after tax $ 5 $ (9) (41) (14)
Charge related to a voluntary retirement program       192
Charge related to a voluntary retirement program, after-tax       143
Asset planned early retirement expense       160
Asset planned early retirement expense, after tax       119
Operating revenue recorded charge       135
Operating revenue recorded charge, after tax       100
Cancellation abandonment expense       62
Cancellation abandonment expense, after tax       46
Benefit from revision of future closure costs       113
Benefit from revision of future closure costs, after tax       84
Operating Segments        
Segment Reporting Information [Line Items]        
After- tax net expenses     2,900 1,800
Gain loss on investments held in nuclear decommissioning trust funds     145 336
Gain loss on investments held in nuclear decommissioning trust funds, after tax     115 251
Operating Segments | Corporate and Other        
Segment Reporting Information [Line Items]        
After- tax net expenses     3,100 2,100
Operating Segments | Virginia Electric and Power Company        
Segment Reporting Information [Line Items]        
After- tax net expenses     654 607
Asset early retirement expense     751  
Asset early retirement expense after tax     559  
Operating Segments | Virginia Electric and Power Company | Corporate and Other        
Segment Reporting Information [Line Items]        
After- tax net expenses     $ 654 $ 652
v3.20.2
Operating Segments - Dominion Energy Gas (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Impairment of assets and other charges $ 531 $ 312 $ 1,299 $ 1,147
Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
Impairment of assets and other charges $ 482 $ 13 482 13
DETI        
Segment Reporting Information [Line Items]        
Impairment of assets and other charges     482  
Asset impairment charges after tax     359  
Operating Segments        
Segment Reporting Information [Line Items]        
After- tax net expenses     2,900 1,800
Operating Segments | Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
Charge related to a voluntary retirement program       42
Charge related to a voluntary retirement program, after-tax       31
Operating Segments | Corporate and Other        
Segment Reporting Information [Line Items]        
After- tax net expenses     3,100 2,100
Operating Segments | Corporate and Other | Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
After- tax net expenses     365 44
Operating Segments | Gas, Transmission & Storage | Dominion Energy Gas Holdings, LLC        
Segment Reporting Information [Line Items]        
After- tax net expenses     $ 365 $ 43