DOMINION ENERGY GAS HOLDINGS, LLC, 10-K filed on 2/28/2020
Annual Report
v3.19.3.a.u2
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2019
Feb. 14, 2020
Jun. 30, 2019
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2019    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name DOMINION ENERGY, INC.    
Entity Central Index Key 0000715957    
Current Fiscal Year End Date --12-31    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 62.0
Entity File Number 001-08489    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-1229715    
Entity Address, Address Line One 120 TREDEGAR STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2000    
Entity Address, State or Province VA    
Entity Common Stock, Shares Outstanding   838,000,325  
Common Stock      
Document Information [Line Items]      
Trading Symbol D    
Title of 12(b) Security Common Stock, no par value    
Security Exchange Name NYSE    
2016 Series A 5.25% Enhanced Junior Subordinated Notes      
Document Information [Line Items]      
Trading Symbol DRUA    
Title of 12(b) Security 2016 Series A 5.25% Enhanced Junior Subordinated Notes    
Security Exchange Name NYSE    
2019 Series A Corporate Units      
Document Information [Line Items]      
Trading Symbol DCUE    
Title of 12(b) Security 2019 Series A Corporate Units    
Security Exchange Name NYSE    
Virginia Electric and Power Company      
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2019    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name VIRGINIA ELECTRIC AND POWER COMPANY    
Entity Central Index Key 0000103682    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity File Number 000-55337    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 54-0418825    
Entity Address, Address Line One 120 TREDEGAR STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2000    
Entity Address, State or Province VA    
Entity Common Stock, Shares Outstanding   274,723  
Dominion Energy Gas Holdings, LLC      
Document Information [Line Items]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2019    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Interactive Data Current Yes    
Entity Registrant Name DOMINION ENERGY GAS HOLDINGS, LLC    
Entity Central Index Key 0001603291    
Entity Well-known Seasoned Issuer Yes    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity File Number 001-37591    
Entity Incorporation, State or Country Code VA    
Entity Tax Identification Number 46-3639580    
Entity Address, Address Line One 120 TREDEGAR STREET    
Entity Address, City or Town RICHMOND    
Entity Address, Postal Zip Code 23219    
City Area Code 804    
Local Phone Number 819-2000    
Entity Address, State or Province VA    
Entity Common Stock, Shares Outstanding   0  
Dominion Energy Gas Holdings, LLC | 2014 Series C 4.6% Senior Notes      
Document Information [Line Items]      
No Trading Symbol Flag true    
Title of 12(b) Security 2014 Series C 4.6% Senior Notes    
Security Exchange Name NYSE    
v3.19.3.a.u2
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Revenue [1] $ 16,572 $ 13,366 $ 12,586
Operating Expenses      
Electric fuel and other energy-related purchases 2,938 2,814 2,301
Purchased electric capacity 88 122 6
Purchased (excess) gas 1,536 645 701
Other operations and maintenance 4,428 3,458 3,200
Depreciation, depletion and amortization 2,655 2,000 1,905
Other taxes 1,040 703 668
Impairment of assets and related charges 1,535 403 15
Gains on sales of assets (162) (380) (147)
Total operating expenses 14,058 9,765 8,649
Income from operations 2,514 3,601 3,937
Earnings from equity method investees 168 197 (18)
Other income [1] 986 1,021 358
Interest and related charges 1,773 1,493 1,205
Income from operations including noncontrolling interests before income tax expense (benefit) 1,727 3,129 3,090
Income tax expense (benefit) 351 580 (30)
Net Income Including Noncontrolling Interests 1,376 2,549 3,120
Noncontrolling Interests 18 102 121
Net Income $ 1,358 $ 2,447 $ 2,999
Earnings Per Common Share      
Net income attributable to Dominion Energy — Basic $ 1.66 $ 3.74 $ 4.72
Net income attributable to Dominion Energy — Diluted $ 1.62 $ 3.74 $ 4.72
Virginia Electric and Power Company      
Operating Revenue [2] $ 8,108 $ 7,619 $ 7,556
Operating Expenses      
Electric fuel and other energy-related purchases [2] 2,178 2,318 1,909
Purchased electric capacity 40 122 6
Affiliated suppliers 367 305 309
Other 1,376 1,371 1,169
Depreciation, depletion and amortization 1,223 1,132 1,141
Other taxes 328 300 290
Impairment of assets and related charges 757    
Total operating expenses 6,269 5,548 4,824
Income from operations 1,839 2,071 2,732
Other income 98 22 76
Interest and related charges [2] 524 511 494
Income from operations including noncontrolling interests before income tax expense (benefit) 1,413 1,582 2,314
Income tax expense (benefit) 264 300 774
Net Income 1,149 1,282 1,540
Dominion Energy Gas Holdings, LLC      
Operating Revenue [3] 2,169 1,996 1,523
Operating Expenses      
Purchased (excess) gas [3] 7 (10) 109
Other energy-related purchases 2 4 4
Affiliated suppliers 168 132 123
Other [3] 556 584 449
Depreciation, depletion and amortization 367 333 242
Other taxes 154 120 99
Impairment of assets and related charges 13 163 15
Gains on sales of assets (2) (117) (70)
Total operating expenses 1,265 1,209 971
Income from operations 904 787 552
Earnings from equity method investees 43 54 47
Other income 166 89 62
Interest and related charges [3] 311 174 60
Income from operations including noncontrolling interests before income tax expense (benefit) 802 756 601
Income tax expense (benefit) 101 124 (65)
Net Income from continuing operations 701 632 666
Net Income from discontinued operations [4] 141 24 163
Net Income Including Noncontrolling Interests 842 656 829
Noncontrolling Interests 121 175 126
Net Income $ 721 $ 481 $ 703
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 25 for amounts attributable to affiliates.
[3] See Note 25 for amounts attributable to related parties.
[4] Includes income tax expense of $33 million, less than $1 million and $91 million in 2019, 2018 and 2017, respectively.
v3.19.3.a.u2
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dominion Energy Gas Holdings, LLC      
Income tax expense from discontinued operations $ 33 $ 1 $ 91
v3.19.3.a.u2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net income including noncontrolling interests $ 1,376 $ 2,549 $ 3,120
Net income 1,358 2,447 2,999
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net of tax (110) 30 8
Changes in unrealized net gains (losses) on nuclear decommissioning trust funds, net of tax 39 (18) 215
Changes in net unrecognized pension and other postretirement benefit costs, net of tax (22) (215) (69)
Amounts reclassified to net income:      
Net derivative (gains) losses-hedging activities, net of tax (62) 102 (29)
Net realized (gains) losses on investment securities, net of tax (4) 5 (37)
Net pension and other postretirement benefit costs, net of tax 66 78 50
Changes in other comprehensive gains (losses) from equity method investees, net of tax   1 3
Total other comprehensive income (loss) (93) (17) 141
Comprehensive income including noncontrolling interests 1,283 2,532 3,261
Comprehensive income attributable to noncontrolling interests 18 103 122
Comprehensive income 1,265 2,429 3,139
Virginia Electric and Power Company      
Net income 1,149 1,282 1,540
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net of tax (22) 1 (5)
Changes in unrealized net gains (losses) on nuclear decommissioning trust funds, net of tax 5   24
Amounts reclassified to net income:      
Net derivative (gains) losses-hedging activities, net of tax 1 1 1
Net realized (gains) losses on investment securities, net of tax (1)   (4)
Total other comprehensive income (loss) (17) 2 16
Comprehensive income 1,132 1,284 1,556
Dominion Energy Gas Holdings, LLC      
Net income including noncontrolling interests 842 656 829
Net income 721 481 703
Other comprehensive income (loss), net of taxes:      
Net deferred gains (losses) on derivatives-hedging activities, net of tax (61) (16) 6
Changes in net unrecognized pension and other postretirement benefit costs, net of tax 33 (52) 20
Amounts reclassified to net income:      
Net derivative (gains) losses-hedging activities, net of tax 5 19 (4)
Net pension and other postretirement benefit costs, net of tax 5 4 4
Total other comprehensive income (loss) (18) (45) 26
Comprehensive income including noncontrolling interests 824 611 855
Comprehensive income attributable to noncontrolling interests 120 175 127
Comprehensive income $ 704 $ 436 $ 728
v3.19.3.a.u2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net deferred gains (losses) on derivative-hedging activities, tax $ 35 $ (10) $ (3)
Changes in unrealized net gains (losses) on investment securities, tax (14) 5 (121)
Changes in net unrecognized pension and other postretirement benefit costs, tax (4) 75 32
Net derivative (gains) losses-hedging activities, tax 21 (35) 18
Net realized (gains) losses on investment securities, tax 1 (2) 21
Net pension and other postretirement benefit costs, tax (23) (21) (32)
Changes in other comprehensive income (loss) from equity method investees, tax   (1) (2)
Virginia Electric and Power Company      
Net deferred gains (losses) on derivative-hedging activities, tax 8 (1) 3
Changes in unrealized net gains (losses) on investment securities, tax (2)   (16)
Net realized (gains) losses on investment securities, tax 1   3
Dominion Energy Gas Holdings, LLC      
Net deferred gains (losses) on derivative-hedging activities, tax 22 5 (3)
Changes in net unrecognized pension and other postretirement benefit costs, tax (13) 20 (8)
Net derivative (gains) losses-hedging activities, tax (2) (7) 2
Net pension and other postretirement benefit costs, tax $ (2) $ (2) $ (2)
v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Current Assets    
Cash and cash equivalents $ 166 $ 268
Customer receivables (less allowance for doubtful accounts) 2,278 1,749
Other receivables (less allowance for doubtful accounts) [1] 367 331
Inventories:    
Materials and supplies 1,193 1,039
Fossil fuel 412 287
Gas stored 137 92
Prepayments 328 265
Regulatory assets 879 496
Other 328 634
Total current assets 6,088 5,161
Investments    
Nuclear decommissioning trust funds 6,192 4,938
Investment in equity method affiliates 1,646 1,278
Other 379 344
Total investments 8,217 6,560
Property, Plant and Equipment    
Property, plant and equipment 97,466 76,578
Accumulated depreciation, depletion and amortization (28,384) (22,018)
Total property, plant and equipment, net 69,082 54,560
Deferred Charges and Other Assets    
Goodwill [2] 8,946 6,410
Pension and other postretirement benefit assets 1,708 1,279
Intangible assets, net 791 670
Regulatory assets 7,687 2,676
Other 1,304 598
Total deferred charges and other assets 20,436 11,633
Total assets 103,823 77,914
Current Liabilities    
Securities due within one year 3,162 3,624
Credit facility borrowings [3]   73
Short-term debt 911 334
Accounts payable 1,115 914
Accrued interest, payroll and taxes 1,323 836
Regulatory liabilities 497 356
Reserves for SCANA legal proceedings 696 0
Other [1] 2,235 1,510
Total current liabilities 9,939 7,647
Long-Term Debt    
Long-term debt 30,313 26,293
Junior subordinated notes 3,406 3,430
Remarketable subordinated notes   1,386
Finance leases 105 35
Total long-term debt 33,824 31,144
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 6,277 5,116
Regulatory liabilities 11,001 6,840
Asset retirement obligations 4,866 2,250
Pension and other postretirement benefit liability 2,366 2,328
Other [1] 1,517 541
Total deferred credits and other liabilities 26,027 17,075
Total liabilities 69,790 55,866
Commitments and Contingencies (see Note 23)
Equity    
Preferred stock (See Note 19) 2,387 0
Common stock - no par [4] 23,824 12,588
Retained earnings 7,576 9,219
Accumulated other comprehensive income (loss) (1,793) (1,700)
Total shareholder's equity 31,994 20,107
Noncontrolling interests 2,039 1,941
Total equity 34,033 22,048
Total liabilities and equity 103,823 77,914
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents 17 29
Customer receivables (less allowance for doubtful accounts) 1,163 999
Other receivables (less allowance for doubtful accounts) 106 76
Affiliated receivables 27 101
Inventories:    
Materials and supplies 549 550
Fossil fuel 324 287
Prepayments 27 28
Regulatory assets 433 424
Other [5] 30 77
Total current assets 2,676 2,571
Investments    
Nuclear decommissioning trust funds 2,881 2,369
Other 3 3
Total investments 2,884 2,372
Property, Plant and Equipment    
Property, plant and equipment 47,038 44,524
Accumulated depreciation, depletion and amortization (14,156) (14,003)
Total property, plant and equipment, net 32,882 30,521
Deferred Charges and Other Assets    
Pension and other postretirement benefit assets [5] 287 254
Intangible assets, net 271 250
Regulatory assets 1,863 737
Other [5] 565 175
Total deferred charges and other assets 2,986 1,416
Total assets 41,428 36,880
Current Liabilities    
Securities due within one year 4 350
Short-term debt 243 314
Accounts payable 334 339
Payables to affiliates 210 209
Affiliated current borrowings 107 224
Accrued interest, payroll and taxes 253 248
Asset retirement obligations 340 245
Regulatory liabilities 167 299
Derivative Liabilities [5] 243 25
Customer deposits 121 121
Other 450 441
Total current liabilities 2,472 2,815
Long-Term Debt    
Long-Term Debt 12,325 11,320
Finance leases 16 1
Total long-term debt 12,341 11,321
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 2,962 3,017
Regulatory liabilities 5,074 4,647
Asset retirement obligations 3,241 1,200
Pension and other postretirement benefit liability [5] 782 632
Other [5] 567 201
Total deferred credits and other liabilities 12,626 9,697
Total liabilities 27,439 23,833
Commitments and Contingencies (see Note 23)
Equity    
Common stock - no par [6] 5,738 5,738
Other paid-in capital 1,113 1,113
Retained earnings 7,167 6,208
Accumulated other comprehensive income (loss) (29) (12)
Total shareholder's equity 13,989 13,047
Total liabilities and equity 41,428 36,880
Dominion Energy Gas Holdings, LLC    
Current Assets    
Cash and cash equivalents 27 [7] 99
Customer receivables (less allowance for doubtful accounts) [8] 173 187
Other receivables (less allowance for doubtful accounts) [8] 26 18
Affiliated receivables 362 319
Affiliated notes receivable   819
Inventories:    
Materials and supplies 120 95
Gas stored 2 2
Prepayments 73 77
Gas imbalances [8] 52 187
Regulatory assets [9] 8 8
Current assets of discontinued operations 0 444
Other 23 101
Total current assets 858 2,348
Investments    
Affiliated notes receivables 3,437 4,317
Investment in equity method affiliates 312 339
Total investments 3,749 4,656
Property, Plant and Equipment    
Property, plant and equipment 15,166 14,700
Accumulated depreciation, depletion and amortization (3,538) (3,219)
Total property, plant and equipment, net 11,628 11,481
Deferred Charges and Other Assets    
Goodwill [2] 1,471 1,471
Pension and other postretirement benefit assets [8] 840 705
Intangible assets, net 106 115
Regulatory assets 40 52
Other [8] 92 74
Total deferred charges and other assets 2,549 2,417
Noncurrent Assets of Discontinued Operations   5,849
Total assets 18,784 26,751
Current Liabilities    
Securities due within one year 700 748
Credit facility borrowings [3]   73
Short-term debt 62 10
Accounts payable 59 76
Payables to affiliates 82 124
Affiliated current borrowings 260 3,097
Accrued interest, payroll and taxes 128 116
Regulatory liabilities [10] 41 24
Current liabilities of discontinued operations   1,273
Other [8] 161 238
Total current liabilities 1,452 5,755
Long-Term Debt    
Long-Term Debt 4,821 7,022
Finance leases 5 0
Total long-term debt 4,826 7,022
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 1,288 1,330
Regulatory liabilities 800 765
Other 189 118
Total deferred credits and other liabilities 2,277 2,213
Noncurrent Liabilities of Discontinued Operations   2,896
Total liabilities 8,555 17,886
Commitments and Contingencies (see Note 23)
Equity    
Predecessor Equity   1,804
Membership interests 9,031 4,566
Accumulated other comprehensive income (loss) (187) (169)
Total shareholders' equity 8,844 6,201
Noncontrolling interests 1,385 2,664
Total equity 10,229 8,865
Total liabilities and equity $ 18,784 $ 26,751
[1] See Note 9 for amounts attributable to related parties.
[2] Goodwill amounts do not contain any accumulated impairment losses.
[3] In February 2019, Dominion Energy Midstream repaid its $300 million variable rate term loan due in December 2019 and terminated the credit facility due in March 2021 subsequent to repaying the $73 million outstanding balance. As such, credit facility borrowings are presented within current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2018.
[4] 1.8 billion shares authorized; 838 million shares and 681 million shares outstanding at December 31, 2019 and 2018, respectively.
[5] See Note 25 for amounts attributable to affiliates.
[6] 500,000 shares authorized; 274,723 shares outstanding at December 31, 2019 and 2018.
[7] At December 31, 2018, 2017 and 2016, Dominion Energy Gas had $9 million, $3 million and $14 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
[8] See Note 25 for amounts attributable to related parties.
[9] Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[10] Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.19.3.a.u2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Customer receivables, allowance for doubtful accounts $ 20 $ 14
Other receivables, allowance for doubtful accounts $ 3 $ 4
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 838,000,000 681,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 9 $ 9
Other receivables, allowance for doubtful accounts $ 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 $ 2 $ 1
v3.19.3.a.u2
Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions
Total
NRG Energy, Inc
Common Units
Preferred Stock
Common Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Total Shareholders' Equity
Noncontrolling Interests
Noncontrolling Interests
NRG Energy, Inc
Noncontrolling Interests
Common Units
Beginning balance at Dec. 31, 2016 $ 16,840       $ 8,550 $ 6,854 $ (799) $ 14,605 $ 2,235    
Beginning balance (in shares) at Dec. 31, 2016         628.0            
Net income (loss) including noncontrolling interests 3,120         2,999   2,999 121    
Contributions to Four Brothers and Three Cedars   $ 9               $ 9  
Issuance of common stock 1,302       $ 1,302     1,302      
Issuance of common stock (in shares)         17.0            
Sale of Dominion Energy Midstream common units—net of offering costs     $ 18               $ 18
Stock awards (net of change in unearned compensation) 22       $ 22     22      
Dividends and distributions (2,087)         (1,931)   (1,931) (156)    
Other comprehensive income (loss), net of tax 141           140 140 1    
Other 5       (9) 14   5      
Ending balance at Dec. 31, 2017 19,370       $ 9,865 7,936 (659) 17,142 2,228    
Ending Balance (in shares) at Dec. 31, 2017         645.0            
Cumulative-effect of changes in accounting principles 6       $ (127) 1,029 (1,023) (121) 127    
Net income (loss) including noncontrolling interests 2,549         2,447   2,447 102    
Issuance of common stock 2,461       $ 2,461     2,461      
Issuance of common stock (in shares)         36.0            
Sale of Dominion Energy Midstream common units—net of offering costs 4               4    
Stock awards (net of change in unearned compensation) 22       $ 22     22      
Remeasurement of noncontrolling interest in Dominion Energy Midstream         375     375 (375)    
Dividends and distributions (2,331)         (2,185)   (2,185) (146)    
Other comprehensive income (loss), net of tax (17)           (18) (18) 1    
Other (16)       (8) (8)   (16)      
Ending balance at Dec. 31, 2018 22,048       $ 12,588 9,219 (1,700) 20,107 1,941    
Ending Balance (in shares) at Dec. 31, 2018         681.0            
Net income (loss) including noncontrolling interests 1,376         1,358   1,358 18    
Issuance of common stock $ 5,401     $ 2,387 $ 3,014     5,401      
Issuance of common stock (in shares) 6.1     2.0 39.0            
Stock purchase contract component of 2019 Equity Units $ (264)       $ (264)     (264)      
Acquisition of SCANA 6,818       $ 6,818     6,818      
Acquisition of SCANA (in shares)         96.0            
Acquisition of public interest in Dominion Energy Midstream (in shares)         22.0            
Acquisition of public interest in Dominion Energy Midstream (40)       $ 1,181     1,181 (1,221)    
Stock awards (net of change in unearned compensation) 24       24     24      
Other comprehensive income (loss), net of tax (93)           (93) (93)      
Other (14)       (13) (1)   (14)      
Sale of interest in Cove Point 1,862       476     476 1,386    
Preferred stock dividends (17)         (17)   (17)      
Common dividends and distributions (3,068)         (2,983)   (2,983) (85)    
Ending balance at Dec. 31, 2019 $ 34,033     $ 2,387 $ 23,824 $ 7,576 $ (1,793) $ 31,994 $ 2,039    
Ending Balance (in shares) at Dec. 31, 2019       2.0 838.0            
v3.19.3.a.u2
Consolidated Statements of Equity (Parenthetical) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]                      
Dividends declared per common share $ 0.9175 $ 0.9175 $ 0.9175 $ 0.9175 $ 0.835 $ 0.835 $ 0.835 $ 0.835 $ 3.67 $ 3.34 $ 3.035
v3.19.3.a.u2
Virginia Electric and Power Company Consolidated Statements of Equity - USD ($)
shares in Thousands, $ in Millions
Total
Virginia Electric and Power Company
Common Stock
Common Stock
Virginia Electric and Power Company
Other Paid-In Capital
Virginia Electric and Power Company
Retained Earnings
Retained Earnings
Virginia Electric and Power Company
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Virginia Electric and Power Company
Beginning balance at Dec. 31, 2016   $ 11,865   $ 5,738 $ 1,113   $ 4,968   $ 46
Beginning balance (in shares) at Dec. 31, 2016     628,000 275          
Net income $ 2,999 1,540         1,540    
Dividends (2,087) (1,199)       $ (1,931) (1,199)    
Other comprehensive income (loss), net of tax 141 16           $ 140 16
Other (5) 2 $ 9     (14) 2    
Ending balance at Dec. 31, 2017   12,224   $ 5,738 1,113   5,311 (659) 62
Ending Balance (in shares) at Dec. 31, 2017     645,000 275          
Cumulative-effect of changes in accounting principles 6 3 $ (127)     1,029 79 (1,023) (76)
Net income 2,447 1,282         1,282    
Dividends (2,331) (464)       (2,185) (464)    
Other comprehensive income (loss), net of tax (17) 2           (18) 2
Other 16   $ 8     8      
Ending balance at Dec. 31, 2018 20,107 13,047   $ 5,738 1,113   6,208 (1,700) (12)
Ending Balance (in shares) at Dec. 31, 2018     681,000 275          
Net income 1,358 1,149         1,149    
Dividends   (190)         (190)    
Other comprehensive income (loss), net of tax (93) (17)           (93) (17)
Other 14   $ 13     $ 1      
Ending balance at Dec. 31, 2019 $ 31,994 $ 13,989   $ 5,738 $ 1,113   $ 7,167 $ (1,793) $ (29)
Ending Balance (in shares) at Dec. 31, 2019     838,000 275          
v3.19.3.a.u2
Dominion Energy Gas Holdings, LLC Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Dominion Energy Gas Holdings, LLC
Predecessor Equity
Dominion Energy Gas Holdings, LLC
Membership Interests
Dominion Energy Gas Holdings, LLC
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Dominion Energy Gas Holdings, LLC
Total Members' Equity
Total Members' Equity
Dominion Energy Gas Holdings, LLC
Noncontrolling Interests
Noncontrolling Interests
Dominion Energy Gas Holdings, LLC
Common Units
Common Units
Dominion Energy Gas Holdings, LLC
Common Units
Noncontrolling Interests
Common Units
Noncontrolling Interests
Dominion Energy Gas Holdings, LLC
Beginning balance at Dec. 31, 2016 $ 16,840 $ 7,687 $ 1,438 $ 3,659 $ (799) $ (123) $ 14,605 $ 4,974 $ 2,235 $ 2,713        
Net income including noncontrolling interests 3,120 829 88 615     2,999 703 121 126        
Sale of Dominion Energy Midstream common units—net of offering costs                     $ 18 $ 18 $ 18 $ 18
Dividends and distributions (2,087) (121) (19) (15)     (1,931) (34) (156) (87)        
Distributions to noncontrolling interests     (193)         (193)   193        
Equity contributions from Dominion Energy   51 44         44   7        
Other comprehensive income (loss), net of tax   26       25   25   1        
Other (5) 5 3 2     (5) 5            
Ending balance at Dec. 31, 2017 19,370 8,495 1,361 4,261 (659) (98) 17,142 5,524 2,228 2,971        
Cumulative-effect of changes in accounting principles 6 3   29 (1,023) (26) (121) 3 127          
Net income including noncontrolling interests 2,549 656 180 301     2,447 481 102 175        
Sale of Dominion Energy Midstream common units—net of offering costs 4               4     $ 4   $ 4
Remeasurement of noncontrolling interest in Dominion Energy Midstream     375       375 375 (375) (375)        
Dividends and distributions (2,331) (296) (133) (25)     (2,185) (158) (146) (138)        
Distributions to noncontrolling interests     (27)         (27)   27        
Equity contributions from Dominion Energy   48 48         48            
Other comprehensive income (loss), net of tax   (45)       (45)   (45)            
Other 16           16              
Ending balance at Dec. 31, 2018 22,048 8,865 1,804 4,566 (1,700) (169) 20,107 6,201 1,941 2,664        
Net income including noncontrolling interests 1,376 842 232 489     1,358 721 18 121        
Acquisition of public interest in Dominion Energy Midstream (40) (40) 1,181       1,181 1,181 (1,221) (1,221)        
Dividends and distributions   (636) (457)         (457)   (179)        
Equity contributions from Dominion Energy   3,385 3,385         3,385            
Dominion Energy Gas Restructuring   (2,168) $ (6,145) 3,978   (1)   (2,168)            
Other comprehensive income (loss), net of tax   (18)       (17)   (17)   (1)        
Other 14 (1)   (2)     14 (2)   1        
Ending balance at Dec. 31, 2019 $ 34,033 $ 10,229   $ 9,031 $ (1,793) $ (187) $ 31,994 $ 8,844 $ 2,039 $ 1,385        
v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income including noncontrolling interests $ 1,376 $ 2,549 $ 3,120
Net income 1,358 2,447 2,999
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation, depletion and amortization (including nuclear fuel) 2,977 2,280 2,202
Deferred income taxes and investment tax credits 216 517 (3)
Proceeds from assignment of tower rental portfolio     91
Contribution to pension plan (21)   (75)
Provision for refunds and rate credits to electric utility customers 800 77 0
Impairment of assets and other charges 1,333 395 15
Charge related to a voluntary retirement program 320    
Gains on sales of assets and equity method investments (167) (1,006) (148)
Net (gains) losses on nuclear decommissioning trusts funds and other investments (626) 102 (117)
Charges associated with equity method investments     158
Charge (revision) for future ash pond and landfill closure costs (113) 81  
Other adjustments (5) 19 33
Changes in:      
Accounts receivable (71) (110) (103)
Inventories (90) (29) 15
Deferred fuel and purchased gas costs, net 195 (247) (71)
Prepayments (225) (51) (62)
Accounts payable (225) 67 (89)
Accrued interest, payroll and taxes (78) (12) 64
Customer deposits (101) 54 15
Margin deposit assets and liabilities 60   (10)
Net realized and unrealized changes related to derivative activities 43 181 44
Asset retirement obligations 41 (35) (94)
Pension and other postretirement benefits (148) (114) (177)
Other operating assets and liabilities (287) 55 (306)
Net cash provided by operating activities 5,204 4,773 4,502
Investing Activities      
Plant construction and other property additions (4,980) (4,254) (5,504)
Cash and restricted cash acquired in the SCANA Combination 389    
Acquisition of solar development projects (341) (151) (405)
Proceeds from sales of securities 1,712 1,804 1,831
Purchases of securities (1,749) (1,894) (1,940)
Proceeds from sales of assets and equity method investments 447 2,542 138
Contributions to equity method affiliates (209) (428) (370)
Distributions from equity method affiliates 9 36 275
Other 100 (13) 33
Net cash used in investing activities (4,622) (2,358) (5,942)
Financing Activities      
Issuance (repayment) of short-term debt, net 404 (2,964) 143
Issuance of short-term notes 3,000 1,450  
Repayment and repurchase of short-term notes (3,000) (1,450) (250)
Credit facility borrowings (repayments) 0 73  
Issuance and remarketing of long-term debt 4,374 6,362 3,880
Repayment and repurchase of long-term debt (including redemption premiums) (9,116) (5,682) (1,572)
Proceeds from sale of interest in Cove Point 2,078    
Net proceeds from issuance of Dominion Energy Midstream common units   4 18
Issuance of common stock 2,515 2,461 1,302
Issuance of Series B preferred stock 791    
Issuance of 2019 Equity Units 1,582    
Common dividend payments (2,983) (2,185) (1,931)
Other (236) (278) (287)
Net cash provided by (used in) financing activities (704) (2,209) 1,303
Increase (decrease) in cash, restricted cash and equivalents (122) 206 (137)
Cash, restricted cash and equivalents at beginning of year 391 185 322
Cash, restricted cash and equivalents at end of year 269 391 185
Supplemental Cash Flow Information      
Interest and related charges, excluding capitalized amounts 1,643 1,362 1,083
Income taxes 106 89 9
Significant noncash investing and financing activities:      
Accrued capital expenditures [1],[2],[3],[4],[5] 555 307 343
Leases [1],[2],[3],[4],[5],[6] 157    
Receivables from sales of assets and equity method investments [1],[2],[3],[4],[5] 5 159  
Guarantee provided by equity method affiliate [1],[2],[3],[4],[5]     30
Virginia Electric and Power Company      
Operating Activities      
Net income 1,149 1,282 1,540
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation, depletion and amortization (including nuclear fuel) 1,392 1,309 1,333
Deferred income taxes and investment tax credits (80) 224 269
Proceeds from assignment of tower rental portfolio     91
Impairment of assets and other charges 624    
Charge related to a voluntary retirement program 116    
Provision for rate credits to customers   77  
Charge (revision) for future ash pond and landfill closure costs (113) 81  
Other adjustments (86) (21) (36)
Changes in:      
Accounts receivable (196) (60) (27)
Affiliated receivables and payables 75 (14) 125
Inventories (56) 13 3
Deferred fuel and purchased gas costs, net 243 (269) (59)
Prepayments 1 (1) 3
Accounts payable (31) (26) (42)
Accrued interest, payroll and taxes 5 (8) 17
Net realized and unrealized changes related to derivative activities 21 119 13
Asset retirement obligations 51 (54) (88)
Other operating assets and liabilities (331) 188 (181)
Net cash provided by operating activities 2,784 2,840 2,961
Investing Activities      
Plant construction and other property additions (2,642) (2,228) (2,496)
Purchases of nuclear fuel (157) (173) (192)
Acquisition of solar development projects (182) (141) (41)
Proceeds from sales of securities 858 887 849
Purchases of securities (905) (925) (884)
Other (37) (63) (41)
Net cash used in investing activities (3,065) (2,643) (2,805)
Financing Activities      
Issuance (repayment) of short-term debt, net (71) (228) 477
Repayment of credit facility borrowings (113)    
Issuance and remarketing of long-term debt 1,248 1,300 1,500
Issuance (repayment) of affiliated current borrowings, net (117) 191 (229)
Repayment and repurchase of long-term debt (including redemption premiums) (591) (964) (681)
Common dividend payments (190) (464) (1,199)
Other (12) (18) (11)
Net cash provided by (used in) financing activities 267 (183) (143)
Increase (decrease) in cash, restricted cash and equivalents (14) 14 13
Cash, restricted cash and equivalents at beginning of year 38 24 11
Cash, restricted cash and equivalents at end of year 24 38 24
Supplemental Cash Flow Information      
Interest and related charges, excluding capitalized amounts 495 498 458
Income taxes 272 128 362
Significant noncash investing and financing activities:      
Accrued capital expenditures [1] 292 204 169
Leases [1],[7] 55    
Dominion Energy Gas Holdings, LLC      
Operating Activities      
Net income including noncontrolling interests 842 656 829
Net income 721 481 703
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:      
Depreciation and amortization 445 424 328
Deferred income taxes and investment tax credits (3) 380 (19)
Impairment of assets and other charges 13 385 15
Charge related to a voluntary retirement program 20    
Gains on sales of assets and equity method investments (7) (109) (70)
Other adjustments 69 21 14
Changes in:      
Accounts receivable 69 (101) (4)
Affiliated receivables and payables (51) (310) 26
Inventories (50) (28) (5)
Prepayments 59 (23) (20)
Accounts payable (109) 1 (7)
Accrued interest, payroll and taxes (52) 22 26
Pension and other postretirement benefits (142) (153) (143)
Other operating assets and liabilities (37) 30 (13)
Net cash provided by operating activities 1,066 1,195 957
Investing Activities      
Plant construction and other property additions (704) (1,109) (1,815)
Loan to Dominion Energy (1,757)    
Loan to Dominion Energy from Cove Point   (2,986)  
Repayment of affiliated notes receivable, net 647   32
Proceeds from assignment of shale development rights   109 70
Other (22) (20) (27)
Net cash used in investing activities 1,150 (4,006) (1,740)
Financing Activities      
Issuance (repayment) of short-term debt, net 52 (619) 169
Credit facility borrowings (repayments)   73  
Repayment of credit facility borrowings (73)    
Issuance and remarketing of long-term debt 1,500 3,750  
Issuance of affiliated long-term debt 395    
Issuance (repayment) of affiliated current borrowings, net (2,837) 291 628
Repayment and repurchase of long-term debt (including redemption premiums) (3,750) (255)  
Repayment of affiliated long-term debt (395)    
Net proceeds from sale of Dominion Energy Midstream Common Units 0 4 18
Contributions from Dominion Energy 3,385 25 25
Dividends and distributions (636) (296) (121)
Other (16) (21)  
Net cash provided by (used in) financing activities (2,375) 2,952 719
Increase (decrease) in cash, restricted cash and equivalents (159) 141 (64)
Cash, restricted cash and equivalents at beginning of year 198 57 121
Cash, restricted cash and equivalents at end of year 39 198 57
Supplemental Cash Flow Information      
Interest and related charges, excluding capitalized amounts 291 162 55
Income taxes 65 79 11
Significant noncash investing and financing activities:      
Accrued capital expenditures [8],[9] 25 59 69
Equity contributions from Dominion Energy [8],[9] 0 $ 23 $ 26
Finance leases [8],[9] 6    
Dominion Energy Gas Holdings, LLC | East Ohio Gas [Member]      
Investing Activities      
Loan to Dominion Energy (115)    
Repayment of loan 115    
Dominion Energy Gas Holdings, LLC | Cove Point [Member]      
Investing Activities      
Repayment of loan $ 2,986    
[1] See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements.
[2] See Note 3 for noncash investing and financing activities related to the SCANA Combination.
[3] See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point.
[4] See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler.
[5] See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units and the contribution of stock to Dominion Energy’s qualified defined benefit pension plan.
[6] Includes $113 million of finance leases and $44 million of operating leases.
[7] Includes $20 million of finance leases and $35 million of operating leases.
[8] See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for lease arrangements.
[9] See Notes 3 and 25 for noncash investing and financing activities related to the Dominion Energy Gas Restructuring and related-party transactions.
v3.19.3.a.u2
Consolidated Statements of Cash Flows (Parenthetical)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Financing leases $ 113
Operating leases 44
Dominion Energy Gas Holdings, LLC  
Financing leases 20
Operating leases $ 35
v3.19.3.a.u2
Nature of Operations
 12 Months Ended
Dec. 31, 2019
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. See Note 3 for a description of operations acquired in the SCANA Combination.
Beginning December 2019, Dominion Energy manages its daily operations through five primary operating segments: Dominion Energy Virginia, Gas Transmission & Storage, Gas Distribution, Dominion Energy South Carolina and Contracted Generation. Dominion Energy also reports a Corporate and Other segment, which 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.
Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Virginia Power is a member of PJM, an RTO, and its electric transmission facilities are integrated into the PJM wholesale electricity markets. All of Virginia Power’s stock is owned by Dominion Energy.
Beginning in December 2019, Virginia Power manages its daily operations through one primary operating segment: Dominion Energy Virginia. It also reports a Corporate and Other segment that primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources.
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 more information on the Dominion Energy Gas Restructuring. All of Dominion Energy Gas’ membership interests are held by Dominion Energy.
Beginning in December 2019, Dominion Energy Gas manages its daily operations through one primary operating segment: Gas Transmission & Storage. It also reports a Corporate and Other segment that primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources 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 is discussed in Note 3.
See Note 26 for further discussion of the Companies’ operating segments.
v3.19.3.a.u2
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Significant Accounting Policies
Note 2. Significant Accounting Policies
General
The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates.
The Companies’ Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and
non-wholly-owned
entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At December 31, 2019 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. In August 2018, NRG’s ownership interest in Four Brothers and Three Cedars was transferred to GIP. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy’s merchant solar projects, Brookfield’s 25% interest in Cove Point 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 2020. Brookfield’s
25
% interest in Cove Point 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 Companies report certain contracts, instruments and investments at fair value. See Note 6 for further information on fair value measurements.
The Companies consider acquisitions or dispositions in which substantially all of the fair value of the gross assets acquired or disposed of is concentrated into a single identifiable asset or group of similar identifiable assets to be an acquisition or a disposition of an asset, rather than a business. See Notes 3 and 10 for further information on such transactions.
Dominion Energy maintains pension and other postretirement benefit plans. Virginia Power and Dominion Energy Gas participate in certain of these plans. See Note 22 for further information on these plans.
Certain amounts in the Companies’ 2018 and 2017 Consolidated Financial Statements and Notes have been reclassified to conform to the 2019 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.
Operating Revenue
Operating revenue is recorded on the basis of services rendered, commodities delivered, or contracts settled and includes amounts
yet to be billed to customers. Dominion Energy and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Energy Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2019 and 2018 included $896 million and $626 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2019 and 2018 included $512 million and $392 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. Dominion Energy Gas’ customer receivables at December 31, 2019 and 2018 included $104 million and $101 million, respectively, of accrued unbilled revenue based on estimated amounts of natural gas delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties.
The primary types of sales and service activities reported as operating revenue for Dominion Energy, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows:
Revenue from Contracts with Customers
 
•
Regulated electric sales
consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
 
 
•
Nonregulated electric sales
consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated hedging activity;
 
 
•
Regulated gas sales
consist primarily of state-regulated natural gas sales and related distribution services;
 
 
•
Nonregulated gas sales
consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties and associated hedging activity;
 
 
•
Regulated gas transportation and storage sales
consist of FERC-regulated sales of transmission and storage services and state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services;
 
 
•
Nonregulated gas transportation and storage sales
consist primarily of LNG terminalling services;
 
 
•
Other regulated revenue
consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and
 
 
•
Other nonregulated revenue
consists primarily of NGL gathering and processing, sales of NGL production and condensate, extracted products and associated hedging activity. Other nonregulated revenue also includes services performed for Atlantic Coast Pipeline, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations, service concession arrangements and gas processing and handling revenue.
 
 
Other Revenue
 
•
Other revenue
consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.
 
 
The primary types of sales and service activities reported as operating revenue for Dominion Energy, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows:
•
Regulated electric sales
consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
 
 
•
Nonregulated electric sales
consisted primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity;
 
 
•
Regulated gas sales
consisted primarily of state- and FERC-regulated natural gas sales and related distribution services and associated derivative activity;
 
 
•
Nonregulated gas sales
consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity;
 
 
•
Gas transportation and storage sales
consisted primarily of FERC-regulated sales of transmission and storage services. Also included were state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; and
 
 
•
Other revenue
consisted primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also included miscellaneous service revenue from electric and gas distribution operations, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations and gas processing and handling revenue.
 
 
The primary types of sales and service activities reported as operating revenue for Virginia Power, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows:
Revenue from Contracts with Customers
 
•
Regulated electric sales
consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services;
 
 
•
Other regulated revenue
consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and
 
 
•
Other nonregulated revenue
consists primarily of sales to
non-jurisdictional
customers from certain solar facilities, revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements.
 
 
Other Revenue
 
•
Other revenue
consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.
 
 
The primary types of sales and service activities reported as operating revenue for Virginia Power, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows:
•
Regulated electric sales
consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; and
 
 
•
Other revenue
consisted primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities.
 
 
The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows:
Revenue from Contracts with Customers
 
•
Regulated gas sales—wholesale
consist primarily of sales of natural gas to wholesale customers as permitted by FERC under DETI’s operating tariff;
 
 
•
Nonregulated gas sales
consist primarily of sales of gas purchased from third parties and royalty revenues;
 
 
•
Regulated gas transportation and storage sales
consist of FERC-regulated sales of transmission and storage services;
 
 
•
Nonregulated gas transportation and storage sales
consist primarily of LNG terminalling services
 
 
•
Management service revenue
consists primarily of services performed for Atlantic Coast Pipeline;
 
 
•
Other regulated revenue
consists primarily of miscellaneous regulated revenues; and
 
 
•
Other nonregulated revenue
consists primarily of miscellaneous service revenue.
 
 
Other Revenue
 
•
Other revenue
consists primarily of gains and losses from derivative instruments not subject to hedge accounting.
 
 
The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows:
•
Regulated gas sales
consisted primarily of sales of natural gas to wholesale customers as permitted by FERC under DETI’s operating tariff;
 
 
•
Nonregulated gas sales
consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices and sales of gas purchased from third parties. Revenue from sales of gas production was recognized based on actual volumes of gas sold to purchasers and was reported net of royalties;
 
 
•
Gas transportation and storage sales
consisted primarily of FERC-regulated sales of transmission and storage services; and
 
 
•
Other revenue
consisted primarily of miscellaneous service revenue, gas processing and handling revenue.
 
 
O
perating
 
revenue for East Ohio and DGP consists primarily of state-regulated natural gas sales and related distribution services, state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of NGL gathering and processing activities, and is included in net income from discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income
 
through November 6, 2019.
Dominion Energy and Virginia Power record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. Dominion Energy and Virginia Power’s revenue accounted for under the
alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate Dominion Energy and Virginia Power for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above.
Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Transportation and storage contracts are primarily stand-ready service contracts that include fixed reservation and variable usage fees. LNG terminalling services are also stand-ready service contracts, primarily consisting of fixed fees, offset by service credits associated with the
start-up
phase of the Liquefaction Facility. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy and Dominion Energy Gas have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products and services, including NGLs, typically transfer control and are recognized as revenue upon delivery of the product or service. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type, but is typically due within a month of billing.
Dominion Energy and Dominion Energy Gas typically receive or retain NGLs and natural gas from customers when providing natural gas processing, transportation or storage services. Dominion Energy and Dominion Energy Gas record the fair value of NGLs received during natural gas processing as service revenue recognized over time, and continue to recognize revenue from the subsequent sale of the NGLs to customers upon delivery. Dominion Energy and Dominion Energy Gas typically retain natural gas under certain transportation service arrangements that are intended to facilitate performance of the service and allow for natural losses that occur. As the intent of the allowance is to enable fulfillment of the contract rather than to provide compensation for services, the fuel allowance is not included in revenue.
Credit Risk
Credit risk is the risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, credit policies are maintained, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. In addition, counterparties may make available collateral, including letters of credit or cash held as margin deposits, as a result of exceeding agreed-upon credit limits, or may be required to prepay the transaction.
The Companies maintain a provision for credit losses based on factors surrounding the credit risk of their customers, historical trends and other information. Management believes, based on credit policies and the December 31, 2019 provision for credit losses, that it is unlikely that a material adverse effect on financial position, results of operations or cash flows would occur as a
result of counterparty nonperformance. Effective January 2020, expected credit losses will be estimated and recorded based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of financial assets held at amortized cost as well as expected credit losses on commitments with respect to financial guarantees.
Electric Fuel, Purchased Energy and Purchased
Gas-Deferred
Costs
Where permitted by regulatory authorities, the differences between Dominion Energy and Virginia Power’s actual electric fuel and purchased energy expenses and Dominion Energy and Dominion Energy Gas’ purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability.
Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2019, approximately 84% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms.
Virtually all of East Ohio, Questar Gas, Hope, DESC and PSNC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale.
Income Taxes
A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power and Dominion Energy Gas’ subsidiaries. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed.
Although Dominion Energy Gas and certain of its subsidiaries are disregarded for income tax purposes, a provision for income taxes is recognized to reflect the inclusion of its business activities in the tax returns of its parent, Dominion Energy. Virginia Power and Dominion Energy Gas participate in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis.
Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized.
The 2017 Tax Reform Act included a broad range of tax reform provisions affecting the Companies, including changes in corporate tax rates and business deductions. The 2017 Tax Reform Act reduces the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. Deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets and measured at the enacted tax rate expected to apply when temporary differences are realized or
settled. Thus, at the date of enactment, federal deferred taxes were remeasured based upon the new 21% tax rate. The total effect of tax rate changes on deferred tax balances was recorded as a component of the income tax provision related to continuing operations for the period in which the law is enacted, even if the assets and liabilities relate to other components of the financial statements, such as items of accumulated other comprehensive income. For Dominion Energy subsidiaries that are not rate-regulated utilities, existing deferred income tax assets or liabilities were adjusted for the reduction in the corporate income tax rate and allocated to continuing operations. Dominion Energy’s rate-regulated utility subsidiaries likewise were required to adjust deferred income tax assets and liabilities for the change in income tax rates. However, if it is probable that the effect of the change in income tax rates will be recovered or refunded in future rates, the regulated utility recorded a regulatory asset or liability instead of an increase or decrease to deferred income tax expense.
Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is
more-likely-than-not
that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities.
The Companies recognize positions taken, or expected to be taken, in income tax returns that are
more-likely-than-not
to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information.
If it is not
more-likely-than-not
that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll and taxes on the Consolidated Balance Sheets.
The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income.
Interest expense for the Companies was immaterial in 2019 and 2018. Dominion Energy and Virginia Power both recognized interest income of $11 million in 2017. Dominion Energy Gas’ interest was immaterial in 2017. The Companies’ penalties were immaterial in 2019, 2018 and 2017.
At December 31, 2019, Virginia Power had an income
tax-related
affiliated payable of $35 million, comprised of $15 million of federal income taxes and $20 million of state income taxes due to Dominion Energy. Dominion Energy Gas also had a net affiliated receivable of $209 million due from Dominion Energy, representing $212 million of federal income taxes receivable and $3 million of state income taxes payable to Dominion Energy. The net affiliated receivables are expected to be received from Dominion Energy.
In addition, Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 included $10 million of state income taxes receivable. State income taxes receivable at Virginia Power were immaterial at December 31, 2019.
At December 31, 2018, Virginia Power had an income
tax-related
affiliated receivable of $36 million, comprised of $34 million of federal income taxes and $2 million of state income taxes due from Dominion Energy. Dominion Energy Gas also had a net affiliated receivable of $271 million due from Dominion Energy, representing $277 million of federal income taxes receivable and $6 million of state income taxes payable to Dominion Energy. Virginia Power’s net affiliated receivables were received from Dominion Energy, and Dominion Energy Gas’ affiliated receivables are expected to be received from Dominion Energy.
In addition, Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 included $15 million of state income taxes receivable. State income taxes receivable at Virginia Power were immaterial at December 31, 2018.
Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold.
Cash, Restricted Cash and Equivalents
Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less.
Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
$
29
 
   $
35
 
Virginia Power
 
 
9
 
    
16
 
Dominion Energy Gas
 
 
6
 
    
7
 
 
 
Restricted Cash and Equivalents
The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits and future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements and on Eagle Solar’s senior note agreement.
The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017:
                                 
 
Cash, Restricted Cash and Equivalents at
End/Beginning of Year
 
 
December 31,
2019
 
  
December 31,
2018
   
December 31,
2017
   
December 31,
2016
 
(millions)
 
 
  
   
   
 
Dominion Energy
 
 
 
    
     
     
 
Cash and cash equivalents
 
 
$166
 
    
$268
      
$120
      
$261
  
Restricted cash and equivalents
(1)
  
 
103
 
    
123
     
65
     
61
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$269
 
    
$391
     
$185
     
$322
 
Virginia Power
 
 
 
    
     
     
 
Cash and cash equivalents
 
 
$  17
 
    
$  29
     
$  14
     
$  11
 
Restricted cash and equivalents
(1)
  
 
7
 
    
9
     
10
     
—
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$  24
 
    
$  38
     
$  24
     
$  11
 
Dominion Energy Gas
 
 
 
    
     
     
 
Cash and cash equivalents
(2)
  
 
$  27
 
    
$108
     
$  18
     
$  76
 
Restricted cash and equivalents
(1)
  
 
12
 
    
90
     
39
     
45
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$  39
 
    
$198
     
$  57
     
$121
 
 
 
 
 
 
(1)
Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
 
 
 
 
(2)
At December 31, 2018, 2017 and 2016, Dominion Energy Gas had $9 million, $3 million and $14 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
 
 
Distributions from Equity Method Investees
Dominion Energy and Dominion Energy Gas each hold investments that are accounted for under the equity method of accounting. Dominion Energy and Dominion Energy Gas classify distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution
as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy and Dominion Energy Gas.
Derivative Instruments
The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks of their business operations. Dominion Energy uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity, interest rate and foreign currency exchange rate risks of its business operations. Virginia Power uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity and interest rate risks. Dominion Energy Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity, interest rate and foreign currency exchange rate risks.
All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance.
The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $42 million and $95 million associated with cash collateral at December 31, 2019 and 2018, respectively. Dominion Energy’s margin liabilities of $2 million and less than $1 million associated with cash collateral at December 31, 2019 and 2018, respectively. Virginia Power had margin assets of less than $1 million associated with cash collateral at December 31, 2019. Virginia Power had no margin assets associated with cash collateral at December 31, 2018 and no margin liabilities associated with cash collateral at December 31, 2019 and 2018. Dominion Energy Gas had no margin assets or liabilities associated with cash collateral at December 31, 2019 and 2018. See Note 7 for further information about derivatives.
To manage price risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or other income based on the nature of the underlying risk.
Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings.
Derivative Instruments Designated as Hedging Instruments
In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges or fair value hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows.
Cash Flow Hedges
-A majority of the Companies’ hedge strategies represents cash flow hedges of the variable price risk associated with the purchase and sale of electricity, natural gas and NGLs. The Companies also use interest rate swaps to hedge their exposure to variable interest rates on long-term debt as well as foreign currency swaps to hedge their exposure to interest payments denominated in Euros. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable.
Dominion Energy entered into interest rate derivative instruments to hedge its forecasted interest payments related to planned debt issuances in 2014. These interest rate derivatives were designated by Dominion Energy as cash flow hedges prior to the formation of Dominion Energy Gas. For the purposes of the Dominion Energy Gas financial statements, the derivative balances, AOCI balance, and any income statement impact related to these interest rate derivative instruments entered into by Dominion Energy have been, and will continue to be, included in the Dominion Energy Gas’ Consolidated Financial Statements as the forecasted interest payments related to the debt issuances now occur at Dominion Energy Gas.
Fair Value Hedges
-Dominion Energy has also designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item’s fair value. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. See Note 7 for further information on derivatives.
Property, Plant and Equipment
Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject
to
cost-of-service
rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred.
In 2019, 2018 and 2017, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $89 million, $134 million and $236 million, respectively. In 2019, 2018 and 2017, Virginia Power capitalized AFUDC to property, plant and equipment of $34 million, $56 million and $37 million, respectively. In 2019, 2018 and 2017, Dominion Energy Gas capitalized AFUDC to property, plant and equipment of $31 million, $25 million and $34 million, respectively.
Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2019, 2018 and 2017, Virginia Power recorded $11 million, $4 million and $22 million of AFUDC related to these projects, respectively.
For property subject to
cost-of-service
rate regulation, including Dominion Energy and Virginia Power electric distribution, electric transmission and generation property, Dominion Energy natural gas distribution and Dominion Energy Gas natural gas transmission property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to
cost-of-service
rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from
plant-in-service
when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates.
In 2019, Virginia Power had the following charges, primarily recorded in impairment of assets and other charges in the Consolidated Statements of Income
 (reflected in the Corporate and Other segment),
related to early retirements:
 
•
 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).
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.
 
 
 
 
 
 
 
 
•
 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 $346 million ($257 million
after-tax
). 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.
 
 
 
 
 
 
 
 
•
 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 September 2019, Dominion Energy and Virginia Power abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million
after-tax)
and Virginia Power recorded a charge of $17 million ($12 million
after-tax).
 
 
 
 
 
 
 
For property that is not subject to
cost-of-service
rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date.
Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(percent)
 
 
  
   
 
Dominion Energy
 
 
 
    
     
 
Generation
 
 
2.84
 
    
2.71
     
2.94
 
Transmission
 
 
2.47
 
    
2.54
     
2.55
 
Distribution
 
 
2.80
 
    
2.97
     
3.00
 
Storage
 
 
2.40
 
    
2.40
     
2.48
 
General and other
 
 
4.04
 
    
4.20
     
4.38
 
                         
Virginia Power
 
 
 
    
     
 
Generation
 
 
2.94
 
    
2.71
     
2.94
 
Transmission
 
 
2.54
 
    
2.52
     
2.54
 
Distribution
 
 
3.14
 
    
3.31
     
3.32
 
General and other
 
 
4.40
 
    
4.52
     
4.68
 
                         
Dominion Energy Gas
(1)
  
 
 
    
     
 
Transmission
 
 
2.43
 
    
2.66
     
2.67
 
Storage
 
 
2.53
 
    
2.42
     
2.51
 
General and other
 
 
4.59
 
    
4.18
     
5.08
 
 
 
 
 
 
 
 
 
(1)
Excludes rates for depreciation reported as discontinued operations.
 
 
 
 
 
 
Virginia Power expects to receive an updated depreciation study for its nuclear plants in the first
 
quarter
 of 2020, which is anticipated to reflect lower depreciation rates as a result of expected approval of license extensions from the NRC.
In 2018, Virginia Power revised depreciation rates for regulated nuclear plants to comply with Virginia Commission requirements. For the year ended December 31, 2018, this adjustment resulted in a decrease of $60 million ($44 million
after-tax)
in depreciation expense in Virginia Power’s Consolidated Statement of Income and an increase to Dominion Energy’s EPS of $0.07 per share. This change resulted in an annual decrease in depreciation expense of $30 million ($23 million
after-tax).
In 2017, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. This change resulted in an increase in annual depreciation expense of $40 million ($25 million
after-tax)
for 2017. Additionally, Dominion Energy revised the depreciable lives for its merchant generation assets, excluding Millstone, which resulted in a decrease in annual depreciation expense of $26 million ($16 million
after-tax)
for 2017.
Virginia Power’s non-jurisdictional property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 30 years.
Capitalized costs of development wells and leaseholds are amortized on a
field-by-field
basis using the
unit-of-production
method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.80 and $1.89 per mcfe in 2019 and 2018, respectively.
Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:
         
Asset
 
Estimated Useful Lives
 
Merchant generation-nuclear
 
 
44 years
 
Merchant generation-other
 
 
15-30
 years
 
Nonutility gas gathering and processing
 
 
3-50
years
 
LNG facility
 
 
40 years
 
General and other
 
 
5-59
years
 
 
 
 
 
 
 
Depreciation and amortization related to Virginia Power and Dominion Energy Gas’ nonutility property, plant and equipment and exploration and production properties was immaterial for the years ended December 31, 2019, 2018 and 2017, except for Dominion Energy Gas’ nonutility LNG facility which is depreciated using the straight-line method over
 
an
 
estimated useful life of 40 years.
Nuclear fuel used in electric generation is amortized over its estimated service life on a
units-of-production
basis. Dominion Energy and Virginia Power report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows.
Long-Lived and Intangible Assets
The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets.
Regulatory Assets and Liabilities
The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state
cost-of-service
rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred.
The Companies evaluate whether or not recovery of its regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and makes various assumptions in its analyses. These analyses are generally based on:
• Orders issued by regulatory commissions, legislation and judicial actions;
 
 
 
 
• Past experience;
 
 
 
 
 
 
 
• Discussions with applicable regulatory authorities and legal counsel;
 
 
 
 
 
 
 
• Forecasted earnings; and
 
 
 
 
 
 
 
• Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities.
 
 
 
 
 
 
 
Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. See Notes 12 and 13 to the Consolidated Financial Statements for additional information
Leases
The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related
right-of-use
asset in the Companies’ Consolidated Statements of Income.
Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A
right-of-use
asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets.
The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities. 
In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis over an estimated useful life of 30 years.
Asset Retirement Obligations
The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy and Dominion Energy Gas report accretion of AROs and depreciation on asset retirement costs associated with their natural gas pipeline and storage well assets as an adjustment to the related regulatory liabilities when revenue is recoverable from customers for AROs. Dominion Energy and Virginia Power report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory liability for certain jurisdictions. Additionally, Dominion Energy and Virginia Power report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income.
Debt Issuance Costs
The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized.
Investments
Debt and Equity Securities with Readily Determinable Fair Values
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 cer
 
tain 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 other-than-temporary impairments) on investments held in Virginia Power’s nuclear decommissioning trusts are recorded to a regulatory liability 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 other-than-temporary 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 recorded to a regulatory liability 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 investments in debt securities and equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period.
Decommissioning Trust Investments —Special Considerations for Debt Securities
• The recognition provisions of other-than-temporary impairment guidance apply only to debt securities classified as
available-for-sale
or
held-to-maturity.
 
 
• Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings 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 and any remaining portion of the unrealized loss 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.
 
Inventories
Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method. Under the LIFO method, current stored gas inventory was valued at $19 million and $12 million at December 31, 2019 and December 31, 2018, respectively. Based on the average price of gas purchased during 2019 and 2018, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $60 million and $87 million, respectively. As a result of the Dominion Energy Gas
Restructuring, at December 31, 2018, East Ohio’s stored gas inventory is reported in current assets of discontinued operations in the Consolidated Balance Sheets of Dominion Energy Gas.
Gas Imbalances
Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion Energy and Dominion Energy Gas value these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled
in-kind.
Imbalances due to Dominion Energy and Dominion Energy Gas from other parties are reported in other current assets and gas imbalances, respectively, and imbalances that Dominion Energy and Dominion Energy Gas owe to other parties are reported in other current liabilities in the Consolidated Balance Sheets.
Goodwill
Dominion Energy and Dominion Energy Gas evaluate goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-
likely-than-not
reduce the fair value of a reporting unit below its carrying amount.
New Accounting Standards
Revenue Recognition
In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The Companies adopted this revised accounting guidance for interim and annual reporting periods beginning January 1, 2018 using the modified retrospective method. Upon the adoption of the standard, Dominion Energy and Dominion Energy Gas recorded the cumulative-effect of a change in accounting principle of $3 million to retained earnings and membership interests, respectively, and to establish a contract asset related to changes in the timing of revenue recognition for three existing contracts with customers at DETI.
As a result of adopting this revised accounting guidance, Dominion Energy records offsetting operating revenue and other energy-related purchases for
non-cash
consideration of performing processing and fractionation services related to NGLs. Such amounts at Dominion Energy were $107 million, recorded in the Consolidated Statements of Income for the year ended December 31, 2018. No such amounts were recorded during the year ended December 31, 2017. Dominion Energy and Dominion Energy Gas no longer record offsetting operating revenue and purchased gas for fuel retained to offset costs on certain transportation and storage arrangements. Such amounts at Dominion Energy were $111 million and at Dominion Energy Gas were $71 million, recorded in the Consolidated Statements of Income for the year ended December 31, 2017.
Financial Instruments
In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. The guidance became effective for the Companies’ interim and annual reporting periods beginning
January 1, 2018 and the Companies adopted the standard using the modified retrospective method. Upon adoption of this guidance for equity securities held at January 1, 2018, Dominion Energy and Virginia Power recorded the cumulative-effect of a change in accounting principle to reclassify net unrealized gains from AOCI to retained earnings and to recognize equity securities previously categorized as cost method investments at fair value (using NAV) in nuclear decommissioning trust funds in the Consolidated Balance Sheets and a cumulative-effect adjustment to retained earnings. Dominion Energy and Virginia Power reclassified approximately $1.1 billion ($734 million
after-tax)
and $119 million ($73 million
after-tax),
respectively, of net unrealized gains from AOCI to retained earnings. Dominion Energy and Virginia Power also recorded approximately $36 million ($22 million
after-tax)
in net unrealized gains on equity securities previously classified as cost method investments, of which $3 million was recorded to retained earnings and $33 million was recorded to regulatory liabilities for net unrealized gains subject to cost-based regulation. As a result of adopting this revised accounting guidance, Dominion Energy recorded unrealized losses on equity securities, net of regulatory deferrals, of $190 million ($142 million
after-tax)
in other income in the Consolidated Statements of Income for the year ended December 31, 2018, resulting in an $0.22 loss per share for the year ended December 31, 2018. Virginia Power recorded unrealized losses on equity securities, net of regulatory deferrals, of $24 million ($18 million
after-tax)
in other income in the Consolidated Statements of Income for the year ended December 31, 2018.
Leases
In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding
right-of-use
asset are recorded on the balance sheet for all leases, including those leases classified as operating leases, while also refining the definition of a lease. In addition, lessees are required to disclose key information about the amount, timing and uncertainty of cash flows arising from leasing arrangements. Lessor accounting remains largely unchanged.
The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2019. The Companies adopted this revised accounting guidance using a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the date of adoption. Under this approach, the Companies utilized the transition practical expedient to maintain historical presentation for periods before January 1, 2019. The Companies also applied the other practical expedients, which required no reassessment of whether existing contracts are or contain leases, no reassessment of lease classification for existing leases and no reassessment of existing or expired land easements that were not previously accounted for as leases. In connection with the adoption of this revised accounting guidance, Dominion Energy, Virginia Power and Dominion Energy Gas recorded $504 million, $209 million and $64 million, respectively, of offsetting
right-of-use
assets and liabilities for operating leases in effect at the adoption date. As a result of the Dominion Energy Gas Restructuring, $25 million of such
right-of-use
assets and liabilities for operating leases recorded
at Dominion Energy Gas were associated with discontinued operations. See Note 15 for additional information.
Derecognition And Partial Sales Of Nonfinancial Assets
In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, and the Companies adopted the standard using the modified retrospective method. Upon adoption of the standard, Dominion Energy recorded the cumulative-effect of a change in accounting principle to reclassify $127 million from noncontrolling interests to common stock related to the sale of a noncontrolling interest in certain merchant solar projects completed in December 2015 and January 2016.
Net Periodic Pension And Other Postretirement Benefit Costs
In March 2017, the FASB issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. This guidance became effective for the Companies beginning January 1, 2018 and requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement costs are classified outside of income from operations. In addition, only the service cost component remains eligible for capitalization during construction. These changes do not impact the accounting by participants in a multi-employer plan. The standard also recognizes that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. For costs not capitalized for which regulators are expected to provide recovery, a regulatory asset will be established. As such, the amounts eligible for capitalization in the Consolidated Financial Statements of Virginia Power and Dominion Energy Gas, as subsidiary participants in Dominion Energy’s multi-employer plans, will differ from the amounts eligible for capitalization in the Consolidated Financial Statements of Dominion Energy, the plan administrator. These differences will result in a regulatory asset or liability recorded in the Consolidated Financial Statements of Dominion Energy.
Tax Reform
In December 2017, the staff of the SEC issued guidance which clarifies accounting for income taxes if information is not yet available or complete and provided for up to a
one-year
measurement period in which to complete the required analyses and accounting. The guidance described three scenarios associated with a company’s status of accounting for income tax reform: (1) a company is complete with its accounting for certain effects of tax reform, (2) a company is able to determine a reasonable estimate for certain effects of tax reform and records that estimate as a provisional amount, or (3) a company is not able to determine a reasonable estimate and therefore continues to apply accounting for income taxes based on the provisions of the tax laws that were in effect immediately prior to the 2017 Tax
Reform Act being enacted. The Companies have accounted for the effects of the 2017 Tax Reform Act, although additional changes could occur as guidance is issued and finalized as described below. In addition, the major states in which the Companies operate have addressed conformity with some or all of the provisions of the 2017 Tax Reform Act, although some states have modified certain of these provisions.
In August 2018, the U.S. Department of Treasury issued proposed regulations addressing the availability of federal bonus depreciation for the period beginning after September 27, 2017 through December 31, 2017. The application of these changes decreased Dominion Energy’s net operating loss carryforward utilization on its 2017 tax return. The impacts of proposed and final regulations issued in 2019 on the applicability of accelerated depreciation were immaterial at the Companies, as discussed in Note 5.
In November 2018, the U.S. Department of Treasury issued proposed regulations defining interest as any amounts associated with the time value of money or use of funds. These proposed regulations provide guidance for purposes of the exception to the interest limitation for regulated public utilities, the application of the interest limitation to consolidated groups, such as Dominion Energy, and the interest limitation with respect to partnerships and partners in those partnerships. It is unclear when the guidance may be finalized, or whether that guidance could result in a disallowance of a portion of the Companies’ interest deductions in the future.
In February 2018, the FASB issued revised accounting guidance to provide clarification on the application of the 2017 Tax Reform Act for balances recorded within AOCI. The revised guidance provides for stranded amounts within AOCI from the impacts of the 2017 Tax Reform Act to be reclassified to retained earnings. The Companies adopted this guidance for interim and annual reporting periods beginning January 1, 2018 on a prospective basis. In connection with the adoption of this guidance, Dominion Energy reclassified a benefit of $289 million from AOCI to retained earnings, Virginia Power reclassified a benefit of $3 million from AOCI to retained earnings and Dominion Energy Gas reclassified a benefit of $26 million from AOCI to membership interests. The amounts reclassified reflect the reduction in the federal income tax rate, and the federal benefit of state income taxes, on the components of the Companies’ AOCI.
v3.19.3.a.u2
Acquisitions And Dispositions
 12 Months Ended
Dec. 31, 2019
Text Block [Abstract]  
Acquisitions And Dispositions
Note 3. Acquisitions And Dispositions
Dominion Energy
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.
Merger Approval and Conditions
Merger Approval
The SCANA Combination required approval of SCANA’s shareholders, FERC, the North Carolina Commission, the South Carolina Commission, the Georgia Public Service Commission and the NRC and clearance from the Federal Trade Commission under the Hart-Scott-Rodino Act. All such approvals were received prior to closing of the SCANA Combination.
Various parties filed petitions for rehearing or reconsideration of the SCANA Merger Approval Order. In January 2019, the South Carolina Commission issued an order (1) granting the request of various parties and finding that DESC was imprudent in its actions by not disclosing material information to the South Carolina Office of Regulatory Staff and the South Carolina Commission with regard to costs incurred subsequent to March 2015 and (2) denying the petitions for rehearing or consideration as to other issues raised in the various petitions. The deadline to appeal the SCANA Merger Approval Order and the order on rehearing expired in April 2019, and no party has sought appeal.
Refunds to Customers
As a condition to the SCANA Merger Approval Order, DESC will provide refunds and restitution of $2.0 billion over 20 years with capital support from Dominion Energy.
In September and October 2017, DESC received proceeds totaling $1.1 billion in full satisfaction of its share of a settlement agreement among DESC, Santee Cooper and Toshiba Corporation in connection with Westinghouse and WECTEC, both wholly-owned subsidiaries of Toshiba Corporation and responsible for the engineering and construction of the NND Project, filing for bankruptcy. The purchase price allocation below includes a previously established regulatory liability at DESC totaling $1.1 billion, of which $67 million was considered current, associated with the monetization of the bankruptcy settlement with Toshiba Corporation. In accordance with the terms of the SCANA Merger Approval Order, this regulatory liability, net of amounts that may be required to satisfy any liens against NND Project property, totaling $1.0 billion will be refunded to DESC electric service customers over a
20-year
period ending in 2039.
Additionally, in the first quarter of 2019, DESC recorded a reduction in operating revenue and a corresponding regulatory liability of $1.0 billion, of which $137 million was considered current, 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. As a result, Dominion Energy’s Consolidated Statement of Income for the year ended December 31, 2019 includes a $756 million
after-tax
charge.
NND Project
As a condition to the SCANA Merger Approval Order, DESC committed to excluding from rate recovery $2.4 billion of costs related to the NND Project and $180 million of costs associated with the purchase of the Columbia Energy Center power station. Regulatory assets included in SCANA’s historical balance sheet at December 31, 2018 reflected these disallowances.
The remaining regulatory asset associated with the NND Project of $2.8 billion, of which $138 million was considered current, will be collected over a
20-year
period, including a return on investment. In January 2019, DESC filed the NND Project rider in accordance with the terms of the SCANA Merger Approval Order for rates effective in February 2019 for DESC’s retail electric customers. The South Carolina Commission approved this filing in January 2019.
Other Terms and Conditions
 
• DESC will not file an application for a general rate case with the South Carolina Commission with a requested effective date earlier than January 2021;
• PSNC will not file an application for a general rate case with the North Carolina Commission with a requested effective date earlier than April 2021;
• Dominion Energy has committed to increasing SCANA’s historical level of corporate contributions to charities by $1 million per year over five years;
• Dominion Energy will maintain DESC and PSNC’s headquarters in Cayce, South Carolina and Gastonia, North Carolina, respectively; and
• Dominion Energy will seek to minimize reductions in local employment by allowing some DES employees supporting shared and common services functions and activities to be located in Cayce, South Carolina where it makes economic and practical sense to do so.
Purchase Price Allocation
SCANA’s assets acquired and liabilities assumed have been measured at estimated fair value at closing and are included in the Dominion Energy South Carolina, Gas Transmission & Storage and Gas Distribution operating segments. The majority of the operations acquired are subject to the rate setting authority of FERC and the North and South Carolina Commissions and are therefore accounted for pursuant to ASC 980,
Regulated Operations
. The fair values of SCANA’s assets and liabilities subject to rate-setting and cost recovery provisions provide revenues derived from costs, including a return on investment of assets and liabilities included in rate base. As such, the fair values of these assets and liabilities equal their carrying values. Accordingly, neither the assets and liabilities acquired, nor the unaudited pro forma financial information, reflect any adjustments related to these amounts.
The fair value of SCANA’s assets acquired and liabilities assumed that are not subject to the rate-setting provisions discussed above and the fair values of SCANA’s investments accounted for under the equity method have been determined using the income approach and the market approach. The valuation of SCANA’s long-term debt is considered a Level 2 fair value measurement. All other valuations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risk inherent in the future market prices.
The excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed is reflected as goodwill. The goodwill reflects the value associated with enhancing Dominion Energy’s portfolio of regulated operations in the growing southeast region of the U.S. The goodwill recognized is not deductible for income tax purposes, and as such, no deferred taxes have been recorded related to goodwill.
The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at closing, which reflects certain adjustments related to income taxes, as discussed in Note 5, from the preliminary valuation recognized during the measurement period.
 
Amount
 
(millions)
 
 
Total current assets
(1)
  
$
1,782
 
Investments
(2)
  
 
224
 
Property, plant and equipment
(3)(4)
  
 
11,006
 
Goodwill
 
 
2,609
 
Regulatory assets
(5)
  
 
3,940
 
Other deferred charges and other assets, including intangible assets
(6)
  
 
430
 
Total Assets
 
 
19,991
 
Total current liabilities
(7)
  
 
1,556
 
Long-term debt
 
 
6,707
 
Deferred income taxes
 
 
1,068
 
Regulatory liabilities
 
 
2,706
 
Other deferred credits and other liabilities
(8)
  
 
1,115
 
Total Liabilities
 
 
13,152
 
Total purchase price
(9)
  
$
6,839
 
 
(1)
Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted.
(2)
Includes $31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized.
(
3
)
Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million
after-tax),
included in impairment of assets and other charges (reflected in the Corporate and Other segment).
(
4
)
Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years.
(
5
)
Includes $258 million of certain income
tax-related
regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information.
(
6
)
Intangible assets have an estimated weighted-average amortization period of approximately five years.
(
7
)
Includes $40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $173 million outstanding commercial paper under various credit facilities. As discussed in Note 17, all credit facilities were terminated in 2019.
(
8
)
Includes a $379 million pension and other postretirement benefit liability.
(
9
)
Includes stock-based compensation awards with a fair value of $21 million.
Results of Operations and Unaudited Pro Forma Information
The impact of the SCANA Combination on Dominion Energy’s operating revenue and net income attributable to Dominion Energy in the Consolidated Statements of Income was an increase of $3.1 billion and a decrease of $1.1 billion for the year ended December 31, 2019, respectively.
Dominion Energy incurred merger and integration-related costs of $646 million in the Consolidated Statements of Income for the year ended December 31, 2019. The amount for the year ended December 31, 2019 includes $427 million for a charge related to a voluntary retirement program. See Note 22 for additional information. Of the remaining merger and integration-related costs, $210 million was recorded in other operations and maintenance expense and $9 million was recorded in interest and related charges in the Consolidated Statements of Income for the year ended December 31, 2019. During the year ended December 31, 2018, Dominion Energy incurred merger and integration-related costs of $27 million, recorded primarily in other operations and maintenance expense in the Consolidated Statements of Income. These costs consist of professional fees, the charitable contribution commitment described above, 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.
 
Twelve
Months Ended
December 31,
 
  
2019
(1)
 
  
2018
(1)
  
(millions, except EPS)
 
 
  
 
Operating Revenue
 
$
17,579
 
   $
17,505
 
Net income attributable to Dominion Energy
 
 
3,266
 
    
2,081
 
Earnings Per Common Share – Basic
 
$
4.04
 
   $
2.78
 
Earnings Per Common Share – Diluted
 
$
4.00
 
   $
2.77
 
 
(1)
Amounts include adjustments for
non-recurring
costs directly related to the SCANA Combination.
Sale of Interest In Cove Point
In October 2019, Dominion Energy signed an agreement to sell the 25% noncontrolling limited partnership interests in Cove Point not contributed to Dominion Energy Gas in the Dominion Energy Gas Restructuring to Brookfield. In December 2019, the sale was completed and Dominion Energy received cash consideration of $2.1 billion, subject to working capital adjustments. The sale 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 Cove Point both before and after the sale of the noncontrolling interest, the changes in Dominion Energy’s ownership interest in Cove Point was accounted for as an equity transaction and no gain or loss was recognized.
 
Acquisitions of Wholly-Owned Merchant Solar Projects
The following table presents significant completed acquisitions of wholly-owned merchant solar projects by Dominion Energy.
Completed Acquisition
Date
 
Seller
   
Number of
Projects
   
Project Location
   
Project Name(s)
   
Initial
Acquisition
(millions)
(1)
    
Project
Cost
(millions)
(2)
    
Date of
Commercial
Operations
   
MW
Capacity
 
February 2017
   
Community Energy Solar, LLC
     
1
     
Virginia
     
Amazon Solar Farm Virginia—Southhampton
          $
29
          $
205
     
December 2017
     
100
 
March 2017
   
Solar Frontier Americas Holding LLC
     
1
(3)
 		    
California
     
Midway II
     
77
     
78
     
June 2017
     
30
 
May 2017
   
Cypress Creek Renewables, LLC
     
1
     
North Carolina
     
IS37
     
154
     
160
     
June 2017
     
79
 
June 2017
   
Hecate Energy Virginia C&C LLC
     
1
     
Virginia
     
Clarke County
     
16
     
16
     
August 2017
     
10
 
June 2017
   
Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC
     
2
     
North Carolina
     
Fremont, Moorings 2
     
20
     
20
     
November 2017
     
10
 
September 2017
   
Hecate Energy Virginia C&C LLC
     
1
     
Virginia
     
Cherrydale
     
40
     
41
     
November 2017
     
20
 
October 2017
   
Strata Solar Development, LLC
     
2
     
North Carolina
     
Clipperton, Pikeville
     
20
     
21
     
November 2017
     
10
 
 
(1)
The purchase price was primarily allocated to property, plant and equipment.
(2)
Includes acquisition cost.
(3)
In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC.
In addition during 2016, Dominion Energy acquired 100% of the equity interests of seven solar projects in Virginia, North Carolina and South Carolina for an aggregate purchase price of $32 million, all of which was allocated to property, plant and equipment. The projects cost $421 million in total, including initial acquisition costs, and generate 221 MW combined. One of the projects commenced commercial operations in 2016 and the remaining projects commenced commercial operations in 2017.
Long-term power purchase, interconnection and operation and maintenance agreements have been executed for all of the projects described above. These projects are included in Contracted Generation. Dominion Energy has claimed federal investment tax credits on these solar projects. 
Dominion Energy Gas
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 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 represents a strategic shift in the operations of Dominion Energy Gas as Dominion Energy Gas’ operations consist
s
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:
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Operating revenue
 
                  $
594
 
                       $
729
                        $
728
 
Depreciation and amortization
 
 
73
 
    
76
     
71
 
Other operating expenses
 
 
399
 
    
444
     
428
 
Other income
 
 
61
 
    
72
     
50
 
Interest and related charges
 
 
33
 
    
37
     
33
 
Income tax expense
 
 
26
 
    
53
     
86
 
Net income from discontinued operations
 
 
124
 
    
191
     
160
 
 
 
 
 
The carrying amounts of major classes of assets and liabilities relating to East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
         
 
At December 31, 2018
 
(millions)
 
 
Current assets of discontinued operations
(1)
                     $
423
 
Investments
   
2
 
Property, plant and equipment, net
   
3,669
 
Regulatory assets
   
711
 
Other deferred charges and other assets, including goodwill and intangible assets
   
1,275
 
Noncurrent assets of discontinued operations
   
5,657
 
Current liabilities of discontinued operations
   
1,262
 
Long-term debt
   
1,300
 
Deferred income taxes and investment tax credits
   
716
 
Regulatory liabilities
   
747
 
Other deferred credits and liabilities
   
108
 
Noncurrent liabilities of discontinued operations
   
2,871
 
 
 
 
 
 
 
(1)
Includes cash and cash equivalents of $9 million as of December 31, 2018.
 
 
 
 
Capital expenditures and significant noncash items relating to East Ohio included the following:
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Capital expenditures
 
                    $
299
 
                     $
352
                      $
348
 
Significant noncash items
:
  
 
 
    
     
 
Charge related to a voluntary retirement program
 
 
20
 
    
—
      
—
  
Accrued capital expenditures
 
 
2
 
    
5
     
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:
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Operating revenue
 
                  $
125
 
                     $
220
                      $
114
 
Depreciation and amortization
 
 
4
 
    
15
     
15
 
Impairment of assets and related charges
 
 
—
 
    
219
     
—
  
Other operating expenses
 
 
97
 
    
206
     
91
 
Income tax expense (benefit)
 
 
7
 
    
(53
 )    
5
 
Net income (loss) from discontinued operations
 
                  $
17
 
                     $
(167
 )                     $
3
 
 
 
 
 
The carrying amounts of major classes of assets and liabilities relating to DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
 
         
 
At December 31, 2018
 
(millions)
 
 
Current assets of discontinued operations
(1)
                         $
21
 
Noncurrent assets of discontinued operations
(2)
    
192
 
Current liabilities of discontinued operations
   
11
 
Noncurrent liabilities of discontinued operations
   
25
 
 
 
 
 
 
 
(1)
Includes cash and cash equivalents of less than $1 million.
 
 
 
 
 
(2)
Primarily property, plant and equipment, net.
 
 
 
 
Capital expenditures and significant noncash items of DGP included the following:
 
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Capital expenditures
 
                 $
11
 
                                $
6
                      $
8
 
Significant noncash
items
:
  
 
 
    
     
 
Impairment of assets and related charges
 
 
—
      
(219
 )    
—
  
 
 
v3.19.3.a.u2
Operating Revenue
 12 Months Ended
Dec. 31, 2019
Text Block [Abstract]  
Operating Revenue
Note 4. Operating Revenue
The Companies’ operating revenue, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, consists of the following:
                 
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Regulated electric sales:
 
 
 
    
 
Residential
 
$
4,325
 
   $
3,413
 
Commercial
 
 
3,219
 
    
2,503
 
Industrial
 
 
683
 
    
490
 
Government and other retail
 
 
873
 
    
854
 
Wholesale
 
 
176
 
    
137
 
Nonregulated electric sales
 
 
926
 
    
1,294
 
Regulated gas sales:
 
 
 
    
 
Residential
 
 
1,343
 
    
818
 
Commercial
 
 
457
 
    
221
 
Other
 
 
117
 
    
36
 
Nonregulated gas sales
 
 
496
 
    
214
 
Regulated gas transportation and storage:
 
 
 
    
 
FERC-regulated
 
 
1,057
 
    
1,091
 
State-regulated
 
 
742
 
    
640
 
Nonregulated gas transportation and storage
 
 
676
 
    
442
 
Other regulated revenues
 
 
259
 
    
179
 
Other nonregulated revenues
(1)(2)
  
 
415
 
    
563
 
Total operating revenue from contracts with customers
 
 
15,764
 
    
12,895
 
Other revenues
(2)(3)
  
 
808
 
    
471
 
Total operating revenue
 
$
16,572
 
   $
13,366
 
Virginia Power
 
 
 
    
 
Regulated electric sales:
 
 
 
    
 
Residential
 
$
3,657
 
   $
3,413
 
Commercial
 
 
2,712
 
    
2,503
 
Industrial
 
 
455
 
    
490
 
Government and other retail
 
 
823
 
    
854
 
Wholesale
 
 
128
 
    
137
 
Other regulated revenues
 
 
190
 
    
132
 
Other nonregulated revenues
(1)(2)
  
 
71
 
    
55
 
Total operating revenue from contracts with customers
 
 
8,036
 
    
7,584
 
Other revenues
(1)(3)
  
 
72
 
    
35
 
Total operating revenue
 
$
8,108
 
   $
7,619
 
Dominion Energy Gas
 
 
 
    
 
Regulated gas sales—wholesale
 
$
9
 
   $
25
 
Nonregulated gas sales
(1)
  
 
6
 
    
7
 
Regulated gas transportation and storage
 
 
1,300
 
    
1,249
 
Nonregulated gas transportation and storage
 
 
676
 
    
442
 
Management service revenue
(1)
  
 
162
 
    
257
 
Other regulated revenues
(1
)(2
)
  
 
7
 
    
19
 
Other nonregulated revenues
(1
)(2
)
  
 
5
 
    
3
 
Total operating revenue from contracts with customers
 
 
2,165
 
    
2,002
 
Other revenues
 
 
4
 
    
(6
 )
Total operating revenue
 
$
2,169
 
   $
1,996
 
 
 
 
 
(1)
See Notes 9 and 25 for amounts attributable to related parties and affiliates.
(2)
Amounts above include sales which are considered to be goods transferred at a point in time. For the years ended December 31, 2019 and 2018, such amounts included $171 million and $241 million, respectively, at Dominion Energy and $5 million and $10 million, respectively, at Dominion Energy Gas, primarily consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the years ended December 31, 2019 and 2018, such sales were $24 million and $ 17 million, respectively, at Dominion Energy and $17 million and $11 million, respectively, at Virginia Power.
(3)
Includes alternative revenue of $66 million and $52 million for the year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power.
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 December 31, 2019
  
2020
 
  
2021
   
2022
   
2023
   
2024
   
Thereafter
   
Total
 
(millions)
 
 
  
   
   
   
   
   
 
                                                         
Dominion Energy
 
$
1,569
 
   $
1,470
     $
1,363
     $
1,216
     $
1,104
     $
 12,519
     $
19,241
  
Virginia Power
 
 
3
 
    
1
      
—
      
—
      
—
      
—
      
4
  
Dominion Energy Gas
 
 
1,723
 
    
1,624
      
1,495
      
1,325
      
1,185
      
12,783
      
20,135
  
Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At December 31, 2019 and 2018, Dominion Energy’s contract asset balances were $28 million and $42 million, respectively. Dominion Energy Gas’ contract asset balances were $40 million and $58 million at December 31, 2019 and 2018 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 December 31, 2019 and 2018, Dominion Energy’s contract liability balances were $123 million and $106 million, respectively. At December 31, 2019 and 2018, Virginia Power’s contract liability balances were $24 million and $22 million, respectively. At December 31, 2019 and 2018, Dominion Energy Gas’ contract liability balances were $20 million and $28 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 both the years ended December 31, 2019 and 2018, Dominion Energy recognized revenue of $94 million from the beginning contract liability balance. During years ended December 31, 2019 and 2018
,
Virginia Power recognized revenue of $22 million and $25 million, respectively, from the beginning contract liability balance. For years ended December 31, 2019 and 2018, Dominion Energy Gas recognized revenue of $8 million and $3 million, respectively, from the beginning contract liability balance.
The Companies’ operating revenue, prior to the adoption of revised guidance for revenue recognition from contracts with customers, consisted of the following:
 
Year Ended December 31
 
2017
 
(millions)
 
 
Dominion Energy
 
 
 
Electric sales:
 
 
 
Regulated
  $
7,383
 
Nonregulated
   
1,429
 
Gas sales:
   
 
Regulated
   
1,067
 
Nonregulated
   
457
 
Gas transportation and storage
   
1,786
 
Other
   
464
 
Total operating revenue
  $
12,586
 
Virginia Power
   
 
Regulated electric sales
  $
7,383
 
Other
   
173
 
Total operating revenue
  $
7,556
 
Dominion Energy Gas
   
 
Gas sales:
   
 
Regulated
  $
6
 
Nonregulated
   
6
 
Gas transportation and storage
   
1,291
 
Other
   
220
 
Total operating revenue
  $
1,523
 
v3.19.3.a.u2
Income Taxes
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Taxes
Note 5. Income Taxes
Judgment and the use of estimates are required in developing the provision for income taxes and reporting of
tax-related
assets and liabilities. The interpretation of tax laws involves uncertainty, since tax authorities may interpret the laws differently. The Companies are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to
tax-related
assets and liabilities could be material.
The 2017 Tax Reform Act included a broad range of tax reform provisions affecting the Companies as discussed in Note 2. The 2017 Tax Reform Act reduced the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. At the date of enactment, deferred tax assets and liabilities were remeasured based upon the new 21% enacted tax rate expected to apply when temporary differences are realized or settled. The specific provisions related to regulated public utilities in the 2017 Tax Reform Act generally allow for the continued deductibility of interest expense, changed the tax depreciation of certain property acquired after September 27, 2017, and continued certain rate normalization requirements for accelerated depreciation benefits.
As indicated in Note 2, certain of the Companies’ operations, including accounting for income taxes, are subject to regulatory accounting treatment. For regulated operations, many of the changes in deferred taxes represent amounts probable of collection from or refund to customers, and were recorded as either an increase to a regulatory asset or liability. The 2017 Tax Reform Act included provisions that stipulate how these excess deferred
taxes may be passed back to customers for certain accelerated tax depreciation benefits. Potential refunds of other deferred taxes may be determined by the Companies’ regulators. See Note 13 for more information.
The Companies have accounted for the effects of the 2017 Tax Reform Act, although changes could occur as additional guidance is issued and finalized, particularly as it relates to the deductibility of interest expense in consolidated groups such as Dominion Energy. In addition, the major states in which the Companies operate have addressed conformity with some or all of the provisions of the 2017 Tax Reform Act, although some states have modified certain of these provisions. The changes in deferred taxes resulting from the 2017 Tax Reform Act, and the Companies’ interpretations of proposed regulations issued in 2018 on the applicability of accelerated depreciation, were recorded as either an increase to a regulatory liability or as an adjustment to the deferred tax provision. The impacts of proposed and final regulations issued in 2019 on the applicability of accelerated depreciation were immaterial at the Companies.
Continuing Operations
Details of income tax expense for continuing operations including noncontrolling interests were as follows:
 
Dominion Energy
   
Virginia Power
   
Dominion Energy Gas
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
   
 
  
   
   
 
  
   
 
Current:
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
Federal
 
$
32
 
   $
(45
 )   $
(1
 )  
$
286
 
   $
36
    $
432
   
$
130
 
   $
(227
 )   $
75
 
State
 
 
103
 
    
108
     
(26
 )  
 
58
 
    
40
     
73
   
 
17
 
    
31
     
13
 
Total current expense (benefit)
 
 
135
 
    
63
     
(27
 )  
 
344
 
    
76
     
505
   
 
147
 
    
(196
 )    
88
 
Deferred:
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
Federal
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
2017 Tax Reform Act impact
(1)
  
 
—
 
    
46
     
(851
 )  
 
—
 
    
21
     
(93
 )  
 
—
 
    
(6
 )    
(246
 )
Taxes before operating loss carryforwards, investment tax credits and tax reform
 
 
182
 
    
436
     
739
   
 
(128
)
    
199
     
319
   
 
(36
)
   
343
     
88
 
Tax utilization expense (benefit) of operating loss carryforwards
 
 
119
 
    
92
     
174
   
 
—
 
    
—
      
4
   
 
—
 
    
—
      
—
  
Investment tax credits
 
 
(51
)
   
(56
 )    
(200
 )  
 
(34
)
   
(51
 )    
(23
 )  
 
—
 
    
—
      
—
  
State
 
 
(93
)
   
(1
 )    
132
   
 
22
 
    
55
     
59
   
 
(10
)
   
(17
 )    
5
 
Total deferred expense (benefit)
 
 
157
 
    
517
     
(6
 )  
 
(140
)
    
224
     
266
   
 
(46
)
   
320
     
(153
 )
Investment tax credit-gross deferral
 
 
62
 
    
2
     
5
   
 
62
 
    
2
     
5
   
 
—
 
    
—
      
—
  
Investment tax credit-amortization
 
 
(3
)
   
(2
 )    
(2
 )  
 
(2
)
   
(2
 )    
(2
 )  
 
—
 
    
—
      
—
  
Total income tax expense (benefit)
 
$
351
 
   $
580
    $
(30
 )  
$
264
 
   $
300
    $
774
   
$
101
 
   $
124
    $
(65
 )
 
(1)
The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $8 million for the year ended December 31, 2018 and a benefit of $93 million for the year ended December 31, 2017 arising from discontinued operations.
The 2017 Tax Reform Act reduced the statutory federal income tax rate to 21% beginning in January 2018. Accordingly, current and deferred income taxes are recorded at the new 21% rate.
In 2019, the Dominion Energy Gas Restructuring caused changes in tax status at certain of its subsidiaries. The impacts of the changes in tax status decreased deferred income tax expense by $48 million at Dominion Energy and Dominion Energy Gas. In addition, Dominion Energy recognized a taxable gain resulting from the sale of a 25% noncontrolling interest in Cove Point. The direct tax effects of the transactions included a provision for current income taxes ($362 million) and an offsetting benefit for deferred income taxes ($147 million) and were charged to common shareholders’ equity. The utilization of $208 million federal tax credit carryforwards offsetting a portion of the federal tax liability from the transaction were also charged to common shareholders’ equity. In total, the taxes recorded in common shareholders’ equity resulting from this transaction were $215 million.
In 2018, Dominion Energy had less than $1 million of state deferred income tax expense as a result of the reversal of deferred taxes upon the sale of its interest in Blue Racer and Fairless and Manchester. Dominion Energy’s current federal income taxes primarily include the recognition of a $47 million benefit related to a carryback claim for specified liability losses involving prior tax years.
In 2017, the accounting for the reduction in the corporate income tax rate decreased deferred income tax expense by $851 million at Dominion Energy, $93 million at Virginia Power and $246 million for Dominion Energy Gas for the year ending December 31, 2017. The decrease in deferred income taxes at Dominion Energy primarily relates to the remeasurement of deferred taxes on nonregulated operations and includes the effects at Virginia Power and Dominion Energy Gas. Virginia Power and Dominion Energy Gas have certain regulatory assets and liabilities that have not yet been charged or returned to customers through rates, or on which they do not earn a return, including unrecognized pension and other postretirement benefits. The remeasurement of the deferred taxes on these regulatory balances was charged
to continuing operations in 2017. For ratemaking purposes, Dominion Energy Gas’ subsidiary DETI follows the cash method on pension contributions. Deferred taxes recorded on pension balances as required by GAAP are not included as a component of rates and therefore the remeasurement of these deferred taxes were charged to continuing operations in 2017.
Discontinued Operations—Dominion Energy Gas
Tax expense reported in discontinued operations for the period ended November 6, 2019 was $33 million. Tax expense reported in discontinued operations for years ended December 31, 2018 and 2017 at Dominion Energy Gas was less than $1 million and $91 million, respectively. Tax expense for discontinued operations included benefits of utilizing an immaterial amount of operating loss carryforwards in 2018 and $5 million in 2017.
Continuing Operations
For continuing operations including noncontrolling interests, the statutory U.S. federal income tax rate reconciles to the Companies’ effective income tax rate as follows:
 
Dominion Energy
   
Virginia Power
   
Dominion Energy Gas
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
U.S. statutory rate
 
 
21.0
%
   
21.0
 %    
35.0
 %  
 
21.0
%
   
21.0
 %    
35.0
 %  
 
21.0
%
   
21.0
 %    
35.0
 %
Increases (reductions) resulting from:
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
State taxes, net of federal benefit
 
 
1.3
 
    
3.0
     
2.0
   
 
4.5
 
    
4.7
     
3.7
   
 
2.5
 
    
3.2
     
2.6
 
Investment tax credits
 
 
(5.7
)
   
(1.9
 )    
(6.3
 )  
 
(2.9
)
   
(3.5
 )    
(0.8
 )  
 
—
 
    
—
      
—
  
Production tax credits
 
 
(1.1
)
   
(0.7
 )    
(0.7
 )  
 
(0.7
)
   
(0.7
 )    
(0.4
 )  
 
—
 
    
—
      
—
  
Valuation allowances
 
 
0.1
 
    
0.3
     
0.2
   
 
—
 
    
—
      
—
    
 
(0.2
)
   
—
      
0.3
 
Reversal of excess deferred income taxes
 
 
(2.0
)
   
(2.0
 )    
—
    
 
(3.1
)
   
(3.2
 )    
—
    
 
(0.8
)
   
(0.6
 )    
—
  
Federal legislative change
 
 
—
 
    
1.5
     
(27.5
 )  
 
—
 
    
1.3
     
(4.0
 )  
 
—
 
    
(0.5
 )    
(41.0
 )
State legislative change
 
 
—
 
    
(0.6
 )    
—
    
 
—
 
    
—
      
—
    
 
—
 
    
(2.0
 )    
(0.7
 )
Write-off
of regulatory assets
  
 
10.9
 
    
—
      
—
    
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Change in tax status
 
 
(2.8
)
   
—
      
—
    
 
—
 
    
—
      
—
    
 
(6.0
)
   
—
      
—
  
AFUDC—equity
 
 
(1.8
)
   
(0.8
 )    
(1.4
 )  
 
—
 
    
(0.5
 )    
(0.6
 )  
 
(0.5
)
   
(0.3
 )    
(0.9
 )
Employee stock ownership plan deduction
 
 
(0.7
)
   
(0.4
 )    
(0.6
 )  
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Other, net
 
 
1.1
 
    
(0.9
 )    
(1.7
 )  
 
(0.2
)
   
(0.1
 )    
0.6
   
 
(3.4
)
(1)
    
(4.4
 )
(1)
    
(6.0
 )
(1)
Effective tax rate
 
 
20.3
%
   
18.5
 %    
(1.0
 )%  
 
18.6
%
   
19.0
 %    
33.5
 %  
 
12.6
%
   
16.4
 %    
(10.7
 )%
(1)
Includes (3.2)%, (4.6)% and (6.7)% relating to the absence of tax on noncontrolling interest in 2019, 2018 and 2017, 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 2019, and changes in estimates of amounts probable of collection from or return to customers. The reversal of these excess deferred income taxes will impact the effective tax rate, and may ultimately impact rates charged to customers. See Note 13 for current year developments.
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 effective tax rate reflects deferred income tax expense of $194 million in satisfaction of this commitment. Dominion Energy’s effective tax rate also reflects the changes in consolidated state income taxes resulting from the SCANA Combination.
In 2018, the Companies applied the provisions of proposed regulations addressing the availability of federal bonus depreciation for the period beginning after September 27, 2017 through December 31, 2017. The application of these changes increased Dominion Energy’s 2017 net operating loss carryforward, the benefit of which will be recognized at the 21% rate. As a result, Dominion Energy’s effective tax rate reflects a $23 million increase to deferred income tax expense associated with the remeasurement of this deferred tax asset. The application of these proposed regulations at Dominion Energy Gas had no impact on income tax expense as the changes in, and remeasurement of, deferred tax liabilities increased regulatory liabilities by $35 million, of which $23 million is reflected in noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets. The effects of these changes at Virginia Power were immaterial. These amounts and adjustments represent the Companies’ best estimate based on available information, and could be subject to change based on additional guidance in yet to be finalized regulations. In addition, changes in estimates of amounts probable of return to or collection from customers increased deferred income tax expense at Virginia Power by $23 million and increased regulatory liabilities by $31 million. At Dominion Energy Gas similar changes in estimates decreased income tax expense by $5 million and regulatory liabilities by $8 million. In Dominion Energy Gas’ discontinued operations, similar changes in estimates increased income tax expense by $8 million, which is reflected in income tax expense from continuing operations in the Consolidated Statements of Income, and regulatory liabilities $10 million, which are reflected in noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets. These changes also impacted Dominion Energy. In addition, Dominion Energy and Dominion Energy Gas’ effective tax rates reflect the impacts of a state legislative change enacted in the second quarter of 2018 that was retroactive to January 1, 2018.
In 2017, the Companies’ effective tax rates reflect the net benefit of remeasurement of deferred taxes resulting from the lower corporate income tax rate promulgated by the 2017 Tax Reform Act, and the completion of audits by state tax authorities that resulted in the recognition of previously unrecognized tax benefits. At December 31, 2016, Virginia Power’s unrecognized tax benefits included state refund claims for open tax years through 2011. Management believed settlement of the claims, including interest thereon, within the next twelve months was remote. In June 2017, Virginia Power received and accepted a cash offer to settle the refund claims. As a result of the settlement, Virginia Power decreased its unrecognized tax benefits by $8 million, and recognized a $2 million tax benefit, which impacted its effective tax rate. Also in connection with this settlement, Virginia Power realized interest income of $11 million, which is reflected in other income in the Consolidated Statements of Income.
 
The Companies’ deferred income taxes consist of the following:
 
  
Dominion Energy
   
Virginia Power
   
 
Dominion Energy
Gas
 
At December 31,
  
2019
 
  
2018
    
2019
 
  
2018
    
2019
 
  
2018
  
(millions)
 
 
  
   
 
  
   
 
  
 
                                                 
Deferred income taxes:
 
 
 
    
   
 
 
    
   
 
 
    
 
Total deferred income tax assets
 
$
3,736
 
   $
2,748
   
$
   1,207
 
    
$   1,054
   
 
$   206
 
   $
296
 
Total deferred income tax liabilities
 
 
9,883
 
    
7,813
   
 
4,058
 
    
4,020
   
 
1,494
 
    
1,626
 
Total net deferred income tax liabilities
 
$
6,147
 
   $
5,065
   
$
2,851
 
    
$2,966
   
 
$1,288
 
   $
1,330
 
                                                 
Total deferred income taxes:
 
 
 
    
   
 
 
    
   
 
 
    
 
Plant and equipment, primarily depreciation method and basis differences
 
$
6,616
 
   $
4,933
   
$
3,359
 
   $
3,367
   
$
742
 
   $
671
 
Excess deferred income taxes
 
 
(1,306
)
    
(993
 )  
 
(672
)
    
(678
 )  
 
(149
)
    
(156
 )
Unrecovered NND Project costs
 
 
553
 
    
—
    
 
—
 
    
—
    
 
—
 
    
—
  
DESC rate refund
 
 
(169
)
   
—
    
 
—
 
    
—
    
 
—
 
    
—
  
Toshiba Settlement
 
 
(219
)
   
—
    
 
—
 
    
—
    
 
—
 
    
—
  
Nuclear decommissioning
 
 
909
 
    
815
   
 
290
 
    
273
   
 
—
 
    
—
  
Deferred state income taxes
 
 
863
 
    
626
   
 
302
 
    
284
   
 
199
 
    
203
 
Federal benefit of deferred state income taxes
 
 
(184
)
    
(132
 )  
 
(63
)
    
(60
 )  
 
(42
)
    
(43
 )
Deferred fuel, purchased energy and gas costs
 
 
30
 
    
60
   
 
1
 
    
59
   
 
—
 
    
(1
 )
Pension benefits
 
 
174
 
    
81
   
 
(153
)
    
(132
 )  
 
154
 
    
134
 
Other postretirement benefits
 
 
(37
)
    
(5
 )  
 
62
 
    
55
   
 
(6
)
    
(3
 )
Loss and credit carryforwards
 
 
(1,832
)
    
(1,546
 )  
 
(280
)
    
(183
 )  
 
(1
)
    
(5
 )
Valuation allowances
 
 
161
 
    
158
   
 
5
 
    
5
   
 
1
 
    
6
 
Partnership basis differences
 
 
823
 
    
1,135
   
 
—
 
    
—
    
 
423
 
    
570
 
Other
 
 
(235
)
    
(67
 )  
 
—
 
    
(24
 )  
 
(33
)
    
(46
 )
Total net deferred income tax liabilities
 
$
6,147
 
   $
5,065
   
$
2,851
 
    
$2,966
   
 
$1,288
 
   $
1,330
 
Deferred Investment Tax Credits – Regulated Operations
 
 
130
 
    
51
   
 
111
 
    
51
   
 
—
 
    
—
  
Total Deferred Taxes and Deferred Investment Tax Credits
 
$
6,277
 
   $
5,116
   
$
2,962
 
    
$3,017
   
 
$1,288
 
   $
1,330
 
The most significant impact reflected for the 2017 Tax Reform Act is the adjustment of the net accumulated deferred income tax
liability for the reduction in the corporate income tax rate to 21%. In addition to amounts recognized in deferred income tax expense, the impacts of the 2017 Tax Reform Act decreased the accumulated deferred income tax liability by $3.1 billion at Dominion Energy, $1.9 billion at Virginia Power and $0.8 billion at Dominion Energy Gas at December 31, 2017, of which $0.4 billion is reflected in noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets. At Dominion Energy, the December 31, 2017 balance sheet reflected the impact of the 2017 Tax Reform Act on our regulatory liabilities which increased our regulatory liabilities by $4.2 billion, and created a corresponding deferred tax asset of $1.1 billion. At Virginia Power, our regulatory liabilities increased $2.6 billion, and created a deferred tax asset of $0.7 billion. At Dominion Energy Gas, regulatory liabilities increased $1.1 billion, of which $0.5 billion is reflected in noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets and created a deferred tax asset of $0.3 billion, of which $0.1 billion is reflected in noncurrent liabilities of discontinued operations on the Consolidated Balance Sheets. These adjustments had no impact on 2017 cash flows.
At December 31, 2019, Dominion Energy had the following deductible loss and credit carryforwards:
 
Deductible
Amount
   
Deferred
Tax Asset
   
Valuation
Allowance
   
Expiration
Period
 
(millions)
 
 
  
   
   
 
Federal losses
 
 
$   1,361
 
  
$
286
 
  
 
$    —
 
  
 
2037
 
Federal investment credits
 
 
—
 
  
 
922
 
  
 
—
 
  
 
2035-2039
 
Federal production credits
 
 
—
 
  
 
126
 
  
 
—
 
  
 
2035-2039
 
Other federal credits
 
 
—
 
  
 
40
 
  
 
—
 
  
 
2035-2038
 
State losses
 
 
3,074
 
  
 
173
 
  
 
(57
)
 
 
2020-2038
 
State minimum tax credits
 
 
—
 
  
 
165
 
  
 
—
 
  
 
No expiration
 
State investment and other credits
 
 
—
 
  
 
144
 
  
 
(98
)
 
 
2020-2031
 
Total
 
 
$4,435
 
  
$
1,856
 
  
 
$(155)
 
  
 
 
At December 31, 2019, Virginia Power had the following deductible loss and credit carryforwards:
 
Deductible
Amount
   
Deferred
Tax Asset
   
Valuation
Allowance
   
Expiration
Period
 
(millions)
 
 
  
   
   
 
Federal investment credits
 
 
$ —
 
  
 
$ 213
 
  
 
$ —
 
  
 
2035-2039
 
Federal production and other credits
 
 
—
 
  
 
58
 
  
 
—
 
  
 
2035-2039
 
State investment credits
 
 
—
 
  
 
9
 
  
 
(5
)
 
 
2024
 
Total
 
 
$
 —
 
  
 
$ 280
 
  
 
$ (5
)
 
 
 
At December 31, 2019, Dominion Energy Gas had immaterial deductible loss carryforwards and less than $1 million of credit carryforwards that expire between 2032 and 2037.
A reconciliation of changes in the Companies’ unrecognized tax benefits follows:
 
Dominion Energy
   
Virginia Power
   
Dominion Energy
Gas
 
  
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
   
 
  
   
   
 
  
   
 
Balance at January 1
 
$
44
 
   $
38
    $
64
   
$
2
 
   $
4
    $
13
   
 
$2
 
   $
2
     
$9
 
Acquired unrecognized tax benefits
 
 
129
(1)
 
    
—
      
—
    
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Increases-prior period positions
 
 
—
 
    
10
      
1
    
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Decreases-prior period positions
 
 
—
 
    
—
      
(9
 )  
 
—
 
    
—
      
(1
 )  
 
—
 
    
—
      
—
  
Increases-current period positions
 
 
9
 
    
10
     
5
   
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Settlements with tax authorities
 
 
(7
)
   
(6
 )    
(23
 )  
 
(2
)
   
(1
 )    
(8
 )  
 
—
 
    
—
      
(7
 )
Expiration of statutes of limitations
 
 
—
 
    
(8
 )    
—
    
 
—
 
    
(1
 )    
—
    
 
—
 
    
—
      
—
  
Balance at December 31
 
$
 175
 
   $
44
    $
38
   
$
—
 
   $
2
    $
4
   
 
$2
 
   $
2
     
$2
 
 
(1)
Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting.
Certain unrecognized tax benefits, or portions thereof, if recognized, would affect the effective tax rate. Changes in these unrecognized tax benefits may result from remeasurement of amounts expected to be realized, settlements with tax authorities and expiration of statutes of limitations. For Dominion Energy and its subsidiaries, these unrecognized tax benefits were $141 million, $37 million and $31 million at December 31, 2019, 2018 and 2017, respectively. For Dominion Energy, the change in these unrecognized tax benefits increased income tax expense by $3 million and $5 million in 2019 and 2018, respectively, and decreased income tax expense by $9 million in 2017. For Virginia Power, these unrecognized tax benefits were less than $1 million, $2 million, and $3 million at December 31, 2019, 2018 and 2017, respectively. For Virginia Power, the change in these unrecognized tax benefits decreased income tax expense by $2 million in 2019 and 2018, respectively, and $6 million in 2017. For Dominion Energy Gas, these unrecognized tax benefits were $2 million, at December 31, 2019, 2018 and 2017, respectively. For Dominion Energy Gas, the change in these unrecognized tax benefits decreased income tax expense by less than $1 million in 2019 and 2018, respectively, and $5 million in 2017.
Dominion Energy participates in the IRS Compliance Assurance Process which provides the opportunity to resolve complex tax matters with the IRS before filing its federal income tax returns, thus achieving certainty for such tax return filing positions agreed to by the IRS. In 2018, Dominion Energy submitted carryback claims for specified liability losses involving prior tax years. These claims are currently subject to IRS examination. With the exception of these claims, the IRS has completed its audit of tax years through 2018. The statute of limitations has not yet expired for tax year 2014 and years after 2015. Although Dominion Energy has not received a final letter indicating no changes to its taxable income for tax year 2018, no material adjustments are expected. The IRS examination of tax year 2019 is ongoing.
It is reasonably possible that settlement negotiations and expiration of statutes of limitations could result in a decrease in unrecognized tax benefits in 2020 by up to $86 million for Dominion Energy and less than $1 million for Dominion Energy Gas. If such changes were to occur, other than revisions of the accrual for interest on tax underpayments and overpayments, earnings could increase by up to $23 million for Dominion Energy and less than $1 million for Dominion Energy Gas.
Otherwise, with regard to 2019 and prior years, Dominion Energy, Virginia Power and Dominion Energy Gas cannot estimate the range of reasonably possible changes to unrecognized tax benefits that may occur in 2020.
For each of the major states in which Dominion Energy operates, the earliest tax year remaining open for examination is as follows:
State
 
Earliest
Open Tax
Year
 
Pennsylvania
(1)
  
 
2012
 
Connecticut
 
 
2016
 
Virginia
(2)
  
 
2016
 
West Virginia
(1)
  
 
2016
 
New York
(1)
  
 
2015
 
Utah
 
 
2016
 
South Carolina
 
 
2012
 
 
(1)
Considered a major state for Dominion Energy Gas’ operations.
(2)
Considered a major state for Virginia Power’s operations.
The Companies are also obligated to report adjustments resulting from IRS settlements to state tax authorities. In addition, if Dominion Energy utilizes operating losses or tax credits generated in years for which the statute of limitations has expired, such amounts are generally subject to examination.
v3.19.3.a.u2
Fair Value Measurements
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. However, the use of a
mid-market
pricing convention (the
mid-point
between bid and ask prices) is permitted. Fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. This includes not only the credit standing of counterparties involved and the impact of credit enhancements but also the impact of the Companies’ own nonperformance risk on their liabilities. Fair value measurements assume that the transaction occurs in the principal market for the asset or liability (the market with the most volume and activity for the asset or liability from the perspective of the reporting entity), or in the absence of a principal market, the most advantageous market for the asset or liability (the market in which the reporting entity would be able to maximize the amount received or minimize the amount paid). Dominion Energy applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency derivative instruments, and other investments including those held in nuclear decommissioning, Dominion Energy’s rabbi, and pension and other postretirement benefit plan trusts, in accordance with the requirements discussed above. Virginia Power applies fair
value measurements to certain assets and liabilities including commodity and interest rate derivative instruments and other investments including those held in the nuclear decommissioning trust, in accordance with the requirements discussed above. Dominion Energy Gas applies fair value measurements to certain assets and liabilities including commodity, interest rate, and foreign currency derivative instruments and other investments including those held in pension and other postretirement benefit plan trusts, in accordance with the requirements described above. The Companies apply credit adjustments to their derivative fair values in accordance with the requirements described above.
Inputs and Assumptions
Fair value is based on actively-quoted market prices, if available. In the absence of actively-quoted market prices, price information is sought from external sources, including industry publications, and to a lesser extent, broker quotes. When evaluating pricing information provided by Designated Contract Market settlement pricing, other pricing services, or brokers, the Companies consider the ability to transact at the quoted price, i.e. if the quotes are based on an active market or an inactive market and to the extent which pricing models are used, if pricing is not readily available. If pricing information from external sources is not available, or if the Companies believe that observable pricing is not indicative of fair value, judgment is required to develop the estimates of fair value. In those cases the unobservable inputs are developed and substantiated using historical information, available market data, third-party data, and statistical analysis. Periodically, inputs to valuation models are reviewed and revised as needed, based on historical information, updated market data, market liquidity and relationships, and changes in third-party sources.
For options and contracts with option-like characteristics where observable pricing information is not available from external sources, Dominion Energy and Virginia Power generally use a modified Black-Scholes Model that considers time value, the volatility of the underlying commodities and other relevant assumptions when estimating fair value. Dominion Energy and Virginia Power use other option models under special circumstances, including but not limited to Spread Approximation Model and a Swing Option Model. For contracts with unique characteristics, the Companies may estimate fair value using a discounted cash flow approach deemed appropriate in the circumstances and applied consistently from period to period. For individual contracts, the use of different valuation models or assumptions could have a significant effect on the contract’s estimated fair value.
The inputs and assumptions used in measuring fair value include the following:
For commodity derivative contracts:
 
 
•
 Forward commodity prices
 
•
 Transaction prices
 
•
 Price volatility
 
•
 Price correlation
 
•
 Volumes
 
•
 Commodity location
 
•
 Interest rates
 
•
 Credit quality of counterparties and the Companies
 
•
 Credit enhancements
 
•
 Time value
For interest rate derivative contracts:
 
 
•
 Interest rate curves
 
•
 Credit quality of counterparties and the Companies
 
•
 Notional value
 
•
 Credit enhancements
 
•
 Time value
For foreign currency derivative contracts:
 
 
•
 Foreign currency forward exchange rates
 
•
 Interest rates
 
•
 Credit quality of counterparties and the Companies
 
•
 Notional value
 
•
 Credit enhancements
 
•
 Time value
For investments:
 
 
•
 Quoted securities prices and indices
 
•
 Securities trading information including volume and restrictions
 
•
 Maturity
 
•
 Interest rates
 
•
 Credit quality
Levels
The Companies also utilize the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels:
 
• Level 1—Quoted prices (unadjusted) in active markets for identical assets and liabilities that they have the ability to access at the measurement date. Instruments categorized in Level 1 primarily consist of financial instruments such as certain exchange-traded derivatives, and exchange-listed equities, U.S. and international equity securities, mutual funds and certain Treasury securities held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas, and rabbi trust funds for Dominion Energy.
• Level 2—Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Instruments categorized in Level 2 primarily include commodity forwards and swaps, interest rate swaps, foreign currency swaps and cash and cash equivalents, corporate debt instruments, government securities and other fixed income investments held in nuclear decommissioning trust funds for Dominion Energy and Virginia Power, benefit plan trust funds for Dominion Energy and Dominion Energy Gas and rabbi trust funds for Dominion Energy.
• Level 3—Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Instruments categorized in Level 3 for the Companies consist of long-dated commodity derivatives, FTRs, certain natural gas and power options and other modeled commodity derivatives.
The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. Alternative investments, consisting of investments in partnerships, joint ventures and other alternative investments held in nuclear decommissioning and benefit plan trust funds, are generally valued using NAV based on the proportionate share of the fair value as determined by reference to the most recent audited fair value financial statements or fair value statements provided by the investment manager adjusted for any significant events occurring between the investment manager’s and the Companies’ measurement date. Alternative investments recorded at NAV are not classified in the fair value hierarchy.
Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs became observable for classification in either Level 1 or Level 2. Because the activity and liquidity of commodity markets vary substantially
between regions and time periods, the availability of observable inputs for substantially the full term and value of the Companies’
over-the-counter
derivative contracts is subject to change.
Level 3 Valuations
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 and futures contracts. An option model is used to value Level 3 physical and financial options. The discounted cash flow model for forwards and futures calculates
mark-to-market
valuations based on forward market prices, original transaction prices, volumes, risk-free rate of return, and credit spreads. The 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 December 31, 2019. 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)
  
 
$  13
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(1) -
 
4
     
—
 
FTRs
 
 
6
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(1) - 5
     
1
 
Total assets
 
 
$  19
 
    
     
     
     
 
                                         
Liabilities
 
 
 
    
     
     
     
 
Physical and financial forwards:
 
 
 
    
     
     
     
 
Natural gas
(2)
  
 
$  43
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(2) - 4
     
(1
 )
FTRs
 
 
5
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(4) - 4
     
—
 
Physical options:
 
 
 
    
     
     
     
 
Natural gas
 
 
8
 
    
Option model
     
Market price (per Dth)
(3)
      
1 - 4
     
3
 
 
 
 
    
     
Price volatility
(4)
      
24% - 66%
     
37
 %
Total liabilities
 
 
$  56
 
    
     
     
     
 
 
 
 
 
 
 
 
(1)
Averages weighted by volume.
 
 
 
 
 
 
(2)
Includes basis.
 
 
 
 
 
 
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
 
 
 
 
 
 
(4)
Represents volatilities unrepresented in published markets.
 
 
 
 
 
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
 
                         
Significant Unobservable
Inputs
 
Position
   
Change to Input
   
Impact on Fair
Value Measurement
 
Market price
   
Buy
     
Increase (decrease)
     
Gain (loss)
 
Market price
   
Sell
     
Increase (decrease)
     
Loss (gain)
 
Price volatility
   
Buy
     
Increase (decrease)
     
Gain (loss)
 
Price volatility
   
Sell
     
Increase (decrease)
     
Loss (gain)
 
 
 
 
 
 
Nonrecurring Fair Value Measurements
Dominion Energy
See Note 9 for information regarding an impairment charge recognized associated with Dominion Energy’s equity method investment in Fowler Ridge. Also, see Note 9 for information regarding fair value measurements associated with Dominion Energy’s sale of its interest in Blue Racer and acquisition of its interest in Wrangler.
Atlantic Coast Pipeline Guarantee Agreement
In October 2017, Dominion Energy entered into a guarantee agreement in connection with Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility. See Note 23 for more information about the guarantee agreement associated with Atlantic Coast Pipeline’s revolving credit facility. Dominion Energy recorded a liability of $30 million, the fair value of the guarantee at inception, associated with the guarantee agreement. The fair value was estimated using a discounted cash flow method and is considered a Level 3 fair value measurement due to the use of a significant unobservable input related to the interest rate differential between the interest rate charged on the guaranteed revolving credit facility and the estimated interest rate that would have been charged had the loan not been guaranteed.
Dominion Energy Gas
In the fourth quarter of 2018, subsequent to the announcement of the sale of Dominion Energy’s interest in Blue Racer, Dominion Energy Gas conducted a review of strategic alternatives of its remaining gathering and processing assets at DGP. Based on an evaluation of DGP’s long-lived assets for recoverability under a probability weighted approach, Dominion Energy Gas determined the assets were impaired. As a result of this evaluation, Dominion Energy Gas recorded a charge of $219 million ($165 million
after-tax)
in discontinued operations in its Consolidated Statements of Income (reflected in
 
the
Corporate and Other segment) to write down DGP’s property, plant and equipment to its estimated fair value of $190 million. This charge was recorded in impairment of assets and related charges in Dominion Energy’s Consolidated
Statements of Income
(reflected in
 
the
Corporate and Other segment). The fair value of the property, plant and equipment was estimated using an income approach and market approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices.
Recurring Fair Value Measurements
Fair value measurements are separately disclosed by level within the fair value hierarchy with a separate reconciliation of fair value measurements categorized as Level 3. Fair value disclosures for assets held in Dominion Energy and Dominion Energy Gas’ pension and other postretirement benefit plans are presented in Note 22.
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)
 
 
  
   
   
 
                                 
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
 
December 31, 2018
 
 
 
    
     
     
 
Assets
 
 
 
    
     
     
 
Derivatives:
 
 
 
    
     
     
 
Commodity
  $
—
    $
180
     
$  70
    $
250
 
Interest rate
   
—
     
18
     
—
     
18
 
Foreign currency
   
—
     
26
     
—
     
26
 
Investments
(1)
:
   
     
     
     
 
Equity securities:
   
     
     
     
 
U.S.
   
3,277
     
—
     
—
     
3,277
 
Fixed income:
   
     
     
     
 
Corporate debt instruments
   
—
     
431
     
—
     
431
 
Government securities
   
455
     
688
     
—
     
1,143
 
Cash equivalents and other
   
11
     
—
     
—
     
11
 
Total assets
  $
3,743
    $
1,343
     
$  70
    $
5,156
 
Liabilities
   
     
     
     
 
Derivatives:
   
     
     
     
 
Commodity
  $
—
    $
129
     
$    6
    $
135
 
Interest rate
   
—
     
142
     
—
     
142
 
Foreign currency
   
—
     
2
     
—
     
2
 
Total liabilities
  $
—
    $
273
     
$    6
    $
279
 
 
 
 
 
 
 
 
(1)
Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $274 million and $220 million of assets at December 31, 2019 and 2018, 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:
                         
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Balance at January 1,
 
$
64
 
   $
150
    $
139
 
Total realized and unrealized gains (losses):
 
 
 
    
     
 
Included in earnings:
 
 
 
    
     
 
Operating Revenue
 
 
(1
)
   
(2
 )    
3
 
Electric fuel and other energy-related purchases
 
 
(22
)
   
(15
 )    
(42
 )
Purchased gas
 
 
2
 
    
—
      
1
 
Included in other comprehensive income (loss)
 
 
—
 
    
1
     
(2
 )
Included in regulatory assets/liabilities
 
 
(90
)
   
(44
 )    
42
 
Settlements
 
 
17
 
    
(27
 )    
6
 
Purchases
 
 
(10
)
   
—
      
—
  
Sales
 
 
6
 
    
—
      
—
  
Transfers out of Level 3
 
 
(3
)
   
1
     
3
 
Balance at December 31,
 
$
(37
)
  $
64
    $
150
 
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:
 
 
 
    
     
 
Operating Revenue
 
$
—
 
   $
—
     $
2
 
 
VIRGINIA POWER
The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at December 31, 2019. 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)
  
 
$  13
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(1)
 -
 4
      
—
 
FTRs
 
 
6
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(1)
 -
 5
      
1
 
Total assets
 
 
$  19
 
    
     
     
     
 
                                         
Liabilities
 
 
 
    
     
     
     
 
Physical and financial forwards:
 
 
 
    
     
     
     
 
Natural gas
(2)
  
 
$  43
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(2)
 -
 4
      
(1
 )
FTRs
 
 
5
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(4)
 -
 4
      
—
 
Physical options:
 
 
 
    
     
     
     
 
Natural gas
 
 
8
 
    
Option model
     
Market price (per Dth)
(3)
      
1 - 4
     
3
 
 
 
 
    
     
Price volatility
(4)
      
24%—66%
     
37
 %
Total liabilities
 
 
$  56
 
    
     
     
     
 
 
 
 
(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)
 
 
  
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Assets
 
 
 
    
     
     
 
Derivatives:
 
 
 
    
     
     
 
Commodity
  $
—
     
$  24
     
$66
    $
90
 
Interest rate
   
—
     
3
     
—
     
3
 
Investments
(1)
:
 
 
 
    
     
     
 
Equity securities:
 
 
 
    
     
     
 
U.S.
   
1,476
     
—
     
—
     
1,476
 
Fixed income:
   
     
     
     
 
Corporate debt instruments
   
—
     
221
     
—
     
221
 
Government securities
   
164
     
343
     
—
     
507
 
Total assets
  $
1,640
     
$591
     
$66
    $
2,297
 
Liabilities
   
     
     
     
 
Derivatives:
   
     
     
     
 
Commodity
  $
—
     
$    9
     
$  6
    $
15
 
Interest rate
   
—
     
88
     
—
     
88
 
Total liabilities
  $
—
     
$  97
     
$  6
    $
103
 
 
(1)
Includes investments held in the nuclear decommissioning trusts. Excludes $159 million and $160 million of assets at December 31, 2019 and 2018, 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:
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Balance at January 1,
 
$
60
 
   $
147
    $
143
 
Total realized and unrealized gains (losses):
 
 
 
    
     
 
Included in earnings:
 
 
 
    
     
 
Electric fuel and other energy-related purchases
 
 
(22
)
   
(17
 )    
(43
 )
Included in regulatory assets/liabilities
 
 
(88
)
   
(45
 )    
40
 
Settlements
 
 
13
 
    
(25
 )    
7
 
Balance at December 31,
 
$
(37
)
  $
60
    $
147
 
There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2019, 2018 and 2017.
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)
 
   
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Assets
 
 
 
    
     
     
 
Commodity
   
$ —
     
$3
     
$   —
     
$3
 
Interest rate
   
—
     
2
     
—
     
2
 
Foreign currency
   
—
     
26
     
—
     
26
 
Total assets
   
$ —
     
$31
     
$   —
     
$31
 
Liabilities
   
     
     
     
 
Interest rate
   
$ —
     
$17
     
$   —
     
$17
 
Foreign currency
   
—
     
2
     
—
     
2
 
Total liabilities
   
$ —
     
$  19
     
$   —
     
$  19
 
The following table presents the net change in Dominion Energy Gas’ derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no changes in assets and liabilities measure at fair value on a recurring basis and included in the Level 3 fair value category during the year ended December 31, 2019.
 
2018
 
  
2017
 
(millions)
 
 
  
 
Balance at January 1,
 
 
$(2
 )    
$(2
 )
Total realized and unrealized gains (losses):
 
 
     
 
Included in other comprehensive income (loss)
 
 
1
      
(3
 )
Transfers out of Level 3
 
 
1
      
3
  
Balance at December 31,
 
 
$—
     
$(2
 )
There were no gains and losses included in earnings in the Level 3 fair value category for the years ended December 31, 2019, 2018 and 2017. There were no unrealized gains and losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the years ended December 31, 2019, 2018 and 2017.
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:
December 31,
 
2019
   
2018
 
  
Carrying
Amount
 
  
Estimated
Fair
Value
(1)
 
  
Carrying
Amount
   
Estimated
Fair
Value
(1)
  
(millions)
 
 
  
 
  
   
 
Dominion Energy
 
 
 
  
 
 
    
     
 
Long-term debt
(2)
  
$
 32,055
 
  
 
$36,155
 
   $
29,952
      
$31,045
  
Credit facility borrowings
 
 
—
 
  
 
—
 
    
73
      
73
  
Junior subordinated notes
(3)
  
 
4,797
 
  
 
4,953
 
    
3,430
      
3,358
 
Remarketable subordinated notes
(3)
  
 
—
 
  
 
—
 
    
1,386
     
1,340
 
Virginia Power
 
 
 
  
 
 
    
     
 
Long-term debt
(3)
  
$
12,326
 
  
 
$14,281
 
   $
11,671
     
$12,400
 
Dominion Energy Gas
 
 
 
  
 
 
    
     
 
Long-term debt
(4)
  
$
5,520
 
  
 
$5,738
 
   $
7,770
     
$7,803
 
Credit facility borrowings
 
 
—
 
  
 
—
 
    
73
      
73
  
 
(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 December 31, 2019 and 2018, includes the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt of $4 million and $(20) 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.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities
Note 7. Derivatives And Hedge Accounting Activities
See Note 2 for the Companies’ accounting policies, objectives, and strategies for using derivative instruments. See Note 6 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 24 for further information regarding credit-related contingent features for the Companies derivative instruments.
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:
 
 
  
December 31, 2019
   
   
December 31, 2018
 
  
 
  
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
 
 
$35
 
  
 
$21
 
  
 
$—
 
  
 
$14
 
    
$175
     
$12
     
$—
     
$163
 
Exchange
 
 
37
 
  
 
21
 
  
 
—
 
  
 
16
 
    
68
     
68
     
—
     
—
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
11
 
  
 
3
 
  
 
—
 
  
 
8
 
    
18
     
1
     
—
     
17
 
Foreign currency contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
8
 
  
 
8
 
  
 
—
 
  
 
—
 
    
26
     
2
     
—
     
24
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$91
 
  
 
$53
 
  
 
$—
 
  
 
$38
 
    
$287
     
$83
     
$—
     
$204
 
 
(1)
Excludes $2 million and $7 million of derivative assets at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
  
December 31, 2019
   
December 31, 2018
 
  
 
  
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
 
 
$105
 
  
 
$21
 
  
 
$—
 
  
 
$  84
 
    
$  19
     
$12
     
$—
     
$    7
 
Exchange
 
 
21
 
  
 
21
 
  
 
—
 
  
 
—
 
    
115
     
68
     
47
     
—
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
606
 
  
 
8
 
  
 
35
 
  
 
563
 
    
142
     
1
     
—
     
141
 
Foreign currency contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
3
 
  
 
3
 
  
 
—
 
  
 
—
 
    
2
     
2
     
—
     
—
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$735
 
  
 
$53
 
  
 
$35
 
  
 
$647
 
    
$278
     
$83
     
$47
     
$148
 
 
(1)
Excludes $5 million and $1 million of derivative liabilities at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
Volumes
The following table presents the volume of Dominion Energy’s derivative activity as of December 31, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
 
Current
   
Noncurrent
 
Natural Gas (bcf):
   
     
 
Fixed price
(1)
  
 
79
 
  
 
34
 
Basis
 
 
227
 
  
 
495
 
Electricity (MWh):
 
 
 
  
 
 
Fixed price
(1)
  
 
3,810,015
 
  
 
—
 
FTRs
 
 
46,585,304
 
  
 
—
 
Liquids (Gal)
(2)
  
 
52,374,000
 
  
 
—
 
Interest rate
(3)
  
$
2,450,000,000
 
  
$
3,976,014,497
 
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 December 31, 2019:
 
AOCI
After-Tax
   
Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax
   
Maximum Term
 
(millions)
 
 
  
   
 
Commodities:
 
 
 
    
     
 
Gas
 
        $
(4
)
 
                            $
(4
)
 
 
24 months
 
Electricity
 
 
19
 
  
 
19
 
  
 
12 months
 
Other
 
 
1
 
  
 
1
 
  
 
12 months
 
Interest rate
 
 
(426
)
 
 
(64
)
  
 
384 months
 
Foreign currency
 
 
3
 
  
 
(2
)
 
 
78 months
 
Total
 
        $
(407
)
 
                            $
(50
)
    
 
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.
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. Gains and losses on derivatives in fair value hedge relationships were immaterial for the years ended December 31, 2019, 2018 and 2017.
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)
  
  
December 31,
2019
 
  
December 31,
2018
   
December 31,
2019
 
  
December 31,
2018
 
(millions)
 
 
  
   
 
  
 
Long-term
debt
  
            $
(1,154
)
              $
(1,631
 )  
                  $
(4
)
   
$20
 
 
(1)
Includes $(397) million and $(892) million related to discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively.
(2)
Includes $3 million and $8 million of hedging adjustments on discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively.
Fair Value and Gains and Losses on Derivative Instruments
The following tables present 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)
 
 
  
   
 
                         
At 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
(3)
  
 
330
 
  
 
78
 
  
 
408
 
Noncurrent Liabilities
 
 
 
  
 
 
  
 
 
Commodity
 
 
1
 
  
 
47
 
  
 
48
 
Interest rate
 
 
267
 
  
 
17
 
  
 
284
 
Total noncurrent derivative liabilities
(4)
  
 
268
 
  
 
64
 
  
 
332
 
Total derivative liabilities
 
 
$598
 
  
 
$142
 
  
$
740
 
At December 31, 2018
 
 
 
  
 
 
  
 
 
ASSETS
 
 
 
  
 
 
  
 
 
Current Assets
 
 
 
  
 
 
  
 
 
Commodity
   
$  55
     
$154
    $
209
 
Interest rate
   
14
     
—
     
14
 
Total current derivative assets
(1)
    
69
     
154
     
223
 
Noncurrent Assets
   
     
     
 
Commodity
   
6
     
35
     
41
 
Interest rate
   
4
     
—
     
4
 
Foreign currency
   
26
     
—
     
26
 
Total noncurrent derivative assets
(2)
    
36
     
35
     
71
 
Total derivative assets
   
$105
     
$189
    $
294
 
LIABILITIES
   
     
     
 
Current Liabilities
   
     
     
 
Commodity
   
$  17
     
$112
    $
129
 
Interest rate
   
26
     
—
     
26
 
Foreign currency
   
2
     
—
     
2
 
Total current derivative liabilities
(3)
    
45
     
112
     
157
 
Noncurrent Liabilities
   
     
     
 
Commodity
   
5
     
1
     
6
 
Interest rate
   
116
     
—
     
116
 
Total noncurrent derivative liabilities
(4)
    
121
     
1
     
122
 
Total derivative liabilities
   
$166
     
$113
    $
279
 
(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)
Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets.
(4)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets.
The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:
Derivatives in cash flow hedging relationships
 
Amount of
Gain (Loss)
Recognized
in AOCI on
Derivatives
(Effective
Portion)
(1)
    
Amount of
Gain (Loss)
Reclassified
From AOCI
to Income
   
Increase
(Decrease) in
Derivatives
Subject to
Regulatory
Treatment
(2)
  
(millions)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
  
 
 
  
 
 
Derivative type and location of gains (losses):
 
 
 
  
 
 
  
 
 
Commodity:
 
 
 
  
 
 
  
 
 
Operating revenue
 
 
 
  
 
$146
 
  
 
 
Purchased gas
 
 
 
  
 
(3
)
 
 
 
Total commodity
 
 
$125
 
  
 
$143
 
  
 
$   —
 
Interest rate
(3)
  
 
(252
)
 
 
(54
)
 
 
(255
)
Foreign currency
(4)
  
 
(18
)
 
 
(6
)
 
 
—
 
Total
 
 
$(145
)
 
 
$  83
 
  
 
$(255
)
Year Ended December 31, 2018
 
 
 
    
     
 
Derivative type and location of gains (losses):
   
     
     
 
Commodity:
   
     
     
 
Operating revenue
   
     
$(90
 )    
 
Electric fuel and other energy-related purchases
   
     
14
     
 
Total commodity
   
$  64
     
$(76
 )    
$   —
 
Interest rate
(3)
    
(18
 )    
(48
 )    
39
 
Foreign currency
(4)
    
(6
 )    
(13
 )    
—
 
Total
   
$  40
     
$(137
 )    
$   39
 
Year Ended December 31, 2017
   
     
     
 
Derivative type and location of gains (losses):
   
     
     
 
Commodity:
   
     
     
 
Operating revenue
   
     
$  81
     
 
Purchased gas
 
 
 
    
(2
 )    
 
Total commodity
   
$    1
     
$  79
     
$   —
 
Interest rate
(3)
    
(8
 )    
(52
 )    
(58
 )
Foreign currency
(4)
    
18
     
20
     
—
 
Total
   
$  11
     
$  47
     
$  (58
 )
 
(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.
Derivatives not designated as hedging instruments
 
Amount of Gain (Loss) Recognized in
Income on Derivatives
(1)
  
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Derivative type and location of gains (losses):
 
 
 
    
     
 
Commodity:
 
 
 
    
     
 
Operating revenue
 
            $
45
 
           $
(28
 )   $
18
  
Purchased gas
 
 
(28
)
   
11
     
(3
 )
Electric fuel and other energy-related purchases
 
 
(46
)
   
(9
 )    
(59
 )
Other operations & maintenance
 
 
—
 
    
—
     
(1
 )
Interest rate
 
 
3
 
    
—
     
—
 
Total
 
            $
(26
)
          $
(26
 )   $
(45
 )
 
(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
Virginia Power
Balance Sheet Presentation
The tables below present Virginia Power’s derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in its Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
 
December 31, 2019
   
December 31, 2018
 
  
 
  
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
 
 
$19
 
  
 
$18
 
  
 
$—
 
  
 
$1
 
    
$64
     
$6
     
$—
     
$58
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
    
     
     
     
     
 
Over-the-counter
 
 
2
 
  
 
—
 
  
 
—
 
  
 
2
 
    
3
     
—
     
—
     
3
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$21
 
  
 
$18
 
  
 
$—
 
  
 
$3
 
    
$67
     
$6
     
$—
     
$61
 
(1)
Excludes $3 million and $26 million of derivative assets at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
  
December 31, 2019
   
December 31, 2018
 
  
 
  
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
 
 
$  59
 
  
 
$18
 
  
 
$—
 
  
 
$  41
 
    
$  6
     
$6
     
$—
     
$—
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
363
 
  
 
—
 
  
 
—
 
  
 
363
 
    
88
     
—
     
—
     
88
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$422
 
  
 
$18
 
  
 
$—
 
  
 
$404
 
    
$94
     
$6
     
$—
     
$88
 
(1)
Excludes $44 million and $9 million of derivative liabilities at December 31, 2019 and 2018, 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 December 31, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
 
Current
   
Noncurrent
 
Natural Gas (bcf):
   
     
 
Fixed price
(1)
  
 
41
 
  
 
9
 
Basis
 
 
132
 
  
 
448
 
Electricity (MWh):
   
     
 
FTRs
 
 
46,585,304
 
  
 
—
 
Interest rate
(2)
  
$
900,000,000
 
  
$
950,000,000
 
 
(1)
Includes options.
(2)
Maturity is determined based on final settlement period.
AOCI
The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at December 31, 2019:
 
AOCI
After-Tax
   
Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax
   
Maximum
Term
 
(millions)
 
 
  
   
 
Interest rate
 
            $
(34
)
 
                                $
(1
)
 
 
384 months
 
Total
 
            $
(34
)
 
                                $
(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 tables present 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)
 
 
  
   
 
                         
At 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 derivative liabilities
 
 
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
 
At December 31, 2018
 
 
 
  
 
 
  
 
 
ASSETS
 
 
 
  
 
 
  
 
 
Current Assets
 
 
 
  
 
 
  
 
 
Commodity
   
$  —
     
$  60
    $
60
 
Interest rate
   
3
     
—
     
3
 
Total current derivative assets
(1)
    
3
     
60
     
63
 
Noncurrent Assets
   
     
     
 
Commodity
   
—
     
30
     
30
 
Total noncurrent derivative assets
(2)
    
—
     
30
     
30
 
Total derivative assets
   
$    3
     
$  90
    $
93
 
LIABILITIES
   
     
     
 
Current Liabilities
   
     
     
 
Commodity
   
$  —
     
$  15
    $
15
 
Interest rate
   
10
     
—
     
10
 
Total current derivative liabilities
   
10
     
15
     
25
 
Noncurrent Liabilities
   
     
     
 
Interest rate
   
78
     
—
     
78
 
Total noncurrent derivative liabilities
(3)
    
78
     
—
     
78
 
Total derivative liabilities
   
$  88
     
$  15
    $
103
 
(1)
Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets.
(3)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.
The following tables present the gains and losses on Virginia Power’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income:
Derivatives in cash flow hedging
relationships
 
Amount of
Gain (Loss)
Recognized
in AOCI on
Derivatives
(Effective
Portion)
(1)
    
Amount of
Gain (Loss)
Reclassified
From AOCI
to Income
   
Increase
(Decrease) in
Derivatives
Subject to
Regulatory
Treatment
(2)
  
(millions)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
  
 
 
  
 
 
Derivative type and location of gains (losses):
 
 
 
  
 
 
  
 
 
Interest rate
(3)
  
 
$(30
)
 
 
$(1
)
 
 
$(259
)
Total
 
 
$(30
)
 
 
$(1
)
 
 
$(259
)
                         
Year Ended December 31, 2018
 
 
 
  
 
 
  
 
 
Derivative type and location of gains (losses):
 
 
 
  
 
 
  
 
 
Interest rate
(3)
    
$    2
     
$(1
 )    
$  39
 
Total
   
$    2
     
$(1
 )    
$  39
 
                         
Year Ended December 31, 2017
   
     
     
 
Derivative type and location of gains (losses):
   
     
     
 
Interest rate
(3)
    
$  (8
 )    
$(1
 )    
$(58
 )
Total
   
$  (8
 )    
$(1
 )    
$(58
 )
(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)
  
Year Ended December 31,
 
2019
   
2018
   
2017
 
(millions)
 
 
  
   
 
Derivative type and location of gains (losses):
 
 
 
    
     
 
Commodity
(2)
  
$
(45
)
   
$2
     
$(57)
 
Total
 
$
(45
)
   
$2
     
$(57)
 
(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:
 
December 31, 2019
   
December 31, 2018
 
  
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)
 
 
  
   
   
   
   
   
   
 
                                                                 
Commodity contracts:
 
 
 
    
     
     
     
     
     
     
 
Over-the-counter
 
 
$  —
 
  
 
$  —
 
  
 
$  —
 
  
 
$  —
 
    
$    3
     
$  —
     
$  —
     
$    3
 
                                                                 
Interest rate contracts:
 
 
 
    
     
     
     
     
     
     
 
Over-the-counter
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
    
2
      
—
      
—
      
2
  
Foreign currency contracts:
 
 
 
  
 
 
  
 
 
    
     
     
     
     
 
Over-the-counter
 
 
8
 
  
 
8
 
  
 
—
 
  
 
—
 
    
26
      
2
      
—
      
24
  
Total derivatives, subject to a master netting or similar arrangement
 
 
$    8
 
  
 
$    8
 
  
 
$  —
 
  
 
$  —
 
    
$  31
     
$    2
     
$  —
     
$  29
 
  
December 31, 2019
   
December 31, 2018
 
  
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
 
 
$  83
 
  
 
$    5
 
  
 
$  —
 
  
 
$  78
 
    
$  17
     
$  —
     
$  —
     
$  17
 
                                                                 
Foreign currency contracts:
 
 
 
    
     
     
     
     
     
     
 
Over-the-counter
 
 
3
 
  
 
3
 
  
 
—
 
  
 
—
 
    
2
     
2
     
—
     
—
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$  86
 
  
 
$    8
 
  
 
$  —
 
  
 
$  78
 
    
$  19
     
$    2
     
$  —
     
$  17
 
Volumes
The following table presents the volume of Dominion Energy Gas’ derivative activity at December 31, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
                 
 
Current
   
Noncurrent
 
Interest rate
(1)
  
$
250,000,000
 
  
$
1,050,000,000
 
Foreign currency
(1)
  
€
—
 
  
€
250,000,000
 
 
 
 
 
 
 
 
(1)
Maturity is determined based on final settlement period.
 
 
 
 
 
 
 
 
 
A
OCI
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 December 31, 2019:
                         
 
AOCI
After-Tax
   
Amounts Expected
to be Reclassified
to Earnings During
the Next 12
Months
 After-Tax
   
Maximum Term
 
(millions)
 
 
  
   
 
Interest rate
 
 
$(84
)
 
 
$  15
 
  
 
300 months
 
Foreign currency
 
 
3
 
  
 
(2
)
 
 
78 months
 
Total
 
 
$(81
)
 
 
$  13
 
  
 
 
 
 
 
 
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.
Fair Value and Gains and Losses on Derivative Instruments
The following table presents 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)
 
 
  
   
 
                         
At 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
 
At December 31, 2018
 
 
 
    
     
 
ASSETS
 
 
 
    
     
 
Current Assets
 
 
 
    
     
 
Commodity
   
$  3
     
$  —
    $
3
 
Interest rate
   
2
      
—
     
2
  
Total current derivative assets
(4)
    
5
      
—
     
5
  
Noncurrent Assets
   
     
     
 
Foreign currency
   
26
      
—
     
26
  
Total noncurrent derivative assets
(1)
    
26
      
—
     
26
  
Total derivative assets
   
$31
     
$  —
    $
31
 
LIABILITIES
   
     
     
 
Current Liabilities
   
     
     
 
Interest rate
    
$  9
     
$  —
    $
9
 
Foreign currency
   
2
      
—
     
2
  
Total current derivative liabilities
(2)
    
11
      
—
     
11
  
Noncurrent Liabilities
   
     
     
 
Interest rate
   
8
      
—
     
8
  
Total noncurrent derivative
liabilities
(3)
    
8
      
—
     
8
  
Total derivative liabilities
   
$19
     
$  —
    $
   19
 
 
 
 
 
 
 
 
(1)
Noncurrent derivative 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.
 
 
 
 
 
 
(4)
Current derivative assets include $2 million in other current assets, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets.
 
 
 
 
The following tables present 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
(Effective 
Portion)
(1)
 
  
Amount of
Gain (Loss)
Reclassified
From AOCI
to Income
 
(millions)
 
 
  
 
                 
Year Ended December 31, 2019
 
 
 
  
 
 
                 
Derivative type and location of gains (losses):
 
 
 
  
 
 
Commodity:
 
 
 
  
 
 
Net income from discontinued operations
 
 
 
  
 
$     4
 
Total commodity
 
 
$     1
 
  
 
$     4
 
Interest rate
(2)
  
 
(68
)
 
 
(5
)
Foreign currency
(3)
  
 
(18
)
 
 
(6
)
Total
 
 
$  (85
)
 
 
$    (7
)
Year Ended December 31, 2018
 
 
 
    
 
Derivative type and location of gains (losses):
 
 
 
    
 
Commodity:
 
 
 
    
 
Net income from discontinued operations
 
 
 
    
$    (8
 )
Total commodity
   
$     1
     
$    (8
 )
Interest rate
(2)
    
(16
 )    
(5
 )
Foreign currency
(3)
    
(6
 )    
(13
 )
Total
   
$  (21
 )    
$  (26
 )
Year Ended December 31, 2017
   
     
 
Derivative type and location of gains (losses):
   
     
 
Commodity:
   
     
 
Net income from discontinued operations
   
     
$    (8
 )
Total commodity
   
$  (10
 )    
$    (8
 )
Interest rate
(2)
    
1
      
(6
 )
Foreign currency
(3)
    
18
      
20
  
Total
   
$     9
     
$     6
 
 
 
 
 
 
 
(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
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Derivative type and location of gains (losses):
 
 
 
    
     
 
Commodity
 
 
 
    
     
 
Operating revenue
 
 
$—
 
    
$(11
 )    
$—
 
Total
 
 
$—
 
    
$(11
 )    
$—
 
 
 
 
 
v3.19.3.a.u2
Earnings Per Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
Note 8. Earnings Per Share
The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
                         
 
2019
 
  
2018
   
2017
 
(millions, except EPS)
 
 
  
   
 
Net income attributable to Dominion Energy
 
$
1,358
 
   $
2,447
    $
2,999
 
Preferred stock dividends (see Note 19)
 
 
(17
)
   
—
     
—
 
Net income attributable to Dominion Energy – Basic
 
 
1,341
 
    
2,447
     
2,999
 
Dilutive effect of Series A Preferred Stock
 
 
(28
)
   
—
     
—
 
Net income attributable to Dominion Energy – Diluted
 
 
1,313
 
    
2,447
     
2,999
 
Average shares of common stock outstanding – Basic
 
 
808.8
 
    
654.2
     
636.0
 
Net effect of dilutive securities
(1)
  
 
0.1
 
    
0.7
     
—
 
Average shares of common stock outstanding – Diluted
 
 
808.9
 
    
654.9
     
636.0
 
Earnings Per Common Share – Basic
 
$
1.66
 
   $
3.74
    $
4.72
 
Earnings Per Common Share – Diluted
 
$
1.62
 
   $
3.74
    $
4.72
 
 
 
 
 
 
 
 
(1)
Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Notes 17 and 19 for more information.
 
 
 
 
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 year ended December 31, 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 year ended December 31, 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 were potentially dilutive securities, but were excluded from the calculation of diluted EPS for the years ended December 31, 2019, 2018 and 2017 as the dilutive stock price threshold was not met. The Dominion Energy Midstream convertible preferred units were potentially dilutive securities but had no effect on the calculation of diluted EPS for the years ended December 31, 2018 and 2017. In calculating diluted EPS in connection with the Dominion Energy Midstream convertible preferred units, Dominion Energy applied the
if-converted
method.
v3.19.3.a.u2
Investments
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investments
Note 9. 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 $120 million and $111 million at December 31, 2019 and 2018, 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
   
Fair
Value
 
(millions)
 
 
  
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Equity securities:
(1)
    
     
     
     
 
U.S.
   
$1,741
      
$1,640
      
$(51)
      
$3,330
  
Fixed income securities:
(2)
    
     
     
     
 
Corporate debt instruments
   
435
      
5
      
(9)
      
431
  
Government securities
   
1,092
      
17
      
(12)
      
1,097
  
Common/collective trust funds
   
76
      
—
      
—
     
76
  
Cash equivalents and other
    
4
      
—
     
—
     
4
  
Total
   
$3,348
      
$1,662
      
$(72)
(4)
      
$4,938
 
 
(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3)
Includes pending purchases of securities of $1 million at December 31, 2019.
(4)
The fair value of securities in an unrealized loss position was $298 million and $833 million at December 31, 2019 and 2018, respectively.
The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy’s nuclear decommissioning trusts is summarized below:
 
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Net gains (losses) recognized during the period
 
$
919
 
   $
(245
 )
Less: Net gains recognized during the period on securities sold during the period
 
 
(80
)
   
(58
 )
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018
(1)
  
$
839
 
   $
(303
 )
 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2019 by contractual maturity is as follows:
 
  
Amount
 
(millions)
 
 
         
Due in one year or less
 
$
198
 
Due after one year through five years
 
 
412
 
Due after five years through ten years
 
 
390
 
Due after ten years
 
 
727
 
Total
 
$
1,727
 
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.
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Proceeds from sales
 
$
1,712
 
   $
1,804
    $
1,831
 
Realized gains
(1)
  
 
195
 
    
140
     
166
 
Realized losses
(1)
  
 
96
 
    
91
     
71
 
 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Total other-than-temporary impairment losses
(1)
  
$
3
 
   $
30
    $
44
 
Losses recorded to the nuclear decommissioning trust regulatory liability
 
 
—
 
    
—
      
(16
 )
Losses recognized in other comprehensive income (before taxes)
 
 
(3
)
   
(30
 )    
(5
 )
Net impairment losses recognized in earnings
 
$
—
 
   $
—
     $
23
 
 
(1)
Amounts include other-than-temporary impairment losses for fixed income securities of $5 million at December 31, 2017.
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
   
Fair
Value
 
(millions)
 
 
  
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Equity securities:
(1)
  
 
 
  
 
 
  
 
 
  
 
 
U.S.
   
$   858
     
$751
     
$(24)
     
$1,585
 
Fixed income securities:
(2)
    
     
     
     
 
Corporate debt instruments
   
224
      
2
      
(5)
      
221
  
Government securities
   
504
      
7
      
(5)
      
506
  
Common/collective trust funds
   
51
      
—
     
—
     
51
  
Cash equivalents and other
(3)
    
6
      
—
     
—
     
6
  
Total
   
$1,643
     
$760
     
$(34)
(4)
      
$2,369
 
(1)
Unrealized gains and losses on equity securities, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3)
Includes pending sales of securities of $6 million at December 31, 2018.
(4)
The fair value of securities in an unrealized loss position was $185 million and $404 million at December 31, 2019 and 2018, respectively.
The portion of unrealized gains and losses that relates to equity securities held within Virginia Power’s nuclear decommissioning trusts is summarized below:
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Net gains (losses) recognized during the period
 
$
423
 
   $
(105
 )
Less: Net gains recognized during the period on securities sold during the period
 
 
(20
)
   
(32
 )
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018
(1)
  
$
403
 
   $
(137
 )
 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2019, by contractual maturity is as follows:
 
Amount
 
(millions)
 
 
Due in one year or less
 
 
$  91
 
Due after one year through five years
 
 
175
 
Due after five years through ten years
 
 
206
 
Due after ten years
 
 
381
 
Total
 
 
$853
 
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.
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Proceeds from sales
 
$
858
 
   $
887
    $
849
 
Realized gains
(1)
  
 
58
 
    
60
     
75
 
Realized losses
(1)
  
 
22
 
    
27
     
30
 
 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Total other-than-temporary impairment losses
(1)
  
$
2
 
   $
15
     $
20
  
Losses recorded to the nuclear decommissioning trust regulatory liability
 
 
—
 
    
—
      
(16
 )
Losses recognized in other comprehensive income (before taxes)
 
 
(2
)
   
(15
 )    
(2
 )
Net impairment losses recognized in earnings
 
$
—
 
   $
—
     $
2
 
 
 
 
 
 
 
(1)
Amounts include other-than-temporary impairment losses for fixed income securities of $2 million at December 31, 2017.
 
 
 
 
Equity Method Investments
Dominion Energy
Investments that Dominion Energy account for under the equity method of accounting are as follows:
                                 
Company
 
Ownership%
   
Investment
Balance
   
Description
 
As of December 31,
 
 
  
2019
 
  
2018
   
 
(millions)
 
 
  
   
   
 
Atlantic Coast Pipeline
   
48
 %  
$
1,123
 
   $
820
     
Gas transmission system
 
Iroquois
   
50
 %  
 
276
 
    
302
     
Gas transmission system
 
Fowler Ridge
    
50
 %  
 
74
 
    
82
      
Wind-powered merchant     generation facility
  
Wrangler
    
20
 %  
 
77
 
    
—
      
Nonregulated retail     energy marketing
  
Other
(1)(2)
    
various
   
 
96
 
    
74
     
 
Total
 
 
 
  
$
1,646
 
   $
1,278
     
 
 
 
 
 
 
 
(1)
Liability of less than $1 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2018. See additional discussion of NedPower below.
 
 
 
 
 
(2)
Dominion Energy has an $
80
million unfunded commitment to be made to Align RNG by the end of 202
2
.
 
 
 
 
Dominion Energy’s equity earnings on its investments totaled $168 million, $197 million and $14 million in 2019, 2018 and 2017, respectively, included in other income in Dominion Energy’s Consolidated Statements of Income. Dominion Energy received distributions from these investments of $112 million, $209 million and $419 million in 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018
,
the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $110 million and $161 million, respectively. 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, 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 to be made to Align RNG. At December 31, 2018
,
these differences are comprised of $146 million of equity method goodwill that is not being amortized and $15 million related to basis differences from Dominion Energy’s investments in wind projects, which are being amortized over the useful lives of the underlying assets, and in Atlantic Coast Pipeline, which is being amortized over the term of its credit facility.
Atlantic Coast Pipeline
In September 2014, Dominion Energy, along with Duke and Southern, announced the formation of Atlantic Coast Pipeline. The Atlantic Coast Pipeline partnership agreement includes provisions to allow Dominion Energy an option to purchase additional ownership interest in Atlantic Coast Pipeline to maintain a leading ownership percentage. As of December 31, 2019, the members hold the following membership interests: Dominion Energy, 48%; Duke, 47%; and Southern, 5%.
Atlantic Coast Pipeline is focused on constructing an approximately
600-mile
natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of all three members plan to be customers of the pipeline under
20-year
contracts. Atlantic Coast Pipeline is considered an equity method investment as Dominion Energy has the ability to exercise significant influence, but not control, over the investee. See Note 16 for more information.
Dominion Energy recorded contributions of $186 million, $414 million and $310 million during 2019, 2018 and 2017, respectively, to Atlantic Coast Pipeline. At December 31, 2019, Dominion Energy had $7 million of contributions payable to Atlantic Coast Pipeline included within other current liabilities in the Consolidated Balance Sheets.
Dominion Energy did not receive distributions from Atlantic Coast Pipeline during 2019 and received distributions of $36 million and $270 million during 2018 and 2017, respectively.
In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under its credit facility. See Note 23 for more information.
The Atlantic Coast Pipeline Project is 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 U.S. 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 alleges
non-compliance
on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project is permitted to proceed. Since December 2018, notable developments in these challenges include 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), 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 U.S. 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.
Atlantic Coast Pipeline continues to vigorously defend these challenges and is coordinating with the federal and state authorities to obtain new authorizations. Atlantic Coast Pipeline continues coordinating and working with U.S. Fish and Wildlife Service and other parties in
preparation for a reissuance of the biological opinion and incidental take statement. 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. In February 2020, the Supreme Court of the U.S. heard oral arguments in the case and is expected to issue a ruling no later than June 2020. If a favorable ruling is not received, Atlantic Coast Pipeline is also evaluating possible legislative and administrative remedies to this issue.
Given the legal challenges described above and ongoing discussions with customers, project construction is expected to be completed by the end of 2021, with full
in-service
in early 2022, with project costs estimated to be approximately $8 billion, excluding financing costs. Atlantic Coast Pipeline has reached agreements in principle with
 
major
 
customers to amend the contracted rate to share in certain delay cost increases, pending certain regulatory approvals. Project construction activities, schedules and costs are also subject to uncertainty due to permitting and/or work delays (including due to judicial or regulatory action), abnormal weather and other conditions that could result in further cost or schedule modifications, a suspension of AFUDC for Atlantic Coast Pipeline and/or impairment charges potentially material to Dominion Energy’s cash flows, financial position and/or results of operations.
In February 2020, Dominion Energy entered into agreements with Southern to acquire its 5% membership interest in Atlantic Coast Pipeline and its 100% ownership interest in Pivotal LNG, Inc., for approximately $175 million in aggregate, plus certain purchase price adjustments. Pivotal LNG, Inc. includes a 50% noncontrolling interest in JAX LNG, LLC, an LNG supplier in Florida serving the growing marine and truck LNG markets. The acquisitions are expected to close by the second quarter of 2020. Following completion of the acquisition, Dominion Energy will own a 53% noncontrolling membership interest in Atlantic Coast Pipeline which will continue 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.
Blue Racer
In December 2018, Dominion Energy sold its 50% limited partnership interest in Blue Racer for
up-front
cash consideration of $1.05 billion and additional consideration of $150 million, subject to increase for interest costs effective March 2019, payable upon the purchaser’s availability of cash. The additional consideration was recorded at a fair value of $150 million on the date of sale following a discounted cash flow model and is included within other receivables in the Consolidated Balance Sheets at December 31, 2018. The valuation is considered a Level 3 fair value measurement due to the use of judgment and unobservable inputs, including projected timing and amount of future cash flows and a discount rate reflecting risks inherent in the future cash flows. As a result of the sale, Dominion Energy recognized a gain of $546 million ($390 million
after-tax),
included in other income in its Consolidated Statements of Income for the year ended December 31, 2018. In addition, the purchaser agreed to pay additional consideration contingent upon the achievement of certain financial performance milestones of Blue Racer from 2019 through 2021. Pursuant to the purchase agreement, the aggregate will not exceed $300 million, which represents a gain contingency,
and, as a result, Dominion Energy will not recognize any additional gain unless such consideration is realizable. In the first quarter of 2019, Dominion Energy received $151 million of additional consideration, including applicable interest, in connection with this sale. Blue Racer did not achieve the 2019 financial performance milestones set forth in the sale agreement.
Fowler Ridge & NedPower
In the fourth quarter of 2017, Dominion Energy recorded a charge of $126 million ($76 million
after-tax)
in other income in its Consolidated Statements of Income reflecting its share of a long-lived asset impairment of property, plant and equipment recorded by NedPower, which resulted in losses in excess of Dominion Energy’s investment balance. Dominion Energy recorded the excess losses due to its commitment to provide further financial support for NedPower, resulting in a liability of $17 million at December 31, 2017, recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets.
As a result of the impairment recorded by NedPower, Dominion Energy evaluated its equity method investment in Fowler Ridge, a similar wind-powered merchant generation facility, determined its fair value was other than-temporarily impaired and recorded an impairment charge of $32 million ($20 million
after-tax)
in other income in its Consolidated Statements of Income. The fair value of $81 million was estimated using a discounted cash flow method and is considered a Level 3 fair value measurement due to the use of significant unobservable inputs related to the timing and amount of future equity distributions based on the investee’s future wind generation and operating costs.
Wrangler
In September 2019, Dominion Energy entered into an agreement to form Wrangler, a partnership with Interstate Gas Supply, Inc. Wrangler will operate a nonregulated natural gas retail energy marketing business with Dominion Energy contributing its nonregulated retail energy marketing operations and Interstate Gas Supply, Inc. contributing cash. Dominion Energy has a 20% noncontrolling ownership interest in Wrangler which is accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence, but not control, over the investee.
The initial contribution, consisting of SEMI, closed in December 2019 for which Dominion Energy received $301 million in cash proceeds and a 20% noncontrolling ownership interest in Wrangler with
 
an
 
initial fair value of $75 million estimated using the market approach. This valuation is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In connection with the transaction, Dominion Energy recorded a gain of $147 million, net of a $73 million
write-off
of goodwill, presented in gains on sales of assets, and an associated tax expense of $82 million, in the Consolidated Statement of Income. Over the next two years, under the terms of the agreement, Dominion Energy expects to contribute its remaining nonregulated retail energy marketing operations to Wrangler. As a result of these contributions, Dominion Energy will receive additional cash consideration which will be based upon future financial performance. When these future contributions occur, Dominion Energy expects to retain a 20% noncontrolling ownership interest in Wrangler.
As of December 31, 2019, $41 million of assets associated with Dominion Energy’s residential contracts to be contributed to Wrangler in December 2020 were classified as held for sale and were included in other current assets on the Consolidated Balance Sheet. The related disposal group is primarily comprised of customer receivables and inventories.
All activity relating to Wrangler is recorded within Gas Transmission & Storage.
Other – Catalyst Old River Hydroelectric Limited Partnership
In September 2018, Dominion Energy completed the sale of its 25% limited partnership interest in Catalyst Old River Hydroelectric Limited Partnership and received proceeds of $91 million. The sale resulted in a gain of $87 million ($63 million
after-tax),
which is included in other income in Dominion Energy’s Consolidated Statement of Income.
Dominion Energy Gas
Investments that Dominion Energy Gas account for under the equity method of accounting are as follows:
                                 
Company
 
Ownership%
   
Investment
Balance
   
Description
 
As of December 31,
 
 
  
2019
 
  
2018
   
 
(millions)
 
 
  
 
  
   
 
Iroquois
   
50
 %  
 
$276
 
    
$302
     
Gas transmission system
 
White River Hub
   
50
 %  
 
36
 
    
37
     
Gas transmission system
 
Total
 
 
 
  
 
$312
 
    
$339
     
 
 
 
 
 
 
Dominion Energy Gas’ equity earnings on its investment totaled $43 million, $54 million and $47 million in 2019, 2018 and 2017, respectively. Dominion Energy Gas received distributions from its investment of $74 million, $64 million and $55 million in 2019, 2018 and 2017, respectively. As of December 31, 2019 and 2018, the carrying amount of Dominion Energy Gas’ investment exceeded its share of underlying equity in net assets by $146 million. The difference reflects equity method goodwill and is not being amortized.
Summarized financial information provided to Dominion Energy Gas by Iroquois for 100% of Iroquois at December 31, 2019 and 2018
,
and for the years ended December 31, 2019, 2018 and 2017
,
is presented below.
                 
 
At December 31, 2019
 
  
At December 31, 2018
 
(millions)
 
 
  
 
Current assets
 
 
$  79
 
                           $
112
  
Noncurrent assets
 
 
586
 
    
588
  
Current liabilities
 
 
37
 
    
165
  
Noncurrent liabilities
 
 
334
 
    
193
  
 
 
 
 
 
                         
 
Year Ended 
December 31, 2019
 
  
Year Ended 
December 31, 2018
   
Year Ended 
December 31, 2017
 
(millions)
 
 
  
   
 
Revenues
 
 
$180
 
    
$194
     
$194
 
Operating income
  
 
93
 
    
108
     
110
 
Net income
  
 
82
 
    
94
     
93
 
 
 
 
 
 
Summarized financial information provided to Dominion Energy Gas by White River Hub for 100% of White River Hub at December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 is presented below.
                 
 
At December 31, 2019
 
  
At December 31, 2018
 
(millions)
 
 
  
 
Current assets
 
 
$  3
 
    
$  3
 
Noncurrent assets
 
 
39
 
    
41
 
Current liabilities
 
 
2
 
    
2
 
 
 
 
 
 
                         
 
Year Ended 
December 31, 2019
 
  
Year Ended 
December 31, 2018
   
Year Ended 
December 31, 2017
 
(millions)
 
   
   
 
Revenues
 
 
$10
 
    
$12
     
$10
 
Operating income
  
 
6
 
    
8
     
7
 
Net income
  
 
6
 
    
8
     
7
 
 
 
 
 
 
Atlantic Coast Pipeline
DETI provides services to Atlantic Coast Pipeline which totaled $103 million, $203 million and $129 million in 2019, 2018 and 2017, 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 and $13 million at December 31, 2019 and 2018, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.19.3.a.u2
Property Plant And Equipment
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property Plant And Equipment
Note 10. Property, Plant
and
Equipment
Major classes of property, plant and equipment and their respective balances for the Companies are as follows:
                 
At December 31,
  
2019
 
  
2018
  
(millions)
 
 
  
 
                 
Dominion Energy
 
 
 
    
 
Utility:
 
 
 
    
 
Generation
 
$
25,317
 
   $
18,896
  
Transmission
 
 
20,486
 
    
16,666
  
Distribution
 
 
25,748
 
    
18,535
  
Storage
 
 
3,227
 
    
2,906
  
Nuclear fuel
 
 
2,296
 
    
1,626
  
Oil and gas
 
 
1,792
 
    
1,763
  
General and other
 
 
2,413
 
    
1,783
  
Plant under construction
 
 
2,956
 
    
2,348
  
Total utility
 
 
84,235
 
    
64,523
  
Non-jurisdictional—including plant under construction
 
 
854
 
    
407
  
Nonutility:
 
 
 
    
 
Merchant generation-nuclear
 
 
1,652
 
    
1,550
  
Merchant generation-other
 
 
3,985
 
    
3,802
  
Nuclear fuel
 
 
930
 
    
1,025
  
Gas gathering and processing
 
 
190
 
    
185
  
LNG facility
 
 
4,425
 
    
3,977
  
Other—including plant under construction
 
 
1,195
 
    
1,109
  
Total nonutility
 
 
12,377
 
    
11,648
  
Total property, plant and equipment
 
$
97,466
 
   $
76,578
  
                 
Virginia Power
 
 
 
    
 
Utility:
 
 
 
    
 
Generation
 
$
19,552
 
   $
18,896
  
Transmission
 
 
10,229
 
    
9,391
  
Distribution
 
 
12,095
 
    
11,771
  
Nuclear fuel
 
 
1,688
 
    
1,626
  
General and other
 
 
825
 
    
820
  
Plant under construction
 
 
1,784
 
    
1,602
  
Total utility
 
 
46,173
 
    
44,106
  
Non-jurisdictional—including plant under construction
 
 
854
 
    
407
  
Other
 
 
11
 
    
11
  
Total property, plant and equipment
 
$
47,038
 
   $
44,524
  
                 
Dominion Energy Gas
 
 
 
    
 
Utility:
 
 
 
    
 
Transmission
 
$
7,014
 
   $
6,790
  
Storage
 
 
2,799
 
    
2,615
  
General and other
 
 
219
 
    
210
  
Plant under construction
 
 
574
 
    
732
  
Total utility
 
 
10,606
 
    
10,347
  
Nonutility:
 
 
 
    
 
LNG facility
 
 
4,425
 
    
3,977
  
Other—including plant under construction
 
 
135
 
    
376
  
Total nonutility
 
 
4,560
 
    
4,353
  
Total property, plant and equipment
 
$
15,166
 
   $
14,700
  
 
 
 
 
 
Jointly-Owned Power Stations
Dominion Energy and Virginia Power’s proportionate share of jointly-owned power stations at December 31, 2019 is as follows
                                         
 
Bath
County
Pumped
Storage
Station
(1)
    
North
Anna
Units 1
and 2
(1)
    
Clover
Power
Station
(1)
    
Millstone
Unit 3
(2)
    
Summer
Unit 1
(2)
  
(millions, except
percentages)
 
 
  
   
   
   
 
Ownership interest
 
 
60
%
 
 
88.4
%
 
 
50
%
 
 
93.5
%
 
 
66.7
%
Plant in service
 
 
1,058
 
  
 
2,564
 
  
 
610
 
  
 
1,267
 
  
 
1,394
 
Accumulated depreciation
 
 
(661
)
 
 
(1,321
)
 
 
(247
)
 
 
(449
)
 
 
(659
)
Nuclear fuel
 
 
—
 
  
 
793
 
  
 
—
 
  
 
483
 
  
 
608
 
Accumulated amortization of nuclear fuel
 
 
—
 
  
 
(634
)
 
 
—
 
  
 
(390
)
 
 
(389
)
Plant under construction
 
 
7
 
  
 
143
 
  
 
5
 
  
 
87
 
  
 
77
 
 
 
 
 
 
 
 
(1)
Units jointly owned by Virginia Power.
 
 
 
 
 
 
(2)
Unit jointly owned by Dominion Energy.
 
 
 
 
 
The
co-owners
are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. Dominion Energy and Virginia Power report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation, depletion and amortization and other taxes, etc.) in the Consolidated Statements of Income.
Sale of Certain Retail Energy Marketing Assets
In October 2017, Dominion Energy entered into an agreement to sell certain assets associated with its nonregulated retail energy marketing operations for total consideration of $143 million, subject to customary approvals and certain adjustments. In December 2017, the first phase of the agreement closed for $79 million, which resulted in the recognition of a $78 million ($48 million
after-tax)
benefit, included in gains on sales of assets in Dominion Energy’s Consolidated Statements of Income. In October 2018, the second phase of the agreement closed for $63 million, which resulted in the recognition of a $65 million ($49 million
after-tax)
benefit included in gains on sales of assets in Dominion Energy’s Consolidated Statements of Income. Pursuant to the agreement, Dominion Energy entered into a commission agreement with the buyer upon the first closing in December 2017 under which the buyer will pay a commission in connection with the right to use Dominion Energy’s brand in marketing materials and other services over a
ten-year
term.
Sale of Certain Merchant Generation Facilities
In December 2018, Dominion Energy completed the sale of Fairless and Manchester for total consideration of $1.2 billion, subject to customary closing adjustments. Dominion Energy recognized a gain of $210 million ($198 million
after-tax)
included in gains on sales of assets in Dominion Energy’s Consolidated Statements of Income. The
after-tax
gain reflects Dominion Energy’s assessment and
more-likely-than-not
conclusion that the utilization of state tax incentives will reduce the income tax expense associated with the sale of these facilities.
Acquisition of Solar Projects
The following table presents acquisitions by Virginia Power of solar projects. Virginia Power 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
 
September 2017
   
October 2018
     
North Carolina
     
Pecan
     
$140
     
December 2018
     
75
  
September 2017
   
June 2019
     
North Carolina
     
Gutenberg
     
142
     
September 2019
     
80
  
June 2018
   
February 2019
     
Virginia
     
Gloucester
     
37
     
April 2019
     
20
  
August 2018
   
May 2019
     
Virginia
     
Grasshopper
     
130
     
Expected 2020
     
80
  
August 2018
   
May 2019
     
North Carolina
     
Chestnut
     
130
     
Expected 2020
     
75
  
June 2019
   
June 2019
     
Virginia
     
Ft. Powhatan
     
270
     
Expected 2021
     
150
  
June 2019
   
August 2019
     
Virginia
     
Belcher
     
160
     
Expected 2020
     
88
  
August 2019
   
November 2019
     
Virginia
     
Bedford
     
110
     
Expected 2021
     
70
  
October 2019
   
October 2019
     
Virginia
     
Maplewood
     
190
     
Expected 2022
     
120
  
December 2019
   
January 2020
     
Virginia
     
Rochambeau
     
35
     
Expected 2021
     
20
  
 
 
 
 
 
 
 
 
 
(1)
Includes acquisition costs.
 
 
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
     
Greensville
     
$130
     
Expected 2020
     
80
  
August 2019
   
August 2019
     
Virginia
     
Myrtle
     
35
     
Expected 2020
     
15
  
September 2019
   
September 2019
     
South Carolina
     
Seabrook
     
103
     
December 2019
     
72
  
November 2019
   
November 2019
     
North Carolina
     
Wilkinson
     
153
     
December 2019
     
74
  
 
 
 
 
 
 
 
 
 
(1)
Includes acquisition costs.
 
 
 
 
 
Assignment of Tower Rental Portfolio
Virginia Power rents space on certain of its electric transmission towers to various wireless carriers for communications antennas and other equipment. In March 2017, Virginia Power sold its rental portfolio to Vertical Bridge Towers II, LLC for $91 million in cash. The proceeds are subject to Virginia Power’s FERC-regulated tariff, under which it is required to return half of the proceeds to customers. Virginia Power recorded $7 million and $6 million in operating revenue
in 2019 and 2018, respectively,
and $11 million in other income
in
 2017, with $22 million remaining to be recognized ratably through 2023.
Assignments of Shale Development Rights
In December 2013, Dominion Energy Gas closed on agreements with two natural gas producers to convey over time approximately 100,000 acres of Marcellus Shale development rights underneath several of its natural gas storage fields. The agreements provided for payments to Dominion Energy Gas, subject to customary adjustments, of approximately $200 million over a period of nine years, and an overriding royalty interest in gas produced from the acreage. In 2013 through 2016, Dominion Energy Gas received approximately $116 million of cash proceeds and through amendments closed on the immediate conveyance of approximately 9,000 acres and a 32% partial interest in the 70,000 acres of Marcellus Shale development rights, which resulted in the recognition of $78 million of gains. In August 2017, Dominion
 
Energy Gas and the natural gas producer signed an amendment to the agreement, which included the finalization of contractual matters on previous conveyances, the conveyance of Dominion Energy Gas’ remaining 68% interest in approximately 70,000 acres and the elimination of Dominion Energy Gas’ overriding
royalty interest in gas produced from all acreage. Dominion Energy Gas received total consideration of $130 million, with $65 million received in 2017 and $65 million received in September 2018 in connection with the final conveyance. As a result of this amendment, in 2017, Dominion Energy Gas recognized a $56 million ($33 million
after-tax)
gain included in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income associated with the finalization of the contractual matters on previous conveyances, a $9 million ($5 million
after-tax)
gain included in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income associated with the elimination of its overriding royalty interest and in 2018, a $65 million ($47 million
after-tax)
gain included in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income associated with the final conveyance of acreage.
 
In November 2014, Dominion Energy Gas closed an agreement with a natural gas producer to convey over time approximately 24,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields. The agreement provided for payments to Dominion Energy Gas, subject to customary adjustments, of approximately $120 million over a period of four years, and an overriding royalty interest in gas produced from the acreage. In 2014 through 2016, Dominion Energy Gas received
 approximately $70 million in proceeds on the conveyance of approximately 12,000 acres and as well as a 50% interest in approximately 4,000 acres along with an overriding royalty interest, which resulted in the recognition of $70 million of gains. In July 2017, in connection with the existing agreement, Dominion Energy Gas conveyed an additional 50% interest in approximately 2,000 acres of Marcellus Shale development rights and received proceeds of $5 million and an overriding royalty interest
in gas produced from the acreage. This transaction resulted in a $5 million ($3 million
after-tax)
gain. The gains are included in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income. In January 2018, Dominion Energy Gas and the natural gas producer closed on an amendment to the agreement, which included the conveyance of Dominion Energy Gas’ remaining 50% interest in approximately 18,000 acres and the elimination of Dominion Energy Gas’ overriding royalty interest in gas produced from all acreage. Dominion Energy Gas received proceeds of $28 million, resulting in an approximately $28 million ($20 million
after-tax)
gain recorded in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income.
In March 2018, Dominion Energy Gas closed an agreement with a natural gas producer to convey approximately 11,000 acres of Utica and Point Pleasant Shale development rights underneath one of its natural gas storage fields. The agreement provided for a payment to Dominion Energy Gas, subject to customary adjustments, of
$16 million. In March 2018, Dominion Energy Gas received cash proceeds of $16 million associated with the conveyance of the acreage, resulting in a $16 million ($12 million
after-tax)
gain recorded in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income.
In June 2018, Dominion Energy Gas closed an amendment to an agreement with a natural gas producer for the elimination of Dominion Energy Gas’ overriding royalty interest in gas produced from approximately 9,000 acres of Marcellus Shale development rights underneath one of its natural gas storage fields previously conveyed in December 2013. In June 2018, Dominion Energy Gas received proceeds of $6 million associated with the transaction, resulting in a $6 million ($4 million
after-tax)
gain recorded in gains on sales of assets in Dominion Energy Gas’ Consolidated Statements of Income.
All activity related to shale development rights is recorded within Gas Transmission & Storage.
v3.19.3.a.u2
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Note 11. Goodwill and Intangible Assets
Goodwill
During the fourth quarter of 2019, Dominion Energy realigned its segments which resulted in the formation of five primary operating segments and Dominion Energy Gas finalized a restructuring that was accounted for as a reorganization of entities under common control. The historical information presented herein has been recast to the current segment presentation and the current structure of Dominion Energy Gas. With respect to the segment realignment, goodwill has been reassigned to the affected reporting units and operating segments using a relative fair value allocation approach. The changes in Dominion Energy’s and Dominion Energy Gas’ carrying amount and segment allocation of goodwill are presented below:
                                                         
 
Dominion
Energy
Virginia
   
Gas
Transmission
& Storage
   
Gas
Distribution
   
Dominion
Energy
South
Carolina
   
Contracted
Generation
   
Corporate
and Other
    
Total
 
(millions)
 
 
  
   
   
   
   
   
 
Dominion Energy
 
 
 
    
     
     
     
     
     
 
Balance at December 31, 2017
(1)
    $
2,106
              $
1,561
          $
2,496
       $
—
             $
242
      
        $—
    $
6,405
  
Purchase Accounting Adjustment
   
—
      
4
      
1
      
—
      
—
      
—
      
5
  
Balance at December 31, 2018
(1)
    $
2,106
              $
1,565
          $
2,497
       $
—
             $
242
      
        $—
    $
6,410
  
SCANA Combination
(2)
  
 
—
 
  
 
73
 
  
 
1,015
 
  
 
1,521
 
  
 
—
 
  
 
—
 
  
 
2,609
 
Contribution of SEMI to Wrangler
(3)
  
 
—
 
  
 
(73
)
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(73
)
Balance at December 31, 2019
(1)
  
 $
2,106
 
  
         $
1,565
 
  
     $
3,512
 
  
  $
1,521
 
  
        $
242
 
  
 
        $—
 
  
$
8,946
 
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Balance at December 31, 2017
(1)
    $
—
              $
1,466
          $
—
       $
—
             $
—
      
        $—
    $
1,466
  
Purchase Accounting Adjustment
   
—
      
5
      
—
      
—
      
—
      
—
      
5
  
Balance at December 31, 2018
(1)
    $
—
              $
1,471
          $
—
       $
—
             $
—
      
        $—
    $
1,471
  
No events affecting goodwill
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
Balance at December 31, 2019
(1)
  
 $
—
 
  
         $
1,471
 
  
     $
—
 
  
  $
—
 
  
        $
—
 
  
 
        $—
 
  
$
1,471
 
 
 
 
 
 
 
 
 
 
(1)
Goodwill amounts do not contain any accumulated impairment losses.
 
 
 
 
 
 
 
 
(2)
See Note 3 for discussion of Dominion Energy’s acquisitions.
 
 
 
 
 
 
 
 
(3)
See Note 9 for additional information.
 
 
 
 
 
 
 
Other Intangible Assets
The Companies’ other intangible assets are subject to amortization over their estimated useful lives. Dominion Energy’s amortization expense for intangible assets was $106 million, $82 million and $80 million for 2019, 2018 and 2017, respectively. In 2019
, in addition to intangible assets acquired in the SCANA Combination
,
Dominion Energy acquired $120 million of intangible assets, primarily representing software and
right-of-use
assets, with an estimated weighted-average amortization period of approximately 10 years. Amortization expense for Virginia Power’s intangible assets was $30 million for 2019 and $31 million for both 2018 and 2017. In 2019, Virginia Power acquired $52 million of intangible assets, primarily representing software, with an estimated weighted-average amortization period of 8 years. Dominion Energy Gas’ amortization expense for intangible assets was $11 million for both 2019 and 2018 and $9 million for 2017. In 2019, Dominion Energy Gas acquired $7 million of intangible assets, primarily representing software and
right-of-use
assets, with an estimated weighted-average amortization period of approximately 29 years.
The components of intangible assets are as follows:
                                 
 
2019
   
2018
 
At December 31,
 
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
  
Gross
Carrying
Amount
   
Accumulated
Amortization
 
(millions)
 
 
  
 
  
   
 
                                 
Dominion Energy
 
 
 
    
     
     
 
Software, licenses and other
 
 $
1,340
 
  
 
$549
 
   $
1,033
     
$363
 
                                 
Virginia Power
 
 
 
    
     
     
 
Software, licenses and other
 
 $
406
 
  
 
$135
 
   $
384
     
$134
 
                                 
Dominion Energy Gas
 
 
 
    
     
     
 
Software, licenses and other
 
 $
178
 
  
 
$  72
 
   $
179
     
$  64
 
 
 
 
 
Annual amortization expense for these intangible assets is estimated to be as follows:
                                         
 
2020
   
2021
   
2022
   
2023
   
2024
 
(millions)
 
 
  
   
   
   
 
Dominion Energy
 
$
88
 
  
$
78
 
  
$
70
 
  
$
56
 
  
$
49
 
                                         
Virginia Power
 
$
25
 
  
$
19
 
  
$
15
 
  
$
8
 
  
$
6
 
                                         
Dominion Energy Gas
 
$
 9
 
  
$
 8
 
  
$
 8
 
  
$
 5
 
  
$
 4
 
 
 
 
 
v3.19.3.a.u2
Regulatory Assets and Liabilities
 12 Months Ended
Dec. 31, 2019
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities
Note 12. Regulatory Assets And Liabilities
Regulatory assets and liabilities include the following:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Dominion Energy
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Deferred cost of fuel used in electric generation
(1)
  
$
48
 
   $
174
 
Deferred project costs and DSM programs for gas utilities
(2)
  
 
21
 
    
17
 
Unrecovered gas costs
(3)
  
 
102
 
    
14
 
Deferred rate adjustment clause costs for Virginia electric utility
(4)(5)
  
 
109
 
    
78
 
Deferred nuclear refueling outage costs
(6)
  
 
68
 
    
69
 
NND Project costs
(7)
  
 
138
 
    
—
 
PJM transmission rates
(8)
  
 
121
 
    
45
 
Other
 
 
272
 
    
99
 
Regulatory assets-current
 
 
879
 
    
496
 
Deferred cost of fuel used in electric generation
(1)
  
 
—
 
    
83
 
P
ension and other postretirement benefit costs
(9)
  
 
1,431
 
    
1,497
 
Deferred rate adjustment clause costs for Virginia electric utility
(4)(5)(10)
  
 
235
 
    
230
 
PJM transmission rates
(8)
  
 
85
 
    
192
 
Deferred project costs for gas utilities
(2)
  
 
521
 
    
335
 
Interest rate hedges
(11)
  
 
741
 
    
184
 
AROs and related funding
(12)
  
 
311
 
    
—
 
Cost of reacquired debt
(13)(14)
  
 
262
 
    
3
 
NND Project costs
(7)
  
 
2,503
 
    
—
 
Ash pond and landfill closure costs
(15)
  
 
1,016
 
    
27
 
Other
 
 
582
 
    
125
 
Regulatory assets-noncurrent
 
 
7,687
 
    
2,676
 
Total regulatory assets
 
$
8,566
 
   $
3,172
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal and AROs
(16)
  
$
142
 
   $
117
 
Reserve for refunds and rate credits to electric utility customers
(17)
  
 
143
 
    
71
 
Cost-of-service
impact of 2017 Tax Reform Act
(18)
  
 
4
 
    
104
 
Income taxes refundable through future rates
(19)
  
 
77
 
    
—
  
Monetization of guarantee settlement
(20)
  
 
67
 
    
—
  
Other
 
 
64
 
    
64
 
Regulatory liabilities-current
 
 
497
 
    
356
 
Income taxes refundable through future rates
(19)
  
 
5,088
 
    
4,071
 
Provision for future cost of removal and AROs
(16)
  
 
2,302
 
    
1,409
 
Nuclear decommissioning trust
(21)
  
 
1,471
 
    
1,070
 
Monetization of guarantee settlement
(20)
  
 
970
 
    
—
  
Reserve for refunds and rate credits to electric utility customers
(17)
  
 
656
 
    
—
 
Overrecovered other postretirement benefit costs
(22)
  
 
189
 
    
120
 
Other
 
 
325
 
    
170
 
Regulatory liabilities-noncurrent
 
 
11,001
 
    
6,840
 
Total regulatory liabilities
 
$
11,498
 
   $
7,196
 
 
 
 
 
 
 
 (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 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 2019, Virginia Power recorded a charge of $17 million ($13 million
after-tax)
in impairment of assets and other charges (reflected in the Corporate and Other segment)
to
write-off
the balance of a regulatory asset for which it is no longer seeking recovery.
 
 
 
 
 
(11)
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 December 31, 2019.
 
 
 
 
 
(12)
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.
 
 
 
 
 
(13)
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 December 31, 2019.
 
 
 
 
 
(14)
During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 18. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $270 million.
 
 
 
 
 
(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 for additional information.
 
 
 
 
 
(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 in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 for additional 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 for additional 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 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 for additional 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.
 
 
 
 
 
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Virginia Power
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Deferred cost of fuel used in electric generation
(1)
  
$
48
 
   $
174
 
Deferred rate adjustment clause costs
(2)(3)
  
 
109
 
    
78
 
Deferred nuclear refueling outage costs
(4)
  
 
68
 
    
69
 
PJM transmission rates
(5)
  
 
121
 
    
45
 
Other
 
 
87
 
    
58
 
Regulatory assets-current
 
 
433
 
    
424
 
Deferred rate adjustment clause costs
(2)(3)(6)
  
 
235
 
    
230
 
PJM transmission rates
(5)
  
 
85
 
    
192
 
Interest rate hedges
(7)
  
 
404
 
    
151
 
Deferred cost of fuel used in electric generation
(1)
  
 
—
 
    
83
 
Ash pond and landfill closure costs
(8)
  
 
1,016
 
    
27
 
Other
 
 
123
 
    
54
 
Regulatory assets-noncurrent
 
 
1,863
 
    
737
 
Total regulatory assets
 
$
2,296
 
   $
1,161
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal
(9)
  
$
103
 
   $
92
 
Cost-of-service
impact of 2017 Tax Reform Act
(10)
  
 
—
 
    
95
 
Reserve for rate credits to electric utility customers
(11`)
  
 
—
 
    
71
 
Income taxes refundable through future rates
(12)
  
 
54
 
    
—
  
Other
 
 
10
 
    
41
 
Regulatory liabilities-current
 
 
167
 
    
299
 
Income taxes refundable through future rates
(12)
  
 
2,438
 
    
2,579
 
Nuclear decommissioning trust
(13)
  
 
1,471
 
    
1,070
 
Provision for future cost of removal
(9)
  
 
1,054
 
    
940
 
Other
 
 
111
 
    
58
 
Regulatory liabilities-noncurrent
 
 
5,074
 
    
4,647
 
Total regulatory liabilities
 
$
5,241
 
   $
4,946
 
 
 
 
 
 
 
 (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 2019, Virginia Power recorded a charge of $17 million ($13 million
after-tax)
in impairment of assets and other charges (reflected in the Corporate and Other segment)
 
to
write-off
the balance of a regulatory asset for which it is no longer seeking recovery.
 (7)
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 24 years as of December 31, 2019.
 (8)
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 for additional information.
 (9)
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.
(10)
Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 for additional information.
(11)
Charge associated with Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers. See Note 13 for additional information.
(12)
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.
(13)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Dominion Energy Gas
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Unrecovered gas costs
(1)
  
$
2
 
   $
1
 
Other
 
 
6
 
    
7
 
Regulatory assets-current
(2)
  
 
8
 
    
8
 
Unrecognized pension and other postretirement benefit costs
(3)
  
 
—
 
    
15
 
Interest rate hedges
(4)
  
 
32
 
    
33
 
Other
 
 
8
 
    
4
 
Regulatory assets-noncurrent
 
 
40
 
    
52
 
Total regulatory assets
 
$
48
 
   $
60
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal and AROs
(5)
  
$
18
 
   $
9
 
Overrecovered gas costs
(1)
  
 
8
 
    
7
 
Other
 
 
15
 
    
8
 
Regulatory liabilities-current
(6)
  
 
41
 
    
24
 
Income taxes refundable through future rates
(7)
  
 
560
 
    
530
 
Provision for future cost of removal and AROs
(6)
  
 
95
 
    
113
 
Overrecovered other postretirement benefit costs
(8)
  
 
133
 
    
106
 
Other
 
 
12
 
    
16
 
Regulatory liabilities-noncurrent
 
 
800
 
    
765
 
Total regulatory liabilities
 
$
841
 
   $
789
 
 
 (1)
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
 (2)
Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
 (3)
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 Gas’ rate-regulated subsidiaries.
 (4)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years.
 (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.
At December 31, 2019, Dominion Energy, Virginia Power and Dominion Energy Gas’ regulatory assets include $3.3 billion, $1.8 billion and $46 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.
v3.19.3.a.u2
Regulatory Matters
 12 Months Ended
Dec. 31, 2019
Regulated Operations [Abstract]  
Regulatory Matters
N
ote
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
—
Electric
Under the Federal Power Act, FERC regulates wholesale sales and transmission of electricity in interstate commerce by public utilities. Virginia Power purchases and, under its market based rate authority, sells electricity in the PJM wholesale market and to
wholesale purchasers in Virginia and North Carolina. DESC sells electricity to wholesale purchasers in its balancing authority area under its electric cost based tariff and to wholesale purchasers outside of its balancing authority area under its market based rate authority. Dominion Energy’s merchant generators sell electricity in the PJM, CAISO and
ISO-NE
wholesale markets, and to wholesale purchasers in the states of Virginia, North Carolina, Indiana, Connecticut, Tennessee, Georgia, California, South Carolina and Utah, under Dominion Energy’s market-based sales tariffs authorized by FERC or pursuant to FERC authority to sell as a qualified facility. In addition, Virginia Power has FERC approval of a tariff to sell wholesale power at capped rates based on its embedded cost of generation. This cost-based sales tariff could be used to sell to loads within or outside Virginia Power’s service territory. Any such sales would be voluntary.
Rates
In April 2008, FERC granted an application for Virginia Power’s electric transmission operations to establish a forward-looking formula rate mechanism that updates transmission rates on an annual basis and approved an ROE effective as of January 1, 2008. The formula rate is designed to recover the expected revenue requirement for each calendar year and is updated based on actual costs. The FERC-approved formula method, which is based on projected costs, allows Virginia Power to earn a current return on its investment in electric transmission infrastructure.
In March 2010, ODEC and North Carolina Electric Membership Corporation filed a complaint with FERC against Virginia Power claiming, among other issues, that the incremental costs of undergrounding certain transmission line projects were unjust, unreasonable and unduly discriminatory or preferential and should be excluded from Virginia Power’s transmission formula rate. A settlement of the other issues raised in the complaint was approved by FERC in May 2012.
In March 2014, FERC issued an order excluding from Virginia Power’s transmission rates for wholesale transmission customers located outside Virginia the incremental costs of undergrounding certain transmission line projects. FERC found it is not just and reasonable for
non-Virginia
wholesale transmission customers to be allocated the incremental costs of undergrounding the facilities because the projects are a direct result of Virginia legislation and Virginia Commission pilot programs intended to benefit the citizens of Virginia. The order is retroactively effective as of March 2010 and will cause the reallocation of the costs charged to wholesale transmission customers with loads outside Virginia to wholesale transmission customers with loads in Virginia. FERC determined that there was not sufficient evidence on the record to determine the magnitude of the underground increment and held a hearing to determine the appropriate amount of undergrounding cost to be allocated to each wholesale transmission customer in Virginia.
In October 2017, FERC issued an order determining the calculation of the incremental costs of undergrounding the transmission projects and affirming that the costs are to be recovered from the wholesale transmission customers with loads located in Virginia. FERC directed Virginia Power to rebill all wholesale transmission customers retroactively to March 2010 within 30 days of when the proceeding becomes final and no longer subject to rehearing. In November 2017, Virginia Power,
North Carolina Electric Membership Corporation and the wholesale transmission customers filed petitions for rehearing. In July 2018, FERC denied the rehearing requests related to the October 2017 order determining the calculation of the undergrounding costs. Several parties have appealed FERC’s decision to the U.S. Court of Appeals for the D.C. Circuit. In December 2019, the U.S. Court of Appeals for the D.C. Circuit denied the appeal.
In January 2019, FERC issued an order denying PJM’s request to waive certain provisions of the PJM Tariff regarding the liquidation of a portfolio of FTRs owned by GreenHat who had defaulted on its financial obligations. As a result of FERC’s order, PJM is required to use the existing tariff provisions to liquidate GreenHat’s FTR portfolio and allocate the resulting costs to PJM members. In February 2019, PJM filed a request for clarification and rehearing with FERC. Also in February 2019, Virginia Power and certain other PJM members filed a request for rehearing with FERC. In June 2019, FERC established a hearing and settlement proceedings to address the issues raised in PJM’s request for clarification and rehearing. In October 2019, PJM submitted a settlement offer to FERC which was approved by FERC in December 2019. Based on the terms of the settlement, the impact to Virginia Power is expected to be immaterial.
FERC—G
as
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 requested FERC review of contested findings and submitted its plan for compliance with the uncontested portions of the report. In connection with one uncontested issue, DETI recognized a charge of $15 million ($9 million
after-tax)
recorded within impairment of assets and related charges in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income
(reflected in the Corporate and Other segment)
during 2017 to
write-off
the balance of a regulatory asset, originally established in 2008, that is no longer considered probable of recovery. DETI recognized a charge of $129 million ($94 million
after-tax)
recorded primarily within impairment of assets and related charges in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income
(reflected in the Corporate and Other segment)
during 2018 for a disallowance of plant, originally established beginning in 2012, for the resolution of one matter with FERC. 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
Subsequent to the enactment of the 2017 Tax Reform Act, the Companies’ state regulators issued orders requesting that public utilities evaluate the total tax impact on the entity’s cost of service and accrue a regulatory liability attributable to the benefits of the reduction in the corporate income tax rate. Certain of the orders requested that the public utilities submit a
response to the state regulatory commissions detailing the total tax impact on the utility’s cost of service.
The Companies began to reserve the impacts of the
cost-of-service
reduction as regulatory liabilities in January 2018 and will continue until rates are reset pursuant to state regulators’ approvals. The Companies have recorded a reasonable estimate of net income taxes refundable through future rates in the jurisdictions in which they operate and are currently assessing these actions and decisions, which could have a material impact on the Companies’ results of operations, financial condition and/or cash flows.
In September 2018, the Virginia Commission issued an order directing Virginia Power to submit a filing quantifying the impacts of the 2017 Tax Reform Act in advance of the April 1, 2019 implementation as required by legislation, which filing was submitted in October 2018. In January 2019, Virginia Power filed updated testimony with a proposed annual revenue reduction of approximately $171 million. Additionally, Virginia Power proposed to issue a
one-time
bill credit to customers within 90 days of this effective date, to
true-up
the difference between the final revenue reduction for the period January 1, 2018 through March 31, 2019 and the $125 million interim rate reduction implemented on July 1, 2018. In March 2019, the Virginia Commission issued an order approving an annual revenue reduction of approximately $183 million effective April 2019 and ordered Virginia Power to implement the
one-time
customer credit on or before July 1, 2019. In the second quarter of 2019, Virginia Power refunded to customers $132 million.
In August 2018, Virginia Power filed with FERC to waive protocols and begin reflecting projected tax reform benefits of approximately $100 million through the transmission formula rate prior to the normal formula rate process. FERC granted the waiver and the amounts began being reflected in customer billings in November 2018 reflecting the adjustment effective January 1, 2018.
In October 2018, the North Carolina Commission issued an order requesting companies file to reduce base rates expeditiously. Virginia Power made its compliance filing in October 2018 and submitted an annual base rate revenue decrease of approximately $14 million effective in early 2019. Virginia Power also proposed to issue a
one-time
bill credit in early 2019 for its 2018 tax savings collected provisionally from customers. In March 2019, the North Carolina Commission issued an order approving Virginia Power’s proposed annual base rate revenue decrease and
one-time
bill credit. In the second quarter of 2019, Virginia Power refunded to customers $13 million.
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 May 2019, the Utah Commission issued an order approving Questar Gas’ proposal to pass back the 2018 amortization of excess deferred income taxes over twelve months beginning in June 2019. The matter with the Wyoming Commission is pending.
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.
In connection with the SCANA Merger Approval Order, the South Carolina Commission approved DESC’s provision of approximately $100 million in bill credits related to the 2017 Tax Reform Act’s impact on retail electric customer rates for the period beginning January 2018 through January 2019. These credits have been included in bills rendered on and after the first billing cycle of February 2019. In addition, the South Carolina Commission approved a tax rider whereby the effects of the reduction in the corporate income tax rate resulting from the 2017 Tax Reform Act will benefit retail electric customers. This tax rider reduced base rates to retail electric customers by approximately $63 million in 2019 and is expected to reduce these rates by $67 million in 2020.
In October 2018, the South Carolina Commission issued an order approving adjustment to DESC’s natural gas rate schedules, under the terms of the Natural Gas Rate Stabilization Act, to reflect the reduction in the federal corporate tax rate arising from the 2017 Tax Reform Act. The approved natural gas rate schedules also included a tax reform rate rider to refund certain income tax amounts previously collected from customers. These lower rates, representing a $20 million decreased revenue requirement, became effective for bills rendered on and after the first billing cycle in November 2018.
In December 2018, the North Carolina Commission issued an order approving PSNC’s proposed adjustments to customer rates, representing a $13 million decreased revenue requirement, to reflect the reduction in the federal corporate tax rate arising from the 2017 Tax Reform Act. These lower rates became effective for service rendered on and after January 1, 2019. Amounts collected in customer rates during 2018 and amounts arising from excess deferred income taxes have been recorded in regulatory liabilities and must be considered in PSNC’s next general rate case proceeding or in three years, whichever is sooner. The reduction in the federal corporate tax rate and its impact on PSNC’s various rate riders will be addressed in future proceedings related to those riders.
During 2018, Dominion Energy’s FERC-regulated pipelines, including those accounted for as equity method investments, filed the Form
501-G
with FERC. Dominion Energy Overthrust Pipeline, LLC, White River Hub, Dominion Energy Questar Pipeline, DETI, DECG, Cove Point and Iroquois have reached resolution through a FERC waiver or FERC terminating the
501-G
proceeding, or through settlement, which did not result in a material impact to results of operations, financial condition and/or cash flows of Dominion Energy or Dominion Energy Gas.
Other Regulatory Matters
V
irginia
R
egulation
The Regulation Act enacted in 2007 instituted a
cost-of-service
rate model, ending Virginia’s planned transition to retail competition for electric supply service to most classes of customers.
The Regulation Act authorizes stand-alone rate adjustment clauses for recovery of costs for new generation projects, FERC-approved transmission costs, underground distribution lines, environmental compliance, conservation and energy efficiency programs, renewable energy programs and nuclear license renewals, and also contains statutory provisions directing Virginia Power to file annual fuel cost recovery cases with the Virginia Commission. As amended, it provides for enhanced returns on capital expenditures on specific newly-proposed generation projects.
If the Virginia Commission’s future rate decisions, including actions relating to Virginia Power’s rate adjustment clause filings, differ materially from Virginia Power’s expectations, it may adversely affect its results of operations, financial condition and cash flows.
Grid Transformation and Security Act of 2018
In March 2018, the GTSA reinstated base rate reviews on a triennial basis, other than the first review which will be a quadrennial review, occurring for Virginia Power in 2021 for the four successive
12-month
test periods beginning January 1, 2017 and ending December 31, 2020. This review for Virginia Power will occur one year earlier than under the Regulation Act legislation enacted in February 2015.
In the triennial review proceedings, earnings that are more than 70 basis points above the utility’s authorized ROE that might have been refunded to customers and served as the basis for a reduction in future rates, may be reduced by Virginia Commission
-
approved investment amounts in qualifying solar or wind generation facilities or electric distribution grid transformation projects that Virginia Power elects to include in a customer credit reinvestment offset. The legislation declares that electric distribution grid transformation projects are in the public interest and provides that the costs of such projects may be recovered through a rate adjustment clause if not the subject of a customer credit reinvestment offset. Any costs that are the subject of a customer credit reinvestment offset may not be recovered in base rates for the service life of the projects and may not be included in base rates in future triennial review proceedings. In any triennial review in which the Virginia Commission determines that the utility’s earnings are more than 70 basis points above its authorized ROE, base rates are subject to reduction prospectively and customer refunds would be due unless the total customer credit reinvestment offset elected by the utility equals or exceeds the amount of earnings in excess of the 70 basis points. In the 2021 review, any such rate reduction is limited to $50 million.
The legislation also includes provisions requiring Virginia Power to provide current customers
one-time
rate credits totaling $200 million and to reduce base rates to reflect reductions in income tax expense resulting from the 2017 Tax Reform Act. As a result, Virginia Power incurred a $215 million ($160 million
after-tax)
charge in connection with this legislation, including the impact on certain
non-jurisdictional
customers which follow Virginia Power’s jurisdictional customer rate methodology. In July
2018 and January 2019, Virginia Power credited $138 million and $77 million, respectively, to current customers’ bills.
In addition, Virginia Power reduced base rates on an annual basis by $125 million effective July 2018, to reflect the estimated effect of the 2017 Tax Reform Act. In March 2019, the Virginia Commission directed an annual revenue reduction of $183 million in rates for generation and distribution services pursuant to the GTSA effective April 2019.
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 is $503 million and the proposed operations and maintenance investment is $78 million. This matter is pending.
Regulation Act
In March 2019, Virginia Power filed an application for the Virginia Commission to determine the general ROE for Virginia Power’s
non-transmission
rate adjustment clauses and for purposes of determining Virginia Power’s base rate earnings in the 2021 quadrennial review for the four successive
12-month
test periods beginning January 1, 2017 and ending December 31, 2020. The application supported a 10.75% ROE for these rate adjustment clauses and quadrennial review period. In November 2019, the Virginia Commission approved a 9.2% general ROE for Virginia Power.
Virginia Fuel Expenses
In May 2019, Virginia Power filed its annual fuel factor with the Virginia Commission to recover an estimated $1.5 billion in Virginia jurisdictional projected fuel expenses for the rate year beginning July 1, 2019 and the projected June 30, 2019 under recovered balance of $124 million. Virginia Power’s proposed fuel rate represented a fuel revenue decrease of $192 million when applied to projected kilowatt-hour sales for the period July 1, 2019 to June 30, 2020. Subsequently in May 2019, Virginia Power revised its fuel factor filing to reduce the projected June 30, 2019
underrecovered balance to $107 million and a fuel revenue decrease of $254 million. In August 2019, the Virginia Commission approved Virginia Power’s fuel rate.
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. 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. This matter is pending.
Battery Storage Pilot
In August 2019, Virginia Power filed an application with the Virginia Commission to participate in a pilot program for electric power storage batteries, which includes three projects for deployment of battery energy storage systems. Virginia Power also requested an amended CPCN to construct and operate a battery energy storage system at Scott Solar. The projects are estimated to cost approximately $35 million. 
In February 2020, the Virginia Commission approved the request.
Solar Facility Projects
• In July 2018, Virginia Power filed an application with the Virginia Commission for CPCNs to construct two solar facilities. Colonial Trail West and Spring Grove 1 are estimated to cost approximately $410 million, excluding financing costs. Colonial Trail West commenced commercial operations in December 2019 and Spring Grove 1 is expected to commence commercial operations in the fourth quarter of 2020. Virginia Power also applied for approval of Rider
US-3
associated with these projects with a proposed $10 million total revenue requirement for the rate year beginning June 1, 2019. In January 2019, the Virginia Commission issued a final order granting CPCNs to construct the solar facilities, subject to a
20-year
performance guarantee of the facilities at a 25% solar capacity factor when normalized for force majeure events. In April 2019, the Virginia Commission approved Rider
US-3.
 
 
 
 
 
 
• 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. This matter regarding Rider
US-4
is pending.
 
 
 
 
 
 
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 2019, Virginia Power 
 
 
 
 
 
 
 
 
proposed a $920 million total revenue requirement consisting of $474 million for the transmission component of Virginia Power’s base rates and $446 million for Rider T1 for the rate year beginning September 1, 2019. This total revenue requirement represents a $271 million increase versus the revenues to be produced during the rate year under current rates. In July 2019, 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 October 2019, the Virginia Commission approved Virginia Power’s proposed fourth phase of conversions totaling $123 million and a total $52 million revenue requirement for the rate year beginning February 1, 2020 for continuing recovery of the previously approved phase conversions and the proposed fourth phase conversions.
 
 
 
 
• 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 December 2018, Virginia Power filed a petition requesting approval of Rider E and proposed a $114 million total revenue requirement for the rate year beginning November 1, 2019. In August 2019, the Virginia Commission issued an order approving in part and denying in part the petition. As a result, Virginia Power recorded a $21 million ($16 million
after-tax)
charge in impairment of assets and other charges in the Consolidated Statements of Income for the three and nine months ended September 30, 2019 to
write-off
certain disallowed environmental property, plant and equipment and regulatory assets. In August 2019, the Virginia Commission granted Virginia Power’s petition for reconsideration of the disallowed amount and stayed the order issued earlier in August 2019. In October 2019, the Virginia Commission approved Virginia Power’s request to implement a total revenue requirement of $104 million on an interim basis, subject to
true-up,
pending resolution of the petition for reconsideration. In November 2019, the Virginia Commission denied the petition for reconsideration and the $104 million total revenue requirement remains in effect.
• 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 S
   
May 2019
     
February 2020
      
April 2020
     
$195
      
$(20
 )
Rider GV
   
May 2019
     
February 2020
      
April 2020
     
132
      
12
  
Rider W
   
May 2019
     
February 2020
      
April 2020
     
106
      
1
  
Rider R
   
May 2019
     
February 2020
      
April 2020
     
44
     
(13
 )
Rider B
   
May 2019
     
February 2020
      
April 2020
     
32
      
(6
 )
Rider
US-3
   
July 2019
     
Pending
     
June 2020
     
31
     
21
 
Rider BW
   
October 2019
     
Pending
     
September 2020
     
120
     
1
 
Rider
US-2
   
October 2019
     
Pending
     
September 2020
     
10
     
(5
 )
Rider E
   
January 2020
     
Pending
     
November 2020
     
88
     
(16
 )
 
 
Coastal Virginia Offshore Wind Project
In November 2018, Virginia Power received approval from the Virginia Commission for its petition seeking a prudency determination as provided in the GTSA with respect to the proposed Coastal Virginia Offshore Wind Pilot project consisting of two 6
MW wind turbine generators located approximately 27 miles off the coast of Virginia Beach, Virginia in federal waters, and for a CPCN, for the generation tie line connecting the generators to shore. This project is expected to cost approximately $300 million and to be placed into service by the end of 2020.
Electric Transmission Projects
In November 2013, the Virginia Commission issued an order granting Virginia Power a CPCN to construct approximately 7 miles of new overhead 500 kV transmission line from the existing Surry switching station in Surry County to a new Skiffes Creek switching station in James City County, and approximately 20 miles of new 230 kV transmission line in James City County, York County, and the City of Newport News from the proposed new Skiffes Creek switching station to Virginia
Power’s existing Whealton substation in the City of Hampton. In February 2019, the transmission line project was placed into service. In March 2019, the U.S. Court of Appeals for the D.C. Circuit issued an order vacating the permit from the U.S. Army Corps of Engineers issued in July 2017 and ordered the U.S. Army Corps of Engineers to do a full environmental impact study of the project. In April 2019, Virginia Power and the U.S. Army Corps of Engineers filed petitions for rehearing with the U.S. Court of Appeals for the D.C. Circuit, asking that the permit from the U.S. Army Corps of Engineers remain in effect while an environmental impact study is performed. In May 2019, the U.S. Court of Appeals for the D.C. Circuit denied the request for rehearing and ordered the U.S. District Court for the D.C. Circuit to consider and issue a ruling on whether the permit should be vacated during the U.S. Army Corps of Engineers’ preparation of an environmental impact statement. In November 2019, the U.S. District Court for the D.C. Circuit issued an order allowing the permit to remain in effect while an environmental impact study is performed. This matter is pending.
 
 
Additional significant Virginia Power electric transmission projects approved
or
applied for are as follows:
                                         
Description and Location
of Project
 
Application
Date
   
Approval
Date
   
Type of
Line
   
Miles
of
Lines
   
Cost
Estimate
(millions)
 
Rebuild and operate transmission line between Lanexa and the Northern Neck
in Virginia
   
June 2018
     
February 2019
      
230 kV
     
3
     
$  30
 
Build a new substation and connect three existing
transmission lines thereto in Fluvanna County, Virginia
   
October 2018
     
June 2019
     
230 kV
     
<1
     
30
 
Rebuild and operate the Glebe
substation and relocate and operate in Arlington County, Virginia and the City
of Alexandria, Virginia existing overhead line
underground
   
March 2019
     
September 2019
     
230 kV
     
<1
     
125
 
Rebuild and operate transmission line between Valley, Virginia and
Mt. Storm, West Virginia
   
April 2019
     
November 2019
      
500 kV
     
65
     
290
 
Rebuild and operate transmission line between the Suffolk substation and
the Virginia/North Carolina state line
   
May 2019
     
November 2019
     
230 kV
     
11
      
20
 
Rebuild and operate five segments between the Loudoun
and Ox substations
   
August 2019
     
Pending
     
230 kV
     
19
     
70
 
Build new Evergreen Mills switching station and line loops in Loudoun County,
Virginia
   
December 2019
     
Pending
     
230 kV
     
2
     
30
 
Build new Lockridge substation and line loop in Loudoun County, Virginia
   
December 2019
     
Pending
     
230 kV
     
<1
      
35
 
 
 
 
 
 
 
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. Virginia Power is reviewing the order and assessing its options.
North Carolina Fuel Filing
In August 2019, Virginia Power submitted its annual filing to the North Carolina Commission to adjust the fuel component of its electric rates. Virginia Power proposed a total $18 million decrease to the fuel component of its electric rates for the rate year beginning February 1, 2020. In January 2020, the North Carolina Commission approved Virginia Power’s proposed fuel change adjustment.
South Carolina Regulation
DSM Programs
DESC has approval for a DSM rider through which it recovers expenditures related to its DSM programs. In January 2019, DESC filed an application with the South Carolina Commission seeking approval to recover $30 million of costs and net lost revenues associated with these programs, along with an incentive to invest in such programs. In April 2019, the South Carolina Commission approved the request for the rate year beginning with the first billing cycle of May 2019.
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. This matter is pending.
Natural Gas Rate Stabilization Act
In June 2019, DESC filed with the South Carolina Commission its monitoring report for the
12-month
period ended March 31, 2019 with a total revenue requirement of $437 million. This represents a $7 million overall increase to its natural gas rates under the terms of the Natural Gas Rate Stabilization Act effective for the rate year beginning November 2019. In October 2019, the South Carolina Commission approved a total revenue requirement of $436 million effective with the first billing cycle of November 2019.
Cost of Fuel
DESC’s retail electric rates include a cost of fuel component approved by the South Carolina Commission which may be adjusted periodically to reflect changes in the price of fuel purchased by DESC. In April 2019, the South Carolina Commission approved DESC’s proposal to decrease the total fuel cost component of retail electric rates. DESC’s proposal included maintaining its base fuel component at the current level to produce a projected under-recovered balance of $35 million at the end of the
12-month
period beginning with the first billing cycle of May 2019 and requested carrying costs for any base fuel under-collected balances, should they occur. DESC also proposed reducing its variable environmental component and maintaining or reducing its distributed energy resource components. Changes in rates became effective beginning with the first billing cycle of May 2019.
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 approximately $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. This matter is pending.
Electric Transmission Projects
In 2020, DESC expects to begin 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. This matter is pending.
Ohio Regulation
PIR Program
In 2008, East Ohio began PIR, aimed at replacing approximately 25% of its pipeline system. In September 2016, the Ohio Commission approved a stipulation filed jointly by East Ohio and the Staff of the Ohio Commission to continue the PIR program and
 associated cost recovery for another five-year term, calendar years
2017 through 2021, and to permit East Ohio to increase its annual capital expenditures to $200 million by 2018 and 3% per year thereafter subject to the cost recovery rate increase caps proposed by East Ohio.
In April 2019, the Ohio Commission approved East Ohio’s application to adjust the PIR cost recovery rates for 2018 costs. The filing reflects gross plant investment for 2018 of $202 million, cumulative gross plant investment of $1.6 billion and a revenue requirement of $190 million.
CEP Program
In 2011, East Ohio began CEP which enables East Ohio to defer depreciation expense, property tax expense and carrying costs at the debt rate of 6.5% on capital investments not covered by its PIR program to expand, upgrade or replace its pipeline system and information technology systems as well as investments necessary to comply with the Ohio Commission or other government regulation. In May 2019, East Ohio filed an application for an alternative rate plan to establish a CEP rider to recover existing
CEP-related
deferrals and to establish an ongoing recovery mechanism for future deferrals. The filing reflects cumulative gross plant investment of $723 million through 2018 and a revenue requirement of $83 million. This matter is pending.
West Virginia Regulation
PREP
In May 2019, Hope filed a PREP application with the West Virginia Commission requesting approval to recover PREP costs related to $29 million and $39 million of projected capital investment for 2019 and 2020, respectively. The application also includes a
true-up
of PREP costs related to the 2018 actual capital investment of $30 million and sets forth $10 million of annual PREP costs to be recovered in proposed rates effective November 1, 2019. In October 2019, the West Virginia Commission approved PREP rates effective November 1, 2019.
Utah And Wyoming Regulation
LNG Storage Facility
In April 2019, Questar Gas filed a request with the Utah Commission for
pre-approval
to construct an LNG storage facility with a liquefaction rate of 8.2 million cubic feet per day. In October 2019, the Utah Commission granted
pre-approval
to construct the LNG storage facility.
Utah Base Rate Case
In July 2019, Questar Gas filed its base rate case and schedules with the Utah Commission. Questar Gas proposed a
non-fuel,
base rate increase of $19 million effective March 2020. The base rate increase was proposed to recover the significant investment in distribution infrastructure for the benefit of Utah customers. Questar Gas presented an earned return of 9.05% based upon a fully-adjusted test period, compared to its authorized 9.85% return, and proposed a 10.5% ROE. 
In February 2020, the Utah Commission approved a non-fuel, base rate increase of $3 million effective March 2020. This revenue requirement increase is based on an approved ROE of 9.50%.
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. This matter is pending.
Rural Expansion Program
In December 2019, Questar Gas filed an application with the Utah Commission for a CPCN to construct natural gas infrastructure to extend service to Eureka, Utah. The project is expected to include 11 miles of high-pressure pipeline and up to 360 service lines and to be in service in late 2021. Questar Gas also requested approval of a rural expansion rate adjustment tracker to recover the construction costs of the project. This matter is pending.
FERC—GAS
Cove Point
In February 2019, Cove Point submitted its annual electric power cost adjustment to FERC requesting approval to recover $24 million. FERC approved the adjustment in March 2019.
In June 2015, Cove Point executed two binding precedent agreements for the approximately $150 million Eastern Market Access Project. In January 2018, Cove Point received FERC authorization to construct and operate the project facilities. In October 2018, Cove Point announced it was evaluating alternatives to a proposed Charles County, Maryland compressor station that was initially part of this project and in December 2018, after working with project customers for alternative solutions, decided not to pursue further construction at this location resulting in a revised project estimate of approximately $45 million and a
write-off
of $37 million ($28 million
after-tax).
In May 2019, Cove Point filed an application for an amendment to vacate its FERC authorization for the Charles County, Maryland compressor station and revised its project scope. In August 2019, Cove Point received FERC authorization and the Eastern Market Access Project commenced commercial operations in September 2019.
In connection with the Eastern Market Access Project, in August 2019, Cove Point filed to update its annual electric power cost adjustment requesting FERC approval to recover $25 million, representing an increase of $1 million from the adjustment approved in March 2019. FERC approved the adjustment in August 2019.
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. Cove Point anticipates that FERC will suspend the changes in rates for five months following the proposed effective date, until August 1, 2020.
DETI
In
September 2019
, DETI submitted its annual transportation cost rate adjustment to FERC requesting approval to recover $
38
 million. Also in
September 2019
, DETI submitted its annual electric power cost adjustment to FERC requesting approval to recover $
10
 million. In
October 2019
, FERC approved these adjustments.
In December 2019, DETI filed an application to request FERC authorization to construct, operate and maintain the Tri-West project to provide 120,000 Dth per day of firm transportation service in from Pennsylvania to Ohio for delivery to Tennessee Gas Pipeline Company. The project facilities are expected to cost approximately
$25 million and be in service by the end of 2020.
In August 2018, DETI executed a binding precedent agreement with a customer for the West Loop project. The project is expected to cost approximately $95 million and provide 150,000 Dth per day of firm transportation service from Pennsylvania to Ohio for delivery to a proposed combined-cycle, natural
gas-fired
electric power generation facility to be located in Columbiana County, Ohio. In December 2018, DETI filed an application to request FERC authorization to construct, operate and maintain the project facilities, which are expected to be in service by the end of 2021. In December 2019, DETI received FERC authorization.
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
 
(reflected in the Corporate and Other segment)
.
v3.19.3.a.u2
Asset Retirement Obligations
 12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligations
Note 14. Asset Retirement Obligations
AROs represent obligations that result from laws, statutes, contracts and regulations related to the eventual retirement of certain of the Companies’ long-lived assets. Dominion Energy and Virginia Power’s AROs are primarily associated with the decommissioning of their nuclear generation facilities and ash pond and landfill closures. Dominion Energy Gas’ AROs primarily include plugging and abandonment of gas and oil wells and the interim retirement of natural gas gathering, transmission, distribution and storage pipeline components.
The Companies have also identified, but not recognized, AROs related to the retirement of the Cove Point LNG Facility, Dominion Energy and Dominion Energy Gas’ storage wells in their underground natural gas storage network, certain Virginia Power electric transmission and distribution assets located on property with easements, rights of way, franchises and lease agreements, Virginia Power’s hydroelectric generation facilities and the abatement of certain asbestos not expected to be disturbed in Dominion Energy and Virginia Power’s generation facilities. The Companies currently do not have sufficient information to estimate a reasonable range of expected retirement dates for any of these assets since the economic lives of these assets can be extended indefinitely through regular repair and maintenance and they currently have no plans to retire or dispose of any of these assets. As a result, a settlement date is not determinable for these assets and AROs for these assets will not be reflected in the Consolidated Financial Statements until sufficient information becomes available to determine a reasonable estimate of the fair value of the activities to be performed. The Companies continue to monitor operational and strategic developments to identify if sufficient information exists to reasonably estimate a retirement date for these assets. 
The changes to AROs during 2018 and 2019 were as follows:
 
Amount
 
(millions)
 
 
Dominion Energy
 
 
 
AROs at December 31, 2017
   $
2,432
 
Obligations incurred during the period
   
20
 
Obligations settled during the period
   
(159
 )
Revisions in estimated cash flows
(2)
    
120
 
Accretion
   
119
 
AROs at December 31, 2018
(1)
   $
2,532
 
Obligations incurred during the period
(2)
  
 
2,413
 
Obligations settled during the period
 
 
(137
)
AROs acquired in the SCANA Combination
 
 
577
 
Revisions in estimated cash flows
(3)
  
 
(324
)
Accretion
 
 
213
 
AROs at December 31, 2019
(1)
  
$
5,274
 
Virginia Power
 
 
 
AROs at December 31, 2017
  $
1,365
 
Obligations incurred during the period
   
14
 
Obligations settled during the period
   
(119
 )
Revisions in estimated cash flows
(2)
    
120
 
Accretion
   
65
 
AROs at December 31, 2018
  $
1,445
 
Obligations incurred during the period
(
2
)
  
 
2,408
 
Obligations settled during the period
 
 
(81
)
Revisions in estimated cash flows
(3)
  
 
(323
)
Accretion
 
 
132
 
AROs at December 31, 2019
 
$
3,581
 
Dominion Energy Gas
 
 
 
AROs at December 31, 2017
  $
85
 
Obligations incurred during the period
   
3
 
Obligations settled during the period
   
(6
 )
Accretion
   
6
 
AROs at December 31, 2018
(
4
)
   $
88
 
Obligations settled during the period
 
 
(3
)
Accretion
 
 
4
 
AROs at December 31, 2019
(
4
)
  
$
 89
 
 
(1)
Includes $282 million and $408 million reported in other current liabilities at December 31, 2018, and 2019, respectively.
(2)
Reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 23 for further information.
(3)
Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for 20 year license extensions for regulated nuclear power stations in Virginia.
(4)
Includes $74 million and $75 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2018 and 2019, respectively.
Dominion Energy’s AROs at December 31, 2019 and 2018, include $1.7 billion and $1.6 billion, respectively, with $0.8 billion and $0.9 billion recorded by Virginia Power, related to the future decommissioning of their nuclear facilities. Dominion Energy and Virginia Power have established trusts dedicated to funding the future decommissioning activities.
At December 31, 2019 and 2018, the aggregate fair value of Dominion Energy’s trusts, consisting primarily of equity and debt securities, totaled $6.2 billion and $4.9 billion, respectively. At December 31, 2019 and 2018, the aggregate fair value of Virginia Power’s trusts, consisting primarily of debt and equity securities, totaled $2.9 billion and $2.4 billion, respectively.
In addition, AROs at December 31, 2019 include $2.6 billion related to Virginia Power’s future ash pond and landfill closure costs. Regulatory mechanisms, primar
ily
 associated with legislation enacted in Virginia in March 2019, provide for recovery of costs to be incurred. See Notes 12 and 23 for additional information.
v3.19.3.a.u2
Leases
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases
Note 15. Leases
At December 31, 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:
 
December 31, 2019
 
(millions)
 
 
Dominion Energy
 
 
 
Lease assets:
 
 
 
Operating lease assets
(1)
  
                  $
 
499
 
Finance lease assets
(2)
  
 
140
 
Total lease assets
 
                  $
639
 
Lease liabilities:
 
 
 
Operating lease liabilities
(3)
  
                  $
59
 
Finance lease liabilities
(4)
  
 
29
 
Total lease liabilities—current
 
 
88
 
Operating lease liabilities
(5)
  
 
442
 
Finance lease liabilities
 
 
105
 
Total lease liabilities—noncurrent
 
 
547
 
Total lease liabilities
 
                  $
635
 
Virginia Power
 
 
 
Operating lease assets
(1)
  
                  $
212
 
Finance lease assets
(2)
  
 
19
 
Total lease assets
 
                  $
231
 
Lease liabilities:
 
 
 
Operating lease liabilities
(3)
  
                  $
30
 
Finance lease liabilities
(4)
  
 
3
 
Total lease liabilities—current
 
 
33
 
Operating lease liabilities
(5)
  
 
180
 
Finance lease liabilities
 
 
16
 
Total lease liabilities—noncurrent
 
 
196
 
Total lease liabilities
 
                  $
229
 
Dominion Energy Gas
 
 
 
Operating lease assets
(1)
  
                  $
37
 
Finance lease assets
(2)
  
 
6
 
Total lease assets
 
                  $
43
 
Lease liabilities:
 
 
 
Operating lease liabilities
(3)
  
                  $
6
 
Finance lease liabilities
(4)
  
 
1
 
Total lease liabilities—current
 
 
7
 
Operating lease liabilities
(5)
  
 
29
 
Finance lease liabilities
 
 
5
 
Total lease liabilities—noncurrent
 
 
34
 
Total lease liabilities
 
                  $
41
 
 
(1)
Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
(2)
Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $27 million, $4 million and $1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at December 31, 2019.
(3)
Included in other current liabilities in the Companies’ Consolidated Balance Sheets.
(4)
Included in securities due within one year in the Companies’ Consolidated Balance Sheets.
(5)
Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
In addition to the amounts disclosed above, Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 includes property plant and equipment and accumulated depreciation of $2.8 billion and $364 million, respectively, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.
For the year ended December 31, 2019, total lease cost associated with the Companies’ leasing arrangements consisted of the following:
 
Year Ended
December 31, 2019
 
(millions)
 
 
Dominion Energy
 
 
 
Finance lease cost:
 
 
 
Amortization
 
                    $
20
 
Interest
 
 
4
 
Operating lease cost
 
 
87
 
Short-term lease cost
 
 
30
 
Variable lease cost
 
 
6
 
Total lease cost
 
                    $
147
 
Virginia Power
 
 
 
Operating lease cost
 
                    $
41
 
Short-term lease cost
 
 
13
 
Variable lease cost
 
 
2
 
Total lease cost
 
                    $
56
 
Dominion Energy Gas
 
 
 
Operating lease cost
 
                    $
7
 
Short-term lease cost
 
 
7
 
Total lease cost
 
                    $
14
 
For the year ended December 31, 2019, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:
 
Year Ended
December 31,
2019
 
(millions)
 
 
Dominion Energy
 
 
 
Operating cash flows for finance leases
 
            $
4
 
Operating cash flows for operating leases
 
 
121
 
Financing cash flows for finance leases
 
 
20
 
Virginia Power
 
 
 
Operating cash flows for operating leases
 
 
56
 
Dominion Energy Gas
 
 
 
Operating cash flows for operating leases
 
 
14
 
In addition to the amounts disclosed above, Dominion Energy’s Consolidated Statement of Income for the year ended December 31, 2019 includes $174 million of rental revenue included in operating revenue and $94 million of depreciation expense, included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.
At December 31, 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:
 
December 31, 2019
 
Dominion Energy
 
 
 
Weighted average remaining lease term—finance leases
 
 
5 years
 
Weighted average remaining lease term—operating leases
 
 
21 years
 
Weighted average discount rate—finance leases
 
 
3.84
%
Weighted average discount rate—operating leases
 
 
4.47
%
Virginia Power
 
 
 
Weighted average remaining lease term—finance leases
 
 
6 years
 
Weighted average remaining lease term—operating leases
 
 
20 years
 
Weighted average discount rate—finance leases
 
 
4.12
%
Weighted average discount rate—operating leases
 
 
4.29
%
Dominion Energy Gas
 
 
 
Weighted average remaining lease term—finance leases
 
 
6 years
 
Weighted average remaining lease term—operating leases
 
 
11 years
 
Weighted average discount rate—finance leases
 
 
4.08
%
Weighted average discount rate—operating leases
 
 
4.37
%
The Companies’ lease liabilities have the following maturities:
Maturity of Lease Liabilities
 
Dominion Energy
   
Virginia Power
   
Dominion Energy
Gas
 
  
Operating
   
Finance
   
Operating
   
Finance
   
Operating
   
Finance
 
(millions)
 
 
  
   
   
   
   
 
2020
      $
72
        $
34
        $
34
        $
4
        $
7
        $
2
 
2021
   
65
     
31
     
30
     
4
     
6
     
1
 
2022
   
55
     
29
     
24
     
4
     
5
     
1
 
2023
   
45
     
26
     
19
     
3
     
4
     
1
 
2024
   
36
     
19
     
14
     
3
     
3
     
1
 
After 2024
   
582
     
9
     
205
     
4
     
20
     
1
 
Total undiscounted lease payments
   
855
     
148
     
326
     
22
     
45
     
7
 
Present value adjustment
   
(377
 )    
(14
 )    
(139
 )    
(3
 )    
(10
 )    
(1
 )
Present value of lease liabilities
      $
478
        $
134
        $
187
        $
19
        $
35
        $
6
 
Corporate Office Leasing Arrangements
In July 2016, Dominion Energy signed an agreement with a lessor to construct and lease a new corporate office property in Richmond, Virginia. The lessor provided equity and obtained financing commitments from debt investors, totaling $365 million, which funded total project costs. The project became substantially complete in August 2019 at which point the facility was available for Dominion Energy’s use and the five-year lease term commenced.
Upon commencement, the lease for the facility was classified as a finance lease. At the end of the initial lease term, Dominion Energy can (i) extend the term of the lease for an additional five years, subject to the approval of the participants, at current market terms, (ii) purchase the property for an amount equal to the project costs or, (iii) subject to certain terms and conditions, sell the property on behalf of the lessor to a third party using commercially reasonable efforts to obtain the highest cash purchase price for the
property. If the project is sold and the proceeds from the sale are insufficient to repay the investors for the project costs, Dominion Energy may be required to make a payment to the lessor, up to 87% of project costs, for the difference between the project costs and sale proceeds. No
end-of-term
options were deemed reasonably certain of exercise at commencement date. At commencement, Dominion Energy recorded a
right-of-use
asset and offsetting lease obligation of $67 million, representing the present value of consideration over the five-year term at the rate implicit in the lease. Dominion Energy is considered the owner of the leased property for tax purposes, and as a result, is entitled to tax deductions for depreciation and interest expense.
In December 2019, Dominion Energy signed an agreement with a lessor 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, it
is
not
expected to be completed
earlier than
mid-2023.
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 of default, Dominion Energy could be required to pay up to 89.9% of the then funded amount. For specific full recourse events, Dominion Energy could be required to pay up to 100% of the then funded amount.
The
51-month
lease term will commence once construction is substantially complete and the facility is able to be occupied. 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.
v3.19.3.a.u2
Variable Interest Entities
 12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Variable Interest Entities
Note 16. Variable Interest Entities
The primary beneficiary of a VIE is required to consolidate the VIE and to disclose certain information about its significant variable interests in the VIE. The primary beneficiary of a VIE is the entity that has both 1) the power to direct the activities that most significantly impact the entity’s economic performance and 2) the obligation to absorb losses or receive benefits from the entity that could potentially be significant to the VIE.
Dominion Energy
At December 31, 2019, Dominion Energy owns the manager and 67% of the membership interest in certain merchant solar facilities, as discussed in Note 2. Dominion Energy has concluded that these entities are VIEs due to the members lacking the characteristics of a controlling financial interest. In addition, in 2016 Dominion Energy created a wholly owned subsidiary, SBL Holdco, as a holding company of its interest in the VIE merchant solar facilities and accordingly SBL Holdco is a VIE. Dominion Energy is the primary beneficiary of SBL Holdco and the merchant solar facilities, as it has the power to direct the activities that most significantly impact their economic performance as well as the obligation to absorb losses and benefits which could be significant to them. Dominion Energy’s securities due within one year and long-term debt include $31 million and $267 million, respectively, of debt issued by SBL Holdco net of issuance costs that is nonrecourse to Dominion Energy and is secured by SBL Holdco’s interest in certain merchant solar facilities.
Dominion Energy owns a 48% membership interest in Atlantic Coast Pipeline. See Note 9 for more details regarding the nature of this entity. Dominion Energy concluded that Atlantic Coast Pipeline is a VIE because it has insufficient equity to finance its activities without additional subordinated financial support. Dominion Energy has concluded that it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance, as the power to direct is shared among multiple unrelated parties. In February 2020, Dominion Energy entered an agreement to acquire Southern’s 5% membership interest which is expected to close by the second quarter of 2020. Following completion of the acquisition, Dominion Energy will own a 53% noncontrolling membership interest in Atlantic Coast Pipeline which is not expected to change Dominion Energy’s conclusion that it is not the primary beneficiary as the power to direct the activities most significant to Atlantic Coast Pipeline will be shared with Duke. Dominion Energy is obligated to provide capital contributions based on its ownership percentage. Dominion Energy’s maximum exposure to loss is limited to its current and future investment as well as any obligations under a guarantee provided. See Note 23 for more information.
Dominion Energy previously concluded that Dominion Energy Midstream was a VIE due to the limited partners lacking the characteristics of a controlling financial interest and that it was the primary beneficiary as it had the power to direct the activities that most significantly impact the economic performance as well as to absorb losses and benefits which could be significant to Dominion Energy Midstream. In January 2019, Dominion Energy acquired all outstanding partnership interests not owned by Dominion Energy and Dominion Energy Midstream became a wholly-owned subsidiary of Dominion Energy. As a result, Dominion Energy concluded that Dominion Energy Midstream is no longer a VIE.
Dominion Energy and Virginia Power
Dominion Energy and Virginia Power’s nuclear decommissioning trust funds and Dominion Energy’s rabbi trusts hold investments in limited partnerships or similar type entities (see Note 9 for further details). Dominion Energy and Virginia Power concluded that these partnership investments are VIEs due to the limited partners lacking the characteristics of a controlling financial interest. Dominion Energy and Virginia Power have concluded neither is the primary beneficiary as they do not have the power to
direct the activities that most significantly impact these VIEs’ economic performance. Dominion Energy and Virginia Power are obligated to provide capital contributions to the partnerships
as
 
required
by each partnership agreement based on their ownership percentages. Dominion Energy and Virginia Power’s maximum exposure to loss is limited to their current and future investments.
Virginia Power
Virginia Power had a long-term power and capacity contract with one
non-utility
generator with an aggregate summer generation capacity of approximately 218 MW. The contract contained certain variable pricing mechanisms in the form of partial fuel reimbursement that Virginia Power considered to be variable interests and for which Virginia Power had previously concluded if the generation facility were to be a VIE that it would not be the primary beneficiary. In May 2019, Virginia Power entered into an agreement and paid $135 million to terminate the remaining contract with the
non-utility
generator. 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 during the second quarter of 2019. Virginia Power paid $13 million, $50 million, and $86 million for electric capacity to
non-utility
generators and $1 million, $18 million and $24 million for electric energy to
non-utility
generators for the years ended December 31, 2019, 2018 and 2017, respectively.
Dominion Energy and Dominion Energy Gas
As part of the Dominion Energy Gas Restructuring, Dominion Energy contributed to Dominion Energy Gas a 75% controlling limited partner interest in Cove Point. In December 2019, Dominion Energy sold its retained 25% noncontrolling limited partner interest in Cove Point. Dominion Energy Gas concluded that Cove Point is a VIE due to the limited partners lacking the characteristics of a controlling financial interest. Dominion Energy Gas is the primary beneficiary of Cove Point as it has the power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it.
Dominion Energy Gas
DETI has been engaged to oversee the construction of, and to subsequently operate and maintain, the projects undertaken by Atlantic Coast Pipeline based on the overall direction and oversight of Atlantic Coast Pipeline’s members. An affiliate of DETI holds a membership interest in Atlantic Coast Pipeline, therefore DETI is considered to have a variable interest in Atlantic Coast Pipeline. The members of Atlantic Coast Pipeline hold the power to direct the construction, operations and maintenance activities of the entity. DETI has concluded it is not the primary beneficiary of Atlantic Coast Pipeline as it does not have the power to direct the activities of Atlantic Coast Pipeline that most significantly impact its economic performance. DETI has no obligation to absorb any losses of the VIE. See Note 25 for information about associated related party receivable balances.
Dominion Energy Gas purchased shared services from DECGS and DEQPS, affiliated VIEs, of $49 million, $45 million and $45 million for the years ended December 31, 2019, 2018 and 2017, respectively. Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DECGS and DEQPS of $15 million and $6 million at December 31, 2019 and at December 31, 2018, respectively. 
Dominion Energy
Gas determined that neither it nor any of its consolidated entities is the primary beneficiary of DECGS or DEQPS, as neither it nor any of its consolidated entities has both the power to direct the activities that most significantly impact their economic performance as well as the obligation to absorb losses and benefits which could be significant to them. DECGS and DEQPS provide 
marketing
and operation
al
 services to Dominion Energy and its subsidiaries as subsidiary service companies. Neither Dominion Energy Gas nor any of its consolidated entities has any obligation to absorb more than its allocated share of DECGS or DEQPS costs.
Virginia Power and Dominion Energy Gas
Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $387 million and $119 million, $335 million and $106 million, and $340 million and $106 million for the years ended December 31, 2019, 2018 and 2017, respectively. Virginia Power and Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to DES of $102 million and $27 million, respectively, at December 31, 2019, and $107 million and $43 million, respectively, at December 31, 2018, recorded in payables to affiliates in the Consolidated Balance Sheets. Virginia Power and Dominion Energy Gas determined that neither is the primary beneficiary of DES as neither has both the power to direct the activities that most significantly impact its economic performance as well as the obligation to absorb losses and benefits which could be significant to it. DES provides accounting, legal, finance and certain administrative and technical services to all Dominion Energy subsidiaries, including Virginia Power and Dominion Energy Gas. Virginia Power and Dominion Energy Gas have no obligation to absorb more than their allocated shares of DES costs.
v3.19.3.a.u2
Short Term Debt And Credit Agreements
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Short-Term Debt And Credit Agreements
Note 17. Short-term Debt and Credit Agreements
The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties.
Dominion Energy
Dominion Energy’s short-term financing is supported through its access to the joint revolving credit facility described below. Commercial paper and letters of credit outstanding, as well as capacity available under the credit facility were as follows:
 
Facility
Limit
   
Outstanding
Commercial
Paper
(1)
    
Outstanding
Letters of
Credit
   
Facility
Capacity
Available
 
(millions)
 
 
  
   
   
 
At December 31, 2019
 
 
 
    
     
     
 
Joint revolving credit facility
(2)
  
$
6,000
 
  
 
$836
 
  
 
$89
 
  
$
5,075
 
At December 31, 2018
 
 
 
    
     
     
 
Joint revolving credit facility
(2)
   $
6,000
     
$324
     
$88
    $
5,588
 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was 2.10% and 2.93% at December 31, 2019 and 2018, respectively.
(2)
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 March 2019, DESC’s $700 million credit facility was terminated and DESC was added as a borrower to the joint revolving credit facility discussed above with Dominion Energy, Virginia Power, Dominion Energy Gas and Questar Gas. DESC’s short-term financing is supported through its access as
co-borrower
to the facility. At December 31, 2019, the
sub-limit
for DESC was $500 million.
Questar Gas’ short-term financing is supported through its access as
co-borrower
to the joint revolving credit facility discussed above with Dominion Energy, Virginia Power, Dominion Energy Gas and DESC. At December 31, 2019, the
sub-limit
for Questar Gas was $250 million.
South Carolina Fuel Company, Inc.’s credit facility was terminated in February 2019. SCANA and PSNC’s credit facilities were terminated in March 2019. Liquidity needs for these entities may be satisfied through short-term intercompany borrowings from Dominion Energy.
In April 2019, DESC renewed its FERC authority through April 2020 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 April 2019, GENCO renewed its FERC authority through April 2020 to issue short-term indebtedness not to exceed $200 million outstanding with maturity dates of one year or less. In January 2020, DESC and GENCO applied to FERC for a two-year short-term borrowing authorization. The applications are pending.
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 December 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 May 2024. At December 31, 2019, no amounts were outstanding under either of these facilities.
In February 2019, Dominion Energy Midstream terminated its $500 million revolving credit facility subsequent to repaying the outstanding balance of $73 million, plus accrued interest.
In addition to the joint revolving credit facility mentioned above, Dominion Energy also has a credit facility with a maturity date in June 2020 which allows Dominion Energy to issue up to approximately $21 million in letters of credit. At December 31, 2019, Dominion Energy had $21 million in letters of credit outstanding under this agreement.
In September 2019, Dominion Energy Questar borrowed $3.0 billion under a 364-Day Term Loan Agreement that accrued interest at a variable rate. The proceeds from the borrowing were used to repay the principal of Cove Point’s $3.0 billion term loan due in 2021. Dominion Energy provided a guarantee to support Dominion Energy Questar’s obligation under the
364-Day
Term Loan Agreement. In November and December 2019, principal of $1.0 billion and $2.0 billion, respectively, plus accrued interest was repaid.
Virginia Power
Virginia Power’s short-term financing is supported through its access as
co-borrower
to the joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes.
Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC were as follows:
 
Facility
Limit
   
Outstanding
Commercial
Paper
(1)
    
Outstanding
Letters of
Credit
 
(millions)
 
 
  
   
 
At December 31, 2019
 
 
 
    
     
 
Joint revolving credit facility
(2)
  
 
$6,000
 
  
 
$243
 
  
 
$  7
 
At December 31, 2018
 
 
 
    
     
 
Joint revolving credit facility
(2)
    
$6,000
     
$314
     
$16
 
 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 2.10% and 2.94% at December 31, 2019 and 2018, respectively.
(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 December 31, 2019, 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 by its access as
co-borrower
to the joint revolving credit facility. The credit facility can be used for working capital, as support for the combined commercial paper programs of the borrowers under the credit facility and for other general corporate purposes.
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 were as follows:
 
Facility
Limit
   
Outstanding
Commercial
Paper
(1)
    
Outstanding
Letters of
Credit
 
(millions)
 
 
  
   
 
At December 31, 2019
 
 
 
    
     
 
Joint revolving credit facility
(2)
  
 
$1,500
 
  
 
$62
 
  
 
$—
 
At December 31, 2018
 
 
 
    
     
 
Joint revolving credit facility
(2)
    
$1,500
     
$10
     
$—
 
 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 1.98% and 2.58% at December 31, 2019 and 2018, respectively.
(2)
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 December 31, 2019, 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.
v3.19.3.a.u2
Long-Term Debt
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
Note 18. Long-term Debt
At December 31,
 
2019
Weighted-
average
Coupon
(1)
 
  
2019
 
  
2018
 
(millions, except percentages)
 
 
  
 
  
 
Dominion Energy Gas Holdings, LLC:
 
 
 
  
 
 
    
 
Unsecured senior notes:
 
 
 
  
 
 
    
 
Variable rate, due 2021
 
 
2.49
%
 
 $
500
 
   $
500
 
2.5% to 4.8%, due 2019 to 2049
(2)
  
 
3.44
%
 
 
4,631
 
    
3,587
 
Cove Point, term loan, due 2021
(3)
  
 
 
  
 
—
 
    
3,000
 
Dominion Energy Midstream:
 
 
 
  
 
 
    
 
Term loan, variable rate, due 2019
 
 
 
  
 
—
 
    
300
 
Revolving credit agreement, variable rate, due 2021
(4)
  
 
 
  
 
—
 
    
73
 
Dominion Energy Questar Pipeline, unsecured senior notes, 3.53% to 4.875%, due 2028 to 2041
 
 
4.23
%
 
 
430
 
    
430
 
Dominion Energy Gas Holdings, LLC total principal
 
 
 
  
 $
5,561
 
   $
7,890
 
Securities due within one year
 
 
2.80
%
 
 
(699
)
    
(748
 )
Credit facility borrowings
(4)
  
 
 
  
 
—
 
    
(73
 )
Unamortized discount and debt issuance costs
 
 
 
  
 
(41
)
   
(47
 )
Finance leases
 
 
 
  
 
5
 
    
—
 
Dominion Energy Gas Holdings, LLC total long-term debt
 
 
 
  
 $
4,826
 
   $
7,022
 
Virginia Electric and Power Company:
 
 
 
  
 
 
    
 
Unsecured senior notes:
 
 
 
  
 
 
    
 
2.75% to 8.875%, due 2019 to 2049
 
 
4.27
%
 
$
 11,789
 
   $
11,090
 
Tax-
exempt financings, 1.80% to 5.0%, due 2023 to 2041
(5)
(6)
  
 
2.02
%
 
 
625
 
    
664
 
Virginia Electric and Power Company total principal
 
 
 
  
 $
12,414
 
   $
11,754
 
Securities due within one year
 
 
4.29
%
 
 
(1
)
    
(350
 )
Unamortized discount, premium and debt issuances costs, net
 
 
 
  
 
(88
)
   
(83
 )
Finance leases
 
 
 
  
 
16
 
    
—
 
Virginia Electric and Power Company total long-term debt
 
 
 
  
 $
12,341
 
   $
11,321
 
Dominion Energy, Inc.:
 
 
 
  
 
 
    
 
Unsecured senior notes:
 
 
 
  
 
 
    
 
Variable rates, due 2019 and 2020
 
 
2.31
%
 
 $
300
 
   $
800
 
1.6% to 7.0%, due 2019 to 2049
(7)
  
 
4.15
%
 
 
7,688
 
    
7,488
 
Unsecured junior subordinated notes:
 
 
 
  
 
 
    
 
2.579% to 4.104%, due 2019 to 2024
 
 
3.01
%
 
 
2,950
 
    
2,100
 
Payable to affiliated trust, 8.4%, due 2031
 
 
8.40
%
 
 
10
 
    
10
 
Enhanced junior subordinated notes:
 
 
 
  
 
 
    
 
Variable rates, due 2066
(8)
  
 
4.41
%
 
 
397
 
    
422
 
5.25% and 5.75%, due 2054 and 2076
 
 
5.48
%
 
 
1,485
 
    
1,485
 
Remarketable subordinated notes, 2.0%, due 2021 and 2024
 
 
 
  
 
—
 
    
1,400
 
Questar Gas, unsecured senior notes, 2.98% to 7.20%, due 2024 to 2051
 
 
4.25
%
 
 
750
 
    
750
 
SCANA:
 
 
 
  
 
 
    
 
Unsecured medium term notes, 4.125% to 6.25%, due 2020 to 2022
(9)(10)
  
 
5.06
%
 
 
508
 
    
—
 
Unsecured senior notes, variable rate, due 2034
(11)
  
 
2.61
%
 
 
66
 
    
—
 
PSNC, senior debentures and notes, 4.13% to 7.45%, due 2020 to 2047
 
 
5.05
%
 
 
700
 
    
—
 
DESC:
 
 
 
  
 
 
    
 
First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065
(12)
  
 
5.42
%
 
 
3,267
 
    
—
 
Tax-
exempt financings:
(13)
  
 
 
  
 
 
    
 
Variable rate due 2038
 
 
1.65
%
 
 
35
 
    
—
 
GENCO, variable rates due 2038
(14)
  
 
1.65
%
 
 
33
 
    
—
 
3.625% and 4.00%, due 2028 and 2033
 
 
3.90
%
 
 
54
 
    
—
 
Other
 
 
3.69
%
 
 
1
 
    
—
 
Secured senior notes, 4.82%, due 2042
(15)
  
 
4.82
%
 
 
345
 
    
362
 
Term loans, variable rates, due 2023 and 2024
(15)
  
 
4.24
%
 
 
527
 
    
582
 
Tax-
exempt financing, 1.7%, due 2033
  
 
1.70
%
 
 
27
 
    
27
 
Dominion Energy Gas Holdings, LLC total principal (from above)
 
 
 
  
 
5,561
 
    
7,890
 
Virginia Electric and Power Company total principal (from above)
 
 
 
  
 
12,414
 
    
11,754
 
Dominion Energy, Inc. total principal
 
 
 
  
 $
37,118
 
   $
35,070
 
Fair value hedge valuation
(16)
  
 
 
  
 
4
 
    
(20
 )
Securities due within one year
(8)(10)(11)(17)
  
 
3.41
%
 
 
(3,133
)
    
(3,624
 )
Credit facility borrowings
(4)
  
 
 
  
 
—
 
    
(73
 )
Unamortized discount, premium and debt issuance costs, net
 
 
 
  
 
(270
)
   
(248
 )
Finance leases
 
 
 
  
 
105
 
    
39
 
Dominion Energy, Inc. total long-term debt
 
 
 
  
 $
 33,824
 
   $
31,144
 
(1)
Represents weighted-average coupon rates for debt outstanding as of December 31, 2019.
 
 
 
(2)
Amount includes foreign currency remeasurement adjustments.
 
 
 
(3)
In September 2019, Cove Point repaid its $3.0 billion term loan due in 2021.
 
 
 
(4)
In February 2019, Dominion Energy Midstream repaid its $300 million variable rate term loan due in December 2019 and terminated the credit facility due in March 2021 subsequent to repaying the $73 million outstanding balance. As such, credit facility borrowings are presented within current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2018.
 
 
 
(5)
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
 
 
 
(6)
In May 2019, Virginia Power redeemed its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest.
 
 
 
(7)
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
 
 
 
(8)
In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
 
(9)
In March 2019, SCANA purchased certain of its medium term notes having an aggregate purchase price of $300 million pursuant to tender offer that expired in the first quarter of 2019.
 
 
 
(10)
In February 2020, SCANA provided notice to redeem 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 in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
 
(11)
In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
 
(12)
In February, March and September 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $1.8 billion pursuant to tender offers. The February and March tender offers expired in the first quarter of 2019 and the September tender offer expired in the third quarter of 2019.
 
 
 
(13)
Industrial revenue bonds totaling $68 million are secured by letters of credit 
that
expire, subject to renewal, in the fourth quarter of 2020.
 
(1
4
)
In May 2019, GENCO redeemed its 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $33 million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released.
 
 
 
(1
5
)
Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities.
 
 
 
(1
6
)
Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt.
 
 
 
(1
7
)
Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc.
 
 
Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2019, were as follows:
                                                         
 
2020
   
2021
   
2022
   
2023
   
2024
   
Thereafter
   
Total
 
(millions, except percentages)
 
 
  
   
   
   
   
   
 
Dominion Energy Gas
 
$
700
 
  
$
500
 
  
$
—
 
  
$
650
 
  
$
1,050
 
  
$
2,661
 
  
$
5,561
 
Weighted-average coupon
 
 
2.80
%
 
 
2.49
%
 
 
—
 
  
 
3.29
%
 
 
2.97
%
 
 
3.95
%
 
 
 
Virginia Power
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Unsecured senior notes
 
$
—
 
  
$
—
 
  
$
750
 
  
$
700
 
  
$
350
 
  
$
9,989
 
  
$
11,789
 
Tax-
exempt financings
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
 
  
 
625
 
  
 
625
 
Total
 
$
—
 
  
$
—
 
  
$
750
 
  
$
700
 
  
$
350
 
  
$
10,614
 
  
$
12,414
 
Weighted-average coupon
 
 
—
 
  
 
—
 
  
 
3.15
%
 
 
2.75
%
 
 
3.45
%
 
 
4.35
%
 
 
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Term loans
(1
)
  
$
35
 
  
$
35
 
  
$
34
 
  
$
259
 
  
$
164
 
  
$
—
 
  
$
527
 
First mortgage bonds
 
 
—
 
  
 
33
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
3,234
 
  
 
3,267
 
Unsecured senior notes
(2)(3)
  
 
1,275
 
  
 
1,237
 
  
 
1,659
 
  
 
2,355
 
  
 
1,745
 
  
 
19,092
 
  
 
27,363
 
Secured senior notes
 
 
15
 
  
 
17
 
  
 
19
 
  
 
16
 
  
 
17
 
  
 
261
 
  
 
345
 
Tax-
exempt financings
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
774
 
  
 
774
 
Unsecured junior subordinated notes payable
to affiliated trusts
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
10
 
  
 
10
 
Unsecured junior subordinated notes
 
 
1,000
 
  
 
1,250
 
  
 
—
 
  
 
—
 
  
 
700
 
  
 
—
 
  
 
2,950
 
Enhanced junior subordinated notes
(4)
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,882
 
  
 
1,882
 
Total
 
$
2,325
 
  
$
2,572
 
  
$
1,712
 
  
$
2,630
 
  
$
2,626
 
  
$
25,253
 
  
$
37,118
 
Weighted-average coupon
 
 
3.09
%
 
 
3.15%
 
  
 
3.10
%
 
 
2.95%
 
  
 
3.19%
 
  
 
4.62
%
 
 
 
 
 
 
 
(1)
Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2019, $20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets.
 
 
 
(2)
In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034.
 
 
 
(3)
In February 2020, SCANA provided notice to redeem 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 in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively.
 
 
 
(4)
In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
The Companies’ short-term credit facility and long-term debt agreements contain customary covenants and default provisions. As of December 31, 2019, there were no events of default under these covenants.
Senior Note Redemptions
In November 2018 and December 2018, Dominion Energy redeemed the following outstanding series of senior notes: 2011 Series A 4.45% Senior Notes due 2021, 2014 Series B 2.50% Senior Notes due 2019, 2014 Series C 3.625% Senior Notes due 2024 and 2018 Series A Floating Rate Senior Notes due 2020 with an aggregate outstanding principal of $2.2 billion. The aggregate redemption price paid was $2.2 billion and represents the principal amount outstanding, accrued and unpaid interest and the applicable make-whole premium of $34 million. Total charges of $69 million, including the make-whole premium, were recognized and recorded in interest expense in Dominion Energy’s Consolidated Statements of Income.
Enhanced Junior Subordinated Notes
In June 2006 and September 2006, Dominion Energy issued $300 million of June 2006 hybrids and $500 million of September 2006 hybrids, respectively. The June 2006 hybrids and the September 2006 hybrids bore interest at the three-month LIBOR plus 2.825%, reset quarterly and at the three-month LIBOR plus 2.3%, reset quarterly, respectively. Dominion Energy executed RCCs in connection with its issuance of the June 2006 hybrids and the September 2006 hybrids. Under the terms of the RCCs, redemptions of the hybrids were subject to certain conditions. In 2019, Dominion Energy purchased and cancelled $12 million and $13 million of its June 2006 hybrids and September 2006 hybrids, respectively. In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of 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.
In October 2014, Dominion Energy issued $685 million of October 2014 hybrids that will bear interest at 5.75% per year until October 1, 2024. Thereafter, they will bear interest at the three-month LIBOR plus 3.057%, reset quarterly.
In July 2016, Dominion Energy issued $800 million of 5.25% July 2016 hybrids. The July 2016 hybrids are listed on the NYSE under the symbol DRUA.
Dominion Energy may defer interest payments on the hybrids on one or more occasions for up to 10 consecutive years. If the interest payments on the hybrids are deferred, Dominion Energy may not make distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments during the deferral period. Also, during the deferral period, Dominion Energy may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the hybrids.
Remarketable Subordinated Notes
In July 2014, Dominion Energy issued $1.0 billion of 2014 Series A 6.375% Equity Units, initially in the form of Corporate Units. In August 2016, Dominion Energy issued $1.4 billion of 2016 Series A 6.75% Equity Units, initially in the form of Corporate
Units. The Corporate Units were listed on the NYSE under the symbols DCUC and DCUD, respectively.
Each 2014 Series A Corporate Unit consisted of a stock purchase contract and 1/20 interest in a RSN issued by Dominion Energy. Each 2016 Series A Corporate Unit consisted of a stock purchase contract, a 1/40 interest in a 2016 Series
A-1
RSN issued by Dominion Energy and a 1/40 interest in a 2016 Series
A-2
RSN issued by Dominion Energy. The stock purchase contracts obligated the holders to purchase shares of Dominion Energy common stock at a future settlement date prior to the relevant RSN maturity date. The purchase price paid under the stock purchase contracts was $50 per Corporate Unit and the number of shares purchased was determined under a formula based upon the average closing price of Dominion Energy common stock near the settlement date. The RSNs were pledged as collateral to secure the purchase of common stock under the related stock purchase contracts.
In May 2017, Dominion Energy successfully remarketed the $1.0 billion 2014 Series A 1.50% RSNs due 2020 pursuant to the terms of the related 2014 Equity Units. In connection with the remarketing, the interest rate on the junior subordinated notes was reset to 2.579%, payable on a semi-annual basis and Dominion Energy ceased to have the ability to redeem the notes at its option or defer interest payments.
In June 2019, Dominion Energy successfully remarketed the $700 million 2016 Series
A-1
2.0% RSNs due 2021 and $700 million 2016 Series
A-2
2.0% RSNs due 2024 pursuant to the terms of the related 2016 Equity Units. In connection with the remarketing, the interest rates on the Series
A-1
and Series
A-2
notes were reset to 2.715% and 3.071%, respectively, payable on a semi-annual basis, and Dominion Energy ceased to have the ability to redeem the notes at its option or defer interest payments.
At December 31, 2019, the securities are included in junior subordinated notes in Dominion Energy’s Consolidated Balance Sheets. Dominion Energy did not receive any proceeds from the remarketings. Remarketing proceeds belonged to the investors holding the related equity units and were temporarily used to purchase a portfolio of treasury securities. Upon maturity of each portfolio, the proceeds were applied on behalf of investors on the related stock purchase contract settlement date to pay the purchase price to Dominion Energy for issuance of 12.5 million shares of its common stock in July 2017 and 18.5 million shares of its common stock in August 2019.
v3.19.3.a.u2
Preferred Stock
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Preferred Stock
Note 19. Preferred Stock
Dominion Energy is authorized to issue up to 20 million shares of preferred stock, which may be designated into separate classes. At December 31, 2019, Dominion Energy had issued and outstanding 2.4 million shares preferred stock, 1.6 million and 0.8 million of which were designated as the Series A Preferred Stock and the Series B Preferred Stock, respectively. No shares of preferred stock were outstanding at December 31, 2018.
DESC is authorized to issue up to 20 million shares of preferred stock. At December 31, 2019, DESC had issued and outstanding 1,000 shares of preferred stock, all of which were held by SCANA and are eliminated in consolidation.
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 $15 million ($9.479 per share) for the year ended December 31, 2019.
(3)
Payments of $38 million were made in 2019. The stock purchase contract liability was $212 million at December 31, 2019.
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 $2 million ($1.9375 per share) for the year ended December 31, 2019. 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 dis
tributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise.
Dominion Energy may, at its option, redeem the Series B Preferred Stock in whole or in part on December 15, 2024 or on any subsequent fifth anniversary of such date at a price equal to $1,000 per share plus any accumulated and unpaid dividends. Dominion Energy may also, at its option, redeem the Series B Preferred Stock in whole but not in part at a price equal to $1,020 per share plus any accumulated and unpaid dividends at any time within a certain period of time following any change in the criteria ratings agencies use to assign equity credit to securities such as the Series B Preferred Stock that has certain adverse effects on the equity credit actually received by the Series B Preferred Stock.
Holders of the Series B Preferred Stock have no voting rights except in the limited circumstances provided for in the terms of the Series B Preferred Stock or as otherwise required by applicable law. The Series B Preferred Stock is not subject to any sinking fund or other obligation of ours to redeem, repurchase or retire the Series B Preferred Stock. The preferred stock contains no conversion rights.
Virginia Power
Virginia Power is authorized to issue up to 10 million shares of preferred stock, $100 liquidation preference; however, none were issued and outstanding at December 31, 2019 or 2018.
v3.19.3.a.u2
Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Equity
Note 20. Equity
Common Stock
Dominion Energy
During 2019, 2018 and 2017, Dominion Energy recorded, net of fees and commissions, $11.0 billion, $2.5 billion and $1.3 billion from the issuance of approximately 157 million, 36 million and 17 million shares of common stock, respectively, for acquisitions, settlements of stock purchase contracts and through various programs including Dominion Energy Direct
®
and an
at-the-market
program.
Acquisitions
During 2019, Dominion Energy issued 95.6 million shares of common stock in connection with the acquisition of SCANA. At the time of issuance, these common stock shares were valued at $6.8 billion. See Note 3 for further information on the issuance of Dominion Energy common stock in connection with the SCANA Combination.
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.
Subsequent to this activity, as a result of the Dominion Energy Gas Restructuring, Dominion Energy Gas is considered to have acquired all of the outstanding partnership interests of Dominion Energy Midstream and Dominion Energy Midstream became a wholly-owned subsidiary of Dominion Energy Gas.
Pension Plan Contribution
In December 2019, Dominion Energy contributed 6.1 million shares of its common stock valued at $499 million to the qualified defined benefit pension plans. See Note 22 for further information regarding activity surrounding pension plan contributions.
Dominion Energy Direct
®
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. Currently, Dominion Energy is issuing new shares of common stock for these direct stock purchase plans. During 2019, Dominion Energy received cash of $309 million from the issuance of 4.0 million of such shares through Dominion Energy Direct
®
and employee savings plans.
Stock Purchase Contracts
In August 2019, Dominion Energy issued 18.5 million shares under the related stock purchase contracts entered into as part of Dominion Energy’s 2016 Equity Units and received proceeds of $1.4 billion. In 2017, Dominion Energy issued 12.5 million shares under the related stock purchase contracts entered into as part of Dominion Energy’s 2014 Equity Units and received proceeds of $1.0 billion. See Note 18 for further information surrounding these stock purchase contracts.
At-the-Market
Program
In June 2017, Dominion Energy filed an SEC shelf registration for the sale of debt and equity securities including the ability to sell common stock through an
at-the-market
program. Also, in June 2017, Dominion Energy entered into three separate sales agency agreements to effect sales under the program and pursuant to which it may offer from time to time up to $500 million aggregate amount of its common stock. Sales of common stock can be made by means of privately negotiated transactions, as transactions on the NYSE at market prices or in such other transactions as are agreed upon by Dominion Energy and the sales agents in conformance with applicable securities laws. In January 2018, Dominion Energy provided sales instructions to one of the sales agents and issued 6.6 million shares through
at-the-market
issuances and received cash proceeds of $495 million, net of fees and commissions paid of $5 million. Following these issuances, Dominion Energy had no remaining ability to issue stock under the 2017 sales agency agreements and completed the program. In February 2018, Dominion Energy entered into six separate sales agency agreements to effect sales under a new
at-the-market
program pursuant to which it may offer from time to time up to $1.0 billion aggregate amount of its common stock. These agreements replaced the sales agency agreements entered into by Dominion Energy in June 2017. Sales of common stock can be made by means of private negotiated transactions, as transactions
on the NYSE at market prices or in such other transactions as are agreed upon by Dominion Energy and the sales agents in conformance with applicable securities laws. In the fourth quarter of 2018, Dominion Energy provided sales instructions to two of the sales agents and issued 2.7 million shares through
at-the-market
issuances and received cash proceeds of $197 million, net of fees and commissions paid of $2 million. In the first quarter of 2019, Dominion Energy provided sales instructions to one of the sales agents and issued 2.1 million shares and received cash proceeds of $154 million, net of fees and commissions paid of $2 million. In the fourth quarter of 2019, Dominion Energy provided sales instructions to two of the sales agents and issued 7.8 million shares and received cash proceeds of $639 million, net of fees and commissions paid of $6 million. Following these issuances, Dominion Energy had no remaining ability to issue stock under the 2018 sales agency agreements and completed the program.
Forward Sale Agreements
In 2018, Dominion Energy entered into separate forward sale agreements with Goldman Sachs & Co. LLC and Credit Suisse Capital LLC, as forward purchasers, and an underwriting agreement with Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein, relating to an aggregate of 20 million shares of Dominion Energy common stock. The underwriting agreement granted the underwriters a
30-day
option to purchase up to an additional three million shares of Dominion Energy common stock, which the underwriters exercised with respect to approximately 2.1 million shares in April 2018. Dominion Energy entered into separate forward sale agreements with the forward purchasers with respect to the additional shares. In December 2018, Dominion Energy received proceeds of $1.4 billion (after deducting underwriting discounts, but before deducting expenses, and subject to forward price adjustments under the forward sale agreements) upon the physical settlement of 22.1 million shares.
Repurchase of Common Stock
Dominion Energy did not repurchase any shares in 2019 or 2018 and does not plan to repurchase shares during 2020, except for shares tendered by employees to satisfy tax withholding obligations on vested restricted stock, which do not count against its stock repurchase authorization.
Virginia Power
In 2019, 2018 and 2017, Virginia Power did not issue any shares of its common stock to Dominion Energy.
Noncontrolling Interests
Sale of Interest in Cove Point
In December 2019, Dominion Energy completed the sale of its 25% noncontrolling limited partnership interest in Cove Point to Brookfield in exchange for cash consideration of $2.1 billion, subject to working capital adjustments. See Note 3 for further information on the sale of this interest.
Remeasurement of Dominion Energy Midstream Units
In May 2018, all of the subordinated units of Dominion Energy Midstream held by Dominion Energy were converted into common units on a 1:1 ratio following the payment of Dominion Energy Midstream’s distribution for the first quarter of 2018. In
June 2018, Dominion Energy, as general partner, exercised an incentive distribution right reset as defined in Dominion Energy Midstream’s partnership agreement and received 27 million common units representing limited partner interests in Dominion Energy Midstream. As a result of the increase in its ownership interest in Dominion Energy Midstream, Dominion Energy recorded a decrease in noncontrolling interest, and a corresponding increase in shareholders’ equity, of $375 million reflecting the change in the carrying value of the interest in the net assets of Dominion Energy Midstream held by others.
Accumulated Other Comprehensive Income (Loss)
Presented in the table below is a summary of AOCI by component:
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Net deferred losses on derivatives-hedging activities, net of $135 and $79 tax
 
$
(407
)
  $
(234
 )
Net unrealized gains on nuclear decommissioning trust funds, net of $(13) and $— tax
 
 
37
 
    
2
 
Net unrecognized pension and other postretirement benefit costs, net of $492 and $519 tax
 
 
(1,421
)
   
(1,465
 )
Other comprehensive loss from equity method investees, net of $1 and $— tax
 
 
(2
)
   
(2
 )
Total AOCI, including noncontrolling interests
  
$
(1,793
)
  $
(1,699
 )
Less other comprehensive income attributable to noncontrolling interests
  
 
—
 
    
1
 
Total AOCI, excluding noncontrolling interests
  
$
(1,793
)
  $
(1,700
 )
Virginia Power
 
 
 
    
 
Net deferred losses on derivatives-hedging activities, net of $11 and $4 tax
 
$
(34
)
  $
(13
 )
Net unrealized gains on nuclear decommissioning trust funds, net of $(1) and $— tax
 
 
5
 
    
1
 
Total AOCI
 
$
(29
)
  $
(12
 )
Dominion Energy Gas
 
 
 
    
 
Net deferred losses on derivatives-hedging activities, net of $28 and $8 tax
 
$
(82
)
  $
(25
 )
Net unrecognized pension costs, net of $41 and $56 tax
 
 
(106
)
   
(144
 )
Total AOCI, including noncontrolling interests
  
 
(188
)
   
(169
 )
Less other comprehensive income (loss) attributable to noncontrolling interests
  
 
(1
)
   
—
 
Total AOCI, excluding noncontrolling interests
  
$
(187
)
  $
(169
 )
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)
 
 
  
   
   
   
 
Year Ended December 31, 2019
 
 
 
    
     
     
     
 
Beginning balance
 
 
$(235)
 
  
 
$     2
 
  
 
$(1,465
)
 
 
$(2
)
 
 
$(1,700)
 
Other comprehensive income before reclassifications: gains (losses)
 
 
(110)
 
  
 
39
 
  
 
(22)
 
  
 
—
 
  
 
(93)
 
Amounts reclassified from AOCI: (gains) losses
(1)
  
 
(62)
 
  
 
(4)
 
  
 
66
 
  
 
—
 
  
 
—
 
Net current period other comprehensive income (loss)
 
 
(172)
 
  
 
35
 
  
 
44
 
  
 
—
 
  
 
(93
)
Ending balance
 
 
$(407)
 
  
 
$37
 
  
 
$(1,421
)
 
 
$(2
)
 
 
$(1,793
)
Year Ended December 31, 2018
 
 
 
    
     
     
     
 
Beginning balance
   
$(302)
     
$747
     
$(1,101)
     
$(3)
     
$(659
 )
Other comprehensive income before reclassifications: gains (losses)
   
30
     
(18
 )    
(215)
     
1
     
(202
 )
Amounts reclassified from AOCI: (gains) losses
(1)
    
102
     
5
     
78
     
—
     
185
 
Net current period other comprehensive income (loss)
   
132
     
(13)
     
(137)
     
1
     
(17)
 
Cumulative-effect of changes in accounting principle
   
(64)
     
(732)
     
(227)
     
—
     
(1,023
 )
Less other comprehensive income (loss) attributable to noncontrolling interests
    
1
     
—
     
—
     
—
     
1
 
Ending balance
   
$(235)
     
$     2
     
$(1,465)
     
$(2)
     
$  (1,700
 )
 
(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)
 
 
  
Year Ended December 31, 2019
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
 
 
$(146)
 
  
Operating revenue
 
 
3
 
  
Purchased gas
Interest rate contracts
 
 
54
 
  
Interest and related charges
Foreign currency contracts
 
 
6
 
  
Other Income
Total
 
 
(83
)
 
Tax
 
 
21
 
  
Income tax expense
Total, net of tax
 
 
$(62
)
 
Unrealized (gains) and losses on investment securities:
 
 
 
  
Realized (gain) loss on sale of securities
 
 
$(5)
 
  
Other income
Total
 
 
(5)
 
  
Tax
 
 
1
 
  
Income tax expense
Total, net of tax
 
 
$(4
)
 
Unrecognized pension and other postretirement benefit costs:
 
 
 
  
Amortization of prior-service costs (credits)
 
 
$(24)
 
  
Other income
Amortization of actuarial losses
 
 
113
 
  
Other income
Total
 
 
89
 
  
Tax
 
 
(23
)
 
Income tax expense
Total, net of tax
 
 
$66
 
  
Year Ended December 31, 2018
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
   
$90
   
Operating revenue
   
(14
 )  
Purchased gas
Interest rate contracts
   
48
   
Interest and related charges
Foreign currency contracts
   
13
   
Other Income
Total
   
137
   
Tax
   
(35
 )  
Income tax expense
Total, net of tax
   
$102
   
Unrealized (gains) and losses on investment securities:
   
   
Realized (gain) loss on sale of securities
   
$7
   
Other income
Total
   
7
   
Tax
   
(2
 )  
Income tax expense
Total, net of tax
   
$5
   
Unrecognized pension and other postretirement benefit costs:
   
   
Prior-service costs (credits)
   
$(21
 )  
Other income
Actuarial losses
   
120
   
Other income
Total
   
99
   
Tax
   
(21
 )  
Income tax expense
Total, net of tax
   
$78
   
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)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
    
     
 
Beginning balance
 
 
$(13
)
 
$
1
 
  
 
$(12)
 
Other comprehensive income before reclassifications: gains (losses)
 
 
(22
)
 
 
5
 
  
 
(17)
 
Amounts reclassified from AOCI: (gains) losses
(1)
  
 
1
 
  
 
(1
)
 
 
—
 
Net current period other comprehensive income (loss)
 
 
(21
)
 
 
4
 
  
 
(17)
 
Ending balance
 
 
$(34
)
 
$
5
 
  
 
$(29)
 
Year Ended December 31, 2018
 
 
 
    
     
 
Beginning balance
   
$(12
 )   $
74
    $
62
 
Other comprehensive income before reclassifications: gains (losses)
   
1
     
—
     
1
 
Amounts reclassified from AOCI: gains (losses)
(1)
    
1
     
—
     
1
 
Net current period other comprehensive income (loss)
   
2
     
—
     
2
 
Cumulative-effect of changes in accounting principle
   
(3
 )    
(73
 )    
(76)
 
Ending balance
   
$(13
 )   $
1
    $
(12)
 
 
(1)
See table below for details about these reclassifications.
The following table presents Virginia Power’s reclassifications out of AOCI by component:
Details about AOCI components
 
Amounts
reclassified
from AOCI
   
Affected line item in the
Consolidated Statements of
Income
(millions)
 
 
  
             
Year Ended December 31, 2019
 
 
 
  
(Gains) losses on cash flow hedges:
 
 
 
  
Interest rate contracts
 
 
$   1
 
  
Interest and related charges
Total
 
 
1
 
  
Tax
 
 
—
 
  
Income tax expense
Total, net of tax
 
 
$   1
 
  
Unrealized (gains) and losses on investment securities:
 
 
 
  
Realized (gain) loss on sale of securities
 
 
$ (2)
 
  
Other income
Impairment
 
 
—
 
  
Other income
Total
 
 
(2)
 
  
Tax
 
 
1
 
  
Income tax expense
Total, net of tax
 
 
$ (1)
 
  
Year Ended December 31, 2018
 
 
 
  
(Gains) losses on cash flow hedges:
 
 
 
  
Interest rate contracts
   
$   1
   
Interest and related charges
Total
   
1
   
Tax
   
—
   
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 and
other
postretirement
benefit costs
   
Total
 
(millions)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
    
     
 
Beginning balance
 
 
$(25
)
 
 
$(144
)
 
$
(169)
 
Other comprehensive income before reclassifications: gains (losses)
 
 
(61
)
 
 
33
 
  
 
(28
)
Amounts reclassified from AOCI: (gains) losses
(1)
  
 
5
 
  
 
5
 
  
 
10
 
Net current period other comprehensive income (loss)
 
 
(56
)
 
 
38
 
  
 
(18
)
Dominion Energy Gas Restructuring
  
 
(1
)
 
 
—
 
  
 
(1
)
Less other comprehensive income attributable to noncontrolling interests
  
 
(1
)
 
 
—
 
  
 
(1
)
Ending balance
 
 
$(81
)
 
 
$(106
)
 
$
(187
)
Year Ended December 31, 2018
 
 
 
  
 
 
  
 
 
Beginning balance
   
$(23
 )    
$(75
 )   $
(98
 )
Other comprehensive income before reclassifications: gains (losses)
   
(16
 )    
(52
 )    
(68
 )
Amounts reclassified from AOCI: gains (losses)
(1)
    
19
     
4
     
23
 
Net current period other comprehensive income (loss)
   
3
     
(48
 )    
(45
 )
Cumulative-effect of changes in accounting principle
   
(5
 )    
(21
 )    
(26
 )
Ending balance
   
$(25
 )    
$(144
 )    
$(169
 )
 
(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)
 
 
  
             
Year Ended December 31, 2019
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
 
 
$   (4)
 
  
Net income from discontinued operations
Interest rate contracts
 
 
5
 
  
Interest and related charges
Foreign currency contracts
 
 
6
 
  
Other income
Total
 
 
7
 
  
Tax
 
 
(2)
 
  
Income tax expense
Total, net of tax
 
 
$   5
 
  
Unrecognized pension costs:
 
 
 
  
Actuarial losses
 
 
$   7
 
  
Other income
Total
 
 
7
 
  
Tax
 
 
(2)
 
  
Income tax expense
Total, net of tax
 
 
$   5
 
  
Year Ended December 31, 2018
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
   
$   8
   
Net income from discontinued operations
Interest rate contracts
   
5
   
Interest and related charges
Foreign currency contracts
   
13
   
Other income
Total
   
26
   
Tax
   
(7)
   
Income tax expense
Total, net of tax
   
$19
   
Unrecognized pension costs:
   
   
Actuarial losses
   
$   6
   
Other income
Total
   
6
   
Tax
   
(2)
   
Income tax expense
Total, net of tax
   
$   4
   
Stock-Based Awards
The 2014 Incentive Compensation Plan permits stock-based awards that include restricted stock, performance grants, goal-based stock, stock options and stock appreciation rights. The
Non-Employee
Directors Compensation Plan permits grants of restricted stock and stock options. Under provisions of these plans, employees and
non-employee
directors may be granted options to purchase common stock at a price not less than its fair market value at the date of grant with a maximum term of eight years. Option terms are set at the discretion of the CGN Committee of the Board of Directors or the Board of Directors itself, as provided under each plan. No options are outstanding under either plan. At December 31, 2019, approximately 21 million shares were available for future grants under these plans.
Goal-based stock awards are granted in lieu of cash-based performance grants to certain officers who have not achieved a certain targeted level of share ownership. As of December 31, 2019, unrecognized compensation cost related to nonvested goal-based stock awards was immaterial.
Dominion Energy measures and recognizes compensation expense relating to share-based payment transactions over the vesting period based on the fair value of the equity or liability instruments issued. Dominion Energy’s results for the years ended December 31, 2019, 2018 and 2017 include $46 million, $48 million and $45 million,
respectively, of compensation costs and $11 million, $12 million and $16 million, respectively of income tax benefits related to Dominion Energy’s stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in Dominion Energy’s Consolidated Statements of Income. Excess Tax Benefits are classified as a financing cash flow.
Restricted Stock
Restricted stock grants are made to officers under Dominion Energy’s LTIP and may also be granted to certain key
non-officer
employees. The fair value of Dominion Energy’s restricted stock awards is equal to the closing price of Dominion Energy’s stock on the date of grant. New shares are issued for restricted stock awards on the date of grant and generally vest over a three-year service period. The following table provides a summary of restricted stock activity for the years ended December 31, 2019, 2018 and 2017:
  
Shares
   
Weighted—average
Grant Date Fair
Value
 
  
(thousands)
   
 
Nonvested at December 31, 2016
   
886
     
$71.40
 
Granted
   
454
     
74.24
 
Vested
   
(287
 )    
68.90
 
Cancelled and forfeited
   
(10
 )    
72.37
 
Nonvested at December 31, 2017
   
1,043
     
$73.32
 
Granted
   
534
     
72.92
 
Vested
   
(316
 )    
73.59
 
Cancelled and forfeited
   
(53
 )    
74.25
 
Nonvested at December 31, 2018
   
1,208
     
$73.03
 
Granted
 
 
614
 
  
 
76.49
 
Vested
 
 
(324
)
 
 
71.75
 
Cancelled and forfeited
 
 
(96
)
 
 
77.16
 
Nonvested at December 31, 2019
 
 
1,402
 
  
 
$74.77
 
As of December 31, 2019, unrecognized compensation cost related to nonvested restricted stock awards totaled $59 million and is expected to be recognized over a weighted-average period of 2.1 years. The fair value of restricted stock awards that vested was $23 million, $23 million and $21 million in 2019, 2018 and 2017, respectively. Employees may elect to have shares of restricted stock withheld upon vesting to satisfy tax withholding obligations. The number of shares withheld will vary for each employee depending on the vesting date fair market value of Dominion Energy stock and the applicable federal, state and local tax withholding rates.
Cash-Based Performance Grants
Cash-based performance grants are made to Dominion Energy’s officers under Dominion Energy’s LTIP. The actual payout of cash-based performance grants will vary between zero and 200% of the targeted amount based on the level of performance metrics achieved.
In February 2017, two cash-based performance grants were made to officers as Dominion Energy transitioned from a
two-year
performance period to a three-year performance period. Payout of the
two-year
performance grant occurred in January 2019 based on the achievement of two performance metrics during 2017 and 2018: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC with an additional partial payout based on Dominion Energy’s price-earnings ratio relative to that of the members of Dominion Energy’s compensation peer group. The total payout under the two-year grant was
$13 million. Payout
of the three-year performance grant occurred in January 2020 based on the achievement of two performance metrics during 2017, 2018 and 2019: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC with an additional partial payout based on Dominion Energy’s price-earnings ratio relative to that of the members of Dominion Energy’s compensation peer group.
The
total of the payout under the three-year grant was $13 million and a liability of $13 million had been accrued for the award.
In February 2018, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2021 based on the achievement of two performance metrics during 2018, 2019 and 2020: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC. There are additional opportunities to earn a portion of the award based on Dominion Energy’s absolute TSR or relative price-earnings ratio performance. At December 31, 2019, the targeted amount of the three-year grant was $15 million and a liability of $8 million had been accrued for this award.
In February 2019, a cash-based performance grant was made to officers. Payout of the performance grant is expected to occur by March 15, 2022 based on the achievement of two performance metrics during 2019, 2020 and 2021: TSR relative to that of companies that are members of Dominion Energy’s compensation peer group and ROIC. There are additional opportunities to earn a portion of the award based on Dominion Energy’s absolute TSR or relative price-earnings ratio performance. At December 31, 2019, the targeted amount of the three-year grant was $16 million and a liability of $5 million had been accrued for this award.
v3.19.3.a.u2
Dividend Restrictions
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Dividend Restrictions
Note 21. Dividend Restrictions
The Virginia Commission may prohibit any public service company, including Virginia Power, from declaring or paying a dividend to an affiliate if found to be inconsistent with the public interest. At December 31, 2019, the Virginia Commission had not restricted the payment of dividends by Virginia Power.
The North Carolina Commission, in its order approving the SCANA Combination, limited cumulative dividends payable to Dominion Energy by Virginia Power and PSNC to (i) the amount of retained earnings at closing of the SCANA Combination plus (ii) any future earnings recorded by Virginia Power and PSNC after such date. In addition, notice to the North Carolina Commission is required if payment of dividends causes the equity component of Virginia Power and PSNC’s capital structure to fall below 45%.
The Ohio Commission may prohibit any public service company, including East Ohio, from declaring or paying a dividend to
an affiliate if found to be detrimental to the public interest. At December 31, 2019, the Ohio Commission had not restricted the payment of dividends by East Ohio.
Pursuant to the SCANA Merger Approval Order, the amount of any DESC dividends paid must be reasonable and consistent with the long-term payout ratio of the electric utility industry and gas distribution industry. There is no specific restriction on the payment of dividends by DESC.
At December 31, 2019, DESC’s retained earnings are below the balance established by the Federal Power Act as a reserve on earnings attributable to hydroelectric generation plants. As a result, DESC is prohibited from the payment of dividends without regulatory approval until the balance of its retained earnings increases. 
The Utah Commission may prohibit any public service company, including Questar Gas, from declaring or paying a dividend to an affiliate if found to be detrimental to the public interest. At December 31, 2019, the Utah Commission had not restricted the payment of dividends by Questar Gas.
Certain agreements associated with the Companies’ credit facility contain restrictions on the ratio of debt to total capitalization. These limitations did not restrict the Companies’ ability to pay dividends or receive dividends from their subsidiaries at December 31, 2019.
In connection with the SCANA Combination, under the terms of the merger agreement, Dominion Energy could not declare, set aside or pay any dividends on, or make any other distributions (whether in cash, stock or property) in respect of, any of its capital stock, other than regular quarterly cash dividends from January 2018 through January 2019.
As part of the merger agreement with Dominion Energy Midstream from November 2018 through January 2019, Dominion Energy could not declare, set aside or pay any dividends on, or make any other distributions (whether in cash, stock or property) in respect of, any of its capital stock, other than regular quarterly cash dividends.
See Notes 18 and 19 for a description of potential restrictions on common stock dividend payments by Dominion Energy in connection with the deferral of contract adjustment payments on the 2019 Equity Units or a failure to pay dividends on the Series A Preferred Stock or Series B Preferred Stock.
v3.19.3.a.u2
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Employee Benefit Plans
Note 22. Employee Benefit Plans
Dominion Energy and Dominion Energy Gas—Defined Benefit Plans
Dominion Energy provides certain retirement benefits to eligible active employees, retirees and qualifying dependents. Dominion Energy Gas participates in a number of the Dominion Energy-sponsored retirement plans. Under the terms of its benefit plans, Dominion Energy reserves the right to change, modify or terminate the plans. From time to time in the past, benefits have changed, and some of these changes have reduced benefits.
Dominion Energy maintains qualified noncontributory defined benefit pension plans covering virtually all employees. Retirement benefits are based primarily on years of service, age and the employee’s compensation. Dominion Energy’s funding policy is to contribute annually an amount that is in accordance with the provisions of ERISA. The pension programs also provide
benefits to certain retired executives under company-sponsored nonqualified employee benefit plans. The nonqualified plans are funded through contributions to grantor trusts. Dominion Energy also provides retiree healthcare and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service.
Pension benefits for Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Energy Pension Plan, a defined benefit pension plan sponsored by Dominion Energy that provides benefits to multiple Dominion Energy subsidiaries. Pension benefits for Dominion Energy Gas employees represented by collective bargaining units are covered by a sep
a
rate pension plan that provides benefits to employees of both DETI and Hope. Employee compensation is the basis for allocating pension costs and obligations between DETI and Hope.
Retiree healthcare and life insurance benefits for Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Energy Retiree Health and Welfare Plan, a plan sponsored by Dominion Energy that provides certain retiree healthcare and life insurance benefits to multiple Dominion Energy subsidiaries. Retiree healthcare and life insurance benefits for Dominion Energy Gas employees represented by collective bargaining units are covered by a sep
a
rate other postretirement benefit plan that provides benefits to both DETI and Hope. Employee headcount is the basis for allocating other postretirement benefit costs and obligations between DETI and Hope.
Dominion Energy Gas included the separate pension and other postretirement benefit plans for East Ohio employees covered by collective bargaining units through November 2019, the effective date of the Dominion Energy Gas Restructuring. See Note 3 for more information on the Dominion Energy Gas Restructuring.
Pension and other postretirement benefit costs are affected by employee demographics (including age, compensation levels and years of service), the level of contributions made to the plans and earnings on plan assets. These costs may also be affected by changes in key assumptions, including expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates, mortality rates and the rate of compensation increases.
Dominion Energy uses December 31 as the measurement date for all of its employee benefit plans, including those in which Dominion Energy Gas participates. Dominion Energy uses the market-related value of pension plan assets to determine the expected return on plan assets, a component of net periodic pension cost, for all pension plans, including those in which Dominion Energy Gas participates. The market-related value recognizes changes in fair value on a straight-line basis over a four-year period, which reduces
year-to-year
volatility. Changes in fair value are measured as the difference between the expected and actual plan asset returns, including dividends, interest and realized and unrealized investment gains and losses. Since the market-related value recognizes changes in fair value over a four-year period, the future market-related value of pension plan assets will be impacted as previously unrecognized changes in fair value are recognized.
Dominion Energy’s pension and other postretirement benefit plans hold investments in trusts to fund employee benefit payments. Dominion Energy’s pension and other postretirement plan assets experienced aggregate actual returns (losses) of $2.1 billion and $(605) million in 2019 and 2018, respectively, versus expected returns of $848 million and $806 million, respectively. Dominion Energy Gas’ pension and other postretirement plan
assets for employees represented by collective bargaining units experienced aggregate actual returns (losses) of $167 million and $(129) million in 2019 and 2018, respectively, versus expected returns of $70 million and $178 million, respectively. Differences between actual and expected returns on plan assets are accumulated and amortized during future periods. As such, any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash to be contributed to the employee benefit plans.
Voluntary Retirement Program
In March 2019, the Companies announced a voluntary retirement program to employees that meet certain age and service requirements. The voluntary retirement program will not compromise safety or the Companies’ ability to comply with applicable laws and regulations. In 2019, upon the determinations made concerning the number of employees that elected to participate in the program, Dominion Energy recorded a charge of $427 million ($319 million
after-tax)
included within other operations and maintenance expense ($291 million), other taxes ($24 million) and other income ($112 million), Virginia Power recorded a charge of $198 million ($146 million
after-tax)
included within other operations and maintenance expense ($190 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 the respective Consolidated Statements of Income.
In the second quarter of 2019, Dominion Energy and Dominion Energy Gas remeasured their pension and other postretirement benefit plans as a result of the voluntary retirement program. The remeasurement resulted in an increase in the pension benefit obligation of $484 million and $32 million and an increase in the fair value of the pension plan assets of $671 million and $146 million for Dominion Energy and Dominion Energy Gas, respectively. In addition, the remeasurement resulted in an increase in the accumulated postretirement benefit obligation of $101 million and $8 million and an increase in the fair value of the other postretirement benefit plan assets of $156 million and $29 million for Dominion Energy and Dominion Energy Gas, respectively. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The discount rate used for the remeasurement was 4.07%—4.10% for the Dominion Energy pension plans, 4.10% for Dominion Energy Gas pension plans, 4.05%—4.08% for the Dominion Energy other postretirement benefit plans, and 4.05% for the Dominion Energy Gas other postretirement benefit plans. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2018. 
In the third quarter of 2019, Dominion Energy remeasured a pension plan as a result of a settlement from the voluntary retirement program at SCANA. The settlement and related remeasurement resulted in an increase in the pension benefit obligation of $37 million and an increase in the fair value of the pension plan assets of $51 million for Dominion Energy. The impact of the remeasurement on net periodic benefit cost (credit) was recognized prospectively from the remeasurement date. The discount rate used for the remeasurement was 3.57%. All other assumptions used for the remeasurement were consistent with the measurement as of December 31, 2018. 
Funded Status
The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units):
                                 
 
Pension Benefits
   
Other Postretirement Benefits
 
Year Ended December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions, except percentages)
 
 
  
   
 
  
 
Dominion Energy
 
 
 
    
   
 
 
    
 
Changes in benefit obligation:
 
 
 
    
   
 
 
    
 
Benefit obligation at beginning of year
 
$
8,500
 
   $
9,052
   
$
1,363
 
   $
1,529
 
Dominion Energy SCANA Combination (See Note 3)
  
 
854
 
    
—
    
 
253
 
    
—
  
Service cost
 
 
162
 
    
157
   
 
26
 
    
27
 
Interest cost
 
 
394
 
    
337
   
 
68
 
    
56
 
Benefits paid
 
 
(470
)
   
(358
 )  
 
(96
)
   
(87
 )
Actuarial (gains) losses during the year
 
 
1,054
 
    
(688
 )  
 
111
 
    
(158
 )
Plan amendments
 
 
—
 
    
—
   
 
—
 
    
(4
 )
Settlements and curtailments
(1)
  
 
(48
)
   
—
    
 
44
 
    
—
 
Benefit obligation at end of year
 
$
10,446
 
   $
8,500
   
$
 1,769
 
   $
1,363
 
Changes in fair value of plan assets:
 
 
 
  
 
 
  
 
 
  
 
 
Fair value of plan assets at beginning of year
 
$
7,197
 
   $
8,062
   
$
1,581
 
   $
1,729
 
Dominion Energy SCANA Combination (See Note 3)
  
 
727
 
    
—
   
 
—
 
    
—
 
Actual return (loss) on plan assets
 
 
1,747
 
    
(513
 )  
 
349
 
    
(92
 )
Employer contributions
 
 
557
 
    
6
   
 
12
 
    
12
 
Benefits paid
 
 
(470
)
   
(358
 )  
 
(62
)
   
(68
 )
Settlements
(2)
  
 
(127
)
   
—
    
 
—
 
    
—
 
Fair value of plan assets at end of year
 
$
9,631
 
   $
7,197
   
$
1,880
 
   $
1,581
 
Funded status at end of year
 
$
(815
)
  $
(1,303
 )  
$
 111
 
   $
218
 
Amounts recognized in the Consolidated Balance Sheets at December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Noncurrent pension and other postretirement benefit assets
 
$
1,266
 
   $
1,003
   
$
442
 
   $
276
 
Other current liabilities
 
 
(29
)
   
(34
 )  
 
(17
)
   
(2
 )
Noncurrent pension and other postretirement benefit liabilities
 
 
(2,052
)
   
(2,272
 )  
 
(314
)
   
(56
 )
Net amount recognized
 
$
(815
)
  $
(1,303
 )  
$
111
 
   $
218
 
Significant assumptions used to determine benefit
obligations as of December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Discount rate
 
 
3.47%–3.63%
 
    
4.42%–4.43%
   
 
3.44%–3.52%
 
    
4.37%–4.38%
 
Weighted average rate of increase for compensation
 
 
4.23%
 
    
4.32%
   
 
n/a
 
    
n/a
  
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
Changes in benefit obligation:
 
 
 
  
 
 
  
 
 
  
 
 
Benefit obligation at beginning of year
 
$
730
 
   $
773
   
$
256
 
   $
290
 
Dominion Energy Gas Restructuring (See Note 3)
 
 
(468
)
    
—
    
 
(135
)
    
—
  
Service cost
 
 
6
 
    
18
   
 
1
 
    
4
 
Interest cost
 
 
11
 
    
29
   
 
5
 
    
11
 
Benefits paid
 
 
(15
)
   
(34
 )  
 
(8
)
   
(18
 )
Actuarial (gains) losses during the year
 
 
30
 
    
(56
 )  
 
1
 
    
(27
 )
Plan amendments
 
 
—
 
    
—
   
 
—
 
    
(4
 )
Settlements and curtailments
(1)
  
 
1
 
    
—
   
 
1
 
    
—
 
Benefit obligation at end of year
 
$
 295
 
   $
730
   
$
 121
 
   $
256
 
Changes in fair value of plan assets:
 
 
 
  
 
 
  
 
 
  
 
 
Fair value of plan assets at beginning of year
 
$
1,656
 
   $
1,803
   
$
311
 
   $
333
 
Dominion Energy Gas Restructuring
(See Note 3)
 
 
(1,084
)
    
—
    
$
(126
)
   
—
  
Actual return (loss) on plan assets
 
 
129
 
    
(113
 )  
 
38
 
    
(16
 )
Employer contributions
 
 
—
 
    
—
   
 
12
 
    
12
 
Benefits paid
 
 
(15
)
   
(34
 )  
 
(8
)
   
(18
 )
Fair value of plan assets at end of year
 
$
 686
 
   $
1,656
   
$
 227
 
   $
311
 
Funded status at end of year
 
$
 391
 
   $
926
   
$
 106
 
   $
55
 
Amounts recognized in the Consolidated Balance
Sheets at December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Noncurrent pension and other postretirement benefit assets
 
$
 391
 
   $
 310
    
$
 106
 
   $
63
 
Noncurrent assets of discontinued operations
  
 
—
 
    
616
    
 
—
 
    
—
  
Noncurrent liabilities of discontinued operations
  
 
—
 
    
—
   
 
—
 
    
(8
 )
Net amount recognized
 
$
 391
 
   $
926
   
$
 106
 
   $
55
 
Significant assumptions used to determine
benefit obligations as of December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Discount rate
 
 
3.63
%
   
4.42
 %  
 
3.44
%
    
4.37
 %
Weighted average rate of increase for compensation
 
 
4.64
%
   
4.55
 %  
 
n/a
 
    
n/a
 
 
 
 
 
(1)
2019 amounts relate primarily to a settlement as a result of the voluntary retirement program.
 
 
The ABO for all of Dominion Energy’s defined benefit pension plans was $9.7 billion and $7.8 billion at December 31, 2019 and 2018, respectively. The ABO for the defined benefit pension plans covering Dominion Energy Gas employees represented by collective bargaining units was $279 million and $689 million at December 31, 2019 and 2018, respectively.
Under its funding policies, Dominion Energy evaluates plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from its actuary. Based on the funded status of each plan and other factors, Dominion Energy determines the amount of contributions for the current year, if any, at that time. During 2019, Dominion Energy made $520 million of contributions to its
qualified
 
defined
benefit pension plans, including 6.1 million shares of its common stock valued at $499 million. The shares were contributed through a private placement, exempt from registration requirements, with an independent fiduciary and investment manager to a separate account within the qualified defined benefit pension plans. Dominion Energy also entered into a registration rights agreement with the independent fiduciary and investment manager pursuant to which Dominion Energy agreed to provide registrations rights on customary terms with respect to the shares. Dominion Energy Gas did not make any contributions to its qualified defined benefit pension plans in 2019. Dominion Energy expects to make $29 million of the minimum required contributions in 2020, and no contributions are currently expected in 2020 for Dominion Energy Gas.
Certain regulatory authorities have held that amounts recovered in utility customers’ rates for other postretirement benefits, in excess of benefits actually paid during the year, must be deposited in trust funds dedicated for the sole purpose of paying such benefits. Accordingly, certain of Dominion Energy’s subsidiaries, including Dominion Energy Gas, fund other postretirement benefit costs through VEBAs. Dominion Energy’s remaining subsidiaries do not prefund other postretirement benefit costs but instead pay claims as presented. Dominion Energy’s contributions to VEBAs, all of which pertained to Dominion Energy Gas employees, totaled $12 million for 2019 and 2018, and Dominion Energy expects to contribute approximately $12 million to the Dominion Energy VEBAs in 2020, all of which pertains to Dominion Energy Gas employees.
Dominion Energy and Dominion Energy Gas do not expect any pension or other postretirement plan assets to be returned during 2020.
The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units):
                                 
 
Pension Benefits
   
Other Postretirement
Benefits
 
As of December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions)
 
 
  
   
 
  
 
Dominion Energy
 
 
 
    
   
 
 
    
 
Benefit obligation
 
$
 
9,552
 
   $
7,705
   
      $
 341
 
       $
164
 
Fair value of plan assets
 
 
7,471
 
    
5,398
   
 
10
 
    
136
 
Dominion Energy Gas
 
 
 
    
   
 
 
    
 
Benefit obligation
 
$
—
 
   $
—
   
      $
 
—
 
       $
134
 
Fair value of plan assets
 
 
—
 
    
—
   
 
—
 
    
126
 
 
 
The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:
                 
As of December 31,
 
2019
 
  
2018
 
(millions)
 
   
 
Accumulated benefit obligation
 
$
 8,852
 
   $
7,056
 
Fair value of plan assets
 
 
7,471
 
    
5,398
 
 
 
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans:
                 
 
Estimated Future Benefit Payments
 
 
Pension Benefits
   
Other Postretirement
Benefits
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
  
 
 
2020
 
            $
535
 
  
                    $
120
 
2021
 
 
472
 
  
 
117
 
2022
 
 
511
 
  
 
116
 
2023
 
 
519
 
  
 
114
 
2024
 
 
536
 
  
 
113
 
2025-2029
 
 
2,792
 
  
 
528
 
Dominion Energy Gas
 
 
 
  
 
 
2020
 
            $
15
 
  
                    $
8
 
2021
 
 
15
 
  
 
8
 
2022
 
 
15
 
  
 
8
 
2023
 
 
15
 
  
 
8
 
2024
 
 
15
 
  
 
8
 
2025-2029
 
 
79
 
  
 
36
 
 
 
Plan Assets
Dominion Energy’s overall objective for investing its pension and other postretirement plan assets is to achieve appropriate long-term rates of return commensurate with prudent levels of risk. As a participating employer in various pension plans sponsored by Dominion Energy, Dominion Energy Gas is subject to Dominion Energy’s investment policies for such plans. To minimize risk, funds are broadly diversified among asset classes, investment strategies and investment advisors. The strategic target asset allocations for Dominion Energy’s pension funds are 28% U.S. equity, 18%
non-U.S.
equity, 35% fixed income, 3% real estate and 16% other alternative investments. U.S. equity includes investments in
large-cap,
mid-cap
and
small-cap
companies located in the U.S.
Non-U.S.
equity includes investments in
large-cap
and
small-cap
companies located outside of the U.S. including both developed and emerging markets. Fixed income includes corporate debt instruments of companies from diversified industries and U.S. Treasuries. The U.S. equity,
non-U.S.
equity and fixed income investments are in individual securities as well as mutual funds. Real estate includes equity real estate investment trusts and investments in partnerships. Other alternative investments include partnership investments in private equity, debt and hedge funds that follow several different strategies.
Dominion Energy also utilizes common/collective trust funds as an investment vehicle for its defined benefit plans. A common/collective trust fund is a pooled fund operated by a bank or trust company for investment of the assets of various organizations and individuals in a well-diversified portfolio. Common/collective trust funds are funds of grouped assets that follow various investment strategies.
Strategic investment policies are established for Dominion Energy’s prefunded benefit plans based upon periodic asset/liability studies. Factors considered in setting the investment policy include employee demographics, liability growth rates, future discount rates, the funded status of the plans and the expected long-term rate of return on plan assets. Deviations from the plans’ strategic allocation are a function of Dominion Energy’s assessments regarding short-term risk and reward opportunities in the capital markets and/or short-term market movements which result in the plans’ actual asset allocations varying
from the strategic target asset allocations. Through periodic rebalancing, actual allocations are brought back in line with the target. Future asset/liability studies will focus on strategies to further reduce pension and other postretirement plan risk, while still achieving attractive levels of returns. Financial derivatives may be used to obtain or manage market exposures and to hedge assets and liabilities.
For fair value measurement policies and procedures related to pension and other postretirement benefit plan assets, see Note 6.
 
The fair values of Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) pension plan assets by asset category are as follows:
                                                                 
At December 31,
 
2019
   
2018
 
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
(millions)
 
 
  
 
  
 
  
 
  
   
   
   
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
$
22
 
  
$
1
 
  
 
$
—
 
  
$
23
 
   $
17
    $
1
     
$—
    $
18
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
(1)
  
 
2,284
 
  
 
—
 
  
 
—
 
  
 
2,284
 
    
1,645
     
—
     
—
     
1,645
 
International
 
 
1,634
 
  
 
—
 
  
 
—
 
  
 
1,634
 
    
1,061
     
—
     
—
     
1,061
 
Insurance contracts
 
 
—
 
  
 
360
 
  
 
—
 
  
 
360
 
    
—
     
318
     
—
     
318
 
Corporate debt instruments
 
 
273
 
  
 
859
 
  
 
—
 
  
 
1,132
 
    
23
     
729
     
—
     
752
 
Government securities
 
 
58
 
  
 
757
 
  
 
—
 
  
 
815
 
    
25
     
605
     
—
     
630
 
Total recorded at fair value
 
$
4,271
 
  
$
1,977
 
  
 
$—
 
  
$
6,248
 
   $
2,771
    $
1,653
     
$—
    $
4,424
 
Assets recorded at NAV
(2)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
2,355
 
    
     
     
     
1,849
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
91
 
    
     
     
     
108
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
787
 
    
     
     
     
633
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
159
 
    
     
     
     
155
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
14
 
    
     
     
     
17
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
$
3,406
 
    
     
     
    $
2,762
 
Total investments
(3)
  
 
 
  
 
 
  
 
 
  
$
9,654
 
    
     
     
    $
7,186
 
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
$
 1
 
  
$
—
 
  
 
$
—
 
  
$
 1
 
   $
4
    $
—
     
$—
    $
4
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
 
177
 
  
 
—
 
  
 
—
 
  
 
177
 
    
378
     
—
     
—
     
378
 
International
 
 
114
 
  
 
—
 
  
 
—
 
  
 
114
 
    
244
     
—
     
—
     
244
 
Insurance contracts
 
 
—
 
  
 
28
 
  
 
—
 
  
 
28
 
    
—
     
73
     
—
     
73
 
Corporate debt instruments
 
 
3
 
  
 
66
 
  
 
—
 
  
 
69
 
    
5
     
168
     
—
     
173
 
Government securities
 
 
2
 
  
 
59
 
  
 
—
 
  
 
61
 
    
6
     
139
     
—
     
145
 
Total recorded at fair value
 
$
 297
 
  
$
 153
 
  
 
$—
 
  
$
 450
 
   $
637
    $
380
     
$—
    $
1,017
 
Assets recorded at NAV
(2)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
157
 
    
     
     
     
425
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
7
 
    
     
     
     
25
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
61
 
    
     
     
     
146
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
12
 
    
     
     
     
36
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
4
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
$
 238
 
    
     
     
    $
636
 
Total investments
(4)
  
 
 
  
 
 
  
 
 
  
$
 688
 
    
     
     
    $
1,653
 
 
 
 
(1)
Includes $508 million of Dominion Energy common stock at December 31, 2019.
 
 
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
 
 
(3)
Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. Excludes net assets related to pending sales of securities of $12 million, net accrued income of $21 million, and includes net assets related to pending purchases of securities of $22 million at December 31, 2018.
 
 
(4)
Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $6 million at December 31, 2019. Excludes net assets related to pending sales of securities of $3 million, net accrued income of $5 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2018.
 
The fair values of Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows:
                                                                 
At December 31,
 
2019
   
2018
 
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
(millions)
 
 
  
 
  
 
  
 
  
   
   
   
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
      $
 2
 
  
      $
 —
 
  
 
$—
 
  
    $
2
 
       $
1
        $
1
     
$—
        $
2
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
 
719
 
  
 
—
 
  
 
—
 
  
 
719
 
    
554
     
—
     
—
     
554
 
International
 
 
206
 
  
 
—
 
  
 
—
 
  
 
206
 
    
170
     
—
     
—
     
170
 
Insurance contracts
 
 
—
 
  
 
21
 
  
 
—
 
  
 
21
 
    
—
     
19
     
—
     
19
 
Corporate debt instruments
 
 
1
 
  
 
50
 
  
 
—
 
  
 
51
 
    
1
     
44
     
—
     
45
 
Government securities
 
 
2
 
  
 
44
 
  
 
—
 
  
 
46
 
    
2
     
37
     
—
     
39
 
Total recorded at fair value
 
      $
 930
 
  
      $
 115
 
  
 
$—
 
  
    $
1,045
 
       $
728
        $
101
     
$—
        $
829
 
Assets recorded at NAV
(1)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
717
 
    
     
     
     
650
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
8
 
    
     
     
     
10
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
100
 
    
     
     
     
80
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
10
 
    
     
     
     
10
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
1
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
    $
836
 
    
     
     
        $
751
 
Total investments
(2)
  
 
 
  
 
 
  
 
 
  
    $
1,881
 
    
     
     
        $
1,580
 
Dominion Energy Gas
  
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
      $
 86
 
  
      $
—
 
  
 
$—
 
  
    $
 86
 
       $
113
        $
—
     
$—
        $
113
 
International
 
 
21
 
  
 
—
 
  
 
—
 
  
 
21
 
    
30
     
—
     
—
     
30
 
Total recorded at fair value
 
      $
 107
 
  
      $
—
 
  
 
$—
 
  
    $
 107
 
       $
143
        $
—
     
$—
        $
143
 
Assets recorded at NAV
(1)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
105
 
    
     
     
     
148
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
2
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
14
 
    
     
     
     
18
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
—
 
    
     
     
     
—
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
    $
 120
 
    
     
     
        $
168
 
Total investments
 
 
 
  
 
 
  
 
 
  
    $
 227
 
    
     
     
        $
311
 
 
 
 
(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
 
 
(2)
Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2018.
 
The Plan’s investments are determined based on the fair values of the investments and the underlying investments, which have been determined as follows:
 
  •
Cash and Cash Equivalents
—Investments are held primarily in short-term notes and treasury bills, which are valued at cost plus accrued interest.
 
 
  •
Common and Preferred Stocks
—Investments are valued at the closing price reported on the active market on which the individual securities are traded.
 
 
  •
Insurance Contracts
—Investments in Group Annuity Contracts with John Hancock were entered into after 1992 and are stated at fair value based on the fair value of the underlying securities as provided by the managers and include investments in U.S. government securities, corporate debt instruments, state and municipal debt securities.
 
 
  •
Corporate Debt Instruments
—Investments are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar instruments, the instrument is valued under a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks or a broker quote, if available.
 
 
  •
Government Securities
—Investments are valued using pricing models maximizing the use of observable inputs for similar securities.
 
 
  •
Common/Collective Trust Funds
—Common/collective trust funds invest in debt and equity securities and other instruments with characteristics similar to those of the funds’ benchmarks. The primary objectives of the funds are to seek investment returns that approximate the overall performance of their benchmark indexes. These benchmarks are major equity indices, fixed income indices, and money market indices that focus on growth, income, and liquidity strategies, as applicable. Investments in common/collective trust funds are stated at the NAV as determined by the issuer of the common/collective trust funds and are based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. The common/collective trust funds do not have any unfunded commitments, and do not have any applicable liquidation periods or defined terms/periods to be held. The majority of the common/collective trust funds have limited withdrawal or redemption rights during the term of the investment.
 
 
  •
Alternative Investments
—Investments in real estate funds, private equity funds, debt funds and hedge funds are stated at fair value based on the NAV of the Plan’s proportionate share of the partnership, joint venture or other alternative investment’s fair value as determined by reference to audited financial statements or NAV statements provided by the investment manager. The NAV is used as a practical expedient to estimate fair value.
 
Net Periodic Benefit (Credit) Cost
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 the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans are as follows:
                                                 
 
Pension Benefits
   
Other Postretirement Benefits
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions, except percentages)
 
 
  
   
   
 
  
   
 
Dominion Energy
 
 
 
    
     
   
 
 
    
     
 
Service cost
 
$
162
 
   $
157
    $
138
   
$
26
 
   $
27
    $
26
 
Interest cost
 
 
394
 
    
337
     
345
   
 
68
 
    
56
     
60
 
Expected return on plan assets
 
 
(708
)
   
(663
 )    
(639
 )  
 
(140
)
   
(143
 )    
(128
 )
Amortization of prior service (credit) cost
 
 
1
 
    
1
     
1
   
 
(52
)
   
(52
 )    
(51
 )
Amortization of net actuarial loss
 
 
172
 
    
193
     
162
   
 
10
 
    
11
     
13
 
Settlements and curtailments
 
 
72
 
    
—
      
—
    
 
42
 
    
—
      
—
  
Net periodic benefit (credit) cost
 
$
 93
 
   $
25
    $
7
   
$
(46
)
  $
(101
 )   $
(80
 )
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:
 
 
 
    
     
   
 
 
    
     
 
Current year net actuarial (gain) loss
 
$
16
 
   $
490
    $
142
   
$
 (98
)
  $
78
    $
12
 
Prior service (credit) cost
 
 
—
 
    
—
      
5
    
 
2
 
    
(4
 )    
(73
 )
Settlements and curtailments
 
 
6
 
    
—
      
1
   
 
—
 
    
—
      
2
 
Less amounts included in net periodic benefit cost:
 
 
 
    
     
   
 
 
    
     
 
Amortization of net actuarial loss
 
 
(172
)
   
(193
 )    
(162
 )  
 
(10
)
   
(11
 )    
(13
 )
Amortization of prior service credit (cost)
 
 
(1
)
   
(1
 )    
(1
 )  
 
52
 
    
52
     
51
 
Total recognized in other comprehensive income and regulatory assets and liabilities
 
$
(151
)
  $
296
    $
(15
 )  
$
(54
)
  $
115
    $
(21
 )
Significant assumptions used to determine periodic cost:
 
 
 
    
     
   
 
 
    
     
 
Discount rate
 
 
3.57%-
4.43
%
   
3.80%-3.81
 %    
3.31%-4.50
 %  
 
4.05%
-
4.41
%
   
3.76
 %    
3.92%-4.47
 %
Expected long-term rate of return on plan assets
 
 
7.00%-
8.65
%
   
8.75
 %    
8.75
 %  
 
8.50
%
   
8.50
 %    
8.50
 %
Weighted average rate of increase for compensation
 
 
4.20
%
   
4.09
 %    
4.09
 %  
 
n/a
 
    
n/a
      
n/a
  
Healthcare cost trend rate
(1)
  
 
 
    
     
   
 
6.50%
-
6.60
%
   
7.00
 %    
7.00
 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
(1)
  
 
 
    
     
   
 
5.00
%
   
5.00
 %    
5.00
 %
Year that the rate reaches the ultimate trend rate
(1)
  
 
 
    
     
   
 
2023-2025
 
    
2022
     
2021
 
Dominion Energy Gas
(2)
  
 
 
    
     
   
 
 
    
     
 
Service cost
 
$
 6
 
   $
18
    $
15
   
$
 1
 
   $
4
    $
4
 
Interest cost
 
 
11
 
    
29
     
30
   
 
5
 
    
11
     
12
 
Expected return on plan assets
 
 
(54
)
   
(150
 )    
(141
 )  
 
(16
)
   
(28
 )    
(24
 )
Amortization of prior service (credit) cost
 
 
—
 
    
—
      
—
    
 
(5
)
   
(4
 )    
(3
 )
Amortization of net actuarial loss
 
 
7
 
    
19
     
16
   
 
3
 
    
3
     
2
 
Settlements and curtailments
 
 
1
 
    
—
     
—
   
 
1
 
    
—
     
—
 
Net periodic benefit (credit) cost
 
$
(29
)
  $
(84
 )   $
(80
 )  
$
(11
)
  $
(14
 )   $
(9
 )
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:
 
 
 
    
     
   
 
 
    
     
 
Current year net actuarial (gain) loss
 
$
(46
)
  $
207
    $
(75
 )  
$
 (21
)
  $
16
    $
18
 
Prior service cost
 
 
—
 
    
—
      
—
    
 
—
 
    
(4
 )    
(61
 )
Less amounts included in net periodic benefit cost:
 
 
 
    
     
   
 
 
    
     
 
Amortization of net actuarial loss
 
 
(7
)
   
(19
 )    
(16
 )  
 
(3
)
   
(3
 )    
(2
 )
Amortization of prior service credit (cost)
 
 
—
 
    
—
     
—
   
 
5
 
    
4
     
3
 
Total recognized in other comprehensive income and regulatory assets and liabilities
 
$
(53
)
  $
188
    $
(91
 )  
$
 (19
)
  $
13
    $
(42
 )
Significant assumptions used to determine periodic cost:
 
 
 
    
     
   
 
 
    
     
 
Discount rate
 
 
4.10%-4.42
%
   
3.81
 %    
4.50
 %  
 
4.05%-4.37
%
   
3.81
 %    
4.47
 %
Expected long-term rate of return on plan assets
 
 
8.65
%
   
8.75
 %    
8.75
 %  
 
8.50
%
   
8.50
 %    
8.50
 %
Weighted average rate of increase for compensation
 
 
4.55
%
   
4.11
 %    
4.11
 %  
 
n/a
 
    
n/a
      
n/a
  
Healthcare cost trend rate
(1)
  
 
 
    
     
   
 
6.50
%
   
7.00
 %    
7.00
 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
(1)
  
 
 
    
     
   
 
5.00
%
   
5.00
 %    
5.00
 %
Year that the rate reaches the ultimate trend rate
(1)
  
 
 
    
     
   
 
2025
 
    
2022
     
2021
 
 
 
 
(1)
Assumptions used to determine net periodic cost for the following year.
 
 
(2)
Amounts related to East Ohio are presented within discontinued operations.
 
The components of AOCI and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:
                                 
 
Pension Benefits
   
Other
Postretirement
Benefits
 
At December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions)
 
 
  
   
   
 
Dominion Energy
 
 
 
    
     
     
 
Net actuarial loss
 
$
3,327
 
   $
3,477
   
$
241
 
   $
350
 
Prior service (credit) cost
 
 
5
 
    
7
   
 
(339
)
   
(393
 )
Total
(1)
  
$
3,332
 
   $
3,484
   
$
(98
)
  $
(43
 )
Dominion Energy Gas
 
 
 
    
     
     
 
Net actuarial loss
 
$
 150
 
   $
555
   
$
 44
 
   $
89
 
Prior service (credit) cost
 
 
—
 
    
—
    
 
(49
)
   
(52
 )
Total
(2)
  
$
 150
 
   $
555
   
$
 (5
)
  $
37
 
 
 
 
 
 
 
 
 
(1)
As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2018, of the $3.5 billion and $(43) million related to pension benefits and other postretirement benefits, $2.0 billion and $(41) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities.
 
 
 
 
 
 
 
(2)
As of December 31, 2019, of the $150 million related to pension benefits, $147 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(5) million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2018, of the $555 million related to pension benefits, $200 million is included in AOCI, with the remainder included
in
noncurrent assets of discontinued operations; of the
$37 million related to other postretirement benefits
, $22 million
is included
in noncurrent assets of discontinued operations with the remainder
included
 
in regulatory assets and liabilities.
 
 
 
 
 
 
The following table provides the components of AOCI and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2019 that are expected to be amortized as components of net periodic benefit (credit) cost in 2020:
                 
 
Pension Benefits
   
Other
Postretirement
Benefits
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Net actuarial loss
 
 
$194
 
  
 
$5
 
Prior service (credit) cost
 
 
1
 
  
 
(50
)
Dominion Energy Gas
 
 
 
  
 
 
Net actuarial loss
 
 
$7
 
  
 
$2
 
Prior service (credit) cost
 
 
—
 
  
 
(5
)
 
 
 
 
 
 
The expected long-term rates of return on plan assets, discount rates, healthcare cost trend rates and mortality are critical assumptions in determining net periodic benefit (credit) cost. Dominion Energy develops
non-investment
related assumptions, which are then compared to the forecasts of an independent investment advisor to ensure reasonableness. An internal committee selects the final assumptions used for Dominion Energy’s pension and other postretirement plans, including those in which Dominion Energy Gas participates, including discount rates, expected long-term rates of return, healthcare cost trend rates and mortality rates.
Dominion Energy determines the expected long-term rates of return on plan assets for its pension plans and other postretirement benefit plans, including those in which Dominion Energy Gas participates, by using a combination of:
  • Expected inflation and risk-free interest rate assumptions;
 
 
 
 
 
 
 
  • Historical return analysis to determine long term historic returns as well as historic risk premiums for various asset classes;
 
 
 
 
 
 
 
  • Expected future risk premiums, asset classes’ volatilities and correlations;
 
 
 
 
 
 
 
  • Forward-looking return expectations derived from the yield on long-term bonds and the expected long-term returns of major capital market assumptions; and
 
 
 
 
 
 
 
  • Investment allocation of plan assets.
 
 
 
 
 
 
 
Dominion Energy determines discount rates from analyses of AA/Aa rated bonds with cash flows matching the expected payments to be made under its plans, including those in which Dominion Energy Gas participates.
Mortality rates are developed from actual and projected plan experience for postretirement benefit plans. Dominion Energy’s actuary conducts an experience study periodically as part of the process to select its best estimate of mortality. Dominion Energy considers both standard mortality tables and improvement factors as well as the plans’ actual experience when selecting a best estimate.
Assumed healthcare cost trend rates have a significant effect on the amounts reported for Dominion Energy’s retiree healthcare plans, including those in which Dominion Energy Gas participates. A one percentage point change in assumed healthcare cost trend rates would have had the following effects for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement benefit plans:
                 
 
Other Postretirement Benefits
 
 
One percentage
point increase
   
One percentage
point decrease
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Effect on net periodic cost for 2020
 
 
$20
 
  
 
$(11)
 
Effect on other postretirement benefit obligation at December 31, 2019
 
 
153
 
  
 
(128)
 
Dominion Energy Gas
 
 
 
  
 
 
Effect on net periodic cost for 2020
 
 
$2
 
  
 
$(2)
 
Effect on other postretirement benefit obligation at December 31, 2019
 
 
14
 
  
 
(12)
 
 
 
 
 
 
 
Dominion Energy Gas (Employees Not Represented by Collective Bargaining Units) and Virginia Power—Participation in Defined Benefit Plans
Virginia Power employees and Dominion Energy Gas employees not represented by collective bargaining units are covered by the Dominion Energy Pension Plan described above. As participating employers, Virginia Power and Dominion Energy Gas are subject to Dominion Energy’s funding policy, which is to contribute annually an amount that is in accordance with ERISA. During 2019, Virginia Power and Dominion Energy Gas made no contributions to the Dominion Energy Pension Plan, and no contributions to this plan are currently expected in 2020. Virginia Power’s net periodic pension cost related to this plan was $152 million, $126 million and $110 million in 2019, 2018 and 2017, respectively. Dominion Energy Gas’ net periodic pension
credit related to this plan was $(8) million, $(35) million and $(35) million in 2019, 2018 and 2017, respectively. Net periodic pension (credit) cost is reflected in other operations and maintenance expense in their respective Consolidated Statements of Income, except for $(14) million, $(21) million and $(20) million of Dominion Energy Gas’ costs in 2019, 2018 and 2017, respectively, that are recorded in net income from discontinued operations. The funded status of various Dominion Energy subsidiary groups and employee compensation are the basis for determining the share of total pension costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power and Dominion Energy Gas amounts due to/from Dominion Energy related to this plan.
Retiree healthcare and life insurance benefits, for Virginia Power employees and for Dominion Energy Gas employees not represented by collective bargaining units, are covered by the Dominion Energy Retiree Health and Welfare Plan described above. Virginia Power’s net periodic benefit (credit) cost related to this plan was $(27) million, $(51) million and $(42) million in 2019, 2018 and 2017, respectively. Dominion Energy Gas’ net periodic benefit (credit) cost related to this plan was $(4) million, $(8) million and $(6) million for 2019, 2018 and 2017, respectively. Net periodic benefit (credit) cost is reflected in other operations and maintenance expenses in their respective Consolidated Statements of Income, except for
less than $(1
) million, $(2) million and $(2) million of Dominion Energy Gas’ costs in 2019, 2018 and 2017, respectively, that are recorded in net income from discontinued operations. Employee headcount is the basis for determining the share of total other postretirement benefit costs for participating Dominion Energy subsidiaries. See Note 25 for Virginia Power and Dominion Energy Gas amounts due to/from Dominion Energy related to this plan.
Dominion Energy holds investments in trusts to fund employee benefit payments for the pension and other postretirement benefit plans in which Virginia Power and Dominion Energy Gas’ employees participate. Any investment-related declines in these trusts will result in future increases in the net periodic cost recognized for such employee benefit plans and will be included in the determination of the amount of cash that Virginia Power and Dominion Energy Gas will provide to Dominion Energy for their shares of employee benefit plan contributions.
Certain regulatory authorities have held that amounts recovered in rates for other postretirement benefits, in excess of benefits actually paid during the year, must be deposited in trust funds dedicated for the sole purpose of paying such benefits. Accordingly, Virginia Power and Dominion Energy Gas fund other postretirement benefit costs through VEBAs.
During 2019 and 2018, Virginia Power and Dominion Energy Gas made
no
contributions to the VEBAs and does
 
no
t
expect to contribute to the VEBAs in 2020.
Defined Contribution Plans
Dominion Energy also sponsors defined contribution employee savings plans that cover substantially all employees. During 2019, 2018 and 2017, Dominion Energy recognized $73 million, $51 million and $45 million, respectively, as employer matching contributions to these plans. Dominion Energy Gas participates in these employee savings plans, both specific to Dominion Energy
Gas and that cover multiple Dominion Energy subsidiaries. During 2019, 2018 and 2017, Dominion Energy Gas recognized $4 million, $8 million and $8 million, respectively, as employer matching contributions to these plans. Virginia Power also participates in these employee savings plans. During 2019, 2018 and 2017, Virginia Power recognized $20 million, $20 million and $19 million, respectively, as employer matching contributions to these plans.
v3.19.3.a.u2
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies
Note 23. Commitments and Contingencies
As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. 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 toxic emissions from power plants. However, the emissions standards and other requirements of the MATS rule would remain in place as the EPA is not proposing to remove coal and
oil-fired
power plants from the list of sources that are regulated under MATS. Although litigation of the MATS rule and the outcome of the EPA’s rulemaking are still pending, the regulation remains in effect and Dominion Energy and Virginia Power are complying with the applicable requirements of the rule and do not expect any adverse impacts to their operations at this time.
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. 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 is reduced by approximately three percent per year through 2030, resulting in an ultimate cap of 19.6 million tons. The final rule includes a provision for VDEQ to delay implementation of the rule and possible adjustments to the baseline cap pending authorization from the General Assembly and Governor of Virginia. Once VDEQ is authorized to begin implementation of the rule, the impacts of this program could be material to Dominion Energy and Virginia Power’s results of operations, financial condition and/or cash flows; however, the existing regulatory framework in Virginia provides rate recovery mechanisms that could substantially mitigate any such impact.
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 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 in 2020. As of December 31, 2019, Dominion Energy and Virginia Power have $34 million and $16 million, respectively, of reserves recorded, including a charge of $16 million ($12 million after-tax) that Virginia Power recorded in 2018, in other operations and maintenance expense in the Consolidated Statements of Income. In addition, for one site associated with Dominion Energy, an updated work plan submitted to SCDHEC in September 2018,
would increase costs by approximately $8 million if approved. 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.
Ash Pond and Landfill Closure Costs
In April 2015, the EPA enacted a final rule regulating CCR landfills, existing ash ponds that still receive and manage CCRs, and inactive ash ponds that do not receive, but still store, CCRs. Dominion Energy currently operates inactive ash ponds, existing ash ponds and CCR landfills subject to the final rule at 11 different facilities, eight of which are at Virginia Power. This rule created a legal obligation for Dominion Energy and Virginia Power to retrofit or close all of its inactive and existing ash ponds over a
certain period of time, as well as perform required monitoring, corrective action, and post-closure care activities as necessary.
In December 2016, legislation was enacted that creates a framework for
EPA-
approved state CCR permit programs. In August 2017, the EPA issued interim guidance outlining the framework for state CCR program approval. The EPA has enforcement authority until state programs are approved. The EPA and states with approved programs both will have authority to enforce CCR requirements under their respective rules and programs. In September 2017, the EPA agreed to reconsider portions of the CCR rule in response to two petitions for reconsideration. In March 2018, the EPA proposed certain changes to the CCR rule related to issues remanded as part of the pending litigation and other issues the EPA is reconsidering. Several of the proposed changes would allow states with approved CCR permit programs additional flexibilities in implementing their programs. In July 2018, the EPA promulgated the first phase of changes to the CCR rule. Until all phases of the CCR rule are promulgated, Dominion Energy and Virginia Power cannot forecast potential incremental impacts or costs related to existing coal ash sites in connection with future implementation of the 2016 CCR legislation and reconsideration of the CCR rule. In August 2018, the U.S. Court of Appeals for the D.C. Circuit issued its decision in the pending challenges of the CCR rule, vacating and remanding to the EPA three provisions of the rule. Dominion Energy and Virginia Power do not expect the scope of the U.S. Court of Appeals for the D.C. Circuit’s decision to impact their closure plans, but cannot forecast incremental impacts associated with any future changes to the CCR rule in connection with the court’s remand.
In April 2017, the Governor of Virginia signed legislation into law that placed a moratorium on the VDEQ issuing solid waste permits for closure of ash ponds at Virginia Power’s Bremo, Chesapeake, Chesterfield and Possum Point power stations until May 2018. The law also required Virginia Power to conduct an assessment of closure alternatives for the ash ponds at these four stations, to include an evaluation of excavation for recycling or
off-site
disposal, surface and groundwater conditions and safety. Virginia Power completed the assessments and provided the report on December 1, 2017. In April 2018, the Governor of Virginia signed legislation into law extending the existing permit moratorium until July 2019. The legislation also required Virginia Power to solicit and compile by November 2018, information from third parties on the suitability, cost and market demand for beneficiation or recycling of coal ash from these units. The coal ash recycling business plan was submitted to the legislature in November 2018. The extended moratorium does not apply to a permit required for an impoundment where CCRs have already been removed and placed in another impoundment
on-site,
are being removed from an impoundment, or are being processed in connection with a recycling or beneficial use project. In connection with this legislation, in the second quarter of 2018, Virginia Power recorded an increase to its ARO and a related environmental liability related to future ash pond and landfill closure costs of $131 million, which resulted in an $81 million ($60 million
after-tax)
charge recorded in other operations and maintenance expense in its Consolidated Statement of Income, a $46 million increase in property, plant and equipment associated with asset retirement costs and a $4 million increase in regulatory assets.
In March 2019, the Governor of Virginia signed into law legislation which requires any CCR unit located at Virginia Power’s Bremo, Chesapeake, Chesterfield or Possum Point power stations that stop accepting CCR prior to July 2019 be closed by removing the CCR to an approved landfill or through recycling for beneficial reuse. The legislation further requires that at least 6.8 million cubic yards of CCR be beneficially reused. Costs associated with the closure of these CCR units are recoverable through a rate adjustment clause approved by the Virginia Commission with a revenue requirement that cannot exceed $225 million in any
12-month
period. Associated costs that are allocated to customers outside of Virginia, and not actually recovered from such customers, are recoverable through the Virginia rate adjustment clause. In connection with this legislation, Virginia Power recorded a $2.4 billion ARO related to the cost of landfills and beneficial reuse, with an offsetting increase to property, plant and equipment of $1.3 billion for the Chesterfield power station and an increase primarily to regulatory assets for the remaining portion related to the Bremo, Chesapeake and Possum Point power stations during the first quarter of 2019. In addition, Virginia Power revised its estimated cash flows for the existing ARO related to future ash pond and landfill closure costs, which resulted in a decrease of $202 million and a corresponding $113 million ($84 million
after-tax)
benefit in other operations and maintenance expense in the Consolidated Statement of Income in the first quarter of 2019.
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. Dominion Energy intends to vigorously contest the lawsuits, claims and assessments which have been filed or initiated against SCANA and DESC. 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 include reserves of $696 million and insurance receivables of $111 million, included within other receivables at December 31, 2019. Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 includes charges of $641 million ($480 million
after-tax
), included within impairment of assets and other charges, included within the Corporate and Other segment.
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.
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 February 2020, the parties executed a preliminary settlement term sheet relating to this matter as well as the Luquire Case and the Glibowski Case described below. The proposed settlement is expected to be $520 million, of which Dominion Energy’s portion is $320 million. The parties are currently negotiating a settlement agreement based on the preliminary settlement term sheet that will be presented to the court for preliminary approval. 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 February 2020, the parties executed a preliminary settlement term sheet as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Glibowski Case. 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 February 2020, the parties executed a preliminary settlement term sheet as described above relating to this matter as well as the Santee Cooper Ratepayer Case and the Luquire Case. 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. 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 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. The defendants have filed a motion to dismiss the consolidated action. In February 2019, one action was voluntarily dismissed. 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. The case is pending in the U.S. District Court for the District of South Carolina.
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. The case is pending in the U.S. District Court for the District of South Carolina.
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. In November 2019, the defendants filed a motion to dismiss. 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 plaintiffs allege, 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. 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 addition, the South Carolina Law Enforcement Division is conducting a criminal investigation into the handling of the NND Project by SCANA and DESC. These matters are pending. SCANA and DESC are cooperating fully with the investigations, including responding to additional subpoenas and document requests; however, Dominion Energy cannot currently predict whether or to what extent SCANA or DESC may incur a material liability.
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.
Appalachian Gateway
Gas Producers Litigation
In connection with the Appalachian Gateway project, Dominion Energy Field Services, Inc. entered into contracts for firm purchase rights with a group of small gas producers. In June 2016, the gas producers filed a complaint in the Circuit Court of Marshall County, West Virginia against Dominion Energy, DETI and Dominion Energy Field Services, Inc., among other defendants, claiming that the contracts are unenforceable and seeking compensatory and punitive damages. During the third quarter of 2016, Dominion Energy, DETI and Dominion Energy Field Services, Inc. were served with the complaint. Also in the third quarter of 2016, Dominion Energy and DETI, with the consent of the other defendants, removed the case to the U.S. District Court for the Northern District of West Virginia. In October 2016, the defendants filed a motion to dismiss and the plaintiffs filed a motion to remand. In February 2017, the U.S. District Court entered an order remanding the matter to the Circuit Court of Marshall County, West Virginia. In March 2017, Dominion Energy was voluntarily dismissed from the case; however, DETI and Dominion Energy Field Services, Inc. remained parties to the matter. In April 2017, the case was transferred to the Business Court Division of West Virginia. In January 2018, the court granted the motion to dismiss filed by the defendants on two counts. In 2019, all claims were settled between Dominion Energy Field Services, Inc. and the gas producers, and all claims against DETI and Dominion Energy Field Services, Inc. were dismissed with no material impact to Dominion Energy or Dominion Energy Gas’ results of operations, financial condition or cash flows.
FERC
FERC staff in the Office of Enforcement, Division of Investigations, conducted a non-public investigation of Virginia Power’s offers of combustion turbines generators into the PJM day-ahead markets from April 2010 through September 2014. FERC staff notified Virginia Power of its preliminary findings relating to Virginia Power’s alleged violation of FERC’s rules in connection with these activities. Virginia Power provided its response to FERC staff’s preliminary findings letter explaining why Virginia Power’s conduct was lawful and refuting any allegation of wrongdoing. In May 2019, FERC issued an order approving an agreement between Virginia Power and FERC staff that settled any and all potential claims relating to the types of activities that were the subject of the investigation, under which Virginia Power neither admits nor denies the alleged violations and paid $7 million in disgorgement to PJM and a $7 million penalty to the U.S. Department of the Treasury.
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. However, NRC acceptance of the external flooding hazards reevaluations for Millstone and Surry have not yet been received. NRC is expected to accept these external flooding hazards analyses 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 Decommissioning—Minimum Financial Assurance
The NRC requires nuclear power plant owners to annually update minimum financial assurance amounts for the future decommissioning of their nuclear facilities. Decommissioning involves the decontamination and removal of radioactive contaminants from a nuclear power station once operations have ceased, in accordance with standards established by the NRC.
The 2019 calculation for the NRC minimum financial assurance amount, aggregated for Dominion Energy and Virginia Power’s nuclear units, excluding joint owners’ assurance amounts and Millstone Unit 1 and Kewaunee, as those units are in a decommissioning state, was $2.8 billion and $1.8 billion, respectively, and has been satisfied by a combination of the funds being collected and deposited in the nuclear decommissioning trusts and the real annual rate of return growth of the funds allowed by the NRC. The 2019 NRC minimum financial assurance amounts above were calculated using preliminary December 31, 2019 U.S. Bureau of Labor Statistics indices. Dominion Energy believes that the amounts currently available in its decommissioning trusts and their expected earnings will be sufficient to cover expected decommissioning costs for the Millstone and Kewaunee units. Virginia Power also believes that the decommissioning funds and their expected earnings for the Surry and North Anna units will be sufficient to cover decommissioning costs, particularly when combined with future ratepayer collections and contributions to these decommissioning trusts, if such future collections and contributions are required. This reflects a positive long-term outlook for trust fund investment returns as the decommissioning of the units will not be complete for decades. Dominion Energy and Virginia Power will continue to monitor these trusts to ensure they meet the NRC minimum financial assurance requirement, which may include, if needed, the use of parent company guarantees, surety bonding or other financial instruments recognized by the NRC. See Note 9 for additional information on nuclear decommissioning trust investments.
Nuclear Insurance
The Price-Anderson Amendments Act of 1988 provides the public up to $14.1 billion of liability protection on a per site, per nuclear incident basis, via obligations required of owners of nuclear power plants, and allows for an inflationary provision adjustment every five years. During the second quarter of 2019, the total liability protection per nuclear incident available to all participants in the Secondary Financial Protection Program decreased from $14.1 billion to $13.9 billion. This decrease does not impact Dominion Energy’s responsibility per active unit under the Price-Anderson Amendments Act of 1988. Dominion Energy and Virginia Power have purchased $450 million of coverage from commercial insurance pools for Millstone, Surry and North Anna with the remainder provided through the mandatory industry retrospective rating plan. In the event of a nuclear incident at any licensed nuclear reactor in the U.S., Dominion Energy and Virginia Power could be assessed up to $138 million for each of their licensed reactors not to exceed $21 million per year per reactor. There is no limit to the number of incidents for which this retrospective premium can be assessed. The NRC granted an exemption in March 2015 to remove Kewaunee from the Secondary Financial Protection program. This same exemption permitted Dominion Energy to reduce Kewaunee’s required level of liability coverage to $100 million. This reduction was implemented in January 2018, following the removal and storage of the spent nuclear fuel from the spent fuel pool. The current levels of nuclear property insurance coverage for Dominion Energy and Virginia Power’s nuclear units are as follows:
         
 
Coverage
 
(billions)
 
 
 
Dominion Energy
 
 
 
Millstone
 
        $
1.70
 
Kewaunee
 
 
0.05
 
Summer
 
 
2.75
 
Virginia Power
(1)
  
 
 
Surry
 
        $
1.70
 
North Anna
 
 
1.70
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Surry and North Anna share a blanket property limit of $200 million.
 
 
 
 
 
 
 
 
 
 
Dominion Energy and Virginia Power’s nuclear property insurance coverage for Millstone, Surry and North Anna exceeds the NRC minimum requirement for nuclear power plant licensees of $1.06 billion per reactor site. In March 2015, the NRC granted an exemption which allowed Kewaunee to reduce its property insurance limit to $50 million. This reduction was implemented in January 2018, following the removal and storage of the spent nuclear fuel from the spent fuel pool. This includes coverage for premature decommissioning and functional total loss. The NRC requires that the proceeds from this insurance be used first, to return the reactor to and maintain it in a safe and stable condition and second, to decontaminate the reactor and station site in accordance with a plan approved by the NRC. Nuclear property insurance is provided by NEIL, a mutual insurance company, and is subject to retrospective premium assessments in any policy year in which losses exceed the funds available to the insurance company. Dominion Energy and Virginia Power’s maximum retrospective premium assessment for the current policy period is $81 million and $50 million, respectively. Based on the severity of the incident, the Board of Directors of the nuclear insurer has the discretion to lower or eliminate the maximum retrospective premium assessment. Dominion Energy and Virginia Power have the financial responsibility for any losses that exceed the limits or for which insurance proceeds are not available because they must first be used for stabilization and decontamination.
Millstone and Virginia Power also purchase accidental outage insurance from NEIL to mitigate certain expenses, including replacement power costs, associated with the prolonged outage of a nuclear unit due to direct physical damage. Under this program, Dominion Energy and Virginia Power are subject to a retrospective premium assessment for any policy year in which losses exceed funds available to NEIL. Dominion Energy and Virginia Power’s maximum retrospective premium assessment for the current policy period is $31 million and $10 million, respectively.
ODEC, a part owner of North Anna, and Massachusetts Municipal and Green Mountain, part owners of Millstone’s Unit 3, are responsible to Dominion Energy and Virginia Power for their share of the nuclear decommissioning obligation and insurance premiums on applicable units, including any retrospective premium assessments and any losses not covered by insurance.
Under Price-Anderson, DESC (for itself and on behalf of Santee-Cooper) maintains agreements of indemnity with the NRC that, together with private insurance, cover third-party liability arising from any nuclear incident occurring at Summer. Price-Anderson provides funds up to $14.0 billion for public liability claims that could arise from a single nuclear incident. Each nuclear plant is insured against this liability to a maximum of $450 million by American Nuclear Insurers with the remaining coverage provided by a mandatory program of
deferred premiums that could be assessed, after a nuclear incident, against all owners of commercial nuclear reactors. Each reactor licensee is liable for up to $138 million per reactor owned for each nuclear incident occurring at any reactor in the U.S., provided that not more than $21 million of the liability per reactor would be assessed per year. DESC’s maximum assessment, based on its
two-thirds
ownership of Summer, would be $92 million per incident, but not more than $14 million per year. Both the maximum assessment per reactor and the maximum yearly assessment are adjusted for inflation at least every five years.
DESC currently maintains insurance policies (for itself and on behalf of Santee Cooper) with NEIL. The policies provide coverage to Summer for property damage and outage costs up to $2.75 billion resulting from an event of nuclear origin and up to $2.33 billion resulting from an event of a
non-nuclear
origin. The NEIL policies in aggregate, are subject to a maximum loss of $2.75 billion for any single loss occurrence. The NEIL policies permit retrospective assessments under certain conditions to cover insurer’s losses. Based on the current annual premium, DESC’s portion of the retrospective premium assessment would not exceed $24 million. DESC currently maintains an excess property insurance policy (for itself and on behalf of Santee Cooper) with the European Mutual Association for Nuclear Insurance. The policy provides coverage to Summer for property damage and outage costs up to $415 million resulting from an event of a
non-nuclear
origin. The European Mutual Association for Nuclear Insurance policy permits retrospective assessments under certain conditions to cover insurer’s losses. Based on the current annual premium, DESC’s portion of the retrospective premium assessment would not exceed $2 million.
To the extent that insurable claims for property damage, decontamination, repair and replacement and other costs and expenses arising from an incident at Summer exceed the policy limits of insurance, or to the extent such insurance becomes unavailable in the future, and to the extent that DESC’s rates would not recover the cost of any purchased replacement power, DESC will retain the risk of loss as a self-insurer. DESC has no reason to anticipate a serious nuclear or other incident. However, if such an incident were to occur, it likely would have a material impact on DESC’s results of operations, cash flows and financial position.
Spent Nuclear Fuel
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. The DOE failed to begin accepting the spent fuel on January 31, 1998, the date provided by the Nuclear Waste Policy Act and by Dominion Energy and Virginia Power’s contracts with the DOE. Dominion Energy and Virginia Power have previously received damages award payments and settlement payments related to these contracts.
By mutual agreement of the parties, the settlement agreements are extendable to provide for resolution of damages incurred after 2013. The settlement agreements for the Surry, North Anna and Millstone nuclear power stations have been extended to provide for periodic payments for damages incurred through December 31, 2019, and additional extensions are contemplated by the settlement agreements. A similar agreement for Summer extends until the DOE has accepted the same amount of spent fuel from the
facility as if it has fully performed its contractual obligations. In 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 for the period January 1, 2014 through December 31, 2017. 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.
In 2019, Virginia Power received payments of $15 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2017 through December 31, 2017 and $11 million for resolution of claims incurred at Millstone for the period of July 1, 2017 through June 30, 2018. In 2019, Dominion Energy received payment of $3 million for resolution of its share of claims incurred at Summer for the period of January 1, 2018 through December 31, 2018.
In 2018, Virginia Power and Dominion Energy received payments of $16 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2016 through December 31, 2016, and $13 million for resolution of claims incurred at Millstone for the period of July 1, 2016 through June 30, 2017.
In 2017, Virginia Power and Dominion Energy received payments of $22 million for resolution of claims incurred at North Anna and Surry for the period of January 1, 2015 through December 31, 2015, and $14 million for resolution of claims incurred at Millstone for the period of July 1, 2015 through June 30, 2016.
Dominion Energy and Virginia Power continue to recognize receivables for certain spent nuclear fuel-related costs that they believe are probable of recovery from the DOE. Dominion Energy’s receivables for spent nuclear fuel-related costs totaled $52 million and $49 million at December 31, 2019 and 2018, respectively. Virginia Power’s receivables for spent nuclear fuel-related costs totaled $35 million and $30 million at December 31, 2019 and 2018, respectively.
Dominion Energy and Virginia Power will continue to manage their spent fuel until it is accepted by the DOE.
Long-Term Purchase Agreements
At December 31, 2019, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services:
                                                         
 
2020
   
2021
   
2022
   
2023
   
2024
   
Thereafter
   
Total
 
(millions)
 
   
   
   
   
   
   
 
                                                         
Purchased electric capacity
(1)
  
 
$45
 
  
 
$44
 
  
 
$44
 
  
 
$44
 
  
 
$44
 
  
 
$494
 
  
 
$715
 
 
 
 
 
 
 
 
 
 
(1)
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2046. Energy payments are generally based on fixed dollar amounts per month and totaled $29 million for the year ended December 31, 2019.
 
 
 
 
 
 
 
 
Guarantees, Surety Bonds and Letters of Credit
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. Dominion Energy’s maximum potential loss exposure under the terms of the guarantee is limited to 48% of the outstanding borrowings under the revolving credit facility, an equal percentage to Dominion Energy’s ownership in Atlantic Coast Pipeline. As of December 31, 2019, Atlantic Coast Pipeline has borrowed $1.8 billion against the revolving credit facility and borrowed an additional $27 million in January and February 2020. Dominion Energy’s Consolidated Balance Sheet includes a liability of $14 million and $21 million associated with this guarantee agreement at December 31, 2019 and 2018, respectively.
In addition, at December 31, 2019, 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 December 31, 2019, Dominion Energy had issued the following subsidiary guarantees:
         
 
Maximum Exposure
 
(millions)
 
 
Commodity transactions
(1)
  
                $
2,215
 
Nuclear obligations
(2)
  
 
182
 
Cove Point
(3)
  
 
1,900
 
Solar
(4)
  
 
477
 
Other
(5)
  
 
377
 
Total
(6)
  
                $
5,151
 
 
 
 
 
 
 
 
 
 
(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 worker’s compensation claims, the parental guarantee has no stated limit.
 
 
 
 
 
 
 
 
(6)
Excludes Dominion Energy’s guarantees for the new corporate office properties discussed further within Note 15.
 
 
 
 
 
 
 
 
Additionally, at December 31, 2019, Dominion Energy had purchased $163 million of surety bonds, including $77 million at Virginia Power and $26 million at Dominion Energy Gas, and
authorized the issuance of letters of credit by financial institutions of $89 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid.
Indemnifications
As part of commercial contract negotiations in the normal course of business, the Companies may sometimes agree to make payments to compensate or indemnify other parties for possible future unfavorable financial consequences resulting from specified events. The specified events may involve an adverse judgment in a lawsuit or the imposition of additional taxes due to a change in tax law or interpretation of the tax law. The Companies are unable to develop an estimate of the maximum potential amount of any other future payments under these contracts because events that would obligate them have not yet occurred or, if any such event has occurred, they have not been notified of its occurrence. However, at December 31, 2019, the Companies believe any other future payments, if any, that could ultimately become payable under these contract provisions, would not have a material impact on their results of operations, cash flows or financial position.
v3.19.3.a.u2
Credit Risk
 12 Months Ended
Dec. 31, 2019
Risks and Uncertainties [Abstract]  
Credit Risk
Note 24. Credit Risk
Dominion Energy
As a diversified energy company, Dominion Energy transacts primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast,
mid-Atlantic,
Midwest and Rocky Mountain and Southeast regions of the U.S. Dominion Energy does not believe that this geographic concentration contributes significantly to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion Energy is not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations.
Dominion Energy’s exposure to credit risk is concentrated primarily within its energy marketing and price risk management activities, as Dominion Energy transacts with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include marketing of merchant generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized
on-
or
off-balance
sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of any collateral. At December 31, 2019, Dominion Energy’s credit exposure totaled $233 million. Of this amount, investment grade counterparties, including those internally rated, represented 88%, and no single counterparty, whether investment grade or
non-investment
grade, exceeded $61 million of exposure.
Virginia Power
Virginia Power sells electricity and provides distribution and transmission services to customers in Virginia and northeastern North Carolina. Management believes that this geographic concentration risk is mitigated by the diversity of Virginia Power’s
customer base, which includes residential, commercial and industrial customers, as well as rural electric cooperatives and municipalities. Credit risk associated with trade accounts receivable from energy consumers is limited due to the large number of customers. Virginia Power’s exposure to potential concentrations of credit risk results primarily from sales to wholesale customers. Virginia Power’s gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized
on-
or
off-balance
sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2019, Virginia Power’s credit exposure totaled $71 million. Of this amount, investment grade counterparties, including those internally rated, represented 96%, and no single counterparty exceeded $61 million of exposure.
Dominion Energy Gas
Dominion Energy Gas transacts mainly with major companies in the energy industry. These transactions principally occur in the eastern and Rocky Mountain regions of the U.S. Dominion Energy Gas does not believe that this geographic concentration contributes to its overall exposure to credit risk. In addition, as a result of its large and diverse customer base, Dominion Energy Gas is not exposed to a significant concentration of credit risk for receivables arising from its regulated operations. Dominion Energy Gas’ gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized
on-
or
off-balance
sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At December 31, 2019, Dominion Energy Gas’ credit exposure totaled $46 million. Of this amount, investment grade counterparties, including those internally rated, represented 81%, and no single counterparty, whether investment grade or
non-investment
grade, exceeded $9 million of exposure.
Upon the Liquefaction Facility commencing commercial operations in April 2018, the majority of Cove Point’s revenue and earnings are expected to be generated from annual reservation payments under certain terminalling, storage and transportation contracts with the Export Customers. If such agreements were terminated and Cove Point was unable to replace such agreements on comparable terms, there could be a material impact on results of operations, financial condition and/or cash flows.
The Export Customers comprised approximately 34% and 32% of Dominion Energy Gas’ operating revenues for the years ended December 31, 2019 and 2018, respectively, with Dominion Energy Gas’ largest customer representing approximately 17% and 12% of such amounts.
In 2019, DETI provided service to 296 customers with approximately 98% of its storage and transportation revenue being provided through firm services. The ten largest customers provided approximately 38% of the total storage and transportation revenue and the thirty largest provided approximately 72% of the total storage and transportation revenue.
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 December 31, 2019 and 2018, Dominion Energy would have been required to post an additional $10 million and $1 million, respectively, of 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 no collateral at December 31, 2019 and 2018, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of December 31, 2019 and 2018 was $10 million and $1 million, 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 December 31, 2019, Virginia Power would have been required to post an additional $8 million of collateral to its counterparties. Credit-related contingent provisions for Virginia Power were not material as of December 31, 2018. 
Credit-related contingent provisions for Dominion Energy Gas were not material as of December 31, 2019 and 2018.
See Note 7 for further information about derivative instruments.
v3.19.3.a.u2
Related-Party Transactions
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related-Party Transactions
Note 25. 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. See Note 2 for further information. Dominion Energy’s transactions with equity method investments are described in Note 9. 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. See Notes 7 and 19 for more information. As of December 31, 2019, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $53 million, respectively. As of December 31, 2018, Virginia Power’s derivative assets and liabilities with affiliates were $26 million and $10 million, respectively.
Virginia Power participates in certain Dominion Energy benefit plans as described in Note 22. At December 31, 2019 and 2018, Virginia Power’s amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and
reflected in noncurrent pension and other postretirement benefit liabilities in the Consolidated Balance Sheets were $782 million and $632 million, respectively. At December 31, 2019 and 2018, Virginia Power’s amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $287 million and $254 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 significant transactions with DES and other affiliates:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
 
    
     
 
Commodity purchases from affiliates
 
$
690
 
   $
930
    $
674
 
Services provided by affiliates
(1)
  
 
503
 
    
450
     
453
 
Services provided to affiliates
 
 
24
 
    
24
     
25
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes capitalized expenditures of $133 million, $145 million and $144 million for the year ended December 31, 2019, 2018 and 2017, respectively.
 
 
 
 
 
 
 
 
 
 
Virginia Power has borrowed funds from Dominion Energy under short-term borrowing arrangements. There were $107 million and $224 million in short-term demand note borrowings from Dominion Energy as of December 31, 2019 and 2018, respectively. The weighted-average interest rate of these borrowings was 3.22% and 2.94% at December 31, 2019 and 2018, respectively. Virginia Power had no outstanding borrowings, net of repayments under the Dominion Energy money pool for its nonregulated subsidiaries as of December 31, 2019 and 2018. Interest charges related to Virginia Power’s borrowings from Dominion Energy were immaterial for the years ended December 31, 2019, 2018 and 2017.
There were no issuances of Virginia Power’s common stock to Dominion Energy in 2019, 2018 or 2017.
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 December 31, 2019 and 2018, Dominion Energy Gas did not
have any commodity derivative assets and liabilities. See Notes 7 and 20 for more information. See Note 9 for information regarding transactions with an affiliate. 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 22. At December 31, 2019 and 2018, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Pension Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $326 million and $319 million, respectively. Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and reflected in noncurrent pension and other postretirement benefit assets in the Consolidated Balance Sheets were $17 million and $13 million at December 31, 2019 and 2018, respectively.
DES, DECGS, DEQPS and other affiliates provide accounting, legal, finance 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 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. The costs of these services follow:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Sales of natural gas and transportation and storage services
 
    $
 249
 
   $
168
    $
173
 
Purchases of natural gas and transportation and storage services
  
 
12
 
    
—
     
10
 
Services provided by related parties
(1)
  
 
226
 
    
169
     
193
 
Services provided to related parties
(2)
  
 
164
 
    
260
     
190
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes capitalized expenditures of $19 million, $37 million and $53 million for the year ended December 31, 2019, 2018 and 2017, 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:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Other receivables
(1)
  
        $
7
 
   $
13
 
Imbalances receivable from affiliates
 
 
8
 
    
16
 
Imbalances payable from affiliates
(2)
  
 
1
 
    
4
 
Other deferred charges and other assets
  
 
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 December 31, 2019 and December 31, 2018 included $22 million and $7 million of accrued unbilled revenue, respectively. This revenue is based on estimated amounts of services provided but not yet billed to various affiliates.
Affiliated notes receivable from East Ohio and DGP borrowings under an IRCA with Dominion Energy Gas were $704 million at December 31, 2018.  Interest income on the IRCAs was $14 million, $15 million and $5 million for the years ended December 31, 2019, 2018 and 2017, respectively.
In 2016, DMLPHCII issued a five-year $15.0 million promissory note to Dominion Energy. The interest rate is a fixed 2.75% per annum. Interest income earned on the promissory note was immaterial for the years ended December 31, 2019, 2018 and 2017.
In 2018, in connection with the closing of a $3.0 billion term loan, Cove Point loaned Dominion Energy $3.0 billion in exchange for a promissory note. The promissory note had an annual interest rate of 3.6% which was payable quarterly and was scheduled to mature in 2021. Interest income related to Dominion Energy’s borrowing was $82 million and $21 million for the years ended December 31, 2019 and December 31, 2018, respectively, presented in other income in the Consolidated Statements of Income and accrued interest was immaterial at December 31, 2018, presented in affiliated receivables in the Consolidated Balance Sheets. In September 2019, Dominion Energy repaid the promissory note to Cove Point and the proceeds were used by Cove Point to repay its $3.0 billion term loan.
In November 2019, Dominion Energy Gas issued a five-year promissory note to Dominion Energy under which it may lend up to $3.0 billion. Dominion Energy Gas’ affiliated notes receivable from Dominion Energy totaled $1.8 billion at December 31, 2019. The promissory note has a fixed annual interest rate of 2.5% payable
quarterly
. Interest income on the promissory note was $5 million for the year ended December 31, 2019.
At December 31, 2019 and 2018, Dominion Energy Gas’ affiliated notes receivable from East Ohio totaled $1.7 billion and $1.4 billion, respectively. These promissory notes have fixed annual interest rates between 3.67% to 4.90% which are payable semi-annually. Interest income on these promissory notes was $72 million for the year ended December 31, 2019 and $64 million for both the years ended December 31, 2018 and 2017.
Dominion Energy Gas’ borrowings under the IRCA with Dominion Energy totaled $251 million and $218 million as of December 31, 2019 and 2018, respectively. The weighted-average interest rate of these borrowings was 2.02% and 2.78% at December 31, 2019 and 2018, respectively. Interest charges related to Dominion Energy Gas’ total borrowings from Dominion Energy were $3 million for December 31, 2019 and less than $1 million for December 31, 2018 and 2017, respectively.
DCP had borrowings under an IRCA with Dominion Energy of $2.8 billion at December 31, 2018. The weighted-average interest rate for these borrowings was 3.43% at December 31, 2018. In October 2019, DCP repaid the outstanding balance and accrued interest utilizing funds from a capital contribution from Dominion Energy. Interest charges related to DCP’s total borrowings from Dominion Energy totaled $94 million, $96 million and $82 million for the years ended December 31, 2019, 2018 and 2017, respectively.
In addition, DCP had borrowings of $9 million and $57 million with DES as of December 31, 2019 and 2018 respectively. The weighted-average interest rate for these borrowings was 3.85% and 3.45% at December 31, 2019 and 2018, respectively. Interest related to DCP’s total borrowings from DES totaled $3 million, $1 million and less than $1 million for the years ended December 31, 2019, 2018 and 2017, respectively.
DMLPHCII had borrowings under an IRCA with Dominion Energy of $22 million December 31, 2018. The weighted-average interest rate for these borrowings was 3.43% at December 31, 2018. In October 2019, DMLPHCII repaid the outstanding balance and accrued interest utilizing funds from a capital contribution from Dominion Energy. Interest charges related to DMLPHCII’s total borrowings from Dominion Energy were less than $1 million for each of the years ended December 31, 2019, 2018 and 2017.
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. The interest rate was fixed 3.5% per annum. In October 2019, Dominion Energy Midstream repaid the outstanding balance and accrued interest utilizing funds from a capital contribution from Dominion Energy. Interest charges of $10 million were incurred for the year ended December 31, 2019.
For the periods ending December 31, 2019, 2018 and 2017, Dominion Energy Gas, including entities acquired in the Dominion Energy Gas Restructuring, distributed $603 million, $230 million and $239 million to Dominion Energy, respectively.
v3.19.3.a.u2
Operating Segments
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Operating Segments
Note 26. Operating Segments
The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:
                 
Primary Operating
Segment
 
Description of Operations
 
Dominion
Energy
 
Virginia
Power
 
Dominion
Energy
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 natural 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 companies 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.
In 2019, Dominion Energy reported
after-tax
net expenses of $2.6 billion in the Corporate and Other segment, with $2.0 billion of the net expenses attributable to specific items related to its operating segments.
The net expenses for specific items 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;
 
 
 
 
 
 
• $641 million ($480 million
after-tax)
of charges associated with litigation acquired in the SCANA Combination, attributable to Dominion Energy South Carolina;
 
 
 
 
 
 
• $484 million ($315 million
after-tax)
of charges for merger and integration-related costs associated with the SCANA Combination, including a $444 million ($332 million
after-tax)
charge related to a voluntary retirement program, attributable to:
 
 
 
 
 
 
 
•
 Dominion Energy Virginia ($151 million
after-tax);
 
 
 
 
 
 
 
•
 Gas Distribution ($56 million
after-tax);
 
 
 
 
 
 
 
•
 Dominion Energy South Carolina ($75 million
after-tax);
and
 
 
 
 
 
 
 
•
 Contracted Generation ($38 million
after-tax);
partially offset by
 
 
 
 
 
 
 
•
 Gas Transmission & Storage ($5 million
after-tax
benefit);
 
 
 
 
 
 
• A $346 million ($257 million
after-tax)
charge related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia;
 
 
 
 
 
 
• A $194 million tax charge for $258 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;
 
 
 
 
 
 
• 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 forgo recovery, attributable to Dominion Energy South Carolina; partially offset by
 
 
 
 
 
 
• A $553 million ($411 million
after-tax)
net gain related to investments in nuclear decommissioning trust funds attributable to:
 
 
 
 
 
 
 
•
 Dominion Energy Virginia ($49 million
after-tax);
and
 
 
 
 
 
 
 
•
 Contracted Generation ($362 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.
 
 
 
 
 
 
In 2018, Dominion Energy reported
after-tax
net expenses of $611 million in the Corporate and Other segment, with $88 million of the net expenses attributable to specific items related to its operating segments.
The net expenses for specific items in 2018 primarily related to the impact of the following items:
• A $219 million ($164 million
after-tax)
charge related to the impairment of certain gathering and processing assets attributable to Gas Transmission & Storage;
 
 
 
 
 
 
• A $215 million ($160 million
after-tax)
charge associated with Virginia legislation enacted in March 2018 that requires
one-time
rate credits of certain amounts to utility customers, attributable to Dominion Energy Virginia;
 
 
 
 
 
 
• A $170 million ($134 million
after-tax)
net loss related to our investments in nuclear decommissioning trust funds attributable to:
 
 
 
 
 
 
 
•
 Dominion Energy Virginia ($14 million
after-tax);
and
 
 
 
 
 
 
 
•
 Contracted Generation ($120 million
after-tax);
 
 
 
 
 
 
• A $124 million ($88 million
after-tax)
charge for disallowance of FERC-regulated plant attributable to Gas Transmission & Storage;
 
 
 
 
 
 
• An $81 million ($60 million
after-tax)
charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018 attributable to Dominion Energy Virginia; and
 
 
 
 
 
 
• A $70 million ($52 million
after-tax)
charge associated with major storm damage and service restoration attributable to Dominion Energy Virginia; partially offset by
 
 
 
 
 
 
• An $828 million ($619 million
after-tax)
benefit associated with the sale of certain merchant generation facilities and equity method investments attributable to:
 
 
 
 
 
 
 
•
 Contracted Generation ($229 million
after-tax);
and
 
 
 
 
 
 
 
•
 Gas Transmission & Storage ($390 million
after-tax).
 
 
 
 
 
 
In 2017, Dominion Energy reported
after-tax
net benefits of $377 million in the Corporate and Other segment, with $861 million of the net benefits attributable to specific items related to its operating segments.
The net benefits for specific items in 2017 primarily related to the impact of the following items:
• A $1.0 billion tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act, primarily attributable to:
 
 
 
 
 
 
 
•
 Dominion Energy Virginia ($83 million);
 
 
 
 
 
 
 
•
 Gas Transmission & Storage ($302 million);
 
 
 
 
 
 
 
•
 Gas Distribution ($56 million);
 
 
 
 
 
 
 
•
 Contracted Generation ($569 million); partially offset by
 
 
 
 
 
 
• $158 million ($96 million
after-tax)
of charges associated with equity method investments in wind-powered generation facilities, attributable to Contracted Generation.
 
 
 
 
 
 
The following table presents segment information pertaining to Dominion Energy’s operations:
Year Ended December 31,
 
Dominion
Energy
Virginia
 
  
Gas
Transmission &
Storage
 
  
Gas
Distribution
 
  
Dominion
Energy
South
Carolina
 
  
Contracted
Generation
 
  
Corporate
and Other
 
  
Adjustments &
Eliminations
 
  
Consolidated
Total
 
(millions)
 
 
  
   
   
   
   
   
   
 
2019
 
 
 
    
     
     
     
     
     
     
 
Total revenue from external customers
 
 
$8,170
 
  
 
$3,074
 
  
 
$2,367
 
  
 
$2,948
 
  
 
$1,135
 
  
 
$(1,122
)
 
 
$       —
 
  
 
$16,572
 
Intersegment revenue
 
 
(13
)
 
 
247
 
  
 
18
 
  
 
4
 
  
 
15
 
  
 
1,199
 
  
 
(1,470
)
 
 
—
 
Total operating revenue
 
 
8,157
 
  
 
3,321
 
  
 
2,385
 
  
 
2,952
 
  
 
1,150
 
  
 
77
 
  
 
(1,470
)
 
 
16,572
 
Depreciation, depletion and amortization
 
 
1,216
 
  
 
400
 
  
 
335
 
  
 
452
 
  
 
179
 
  
 
73
 
  
 
—
 
  
 
2,655
 
Equity in earnings of equity method investees
 
 
—
 
  
 
161
 
  
 
2
 
  
 
(4
)
 
 
(1
)
 
 
10
 
  
 
—
 
  
 
168
 
Interest income
 
 
11
 
  
 
211
 
  
 
4
 
  
 
9
 
  
 
92
 
  
 
160
 
  
 
(386
)
 
 
101
 
Interest and related charges
 
 
530
 
  
 
405
 
  
 
116
 
  
 
242
 
  
 
98
 
  
 
768
 
  
 
(386
)
 
 
1,773
 
Income tax expense (benefit)
 
 
482
 
  
 
262
 
  
 
114
 
  
 
163
 
  
 
20
 
  
 
(690
)
 
 
—
 
  
 
351
 
Net income (loss) attributable to Dominion Energy
 
 
1,786
 
  
 
934
 
  
 
488
 
  
 
430
 
  
 
276
 
  
 
(2,556
)
 
 
—
 
  
 
1,358
 
Investment in equity method investees
 
 
—
 
  
 
1,517
 
  
 
32
 
  
 
—
 
  
 
74
 
  
 
23
 
  
 
—
 
  
 
1,646
 
Capital expenditures
 
 
3,002
 
  
 
431
 
  
 
848
 
  
 
562
 
  
 
367
 
  
 
111
 
  
 
—
 
  
 
5,321
 
Total assets (billions)
 
 
43.7
 
  
 
20.9
 
  
 
16.0
 
  
 
15.8
 
  
 
10.2
 
  
 
6.9
 
  
 
(9.7
)
 
 
103.8
 
2018
 
 
 
    
     
     
     
     
     
     
 
Total revenue from external customers
   
$8,401
      
$1,867
      
$1,769
      
$     —
     
$1,487
      
$   (249
 )    
$      91
      
$13,366
 
Intersegment revenue
   
(552
 )    
723
      
16
      
—
     
8
      
723
      
(918
 )    
—
 
Total operating revenue
   
7,849
     
2,590
     
1,785
      
—
     
1,495
     
474
      
(827
 )    
13,366
 
Depreciation, depletion and amortization
   
1,158
     
348
     
263
     
—
      
213
     
18
     
—
      
2,000
 
Equity in earnings of equity method investees
   
—
     
178
     
—
     
—
     
18
     
1
     
—
     
197
 
Interest income
   
10
     
143
     
—
      
—
     
80
     
122
     
(271
 )    
84
 
Interest and related charges
   
516
     
262
     
79
     
—
     
124
     
784
     
(272
 )    
1,493
 
Income tax expense (benefit)
   
380
     
236
     
95
     
—
      
75
     
(206
 )    
—
      
580
 
Net income (loss) attributable to Dominion Energy
   
1,596
     
844
     
373
     
—
     
245
     
(611
 )    
—
     
2,447
 
Investment in equity method investees
   
—
     
1,159
     
—
     
—
     
82
     
37
     
—
      
1,278
 
Capital expenditures
   
2,640
      
765
      
647
      
—
      
247
      
106
      
—
      
4,405
  
Total assets (billions)
   
39.1
     
22.6
     
11.8
     
—
     
9.0
     
8.3
     
(12.9
 )    
77.9
 
2017
   
     
     
     
     
     
     
     
 
Total revenue from external customers
   
$8,254
      
$1,054
      
$1,778
      
$     —
     
$1,345
      
$     (27
 )    
$    182
      
$12,586
 
Intersegment revenue
   
(688
 )    
946
      
17
      
—
     
9
      
724
      
(1,008
 )    
—
 
Total operating revenue
   
7,566
     
2,000
     
1,795
     
—
     
1,354
     
697
     
(826
 )    
12,586
 
Depreciation, depletion and amortization
   
1,141
     
260
     
258
     
—
     
200
     
46
      
—
     
1,905
 
Equity in earnings of equity method investees
   
—
     
158
      
—
     
—
     
(171
 )    
(5
 )    
—
     
(18
 )
Interest income
   
19
     
114
     
—
      
—
     
77
     
94
     
(222
 )    
82
 
Interest and related charges
   
497
     
100
     
72
     
—
     
110
     
648
     
(222
 )    
1,205
 
Income tax expense (benefit)
   
865
     
291
     
195
     
—
     
(160
 )    
(1,221
 )    
—
      
(30
 )
Net income (loss) attributable to Dominion Energy
   
1,466
      
552
     
351
     
—
     
253
     
377
      
—
     
2,999
 
Capital expenditures
   
2,726
      
1,489
      
452
      
—
      
979
      
263
      
—
      
5,909
  
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.
In 2019, Virginia Power reported
after-tax
net expenses of $634 million in its Corporate and Other segment with $627 million of the net expenses attributable to its operating segment.
The net expenses for specific items in 2019 primarily related to the impact of the following items:
• A $346 million ($257 million
after-tax)
charge related to the early retirement of certain electric generation facilities;
• A $198 million ($146 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 to 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.
In 2018, Virginia Power reported
after-tax
net expenses of $312 million in its Corporate and Other segment, all of which w
ere
 attributable to its primary operating segment.
The net expenses for specific items in 2018 primarily related to the impact of the following items:
• A $215 million ($160 million
after-tax)
charge associated with Virginia legislation enacted in March 2018 that requires
one-time
rate credits of certain amounts to utility customers;
• An $81 million ($60 million
after-tax)
charge associated primarily with the asset retirement obligations for ash ponds and landfills at certain utility generation facilities in connection with the enactment of Virginia legislation in April 2018; and
• A $70 million ($52 million
after-tax)
charge associated with major storm damage and service restoration.
In 2017, Virginia Power reported an
after-tax
net benefit of $74 million in its Corporate and Other segment, all of which was attributable to its primary operating segment.
The net benefit for specific items in 2017 primarily related to the impact of the following item:
• A $93 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act.
 
The following table presents segment information pertaining to Virginia Power’s operations:
Year Ended December 31,
 
Dominion Energy
Virginia
 
  
Corporate
and Other
 
  
Consolidated
Total
 
(millions)
 
 
  
   
 
2019
 
 
 
    
     
 
Operating revenue
 
 
$8,137
 
  
 
$  (29
)
 
 
$8,108
 
Depreciation and amortization
 
 
1,215
 
  
 
8
 
  
 
1,223
 
Interest income
 
 
11
 
  
 
—
 
  
 
11
 
Interest expense (benefit) and related charges
 
 
529
 
  
 
(5
)
 
 
524
 
Income tax expense (benefit)
  
 
481
 
  
 
(217
)
 
 
264
 
Net income (loss)
  
 
1,783
 
  
 
(634
)
 
 
1,149
 
Capital expenditures
 
 
2,981
 
  
 
—
 
  
 
2,981
 
Total assets (billions)
 
 
41.4
 
  
 
—
 
  
 
41.4
 
2018
 
 
 
    
     
 
Operating revenue
   
$7,835
     
$(216
 )    
$7,619
 
Depreciation and amortization
   
1,157
     
(25
 )    
1,132
 
Interest income (expense)
    
10
      
—
      
10
  
Interest expense (benefit) and related charges
   
516
     
(5
 )    
511
 
Income tax expense (benefit)
    
378
     
(78
 )    
300
 
Net income (loss)
    
1,594
     
(312
 )    
1,282
 
Capital expenditures
   
2,542
     
—
     
2,542
 
Total assets (billions)
   
37.0
     
(0.1
 )    
36.9
 
2017
   
     
     
 
Operating revenue
   
$7,556
     
$    —
     
$7,556
 
Depreciation and amortization
   
1,141
     
—
     
1,141
 
Interest income (expense)
    
19
      
—
      
19
  
Interest expense (benefit) and related charges
   
497
     
(3
 )    
494
 
Income tax expense (benefit)
    
868
     
(94
 )    
774
 
Net income
   
1,466
     
74
     
1,540
 
Capital expenditures
   
2,729
     
—
     
2,729
 
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.
In 2019, Dominion Energy Gas reported
an
after-tax
net benefit of $127 million in its Corporate and Other segment, with $12 million of net
expense
attributable to its operating segment.
The net
expense
for specific items in 2019 primarily related to the impact of the following items:
• A $48 million tax benefit resulting from changes in tax status of certain subsidiaries in connection with the Dominion Energy Gas Restructuring
;
and
 
 
 
 
 
 
 
 
• A $42 million ($31 million
after-tax)
charge related to a voluntary retirement program.
 
 
 
 
 
 
 
 
 
In 2018, Dominion Energy Gas reported
after-tax
net expenses of $90 million in its Corporate and Other segment, with $107 million of these net expenses attributable to its operating segment.
The net expense for specific items in 2018 primarily related to a $124 million ($88 million
after-tax)
charge for disallowance of FERC-regulated plant.
In 2017, Dominion Energy Gas reported
an
after-tax
net benefit of $389 million in its Corporate and Other segment, with $156 million of the net
benefit
attributable to its operating segment.
The net benefit for specific items in 2017 primarily related to a $169 million tax benefit resulting from the remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act.
 
The following table presents segment information pertaining to Dominion Energy Gas’ operations:
                         
Year Ended December 31,
 
Gas
Transmission &
Storage
 
  
Corporate and
Other
 
  
Consolidated
Total
 
(millions)
 
 
  
   
 
2019
 
 
 
    
     
 
Operating revenue
 
 
$2,186
 
  
 
$  (17
)
 
 
$2,169
 
Depreciation and amortization
 
 
367
 
  
 
—
 
  
 
367
 
Equity in earnings of equity method investees
 
 
43
 
  
 
—
 
  
 
43
 
Interest income
 
 
105
 
  
 
—
 
  
 
105
 
Interest and related charges
 
 
309
 
  
 
2
 
  
 
311
 
Income tax expense (benefit)
 
 
170
 
  
 
(69
)
 
 
101
 
Net Income from discontinued operations
 
 
—
 
  
 
141
 
  
 
141
 
Net Income attributable to Dominion Energy Gas
 
 
594
 
  
 
127
 
  
 
721
 
Investment in equity method investees
 
 
312
 
  
 
—
 
  
 
312
 
Capital expenditures
  
 
391
 
  
 
313
 
  
 
704
 
Total assets (billions)
 
 
18.8
 
  
 
—
 
  
 
18.8
 
2018
 
 
 
    
     
 
Operating revenue
   
$1,996
     
$    —
     
$1,996
 
Depreciation and amortization
   
333
     
—
     
333
 
Equity in earnings of equity method investees
   
54
     
—
     
54
 
Interest income
   
26
     
—
     
26
 
Interest and related charges
   
173
     
1
     
174
 
Income tax expense (benefit)
   
226
     
(102
 )    
124
 
Net Income from discontinued operations
   
—
     
24
     
24
 
Net Income (loss) attributable to Dominion Energy Gas
   
571
     
(90
 )    
481
 
Investment in equity method investees
   
339
     
—
     
339
 
Capital expenditures
   
749
      
360
      
1,109
  
Total assets (billions)
   
19.9
     
6.9
     
26.8
 
2017
   
     
     
 
Operating revenue
   
$1,523
     
$    —
     
$1,523
 
Depreciation and amortization
   
242
     
—
     
242
 
Equity in earnings of equity method investees
   
47
     
—
     
47
 
Interest income
   
4
     
—
     
4
 
Interest and related charges
   
60
     
—
     
60
 
Income tax expense (benefit)
   
189
     
(254
 )    
(65
 )
Net Income from discontinued operations
   
—
     
163
     
163
 
Net Income attributable to Dominion Energy Gas
   
314
     
389
     
703
 
Capital expenditures
   
1,459
      
356
      
1,815
  
 
 
 
 
 
 
 
 
v3.19.3.a.u2
Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data (Unaudited)
N
ote 27. Quarterly Financial Data (Unaudited)
A summary of the Companies’ quarterly results of operations for the years ended December 31, 2019 and 2018 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.
Dominion Energy
                                 
 
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
 
(millions)
 
 
  
   
   
 
2019
 
 
 
    
     
     
 
Operating revenue
 
$
3,858
 
  
$
3,970
 
  
$
4,269
 
  
$
4,475
 
Income (loss) from operations
 
 
(482
)
 
 
461
 
  
 
1,314
 
  
 
1,221
 
Net income (loss) including noncontrolling interests
 
 
(677
)
 
 
58
 
  
 
985
 
  
 
1,010
 
Net income (loss) attributable to Dominion Energy
 
 
(680
)
 
 
54
 
  
 
975
 
  
 
1,009
 
Basic EPS:
 
 
 
  
 
 
  
 
 
  
 
 
Net income (loss) attributable to Dominion Energy
 
 
(0.86
)
 
 
0.07
 
  
 
1.19
 
  
 
1.22
 
Diluted EPS:
 
 
 
  
 
 
  
 
 
  
 
 
Net income (loss) attributable to Dominion Energy
 
 
(0.86
)
 
 
0.05
 
  
 
1.17
 
  
 
1.21
 
Dividends per share (Series A Preferred Stock)
  
 
—
 
  
 
0.729
 
  
 
4.375
 
  
 
4.375
 
Dividends per share (Series B Preferred Stock)
 
 
—
 
  
 
—
 
  
 
—
 
  
 
1.9375
 
Dividends declared per common share
 
 
0.9175
 
  
 
0.9175
 
  
 
0.9175
 
  
 
0.9175
 
2018
 
 
 
    
     
     
 
Operating revenue
  $
3,466
    $
3,088
    $
3,451
    $
3,361
 
Income from operations
   
875
     
742
     
1,150
     
834
 
Net income including noncontrolling interests
   
526
     
478
     
883
     
662
 
Net income attributable to Dominion Energy
   
503
     
449
     
854
     
641
 
Basic EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
   
0.77
     
0.69
     
1.31
     
0.97
 
Diluted EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
   
0.77
     
0.69
     
1.30
     
0.97
 
Dividends declared per common share
   
0.835
     
0.835
     
0.835
     
0.835
 
 
 
 
 
 
 
 
 
Dominion Energy’s 2019 results include the impact of the following significant items:
• Fourth quarter results include a $244 million after-tax charge related to litigation acquired in the SCANA Combination, offset by a $150 million net gain related to nuclear decommissioning trust funds.
 
 
 
 
 
 
 
 
• Second quarter results include a $316 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $75 million after-tax charge for litigation acquired in the SCANA Combination.
 
 
 
 
 
 
 
 
 
• First quarter results include $1.3 billion of after-tax merger and integration-related costs related to the SCANA Combination (inclusive of a $756 million after-tax charge for refunds of amounts previously collected from retail electric customers of DESC for the NND Project, a $277 million after-tax charge for certain regulatory assets and property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forego recovery and $134 million after-tax charge for litigation acquired in the SCANA Combination) and a $409 million after-tax charge for the planned early retirement of certain Virginia Power electric generation facilities
 and automated metering reading infrastructure
, partially offset by $197 million after-tax net gain related to nuclear decommissioning trust funds and an $84 million after-tax revision to future ash ponds and landfill closure costs.
 
 
 
 
 
 
 
 
 
Dominion Energy’s 2018 results include the impact of the following significant items:
• Fourth quarter results include $536 million of
after-tax
gains from the sale of certain merchant generation facilities and equity method investments partially offset by a $164 million
after-tax
impairment charge for certain gathering and processing assets.
 
 
 
 
 
 
 
 
 
• Second quarter results include an $89 million
after-tax
charge for disallowance of FERC-regulated plant.
 
 
 
 
 
 
 
 
 
• First quarter results include a $160 million
after-tax
charge associated with Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers.
 
 
 
 
 
 
 
 
 
Virginia Power
Virginia Power’s quarterly results of operations were as follows:
                                 
 
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
 
(millions)
 
 
  
   
   
 
                                 
2019
 
 
 
    
     
     
 
Operating revenue
 
$
1,965
 
  
$
1,938
 
  
$
2,264
 
  
$
1,941
 
Income from operations
 
 
122
 
  
 
238
 
  
 
820
 
  
 
659
 
Net income
 
 
20
 
  
 
100
 
  
 
602
 
  
 
427
 
2018
 
 
 
    
     
     
 
Operating revenue
  $
1,748
    $
1,829
    $
2,232
    $
1,810
 
Income from operations
   
364
     
533
     
756
     
418
 
Net income
   
184
     
339
     
520
     
239
 
 
 
 
 
 
 
 
 
Virginia Power’s 2019 results include the impact of the following significant item:
• Second quarter results include a $144 million after-tax charge related to a voluntary retirement program, a $100 million after-tax charge related to a contract termination with a non-utility generator and a $47 million after-tax charge for the abandonment of a project at an electric generation facility.
 
 
 
 
 
 
 
 
 
• First quarter results include a $409 million
after-tax
charge
for the planned early retirement of certain electric generation facilities and automated metering reading infrastructure, partially offset by an $84 million after-tax revision to future ash ponds and landfill closure costs.
 
 
 
 
 
 
 
 
Virginia Power’s 2018 results include the impact of the following significant item:
• First quarter results include a $160 million
after-tax
charge associated with Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers.
 
 
 
 
Dominion Energy Gas
Dominion Energy Gas’ quarterly results of operations were as follows:
                                 
 
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
 
(millions)
 
 
  
   
   
 
2019
 
 
 
    
     
     
 
Operating revenue
 
 
$566
 
  
 
$530
 
  
 
$502
 
  
 
$571
 
Income from continuing operations
 
 
247
 
  
 
179
 
  
 
202
 
  
 
276
 
Net income from continuing operations
 
 
172
 
  
 
123
 
  
 
130
 
  
 
276
 
Net income from discontinued operations
 
 
54
 
  
 
26
 
  
 
45
 
  
 
16
 
Net income including noncontrolling interests
 
 
226
 
 
 
149
 
 
 
175
 
 
 
292
 
Net income attributable to
Dominion Energy Gas
 
190
 
  
119
 
  
151
 
  
261
 
2018
 
 
 
    
     
     
 
Operating revenue
   
$389
     
$508
     
$533
     
$566
 
Income from continuing operations
   
167
     
90
     
302
     
228
 
Net income from continuing operations
   
157
     
84
     
209
     
182
 
Net income (loss) from discontinued operations
   
56
     
45
     
33
     
(110
 )
Net income including noncontrolling interests
 
 
213
 
 
 
129
 
 
 
242
 
 
 
72
 
Net income attributable to Dominion Energy Gas
   
180
     
83
     
191
     
27
 
 
 
 
 
Dominion Energy Gas’s 2019 results include the impact of the following significant items:
  • Second quarter results include a $58 million after-tax charge related to a voluntary retirement program
, including $32 million in discontinued operations.
 
 
 
 
Dominion Energy Gas’s 2018 results include the impact of the following significant items:
  • Fourth quarter results include a $165 million
after-tax
impairment charge for certain gathering and processing assets, included in discontinued operations.
 
 
 
 
  • Second quarter results include an $89 million
after-tax
charge for disallowance of FERC-regulated plant.
 
 
 
 
v3.19.3.a.u2
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Estimates The Companies make certain estimates and assumptions in preparing their Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and cash flows for the periods presented. Actual results may differ from those estimates.
Consolidation The Companies’ Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and
non-wholly-owned
entities in which they have a controlling financial interest.
Consolidation, consolidated entities and noncontrolling interest For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At December 31, 2019 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. In August 2018, NRG’s ownership interest in Four Brothers and Three Cedars was transferred to GIP. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy’s merchant solar projects, Brookfield’s 25% interest in Cove Point 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.
Reclassifications Certain amounts in the Companies’ 2018 and 2017 Consolidated Financial Statements and Notes have been reclassified to conform to the 2019 presentation for comparative purposes; however, such reclassifications did not affect the Companies’ net income, total assets, liabilities, equity or cash flows.
Operating Revenue
Operating Revenue
Operating revenue is recorded on the basis of services rendered, commodities delivered, or contracts settled and includes amounts
yet to be billed to customers. Dominion Energy and Virginia Power collect sales, consumption and consumer utility taxes and Dominion Energy Gas collects sales taxes; however, these amounts are excluded from revenue. Dominion Energy’s customer receivables at December 31, 2019 and 2018 included $896 million and $626 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity and natural gas delivered but not yet billed to its utility customers. Virginia Power’s customer receivables at December 31, 2019 and 2018 included $512 million and $392 million, respectively, of accrued unbilled revenue based on estimated amounts of electricity delivered but not yet billed to its customers. Dominion Energy Gas’ customer receivables at December 31, 2019 and 2018 included $104 million and $101 million, respectively, of accrued unbilled revenue based on estimated amounts of natural gas delivered but not yet billed to its customers. See Note 25 for amounts attributable to related parties.
The primary types of sales and service activities reported as operating revenue for Dominion Energy, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows:
Revenue from Contracts with Customers
 
•
Regulated electric sales
consist primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
 
 
•
Nonregulated electric sales
consist primarily of sales of electricity at market-based rates and contracted fixed rates, and associated hedging activity;
 
 
•
Regulated gas sales
consist primarily of state-regulated natural gas sales and related distribution services;
 
 
•
Nonregulated gas sales
consist primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties and associated hedging activity;
 
 
•
Regulated gas transportation and storage sales
consist of FERC-regulated sales of transmission and storage services and state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services;
 
 
•
Nonregulated gas transportation and storage sales
consist primarily of LNG terminalling services;
 
 
•
Other regulated revenue
consists primarily of miscellaneous service revenue from electric and gas distribution operations and sales of excess electric capacity and other commodities; and
 
 
•
Other nonregulated revenue
consists primarily of NGL gathering and processing, sales of NGL production and condensate, extracted products and associated hedging activity. Other nonregulated revenue also includes services performed for Atlantic Coast Pipeline, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations, service concession arrangements and gas processing and handling revenue.
 
 
Other Revenue
 
•
Other revenue
consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.
 
 
The primary types of sales and service activities reported as operating revenue for Dominion Energy, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows:
•
Regulated electric sales
consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services;
 
 
•
Nonregulated electric sales
consisted primarily of sales of electricity at market-based rates and contracted fixed rates, and associated derivative activity;
 
 
•
Regulated gas sales
consisted primarily of state- and FERC-regulated natural gas sales and related distribution services and associated derivative activity;
 
 
•
Nonregulated gas sales
consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices, sales of gas purchased from third parties, gas trading and marketing revenue and associated derivative activity;
 
 
•
Gas transportation and storage sales
consisted primarily of FERC-regulated sales of transmission and storage services. Also included were state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of gathering services; and
 
 
•
Other revenue
consisted primarily of sales of NGL production and condensate, extracted products and associated derivative activity. Other revenue also included miscellaneous service revenue from electric and gas distribution operations, sales of energy-related products and services from Dominion Energy’s retail energy marketing operations and gas processing and handling revenue.
 
 
The primary types of sales and service activities reported as operating revenue for Virginia Power, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows:
Revenue from Contracts with Customers
 
•
Regulated electric sales
consist primarily of state-regulated retail electric sales and federally-regulated wholesale electric sales and electric transmission services;
 
 
•
Other regulated revenue
consists primarily of sales of excess capacity and other commodities and miscellaneous service revenue from electric distribution operations; and
 
 
•
Other nonregulated revenue
consists primarily of sales to
non-jurisdictional
customers from certain solar facilities, revenue from renting space on certain electric transmission poles and distribution towers and service concession arrangements.
 
 
Other Revenue
 
•
Other revenue
consists primarily of alternative revenue programs, gains and losses from derivative instruments not subject to hedge accounting and lease revenues.
 
 
The primary types of sales and service activities reported as operating revenue for Virginia Power, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows:
•
Regulated electric sales
consisted primarily of state-regulated retail electric sales, and federally-regulated wholesale electric sales and electric transmission services; and
 
 
•
Other revenue
consisted primarily of miscellaneous service revenue from electric distribution operations and miscellaneous revenue from generation operations, including sales of capacity and other commodities.
 
 
The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, are as follows:
Revenue from Contracts with Customers
 
•
Regulated gas sales—wholesale
consist primarily of sales of natural gas to wholesale customers as permitted by FERC under DETI’s operating tariff;
 
 
•
Nonregulated gas sales
consist primarily of sales of gas purchased from third parties and royalty revenues;
 
 
•
Regulated gas transportation and storage sales
consist of FERC-regulated sales of transmission and storage services;
 
 
•
Nonregulated gas transportation and storage sales
consist primarily of LNG terminalling services
 
 
•
Management service revenue
consists primarily of services performed for Atlantic Coast Pipeline;
 
 
•
Other regulated revenue
consists primarily of miscellaneous regulated revenues; and
 
 
•
Other nonregulated revenue
consists primarily of miscellaneous service revenue.
 
 
Other Revenue
 
•
Other revenue
consists primarily of gains and losses from derivative instruments not subject to hedge accounting.
 
 
The primary types of sales and service activities reported as operating revenue for Dominion Energy Gas, prior to the adoption of revised guidance for revenue recognition from contracts with customers, were as follows:
•
Regulated gas sales
consisted primarily of sales of natural gas to wholesale customers as permitted by FERC under DETI’s operating tariff;
 
 
•
Nonregulated gas sales
consisted primarily of sales of natural gas production at market-based rates and contracted fixed prices and sales of gas purchased from third parties. Revenue from sales of gas production was recognized based on actual volumes of gas sold to purchasers and was reported net of royalties;
 
 
•
Gas transportation and storage sales
consisted primarily of FERC-regulated sales of transmission and storage services; and
 
 
•
Other revenue
consisted primarily of miscellaneous service revenue, gas processing and handling revenue.
 
 
O
perating
 
revenue for East Ohio and DGP consists primarily of state-regulated natural gas sales and related distribution services, state-regulated gas distribution charges to retail distribution service customers opting for alternate suppliers and sales of NGL gathering and processing activities, and is included in net income from discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income
 
through November 6, 2019.
Dominion Energy and Virginia Power record refunds to customers as required by state commissions as a reduction to regulated electric sales or regulated gas sales, as applicable. Dominion Energy and Virginia Power’s revenue accounted for under the
alternative revenue program guidance primarily consists of the equity return for under-recovery of certain riders. Alternative revenue programs compensate Dominion Energy and Virginia Power for certain projects and initiatives. Revenues arising from these programs are presented separately from revenue arising from contracts with customers in the categories above.
Revenues from electric and gas sales are recognized over time, as the customers of the Companies consume gas and electricity as it is delivered. Transportation and storage contracts are primarily stand-ready service contracts that include fixed reservation and variable usage fees. LNG terminalling services are also stand-ready service contracts, primarily consisting of fixed fees, offset by service credits associated with the
start-up
phase of the Liquefaction Facility. Fixed fees are recognized ratably over the life of the contract as the stand-ready performance obligation is satisfied, while variable usage fees are recognized when Dominion Energy and Dominion Energy Gas have a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the performance obligation completed to date. Sales of products and services, including NGLs, typically transfer control and are recognized as revenue upon delivery of the product or service. The customer is able to direct the use of, and obtain substantially all of the benefits from, the product at the time the product is delivered. The contract with the customer states the final terms of the sale, including the description, quantity and price of each product or service purchased. Payment for most sales and services varies by contract type, but is typically due within a month of billing.
Dominion Energy and Dominion Energy Gas typically receive or retain NGLs and natural gas from customers when providing natural gas processing, transportation or storage services. Dominion Energy and Dominion Energy Gas record the fair value of NGLs received during natural gas processing as service revenue recognized over time, and continue to recognize revenue from the subsequent sale of the NGLs to customers upon delivery. Dominion Energy and Dominion Energy Gas typically retain natural gas under certain transportation service arrangements that are intended to facilitate performance of the service and allow for natural losses that occur. As the intent of the allowance is to enable fulfillment of the contract rather than to provide compensation for services, the fuel allowance is not included in revenue.
Electric Fuel, Purchased Energy and Purchased Gas-Deferred Costs
Electric Fuel, Purchased Energy and Purchased
Gas-Deferred
Costs
Where permitted by regulatory authorities, the differences between Dominion Energy and Virginia Power’s actual electric fuel and purchased energy expenses and Dominion Energy and Dominion Energy Gas’ purchased gas expenses and the related levels of recovery for these expenses in current rates are deferred and matched against recoveries in future periods. The deferral of costs in excess of current period fuel rate recovery is recognized as a regulatory asset, while rate recovery in excess of current period fuel expenses is recognized as a regulatory liability.
Of the cost of fuel used in electric generation and energy purchases to serve Virginia utility customers, at December 31, 2019, approximately 84% is subject to Virginia Power’s deferred fuel accounting, while substantially all of the remaining amount is subject to recovery through similar mechanisms.
Virtually all of East Ohio, Questar Gas, Hope, DESC and PSNC’s natural gas purchases are either subject to deferral accounting or are recovered from the customer in the same accounting period as the sale.
Income Taxes
Income Taxes
A consolidated federal income tax return is filed for Dominion Energy and its subsidiaries, including Virginia Power and Dominion Energy Gas’ subsidiaries. In addition, where applicable, combined income tax returns for Dominion Energy and its subsidiaries are filed in various states; otherwise, separate state income tax returns are filed.
Although Dominion Energy Gas and certain of its subsidiaries are disregarded for income tax purposes, a provision for income taxes is recognized to reflect the inclusion of its business activities in the tax returns of its parent, Dominion Energy. Virginia Power and Dominion Energy Gas participate in intercompany tax sharing agreements with Dominion Energy and its subsidiaries. Current income taxes are based on taxable income or loss and credits determined on a separate company basis.
Under the agreements, if a subsidiary incurs a tax loss or earns a credit, recognition of current income tax benefits is limited to refunds of prior year taxes obtained by the carryback of the net operating loss or credit or to the extent the tax loss or credit is absorbed by the taxable income of other Dominion Energy consolidated group members. Otherwise, the net operating loss or credit is carried forward and is recognized as a deferred tax asset until realized.
The 2017 Tax Reform Act included a broad range of tax reform provisions affecting the Companies, including changes in corporate tax rates and business deductions. The 2017 Tax Reform Act reduces the corporate income tax rate from 35% to 21% for tax years beginning after December 31, 2017. Deferred tax assets and liabilities are classified as noncurrent in the Consolidated Balance Sheets and measured at the enacted tax rate expected to apply when temporary differences are realized or
settled. Thus, at the date of enactment, federal deferred taxes were remeasured based upon the new 21% tax rate. The total effect of tax rate changes on deferred tax balances was recorded as a component of the income tax provision related to continuing operations for the period in which the law is enacted, even if the assets and liabilities relate to other components of the financial statements, such as items of accumulated other comprehensive income. For Dominion Energy subsidiaries that are not rate-regulated utilities, existing deferred income tax assets or liabilities were adjusted for the reduction in the corporate income tax rate and allocated to continuing operations. Dominion Energy’s rate-regulated utility subsidiaries likewise were required to adjust deferred income tax assets and liabilities for the change in income tax rates. However, if it is probable that the effect of the change in income tax rates will be recovered or refunded in future rates, the regulated utility recorded a regulatory asset or liability instead of an increase or decrease to deferred income tax expense.
Accounting for income taxes involves an asset and liability approach. Deferred income tax assets and liabilities are provided, representing future effects on income taxes for temporary differences between the bases of assets and liabilities for financial reporting and tax purposes. Accordingly, deferred taxes are recognized for the future consequences of different treatments used for the reporting of transactions in financial accounting and income tax returns. The Companies establish a valuation allowance when it is
more-likely-than-not
that all, or a portion, of a deferred tax asset will not be realized. Where the treatment of temporary differences is different for rate-regulated operations, a regulatory asset is recognized if it is probable that future revenues will be provided for the payment of deferred tax liabilities.
The Companies recognize positions taken, or expected to be taken, in income tax returns that are
more-likely-than-not
to be realized, assuming that the position will be examined by tax authorities with full knowledge of all relevant information.
If it is not
more-likely-than-not
that a tax position, or some portion thereof, will be sustained, the related tax benefits are not recognized in the financial statements. Unrecognized tax benefits may result in an increase in income taxes payable, a reduction of income tax refunds receivable or changes in deferred taxes. Also, when uncertainty about the deductibility of an amount is limited to the timing of such deductibility, the increase in income taxes payable (or reduction in tax refunds receivable) is accompanied by a decrease in deferred tax liabilities. Except when such amounts are presented net with amounts receivable from or amounts prepaid to tax authorities, noncurrent income taxes payable related to unrecognized tax benefits are classified in other deferred credits and other liabilities on the Consolidated Balance Sheets and current payables are included in accrued interest, payroll and taxes on the Consolidated Balance Sheets.
The Companies recognize interest on underpayments and overpayments of income taxes in interest expense and other income, respectively. Penalties are also recognized in other income.
Interest expense for the Companies was immaterial in 2019 and 2018. Dominion Energy and Virginia Power both recognized interest income of $11 million in 2017. Dominion Energy Gas’ interest was immaterial in 2017. The Companies’ penalties were immaterial in 2019, 2018 and 2017.
At December 31, 2019, Virginia Power had an income
tax-related
affiliated payable of $35 million, comprised of $15 million of federal income taxes and $20 million of state income taxes due to Dominion Energy. Dominion Energy Gas also had a net affiliated receivable of $209 million due from Dominion Energy, representing $212 million of federal income taxes receivable and $3 million of state income taxes payable to Dominion Energy. The net affiliated receivables are expected to be received from Dominion Energy.
In addition, Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 included $10 million of state income taxes receivable. State income taxes receivable at Virginia Power were immaterial at December 31, 2019.
At December 31, 2018, Virginia Power had an income
tax-related
affiliated receivable of $36 million, comprised of $34 million of federal income taxes and $2 million of state income taxes due from Dominion Energy. Dominion Energy Gas also had a net affiliated receivable of $271 million due from Dominion Energy, representing $277 million of federal income taxes receivable and $6 million of state income taxes payable to Dominion Energy. Virginia Power’s net affiliated receivables were received from Dominion Energy, and Dominion Energy Gas’ affiliated receivables are expected to be received from Dominion Energy.
In addition, Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2018 included $15 million of state income taxes receivable. State income taxes receivable at Virginia Power were immaterial at December 31, 2018.
Investment tax credits are recognized by nonregulated operations in the year qualifying property is placed in service. For regulated operations, investment tax credits are deferred and amortized over the service lives of the properties giving rise to the credits. Production tax credits are recognized as energy is generated and sold.
Cash, Restricted Cash and Equivalents
Cash, Restricted Cash and Equivalents
Cash, restricted cash and equivalents include cash on hand, cash in banks and temporary investments purchased with an original maturity of three months or less.
Current banking arrangements generally do not require checks to be funded until they are presented for payment. The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
$
29
 
   $
35
 
Virginia Power
 
 
9
 
    
16
 
Dominion Energy Gas
 
 
6
 
    
7
 
 
 
Restricted Cash and Equivalents
The Companies hold restricted cash and equivalent balances that primarily consist of amounts held for litigation settlements, customer deposits and future debt payments on SBL Holdco and Dominion Solar Projects III, Inc.’s term loan agreements and on Eagle Solar’s senior note agreement.
The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017:
                                 
 
Cash, Restricted Cash and Equivalents at
End/Beginning of Year
 
 
December 31,
2019
 
  
December 31,
2018
   
December 31,
2017
   
December 31,
2016
 
(millions)
 
 
  
   
   
 
Dominion Energy
 
 
 
    
     
     
 
Cash and cash equivalents
 
 
$166
 
    
$268
      
$120
      
$261
  
Restricted cash and equivalents
(1)
  
 
103
 
    
123
     
65
     
61
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$269
 
    
$391
     
$185
     
$322
 
Virginia Power
 
 
 
    
     
     
 
Cash and cash equivalents
 
 
$  17
 
    
$  29
     
$  14
     
$  11
 
Restricted cash and equivalents
(1)
  
 
7
 
    
9
     
10
     
—
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$  24
 
    
$  38
     
$  24
     
$  11
 
Dominion Energy Gas
 
 
 
    
     
     
 
Cash and cash equivalents
(2)
  
 
$  27
 
    
$108
     
$  18
     
$  76
 
Restricted cash and equivalents
(1)
  
 
12
 
    
90
     
39
     
45
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$  39
 
    
$198
     
$  57
     
$121
 
 
 
 
 
 
(1)
Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
 
 
 
 
(2)
At December 31, 2018, 2017 and 2016, Dominion Energy Gas had $9 million, $3 million and $14 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
 
 
Distributions from Equity Method Investees
Dominion Energy and Dominion Energy Gas each hold investments that are accounted for under the equity method of accounting. Dominion Energy and Dominion Energy Gas classify distributions from equity method investees as either cash flows from operating activities or cash flows from investing activities in the Consolidated Statements of Cash Flows according to the nature of the distribution. Distributions received are classified on the basis of the nature of the activity of the investee that generated the distribution
as either a return on investment (classified as cash flows from operating activities) or a return of an investment (classified as cash flows from investing activities) when such information is available to Dominion Energy and Dominion Energy Gas.
Derivative Instruments
Derivative Instruments
The Companies are exposed to the impact of market fluctuations in the price of electricity, natural gas and other energy-related products they market and purchase, as well as interest rate and foreign currency exchange rate risks of their business operations. Dominion Energy uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage the commodity, interest rate and foreign currency exchange rate risks of its business operations. Virginia Power uses derivative instruments such as physical and financial forwards, futures, swaps, options and FTRs to manage commodity and interest rate risks. Dominion Energy Gas uses derivative instruments such as physical and financial forwards, futures and swaps to manage commodity, interest rate and foreign currency exchange rate risks.
All derivatives, except those for which an exception applies, are required to be reported in the Consolidated Balance Sheets at fair value. Derivative contracts representing unrealized gain positions and purchased options are reported as derivative assets. Derivative contracts representing unrealized losses and options sold are reported as derivative liabilities. One of the exceptions to fair value accounting, normal purchases and normal sales, may be elected when the contract satisfies certain criteria, including a requirement that physical delivery of the underlying commodity is probable. Expenses and revenues resulting from deliveries under normal purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance.
The Companies do not offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty under the same master netting arrangement. Dominion Energy had margin assets of $42 million and $95 million associated with cash collateral at December 31, 2019 and 2018, respectively. Dominion Energy’s margin liabilities of $2 million and less than $1 million associated with cash collateral at December 31, 2019 and 2018, respectively. Virginia Power had margin assets of less than $1 million associated with cash collateral at December 31, 2019. Virginia Power had no margin assets associated with cash collateral at December 31, 2018 and no margin liabilities associated with cash collateral at December 31, 2019 and 2018. Dominion Energy Gas had no margin assets or liabilities associated with cash collateral at December 31, 2019 and 2018. See Note 7 for further information about derivatives.
To manage price risk, the Companies hold derivative instruments that are not designated as hedges for accounting purposes. However, to the extent the Companies do not hold offsetting positions for such derivatives, they believe these instruments represent economic hedges that mitigate their exposure to fluctuations in commodity prices. All income statement activity, including amounts realized upon settlement, is presented in operating revenue, operating expenses, interest and related charges or other income based on the nature of the underlying risk.
Changes in the fair value of derivative instruments result in the recognition of regulatory assets or regulatory liabilities for jurisdictions subject to cost-based rate regulation. Realized gains or losses on the derivative instruments are generally recognized when the related transactions impact earnings.
Derivative Instruments Designated as Hedging Instruments
In accordance with accounting guidance pertaining to derivatives and hedge accounting, the Companies designate a portion of their derivative instruments as either cash flow or fair value hedges for accounting purposes. For derivative instruments that are accounted for as cash flow hedges or fair value hedges, the cash flows from the derivatives and from the related hedged items are classified in operating cash flows.
Cash Flow Hedges
-A majority of the Companies’ hedge strategies represents cash flow hedges of the variable price risk associated with the purchase and sale of electricity, natural gas and NGLs. The Companies also use interest rate swaps to hedge their exposure to variable interest rates on long-term debt as well as foreign currency swaps to hedge their exposure to interest payments denominated in Euros. For transactions in which the Companies are hedging the variability of cash flows, changes in the fair value of the derivatives are reported in AOCI, to the extent they are effective at offsetting changes in the hedged item. Any derivative gains or losses reported in AOCI are reclassified to earnings when the forecasted item is included in earnings, or earlier, if it becomes probable that the forecasted transaction will not occur. For cash flow hedge transactions, hedge accounting is discontinued if the occurrence of the forecasted transaction is no longer probable.
Dominion Energy entered into interest rate derivative instruments to hedge its forecasted interest payments related to planned debt issuances in 2014. These interest rate derivatives were designated by Dominion Energy as cash flow hedges prior to the formation of Dominion Energy Gas. For the purposes of the Dominion Energy Gas financial statements, the derivative balances, AOCI balance, and any income statement impact related to these interest rate derivative instruments entered into by Dominion Energy have been, and will continue to be, included in the Dominion Energy Gas’ Consolidated Financial Statements as the forecasted interest payments related to the debt issuances now occur at Dominion Energy Gas.
Fair Value Hedges
-Dominion Energy has also designated interest rate swaps as fair value hedges on certain fixed rate long-term debt to manage interest rate exposure. For fair value hedge transactions, changes in the fair value of the derivative are generally offset currently in earnings by the recognition of changes in the hedged item’s fair value. Hedge accounting is discontinued if the hedged item no longer qualifies for hedge accounting. See Note 6 for further information about fair value measurements and associated valuation methods for derivatives. See Note 7 for further information on derivatives.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment is recorded at lower of original cost or fair value, if impaired. Capitalized costs include labor, materials and other direct and indirect costs such as asset retirement costs, capitalized interest and, for certain operations subject
to
cost-of-service
rate regulation, AFUDC and overhead costs. The cost of repairs and maintenance, including minor additions and replacements, is generally charged to expense as it is incurred.
In 2019, 2018 and 2017, Dominion Energy capitalized interest costs and AFUDC to property, plant and equipment of $89 million, $134 million and $236 million, respectively. In 2019, 2018 and 2017, Virginia Power capitalized AFUDC to property, plant and equipment of $34 million, $56 million and $37 million, respectively. In 2019, 2018 and 2017, Dominion Energy Gas capitalized AFUDC to property, plant and equipment of $31 million, $25 million and $34 million, respectively.
Under Virginia law, certain Virginia jurisdictional projects qualify for current recovery of AFUDC through rate adjustment clauses. AFUDC on these projects is calculated and recorded as a regulatory asset and is not capitalized to property, plant and equipment. In 2019, 2018 and 2017, Virginia Power recorded $11 million, $4 million and $22 million of AFUDC related to these projects, respectively.
For property subject to
cost-of-service
rate regulation, including Dominion Energy and Virginia Power electric distribution, electric transmission and generation property, Dominion Energy natural gas distribution and Dominion Energy Gas natural gas transmission property, the undepreciated cost of such property, less salvage value, is generally charged to accumulated depreciation at retirement. Cost of removal collections from utility customers not representing AROs are recorded as regulatory liabilities. For property subject to
cost-of-service
rate regulation that will be abandoned significantly before the end of its useful life, the net carrying value is reclassified from
plant-in-service
when it becomes probable it will be abandoned and recorded as a regulatory asset for amounts expected to be collected through future rates.
In 2019, Virginia Power had the following charges, primarily recorded in impairment of assets and other charges in the Consolidated Statements of Income
 (reflected in the Corporate and Other segment),
related to early retirements:
 
•
 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).
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.
 
 
 
 
 
 
 
 
•
 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 $346 million ($257 million
after-tax
). 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.
 
 
 
 
 
 
 
 
•
 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 September 2019, Dominion Energy and Virginia Power abandoned certain property, plant and equipment before the end of its useful life. As a result, Dominion Energy recorded a charge of $26 million ($19 million
after-tax)
and Virginia Power recorded a charge of $17 million ($12 million
after-tax).
 
 
 
 
 
 
 
For property that is not subject to
cost-of-service
rate regulation, including nonutility property, cost of removal not associated with AROs is charged to expense as incurred. The Companies also record gains and losses upon retirement based upon the difference between the proceeds received, if any, and the property’s net book value at the retirement date.
Depreciation of property, plant and equipment is computed on the straight-line method based on projected service lives. The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(percent)
 
 
  
   
 
Dominion Energy
 
 
 
    
     
 
Generation
 
 
2.84
 
    
2.71
     
2.94
 
Transmission
 
 
2.47
 
    
2.54
     
2.55
 
Distribution
 
 
2.80
 
    
2.97
     
3.00
 
Storage
 
 
2.40
 
    
2.40
     
2.48
 
General and other
 
 
4.04
 
    
4.20
     
4.38
 
                         
Virginia Power
 
 
 
    
     
 
Generation
 
 
2.94
 
    
2.71
     
2.94
 
Transmission
 
 
2.54
 
    
2.52
     
2.54
 
Distribution
 
 
3.14
 
    
3.31
     
3.32
 
General and other
 
 
4.40
 
    
4.52
     
4.68
 
                         
Dominion Energy Gas
(1)
  
 
 
    
     
 
Transmission
 
 
2.43
 
    
2.66
     
2.67
 
Storage
 
 
2.53
 
    
2.42
     
2.51
 
General and other
 
 
4.59
 
    
4.18
     
5.08
 
 
 
 
 
 
 
 
 
(1)
Excludes rates for depreciation reported as discontinued operations.
 
 
 
 
 
 
Virginia Power expects to receive an updated depreciation study for its nuclear plants in the first
 
quarter
 of 2020, which is anticipated to reflect lower depreciation rates as a result of expected approval of license extensions from the NRC.
In 2018, Virginia Power revised depreciation rates for regulated nuclear plants to comply with Virginia Commission requirements. For the year ended December 31, 2018, this adjustment resulted in a decrease of $60 million ($44 million
after-tax)
in depreciation expense in Virginia Power’s Consolidated Statement of Income and an increase to Dominion Energy’s EPS of $0.07 per share. This change resulted in an annual decrease in depreciation expense of $30 million ($23 million
after-tax).
In 2017, Virginia Power revised the depreciation rates for its assets to reflect the results of a new depreciation study. This change resulted in an increase in annual depreciation expense of $40 million ($25 million
after-tax)
for 2017. Additionally, Dominion Energy revised the depreciable lives for its merchant generation assets, excluding Millstone, which resulted in a decrease in annual depreciation expense of $26 million ($16 million
after-tax)
for 2017.
Virginia Power’s non-jurisdictional property, plant and equipment is depreciated using the straight-line method over an estimated useful life of 30 years.
Capitalized costs of development wells and leaseholds are amortized on a
field-by-field
basis using the
unit-of-production
method and the estimated proved developed or total proved gas and oil reserves, at a rate of $1.80 and $1.89 per mcfe in 2019 and 2018, respectively.
Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:
         
Asset
 
Estimated Useful Lives
 
Merchant generation-nuclear
 
 
44 years
 
Merchant generation-other
 
 
15-30
 years
 
Nonutility gas gathering and processing
 
 
3-50
years
 
LNG facility
 
 
40 years
 
General and other
 
 
5-59
years
 
 
 
 
 
 
 
Depreciation and amortization related to Virginia Power and Dominion Energy Gas’ nonutility property, plant and equipment and exploration and production properties was immaterial for the years ended December 31, 2019, 2018 and 2017, except for Dominion Energy Gas’ nonutility LNG facility which is depreciated using the straight-line method over
 
an
 
estimated useful life of 40 years.
Nuclear fuel used in electric generation is amortized over its estimated service life on a
units-of-production
basis. Dominion Energy and Virginia Power report the amortization of nuclear fuel in electric fuel and other energy-related purchases expense in their Consolidated Statements of Income and in depreciation and amortization in their Consolidated Statements of Cash Flows.
Long-Lived and Intangible Assets
Long-Lived and Intangible Assets
The Companies perform an evaluation for impairment whenever events or changes in circumstances indicate that the carrying amount of long-lived assets or intangible assets with finite lives may not be recoverable. A long-lived or intangible asset is written down to fair value if the sum of its expected future undiscounted cash flows is less than its carrying amount. Intangible assets with finite lives are amortized over their estimated useful lives. See Note 6 for further discussion on the impairment of long-lived assets.
Regulatory Assets and Liabilities
Regulatory Assets and Liabilities
The accounting for the Companies’ regulated electric and gas operations differs from the accounting for nonregulated operations in that the Companies are required to reflect the effect of rate regulation in their Consolidated Financial Statements. For regulated businesses subject to federal or state
cost-of-service
rate regulation, regulatory practices that assign costs to accounting periods may differ from accounting methods generally applied by nonregulated companies. When it is probable that regulators will permit the recovery of current costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are deferred as regulatory assets. Likewise, regulatory liabilities are recognized when it is probable that regulators will require customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be incurred.
The Companies evaluate whether or not recovery of its regulatory assets through future rates is probable as well as whether a regulatory liability due to customers is probable and makes various assumptions in its analyses. These analyses are generally based on:
• Orders issued by regulatory commissions, legislation and judicial actions;
 
 
 
 
• Past experience;
 
 
 
 
 
 
 
• Discussions with applicable regulatory authorities and legal counsel;
 
 
 
 
 
 
 
• Forecasted earnings; and
 
 
 
 
 
 
 
• Considerations around the likelihood of impacts from events such as unusual weather conditions, extreme weather events and other natural disasters and unplanned outages of facilities.
 
 
 
 
 
 
 
Generally, regulatory assets and liabilities are amortized into income over the period authorized by the regulator. If recovery of a regulatory asset is determined to be less than probable, it will be written off in the period such assessment is made. A regulatory liability, if considered probable, will be recorded in the period such assessment is made or reversed into earnings if no longer probable. See Notes 12 and 13 to the Consolidated Financial Statements for additional information
Leases
Leases
The Companies lease certain assets including vehicles, real estate, office equipment and other operational assets under both operating and finance leases. For the Companies’ operating leases, rent expense is recognized on a straight-line basis over the term of the lease agreement, subject to regulatory framework. Rent expense associated with operating leases, short-term leases and variable leases is primarily recorded in other operations and maintenance expense in the Companies’ Consolidated Statements of Income. Rent expense associated with finance leases results in the separate presentation of interest expense on the lease liability and amortization expense of the related
right-of-use
asset in the Companies’ Consolidated Statements of Income.
Certain of the Companies’ leases include one or more options to renew, with renewal terms that can extend the lease from one to 70 years. The exercise of renewal options is solely at the Companies’ discretion and is included in the lease term if the option is reasonably certain to be exercised. A
right-of-use
asset and corresponding lease liability for leases with original lease terms of one year or less are not included in the Consolidated Balance Sheets, unless such leases contain renewal options that the Companies are reasonably certain will be exercised. Additionally, certain of the Companies’ leases contain escalation clauses whereby payments are adjusted for consumer price or other indices or contain fixed dollar or percentage increases. The Companies also have leases with variable payments based upon usage of, or revenues associated with, the leased assets.
The determination of the discount rate utilized has a significant impact on the calculation of the present value of the lease liability included in the Companies’ Consolidated Balance Sheets. For the Companies’ fleet of leased vehicles, the discount rate is equal to the prevailing borrowing rate earned by the lessor. For the Companies’ remaining leased assets, the discount rate implicit in the lease is generally unable to be determined from a lessee perspective. As such, the Companies use internally-developed incremental borrowing rates as a discount rate in the calculation of the present value of the lease liability. The incremental borrowing rates are determined based on an analysis of the Companies’ publicly available unsecured borrowing rates, adjusted for a collateral discount, over various lengths of time that most closely correspond to the Companies’ lease maturities. 
In addition, Dominion Energy acts as lessor under certain power purchase agreements in which the counterparty or counterparties purchase substantially all of the output of certain solar facilities. These leases are considered operating in nature. For such leasing arrangements, rental revenue and an associated accounts receivable are recorded when the monthly output of the solar facility is determined. Depreciation on these solar facilities is computed on a straight-line basis over an estimated useful life of 30 years.
Asset Retirement Obligations
Asset Retirement Obligations
The Companies recognize AROs at fair value as incurred or when sufficient information becomes available to determine a reasonable estimate of the fair value of future retirement activities to be performed, for which a legal obligation exists. These amounts are generally capitalized as costs of the related tangible long-lived assets. Since relevant market information is not available, fair value is estimated using discounted cash flow analyses. Quarterly, the Companies assess their AROs to determine if circumstances indicate that estimates of the amounts or timing of future cash flows associated with retirement activities have changed. AROs are adjusted when significant changes in the amounts or timing of future cash flows are identified. Dominion Energy and Dominion Energy Gas report accretion of AROs and depreciation on asset retirement costs associated with their natural gas pipeline and storage well assets as an adjustment to the related regulatory liabilities when revenue is recoverable from customers for AROs. Dominion Energy and Virginia Power report accretion of AROs and depreciation on asset retirement costs associated with decommissioning its nuclear power stations as an adjustment to the regulatory liability for certain jurisdictions. Additionally, Dominion Energy and Virginia Power report accretion of AROs and depreciation on asset retirement costs associated with certain rider and prospective rider projects as an adjustment to the regulatory asset for certain jurisdictions. Accretion of all other AROs and depreciation of all other asset retirement costs are reported in other operations and maintenance expense and depreciation expense, respectively, in the Consolidated Statements of Income.
Debt Issuance Costs
Debt Issuance Costs
The Companies defer and amortize debt issuance costs and debt premiums or discounts over the expected lives of the respective debt issues, considering maturity dates and, if applicable, redemption rights held by others. Deferred debt issuance costs are recorded as a reduction in long-term debt in the Consolidated Balance Sheets. Amortization of the issuance costs is reported as interest expense. Unamortized costs associated with redemptions of debt securities prior to stated maturity dates are generally recognized and recorded in interest expense immediately. As permitted by regulatory authorities, gains or losses resulting from the refinancing or redemption of debt allocable to utility operations subject to cost-based rate regulation are deferred and amortized.
Investments
Investments
Debt and Equity Securities with Readily Determinable Fair Values
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 cer
 
tain 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 other-than-temporary impairments) on investments held in Virginia Power’s nuclear decommissioning trusts are recorded to a regulatory liability 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 other-than-temporary 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 recorded to a regulatory liability 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 investments in debt securities and equity method investments to determine whether a decline in fair value should be considered other-than-temporary. If a decline in the fair value of any security is determined to be other-than-temporary, the security is written down to its fair value at the end of the reporting period.
Decommissioning Trust Investments —Special Considerations for Debt Securities
• The recognition provisions of other-than-temporary impairment guidance apply only to debt securities classified as
available-for-sale
or
held-to-maturity.
 
 
• Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings 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 and any remaining portion of the unrealized loss 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.
 
Inventories
Inventories
Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory is valued using the weighted-average cost method, except for East Ohio gas distribution operations, which are valued using the LIFO method. Under the LIFO method, current stored gas inventory was valued at $19 million and $12 million at December 31, 2019 and December 31, 2018, respectively. Based on the average price of gas purchased during 2019 and 2018, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by $60 million and $87 million, respectively. As a result of the Dominion Energy Gas
Restructuring, at December 31, 2018, East Ohio’s stored gas inventory is reported in current assets of discontinued operations in the Consolidated Balance Sheets of Dominion Energy Gas.
Gas Imbalances
Gas Imbalances
Natural gas imbalances occur when the physical amount of natural gas delivered from, or received by, a pipeline system or storage facility differs from the contractual amount of natural gas delivered or received. Dominion Energy and Dominion Energy Gas value these imbalances due to, or from, shippers and operators at an appropriate index price at period end, subject to the terms of its tariff for regulated entities. Imbalances are primarily settled
in-kind.
Imbalances due to Dominion Energy and Dominion Energy Gas from other parties are reported in other current assets and gas imbalances, respectively, and imbalances that Dominion Energy and Dominion Energy Gas owe to other parties are reported in other current liabilities in the Consolidated Balance Sheets.
Goodwill
Goodwill
Dominion Energy and Dominion Energy Gas evaluate goodwill for impairment annually as of April 1 and whenever an event occurs or circumstances change in the interim that would more-
likely-than-not
reduce the fair value of a reporting unit below its carrying amount.
New Accounting Standards
New Accounting Standards
Revenue Recognition
In May 2014, the FASB issued revised accounting guidance for revenue recognition from contracts with customers. The Companies adopted this revised accounting guidance for interim and annual reporting periods beginning January 1, 2018 using the modified retrospective method. Upon the adoption of the standard, Dominion Energy and Dominion Energy Gas recorded the cumulative-effect of a change in accounting principle of $3 million to retained earnings and membership interests, respectively, and to establish a contract asset related to changes in the timing of revenue recognition for three existing contracts with customers at DETI.
As a result of adopting this revised accounting guidance, Dominion Energy records offsetting operating revenue and other energy-related purchases for
non-cash
consideration of performing processing and fractionation services related to NGLs. Such amounts at Dominion Energy were $107 million, recorded in the Consolidated Statements of Income for the year ended December 31, 2018. No such amounts were recorded during the year ended December 31, 2017. Dominion Energy and Dominion Energy Gas no longer record offsetting operating revenue and purchased gas for fuel retained to offset costs on certain transportation and storage arrangements. Such amounts at Dominion Energy were $111 million and at Dominion Energy Gas were $71 million, recorded in the Consolidated Statements of Income for the year ended December 31, 2017.
Financial Instruments
In January 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of financial instruments. The guidance became effective for the Companies’ interim and annual reporting periods beginning
January 1, 2018 and the Companies adopted the standard using the modified retrospective method. Upon adoption of this guidance for equity securities held at January 1, 2018, Dominion Energy and Virginia Power recorded the cumulative-effect of a change in accounting principle to reclassify net unrealized gains from AOCI to retained earnings and to recognize equity securities previously categorized as cost method investments at fair value (using NAV) in nuclear decommissioning trust funds in the Consolidated Balance Sheets and a cumulative-effect adjustment to retained earnings. Dominion Energy and Virginia Power reclassified approximately $1.1 billion ($734 million
after-tax)
and $119 million ($73 million
after-tax),
respectively, of net unrealized gains from AOCI to retained earnings. Dominion Energy and Virginia Power also recorded approximately $36 million ($22 million
after-tax)
in net unrealized gains on equity securities previously classified as cost method investments, of which $3 million was recorded to retained earnings and $33 million was recorded to regulatory liabilities for net unrealized gains subject to cost-based regulation. As a result of adopting this revised accounting guidance, Dominion Energy recorded unrealized losses on equity securities, net of regulatory deferrals, of $190 million ($142 million
after-tax)
in other income in the Consolidated Statements of Income for the year ended December 31, 2018, resulting in an $0.22 loss per share for the year ended December 31, 2018. Virginia Power recorded unrealized losses on equity securities, net of regulatory deferrals, of $24 million ($18 million
after-tax)
in other income in the Consolidated Statements of Income for the year ended December 31, 2018.
Leases
In February 2016, the FASB issued revised accounting guidance for the recognition, measurement, presentation and disclosure of leasing arrangements. The update requires that a liability and corresponding
right-of-use
asset are recorded on the balance sheet for all leases, including those leases classified as operating leases, while also refining the definition of a lease. In addition, lessees are required to disclose key information about the amount, timing and uncertainty of cash flows arising from leasing arrangements. Lessor accounting remains largely unchanged.
The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2019. The Companies adopted this revised accounting guidance using a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the date of adoption. Under this approach, the Companies utilized the transition practical expedient to maintain historical presentation for periods before January 1, 2019. The Companies also applied the other practical expedients, which required no reassessment of whether existing contracts are or contain leases, no reassessment of lease classification for existing leases and no reassessment of existing or expired land easements that were not previously accounted for as leases. In connection with the adoption of this revised accounting guidance, Dominion Energy, Virginia Power and Dominion Energy Gas recorded $504 million, $209 million and $64 million, respectively, of offsetting
right-of-use
assets and liabilities for operating leases in effect at the adoption date. As a result of the Dominion Energy Gas Restructuring, $25 million of such
right-of-use
assets and liabilities for operating leases recorded
at Dominion Energy Gas were associated with discontinued operations. See Note 15 for additional information.
Derecognition And Partial Sales Of Nonfinancial Assets
In February 2017, the FASB issued revised accounting guidance clarifying the scope of asset derecognition guidance and accounting for partial sales of nonfinancial assets. The guidance became effective for the Companies’ interim and annual reporting periods beginning January 1, 2018, and the Companies adopted the standard using the modified retrospective method. Upon adoption of the standard, Dominion Energy recorded the cumulative-effect of a change in accounting principle to reclassify $127 million from noncontrolling interests to common stock related to the sale of a noncontrolling interest in certain merchant solar projects completed in December 2015 and January 2016.
Net Periodic Pension And Other Postretirement Benefit Costs
In March 2017, the FASB issued revised accounting guidance for the presentation of net periodic pension and other postretirement benefit costs. This guidance became effective for the Companies beginning January 1, 2018 and requires that the service cost component of net periodic pension and other postretirement benefit costs be classified in the same line item as other compensation costs arising from services rendered by employees, while all other components of net periodic pension and other postretirement costs are classified outside of income from operations. In addition, only the service cost component remains eligible for capitalization during construction. These changes do not impact the accounting by participants in a multi-employer plan. The standard also recognizes that in the event that a regulator continues to require capitalization of all net periodic benefit costs prospectively, the difference would result in recognition of a regulatory asset or liability. For costs not capitalized for which regulators are expected to provide recovery, a regulatory asset will be established. As such, the amounts eligible for capitalization in the Consolidated Financial Statements of Virginia Power and Dominion Energy Gas, as subsidiary participants in Dominion Energy’s multi-employer plans, will differ from the amounts eligible for capitalization in the Consolidated Financial Statements of Dominion Energy, the plan administrator. These differences will result in a regulatory asset or liability recorded in the Consolidated Financial Statements of Dominion Energy.
Tax Reform
In December 2017, the staff of the SEC issued guidance which clarifies accounting for income taxes if information is not yet available or complete and provided for up to a
one-year
measurement period in which to complete the required analyses and accounting. The guidance described three scenarios associated with a company’s status of accounting for income tax reform: (1) a company is complete with its accounting for certain effects of tax reform, (2) a company is able to determine a reasonable estimate for certain effects of tax reform and records that estimate as a provisional amount, or (3) a company is not able to determine a reasonable estimate and therefore continues to apply accounting for income taxes based on the provisions of the tax laws that were in effect immediately prior to the 2017 Tax
Reform Act being enacted. The Companies have accounted for the effects of the 2017 Tax Reform Act, although additional changes could occur as guidance is issued and finalized as described below. In addition, the major states in which the Companies operate have addressed conformity with some or all of the provisions of the 2017 Tax Reform Act, although some states have modified certain of these provisions.
In August 2018, the U.S. Department of Treasury issued proposed regulations addressing the availability of federal bonus depreciation for the period beginning after September 27, 2017 through December 31, 2017. The application of these changes decreased Dominion Energy’s net operating loss carryforward utilization on its 2017 tax return. The impacts of proposed and final regulations issued in 2019 on the applicability of accelerated depreciation were immaterial at the Companies, as discussed in Note 5.
In November 2018, the U.S. Department of Treasury issued proposed regulations defining interest as any amounts associated with the time value of money or use of funds. These proposed regulations provide guidance for purposes of the exception to the interest limitation for regulated public utilities, the application of the interest limitation to consolidated groups, such as Dominion Energy, and the interest limitation with respect to partnerships and partners in those partnerships. It is unclear when the guidance may be finalized, or whether that guidance could result in a disallowance of a portion of the Companies’ interest deductions in the future.
In February 2018, the FASB issued revised accounting guidance to provide clarification on the application of the 2017 Tax Reform Act for balances recorded within AOCI. The revised guidance provides for stranded amounts within AOCI from the impacts of the 2017 Tax Reform Act to be reclassified to retained earnings. The Companies adopted this guidance for interim and annual reporting periods beginning January 1, 2018 on a prospective basis. In connection with the adoption of this guidance, Dominion Energy reclassified a benefit of $289 million from AOCI to retained earnings, Virginia Power reclassified a benefit of $3 million from AOCI to retained earnings and Dominion Energy Gas reclassified a benefit of $26 million from AOCI to membership interests. The amounts reclassified reflect the reduction in the federal income tax rate, and the federal benefit of state income taxes, on the components of the Companies’ AOCI.
v3.19.3.a.u2
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Checks Outstanding but Not Yet Presented for Payment The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
$
29
 
   $
35
 
Virginia Power
 
 
9
 
    
16
 
Dominion Energy Gas
 
 
6
 
    
7
 
 
 
Reconciliation of Total Cash, Restricted Cash and Equivalents
The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017:
                                 
 
Cash, Restricted Cash and Equivalents at
End/Beginning of Year
 
 
December 31,
2019
 
  
December 31,
2018
   
December 31,
2017
   
December 31,
2016
 
(millions)
 
 
  
   
   
 
Dominion Energy
 
 
 
    
     
     
 
Cash and cash equivalents
 
 
$166
 
    
$268
      
$120
      
$261
  
Restricted cash and equivalents
(1)
  
 
103
 
    
123
     
65
     
61
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$269
 
    
$391
     
$185
     
$322
 
Virginia Power
 
 
 
    
     
     
 
Cash and cash equivalents
 
 
$  17
 
    
$  29
     
$  14
     
$  11
 
Restricted cash and equivalents
(1)
  
 
7
 
    
9
     
10
     
—
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$  24
 
    
$  38
     
$  24
     
$  11
 
Dominion Energy Gas
 
 
 
    
     
     
 
Cash and cash equivalents
(2)
  
 
$  27
 
    
$108
     
$  18
     
$  76
 
Restricted cash and equivalents
(1)
  
 
12
 
    
90
     
39
     
45
 
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows
 
 
$  39
 
    
$198
     
$  57
     
$121
 
 
 
 
 
 
(1)
Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
 
 
 
 
(2)
At December 31, 2018, 2017 and 2016, Dominion Energy Gas had $9 million, $3 million and $14 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
 
 
Schedule of Depreciation Rates The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(percent)
 
 
  
   
 
Dominion Energy
 
 
 
    
     
 
Generation
 
 
2.84
 
    
2.71
     
2.94
 
Transmission
 
 
2.47
 
    
2.54
     
2.55
 
Distribution
 
 
2.80
 
    
2.97
     
3.00
 
Storage
 
 
2.40
 
    
2.40
     
2.48
 
General and other
 
 
4.04
 
    
4.20
     
4.38
 
                         
Virginia Power
 
 
 
    
     
 
Generation
 
 
2.94
 
    
2.71
     
2.94
 
Transmission
 
 
2.54
 
    
2.52
     
2.54
 
Distribution
 
 
3.14
 
    
3.31
     
3.32
 
General and other
 
 
4.40
 
    
4.52
     
4.68
 
                         
Dominion Energy Gas
(1)
  
 
 
    
     
 
Transmission
 
 
2.43
 
    
2.66
     
2.67
 
Storage
 
 
2.53
 
    
2.42
     
2.51
 
General and other
 
 
4.59
 
    
4.18
     
5.08
 
 
 
 
 
 
 
 
 
(1)
Excludes rates for depreciation reported as discontinued operations.
 
 
 
 
 
 
Property, Plant and Equipment
Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:
         
Asset
 
Estimated Useful Lives
 
Merchant generation-nuclear
 
 
44 years
 
Merchant generation-other
 
 
15-30
 years
 
Nonutility gas gathering and processing
 
 
3-50
years
 
LNG facility
 
 
40 years
 
General and other
 
 
5-59
years
 
 
 
 
 
 
 
v3.19.3.a.u2
Acquisitions and Dispositions (Tables)
 12 Months Ended
Dec. 31, 2019
East Ohio  
Schedule of Results of Operations 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:
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Operating revenue
 
                  $
594
 
                       $
729
                        $
728
 
Depreciation and amortization
 
 
73
 
    
76
     
71
 
Other operating expenses
 
 
399
 
    
444
     
428
 
Other income
 
 
61
 
    
72
     
50
 
Interest and related charges
 
 
33
 
    
37
     
33
 
Income tax expense
 
 
26
 
    
53
     
86
 
Net income from discontinued operations
 
 
124
 
    
191
     
160
 
 
 
 
 
Schedule of Major Classes of Assets and Liabilities Reported As Discontinued Operation
The carrying amounts of major classes of assets and liabilities relating to East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
         
 
At December 31, 2018
 
(millions)
 
 
Current assets of discontinued operations
(1)
                     $
423
 
Investments
   
2
 
Property, plant and equipment, net
   
3,669
 
Regulatory assets
   
711
 
Other deferred charges and other assets, including goodwill and intangible assets
   
1,275
 
Noncurrent assets of discontinued operations
   
5,657
 
Current liabilities of discontinued operations
   
1,262
 
Long-term debt
   
1,300
 
Deferred income taxes and investment tax credits
   
716
 
Regulatory liabilities
   
747
 
Other deferred credits and liabilities
   
108
 
Noncurrent liabilities of discontinued operations
   
2,871
 
 
 
 
 
 
 
(1)
Includes cash and cash equivalents of $9 million as of December 31, 2018.
 
 
 
 
Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations
Capital expenditures and significant noncash items relating to East Ohio included the following:
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Capital expenditures
 
                    $
299
 
                     $
352
                      $
348
 
Significant noncash items
:
  
 
 
    
     
 
Charge related to a voluntary retirement program
 
 
20
 
    
—
      
—
  
Accrued capital expenditures
 
 
2
 
    
5
     
8
 
 
 
 
 
DGP  
Schedule of Results of Operations 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:
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Operating revenue
 
                  $
125
 
                     $
220
                      $
114
 
Depreciation and amortization
 
 
4
 
    
15
     
15
 
Impairment of assets and related charges
 
 
—
 
    
219
     
—
  
Other operating expenses
 
 
97
 
    
206
     
91
 
Income tax expense (benefit)
 
 
7
 
    
(53
 )    
5
 
Net income (loss) from discontinued operations
 
                  $
17
 
                     $
(167
 )                     $
3
 
 
 
 
 
Schedule of Major Classes of Assets and Liabilities Reported As Discontinued Operation
The carrying amounts of major classes of assets and liabilities relating to DGP, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets were as follows:
 
         
 
At December 31, 2018
 
(millions)
 
 
Current assets of discontinued operations
(1)
                         $
21
 
Noncurrent assets of discontinued operations
(2)
    
192
 
Current liabilities of discontinued operations
   
11
 
Noncurrent liabilities of discontinued operations
   
25
 
 
 
 
 
 
 
(1)
Includes cash and cash equivalents of less than $1 million.
 
 
 
 
 
(2)
Primarily property, plant and equipment, net.
 
 
 
 
Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations
Capital expenditures and significant noncash items of DGP included the following:
 
                         
 
Period Ended
November 6, 2019
 
  
Year Ended
December 31, 2018
   
Year Ended
December 31, 2017
 
(millions)
 
   
   
 
Capital expenditures
 
                 $
11
 
                                $
6
                      $
8
 
Significant noncash
items
:
  
 
 
    
     
 
Impairment of assets and related charges
 
 
—
      
(219
 )    
—
  
 
 
SCANA  
Schedule of Allocation of Purchase Price to Assets Acquired and Liabilities Assumed
The table below shows the allocation of the purchase price to the assets acquired and liabilities assumed at closing, which reflects certain adjustments related to income taxes, as discussed in Note 5, from the preliminary valuation recognized during the measurement period.
 
Amount
 
(millions)
 
 
Total current assets
(1)
  
$
1,782
 
Investments
(2)
  
 
224
 
Property, plant and equipment
(3)(4)
  
 
11,006
 
Goodwill
 
 
2,609
 
Regulatory assets
(5)
  
 
3,940
 
Other deferred charges and other assets, including intangible assets
(6)
  
 
430
 
Total Assets
 
 
19,991
 
Total current liabilities
(7)
  
 
1,556
 
Long-term debt
 
 
6,707
 
Deferred income taxes
 
 
1,068
 
Regulatory liabilities
 
 
2,706
 
Other deferred credits and other liabilities
(8)
  
 
1,115
 
Total Liabilities
 
 
13,152
 
Total purchase price
(9)
  
$
6,839
 
 
(1)
Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted.
(2)
Includes $31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized.
(
3
)
Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million
after-tax),
included in impairment of assets and other charges (reflected in the Corporate and Other segment).
(
4
)
Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years.
(
5
)
Includes $258 million of certain income
tax-related
regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information.
(
6
)
Intangible assets have an estimated weighted-average amortization period of approximately five years.
(
7
)
Includes $40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $173 million outstanding commercial paper under various credit facilities. As discussed in Note 17, all credit facilities were terminated in 2019.
(
8
)
Includes a $379 million pension and other postretirement benefit liability.
(
9
)
Includes stock-based compensation awards with a fair value of $21 million.
v3.19.3.a.u2
Operating Revenue (Tables)
 12 Months Ended
Dec. 31, 2019
Operating Revenue For Revised Guidance of Revenue Recognition From Contracts with Customers
The Companies’ operating revenue, subsequent to the adoption of revised guidance for revenue recognition from contracts with customers, consists of the following:
                 
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Regulated electric sales:
 
 
 
    
 
Residential
 
$
4,325
 
   $
3,413
 
Commercial
 
 
3,219
 
    
2,503
 
Industrial
 
 
683
 
    
490
 
Government and other retail
 
 
873
 
    
854
 
Wholesale
 
 
176
 
    
137
 
Nonregulated electric sales
 
 
926
 
    
1,294
 
Regulated gas sales:
 
 
 
    
 
Residential
 
 
1,343
 
    
818
 
Commercial
 
 
457
 
    
221
 
Other
 
 
117
 
    
36
 
Nonregulated gas sales
 
 
496
 
    
214
 
Regulated gas transportation and storage:
 
 
 
    
 
FERC-regulated
 
 
1,057
 
    
1,091
 
State-regulated
 
 
742
 
    
640
 
Nonregulated gas transportation and storage
 
 
676
 
    
442
 
Other regulated revenues
 
 
259
 
    
179
 
Other nonregulated revenues
(1)(2)
  
 
415
 
    
563
 
Total operating revenue from contracts with customers
 
 
15,764
 
    
12,895
 
Other revenues
(2)(3)
  
 
808
 
    
471
 
Total operating revenue
 
$
16,572
 
   $
13,366
 
Virginia Power
 
 
 
    
 
Regulated electric sales:
 
 
 
    
 
Residential
 
$
3,657
 
   $
3,413
 
Commercial
 
 
2,712
 
    
2,503
 
Industrial
 
 
455
 
    
490
 
Government and other retail
 
 
823
 
    
854
 
Wholesale
 
 
128
 
    
137
 
Other regulated revenues
 
 
190
 
    
132
 
Other nonregulated revenues
(1)(2)
  
 
71
 
    
55
 
Total operating revenue from contracts with customers
 
 
8,036
 
    
7,584
 
Other revenues
(1)(3)
  
 
72
 
    
35
 
Total operating revenue
 
$
8,108
 
   $
7,619
 
Dominion Energy Gas
 
 
 
    
 
Regulated gas sales—wholesale
 
$
9
 
   $
25
 
Nonregulated gas sales
(1)
  
 
6
 
    
7
 
Regulated gas transportation and storage
 
 
1,300
 
    
1,249
 
Nonregulated gas transportation and storage
 
 
676
 
    
442
 
Management service revenue
(1)
  
 
162
 
    
257
 
Other regulated revenues
(1
)(2
)
  
 
7
 
    
19
 
Other nonregulated revenues
(1
)(2
)
  
 
5
 
    
3
 
Total operating revenue from contracts with customers
 
 
2,165
 
    
2,002
 
Other revenues
 
 
4
 
    
(6
 )
Total operating revenue
 
$
2,169
 
   $
1,996
 
 
 
 
 
(1)
See Notes 9 and 25 for amounts attributable to related parties and affiliates.
(2)
Amounts above include sales which are considered to be goods transferred at a point in time. For the years ended December 31, 2019 and 2018, such amounts included $171 million and $241 million, respectively, at Dominion Energy and $5 million and $10 million, respectively, at Dominion Energy Gas, primarily consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the years ended December 31, 2019 and 2018, such sales were $24 million and $ 17 million, respectively, at Dominion Energy and $17 million and $11 million, respectively, at Virginia Power.
(3)
Includes alternative revenue of $66 million and $52 million for the year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power.
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 December 31, 2019
  
2020
 
  
2021
   
2022
   
2023
   
2024
   
Thereafter
   
Total
 
(millions)
 
 
  
   
   
   
   
   
 
                                                         
Dominion Energy
 
$
1,569
 
   $
1,470
     $
1,363
     $
1,216
     $
1,104
     $
 12,519
     $
19,241
  
Virginia Power
 
 
3
 
    
1
      
—
      
—
      
—
      
—
      
4
  
Dominion Energy Gas
 
 
1,723
 
    
1,624
      
1,495
      
1,325
      
1,185
      
12,783
      
20,135
  
Subsequent To Adoption of Revised Guidance  
Operating Revenue For Revised Guidance of Revenue Recognition From Contracts with Customers
The Companies’ operating revenue, prior to the adoption of revised guidance for revenue recognition from contracts with customers, consisted of the following:
 
Year Ended December 31
 
2017
 
(millions)
 
 
Dominion Energy
 
 
 
Electric sales:
 
 
 
Regulated
  $
7,383
 
Nonregulated
   
1,429
 
Gas sales:
   
 
Regulated
   
1,067
 
Nonregulated
   
457
 
Gas transportation and storage
   
1,786
 
Other
   
464
 
Total operating revenue
  $
12,586
 
Virginia Power
   
 
Regulated electric sales
  $
7,383
 
Other
   
173
 
Total operating revenue
  $
7,556
 
Dominion Energy Gas
   
 
Gas sales:
   
 
Regulated
  $
6
 
Nonregulated
   
6
 
Gas transportation and storage
   
1,291
 
Other
   
220
 
Total operating revenue
  $
1,523
 
v3.19.3.a.u2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income tax expense for continuing operations including noncontrolling interests
Continuing Operations
Details of income tax expense for continuing operations including noncontrolling interests were as follows:
 
Dominion Energy
   
Virginia Power
   
Dominion Energy Gas
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
   
 
  
   
   
 
  
   
 
Current:
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
Federal
 
$
32
 
   $
(45
 )   $
(1
 )  
$
286
 
   $
36
    $
432
   
$
130
 
   $
(227
 )   $
75
 
State
 
 
103
 
    
108
     
(26
 )  
 
58
 
    
40
     
73
   
 
17
 
    
31
     
13
 
Total current expense (benefit)
 
 
135
 
    
63
     
(27
 )  
 
344
 
    
76
     
505
   
 
147
 
    
(196
 )    
88
 
Deferred:
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
Federal
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
2017 Tax Reform Act impact
(1)
  
 
—
 
    
46
     
(851
 )  
 
—
 
    
21
     
(93
 )  
 
—
 
    
(6
 )    
(246
 )
Taxes before operating loss carryforwards, investment tax credits and tax reform
 
 
182
 
    
436
     
739
   
 
(128
)
    
199
     
319
   
 
(36
)
   
343
     
88
 
Tax utilization expense (benefit) of operating loss carryforwards
 
 
119
 
    
92
     
174
   
 
—
 
    
—
      
4
   
 
—
 
    
—
      
—
  
Investment tax credits
 
 
(51
)
   
(56
 )    
(200
 )  
 
(34
)
   
(51
 )    
(23
 )  
 
—
 
    
—
      
—
  
State
 
 
(93
)
   
(1
 )    
132
   
 
22
 
    
55
     
59
   
 
(10
)
   
(17
 )    
5
 
Total deferred expense (benefit)
 
 
157
 
    
517
     
(6
 )  
 
(140
)
    
224
     
266
   
 
(46
)
   
320
     
(153
 )
Investment tax credit-gross deferral
 
 
62
 
    
2
     
5
   
 
62
 
    
2
     
5
   
 
—
 
    
—
      
—
  
Investment tax credit-amortization
 
 
(3
)
   
(2
 )    
(2
 )  
 
(2
)
   
(2
 )    
(2
 )  
 
—
 
    
—
      
—
  
Total income tax expense (benefit)
 
$
351
 
   $
580
    $
(30
 )  
$
264
 
   $
300
    $
774
   
$
101
 
   $
124
    $
(65
 )
 
(1)
The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $8 million for the year ended December 31, 2018 and a benefit of $93 million for the year ended December 31, 2017 arising from discontinued operations.
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
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
U.S. statutory rate
 
 
21.0
%
   
21.0
 %    
35.0
 %  
 
21.0
%
   
21.0
 %    
35.0
 %  
 
21.0
%
   
21.0
 %    
35.0
 %
Increases (reductions) resulting from:
 
 
 
    
     
   
 
 
    
     
   
 
 
    
     
 
State taxes, net of federal benefit
 
 
1.3
 
    
3.0
     
2.0
   
 
4.5
 
    
4.7
     
3.7
   
 
2.5
 
    
3.2
     
2.6
 
Investment tax credits
 
 
(5.7
)
   
(1.9
 )    
(6.3
 )  
 
(2.9
)
   
(3.5
 )    
(0.8
 )  
 
—
 
    
—
      
—
  
Production tax credits
 
 
(1.1
)
   
(0.7
 )    
(0.7
 )  
 
(0.7
)
   
(0.7
 )    
(0.4
 )  
 
—
 
    
—
      
—
  
Valuation allowances
 
 
0.1
 
    
0.3
     
0.2
   
 
—
 
    
—
      
—
    
 
(0.2
)
   
—
      
0.3
 
Reversal of excess deferred income taxes
 
 
(2.0
)
   
(2.0
 )    
—
    
 
(3.1
)
   
(3.2
 )    
—
    
 
(0.8
)
   
(0.6
 )    
—
  
Federal legislative change
 
 
—
 
    
1.5
     
(27.5
 )  
 
—
 
    
1.3
     
(4.0
 )  
 
—
 
    
(0.5
 )    
(41.0
 )
State legislative change
 
 
—
 
    
(0.6
 )    
—
    
 
—
 
    
—
      
—
    
 
—
 
    
(2.0
 )    
(0.7
 )
Write-off
of regulatory assets
  
 
10.9
 
    
—
      
—
    
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Change in tax status
 
 
(2.8
)
   
—
      
—
    
 
—
 
    
—
      
—
    
 
(6.0
)
   
—
      
—
  
AFUDC—equity
 
 
(1.8
)
   
(0.8
 )    
(1.4
 )  
 
—
 
    
(0.5
 )    
(0.6
 )  
 
(0.5
)
   
(0.3
 )    
(0.9
 )
Employee stock ownership plan deduction
 
 
(0.7
)
   
(0.4
 )    
(0.6
 )  
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Other, net
 
 
1.1
 
    
(0.9
 )    
(1.7
 )  
 
(0.2
)
   
(0.1
 )    
0.6
   
 
(3.4
)
(1)
    
(4.4
 )
(1)
    
(6.0
 )
(1)
Effective tax rate
 
 
20.3
%
   
18.5
 %    
(1.0
 )%  
 
18.6
%
   
19.0
 %    
33.5
 %  
 
12.6
%
   
16.4
 %    
(10.7
 )%
(1)
Includes (3.2)%, (4.6)% and (6.7)% relating to the absence of tax on noncontrolling interest in 2019, 2018 and 2017, respectively.
Deferred income taxes components
The Companies’ deferred income taxes consist of the following:
 
  
Dominion Energy
   
Virginia Power
   
 
Dominion Energy
Gas
 
At December 31,
  
2019
 
  
2018
    
2019
 
  
2018
    
2019
 
  
2018
  
(millions)
 
 
  
   
 
  
   
 
  
 
                                                 
Deferred income taxes:
 
 
 
    
   
 
 
    
   
 
 
    
 
Total deferred income tax assets
 
$
3,736
 
   $
2,748
   
$
   1,207
 
    
$   1,054
   
 
$   206
 
   $
296
 
Total deferred income tax liabilities
 
 
9,883
 
    
7,813
   
 
4,058
 
    
4,020
   
 
1,494
 
    
1,626
 
Total net deferred income tax liabilities
 
$
6,147
 
   $
5,065
   
$
2,851
 
    
$2,966
   
 
$1,288
 
   $
1,330
 
                                                 
Total deferred income taxes:
 
 
 
    
   
 
 
    
   
 
 
    
 
Plant and equipment, primarily depreciation method and basis differences
 
$
6,616
 
   $
4,933
   
$
3,359
 
   $
3,367
   
$
742
 
   $
671
 
Excess deferred income taxes
 
 
(1,306
)
    
(993
 )  
 
(672
)
    
(678
 )  
 
(149
)
    
(156
 )
Unrecovered NND Project costs
 
 
553
 
    
—
    
 
—
 
    
—
    
 
—
 
    
—
  
DESC rate refund
 
 
(169
)
   
—
    
 
—
 
    
—
    
 
—
 
    
—
  
Toshiba Settlement
 
 
(219
)
   
—
    
 
—
 
    
—
    
 
—
 
    
—
  
Nuclear decommissioning
 
 
909
 
    
815
   
 
290
 
    
273
   
 
—
 
    
—
  
Deferred state income taxes
 
 
863
 
    
626
   
 
302
 
    
284
   
 
199
 
    
203
 
Federal benefit of deferred state income taxes
 
 
(184
)
    
(132
 )  
 
(63
)
    
(60
 )  
 
(42
)
    
(43
 )
Deferred fuel, purchased energy and gas costs
 
 
30
 
    
60
   
 
1
 
    
59
   
 
—
 
    
(1
 )
Pension benefits
 
 
174
 
    
81
   
 
(153
)
    
(132
 )  
 
154
 
    
134
 
Other postretirement benefits
 
 
(37
)
    
(5
 )  
 
62
 
    
55
   
 
(6
)
    
(3
 )
Loss and credit carryforwards
 
 
(1,832
)
    
(1,546
 )  
 
(280
)
    
(183
 )  
 
(1
)
    
(5
 )
Valuation allowances
 
 
161
 
    
158
   
 
5
 
    
5
   
 
1
 
    
6
 
Partnership basis differences
 
 
823
 
    
1,135
   
 
—
 
    
—
    
 
423
 
    
570
 
Other
 
 
(235
)
    
(67
 )  
 
—
 
    
(24
 )  
 
(33
)
    
(46
 )
Total net deferred income tax liabilities
 
$
6,147
 
   $
5,065
   
$
2,851
 
    
$2,966
   
 
$1,288
 
   $
1,330
 
Deferred Investment Tax Credits – Regulated Operations
 
 
130
 
    
51
   
 
111
 
    
51
   
 
—
 
    
—
  
Total Deferred Taxes and Deferred Investment Tax Credits
 
$
6,277
 
   $
5,116
   
$
2,962
 
    
$3,017
   
 
$1,288
 
   $
1,330
 
Summary of deductible loss and credit carryforwards
At December 31, 2019, Dominion Energy had the following deductible loss and credit carryforwards:
 
Deductible
Amount
   
Deferred
Tax Asset
   
Valuation
Allowance
   
Expiration
Period
 
(millions)
 
 
  
   
   
 
Federal losses
 
 
$   1,361
 
  
$
286
 
  
 
$    —
 
  
 
2037
 
Federal investment credits
 
 
—
 
  
 
922
 
  
 
—
 
  
 
2035-2039
 
Federal production credits
 
 
—
 
  
 
126
 
  
 
—
 
  
 
2035-2039
 
Other federal credits
 
 
—
 
  
 
40
 
  
 
—
 
  
 
2035-2038
 
State losses
 
 
3,074
 
  
 
173
 
  
 
(57
)
 
 
2020-2038
 
State minimum tax credits
 
 
—
 
  
 
165
 
  
 
—
 
  
 
No expiration
 
State investment and other credits
 
 
—
 
  
 
144
 
  
 
(98
)
 
 
2020-2031
 
Total
 
 
$4,435
 
  
$
1,856
 
  
 
$(155)
 
  
 
 
At December 31, 2019, Virginia Power had the following deductible loss and credit carryforwards:
 
Deductible
Amount
   
Deferred
Tax Asset
   
Valuation
Allowance
   
Expiration
Period
 
(millions)
 
 
  
   
   
 
Federal investment credits
 
 
$ —
 
  
 
$ 213
 
  
 
$ —
 
  
 
2035-2039
 
Federal production and other credits
 
 
—
 
  
 
58
 
  
 
—
 
  
 
2035-2039
 
State investment credits
 
 
—
 
  
 
9
 
  
 
(5
)
 
 
2024
 
Total
 
 
$
 —
 
  
 
$ 280
 
  
 
$ (5
)
 
 
 
Reconciliation of changes in unrecognized tax benefits
A reconciliation of changes in the Companies’ unrecognized tax benefits follows:
 
Dominion Energy
   
Virginia Power
   
Dominion Energy
Gas
 
  
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
   
 
  
   
   
 
  
   
 
Balance at January 1
 
$
44
 
   $
38
    $
64
   
$
2
 
   $
4
    $
13
   
 
$2
 
   $
2
     
$9
 
Acquired unrecognized tax benefits
 
 
129
(1)
 
    
—
      
—
    
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Increases-prior period positions
 
 
—
 
    
10
      
1
    
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Decreases-prior period positions
 
 
—
 
    
—
      
(9
 )  
 
—
 
    
—
      
(1
 )  
 
—
 
    
—
      
—
  
Increases-current period positions
 
 
9
 
    
10
     
5
   
 
—
 
    
—
      
—
    
 
—
 
    
—
      
—
  
Settlements with tax authorities
 
 
(7
)
   
(6
 )    
(23
 )  
 
(2
)
   
(1
 )    
(8
 )  
 
—
 
    
—
      
(7
 )
Expiration of statutes of limitations
 
 
—
 
    
(8
 )    
—
    
 
—
 
    
(1
 )    
—
    
 
—
 
    
—
      
—
  
Balance at December 31
 
$
 175
 
   $
44
    $
38
   
$
—
 
   $
2
    $
4
   
 
$2
 
   $
2
     
$2
 
 
(1)
Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting.
Earliest tax year remaining
For each of the major states in which Dominion Energy operates, the earliest tax year remaining open for examination is as follows:
State
 
Earliest
Open Tax
Year
 
Pennsylvania
(1)
  
 
2012
 
Connecticut
 
 
2016
 
Virginia
(2)
  
 
2016
 
West Virginia
(1)
  
 
2016
 
New York
(1)
  
 
2015
 
Utah
 
 
2016
 
South Carolina
 
 
2012
 
v3.19.3.a.u2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Inputs, Assets, Quantitative Information
 
 
The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at December 31, 2019. 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)
  
 
$  13
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(1) -
 
4
     
—
 
FTRs
 
 
6
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(1) - 5
     
1
 
Total assets
 
 
$  19
 
    
     
     
     
 
                                         
Liabilities
 
 
 
    
     
     
     
 
Physical and financial forwards:
 
 
 
    
     
     
     
 
Natural gas
(2)
  
 
$  43
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(2) - 4
     
(1
 )
FTRs
 
 
5
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(4) - 4
     
—
 
Physical options:
 
 
 
    
     
     
     
 
Natural gas
 
 
8
 
    
Option model
     
Market price (per Dth)
(3)
      
1 - 4
     
3
 
 
 
 
    
     
Price volatility
(4)
      
24% - 66%
     
37
 %
Total liabilities
 
 
$  56
 
    
     
     
     
 
 
 
 
 
 
 
 
(1)
Averages weighted by volume.
 
 
 
 
 
 
(2)
Includes basis.
 
 
 
 
 
 
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
 
 
 
 
 
 
(4)
Represents volatilities unrepresented in published markets.
 
 
 
 
 
Fair Value, Option, Qualitative Disclosures
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
 
                         
Significant Unobservable
Inputs
 
Position
   
Change to Input
   
Impact on Fair
Value Measurement
 
Market price
   
Buy
     
Increase (decrease)
     
Gain (loss)
 
Market price
   
Sell
     
Increase (decrease)
     
Loss (gain)
 
Price volatility
   
Buy
     
Increase (decrease)
     
Gain (loss)
 
Price volatility
   
Sell
     
Increase (decrease)
     
Loss (gain)
 
 
 
 
 
 
Fair Value, by Balance Sheet Grouping
The following table presents 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)
 
 
  
   
   
 
                                 
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
 
December 31, 2018
 
 
 
    
     
     
 
Assets
 
 
 
    
     
     
 
Derivatives:
 
 
 
    
     
     
 
Commodity
  $
—
    $
180
     
$  70
    $
250
 
Interest rate
   
—
     
18
     
—
     
18
 
Foreign currency
   
—
     
26
     
—
     
26
 
Investments
(1)
:
   
     
     
     
 
Equity securities:
   
     
     
     
 
U.S.
   
3,277
     
—
     
—
     
3,277
 
Fixed income:
   
     
     
     
 
Corporate debt instruments
   
—
     
431
     
—
     
431
 
Government securities
   
455
     
688
     
—
     
1,143
 
Cash equivalents and other
   
11
     
—
     
—
     
11
 
Total assets
  $
3,743
    $
1,343
     
$  70
    $
5,156
 
Liabilities
   
     
     
     
 
Derivatives:
   
     
     
     
 
Commodity
  $
—
    $
129
     
$    6
    $
135
 
Interest rate
   
—
     
142
     
—
     
142
 
Foreign currency
   
—
     
2
     
—
     
2
 
Total liabilities
  $
—
    $
273
     
$    6
    $
279
 
 
 
 
 
 
 
 
(1)
Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $274 million and $220 million of assets at December 31, 2019 and 2018, 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:
                         
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Balance at January 1,
 
$
64
 
   $
150
    $
139
 
Total realized and unrealized gains (losses):
 
 
 
    
     
 
Included in earnings:
 
 
 
    
     
 
Operating Revenue
 
 
(1
)
   
(2
 )    
3
 
Electric fuel and other energy-related purchases
 
 
(22
)
   
(15
 )    
(42
 )
Purchased gas
 
 
2
 
    
—
      
1
 
Included in other comprehensive income (loss)
 
 
—
 
    
1
     
(2
 )
Included in regulatory assets/liabilities
 
 
(90
)
   
(44
 )    
42
 
Settlements
 
 
17
 
    
(27
 )    
6
 
Purchases
 
 
(10
)
   
—
      
—
  
Sales
 
 
6
 
    
—
      
—
  
Transfers out of Level 3
 
 
(3
)
   
1
     
3
 
Balance at December 31,
 
$
(37
)
  $
64
    $
150
 
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:
 
 
 
    
     
 
Operating Revenue
 
$
—
 
   $
—
     $
2
 
 
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:
December 31,
 
2019
   
2018
 
  
Carrying
Amount
 
  
Estimated
Fair
Value
(1)
 
  
Carrying
Amount
   
Estimated
Fair
Value
(1)
  
(millions)
 
 
  
 
  
   
 
Dominion Energy
 
 
 
  
 
 
    
     
 
Long-term debt
(2)
  
$
 32,055
 
  
 
$36,155
 
   $
29,952
      
$31,045
  
Credit facility borrowings
 
 
—
 
  
 
—
 
    
73
      
73
  
Junior subordinated notes
(3)
  
 
4,797
 
  
 
4,953
 
    
3,430
      
3,358
 
Remarketable subordinated notes
(3)
  
 
—
 
  
 
—
 
    
1,386
     
1,340
 
Virginia Power
 
 
 
  
 
 
    
     
 
Long-term debt
(3)
  
$
12,326
 
  
 
$14,281
 
   $
11,671
     
$12,400
 
Dominion Energy Gas
 
 
 
  
 
 
    
     
 
Long-term debt
(4)
  
$
5,520
 
  
 
$5,738
 
   $
7,770
     
$7,803
 
Credit facility borrowings
 
 
—
 
  
 
—
 
    
73
      
73
  
 
(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 December 31, 2019 and 2018, includes the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt of $4 million and $(20) 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
VIRGINIA POWER
The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at December 31, 2019. 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)
  
 
$  13
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(1)
 -
 4
      
—
 
FTRs
 
 
6
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(1)
 -
 5
      
1
 
Total assets
 
 
$  19
 
    
     
     
     
 
                                         
Liabilities
 
 
 
    
     
     
     
 
Physical and financial forwards:
 
 
 
    
     
     
     
 
Natural gas
(2)
  
 
$  43
 
    
Discounted cash flow
     
Market price (per Dth)
(3)
      
(2)
 -
 4
      
(1
 )
FTRs
 
 
5
 
    
Discounted cash flow
     
Market price (per MWh)
(3)
      
(4)
 -
 4
      
—
 
Physical options:
 
 
 
    
     
     
     
 
Natural gas
 
 
8
 
    
Option model
     
Market price (per Dth)
(3)
      
1 - 4
     
3
 
 
 
 
    
     
Price volatility
(4)
      
24%—66%
     
37
 %
Total liabilities
 
 
$  56
 
    
     
     
     
 
 
 
 
(1)
Averages weighted by volume.
 
 
(2)
Includes basis.
 
 
(3)
Represents market prices beyond defined terms for Levels 1 and 2.
 
 
(4)
Represents volatilities unrepresented in published markets.
 
Fair Value, Option, Qualitative Disclosures
Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable
Inputs
 
Position
   
Change to Input
   
Impact on Fair
Value Measurement
 
Market price
   
Buy
     
Increase (decrease)
     
Gain (loss)
 
Market price
   
Sell
     
Increase (decrease)
     
Loss (gain)
 
Price volatility
   
Buy
     
Increase (decrease)
     
Gain (loss)
 
Price volatility
   
Sell
     
Increase (decrease)
     
Loss (gain)
 
Fair Value, by Balance Sheet Grouping
The following table presents 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)
 
 
  
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Assets
 
 
 
    
     
     
 
Derivatives:
 
 
 
    
     
     
 
Commodity
  $
—
     
$  24
     
$66
    $
90
 
Interest rate
   
—
     
3
     
—
     
3
 
Investments
(1)
:
 
 
 
    
     
     
 
Equity securities:
 
 
 
    
     
     
 
U.S.
   
1,476
     
—
     
—
     
1,476
 
Fixed income:
   
     
     
     
 
Corporate debt instruments
   
—
     
221
     
—
     
221
 
Government securities
   
164
     
343
     
—
     
507
 
Total assets
  $
1,640
     
$591
     
$66
    $
2,297
 
Liabilities
   
     
     
     
 
Derivatives:
   
     
     
     
 
Commodity
  $
—
     
$    9
     
$  6
    $
15
 
Interest rate
   
—
     
88
     
—
     
88
 
Total liabilities
  $
—
     
$  97
     
$  6
    $
103
 
 
(1)
Includes investments held in the nuclear decommissioning trusts. Excludes $159 million and $160 million of assets at December 31, 2019 and 2018, 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:
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Balance at January 1,
 
$
60
 
   $
147
    $
143
 
Total realized and unrealized gains (losses):
 
 
 
    
     
 
Included in earnings:
 
 
 
    
     
 
Electric fuel and other energy-related purchases
 
 
(22
)
   
(17
 )    
(43
 )
Included in regulatory assets/liabilities
 
 
(88
)
   
(45
 )    
40
 
Settlements
 
 
13
 
    
(25
 )    
7
 
Balance at December 31,
 
$
(37
)
  $
60
    $
147
 
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)
 
   
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Assets
 
 
 
    
     
     
 
Commodity
   
$ —
     
$3
     
$   —
     
$3
 
Interest rate
   
—
     
2
     
—
     
2
 
Foreign currency
   
—
     
26
     
—
     
26
 
Total assets
   
$ —
     
$31
     
$   —
     
$31
 
Liabilities
   
     
     
     
 
Interest rate
   
$ —
     
$17
     
$   —
     
$17
 
Foreign currency
   
—
     
2
     
—
     
2
 
Total liabilities
   
$ —
     
$  19
     
$   —
     
$  19
 
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents the net change in Dominion Energy Gas’ derivative assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category. There were no changes in assets and liabilities measure at fair value on a recurring basis and included in the Level 3 fair value category during the year ended December 31, 2019.
 
2018
 
  
2017
 
(millions)
 
 
  
 
Balance at January 1,
 
 
$(2
 )    
$(2
 )
Total realized and unrealized gains (losses):
 
 
     
 
Included in other comprehensive income (loss)
 
 
1
      
(3
 )
Transfers out of Level 3
 
 
1
      
3
  
Balance at December 31,
 
 
$—
     
$(2
 )
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Tables)
 12 Months Ended
Dec. 31, 2019
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:
 
 
  
December 31, 2019
   
   
December 31, 2018
 
  
 
  
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
 
 
$35
 
  
 
$21
 
  
 
$—
 
  
 
$14
 
    
$175
     
$12
     
$—
     
$163
 
Exchange
 
 
37
 
  
 
21
 
  
 
—
 
  
 
16
 
    
68
     
68
     
—
     
—
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
11
 
  
 
3
 
  
 
—
 
  
 
8
 
    
18
     
1
     
—
     
17
 
Foreign currency contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
8
 
  
 
8
 
  
 
—
 
  
 
—
 
    
26
     
2
     
—
     
24
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$91
 
  
 
$53
 
  
 
$—
 
  
 
$38
 
    
$287
     
$83
     
$—
     
$204
 
 
(1)
Excludes $2 million and $7 million of derivative assets at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
Offsetting Liabilities
 
December 31, 2019
   
December 31, 2018
 
  
 
  
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
 
 
$105
 
  
 
$21
 
  
 
$—
 
  
 
$  84
 
    
$  19
     
$12
     
$—
     
$    7
 
Exchange
 
 
21
 
  
 
21
 
  
 
—
 
  
 
—
 
    
115
     
68
     
47
     
—
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
606
 
  
 
8
 
  
 
35
 
  
 
563
 
    
142
     
1
     
—
     
141
 
Foreign currency contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
3
 
  
 
3
 
  
 
—
 
  
 
—
 
    
2
     
2
     
—
     
—
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$735
 
  
 
$53
 
  
 
$35
 
  
 
$647
 
    
$278
     
$83
     
$47
     
$148
 
 
(1)
Excludes $5 million and $1 million of derivative liabilities at December 31, 2019 and 2018, 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 as of December 31, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
 
Current
   
Noncurrent
 
Natural Gas (bcf):
   
     
 
Fixed price
(1)
  
 
79
 
  
 
34
 
Basis
 
 
227
 
  
 
495
 
Electricity (MWh):
 
 
 
  
 
 
Fixed price
(1)
  
 
3,810,015
 
  
 
—
 
FTRs
 
 
46,585,304
 
  
 
—
 
Liquids (Gal)
(2)
  
 
52,374,000
 
  
 
—
 
Interest rate
(3)
  
$
2,450,000,000
 
  
$
3,976,014,497
 
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 December 31, 2019:
 
AOCI
After-Tax
   
Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax
   
Maximum Term
 
(millions)
 
 
  
   
 
Commodities:
 
 
 
    
     
 
Gas
 
        $
(4
)
 
                            $
(4
)
 
 
24 months
 
Electricity
 
 
19
 
  
 
19
 
  
 
12 months
 
Other
 
 
1
 
  
 
1
 
  
 
12 months
 
Interest rate
 
 
(426
)
 
 
(64
)
  
 
384 months
 
Foreign currency
 
 
3
 
  
 
(2
)
 
 
78 months
 
Total
 
        $
(407
)
 
                            $
(50
)
    
 
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)
  
  
December 31,
2019
 
  
December 31,
2018
   
December 31,
2019
 
  
December 31,
2018
 
(millions)
 
 
  
   
 
  
 
Long-term
debt
  
            $
(1,154
)
              $
(1,631
 )  
                  $
(4
)
   
$20
 
 
(1)
Includes $(397) million and $(892) million related to discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively.
(2)
Includes $3 million and $8 million of hedging adjustments on discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively.
Fair Value of Derivatives
The following tables present 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)
 
 
  
   
 
                         
At 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
(3)
  
 
330
 
  
 
78
 
  
 
408
 
Noncurrent Liabilities
 
 
 
  
 
 
  
 
 
Commodity
 
 
1
 
  
 
47
 
  
 
48
 
Interest rate
 
 
267
 
  
 
17
 
  
 
284
 
Total noncurrent derivative liabilities
(4)
  
 
268
 
  
 
64
 
  
 
332
 
Total derivative liabilities
 
 
$598
 
  
 
$142
 
  
$
740
 
At December 31, 2018
 
 
 
  
 
 
  
 
 
ASSETS
 
 
 
  
 
 
  
 
 
Current Assets
 
 
 
  
 
 
  
 
 
Commodity
   
$  55
     
$154
    $
209
 
Interest rate
   
14
     
—
     
14
 
Total current derivative assets
(1)
    
69
     
154
     
223
 
Noncurrent Assets
   
     
     
 
Commodity
   
6
     
35
     
41
 
Interest rate
   
4
     
—
     
4
 
Foreign currency
   
26
     
—
     
26
 
Total noncurrent derivative assets
(2)
    
36
     
35
     
71
 
Total derivative assets
   
$105
     
$189
    $
294
 
LIABILITIES
   
     
     
 
Current Liabilities
   
     
     
 
Commodity
   
$  17
     
$112
    $
129
 
Interest rate
   
26
     
—
     
26
 
Foreign currency
   
2
     
—
     
2
 
Total current derivative liabilities
(3)
    
45
     
112
     
157
 
Noncurrent Liabilities
   
     
     
 
Commodity
   
5
     
1
     
6
 
Interest rate
   
116
     
—
     
116
 
Total noncurrent derivative liabilities
(4)
    
121
     
1
     
122
 
Total derivative liabilities
   
$166
     
$113
    $
279
 
(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)
Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets.
(4)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, 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
(Effective
Portion)
(1)
    
Amount of
Gain (Loss)
Reclassified
From AOCI
to Income
   
Increase
(Decrease) in
Derivatives
Subject to
Regulatory
Treatment
(2)
  
(millions)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
  
 
 
  
 
 
Derivative type and location of gains (losses):
 
 
 
  
 
 
  
 
 
Commodity:
 
 
 
  
 
 
  
 
 
Operating revenue
 
 
 
  
 
$146
 
  
 
 
Purchased gas
 
 
 
  
 
(3
)
 
 
 
Total commodity
 
 
$125
 
  
 
$143
 
  
 
$   —
 
Interest rate
(3)
  
 
(252
)
 
 
(54
)
 
 
(255
)
Foreign currency
(4)
  
 
(18
)
 
 
(6
)
 
 
—
 
Total
 
 
$(145
)
 
 
$  83
 
  
 
$(255
)
Year Ended December 31, 2018
 
 
 
    
     
 
Derivative type and location of gains (losses):
   
     
     
 
Commodity:
   
     
     
 
Operating revenue
   
     
$(90
 )    
 
Electric fuel and other energy-related purchases
   
     
14
     
 
Total commodity
   
$  64
     
$(76
 )    
$   —
 
Interest rate
(3)
    
(18
 )    
(48
 )    
39
 
Foreign currency
(4)
    
(6
 )    
(13
 )    
—
 
Total
   
$  40
     
$(137
 )    
$   39
 
Year Ended December 31, 2017
   
     
     
 
Derivative type and location of gains (losses):
   
     
     
 
Commodity:
   
     
     
 
Operating revenue
   
     
$  81
     
 
Purchased gas
 
 
 
    
(2
 )    
 
Total commodity
   
$    1
     
$  79
     
$   —
 
Interest rate
(3)
    
(8
 )    
(52
 )    
(58
 )
Foreign currency
(4)
    
18
     
20
     
—
 
Total
   
$  11
     
$  47
     
$  (58
 )
 
(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.
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)
  
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Derivative type and location of gains (losses):
 
 
 
    
     
 
Commodity:
 
 
 
    
     
 
Operating revenue
 
            $
45
 
           $
(28
 )   $
18
  
Purchased gas
 
 
(28
)
   
11
     
(3
 )
Electric fuel and other energy-related purchases
 
 
(46
)
   
(9
 )    
(59
 )
Other operations & maintenance
 
 
—
 
    
—
     
(1
 )
Interest rate
 
 
3
 
    
—
     
—
 
Total
 
            $
(26
)
          $
(26
 )   $
(45
 )
 
(1)
Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
Virginia Electric and Power Company  
Offsetting 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:
 
December 31, 2019
   
December 31, 2018
 
  
 
  
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
 
 
$19
 
  
 
$18
 
  
 
$—
 
  
 
$1
 
    
$64
     
$6
     
$—
     
$58
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
    
     
     
     
     
 
Over-the-counter
 
 
2
 
  
 
—
 
  
 
—
 
  
 
2
 
    
3
     
—
     
—
     
3
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$21
 
  
 
$18
 
  
 
$—
 
  
 
$3
 
    
$67
     
$6
     
$—
     
$61
 
(1)
Excludes $3 million and $26 million of derivative assets at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
Offsetting Liabilities
 
December 31, 2019
   
December 31, 2018
 
  
 
  
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
 
 
$  59
 
  
 
$18
 
  
 
$—
 
  
 
$  41
 
    
$  6
     
$6
     
$—
     
$—
 
Interest rate contracts:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Over-the-counter
 
 
363
 
  
 
—
 
  
 
—
 
  
 
363
 
    
88
     
—
     
—
     
88
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$422
 
  
 
$18
 
  
 
$—
 
  
 
$404
 
    
$94
     
$6
     
$—
     
$88
 
(1)
Excludes $44 million and $9 million of derivative liabilities at December 31, 2019 and 2018, 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 December 31, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
 
Current
   
Noncurrent
 
Natural Gas (bcf):
   
     
 
Fixed price
(1)
  
 
41
 
  
 
9
 
Basis
 
 
132
 
  
 
448
 
Electricity (MWh):
   
     
 
FTRs
 
 
46,585,304
 
  
 
—
 
Interest rate
(2)
  
$
900,000,000
 
  
$
950,000,000
 
 
(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 losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at December 31, 2019:
 
AOCI
After-Tax
   
Amounts Expected to be
Reclassified to Earnings
During the Next 12 Months
After-Tax
   
Maximum
Term
 
(millions)
 
 
  
   
 
Interest rate
 
            $
(34
)
 
                                $
(1
)
 
 
384 months
 
Total
 
            $
(34
)
 
                                $
(1
)
 
 
 
Fair Value of Derivatives
The following tables present 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)
 
 
  
   
 
                         
At 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 derivative liabilities
 
 
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
 
At December 31, 2018
 
 
 
  
 
 
  
 
 
ASSETS
 
 
 
  
 
 
  
 
 
Current Assets
 
 
 
  
 
 
  
 
 
Commodity
   
$  —
     
$  60
    $
60
 
Interest rate
   
3
     
—
     
3
 
Total current derivative assets
(1)
    
3
     
60
     
63
 
Noncurrent Assets
   
     
     
 
Commodity
   
—
     
30
     
30
 
Total noncurrent derivative assets
(2)
    
—
     
30
     
30
 
Total derivative assets
   
$    3
     
$  90
    $
93
 
LIABILITIES
   
     
     
 
Current Liabilities
   
     
     
 
Commodity
   
$  —
     
$  15
    $
15
 
Interest rate
   
10
     
—
     
10
 
Total current derivative liabilities
   
10
     
15
     
25
 
Noncurrent Liabilities
   
     
     
 
Interest rate
   
78
     
—
     
78
 
Total noncurrent derivative liabilities
(3)
    
78
     
—
     
78
 
Total derivative liabilities
   
$  88
     
$  15
    $
103
 
(1)
Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.
(2)
Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets.
(3)
Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, 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
(Effective
Portion)
(1)
    
Amount of
Gain (Loss)
Reclassified
From AOCI
to Income
   
Increase
(Decrease) in
Derivatives
Subject to
Regulatory
Treatment
(2)
  
(millions)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
  
 
 
  
 
 
Derivative type and location of gains (losses):
 
 
 
  
 
 
  
 
 
Interest rate
(3)
  
 
$(30
)
 
 
$(1
)
 
 
$(259
)
Total
 
 
$(30
)
 
 
$(1
)
 
 
$(259
)
                         
Year Ended December 31, 2018
 
 
 
  
 
 
  
 
 
Derivative type and location of gains (losses):
 
 
 
  
 
 
  
 
 
Interest rate
(3)
    
$    2
     
$(1
 )    
$  39
 
Total
   
$    2
     
$(1
 )    
$  39
 
                         
Year Ended December 31, 2017
   
     
     
 
Derivative type and location of gains (losses):
   
     
     
 
Interest rate
(3)
    
$  (8
 )    
$(1
 )    
$(58
 )
Total
   
$  (8
 )    
$(1
 )    
$(58
 )
(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)
  
Year Ended December 31,
 
2019
   
2018
   
2017
 
(millions)
 
 
  
   
 
Derivative type and location of gains (losses):
 
 
 
    
     
 
Commodity
(2)
  
$
(45
)
   
$2
     
$(57)
 
Total
 
$
(45
)
   
$2
     
$(57)
 
(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:
 
December 31, 2019
   
December 31, 2018
 
  
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)
 
 
  
   
   
   
   
   
   
 
                                                                 
Commodity contracts:
 
 
 
    
     
     
     
     
     
     
 
Over-the-counter
 
 
$  —
 
  
 
$  —
 
  
 
$  —
 
  
 
$  —
 
    
$    3
     
$  —
     
$  —
     
$    3
 
                                                                 
Interest rate contracts:
 
 
 
    
     
     
     
     
     
     
 
Over-the-counter
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
    
2
      
—
      
—
      
2
  
Foreign currency contracts:
 
 
 
  
 
 
  
 
 
    
     
     
     
     
 
Over-the-counter
 
 
8
 
  
 
8
 
  
 
—
 
  
 
—
 
    
26
      
2
      
—
      
24
  
Total derivatives, subject to a master netting or similar arrangement
 
 
$    8
 
  
 
$    8
 
  
 
$  —
 
  
 
$  —
 
    
$  31
     
$    2
     
$  —
     
$  29
 
Offsetting Liabilities
 
December 31, 2019
   
December 31, 2018
 
  
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
 
 
$  83
 
  
 
$    5
 
  
 
$  —
 
  
 
$  78
 
    
$  17
     
$  —
     
$  —
     
$  17
 
                                                                 
Foreign currency contracts:
 
 
 
    
     
     
     
     
     
     
 
Over-the-counter
 
 
3
 
  
 
3
 
  
 
—
 
  
 
—
 
    
2
     
2
     
—
     
—
 
Total derivatives, subject to a master netting or similar arrangement
 
 
$  86
 
  
 
$    8
 
  
 
$  —
 
  
 
$  78
 
    
$  19
     
$    2
     
$  —
     
$  17
 
Schedule of Volume of Derivative Activity
The following table presents the volume of Dominion Energy Gas’ derivative activity at December 31, 2019. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of their long and short positions.
                 
 
Current
   
Noncurrent
 
Interest rate
(1)
  
$
250,000,000
 
  
$
1,050,000,000
 
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 December 31, 2019:
                         
 
AOCI
After-Tax
   
Amounts Expected
to be Reclassified
to Earnings During
the Next 12
Months
 After-Tax
   
Maximum Term
 
(millions)
 
 
  
   
 
Interest rate
 
 
$(84
)
 
 
$  15
 
  
 
300 months
 
Foreign currency
 
 
3
 
  
 
(2
)
 
 
78 months
 
Total
 
 
$(81
)
 
 
$  13
 
  
 
 
 
 
 
 
Fair Value of Derivatives
The following table presents 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)
 
 
  
   
 
                         
At 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
 
At December 31, 2018
 
 
 
    
     
 
ASSETS
 
 
 
    
     
 
Current Assets
 
 
 
    
     
 
Commodity
   
$  3
     
$  —
    $
3
 
Interest rate
   
2
      
—
     
2
  
Total current derivative assets
(4)
    
5
      
—
     
5
  
Noncurrent Assets
   
     
     
 
Foreign currency
   
26
      
—
     
26
  
Total noncurrent derivative assets
(1)
    
26
      
—
     
26
  
Total derivative assets
   
$31
     
$  —
    $
31
 
LIABILITIES
   
     
     
 
Current Liabilities
   
     
     
 
Interest rate
    
$  9
     
$  —
    $
9
 
Foreign currency
   
2
      
—
     
2
  
Total current derivative liabilities
(2)
    
11
      
—
     
11
  
Noncurrent Liabilities
   
     
     
 
Interest rate
   
8
      
—
     
8
  
Total noncurrent derivative
liabilities
(3)
    
8
      
—
     
8
  
Total derivative liabilities
   
$19
     
$  —
    $
   19
 
 
 
 
 
 
 
 
(1)
Noncurrent derivative 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.
 
 
 
 
 
 
(4)
Current derivative assets include $2 million in other current assets, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ 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 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
(Effective 
Portion)
(1)
 
  
Amount of
Gain (Loss)
Reclassified
From AOCI
to Income
 
(millions)
 
 
  
 
                 
Year Ended December 31, 2019
 
 
 
  
 
 
                 
Derivative type and location of gains (losses):
 
 
 
  
 
 
Commodity:
 
 
 
  
 
 
Net income from discontinued operations
 
 
 
  
 
$     4
 
Total commodity
 
 
$     1
 
  
 
$     4
 
Interest rate
(2)
  
 
(68
)
 
 
(5
)
Foreign currency
(3)
  
 
(18
)
 
 
(6
)
Total
 
 
$  (85
)
 
 
$    (7
)
Year Ended December 31, 2018
 
 
 
    
 
Derivative type and location of gains (losses):
 
 
 
    
 
Commodity:
 
 
 
    
 
Net income from discontinued operations
 
 
 
    
$    (8
 )
Total commodity
   
$     1
     
$    (8
 )
Interest rate
(2)
    
(16
 )    
(5
 )
Foreign currency
(3)
    
(6
 )    
(13
 )
Total
   
$  (21
 )    
$  (26
 )
Year Ended December 31, 2017
   
     
 
Derivative type and location of gains (losses):
   
     
 
Commodity:
   
     
 
Net income from discontinued operations
   
     
$    (8
 )
Total commodity
   
$  (10
 )    
$    (8
 )
Interest rate
(2)
    
1
      
(6
 )
Foreign currency
(3)
    
18
      
20
  
Total
   
$     9
     
$     6
 
 
 
 
 
 
 
(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
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Derivative type and location of gains (losses):
 
 
 
    
     
 
Commodity
 
 
 
    
     
 
Operating revenue
 
 
$—
 
    
$(11
 )    
$—
 
Total
 
 
$—
 
    
$(11
 )    
$—
 
 
 
 
 
v3.19.3.a.u2
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Computation
The following table presents the calculation of Dominion Energy’s basic and diluted EPS:
                         
 
2019
 
  
2018
   
2017
 
(millions, except EPS)
 
 
  
   
 
Net income attributable to Dominion Energy
 
$
1,358
 
   $
2,447
    $
2,999
 
Preferred stock dividends (see Note 19)
 
 
(17
)
   
—
     
—
 
Net income attributable to Dominion Energy – Basic
 
 
1,341
 
    
2,447
     
2,999
 
Dilutive effect of Series A Preferred Stock
 
 
(28
)
   
—
     
—
 
Net income attributable to Dominion Energy – Diluted
 
 
1,313
 
    
2,447
     
2,999
 
Average shares of common stock outstanding – Basic
 
 
808.8
 
    
654.2
     
636.0
 
Net effect of dilutive securities
(1)
  
 
0.1
 
    
0.7
     
—
 
Average shares of common stock outstanding – Diluted
 
 
808.9
 
    
654.9
     
636.0
 
Earnings Per Common Share – Basic
 
$
1.66
 
   $
3.74
    $
4.72
 
Earnings Per Common Share – Diluted
 
$
1.62
 
   $
3.74
    $
4.72
 
 
 
 
 
 
 
 
(1)
Dilutive securities for 2018 consist primarily of forward sale agreements, effective April 2018 to December 2018. See Notes 17 and 19 for more information.
 
 
 
 
v3.19.3.a.u2
Investments (Tables)
 12 Months Ended
Dec. 31, 2019
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
   
Fair
Value
 
(millions)
 
 
  
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Equity securities:
(1)
    
     
     
     
 
U.S.
   
$1,741
      
$1,640
      
$(51)
      
$3,330
  
Fixed income securities:
(2)
    
     
     
     
 
Corporate debt instruments
   
435
      
5
      
(9)
      
431
  
Government securities
   
1,092
      
17
      
(12)
      
1,097
  
Common/collective trust funds
   
76
      
—
      
—
     
76
  
Cash equivalents and other
    
4
      
—
     
—
     
4
  
Total
   
$3,348
      
$1,662
      
$(72)
(4)
      
$4,938
 
 
(1)
Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3)
Includes pending purchases of securities of $1 million at December 31, 2019.
(4)
The fair value of securities in an unrealized loss position was $298 million and $833 million at December 31, 2019 and 2018, respectively.
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:
 
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Net gains (losses) recognized during the period
 
$
919
 
   $
(245
 )
Less: Net gains recognized during the period on securities sold during the period
 
 
(80
)
   
(58
 )
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018
(1)
  
$
839
 
   $
(303
 )
 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date
The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2019 by contractual maturity is as follows:
 
  
Amount
 
(millions)
 
 
         
Due in one year or less
 
$
198
 
Due after one year through five years
 
 
412
 
Due after five years through ten years
 
 
390
 
Due after ten years
 
 
727
 
Total
 
$
1,727
 
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.
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Proceeds from sales
 
$
1,712
 
   $
1,804
    $
1,831
 
Realized gains
(1)
  
 
195
 
    
140
     
166
 
Realized losses
(1)
  
 
96
 
    
91
     
71
 
 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Other-Than-Temporary Impairment Losses
Dominion Energy recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Total other-than-temporary impairment losses
(1)
  
$
3
 
   $
30
    $
44
 
Losses recorded to the nuclear decommissioning trust regulatory liability
 
 
—
 
    
—
      
(16
 )
Losses recognized in other comprehensive income (before taxes)
 
 
(3
)
   
(30
 )    
(5
 )
Net impairment losses recognized in earnings
 
$
—
 
   $
—
     $
23
 
 
(1)
Amounts include other-than-temporary impairment losses for fixed income securities of $5 million at December 31, 2017.
Investments Accounts Under Equity Method of Accounting
Investments that Dominion Energy account for under the equity method of accounting are as follows:
                                 
Company
 
Ownership%
   
Investment
Balance
   
Description
 
As of December 31,
 
 
  
2019
 
  
2018
   
 
(millions)
 
 
  
   
   
 
Atlantic Coast Pipeline
   
48
 %  
$
1,123
 
   $
820
     
Gas transmission system
 
Iroquois
   
50
 %  
 
276
 
    
302
     
Gas transmission system
 
Fowler Ridge
    
50
 %  
 
74
 
    
82
      
Wind-powered merchant     generation facility
  
Wrangler
    
20
 %  
 
77
 
    
—
      
Nonregulated retail     energy marketing
  
Other
(1)(2)
    
various
   
 
96
 
    
74
     
 
Total
 
 
 
  
$
1,646
 
   $
1,278
     
 
 
 
 
 
 
 
(1)
Liability of less than $1 million associated with NedPower recorded to other deferred credits and other liabilities, on the Consolidated Balance Sheets as of December 31, 2018. See additional discussion of NedPower below.
 
 
 
 
 
(2)
Dominion Energy has an $
80
million unfunded commitment to be made to Align RNG by the end of 202
2
.
 
 
 
 
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
   
Fair
Value
 
(millions)
 
 
  
   
   
 
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
 
December 31, 2018
 
 
 
    
     
     
 
Equity securities:
(1)
  
 
 
  
 
 
  
 
 
  
 
 
U.S.
   
$   858
     
$751
     
$(24)
     
$1,585
 
Fixed income securities:
(2)
    
     
     
     
 
Corporate debt instruments
   
224
      
2
      
(5)
      
221
  
Government securities
   
504
      
7
      
(5)
      
506
  
Common/collective trust funds
   
51
      
—
     
—
     
51
  
Cash equivalents and other
(3)
    
6
      
—
     
—
     
6
  
Total
   
$1,643
     
$760
     
$(34)
(4)
      
$2,369
 
(1)
Unrealized gains and losses on equity securities, are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(2)
Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
(3)
Includes pending sales of securities of $6 million at December 31, 2018.
(4)
The fair value of securities in an unrealized loss position was $185 million and $404 million at December 31, 2019 and 2018, respectively.
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:
Year Ended December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Net gains (losses) recognized during the period
 
$
423
 
   $
(105
 )
Less: Net gains recognized during the period on securities sold during the period
 
 
(20
)
   
(32
 )
Unrealized gains (losses) recognized during the period on securities still held at December 31, 2019 and 2018
(1)
  
$
403
 
   $
(137
 )
 
(1)
Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date
The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2019, by contractual maturity is as follows:
 
Amount
 
(millions)
 
 
Due in one year or less
 
 
$  91
 
Due after one year through five years
 
 
175
 
Due after five years through ten years
 
 
206
 
Due after ten years
 
 
381
 
Total
 
 
$853
 
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.
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Proceeds from sales
 
$
858
 
   $
887
    $
849
 
Realized gains
(1)
  
 
58
 
    
60
     
75
 
Realized losses
(1)
  
 
22
 
    
27
     
30
 
 
(1)
Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Other-Than-Temporary Impairment Losses
Virginia Power recorded other-than-temporary impairment losses on investments held in nuclear decommissioning trust funds as follows:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
                         
Total other-than-temporary impairment losses
(1)
  
$
2
 
   $
15
     $
20
  
Losses recorded to the nuclear decommissioning trust regulatory liability
 
 
—
 
    
—
      
(16
 )
Losses recognized in other comprehensive income (before taxes)
 
 
(2
)
   
(15
 )    
(2
 )
Net impairment losses recognized in earnings
 
$
—
 
   $
—
     $
2
 
 
 
 
 
 
 
(1)
Amounts include other-than-temporary impairment losses for fixed income securities of $2 million at December 31, 2017.
 
 
 
 
Dominion Energy Gas Holdings, LLC  
Investments Accounts Under Equity Method of Accounting
Investments that Dominion Energy Gas account for under the equity method of accounting are as follows:
                                 
Company
 
Ownership%
   
Investment
Balance
   
Description
 
As of December 31,
 
 
  
2019
 
  
2018
   
 
(millions)
 
 
  
 
  
   
 
Iroquois
   
50
 %  
 
$276
 
    
$302
     
Gas transmission system
 
White River Hub
   
50
 %  
 
36
 
    
37
     
Gas transmission system
 
Total
 
 
 
  
 
$312
 
    
$339
     
 
 
 
 
 
 
Dominion Energy Gas Holdings, LLC | Iroquois  
Investments Accounts Under Equity Method of Accounting
Summarized financial information provided to Dominion Energy Gas by Iroquois for 100% of Iroquois at December 31, 2019 and 2018
,
and for the years ended December 31, 2019, 2018 and 2017
,
is presented below.
                 
 
At December 31, 2019
 
  
At December 31, 2018
 
(millions)
 
 
  
 
Current assets
 
 
$  79
 
                           $
112
  
Noncurrent assets
 
 
586
 
    
588
  
Current liabilities
 
 
37
 
    
165
  
Noncurrent liabilities
 
 
334
 
    
193
  
 
 
 
 
 
                         
 
Year Ended 
December 31, 2019
 
  
Year Ended 
December 31, 2018
   
Year Ended 
December 31, 2017
 
(millions)
 
 
  
   
 
Revenues
 
 
$180
 
    
$194
     
$194
 
Operating income
  
 
93
 
    
108
     
110
 
Net income
  
 
82
 
    
94
     
93
 
 
 
 
 
 
Dominion Energy Gas Holdings, LLC | White River Hub LLC  
Investments Accounts Under Equity Method of Accounting
Summarized financial information provided to Dominion Energy Gas by White River Hub for 100% of White River Hub at December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 is presented below.
                 
 
At December 31, 2019
 
  
At December 31, 2018
 
(millions)
 
 
  
 
Current assets
 
 
$  3
 
    
$  3
 
Noncurrent assets
 
 
39
 
    
41
 
Current liabilities
 
 
2
 
    
2
 
 
 
 
 
 
                         
 
Year Ended 
December 31, 2019
 
  
Year Ended 
December 31, 2018
   
Year Ended 
December 31, 2017
 
(millions)
 
   
   
 
Revenues
 
 
$10
 
    
$12
     
$10
 
Operating income
  
 
6
 
    
8
     
7
 
Net income
  
 
6
 
    
8
     
7
 
 
 
 
 
 
v3.19.3.a.u2
Property Plant And Equipment (Tables)
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment
Major classes of property, plant and equipment and their respective balances for the Companies are as follows:
                 
At December 31,
  
2019
 
  
2018
  
(millions)
 
 
  
 
                 
Dominion Energy
 
 
 
    
 
Utility:
 
 
 
    
 
Generation
 
$
25,317
 
   $
18,896
  
Transmission
 
 
20,486
 
    
16,666
  
Distribution
 
 
25,748
 
    
18,535
  
Storage
 
 
3,227
 
    
2,906
  
Nuclear fuel
 
 
2,296
 
    
1,626
  
Oil and gas
 
 
1,792
 
    
1,763
  
General and other
 
 
2,413
 
    
1,783
  
Plant under construction
 
 
2,956
 
    
2,348
  
Total utility
 
 
84,235
 
    
64,523
  
Non-jurisdictional—including plant under construction
 
 
854
 
    
407
  
Nonutility:
 
 
 
    
 
Merchant generation-nuclear
 
 
1,652
 
    
1,550
  
Merchant generation-other
 
 
3,985
 
    
3,802
  
Nuclear fuel
 
 
930
 
    
1,025
  
Gas gathering and processing
 
 
190
 
    
185
  
LNG facility
 
 
4,425
 
    
3,977
  
Other—including plant under construction
 
 
1,195
 
    
1,109
  
Total nonutility
 
 
12,377
 
    
11,648
  
Total property, plant and equipment
 
$
97,466
 
   $
76,578
  
                 
Virginia Power
 
 
 
    
 
Utility:
 
 
 
    
 
Generation
 
$
19,552
 
   $
18,896
  
Transmission
 
 
10,229
 
    
9,391
  
Distribution
 
 
12,095
 
    
11,771
  
Nuclear fuel
 
 
1,688
 
    
1,626
  
General and other
 
 
825
 
    
820
  
Plant under construction
 
 
1,784
 
    
1,602
  
Total utility
 
 
46,173
 
    
44,106
  
Non-jurisdictional—including plant under construction
 
 
854
 
    
407
  
Other
 
 
11
 
    
11
  
Total property, plant and equipment
 
$
47,038
 
   $
44,524
  
                 
Dominion Energy Gas
 
 
 
    
 
Utility:
 
 
 
    
 
Transmission
 
$
7,014
 
   $
6,790
  
Storage
 
 
2,799
 
    
2,615
  
General and other
 
 
219
 
    
210
  
Plant under construction
 
 
574
 
    
732
  
Total utility
 
 
10,606
 
    
10,347
  
Nonutility:
 
 
 
    
 
LNG facility
 
 
4,425
 
    
3,977
  
Other—including plant under construction
 
 
135
 
    
376
  
Total nonutility
 
 
4,560
 
    
4,353
  
Total property, plant and equipment
 
$
15,166
 
   $
14,700
  
 
 
 
 
 
Schedule of Jointly Owned Utility Plants
Dominion Energy and Virginia Power’s proportionate share of jointly-owned power stations at December 31, 2019 is as follows
                                         
 
Bath
County
Pumped
Storage
Station
(1)
    
North
Anna
Units 1
and 2
(1)
    
Clover
Power
Station
(1)
    
Millstone
Unit 3
(2)
    
Summer
Unit 1
(2)
  
(millions, except
percentages)
 
 
  
   
   
   
 
Ownership interest
 
 
60
%
 
 
88.4
%
 
 
50
%
 
 
93.5
%
 
 
66.7
%
Plant in service
 
 
1,058
 
  
 
2,564
 
  
 
610
 
  
 
1,267
 
  
 
1,394
 
Accumulated depreciation
 
 
(661
)
 
 
(1,321
)
 
 
(247
)
 
 
(449
)
 
 
(659
)
Nuclear fuel
 
 
—
 
  
 
793
 
  
 
—
 
  
 
483
 
  
 
608
 
Accumulated amortization of nuclear fuel
 
 
—
 
  
 
(634
)
 
 
—
 
  
 
(390
)
 
 
(389
)
Plant under construction
 
 
7
 
  
 
143
 
  
 
5
 
  
 
87
 
  
 
77
 
 
 
 
 
 
 
 
(1)
Units jointly owned by Virginia Power.
 
 
 
 
 
 
(2)
Unit jointly owned by Dominion Energy.
 
 
 
 
 
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 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
 
September 2017
   
October 2018
     
North Carolina
     
Pecan
     
$140
     
December 2018
     
75
  
September 2017
   
June 2019
     
North Carolina
     
Gutenberg
     
142
     
September 2019
     
80
  
June 2018
   
February 2019
     
Virginia
     
Gloucester
     
37
     
April 2019
     
20
  
August 2018
   
May 2019
     
Virginia
     
Grasshopper
     
130
     
Expected 2020
     
80
  
August 2018
   
May 2019
     
North Carolina
     
Chestnut
     
130
     
Expected 2020
     
75
  
June 2019
   
June 2019
     
Virginia
     
Ft. Powhatan
     
270
     
Expected 2021
     
150
  
June 2019
   
August 2019
     
Virginia
     
Belcher
     
160
     
Expected 2020
     
88
  
August 2019
   
November 2019
     
Virginia
     
Bedford
     
110
     
Expected 2021
     
70
  
October 2019
   
October 2019
     
Virginia
     
Maplewood
     
190
     
Expected 2022
     
120
  
December 2019
   
January 2020
     
Virginia
     
Rochambeau
     
35
     
Expected 2021
     
20
  
 
 
 
 
 
 
 
 
 
(1)
Includes acquisition costs.
 
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
     
Greensville
     
$130
     
Expected 2020
     
80
  
August 2019
   
August 2019
     
Virginia
     
Myrtle
     
35
     
Expected 2020
     
15
  
September 2019
   
September 2019
     
South Carolina
     
Seabrook
     
103
     
December 2019
     
72
  
November 2019
   
November 2019
     
North Carolina
     
Wilkinson
     
153
     
December 2019
     
74
  
 
 
 
 
 
 
 
 
 
(1)
Includes acquisition costs.
 
v3.19.3.a.u2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2019
Segment allocation of goodwill The changes in Dominion Energy’s and Dominion Energy Gas’ carrying amount and segment allocation of goodwill are presented below:
                                                         
 
Dominion
Energy
Virginia
   
Gas
Transmission
& Storage
   
Gas
Distribution
   
Dominion
Energy
South
Carolina
   
Contracted
Generation
   
Corporate
and Other
    
Total
 
(millions)
 
 
  
   
   
   
   
   
 
Dominion Energy
 
 
 
    
     
     
     
     
     
 
Balance at December 31, 2017
(1)
    $
2,106
              $
1,561
          $
2,496
       $
—
             $
242
      
        $—
    $
6,405
  
Purchase Accounting Adjustment
   
—
      
4
      
1
      
—
      
—
      
—
      
5
  
Balance at December 31, 2018
(1)
    $
2,106
              $
1,565
          $
2,497
       $
—
             $
242
      
        $—
    $
6,410
  
SCANA Combination
(2)
  
 
—
 
  
 
73
 
  
 
1,015
 
  
 
1,521
 
  
 
—
 
  
 
—
 
  
 
2,609
 
Contribution of SEMI to Wrangler
(3)
  
 
—
 
  
 
(73
)
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
(73
)
Balance at December 31, 2019
(1)
  
 $
2,106
 
  
         $
1,565
 
  
     $
3,512
 
  
  $
1,521
 
  
        $
242
 
  
 
        $—
 
  
$
8,946
 
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Balance at December 31, 2017
(1)
    $
—
              $
1,466
          $
—
       $
—
             $
—
      
        $—
    $
1,466
  
Purchase Accounting Adjustment
   
—
      
5
      
—
      
—
      
—
      
—
      
5
  
Balance at December 31, 2018
(1)
    $
—
              $
1,471
          $
—
       $
—
             $
—
      
        $—
    $
1,471
  
No events affecting goodwill
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
Balance at December 31, 2019
(1)
  
 $
—
 
  
         $
1,471
 
  
     $
—
 
  
  $
—
 
  
        $
—
 
  
 
        $—
 
  
$
1,471
 
 
 
 
 
 
 
 
 
 
(1)
Goodwill amounts do not contain any accumulated impairment losses.
 
 
 
 
 
 
 
 
(2)
See Note 3 for discussion of Dominion Energy’s acquisitions.
 
 
 
 
 
 
 
 
(3)
See Note 9 for additional information.
 
 
 
 
 
 
 
Components of intangible assets
The components of intangible assets are as follows:
                                 
 
2019
   
2018
 
At December 31,
 
Gross
Carrying
Amount
 
  
Accumulated
Amortization
 
  
Gross
Carrying
Amount
   
Accumulated
Amortization
 
(millions)
 
 
  
 
  
   
 
                                 
Dominion Energy
 
 
 
    
     
     
 
Software, licenses and other
 
 $
1,340
 
  
 
$549
 
   $
1,033
     
$363
 
                                 
Virginia Power
 
 
 
    
     
     
 
Software, licenses and other
 
 $
406
 
  
 
$135
 
   $
384
     
$134
 
                                 
Dominion Energy Gas
 
 
 
    
     
     
 
Software, licenses and other
 
 $
178
 
  
 
$  72
 
   $
179
     
$  64
 
 
 
 
 
Annual amortization expense of intangible assets
Annual amortization expense for these intangible assets is estimated to be as follows:
                                         
 
2020
   
2021
   
2022
   
2023
   
2024
 
(millions)
 
 
  
   
   
   
 
Dominion Energy
 
$
88
 
  
$
78
 
  
$
70
 
  
$
56
 
  
$
49
 
                                         
Virginia Power
 
$
25
 
  
$
19
 
  
$
15
 
  
$
8
 
  
$
6
 
                                         
Dominion Energy Gas
 
$
 9
 
  
$
 8
 
  
$
 8
 
  
$
 5
 
  
$
 4
 
 
 
 
 
v3.19.3.a.u2
Regulatory Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2019
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
Regulatory assets and liabilities include the following:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Dominion Energy
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Deferred cost of fuel used in electric generation
(1)
  
$
48
 
   $
174
 
Deferred project costs and DSM programs for gas utilities
(2)
  
 
21
 
    
17
 
Unrecovered gas costs
(3)
  
 
102
 
    
14
 
Deferred rate adjustment clause costs for Virginia electric utility
(4)(5)
  
 
109
 
    
78
 
Deferred nuclear refueling outage costs
(6)
  
 
68
 
    
69
 
NND Project costs
(7)
  
 
138
 
    
—
 
PJM transmission rates
(8)
  
 
121
 
    
45
 
Other
 
 
272
 
    
99
 
Regulatory assets-current
 
 
879
 
    
496
 
Deferred cost of fuel used in electric generation
(1)
  
 
—
 
    
83
 
P
ension and other postretirement benefit costs
(9)
  
 
1,431
 
    
1,497
 
Deferred rate adjustment clause costs for Virginia electric utility
(4)(5)(10)
  
 
235
 
    
230
 
PJM transmission rates
(8)
  
 
85
 
    
192
 
Deferred project costs for gas utilities
(2)
  
 
521
 
    
335
 
Interest rate hedges
(11)
  
 
741
 
    
184
 
AROs and related funding
(12)
  
 
311
 
    
—
 
Cost of reacquired debt
(13)(14)
  
 
262
 
    
3
 
NND Project costs
(7)
  
 
2,503
 
    
—
 
Ash pond and landfill closure costs
(15)
  
 
1,016
 
    
27
 
Other
 
 
582
 
    
125
 
Regulatory assets-noncurrent
 
 
7,687
 
    
2,676
 
Total regulatory assets
 
$
8,566
 
   $
3,172
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal and AROs
(16)
  
$
142
 
   $
117
 
Reserve for refunds and rate credits to electric utility customers
(17)
  
 
143
 
    
71
 
Cost-of-service
impact of 2017 Tax Reform Act
(18)
  
 
4
 
    
104
 
Income taxes refundable through future rates
(19)
  
 
77
 
    
—
  
Monetization of guarantee settlement
(20)
  
 
67
 
    
—
  
Other
 
 
64
 
    
64
 
Regulatory liabilities-current
 
 
497
 
    
356
 
Income taxes refundable through future rates
(19)
  
 
5,088
 
    
4,071
 
Provision for future cost of removal and AROs
(16)
  
 
2,302
 
    
1,409
 
Nuclear decommissioning trust
(21)
  
 
1,471
 
    
1,070
 
Monetization of guarantee settlement
(20)
  
 
970
 
    
—
  
Reserve for refunds and rate credits to electric utility customers
(17)
  
 
656
 
    
—
 
Overrecovered other postretirement benefit costs
(22)
  
 
189
 
    
120
 
Other
 
 
325
 
    
170
 
Regulatory liabilities-noncurrent
 
 
11,001
 
    
6,840
 
Total regulatory liabilities
 
$
11,498
 
   $
7,196
 
 
 
 
 
 
 
 (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 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 2019, Virginia Power recorded a charge of $17 million ($13 million
after-tax)
in impairment of assets and other charges (reflected in the Corporate and Other segment)
to
write-off
the balance of a regulatory asset for which it is no longer seeking recovery.
 
 
 
 
 
(11)
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 December 31, 2019.
 
 
 
 
 
(12)
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.
 
 
 
 
 
(13)
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 December 31, 2019.
 
 
 
 
 
(14)
During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 18. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $270 million.
 
 
 
 
 
(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 for additional information.
 
 
 
 
 
(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 in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 for additional 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 for additional 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 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 for additional 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.
 
 
 
 
 
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Virginia Power
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Deferred cost of fuel used in electric generation
(1)
  
$
48
 
   $
174
 
Deferred rate adjustment clause costs
(2)(3)
  
 
109
 
    
78
 
Deferred nuclear refueling outage costs
(4)
  
 
68
 
    
69
 
PJM transmission rates
(5)
  
 
121
 
    
45
 
Other
 
 
87
 
    
58
 
Regulatory assets-current
 
 
433
 
    
424
 
Deferred rate adjustment clause costs
(2)(3)(6)
  
 
235
 
    
230
 
PJM transmission rates
(5)
  
 
85
 
    
192
 
Interest rate hedges
(7)
  
 
404
 
    
151
 
Deferred cost of fuel used in electric generation
(1)
  
 
—
 
    
83
 
Ash pond and landfill closure costs
(8)
  
 
1,016
 
    
27
 
Other
 
 
123
 
    
54
 
Regulatory assets-noncurrent
 
 
1,863
 
    
737
 
Total regulatory assets
 
$
2,296
 
   $
1,161
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal
(9)
  
$
103
 
   $
92
 
Cost-of-service
impact of 2017 Tax Reform Act
(10)
  
 
—
 
    
95
 
Reserve for rate credits to electric utility customers
(11`)
  
 
—
 
    
71
 
Income taxes refundable through future rates
(12)
  
 
54
 
    
—
  
Other
 
 
10
 
    
41
 
Regulatory liabilities-current
 
 
167
 
    
299
 
Income taxes refundable through future rates
(12)
  
 
2,438
 
    
2,579
 
Nuclear decommissioning trust
(13)
  
 
1,471
 
    
1,070
 
Provision for future cost of removal
(9)
  
 
1,054
 
    
940
 
Other
 
 
111
 
    
58
 
Regulatory liabilities-noncurrent
 
 
5,074
 
    
4,647
 
Total regulatory liabilities
 
$
5,241
 
   $
4,946
 
 
 
 
 
 
 
 (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 2019, Virginia Power recorded a charge of $17 million ($13 million
after-tax)
in impairment of assets and other charges (reflected in the Corporate and Other segment)
 
to
write-off
the balance of a regulatory asset for which it is no longer seeking recovery.
 (7)
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 24 years as of December 31, 2019.
 (8)
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 for additional information.
 (9)
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.
(10)
Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 for additional information.
(11)
Charge associated with Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers. See Note 13 for additional information.
(12)
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.
(13)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Dominion Energy Gas
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Unrecovered gas costs
(1)
  
$
2
 
   $
1
 
Other
 
 
6
 
    
7
 
Regulatory assets-current
(2)
  
 
8
 
    
8
 
Unrecognized pension and other postretirement benefit costs
(3)
  
 
—
 
    
15
 
Interest rate hedges
(4)
  
 
32
 
    
33
 
Other
 
 
8
 
    
4
 
Regulatory assets-noncurrent
 
 
40
 
    
52
 
Total regulatory assets
 
$
48
 
   $
60
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal and AROs
(5)
  
$
18
 
   $
9
 
Overrecovered gas costs
(1)
  
 
8
 
    
7
 
Other
 
 
15
 
    
8
 
Regulatory liabilities-current
(6)
  
 
41
 
    
24
 
Income taxes refundable through future rates
(7)
  
 
560
 
    
530
 
Provision for future cost of removal and AROs
(6)
  
 
95
 
    
113
 
Overrecovered other postretirement benefit costs
(8)
  
 
133
 
    
106
 
Other
 
 
12
 
    
16
 
Regulatory liabilities-noncurrent
 
 
800
 
    
765
 
Total regulatory liabilities
 
$
841
 
   $
789
 
 
 (1)
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
 (2)
Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
 (3)
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 Gas’ rate-regulated subsidiaries.
 (4)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years.
 (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.
Schedule of Regulatory Liabilities
Regulatory assets and liabilities include the following:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Dominion Energy
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Deferred cost of fuel used in electric generation
(1)
  
$
48
 
   $
174
 
Deferred project costs and DSM programs for gas utilities
(2)
  
 
21
 
    
17
 
Unrecovered gas costs
(3)
  
 
102
 
    
14
 
Deferred rate adjustment clause costs for Virginia electric utility
(4)(5)
  
 
109
 
    
78
 
Deferred nuclear refueling outage costs
(6)
  
 
68
 
    
69
 
NND Project costs
(7)
  
 
138
 
    
—
 
PJM transmission rates
(8)
  
 
121
 
    
45
 
Other
 
 
272
 
    
99
 
Regulatory assets-current
 
 
879
 
    
496
 
Deferred cost of fuel used in electric generation
(1)
  
 
—
 
    
83
 
P
ension and other postretirement benefit costs
(9)
  
 
1,431
 
    
1,497
 
Deferred rate adjustment clause costs for Virginia electric utility
(4)(5)(10)
  
 
235
 
    
230
 
PJM transmission rates
(8)
  
 
85
 
    
192
 
Deferred project costs for gas utilities
(2)
  
 
521
 
    
335
 
Interest rate hedges
(11)
  
 
741
 
    
184
 
AROs and related funding
(12)
  
 
311
 
    
—
 
Cost of reacquired debt
(13)(14)
  
 
262
 
    
3
 
NND Project costs
(7)
  
 
2,503
 
    
—
 
Ash pond and landfill closure costs
(15)
  
 
1,016
 
    
27
 
Other
 
 
582
 
    
125
 
Regulatory assets-noncurrent
 
 
7,687
 
    
2,676
 
Total regulatory assets
 
$
8,566
 
   $
3,172
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal and AROs
(16)
  
$
142
 
   $
117
 
Reserve for refunds and rate credits to electric utility customers
(17)
  
 
143
 
    
71
 
Cost-of-service
impact of 2017 Tax Reform Act
(18)
  
 
4
 
    
104
 
Income taxes refundable through future rates
(19)
  
 
77
 
    
—
  
Monetization of guarantee settlement
(20)
  
 
67
 
    
—
  
Other
 
 
64
 
    
64
 
Regulatory liabilities-current
 
 
497
 
    
356
 
Income taxes refundable through future rates
(19)
  
 
5,088
 
    
4,071
 
Provision for future cost of removal and AROs
(16)
  
 
2,302
 
    
1,409
 
Nuclear decommissioning trust
(21)
  
 
1,471
 
    
1,070
 
Monetization of guarantee settlement
(20)
  
 
970
 
    
—
  
Reserve for refunds and rate credits to electric utility customers
(17)
  
 
656
 
    
—
 
Overrecovered other postretirement benefit costs
(22)
  
 
189
 
    
120
 
Other
 
 
325
 
    
170
 
Regulatory liabilities-noncurrent
 
 
11,001
 
    
6,840
 
Total regulatory liabilities
 
$
11,498
 
   $
7,196
 
 
 
 
 
 
 
 (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 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 2019, Virginia Power recorded a charge of $17 million ($13 million
after-tax)
in impairment of assets and other charges (reflected in the Corporate and Other segment)
to
write-off
the balance of a regulatory asset for which it is no longer seeking recovery.
 
 
 
 
 
(11)
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 December 31, 2019.
 
 
 
 
 
(12)
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.
 
 
 
 
 
(13)
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 December 31, 2019.
 
 
 
 
 
(14)
During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 18. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $270 million.
 
 
 
 
 
(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 for additional information.
 
 
 
 
 
(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 in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 for additional 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 for additional 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 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 for additional 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.
 
 
 
 
 
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Virginia Power
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Deferred cost of fuel used in electric generation
(1)
  
$
48
 
   $
174
 
Deferred rate adjustment clause costs
(2)(3)
  
 
109
 
    
78
 
Deferred nuclear refueling outage costs
(4)
  
 
68
 
    
69
 
PJM transmission rates
(5)
  
 
121
 
    
45
 
Other
 
 
87
 
    
58
 
Regulatory assets-current
 
 
433
 
    
424
 
Deferred rate adjustment clause costs
(2)(3)(6)
  
 
235
 
    
230
 
PJM transmission rates
(5)
  
 
85
 
    
192
 
Interest rate hedges
(7)
  
 
404
 
    
151
 
Deferred cost of fuel used in electric generation
(1)
  
 
—
 
    
83
 
Ash pond and landfill closure costs
(8)
  
 
1,016
 
    
27
 
Other
 
 
123
 
    
54
 
Regulatory assets-noncurrent
 
 
1,863
 
    
737
 
Total regulatory assets
 
$
2,296
 
   $
1,161
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal
(9)
  
$
103
 
   $
92
 
Cost-of-service
impact of 2017 Tax Reform Act
(10)
  
 
—
 
    
95
 
Reserve for rate credits to electric utility customers
(11`)
  
 
—
 
    
71
 
Income taxes refundable through future rates
(12)
  
 
54
 
    
—
  
Other
 
 
10
 
    
41
 
Regulatory liabilities-current
 
 
167
 
    
299
 
Income taxes refundable through future rates
(12)
  
 
2,438
 
    
2,579
 
Nuclear decommissioning trust
(13)
  
 
1,471
 
    
1,070
 
Provision for future cost of removal
(9)
  
 
1,054
 
    
940
 
Other
 
 
111
 
    
58
 
Regulatory liabilities-noncurrent
 
 
5,074
 
    
4,647
 
Total regulatory liabilities
 
$
5,241
 
   $
4,946
 
 
 
 
 
 
 
 (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 2019, Virginia Power recorded a charge of $17 million ($13 million
after-tax)
in impairment of assets and other charges (reflected in the Corporate and Other segment)
 
to
write-off
the balance of a regulatory asset for which it is no longer seeking recovery.
 (7)
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 24 years as of December 31, 2019.
 (8)
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 for additional information.
 (9)
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.
(10)
Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 for additional information.
(11)
Charge associated with Virginia legislation enacted in March 2018 that required
one-time
rate credits of certain amounts to utility customers. See Note 13 for additional information.
(12)
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.
(13)
Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
                 
Dominion Energy Gas
 
 
 
    
 
Regulatory assets:
 
 
 
    
 
Unrecovered gas costs
(1)
  
$
2
 
   $
1
 
Other
 
 
6
 
    
7
 
Regulatory assets-current
(2)
  
 
8
 
    
8
 
Unrecognized pension and other postretirement benefit costs
(3)
  
 
—
 
    
15
 
Interest rate hedges
(4)
  
 
32
 
    
33
 
Other
 
 
8
 
    
4
 
Regulatory assets-noncurrent
 
 
40
 
    
52
 
Total regulatory assets
 
$
48
 
   $
60
 
Regulatory liabilities:
 
 
 
    
 
Provision for future cost of removal and AROs
(5)
  
$
18
 
   $
9
 
Overrecovered gas costs
(1)
  
 
8
 
    
7
 
Other
 
 
15
 
    
8
 
Regulatory liabilities-current
(6)
  
 
41
 
    
24
 
Income taxes refundable through future rates
(7)
  
 
560
 
    
530
 
Provision for future cost of removal and AROs
(6)
  
 
95
 
    
113
 
Overrecovered other postretirement benefit costs
(8)
  
 
133
 
    
106
 
Other
 
 
12
 
    
16
 
Regulatory liabilities-noncurrent
 
 
800
 
    
765
 
Total regulatory liabilities
 
$
841
 
   $
789
 
 
 (1)
Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
 (2)
Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
 (3)
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 Gas’ rate-regulated subsidiaries.
 (4)
Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 30 years.
 (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.
v3.19.3.a.u2
Regulatory Matters (Tables)
 12 Months Ended
Dec. 31, 2019
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 S
   
May 2019
     
February 2020
      
April 2020
     
$195
      
$(20
 )
Rider GV
   
May 2019
     
February 2020
      
April 2020
     
132
      
12
  
Rider W
   
May 2019
     
February 2020
      
April 2020
     
106
      
1
  
Rider R
   
May 2019
     
February 2020
      
April 2020
     
44
     
(13
 )
Rider B
   
May 2019
     
February 2020
      
April 2020
     
32
      
(6
 )
Rider
US-3
   
July 2019
     
Pending
     
June 2020
     
31
     
21
 
Rider BW
   
October 2019
     
Pending
     
September 2020
     
120
     
1
 
Rider
US-2
   
October 2019
     
Pending
     
September 2020
     
10
     
(5
 )
Rider E
   
January 2020
     
Pending
     
November 2020
     
88
     
(16
 )
 
 
Summary of Additional Significant Virginia Power Electric Transmission Projects Approved and Applied
 
 
Additional significant Virginia Power electric transmission projects approved
or
applied for are as follows:
                                         
Description and Location
of Project
 
Application
Date
   
Approval
Date
   
Type of
Line
   
Miles
of
Lines
   
Cost
Estimate
(millions)
 
Rebuild and operate transmission line between Lanexa and the Northern Neck
in Virginia
   
June 2018
     
February 2019
      
230 kV
     
3
     
$  30
 
Build a new substation and connect three existing
transmission lines thereto in Fluvanna County, Virginia
   
October 2018
     
June 2019
     
230 kV
     
<1
     
30
 
Rebuild and operate the Glebe
substation and relocate and operate in Arlington County, Virginia and the City
of Alexandria, Virginia existing overhead line
underground
   
March 2019
     
September 2019
     
230 kV
     
<1
     
125
 
Rebuild and operate transmission line between Valley, Virginia and
Mt. Storm, West Virginia
   
April 2019
     
November 2019
      
500 kV
     
65
     
290
 
Rebuild and operate transmission line between the Suffolk substation and
the Virginia/North Carolina state line
   
May 2019
     
November 2019
     
230 kV
     
11
      
20
 
Rebuild and operate five segments between the Loudoun
and Ox substations
   
August 2019
     
Pending
     
230 kV
     
19
     
70
 
Build new Evergreen Mills switching station and line loops in Loudoun County,
Virginia
   
December 2019
     
Pending
     
230 kV
     
2
     
30
 
Build new Lockridge substation and line loop in Loudoun County, Virginia
   
December 2019
     
Pending
     
230 kV
     
<1
      
35
 
 
 
 
 
 
 
v3.19.3.a.u2
Asset Retirement Obligations (Tables)
 12 Months Ended
Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]  
Changes to Asset Retirement Obligations
The changes to AROs during 2018 and 2019 were as follows:
 
Amount
 
(millions)
 
 
Dominion Energy
 
 
 
AROs at December 31, 2017
   $
2,432
 
Obligations incurred during the period
   
20
 
Obligations settled during the period
   
(159
 )
Revisions in estimated cash flows
(2)
    
120
 
Accretion
   
119
 
AROs at December 31, 2018
(1)
   $
2,532
 
Obligations incurred during the period
(2)
  
 
2,413
 
Obligations settled during the period
 
 
(137
)
AROs acquired in the SCANA Combination
 
 
577
 
Revisions in estimated cash flows
(3)
  
 
(324
)
Accretion
 
 
213
 
AROs at December 31, 2019
(1)
  
$
5,274
 
Virginia Power
 
 
 
AROs at December 31, 2017
  $
1,365
 
Obligations incurred during the period
   
14
 
Obligations settled during the period
   
(119
 )
Revisions in estimated cash flows
(2)
    
120
 
Accretion
   
65
 
AROs at December 31, 2018
  $
1,445
 
Obligations incurred during the period
(
2
)
  
 
2,408
 
Obligations settled during the period
 
 
(81
)
Revisions in estimated cash flows
(3)
  
 
(323
)
Accretion
 
 
132
 
AROs at December 31, 2019
 
$
3,581
 
Dominion Energy Gas
 
 
 
AROs at December 31, 2017
  $
85
 
Obligations incurred during the period
   
3
 
Obligations settled during the period
   
(6
 )
Accretion
   
6
 
AROs at December 31, 2018
(
4
)
   $
88
 
Obligations settled during the period
 
 
(3
)
Accretion
 
 
4
 
AROs at December 31, 2019
(
4
)
  
$
 89
 
 
(1)
Includes $282 million and $408 million reported in other current liabilities at December 31, 2018, and 2019, respectively.
(2)
Reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 23 for further information.
(3)
Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for 20 year license extensions for regulated nuclear power stations in Virginia.
(4)
Includes $74 million and $75 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2018 and 2019, respectively.
v3.19.3.a.u2
Leases (Tables)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Lease Assets and Liabilities Recorded in Consolidated Balance Sheets
At December 31, 2019, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets:
 
December 31, 2019
 
(millions)
 
 
Dominion Energy
 
 
 
Lease assets:
 
 
 
Operating lease assets
(1)
  
                  $
 
499
 
Finance lease assets
(2)
  
 
140
 
Total lease assets
 
                  $
639
 
Lease liabilities:
 
 
 
Operating lease liabilities
(3)
  
                  $
59
 
Finance lease liabilities
(4)
  
 
29
 
Total lease liabilities—current
 
 
88
 
Operating lease liabilities
(5)
  
 
442
 
Finance lease liabilities
 
 
105
 
Total lease liabilities—noncurrent
 
 
547
 
Total lease liabilities
 
                  $
635
 
Virginia Power
 
 
 
Operating lease assets
(1)
  
                  $
212
 
Finance lease assets
(2)
  
 
19
 
Total lease assets
 
                  $
231
 
Lease liabilities:
 
 
 
Operating lease liabilities
(3)
  
                  $
30
 
Finance lease liabilities
(4)
  
 
3
 
Total lease liabilities—current
 
 
33
 
Operating lease liabilities
(5)
  
 
180
 
Finance lease liabilities
 
 
16
 
Total lease liabilities—noncurrent
 
 
196
 
Total lease liabilities
 
                  $
229
 
Dominion Energy Gas
 
 
 
Operating lease assets
(1)
  
                  $
37
 
Finance lease assets
(2)
  
 
6
 
Total lease assets
 
                  $
43
 
Lease liabilities:
 
 
 
Operating lease liabilities
(3)
  
                  $
6
 
Finance lease liabilities
(4)
  
 
1
 
Total lease liabilities—current
 
 
7
 
Operating lease liabilities
(5)
  
 
29
 
Finance lease liabilities
 
 
5
 
Total lease liabilities—noncurrent
 
 
34
 
Total lease liabilities
 
                  $
41
 
 
(1)
Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
(2)
Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $27 million, $4 million and $1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at December 31, 2019.
(3)
Included in other current liabilities in the Companies’ Consolidated Balance Sheets.
(4)
Included in securities due within one year in the Companies’ Consolidated Balance Sheets.
(5)
Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
Summary of Total Lease Cost
For the year ended December 31, 2019, total lease cost associated with the Companies’ leasing arrangements consisted of the following:
 
Year Ended
December 31, 2019
 
(millions)
 
 
Dominion Energy
 
 
 
Finance lease cost:
 
 
 
Amortization
 
                    $
20
 
Interest
 
 
4
 
Operating lease cost
 
 
87
 
Short-term lease cost
 
 
30
 
Variable lease cost
 
 
6
 
Total lease cost
 
                    $
147
 
Virginia Power
 
 
 
Operating lease cost
 
                    $
41
 
Short-term lease cost
 
 
13
 
Variable lease cost
 
 
2
 
Total lease cost
 
                    $
56
 
Dominion Energy Gas
 
 
 
Operating lease cost
 
                    $
7
 
Short-term lease cost
 
 
7
 
Total lease cost
 
                    $
14
 
Cash Paid for Amounts Included in Measurement of Lease Liabilities
For the year ended December 31, 2019, cash paid for amounts included in the measurement of the lease liabilities consisted of the following amounts, included in the Companies’ Consolidated Statements of Cash Flows:
 
Year Ended
December 31,
2019
 
(millions)
 
 
Dominion Energy
 
 
 
Operating cash flows for finance leases
 
            $
4
 
Operating cash flows for operating leases
 
 
121
 
Financing cash flows for finance leases
 
 
20
 
Virginia Power
 
 
 
Operating cash flows for operating leases
 
 
56
 
Dominion Energy Gas
 
 
 
Operating cash flows for operating leases
 
 
14
 
Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases
At December 31, 2019, the weighted average remaining lease term and weighted discount rate for the Companies’ finance and operating leases were as follows:
 
December 31, 2019
 
Dominion Energy
 
 
 
Weighted average remaining lease term—finance leases
 
 
5 years
 
Weighted average remaining lease term—operating leases
 
 
21 years
 
Weighted average discount rate—finance leases
 
 
3.84
%
Weighted average discount rate—operating leases
 
 
4.47
%
Virginia Power
 
 
 
Weighted average remaining lease term—finance leases
 
 
6 years
 
Weighted average remaining lease term—operating leases
 
 
20 years
 
Weighted average discount rate—finance leases
 
 
4.12
%
Weighted average discount rate—operating leases
 
 
4.29
%
Dominion Energy Gas
 
 
 
Weighted average remaining lease term—finance leases
 
 
6 years
 
Weighted average remaining lease term—operating leases
 
 
11 years
 
Weighted average discount rate—finance leases
 
 
4.08
%
Weighted average discount rate—operating leases
 
 
4.37
%
Scheduled Maturities of Lease Liabilities
The Companies’ lease liabilities have the following maturities:
Maturity of Lease Liabilities
 
Dominion Energy
   
Virginia Power
   
Dominion Energy
Gas
 
  
Operating
   
Finance
   
Operating
   
Finance
   
Operating
   
Finance
 
(millions)
 
 
  
   
   
   
   
 
2020
      $
72
        $
34
        $
34
        $
4
        $
7
        $
2
 
2021
   
65
     
31
     
30
     
4
     
6
     
1
 
2022
   
55
     
29
     
24
     
4
     
5
     
1
 
2023
   
45
     
26
     
19
     
3
     
4
     
1
 
2024
   
36
     
19
     
14
     
3
     
3
     
1
 
After 2024
   
582
     
9
     
205
     
4
     
20
     
1
 
Total undiscounted lease payments
   
855
     
148
     
326
     
22
     
45
     
7
 
Present value adjustment
   
(377
 )    
(14
 )    
(139
 )    
(3
 )    
(10
 )    
(1
 )
Present value of lease liabilities
      $
478
        $
134
        $
187
        $
19
        $
35
        $
6
 
v3.19.3.a.u2
Short-Term Debt And Credit Agreements (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of Line of Credit Facilities Commercial paper and letters of credit outstanding, as well as capacity available under the credit facility were as follows:
 
Facility
Limit
   
Outstanding
Commercial
Paper
(1)
    
Outstanding
Letters of
Credit
   
Facility
Capacity
Available
 
(millions)
 
 
  
   
   
 
At December 31, 2019
 
 
 
    
     
     
 
Joint revolving credit facility
(2)
  
$
6,000
 
  
 
$836
 
  
 
$89
 
  
$
5,075
 
At December 31, 2018
 
 
 
    
     
     
 
Joint revolving credit facility
(2)
   $
6,000
     
$324
     
$88
    $
5,588
 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was 2.10% and 2.93% at December 31, 2019 and 2018, respectively.
(2)
This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
Virginia Electric and Power Company  
Schedule of Line of Credit Facilities
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 were as follows:
 
Facility
Limit
   
Outstanding
Commercial
Paper
(1)
    
Outstanding
Letters of
Credit
 
(millions)
 
 
  
   
 
At December 31, 2019
 
 
 
    
     
 
Joint revolving credit facility
(2)
  
 
$6,000
 
  
 
$243
 
  
 
$  7
 
At December 31, 2018
 
 
 
    
     
 
Joint revolving credit facility
(2)
    
$6,000
     
$314
     
$16
 
 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 2.10% and 2.94% at December 31, 2019 and 2018, respectively.
(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 December 31, 2019, 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  
Schedule of Line of Credit Facilities
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 were as follows:
 
Facility
Limit
   
Outstanding
Commercial
Paper
(1)
    
Outstanding
Letters of
Credit
 
(millions)
 
 
  
   
 
At December 31, 2019
 
 
 
    
     
 
Joint revolving credit facility
(2)
  
 
$1,500
 
  
 
$62
 
  
 
$—
 
At December 31, 2018
 
 
 
    
     
 
Joint revolving credit facility
(2)
    
$1,500
     
$10
     
$—
 
 
(1)
The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 1.98% and 2.58% at December 31, 2019 and 2018, respectively.
(2)
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 December 31, 2019, 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.
v3.19.3.a.u2
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Long term Debt
At December 31,
 
2019
Weighted-
average
Coupon
(1)
 
  
2019
 
  
2018
 
(millions, except percentages)
 
 
  
 
  
 
Dominion Energy Gas Holdings, LLC:
 
 
 
  
 
 
    
 
Unsecured senior notes:
 
 
 
  
 
 
    
 
Variable rate, due 2021
 
 
2.49
%
 
 $
500
 
   $
500
 
2.5% to 4.8%, due 2019 to 2049
(2)
  
 
3.44
%
 
 
4,631
 
    
3,587
 
Cove Point, term loan, due 2021
(3)
  
 
 
  
 
—
 
    
3,000
 
Dominion Energy Midstream:
 
 
 
  
 
 
    
 
Term loan, variable rate, due 2019
 
 
 
  
 
—
 
    
300
 
Revolving credit agreement, variable rate, due 2021
(4)
  
 
 
  
 
—
 
    
73
 
Dominion Energy Questar Pipeline, unsecured senior notes, 3.53% to 4.875%, due 2028 to 2041
 
 
4.23
%
 
 
430
 
    
430
 
Dominion Energy Gas Holdings, LLC total principal
 
 
 
  
 $
5,561
 
   $
7,890
 
Securities due within one year
 
 
2.80
%
 
 
(699
)
    
(748
 )
Credit facility borrowings
(4)
  
 
 
  
 
—
 
    
(73
 )
Unamortized discount and debt issuance costs
 
 
 
  
 
(41
)
   
(47
 )
Finance leases
 
 
 
  
 
5
 
    
—
 
Dominion Energy Gas Holdings, LLC total long-term debt
 
 
 
  
 $
4,826
 
   $
7,022
 
Virginia Electric and Power Company:
 
 
 
  
 
 
    
 
Unsecured senior notes:
 
 
 
  
 
 
    
 
2.75% to 8.875%, due 2019 to 2049
 
 
4.27
%
 
$
 11,789
 
   $
11,090
 
Tax-
exempt financings, 1.80% to 5.0%, due 2023 to 2041
(5)
(6)
  
 
2.02
%
 
 
625
 
    
664
 
Virginia Electric and Power Company total principal
 
 
 
  
 $
12,414
 
   $
11,754
 
Securities due within one year
 
 
4.29
%
 
 
(1
)
    
(350
 )
Unamortized discount, premium and debt issuances costs, net
 
 
 
  
 
(88
)
   
(83
 )
Finance leases
 
 
 
  
 
16
 
    
—
 
Virginia Electric and Power Company total long-term debt
 
 
 
  
 $
12,341
 
   $
11,321
 
Dominion Energy, Inc.:
 
 
 
  
 
 
    
 
Unsecured senior notes:
 
 
 
  
 
 
    
 
Variable rates, due 2019 and 2020
 
 
2.31
%
 
 $
300
 
   $
800
 
1.6% to 7.0%, due 2019 to 2049
(7)
  
 
4.15
%
 
 
7,688
 
    
7,488
 
Unsecured junior subordinated notes:
 
 
 
  
 
 
    
 
2.579% to 4.104%, due 2019 to 2024
 
 
3.01
%
 
 
2,950
 
    
2,100
 
Payable to affiliated trust, 8.4%, due 2031
 
 
8.40
%
 
 
10
 
    
10
 
Enhanced junior subordinated notes:
 
 
 
  
 
 
    
 
Variable rates, due 2066
(8)
  
 
4.41
%
 
 
397
 
    
422
 
5.25% and 5.75%, due 2054 and 2076
 
 
5.48
%
 
 
1,485
 
    
1,485
 
Remarketable subordinated notes, 2.0%, due 2021 and 2024
 
 
 
  
 
—
 
    
1,400
 
Questar Gas, unsecured senior notes, 2.98% to 7.20%, due 2024 to 2051
 
 
4.25
%
 
 
750
 
    
750
 
SCANA:
 
 
 
  
 
 
    
 
Unsecured medium term notes, 4.125% to 6.25%, due 2020 to 2022
(9)(10)
  
 
5.06
%
 
 
508
 
    
—
 
Unsecured senior notes, variable rate, due 2034
(11)
  
 
2.61
%
 
 
66
 
    
—
 
PSNC, senior debentures and notes, 4.13% to 7.45%, due 2020 to 2047
 
 
5.05
%
 
 
700
 
    
—
 
DESC:
 
 
 
  
 
 
    
 
First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065
(12)
  
 
5.42
%
 
 
3,267
 
    
—
 
Tax-
exempt financings:
(13)
  
 
 
  
 
 
    
 
Variable rate due 2038
 
 
1.65
%
 
 
35
 
    
—
 
GENCO, variable rates due 2038
(14)
  
 
1.65
%
 
 
33
 
    
—
 
3.625% and 4.00%, due 2028 and 2033
 
 
3.90
%
 
 
54
 
    
—
 
Other
 
 
3.69
%
 
 
1
 
    
—
 
Secured senior notes, 4.82%, due 2042
(15)
  
 
4.82
%
 
 
345
 
    
362
 
Term loans, variable rates, due 2023 and 2024
(15)
  
 
4.24
%
 
 
527
 
    
582
 
Tax-
exempt financing, 1.7%, due 2033
  
 
1.70
%
 
 
27
 
    
27
 
Dominion Energy Gas Holdings, LLC total principal (from above)
 
 
 
  
 
5,561
 
    
7,890
 
Virginia Electric and Power Company total principal (from above)
 
 
 
  
 
12,414
 
    
11,754
 
Dominion Energy, Inc. total principal
 
 
 
  
 $
37,118
 
   $
35,070
 
Fair value hedge valuation
(16)
  
 
 
  
 
4
 
    
(20
 )
Securities due within one year
(8)(10)(11)(17)
  
 
3.41
%
 
 
(3,133
)
    
(3,624
 )
Credit facility borrowings
(4)
  
 
 
  
 
—
 
    
(73
 )
Unamortized discount, premium and debt issuance costs, net
 
 
 
  
 
(270
)
   
(248
 )
Finance leases
 
 
 
  
 
105
 
    
39
 
Dominion Energy, Inc. total long-term debt
 
 
 
  
 $
 33,824
 
   $
31,144
 
(1)
Represents weighted-average coupon rates for debt outstanding as of December 31, 2019.
 
 
 
(2)
Amount includes foreign currency remeasurement adjustments.
 
 
 
(3)
In September 2019, Cove Point repaid its $3.0 billion term loan due in 2021.
 
 
 
(4)
In February 2019, Dominion Energy Midstream repaid its $300 million variable rate term loan due in December 2019 and terminated the credit facility due in March 2021 subsequent to repaying the $73 million outstanding balance. As such, credit facility borrowings are presented within current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2018.
 
 
 
(5)
These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
 
 
 
(6)
In May 2019, Virginia Power redeemed its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest.
 
 
 
(7)
Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
 
 
 
(8)
In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
 
(9)
In March 2019, SCANA purchased certain of its medium term notes having an aggregate purchase price of $300 million pursuant to tender offer that expired in the first quarter of 2019.
 
 
 
(10)
In February 2020, SCANA provided notice to redeem 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 in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
 
(11)
In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
 
(12)
In February, March and September 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $1.8 billion pursuant to tender offers. The February and March tender offers expired in the first quarter of 2019 and the September tender offer expired in the third quarter of 2019.
 
 
 
(13)
Industrial revenue bonds totaling $68 million are secured by letters of credit 
that
expire, subject to renewal, in the fourth quarter of 2020.
 
(1
4
)
In May 2019, GENCO redeemed its 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $33 million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released.
 
 
 
(1
5
)
Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities.
 
 
 
(1
6
)
Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt.
 
 
 
(1
7
)
Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc.
 
 
Scheduled Principal Payments of Long-Term Debt
Based on stated maturity dates rather than early redemption dates that could be elected by instrument holders, the scheduled principal payments of long-term debt at December 31, 2019, were as follows:
                                                         
 
2020
   
2021
   
2022
   
2023
   
2024
   
Thereafter
   
Total
 
(millions, except percentages)
 
 
  
   
   
   
   
   
 
Dominion Energy Gas
 
$
700
 
  
$
500
 
  
$
—
 
  
$
650
 
  
$
1,050
 
  
$
2,661
 
  
$
5,561
 
Weighted-average coupon
 
 
2.80
%
 
 
2.49
%
 
 
—
 
  
 
3.29
%
 
 
2.97
%
 
 
3.95
%
 
 
 
Virginia Power
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Unsecured senior notes
 
$
—
 
  
$
—
 
  
$
750
 
  
$
700
 
  
$
350
 
  
$
9,989
 
  
$
11,789
 
Tax-
exempt financings
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
 
  
 
625
 
  
 
625
 
Total
 
$
—
 
  
$
—
 
  
$
750
 
  
$
700
 
  
$
350
 
  
$
10,614
 
  
$
12,414
 
Weighted-average coupon
 
 
—
 
  
 
—
 
  
 
3.15
%
 
 
2.75
%
 
 
3.45
%
 
 
4.35
%
 
 
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Term loans
(1
)
  
$
35
 
  
$
35
 
  
$
34
 
  
$
259
 
  
$
164
 
  
$
—
 
  
$
527
 
First mortgage bonds
 
 
—
 
  
 
33
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
3,234
 
  
 
3,267
 
Unsecured senior notes
(2)(3)
  
 
1,275
 
  
 
1,237
 
  
 
1,659
 
  
 
2,355
 
  
 
1,745
 
  
 
19,092
 
  
 
27,363
 
Secured senior notes
 
 
15
 
  
 
17
 
  
 
19
 
  
 
16
 
  
 
17
 
  
 
261
 
  
 
345
 
Tax-
exempt financings
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
774
 
  
 
774
 
Unsecured junior subordinated notes payable
to affiliated trusts
 
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
10
 
  
 
10
 
Unsecured junior subordinated notes
 
 
1,000
 
  
 
1,250
 
  
 
—
 
  
 
—
 
  
 
700
 
  
 
—
 
  
 
2,950
 
Enhanced junior subordinated notes
(4)
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
—
 
  
 
1,882
 
  
 
1,882
 
Total
 
$
2,325
 
  
$
2,572
 
  
$
1,712
 
  
$
2,630
 
  
$
2,626
 
  
$
25,253
 
  
$
37,118
 
Weighted-average coupon
 
 
3.09
%
 
 
3.15%
 
  
 
3.10
%
 
 
2.95%
 
  
 
3.19%
 
  
 
4.62
%
 
 
 
 
 
 
 
(1)
Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2019, $20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets.
 
 
 
(2)
In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034.
 
 
 
(3)
In February 2020, SCANA provided notice to redeem 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 in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively.
 
 
 
(4)
In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
 
 
v3.19.3.a.u2
Preferred Stock (Tables)
 12 Months Ended
Dec. 31, 2019
Preferred Stock [Member]  
Preferred Stock
Selected information about Dominion Energy’s 2019 Equity Units is presented below:
Issuance Date
 
Units
Issued
   
Total Net
Proceeds
(1)
    
Total
Preferred Stock
(2)
    
Cumulative
Dividend Rate
   
Stock Purchase
Contract Annual
Rate
   
Stock Purchase
Contract Liability
(3)
    
Stock Purchase
Contract 
Settlement Date
 
(millions except interest rates)
 
 
  
   
   
   
   
   
 
6/14/2019
 
 
16
 
  
$
1,582
 
  
 
$1,610
 
  
 
1.75
%
 
 
5.5
%
 
 
$250
 
  
 
6/1/2022
 
 
(1)
Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets.
(2)
Dominion Energy recorded dividends of $15 million ($9.479 per share) for the year ended December 31, 2019.
(3)
Payments of $38 million were made in 2019. The stock purchase contract liability was $212 million at December 31, 2019.
v3.19.3.a.u2
Equity (Tables)
 12 Months Ended
Dec. 31, 2019
Schedule of Accumulated Other Comprehensive Income (Loss)
Presented in the table below is a summary of AOCI by component:
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Net deferred losses on derivatives-hedging activities, net of $135 and $79 tax
 
$
(407
)
  $
(234
 )
Net unrealized gains on nuclear decommissioning trust funds, net of $(13) and $— tax
 
 
37
 
    
2
 
Net unrecognized pension and other postretirement benefit costs, net of $492 and $519 tax
 
 
(1,421
)
   
(1,465
 )
Other comprehensive loss from equity method investees, net of $1 and $— tax
 
 
(2
)
   
(2
 )
Total AOCI, including noncontrolling interests
  
$
(1,793
)
  $
(1,699
 )
Less other comprehensive income attributable to noncontrolling interests
  
 
—
 
    
1
 
Total AOCI, excluding noncontrolling interests
  
$
(1,793
)
  $
(1,700
 )
Virginia Power
 
 
 
    
 
Net deferred losses on derivatives-hedging activities, net of $11 and $4 tax
 
$
(34
)
  $
(13
 )
Net unrealized gains on nuclear decommissioning trust funds, net of $(1) and $— tax
 
 
5
 
    
1
 
Total AOCI
 
$
(29
)
  $
(12
 )
Dominion Energy Gas
 
 
 
    
 
Net deferred losses on derivatives-hedging activities, net of $28 and $8 tax
 
$
(82
)
  $
(25
 )
Net unrecognized pension costs, net of $41 and $56 tax
 
 
(106
)
   
(144
 )
Total AOCI, including noncontrolling interests
  
 
(188
)
   
(169
 )
Less other comprehensive income (loss) attributable to noncontrolling interests
  
 
(1
)
   
—
 
Total AOCI, excluding noncontrolling interests
  
$
(187
)
  $
(169
 )
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)
 
 
  
   
   
   
 
Year Ended December 31, 2019
 
 
 
    
     
     
     
 
Beginning balance
 
 
$(235)
 
  
 
$     2
 
  
 
$(1,465
)
 
 
$(2
)
 
 
$(1,700)
 
Other comprehensive income before reclassifications: gains (losses)
 
 
(110)
 
  
 
39
 
  
 
(22)
 
  
 
—
 
  
 
(93)
 
Amounts reclassified from AOCI: (gains) losses
(1)
  
 
(62)
 
  
 
(4)
 
  
 
66
 
  
 
—
 
  
 
—
 
Net current period other comprehensive income (loss)
 
 
(172)
 
  
 
35
 
  
 
44
 
  
 
—
 
  
 
(93
)
Ending balance
 
 
$(407)
 
  
 
$37
 
  
 
$(1,421
)
 
 
$(2
)
 
 
$(1,793
)
Year Ended December 31, 2018
 
 
 
    
     
     
     
 
Beginning balance
   
$(302)
     
$747
     
$(1,101)
     
$(3)
     
$(659
 )
Other comprehensive income before reclassifications: gains (losses)
   
30
     
(18
 )    
(215)
     
1
     
(202
 )
Amounts reclassified from AOCI: (gains) losses
(1)
    
102
     
5
     
78
     
—
     
185
 
Net current period other comprehensive income (loss)
   
132
     
(13)
     
(137)
     
1
     
(17)
 
Cumulative-effect of changes in accounting principle
   
(64)
     
(732)
     
(227)
     
—
     
(1,023
 )
Less other comprehensive income (loss) attributable to noncontrolling interests
    
1
     
—
     
—
     
—
     
1
 
Ending balance
   
$(235)
     
$     2
     
$(1,465)
     
$(2)
     
$  (1,700
 )
 
(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)
 
 
  
Year Ended December 31, 2019
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
 
 
$(146)
 
  
Operating revenue
 
 
3
 
  
Purchased gas
Interest rate contracts
 
 
54
 
  
Interest and related charges
Foreign currency contracts
 
 
6
 
  
Other Income
Total
 
 
(83
)
 
Tax
 
 
21
 
  
Income tax expense
Total, net of tax
 
 
$(62
)
 
Unrealized (gains) and losses on investment securities:
 
 
 
  
Realized (gain) loss on sale of securities
 
 
$(5)
 
  
Other income
Total
 
 
(5)
 
  
Tax
 
 
1
 
  
Income tax expense
Total, net of tax
 
 
$(4
)
 
Unrecognized pension and other postretirement benefit costs:
 
 
 
  
Amortization of prior-service costs (credits)
 
 
$(24)
 
  
Other income
Amortization of actuarial losses
 
 
113
 
  
Other income
Total
 
 
89
 
  
Tax
 
 
(23
)
 
Income tax expense
Total, net of tax
 
 
$66
 
  
Year Ended December 31, 2018
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
   
$90
   
Operating revenue
   
(14
 )  
Purchased gas
Interest rate contracts
   
48
   
Interest and related charges
Foreign currency contracts
   
13
   
Other Income
Total
   
137
   
Tax
   
(35
 )  
Income tax expense
Total, net of tax
   
$102
   
Unrealized (gains) and losses on investment securities:
   
   
Realized (gain) loss on sale of securities
   
$7
   
Other income
Total
   
7
   
Tax
   
(2
 )  
Income tax expense
Total, net of tax
   
$5
   
Unrecognized pension and other postretirement benefit costs:
   
   
Prior-service costs (credits)
   
$(21
 )  
Other income
Actuarial losses
   
120
   
Other income
Total
   
99
   
Tax
   
(21
 )  
Income tax expense
Total, net of tax
   
$78
   
Summary of Restricted Stock Activity The following table provides a summary of restricted stock activity for the years ended December 31, 2019, 2018 and 2017:
 
Shares
   
Weighted—average
Grant Date Fair
Value
 
  
(thousands)
   
 
Nonvested at December 31, 2016
   
886
     
$71.40
 
Granted
   
454
     
74.24
 
Vested
   
(287
 )    
68.90
 
Cancelled and forfeited
   
(10
 )    
72.37
 
Nonvested at December 31, 2017
   
1,043
     
$73.32
 
Granted
   
534
     
72.92
 
Vested
   
(316
 )    
73.59
 
Cancelled and forfeited
   
(53
 )    
74.25
 
Nonvested at December 31, 2018
   
1,208
     
$73.03
 
Granted
 
 
614
 
  
 
76.49
 
Vested
 
 
(324
)
 
 
71.75
 
Cancelled and forfeited
 
 
(96
)
 
 
77.16
 
Nonvested at December 31, 2019
 
 
1,402
 
  
 
$74.77
 
Virginia Electric and Power Company  
Schedule of Accumulated Other Comprehensive Income (Loss)
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)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
    
     
 
Beginning balance
 
 
$(13
)
 
$
1
 
  
 
$(12)
 
Other comprehensive income before reclassifications: gains (losses)
 
 
(22
)
 
 
5
 
  
 
(17)
 
Amounts reclassified from AOCI: (gains) losses
(1)
  
 
1
 
  
 
(1
)
 
 
—
 
Net current period other comprehensive income (loss)
 
 
(21
)
 
 
4
 
  
 
(17)
 
Ending balance
 
 
$(34
)
 
$
5
 
  
 
$(29)
 
Year Ended December 31, 2018
 
 
 
    
     
 
Beginning balance
   
$(12
 )   $
74
    $
62
 
Other comprehensive income before reclassifications: gains (losses)
   
1
     
—
     
1
 
Amounts reclassified from AOCI: gains (losses)
(1)
    
1
     
—
     
1
 
Net current period other comprehensive income (loss)
   
2
     
—
     
2
 
Cumulative-effect of changes in accounting principle
   
(3
 )    
(73
 )    
(76)
 
Ending balance
   
$(13
 )   $
1
    $
(12)
 
 
(1)
See table below for details about these reclassifications.
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)
 
 
  
             
Year Ended December 31, 2019
 
 
 
  
(Gains) losses on cash flow hedges:
 
 
 
  
Interest rate contracts
 
 
$   1
 
  
Interest and related charges
Total
 
 
1
 
  
Tax
 
 
—
 
  
Income tax expense
Total, net of tax
 
 
$   1
 
  
Unrealized (gains) and losses on investment securities:
 
 
 
  
Realized (gain) loss on sale of securities
 
 
$ (2)
 
  
Other income
Impairment
 
 
—
 
  
Other income
Total
 
 
(2)
 
  
Tax
 
 
1
 
  
Income tax expense
Total, net of tax
 
 
$ (1)
 
  
Year Ended December 31, 2018
 
 
 
  
(Gains) losses on cash flow hedges:
 
 
 
  
Interest rate contracts
   
$   1
   
Interest and related charges
Total
   
1
   
Tax
   
—
   
Income tax expense
Total, net of tax
   
$   1
   
Dominion Energy Gas Holdings, LLC  
Schedule of Accumulated Other Comprehensive Income (Loss)
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 and
other
postretirement
benefit costs
   
Total
 
(millions)
 
 
  
   
 
                         
Year Ended December 31, 2019
 
 
 
    
     
 
Beginning balance
 
 
$(25
)
 
 
$(144
)
 
$
(169)
 
Other comprehensive income before reclassifications: gains (losses)
 
 
(61
)
 
 
33
 
  
 
(28
)
Amounts reclassified from AOCI: (gains) losses
(1)
  
 
5
 
  
 
5
 
  
 
10
 
Net current period other comprehensive income (loss)
 
 
(56
)
 
 
38
 
  
 
(18
)
Dominion Energy Gas Restructuring
  
 
(1
)
 
 
—
 
  
 
(1
)
Less other comprehensive income attributable to noncontrolling interests
  
 
(1
)
 
 
—
 
  
 
(1
)
Ending balance
 
 
$(81
)
 
 
$(106
)
 
$
(187
)
Year Ended December 31, 2018
 
 
 
  
 
 
  
 
 
Beginning balance
   
$(23
 )    
$(75
 )   $
(98
 )
Other comprehensive income before reclassifications: gains (losses)
   
(16
 )    
(52
 )    
(68
 )
Amounts reclassified from AOCI: gains (losses)
(1)
    
19
     
4
     
23
 
Net current period other comprehensive income (loss)
   
3
     
(48
 )    
(45
 )
Cumulative-effect of changes in accounting principle
   
(5
 )    
(21
 )    
(26
 )
Ending balance
   
$(25
 )    
$(144
 )    
$(169
 )
 
(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)
 
 
  
             
Year Ended December 31, 2019
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
 
 
$   (4)
 
  
Net income from discontinued operations
Interest rate contracts
 
 
5
 
  
Interest and related charges
Foreign currency contracts
 
 
6
 
  
Other income
Total
 
 
7
 
  
Tax
 
 
(2)
 
  
Income tax expense
Total, net of tax
 
 
$   5
 
  
Unrecognized pension costs:
 
 
 
  
Actuarial losses
 
 
$   7
 
  
Other income
Total
 
 
7
 
  
Tax
 
 
(2)
 
  
Income tax expense
Total, net of tax
 
 
$   5
 
  
Year Ended December 31, 2018
 
 
 
  
Deferred (gains) and losses on derivatives-hedging activities:
 
 
 
  
Commodity contracts
   
$   8
   
Net income from discontinued operations
Interest rate contracts
   
5
   
Interest and related charges
Foreign currency contracts
   
13
   
Other income
Total
   
26
   
Tax
   
(7)
   
Income tax expense
Total, net of tax
   
$19
   
Unrecognized pension costs:
   
   
Actuarial losses
   
$   6
   
Other income
Total
   
6
   
Tax
   
(2)
   
Income tax expense
Total, net of tax
   
$   4
   
v3.19.3.a.u2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans funded status
The following table summarizes the changes in pension plan and other postretirement benefit plan obligations and plan assets and includes a statement of the plans’ funded status for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units):
                                 
 
Pension Benefits
   
Other Postretirement Benefits
 
Year Ended December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions, except percentages)
 
 
  
   
 
  
 
Dominion Energy
 
 
 
    
   
 
 
    
 
Changes in benefit obligation:
 
 
 
    
   
 
 
    
 
Benefit obligation at beginning of year
 
$
8,500
 
   $
9,052
   
$
1,363
 
   $
1,529
 
Dominion Energy SCANA Combination (See Note 3)
  
 
854
 
    
—
    
 
253
 
    
—
  
Service cost
 
 
162
 
    
157
   
 
26
 
    
27
 
Interest cost
 
 
394
 
    
337
   
 
68
 
    
56
 
Benefits paid
 
 
(470
)
   
(358
 )  
 
(96
)
   
(87
 )
Actuarial (gains) losses during the year
 
 
1,054
 
    
(688
 )  
 
111
 
    
(158
 )
Plan amendments
 
 
—
 
    
—
   
 
—
 
    
(4
 )
Settlements and curtailments
(1)
  
 
(48
)
   
—
    
 
44
 
    
—
 
Benefit obligation at end of year
 
$
10,446
 
   $
8,500
   
$
 1,769
 
   $
1,363
 
Changes in fair value of plan assets:
 
 
 
  
 
 
  
 
 
  
 
 
Fair value of plan assets at beginning of year
 
$
7,197
 
   $
8,062
   
$
1,581
 
   $
1,729
 
Dominion Energy SCANA Combination (See Note 3)
  
 
727
 
    
—
   
 
—
 
    
—
 
Actual return (loss) on plan assets
 
 
1,747
 
    
(513
 )  
 
349
 
    
(92
 )
Employer contributions
 
 
557
 
    
6
   
 
12
 
    
12
 
Benefits paid
 
 
(470
)
   
(358
 )  
 
(62
)
   
(68
 )
Settlements
(2)
  
 
(127
)
   
—
    
 
—
 
    
—
 
Fair value of plan assets at end of year
 
$
9,631
 
   $
7,197
   
$
1,880
 
   $
1,581
 
Funded status at end of year
 
$
(815
)
  $
(1,303
 )  
$
 111
 
   $
218
 
Amounts recognized in the Consolidated Balance Sheets at December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Noncurrent pension and other postretirement benefit assets
 
$
1,266
 
   $
1,003
   
$
442
 
   $
276
 
Other current liabilities
 
 
(29
)
   
(34
 )  
 
(17
)
   
(2
 )
Noncurrent pension and other postretirement benefit liabilities
 
 
(2,052
)
   
(2,272
 )  
 
(314
)
   
(56
 )
Net amount recognized
 
$
(815
)
  $
(1,303
 )  
$
111
 
   $
218
 
Significant assumptions used to determine benefit
obligations as of December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Discount rate
 
 
3.47%–3.63%
 
    
4.42%–4.43%
   
 
3.44%–3.52%
 
    
4.37%–4.38%
 
Weighted average rate of increase for compensation
 
 
4.23%
 
    
4.32%
   
 
n/a
 
    
n/a
  
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
Changes in benefit obligation:
 
 
 
  
 
 
  
 
 
  
 
 
Benefit obligation at beginning of year
 
$
730
 
   $
773
   
$
256
 
   $
290
 
Dominion Energy Gas Restructuring (See Note 3)
 
 
(468
)
    
—
    
 
(135
)
    
—
  
Service cost
 
 
6
 
    
18
   
 
1
 
    
4
 
Interest cost
 
 
11
 
    
29
   
 
5
 
    
11
 
Benefits paid
 
 
(15
)
   
(34
 )  
 
(8
)
   
(18
 )
Actuarial (gains) losses during the year
 
 
30
 
    
(56
 )  
 
1
 
    
(27
 )
Plan amendments
 
 
—
 
    
—
   
 
—
 
    
(4
 )
Settlements and curtailments
(1)
  
 
1
 
    
—
   
 
1
 
    
—
 
Benefit obligation at end of year
 
$
 295
 
   $
730
   
$
 121
 
   $
256
 
Changes in fair value of plan assets:
 
 
 
  
 
 
  
 
 
  
 
 
Fair value of plan assets at beginning of year
 
$
1,656
 
   $
1,803
   
$
311
 
   $
333
 
Dominion Energy Gas Restructuring
(See Note 3)
 
 
(1,084
)
    
—
    
$
(126
)
   
—
  
Actual return (loss) on plan assets
 
 
129
 
    
(113
 )  
 
38
 
    
(16
 )
Employer contributions
 
 
—
 
    
—
   
 
12
 
    
12
 
Benefits paid
 
 
(15
)
   
(34
 )  
 
(8
)
   
(18
 )
Fair value of plan assets at end of year
 
$
 686
 
   $
1,656
   
$
 227
 
   $
311
 
Funded status at end of year
 
$
 391
 
   $
926
   
$
 106
 
   $
55
 
Amounts recognized in the Consolidated Balance
Sheets at December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Noncurrent pension and other postretirement benefit assets
 
$
 391
 
   $
 310
    
$
 106
 
   $
63
 
Noncurrent assets of discontinued operations
  
 
—
 
    
616
    
 
—
 
    
—
  
Noncurrent liabilities of discontinued operations
  
 
—
 
    
—
   
 
—
 
    
(8
 )
Net amount recognized
 
$
 391
 
   $
926
   
$
 106
 
   $
55
 
Significant assumptions used to determine
benefit obligations as of December 31:
 
 
 
  
 
 
  
 
 
  
 
 
Discount rate
 
 
3.63
%
   
4.42
 %  
 
3.44
%
    
4.37
 %
Weighted average rate of increase for compensation
 
 
4.64
%
   
4.55
 %  
 
n/a
 
    
n/a
 
 
 
 
 
(1)
2019 amounts relate primarily to a settlement as a result of the voluntary retirement program.
 
 
Benefit obligation in excess of plan asset
The following table provides information on the benefit obligations and fair value of plan assets for plans with a benefit obligation in excess of plan assets for Dominion Energy and Dominion Energy Gas (for employees represented by collective bargaining units):
                                 
 
Pension Benefits
   
Other Postretirement
Benefits
 
As of December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions)
 
 
  
   
 
  
 
Dominion Energy
 
 
 
    
   
 
 
    
 
Benefit obligation
 
$
 
9,552
 
   $
7,705
   
      $
 341
 
       $
164
 
Fair value of plan assets
 
 
7,471
 
    
5,398
   
 
10
 
    
136
 
Dominion Energy Gas
 
 
 
    
   
 
 
    
 
Benefit obligation
 
$
—
 
   $
—
   
      $
 
—
 
       $
134
 
Fair value of plan assets
 
 
—
 
    
—
   
 
—
 
    
126
 
 
 
Accumulated benefit obligation in excess of plan assets
The following table provides information on the ABO and fair value of plan assets for Dominion Energy’s pension plans with an ABO in excess of plan assets:
                 
As of December 31,
 
2019
 
  
2018
 
(millions)
 
   
 
Accumulated benefit obligation
 
$
 8,852
 
   $
7,056
 
Fair value of plan assets
 
 
7,471
 
    
5,398
 
 
 
Benefit payments expected future service
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans:
                 
 
Estimated Future Benefit Payments
 
 
Pension Benefits
   
Other Postretirement
Benefits
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
  
 
 
2020
 
            $
535
 
  
                    $
120
 
2021
 
 
472
 
  
 
117
 
2022
 
 
511
 
  
 
116
 
2023
 
 
519
 
  
 
114
 
2024
 
 
536
 
  
 
113
 
2025-2029
 
 
2,792
 
  
 
528
 
Dominion Energy Gas
 
 
 
  
 
 
2020
 
            $
15
 
  
                    $
8
 
2021
 
 
15
 
  
 
8
 
2022
 
 
15
 
  
 
8
 
2023
 
 
15
 
  
 
8
 
2024
 
 
15
 
  
 
8
 
2025-2029
 
 
79
 
  
 
36
 
 
 
Fair values of pension and post retirement plan assets by asset category
 
The fair values of Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) pension plan assets by asset category are as follows:
                                                                 
At December 31,
 
2019
   
2018
 
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
(millions)
 
 
  
 
  
 
  
 
  
   
   
   
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
$
22
 
  
$
1
 
  
 
$
—
 
  
$
23
 
   $
17
    $
1
     
$—
    $
18
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
(1)
  
 
2,284
 
  
 
—
 
  
 
—
 
  
 
2,284
 
    
1,645
     
—
     
—
     
1,645
 
International
 
 
1,634
 
  
 
—
 
  
 
—
 
  
 
1,634
 
    
1,061
     
—
     
—
     
1,061
 
Insurance contracts
 
 
—
 
  
 
360
 
  
 
—
 
  
 
360
 
    
—
     
318
     
—
     
318
 
Corporate debt instruments
 
 
273
 
  
 
859
 
  
 
—
 
  
 
1,132
 
    
23
     
729
     
—
     
752
 
Government securities
 
 
58
 
  
 
757
 
  
 
—
 
  
 
815
 
    
25
     
605
     
—
     
630
 
Total recorded at fair value
 
$
4,271
 
  
$
1,977
 
  
 
$—
 
  
$
6,248
 
   $
2,771
    $
1,653
     
$—
    $
4,424
 
Assets recorded at NAV
(2)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
2,355
 
    
     
     
     
1,849
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
91
 
    
     
     
     
108
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
787
 
    
     
     
     
633
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
159
 
    
     
     
     
155
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
14
 
    
     
     
     
17
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
$
3,406
 
    
     
     
    $
2,762
 
Total investments
(3)
  
 
 
  
 
 
  
 
 
  
$
9,654
 
    
     
     
    $
7,186
 
Dominion Energy Gas
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
$
 1
 
  
$
—
 
  
 
$
—
 
  
$
 1
 
   $
4
    $
—
     
$—
    $
4
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
 
177
 
  
 
—
 
  
 
—
 
  
 
177
 
    
378
     
—
     
—
     
378
 
International
 
 
114
 
  
 
—
 
  
 
—
 
  
 
114
 
    
244
     
—
     
—
     
244
 
Insurance contracts
 
 
—
 
  
 
28
 
  
 
—
 
  
 
28
 
    
—
     
73
     
—
     
73
 
Corporate debt instruments
 
 
3
 
  
 
66
 
  
 
—
 
  
 
69
 
    
5
     
168
     
—
     
173
 
Government securities
 
 
2
 
  
 
59
 
  
 
—
 
  
 
61
 
    
6
     
139
     
—
     
145
 
Total recorded at fair value
 
$
 297
 
  
$
 153
 
  
 
$—
 
  
$
 450
 
   $
637
    $
380
     
$—
    $
1,017
 
Assets recorded at NAV
(2)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
157
 
    
     
     
     
425
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
7
 
    
     
     
     
25
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
61
 
    
     
     
     
146
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
12
 
    
     
     
     
36
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
4
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
$
 238
 
    
     
     
    $
636
 
Total investments
(4)
  
 
 
  
 
 
  
 
 
  
$
 688
 
    
     
     
    $
1,653
 
 
 
 
(1)
Includes $508 million of Dominion Energy common stock at December 31, 2019.
 
 
(2)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
 
 
(3)
Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. Excludes net assets related to pending sales of securities of $12 million, net accrued income of $21 million, and includes net assets related to pending purchases of securities of $22 million at December 31, 2018.
 
 
(4)
Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $6 million at December 31, 2019. Excludes net assets related to pending sales of securities of $3 million, net accrued income of $5 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2018.
 
The fair values of Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement plan assets by asset category are as follows:
                                                                 
At December 31,
 
2019
   
2018
 
 
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
(millions)
 
 
  
 
  
 
  
 
  
   
   
   
 
Dominion Energy
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Cash and cash equivalents
 
      $
 2
 
  
      $
 —
 
  
 
$—
 
  
    $
2
 
       $
1
        $
1
     
$—
        $
2
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
 
719
 
  
 
—
 
  
 
—
 
  
 
719
 
    
554
     
—
     
—
     
554
 
International
 
 
206
 
  
 
—
 
  
 
—
 
  
 
206
 
    
170
     
—
     
—
     
170
 
Insurance contracts
 
 
—
 
  
 
21
 
  
 
—
 
  
 
21
 
    
—
     
19
     
—
     
19
 
Corporate debt instruments
 
 
1
 
  
 
50
 
  
 
—
 
  
 
51
 
    
1
     
44
     
—
     
45
 
Government securities
 
 
2
 
  
 
44
 
  
 
—
 
  
 
46
 
    
2
     
37
     
—
     
39
 
Total recorded at fair value
 
      $
 930
 
  
      $
 115
 
  
 
$—
 
  
    $
1,045
 
       $
728
        $
101
     
$—
        $
829
 
Assets recorded at NAV
(1)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
717
 
    
     
     
     
650
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
8
 
    
     
     
     
10
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
100
 
    
     
     
     
80
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
10
 
    
     
     
     
10
 
Hedge funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
1
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
    $
836
 
    
     
     
        $
751
 
Total investments
(2)
  
 
 
  
 
 
  
 
 
  
    $
1,881
 
    
     
     
        $
1,580
 
Dominion Energy Gas
  
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common and preferred stocks:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
U.S.
 
      $
 86
 
  
      $
—
 
  
 
$—
 
  
    $
 86
 
       $
113
        $
—
     
$—
        $
113
 
International
 
 
21
 
  
 
—
 
  
 
—
 
  
 
21
 
    
30
     
—
     
—
     
30
 
Total recorded at fair value
 
      $
 107
 
  
      $
—
 
  
 
$—
 
  
    $
 107
 
       $
143
        $
—
     
$—
        $
143
 
Assets recorded at NAV
(1)
:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Common/collective trust funds
 
 
 
  
 
 
  
 
 
  
 
105
 
    
     
     
     
148
 
Alternative investments:
 
 
 
  
 
 
  
 
 
  
 
 
    
     
     
     
 
Real estate funds
 
 
 
  
 
 
  
 
 
  
 
1
 
    
     
     
     
2
 
Private equity funds
 
 
 
  
 
 
  
 
 
  
 
14
 
    
     
     
     
18
 
Debt funds
 
 
 
  
 
 
  
 
 
  
 
—
 
    
     
     
     
—
 
Total recorded at NAV
 
 
 
  
 
 
  
 
 
  
    $
 120
 
    
     
     
        $
168
 
Total investments
 
 
 
  
 
 
  
 
 
  
    $
 227
 
    
     
     
        $
311
 
 
 
 
(1)
These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
 
 
(2)
Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2018.
 
Net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities The components of the provision for net periodic benefit (credit) cost and amounts recognized in other comprehensive income and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans are as follows:
                                                 
 
Pension Benefits
   
Other Postretirement Benefits
 
Year Ended December 31,
 
2019
 
  
2018
   
2017
   
2019
 
  
2018
   
2017
 
(millions, except percentages)
 
 
  
   
   
 
  
   
 
Dominion Energy
 
 
 
    
     
   
 
 
    
     
 
Service cost
 
$
162
 
   $
157
    $
138
   
$
26
 
   $
27
    $
26
 
Interest cost
 
 
394
 
    
337
     
345
   
 
68
 
    
56
     
60
 
Expected return on plan assets
 
 
(708
)
   
(663
 )    
(639
 )  
 
(140
)
   
(143
 )    
(128
 )
Amortization of prior service (credit) cost
 
 
1
 
    
1
     
1
   
 
(52
)
   
(52
 )    
(51
 )
Amortization of net actuarial loss
 
 
172
 
    
193
     
162
   
 
10
 
    
11
     
13
 
Settlements and curtailments
 
 
72
 
    
—
      
—
    
 
42
 
    
—
      
—
  
Net periodic benefit (credit) cost
 
$
 93
 
   $
25
    $
7
   
$
(46
)
  $
(101
 )   $
(80
 )
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:
 
 
 
    
     
   
 
 
    
     
 
Current year net actuarial (gain) loss
 
$
16
 
   $
490
    $
142
   
$
 (98
)
  $
78
    $
12
 
Prior service (credit) cost
 
 
—
 
    
—
      
5
    
 
2
 
    
(4
 )    
(73
 )
Settlements and curtailments
 
 
6
 
    
—
      
1
   
 
—
 
    
—
      
2
 
Less amounts included in net periodic benefit cost:
 
 
 
    
     
   
 
 
    
     
 
Amortization of net actuarial loss
 
 
(172
)
   
(193
 )    
(162
 )  
 
(10
)
   
(11
 )    
(13
 )
Amortization of prior service credit (cost)
 
 
(1
)
   
(1
 )    
(1
 )  
 
52
 
    
52
     
51
 
Total recognized in other comprehensive income and regulatory assets and liabilities
 
$
(151
)
  $
296
    $
(15
 )  
$
(54
)
  $
115
    $
(21
 )
Significant assumptions used to determine periodic cost:
 
 
 
    
     
   
 
 
    
     
 
Discount rate
 
 
3.57%-
4.43
%
   
3.80%-3.81
 %    
3.31%-4.50
 %  
 
4.05%
-
4.41
%
   
3.76
 %    
3.92%-4.47
 %
Expected long-term rate of return on plan assets
 
 
7.00%-
8.65
%
   
8.75
 %    
8.75
 %  
 
8.50
%
   
8.50
 %    
8.50
 %
Weighted average rate of increase for compensation
 
 
4.20
%
   
4.09
 %    
4.09
 %  
 
n/a
 
    
n/a
      
n/a
  
Healthcare cost trend rate
(1)
  
 
 
    
     
   
 
6.50%
-
6.60
%
   
7.00
 %    
7.00
 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
(1)
  
 
 
    
     
   
 
5.00
%
   
5.00
 %    
5.00
 %
Year that the rate reaches the ultimate trend rate
(1)
  
 
 
    
     
   
 
2023-2025
 
    
2022
     
2021
 
Dominion Energy Gas
(2)
  
 
 
    
     
   
 
 
    
     
 
Service cost
 
$
 6
 
   $
18
    $
15
   
$
 1
 
   $
4
    $
4
 
Interest cost
 
 
11
 
    
29
     
30
   
 
5
 
    
11
     
12
 
Expected return on plan assets
 
 
(54
)
   
(150
 )    
(141
 )  
 
(16
)
   
(28
 )    
(24
 )
Amortization of prior service (credit) cost
 
 
—
 
    
—
      
—
    
 
(5
)
   
(4
 )    
(3
 )
Amortization of net actuarial loss
 
 
7
 
    
19
     
16
   
 
3
 
    
3
     
2
 
Settlements and curtailments
 
 
1
 
    
—
     
—
   
 
1
 
    
—
     
—
 
Net periodic benefit (credit) cost
 
$
(29
)
  $
(84
 )   $
(80
 )  
$
(11
)
  $
(14
 )   $
(9
 )
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:
 
 
 
    
     
   
 
 
    
     
 
Current year net actuarial (gain) loss
 
$
(46
)
  $
207
    $
(75
 )  
$
 (21
)
  $
16
    $
18
 
Prior service cost
 
 
—
 
    
—
      
—
    
 
—
 
    
(4
 )    
(61
 )
Less amounts included in net periodic benefit cost:
 
 
 
    
     
   
 
 
    
     
 
Amortization of net actuarial loss
 
 
(7
)
   
(19
 )    
(16
 )  
 
(3
)
   
(3
 )    
(2
 )
Amortization of prior service credit (cost)
 
 
—
 
    
—
     
—
   
 
5
 
    
4
     
3
 
Total recognized in other comprehensive income and regulatory assets and liabilities
 
$
(53
)
  $
188
    $
(91
 )  
$
 (19
)
  $
13
    $
(42
 )
Significant assumptions used to determine periodic cost:
 
 
 
    
     
   
 
 
    
     
 
Discount rate
 
 
4.10%-4.42
%
   
3.81
 %    
4.50
 %  
 
4.05%-4.37
%
   
3.81
 %    
4.47
 %
Expected long-term rate of return on plan assets
 
 
8.65
%
   
8.75
 %    
8.75
 %  
 
8.50
%
   
8.50
 %    
8.50
 %
Weighted average rate of increase for compensation
 
 
4.55
%
   
4.11
 %    
4.11
 %  
 
n/a
 
    
n/a
      
n/a
  
Healthcare cost trend rate
(1)
  
 
 
    
     
   
 
6.50
%
   
7.00
 %    
7.00
 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
(1)
  
 
 
    
     
   
 
5.00
%
   
5.00
 %    
5.00
 %
Year that the rate reaches the ultimate trend rate
(1)
  
 
 
    
     
   
 
2025
 
    
2022
     
2021
 
 
 
 
(1)
Assumptions used to determine net periodic cost for the following year.
 
 
(2)
Amounts related to East Ohio are presented within discontinued operations.
 
Components of AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost
The components of AOCI and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans that have not been recognized as components of net periodic benefit (credit) cost are as follows:
                                 
 
Pension Benefits
   
Other
Postretirement
Benefits
 
At December 31,
 
2019
 
  
2018
   
2019
 
  
2018
 
(millions)
 
 
  
   
   
 
Dominion Energy
 
 
 
    
     
     
 
Net actuarial loss
 
$
3,327
 
   $
3,477
   
$
241
 
   $
350
 
Prior service (credit) cost
 
 
5
 
    
7
   
 
(339
)
   
(393
 )
Total
(1)
  
$
3,332
 
   $
3,484
   
$
(98
)
  $
(43
 )
Dominion Energy Gas
 
 
 
    
     
     
 
Net actuarial loss
 
$
 150
 
   $
555
   
$
 44
 
   $
89
 
Prior service (credit) cost
 
 
—
 
    
—
    
 
(49
)
   
(52
 )
Total
(2)
  
$
 150
 
   $
555
   
$
 (5
)
  $
37
 
 
 
 
 
 
 
 
 
(1)
As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2018, of the $3.5 billion and $(43) million related to pension benefits and other postretirement benefits, $2.0 billion and $(41) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities.
 
 
 
 
 
 
 
(2)
As of December 31, 2019, of the $150 million related to pension benefits, $147 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(5) million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2018, of the $555 million related to pension benefits, $200 million is included in AOCI, with the remainder included
in
noncurrent assets of discontinued operations; of the
$37 million related to other postretirement benefits
, $22 million
is included
in noncurrent assets of discontinued operations with the remainder
included
 
in regulatory assets and liabilities.
 
 
 
 
 
 
Components of AOCI and regulatory assets and liabilities that are expected to be amortized as components of periodic benefit cost in 2020
The following table provides the components of AOCI and regulatory assets and liabilities for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) plans as of December 31, 2019 that are expected to be amortized as components of net periodic benefit (credit) cost in 2020:
                 
 
Pension Benefits
   
Other
Postretirement
Benefits
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Net actuarial loss
 
 
$194
 
  
 
$5
 
Prior service (credit) cost
 
 
1
 
  
 
(50
)
Dominion Energy Gas
 
 
 
  
 
 
Net actuarial loss
 
 
$7
 
  
 
$2
 
Prior service (credit) cost
 
 
—
 
  
 
(5
)
 
 
 
 
 
 
Effect of one percentage point change on benefit plans A one percentage point change in assumed healthcare cost trend rates would have had the following effects for Dominion Energy and Dominion Energy Gas’ (for employees represented by collective bargaining units) other postretirement benefit plans:
                 
 
Other Postretirement Benefits
 
 
One percentage
point increase
   
One percentage
point decrease
 
(millions)
 
 
  
 
Dominion Energy
 
 
 
    
 
Effect on net periodic cost for 2020
 
 
$20
 
  
 
$(11)
 
Effect on other postretirement benefit obligation at December 31, 2019
 
 
153
 
  
 
(128)
 
Dominion Energy Gas
 
 
 
  
 
 
Effect on net periodic cost for 2020
 
 
$2
 
  
 
$(2)
 
Effect on other postretirement benefit obligation at December 31, 2019
 
 
14
 
  
 
(12)
 
 
 
 
 
 
 
v3.19.3.a.u2
Commitments And Contingencies (Tables)
 12 Months Ended
Dec. 31, 2019
Nuclear Insurance The current levels of nuclear property insurance coverage for Dominion Energy and Virginia Power’s nuclear units are as follows:
         
 
Coverage
 
(billions)
 
 
 
Dominion Energy
 
 
 
Millstone
 
        $
1.70
 
Kewaunee
 
 
0.05
 
Summer
 
 
2.75
 
Virginia Power
(1)
  
 
 
Surry
 
        $
1.70
 
North Anna
 
 
1.70
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Surry and North Anna share a blanket property limit of $200 million.
 
 
 
 
 
 
 
 
 
 
Schedule Of Subsidiary Guarantees
At December 31, 2019, Dominion Energy had issued the following subsidiary guarantees:
         
 
Maximum Exposure
 
(millions)
 
 
Commodity transactions
(1)
  
                $
2,215
 
Nuclear obligations
(2)
  
 
182
 
Cove Point
(3)
  
 
1,900
 
Solar
(4)
  
 
477
 
Other
(5)
  
 
377
 
Total
(6)
  
                $
5,151
 
 
 
 
 
 
 
 
 
 
(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 worker’s compensation claims, the parental guarantee has no stated limit.
 
 
 
 
 
 
 
 
(6)
Excludes Dominion Energy’s guarantees for the new corporate office properties discussed further within Note 15.
 
 
 
 
 
 
 
 
Virginia Electric and Power Company  
Long-term Purchase Commitment
At December 31, 2019, Dominion Energy had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that a third party has used to secure financing for the facility that will provide the contracted goods or services:
                                                         
 
2020
   
2021
   
2022
   
2023
   
2024
   
Thereafter
   
Total
 
(millions)
 
   
   
   
   
   
   
 
                                                         
Purchased electric capacity
(1)
  
 
$45
 
  
 
$44
 
  
 
$44
 
  
 
$44
 
  
 
$44
 
  
 
$494
 
  
 
$715
 
 
 
 
 
 
 
 
 
 
(1)
Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2046. Energy payments are generally based on fixed dollar amounts per month and totaled $29 million for the year ended December 31, 2019.
 
 
 
 
 
 
 
 
v3.19.3.a.u2
Related-Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2019
Virginia Electric and Power Company  
Schedule of Related Party Transactions
Presented below are significant transactions with DES and other affiliates:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
 
    
     
 
Commodity purchases from affiliates
 
$
690
 
   $
930
    $
674
 
Services provided by affiliates
(1)
  
 
503
 
    
450
     
453
 
Services provided to affiliates
 
 
24
 
    
24
     
25
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes capitalized expenditures of $133 million, $145 million and $144 million for the year ended December 31, 2019, 2018 and 2017, respectively.
 
 
 
 
 
 
 
 
 
 
Dominion Energy Gas Holdings, LLC  
Schedule of Related Party Transactions The costs of these services follow:
                         
Year Ended December 31,
 
2019
 
  
2018
   
2017
 
(millions)
 
 
  
   
 
Sales of natural gas and transportation and storage services
 
    $
 249
 
   $
168
    $
173
 
Purchases of natural gas and transportation and storage services
  
 
12
 
    
—
     
10
 
Services provided by related parties
(1)
  
 
226
 
    
169
     
193
 
Services provided to related parties
(2)
  
 
164
 
    
260
     
190
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes capitalized expenditures of $19 million, $37 million and $53 million for the year ended December 31, 2019, 2018 and 2017, 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:
                 
At December 31,
 
2019
 
  
2018
 
(millions)
 
 
  
 
Other receivables
(1)
  
        $
7
 
   $
13
 
Imbalances receivable from affiliates
 
 
8
 
    
16
 
Imbalances payable from affiliates
(2)
  
 
1
 
    
4
 
Other deferred charges and other assets
  
 
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.
 
 
 
 
 
 
 
 
 
 
v3.19.3.a.u2
Operating Segments (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting Information [Line Items]  
Schedule of Primary Operating Segments
The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows:
                 
Primary Operating
Segment
 
Description of Operations
 
Dominion
Energy
 
Virginia
Power
 
Dominion
Energy
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 natural gas development and production operations.
 
 
 
 
 
 
Schedule of Segment Reporting Information, by Segment
The following table presents segment information pertaining to Dominion Energy’s operations:
Year Ended December 31,
 
Dominion
Energy
Virginia
 
  
Gas
Transmission &
Storage
 
  
Gas
Distribution
 
  
Dominion
Energy
South
Carolina
 
  
Contracted
Generation
 
  
Corporate
and Other
 
  
Adjustments &
Eliminations
 
  
Consolidated
Total
 
(millions)
 
 
  
   
   
   
   
   
   
 
2019
 
 
 
    
     
     
     
     
     
     
 
Total revenue from external customers
 
 
$8,170
 
  
 
$3,074
 
  
 
$2,367
 
  
 
$2,948
 
  
 
$1,135
 
  
 
$(1,122
)
 
 
$       —
 
  
 
$16,572
 
Intersegment revenue
 
 
(13
)
 
 
247
 
  
 
18
 
  
 
4
 
  
 
15
 
  
 
1,199
 
  
 
(1,470
)
 
 
—
 
Total operating revenue
 
 
8,157
 
  
 
3,321
 
  
 
2,385
 
  
 
2,952
 
  
 
1,150
 
  
 
77
 
  
 
(1,470
)
 
 
16,572
 
Depreciation, depletion and amortization
 
 
1,216
 
  
 
400
 
  
 
335
 
  
 
452
 
  
 
179
 
  
 
73
 
  
 
—
 
  
 
2,655
 
Equity in earnings of equity method investees
 
 
—
 
  
 
161
 
  
 
2
 
  
 
(4
)
 
 
(1
)
 
 
10
 
  
 
—
 
  
 
168
 
Interest income
 
 
11
 
  
 
211
 
  
 
4
 
  
 
9
 
  
 
92
 
  
 
160
 
  
 
(386
)
 
 
101
 
Interest and related charges
 
 
530
 
  
 
405
 
  
 
116
 
  
 
242
 
  
 
98
 
  
 
768
 
  
 
(386
)
 
 
1,773
 
Income tax expense (benefit)
 
 
482
 
  
 
262
 
  
 
114
 
  
 
163
 
  
 
20
 
  
 
(690
)
 
 
—
 
  
 
351
 
Net income (loss) attributable to Dominion Energy
 
 
1,786
 
  
 
934
 
  
 
488
 
  
 
430
 
  
 
276
 
  
 
(2,556
)
 
 
—
 
  
 
1,358
 
Investment in equity method investees
 
 
—
 
  
 
1,517
 
  
 
32
 
  
 
—
 
  
 
74
 
  
 
23
 
  
 
—
 
  
 
1,646
 
Capital expenditures
 
 
3,002
 
  
 
431
 
  
 
848
 
  
 
562
 
  
 
367
 
  
 
111
 
  
 
—
 
  
 
5,321
 
Total assets (billions)
 
 
43.7
 
  
 
20.9
 
  
 
16.0
 
  
 
15.8
 
  
 
10.2
 
  
 
6.9
 
  
 
(9.7
)
 
 
103.8
 
2018
 
 
 
    
     
     
     
     
     
     
 
Total revenue from external customers
   
$8,401
      
$1,867
      
$1,769
      
$     —
     
$1,487
      
$   (249
 )    
$      91
      
$13,366
 
Intersegment revenue
   
(552
 )    
723
      
16
      
—
     
8
      
723
      
(918
 )    
—
 
Total operating revenue
   
7,849
     
2,590
     
1,785
      
—
     
1,495
     
474
      
(827
 )    
13,366
 
Depreciation, depletion and amortization
   
1,158
     
348
     
263
     
—
      
213
     
18
     
—
      
2,000
 
Equity in earnings of equity method investees
   
—
     
178
     
—
     
—
     
18
     
1
     
—
     
197
 
Interest income
   
10
     
143
     
—
      
—
     
80
     
122
     
(271
 )    
84
 
Interest and related charges
   
516
     
262
     
79
     
—
     
124
     
784
     
(272
 )    
1,493
 
Income tax expense (benefit)
   
380
     
236
     
95
     
—
      
75
     
(206
 )    
—
      
580
 
Net income (loss) attributable to Dominion Energy
   
1,596
     
844
     
373
     
—
     
245
     
(611
 )    
—
     
2,447
 
Investment in equity method investees
   
—
     
1,159
     
—
     
—
     
82
     
37
     
—
      
1,278
 
Capital expenditures
   
2,640
      
765
      
647
      
—
      
247
      
106
      
—
      
4,405
  
Total assets (billions)
   
39.1
     
22.6
     
11.8
     
—
     
9.0
     
8.3
     
(12.9
 )    
77.9
 
2017
   
     
     
     
     
     
     
     
 
Total revenue from external customers
   
$8,254
      
$1,054
      
$1,778
      
$     —
     
$1,345
      
$     (27
 )    
$    182
      
$12,586
 
Intersegment revenue
   
(688
 )    
946
      
17
      
—
     
9
      
724
      
(1,008
 )    
—
 
Total operating revenue
   
7,566
     
2,000
     
1,795
     
—
     
1,354
     
697
     
(826
 )    
12,586
 
Depreciation, depletion and amortization
   
1,141
     
260
     
258
     
—
     
200
     
46
      
—
     
1,905
 
Equity in earnings of equity method investees
   
—
     
158
      
—
     
—
     
(171
 )    
(5
 )    
—
     
(18
 )
Interest income
   
19
     
114
     
—
      
—
     
77
     
94
     
(222
 )    
82
 
Interest and related charges
   
497
     
100
     
72
     
—
     
110
     
648
     
(222
 )    
1,205
 
Income tax expense (benefit)
   
865
     
291
     
195
     
—
     
(160
 )    
(1,221
 )    
—
      
(30
 )
Net income (loss) attributable to Dominion Energy
   
1,466
      
552
     
351
     
—
     
253
     
377
      
—
     
2,999
 
Capital expenditures
   
2,726
      
1,489
      
452
      
—
      
979
      
263
      
—
      
5,909
  
Virginia Electric and Power Company  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment
 
The following table presents segment information pertaining to Virginia Power’s operations:
Year Ended December 31,
 
Dominion Energy
Virginia
 
  
Corporate
and Other
 
  
Consolidated
Total
 
(millions)
 
 
  
   
 
2019
 
 
 
    
     
 
Operating revenue
 
 
$8,137
 
  
 
$  (29
)
 
 
$8,108
 
Depreciation and amortization
 
 
1,215
 
  
 
8
 
  
 
1,223
 
Interest income
 
 
11
 
  
 
—
 
  
 
11
 
Interest expense (benefit) and related charges
 
 
529
 
  
 
(5
)
 
 
524
 
Income tax expense (benefit)
  
 
481
 
  
 
(217
)
 
 
264
 
Net income (loss)
  
 
1,783
 
  
 
(634
)
 
 
1,149
 
Capital expenditures
 
 
2,981
 
  
 
—
 
  
 
2,981
 
Total assets (billions)
 
 
41.4
 
  
 
—
 
  
 
41.4
 
2018
 
 
 
    
     
 
Operating revenue
   
$7,835
     
$(216
 )    
$7,619
 
Depreciation and amortization
   
1,157
     
(25
 )    
1,132
 
Interest income (expense)
    
10
      
—
      
10
  
Interest expense (benefit) and related charges
   
516
     
(5
 )    
511
 
Income tax expense (benefit)
    
378
     
(78
 )    
300
 
Net income (loss)
    
1,594
     
(312
 )    
1,282
 
Capital expenditures
   
2,542
     
—
     
2,542
 
Total assets (billions)
   
37.0
     
(0.1
 )    
36.9
 
2017
   
     
     
 
Operating revenue
   
$7,556
     
$    —
     
$7,556
 
Depreciation and amortization
   
1,141
     
—
     
1,141
 
Interest income (expense)
    
19
      
—
      
19
  
Interest expense (benefit) and related charges
   
497
     
(3
 )    
494
 
Income tax expense (benefit)
    
868
     
(94
 )    
774
 
Net income
   
1,466
     
74
     
1,540
 
Capital expenditures
   
2,729
     
—
     
2,729
 
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:
                         
Year Ended December 31,
 
Gas
Transmission &
Storage
 
  
Corporate and
Other
 
  
Consolidated
Total
 
(millions)
 
 
  
   
 
2019
 
 
 
    
     
 
Operating revenue
 
 
$2,186
 
  
 
$  (17
)
 
 
$2,169
 
Depreciation and amortization
 
 
367
 
  
 
—
 
  
 
367
 
Equity in earnings of equity method investees
 
 
43
 
  
 
—
 
  
 
43
 
Interest income
 
 
105
 
  
 
—
 
  
 
105
 
Interest and related charges
 
 
309
 
  
 
2
 
  
 
311
 
Income tax expense (benefit)
 
 
170
 
  
 
(69
)
 
 
101
 
Net Income from discontinued operations
 
 
—
 
  
 
141
 
  
 
141
 
Net Income attributable to Dominion Energy Gas
 
 
594
 
  
 
127
 
  
 
721
 
Investment in equity method investees
 
 
312
 
  
 
—
 
  
 
312
 
Capital expenditures
  
 
391
 
  
 
313
 
  
 
704
 
Total assets (billions)
 
 
18.8
 
  
 
—
 
  
 
18.8
 
2018
 
 
 
    
     
 
Operating revenue
   
$1,996
     
$    —
     
$1,996
 
Depreciation and amortization
   
333
     
—
     
333
 
Equity in earnings of equity method investees
   
54
     
—
     
54
 
Interest income
   
26
     
—
     
26
 
Interest and related charges
   
173
     
1
     
174
 
Income tax expense (benefit)
   
226
     
(102
 )    
124
 
Net Income from discontinued operations
   
—
     
24
     
24
 
Net Income (loss) attributable to Dominion Energy Gas
   
571
     
(90
 )    
481
 
Investment in equity method investees
   
339
     
—
     
339
 
Capital expenditures
   
749
      
360
      
1,109
  
Total assets (billions)
   
19.9
     
6.9
     
26.8
 
2017
   
     
     
 
Operating revenue
   
$1,523
     
$    —
     
$1,523
 
Depreciation and amortization
   
242
     
—
     
242
 
Equity in earnings of equity method investees
   
47
     
—
     
47
 
Interest income
   
4
     
—
     
4
 
Interest and related charges
   
60
     
—
     
60
 
Income tax expense (benefit)
   
189
     
(254
 )    
(65
 )
Net Income from discontinued operations
   
—
     
163
     
163
 
Net Income attributable to Dominion Energy Gas
   
314
     
389
     
703
 
Capital expenditures
   
1,459
      
356
      
1,815
  
 
 
 
 
 
 
 
 
v3.19.3.a.u2
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data
A summary of the Companies’ quarterly results of operations for the years ended December 31, 2019 and 2018 follows. Amounts reflect all adjustments necessary in the opinion of management for a fair statement of the results for the interim periods. Results for interim periods may fluctuate as a result of weather conditions, changes in rates and other factors.
Dominion Energy
                                 
 
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
 
(millions)
 
 
  
   
   
 
2019
 
 
 
    
     
     
 
Operating revenue
 
$
3,858
 
  
$
3,970
 
  
$
4,269
 
  
$
4,475
 
Income (loss) from operations
 
 
(482
)
 
 
461
 
  
 
1,314
 
  
 
1,221
 
Net income (loss) including noncontrolling interests
 
 
(677
)
 
 
58
 
  
 
985
 
  
 
1,010
 
Net income (loss) attributable to Dominion Energy
 
 
(680
)
 
 
54
 
  
 
975
 
  
 
1,009
 
Basic EPS:
 
 
 
  
 
 
  
 
 
  
 
 
Net income (loss) attributable to Dominion Energy
 
 
(0.86
)
 
 
0.07
 
  
 
1.19
 
  
 
1.22
 
Diluted EPS:
 
 
 
  
 
 
  
 
 
  
 
 
Net income (loss) attributable to Dominion Energy
 
 
(0.86
)
 
 
0.05
 
  
 
1.17
 
  
 
1.21
 
Dividends per share (Series A Preferred Stock)
  
 
—
 
  
 
0.729
 
  
 
4.375
 
  
 
4.375
 
Dividends per share (Series B Preferred Stock)
 
 
—
 
  
 
—
 
  
 
—
 
  
 
1.9375
 
Dividends declared per common share
 
 
0.9175
 
  
 
0.9175
 
  
 
0.9175
 
  
 
0.9175
 
2018
 
 
 
    
     
     
 
Operating revenue
  $
3,466
    $
3,088
    $
3,451
    $
3,361
 
Income from operations
   
875
     
742
     
1,150
     
834
 
Net income including noncontrolling interests
   
526
     
478
     
883
     
662
 
Net income attributable to Dominion Energy
   
503
     
449
     
854
     
641
 
Basic EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
   
0.77
     
0.69
     
1.31
     
0.97
 
Diluted EPS:
   
     
     
     
 
Net income attributable to Dominion Energy
   
0.77
     
0.69
     
1.30
     
0.97
 
Dividends declared per common share
   
0.835
     
0.835
     
0.835
     
0.835
 
 
 
 
 
 
 
 
 
Virginia Electric and Power Company  
Quarterly Financial Data
Virginia Power’s quarterly results of operations were as follows:
                                 
 
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
 
(millions)
 
 
  
   
   
 
                                 
2019
 
 
 
    
     
     
 
Operating revenue
 
$
1,965
 
  
$
1,938
 
  
$
2,264
 
  
$
1,941
 
Income from operations
 
 
122
 
  
 
238
 
  
 
820
 
  
 
659
 
Net income
 
 
20
 
  
 
100
 
  
 
602
 
  
 
427
 
2018
 
 
 
    
     
     
 
Operating revenue
  $
1,748
    $
1,829
    $
2,232
    $
1,810
 
Income from operations
   
364
     
533
     
756
     
418
 
Net income
   
184
     
339
     
520
     
239
 
 
 
 
 
 
 
 
 
Dominion Energy Gas Holdings, LLC  
Quarterly Financial Data
Dominion Energy Gas’ quarterly results of operations were as follows:
                                 
 
First
Quarter
   
Second
Quarter
   
Third
Quarter
   
Fourth
Quarter
 
(millions)
 
 
  
   
   
 
2019
 
 
 
    
     
     
 
Operating revenue
 
 
$566
 
  
 
$530
 
  
 
$502
 
  
 
$571
 
Income from continuing operations
 
 
247
 
  
 
179
 
  
 
202
 
  
 
276
 
Net income from continuing operations
 
 
172
 
  
 
123
 
  
 
130
 
  
 
276
 
Net income from discontinued operations
 
 
54
 
  
 
26
 
  
 
45
 
  
 
16
 
Net income including noncontrolling interests
 
 
226
 
 
 
149
 
 
 
175
 
 
 
292
 
Net income attributable to
Dominion Energy Gas
 
190
 
  
119
 
  
151
 
  
261
 
2018
 
 
 
    
     
     
 
Operating revenue
   
$389
     
$508
     
$533
     
$566
 
Income from continuing operations
   
167
     
90
     
302
     
228
 
Net income from continuing operations
   
157
     
84
     
209
     
182
 
Net income (loss) from discontinued operations
   
56
     
45
     
33
     
(110
 )
Net income including noncontrolling interests
 
 
213
 
 
 
129
 
 
 
242
 
 
 
72
 
Net income attributable to Dominion Energy Gas
   
180
     
83
     
191
     
27
 
 
 
 
 
v3.19.3.a.u2
Nature of Operations (Narrative) (Detail)
Dec. 31, 2019
White Rive Hub [Member]  
Subsidiary, Sale of Stock [Line Items]  
Minority Interest Ownership Percentage By Parent 50.00%
v3.19.3.a.u2
Significant Accounting Policies (Narrative) (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
May 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
Facility
MW
Jan. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
MWh
Dec. 31, 2019
USD ($)
MWh
Dec. 31, 2018
USD ($)
MWh
$ / shares
Dec. 31, 2017
USD ($)
Jan. 01, 2019
USD ($)
Significant Accounting Policies [Line Items]                  
Accrued unbilled revenue         $ 626 $ 896 $ 626    
Percentage of fuel currently subject to deferred fuel accounting           84.00%      
Federal statutory income tax rate           21.00% 21.00% 35.00%  
Recognized interest income               $ 11  
Margin deposit assets         $ 95 $ 42 $ 95    
Margin liabilities           2      
Capitalized interest costs and Capitalized interest costs and AFUDC           89 134 236  
Impairment of assets and other charges           $ 1,535 $ 403 15  
Estimated proved developed or proved gas and oil reserves rate per unit | MWh         1.89 1.80 1.89    
Unrealized gains reclassified from AOCI to retained earnings         $ 1,100   $ 1,100    
Unrealized gains reclassified from AOCI to retained earnings after-tax             734    
Net unrealized gains on equity securities previously classified as cost method investments         36   36    
Net unrealized gains on equity securities previously classified as cost method investments, after tax             22    
Net unrealized losses in other income             190    
Net unrealized losses in other income, after tax             $ 142    
Gain per share from unrealized loss on securities | $ / shares             $ 0.22    
Operating lease assets           $ 499 [1]     $ 504
Operating lease liabilities           $ 478      
Tax reform, reclassification of tax benefit from AOCI to retained earnings             $ 289    
Finite Lived Intangible Asset Useful Life           30 years      
Accounting Standards Update 2014-09 [Member] | Cumulative Effect Of Changes In Accounting Principle [Member]                  
Significant Accounting Policies [Line Items]                  
Change in accounting principle to retained earnings and membership interests         3   3    
Accounting Standards Update 2017-05 [Member] | Cumulative Effect Of Changes In Accounting Principle [Member]                  
Significant Accounting Policies [Line Items]                  
Change in accounting principle to retained earnings and membership interests           $ 127      
Current Regulatory Liabilities [Member]                  
Significant Accounting Policies [Line Items]                  
Net unrealized gains on equity securities previously classified as cost method investments           33      
Retained Earnings                  
Significant Accounting Policies [Line Items]                  
Net unrealized gains on equity securities previously classified as cost method investments           $ 3      
Maximum [Member]                  
Significant Accounting Policies [Line Items]                  
Margin liabilities         1   $ 1    
Lessee Operating Lease Renewal Term           70 years      
Maximum [Member] | Nonutility Gas Gathering and Processing                  
Significant Accounting Policies [Line Items]                  
Estimated useful lives           50 years      
Minimum [Member]                  
Significant Accounting Policies [Line Items]                  
Lessee Operating Lease Renewal Term           1 year      
Minimum [Member] | Nonutility Gas Gathering and Processing                  
Significant Accounting Policies [Line Items]                  
Estimated useful lives           3 years      
Change in Depreciation Rates from New Depreciation Study                  
Significant Accounting Policies [Line Items]                  
Increase (decrease) in EPS | $ / shares             $ 0.07    
Change in Estimated Useful Life [Member] | Merchant generation assets                  
Significant Accounting Policies [Line Items]                  
Increase (decrease) in depreciation expense             $ (30) 26  
Increase (decrease) in depreciation expense, after tax             (23) 16  
Performing Processing And Fractionation Services [Member] | Accounting Standards Update 2014-09 [Member]                  
Significant Accounting Policies [Line Items]                  
Other energy-related purchases             107    
Transportation And Storage Arrangements [Member] | Accounting Standards Update 2014-09 [Member]                  
Significant Accounting Policies [Line Items]                  
Purchased gas               $ 111  
Virginia Electric and Power Company                  
Significant Accounting Policies [Line Items]                  
Accrued unbilled revenue         392 $ 512 $ 392    
Federal statutory income tax rate           21.00% 21.00% 35.00%  
Recognized interest income               $ 11  
Margin deposit assets         0   $ 0    
Margin liabilities         0 $ 0 0    
Capitalized interest costs and Capitalized interest costs and AFUDC           34 56 37  
AFUCD recorded as regulatory asset         4 11 4 22  
Impairment of assets and other charges       $ 160   757      
Asset Impairment Charges After Tax       $ 119          
Unrealized gains reclassified from AOCI to retained earnings         119   119    
Unrealized gains reclassified from AOCI to retained earnings after-tax             73    
Net unrealized losses in other income             24    
Net unrealized losses in other income, after tax             18    
Operating lease assets           212 [1]     209
Operating lease liabilities           187      
Tax reform, reclassification of tax benefit from AOCI to retained earnings             3    
MW capacity | MW     1,292            
Number Of Facilities In Cold Reserve Units Retired | Facility     6            
Virginia Electric and Power Company | Affiliated Entity                  
Significant Accounting Policies [Line Items]                  
Income tax payable         36 35 36    
Virginia Electric and Power Company | Impairment Of Assets And Other Charges [Member]                  
Significant Accounting Policies [Line Items]                  
Impairment of assets and other charges $ 17 $ 62 $ 346            
Asset Impairment Charges After Tax 12 $ 46 $ 257            
Virginia Electric and Power Company | Maximum [Member]                  
Significant Accounting Policies [Line Items]                  
Margin deposit assets           1      
Virginia Electric and Power Company | Change in Depreciation Rates from New Depreciation Study                  
Significant Accounting Policies [Line Items]                  
Increase (decrease) in depreciation expense             60 (40)  
Increase (decrease) in depreciation expense, after tax             (44) $ 25  
Virginia Electric and Power Company | Federal | Affiliated Entity                  
Significant Accounting Policies [Line Items]                  
Income tax payable         34 15 34    
Virginia Electric and Power Company | State | Affiliated Entity                  
Significant Accounting Policies [Line Items]                  
Income tax payable         2 20 2    
Dominion Energy Gas Holdings, LLC                  
Significant Accounting Policies [Line Items]                  
Accrued unbilled revenue         101 $ 104 $ 101    
Federal statutory income tax rate           21.00% 21.00% 35.00%  
Margin deposit assets         0 $ 0 $ 0    
Margin liabilities         0   0    
Capitalized interest costs and Capitalized interest costs and AFUDC           31 25 $ 34  
Impairment of assets and other charges         219 13 163 15  
Inventory under LIFO method         12 19 12    
Amount exceeded on LIFO basis         87 60 87    
Operating lease assets           37 [1]     $ 64
Operating lease liabilities           35      
Tax reform, reclassification of tax benefit from AOCI to retained earnings             26    
Dominion Energy Gas Holdings, LLC | Affiliated Entity                  
Significant Accounting Policies [Line Items]                  
Income tax payable           $ 209      
Receivable from affiliate         271   271    
Dominion Energy Gas Holdings, LLC | Impairment Of Assets And Other Charges [Member]                  
Significant Accounting Policies [Line Items]                  
Impairment of assets and other charges 26                
Dominion Energy Gas Holdings, LLC | Maximum [Member] | Nonutility Gas Gathering and Processing                  
Significant Accounting Policies [Line Items]                  
Estimated useful lives           40 years      
Dominion Energy Gas Holdings, LLC | Transportation And Storage Arrangements [Member] | Accounting Standards Update 2014-09 [Member]                  
Significant Accounting Policies [Line Items]                  
Purchased gas               $ 71  
Dominion Energy Gas Holdings, LLC | Federal                  
Significant Accounting Policies [Line Items]                  
Federal income taxes receivable         277   277    
Dominion Energy Gas Holdings, LLC | Federal | Affiliated Entity                  
Significant Accounting Policies [Line Items]                  
Income tax payable         6 $ 212 6    
Dominion Energy Gas Holdings, LLC | State                  
Significant Accounting Policies [Line Items]                  
Noncurrent income taxes receivable         $ 15 10 $ 15    
Dominion Energy Gas Holdings, LLC | State | Affiliated Entity                  
Significant Accounting Policies [Line Items]                  
Income tax payable           3      
Dominion Energy Gas Holdings, LLC | Discontinued Operations [Member]                  
Significant Accounting Policies [Line Items]                  
Operating lease assets           25      
Operating lease liabilities           $ 25      
Dominion Energy | Impairment Of Assets And Other Charges [Member]                  
Significant Accounting Policies [Line Items]                  
Asset Impairment Charges After Tax $ 19                
Four Brothers and Three Cedars                  
Significant Accounting Policies [Line Items]                  
Business Acquisition, Percentage of Voting Interests Acquired           50.00%      
Terra Nova Renewable Partners | Four Brothers and Three Cedars                  
Significant Accounting Policies [Line Items]                  
Percentage of equity interest sold to noncontrolling interest owners           33.00%      
Dominion Energy Midstream Partners, LP                  
Significant Accounting Policies [Line Items]                  
Federal statutory income tax rate             21.00% 35.00%  
Dominion Energy Midstream Partners, LP | Dominion Energy Gas Holdings, LLC                  
Significant Accounting Policies [Line Items]                  
Percentage ownership in total units           25.00%      
Merchant Solar Projects | Dominion Energy Midstream Partners, LP | Call Option                  
Significant Accounting Policies [Line Items]                  
Percentage ownership in total units           67.00%      
[1] Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
v3.19.3.a.u2
Significant Accounting Policies (Checks the Outstanding Accounts Payable but not yet Presented for Payment and Recorded) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Accounts Payable [Line Items]    
Accounts payable for checks outstanding $ 29 $ 35
Virginia Electric and Power Company    
Accounts Payable [Line Items]    
Accounts payable for checks outstanding 9 16
Dominion Energy Gas Holdings, LLC    
Accounts Payable [Line Items]    
Accounts payable for checks outstanding $ 6 $ 7
v3.19.3.a.u2
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 166 $ 268 $ 120 $ 261
Restricted cash and equivalents [1] 103 123 65 61
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 269 391 185 322
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 17 29 14 11
Restricted cash and equivalents [1] 7 9 10  
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 24 38 24 11
Dominion Energy Gas Holdings, LLC        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 27 [2] 99 18 [2] 76 [2]
Restricted cash and equivalents [1] 12 90 39 45
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 39 $ 198 $ 57 $ 121
[1] Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
[2] At December 31, 2018, 2017 and 2016, Dominion Energy Gas had $9 million, $3 million and $14 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
v3.19.3.a.u2
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dominion Energy Gas Holdings, LLC      
Cash, restricted cash and equivalents classified as discontinued operations $ 9 $ 3 $ 14
v3.19.3.a.u2
Significant Accounting Policies (Depreciation Rates and Estimated Useful Life) (Detail)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Merchant Generation Nuclear      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 44 years    
LNG Facility [Member]      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 40 years    
Minimum | Merchant Generation-Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 15 years    
Minimum | Nonutility Gas Gathering and Processing      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 3 years    
Minimum | General and Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 5 years    
Maximum | Merchant Generation-Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 30 years    
Maximum | Nonutility Gas Gathering and Processing      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 50 years    
Maximum | Nonutility Gas Gathering and Processing | Dominion Energy Gas Holdings, LLC      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 40 years    
Maximum | General and Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Estimated useful lives 59 years    
Generation      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.84% 2.71% 2.94%
Generation | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.94% 2.71% 2.94%
Transmission      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.47% 2.54% 2.55%
Transmission | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.54% 2.52% 2.54%
Transmission | Dominion Energy Gas Holdings, LLC      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.43% 2.66% 2.67%
Distribution      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.80% 2.97% 3.00%
Distribution | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 3.14% 3.31% 3.32%
Storage      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.40% 2.40% 2.48%
Storage | Dominion Energy Gas Holdings, LLC      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 2.53% 2.42% 2.51%
General and Other      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 4.04% 4.20% 4.38%
General and Other | Virginia Electric and Power Company      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 4.40% 4.52% 4.68%
General and Other | Dominion Energy Gas Holdings, LLC      
Public Utility, Property, Plant and Equipment [Line Items]      
Average composite depreciation rates on utility property, plant and equipment (percentage) 4.59% 4.18% 5.08%
v3.19.3.a.u2
Acquisitions and Dispositions (Acquisition Of Scana) (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 2 Months Ended 3 Months Ended 12 Months Ended
Sep. 16, 2016
Jan. 31, 2019
Oct. 31, 2017
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Business Acquisition And Dispositions [Line Items]                            
Stock issued during period for acquisition, value   $ 1,600                   $ 6,818    
Regulatory Liabilities       $ 11,498       $ 7,196       11,498 $ 7,196  
Regulatory liabilities-current       497       356       497 356  
After tax charge in statements of income       1,009 $ 975 $ 54 $ (680) $ 641 $ 854 $ 449 $ 503 1,358 $ 2,447 $ 2,999
SCANA                            
Other Commitment, Fiscal Year Maturity [Abstract]                            
Charitable contributions, annual committed increase for next five years                       $ 1    
SCANA | Minimum                            
Other Commitment, Fiscal Year Maturity [Abstract]                            
Charitable contributions, period committed for annual increase 5 years                          
SCANA                            
Business Acquisition And Dispositions [Line Items]                            
Stock issued during period for acquisition, shares   95,600,000                   95,600,000    
Stock issued during period for acquisition, value   $ 6,800                   $ 6,800    
Common stock agreed to issue   0.669%                        
Total outstanding debt   $ 6,900   6,707               6,707    
Business combination, refund to customers   $ 2,000                        
Period to provide refund to customer   20 years 20 years       11 years              
Regulatory Liabilities     $ 1,100                      
Regulatory liabilities-current     67       $ 137              
Refund Liability to electric service customers     1,000                      
Reduction in operating revenue             $ 1,000              
After tax charge in statements of income                       756    
Business combination cost related to exclusion from rate recovery   $ 2,400                        
Remaining regulatory asset   2,800   $ 3,940 [1]               $ 3,940 [1]    
Remaining regulatory asset current   138                        
SCANA | Toshiba Corporation                            
Business Acquisition And Dispositions [Line Items]                            
Cash consideration     $ 1,100                      
SCANA | Columbia Energy                            
Business Acquisition And Dispositions [Line Items]                            
Business combination cost related to exclusion from rate recovery   $ 180                        
[1] Includes $258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information.
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Jan. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]        
Goodwill [1] $ 8,946   $ 6,410 $ 6,405
SCANA        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract]        
Total current assets [2] 1,782      
Investments [3] 224      
Property, plant and equipment, net [4],[5] 11,006      
Goodwill 2,609      
Regulatory assets 3,940 [6] $ 2,800    
Other deferred charges and other assets, including intangible assets [7] 430      
Total Assets 19,991      
Total current liabilities [8] 1,556      
Long-term debt 6,707 $ 6,900    
Deferred income taxes 1,068      
Regulatory liabilities 2,706      
Other deferred credits and other liabilities [9] 1,115      
Total Liabilities 13,152      
Total purchase price [10] $ 6,839      
[1] Goodwill amounts do not contain any accumulated impairment losses.
[2] Includes $389 million of cash, restricted cash and equivalents, of which $115 million is considered restricted.
[3] Includes $31 million for equity method investments. The fair value adjustment on the equity method investments is considered to be equity method goodwill and is not amortized.
[4] Includes $105 million of certain property, plant and equipment associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. As a result, Dominion Energy’s Consolidated Statements of Income for the year ended December 31, 2019 include a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges (reflected in the Corporate and Other segment).
[5] Nonregulated property, plant and equipment, excluding land, will be depreciated on a straight-line basis over the remaining useful lives of such property, primarily ranging from 5 to 78 years.
[6] Includes $258 million of certain income tax-related regulatory assets associated with the NND Project for which Dominion Energy committed to forgo recovery in accordance with the SCANA Merger Approval Order. See Note 5 for additional information.
[7] Intangible assets have an estimated weighted-average amortization period of approximately five years.
[8] Includes $40 million outstanding under letters of credit advances, which were repaid in January 2019, as well as $173 million outstanding commercial paper under various credit facilities. As discussed in Note 17, all credit facilities were terminated in 2019.
[9] Includes a $379 million pension and other postretirement benefit liability.
[10] Includes stock-based compensation awards with a fair value of $21 million.
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Preliminary Allocation of Purchase Price to Assets Acquired and Liabilities Assumed) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Business Acquisition [Line Items]          
Cash, restricted cash and equivalents   $ 269 $ 391 $ 185 $ 322
Pension and other postretirement benefit liability   2,366 2,328    
Impairment of assets and other charges   $ 1,535 $ 403 $ 15  
Intangible assets, estimated weighted-average amortization period   10 years      
SCANA          
Business Acquisition [Line Items]          
Equity method investment   $ 31      
Cash, restricted cash and equivalents   389      
Restricted cash   115      
Income tax regulatory assets   258      
Pension and other postretirement benefit liability   379      
Stock based compensation awards estimated fair value   $ 21      
Repayment of letter of credit advances $ 40        
Repayments of Commercial Paper $ 173        
Intangible assets, estimated weighted-average amortization period   5 years      
SCANA | Minimum          
Business Acquisition [Line Items]          
Property, plant and equipment, estimated useful lives   5 years      
SCANA | Maximum          
Business Acquisition [Line Items]          
Property, plant and equipment, estimated useful lives   78 years      
SCANA | Dominion Energy | Property plant and equipment committed to forgo recovery          
Business Acquisition [Line Items]          
Property, plant and equipment with NND project   $ 105      
Impairment of assets and other charges   105      
Asset impairment charges, after tax   $ 79      
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - SCANA - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]    
Operating Revenue [1] $ 17,579 $ 17,505
Net income attributable to Dominion Energy [1] $ 3,266 $ 2,081
Earnings Per Common Share - Basic [1] $ 4.04 $ 2.78
Earnings Per Common Share - Diluted [1] $ 4.00 $ 2.77
[1] Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.
v3.19.3.a.u2
Acquisitions and Dispositions (Sale of Interest in Cove Point) (Narrative) (Detail) - USD ($)
$ in Billions
 1 Months Ended
Dec. 31, 2019
Oct. 31, 2019
Dec. 31, 2018
Business Acquisition And Dispositions [Line Items]      
Cash consideration from sale of noncontrolling interest $ 2.1    
Cove Point [Member]      
Business Acquisition And Dispositions [Line Items]      
Ownership interest percentage of limited partner interests   25.00% 25.00%
Cash consideration from sale of noncontrolling interest   $ 2.1  
v3.19.3.a.u2
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - SCANA [Member] - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]      
Increase in operating revenue   $ 3,100  
Decrease in net income   (1,100)  
Merger and integration-related costs $ 1,300 484  
Dominion Energy [Member]      
Business Acquisition [Line Items]      
Merger and integration-related costs   646 $ 27
Dominion Energy [Member] | Voluntary Retirement Program [Member]      
Business Acquisition [Line Items]      
Merger and integration-related costs   427  
Dominion Energy [Member] | Other operations and maintenance      
Business Acquisition [Line Items]      
Merger and integration-related costs   210  
Dominion Energy [Member] | Interest And Related Charges      
Business Acquisition [Line Items]      
Merger and integration-related costs   $ 9  
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Detail)
$ in Millions
 1 Months Ended 12 Months Ended
Oct. 31, 2017
USD ($)
Project
MW
Sep. 30, 2017
USD ($)
Project
MW
Jun. 30, 2017
USD ($)
Project
MW
May 31, 2017
USD ($)
Project
MW
Mar. 31, 2017
USD ($)
Project
MW
Feb. 28, 2017
USD ($)
Project
MW
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Business Acquisition [Line Items]                  
Project Cost             $ 341 $ 151 $ 405
Community Energy Solar, Inc                  
Business Acquisition [Line Items]                  
Number of Projects | Project           1      
Total consideration [1]           $ 29      
Project Cost [2]           $ 205      
MW capacity | MW           100      
Solar Frontier Americas Holding, LLC                  
Business Acquisition [Line Items]                  
Number of Projects | Project [3]         1        
Total consideration [1]         $ 77        
Project Cost [2]         $ 78        
MW capacity | MW         30        
Cypress Creek Renewables, LLC                  
Business Acquisition [Line Items]                  
Number of Projects | Project       1          
Total consideration [1]       $ 154          
Project Cost [2]       $ 160          
MW capacity | MW       79          
Hecate Energy Virginia C&C LLC                  
Business Acquisition [Line Items]                  
Number of Projects | Project   1 1            
Total consideration [1]   $ 40 $ 16            
Project Cost [2]   $ 41 $ 16            
MW capacity | MW   20 10            
Strata Solar Development, LLC/Moorings Farm 2 Holdco, LLC                  
Business Acquisition [Line Items]                  
Number of Projects | Project     2            
Total consideration [1]     $ 20            
Project Cost [2]     $ 20            
MW capacity | MW     10            
Strata Solar Development, LLC                  
Business Acquisition [Line Items]                  
Number of Projects | Project 2                
Total consideration [1] $ 20                
Project Cost [2] $ 21                
MW capacity | MW 10                
[1] The purchase price was primarily allocated to property, plant and equipment.
[2] Includes acquisition cost.
[3] In April 2017, Dominion Energy discontinued efforts on the acquisition of the additional 20 MW solar project from Solar Frontier Americas Holding LLC.
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Acquisitions of Solar Projects) (Parenthetical) (Detail)
 1 Months Ended
Apr. 30, 2017
MW
Business Combinations Discontinued Operations And Disposal Groups [Abstract]  
Discontinued efforts on acquisition of additional MW capacity 20
v3.19.3.a.u2
Acquisitions and Dispositions (Merchant Solar Projects) (Narrative) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Project
MW
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Project Cost $ 341 $ 151 $ 405  
Solar Development Projects        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Percentage of equity interests acquired       100.00%
Number of Projects | Project       7
Aggregate purchase price       $ 32
Project Cost       $ 421
MW capacity | MW       221
v3.19.3.a.u2
Acquisitions and Dispositions (Dominion Energy Gas Restructuring) (Narrative) (Detail)
Dec. 31, 2019
Cove Point  
Business Acquisition And Dispositions [Line Items]  
Percentage Of Controlling Ownership 75.00%
White River Hub  
Business Acquisition And Dispositions [Line Items]  
Minority Interest Ownership Percentage By Parent 50.00%
Iroquois  
Business Acquisition And Dispositions [Line Items]  
Minority Interest Ownership Percentage By Parent 25.93%
Cove Point  
Business Acquisition And Dispositions [Line Items]  
Minority Interest Ownership Percentage By Parent 25.00%
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Results of Operations Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Nov. 06, 2019
Dec. 31, 2018
Dec. 31, 2017
East Ohio      
Business Acquisition [Line Items]      
Operating revenue $ 594 $ 729 $ 728
Depreciation and amortization 73 76 71
Other operating expenses 399 444 428
Other income 61 72 50
Interest and related charges 33 37 33
Income tax expense (benefit) 26 53 86
Net income (loss) from discontinued operations 124 191 160
DGP      
Business Acquisition [Line Items]      
Operating revenue 125 220 114
Depreciation and amortization 4 15 15
Impairment of assets and other charges   219  
Other operating expenses 97 206 91
Income tax expense (benefit) 7 (53) 5
Net income (loss) from discontinued operations $ 17 $ (167) $ 3
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Discontinued Operation) (Detail)
$ in Millions
Dec. 31, 2018
USD ($)
East Ohio  
Business Acquisition [Line Items]  
Current assets of discontinued operations $ 423 [1]
Investments 2
Property, plant and equipment, net 3,669
Regulatory assets 711
Other deferred charges and other assets, including goodwill and intangible assets 1,275
Noncurrent assets of discontinued operations 5,657
Current liabilities of discontinued operations 1,262
Long-term debt 1,300
Deferred income taxes and investment tax credits 716
Regulatory liabilities 747
Other deferred credits and other liabilities 108
Noncurrent liabilities of discontinued operations 2,871
DGP  
Business Acquisition [Line Items]  
Current assets of discontinued operations 21 [2],[3]
Noncurrent assets of discontinued operations 192 [4]
Current liabilities of discontinued operations 11
Noncurrent liabilities of discontinued operations $ 25
[1] Includes cash and cash equivalents of $9 million as of December 31, 2018.
[2] Includes cash and cash equivalents of less than $1 million.
[3] Includes cash and cash equivalents of less than a million dollars as of December 31, 2018.
[4] Primarily property, plant and equipment, net.
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Major Classes of Assets and Liabilities Reported As Discontinued Operation) (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2018
USD ($)
East Ohio  
Business Acquisition [Line Items]  
Cash, restricted cash and equivalents of discontinued operations $ 9
DGP  
Business Acquisition [Line Items]  
Cash, restricted cash and equivalents of discontinued operations cash and cash equivalents of less than $1 million.
v3.19.3.a.u2
Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Nov. 06, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Significant noncash items          
Charge related to a voluntary retirement program   $ 213 $ 119    
Accrued capital expenditures [1],[2],[3],[4],[5]   $ 555 307 $ 343  
East Ohio          
Business Acquisition [Line Items]          
Capital expenditures $ 299   352 348  
Significant noncash items          
Charge related to a voluntary retirement program 20   0   $ 0
Accrued capital expenditures 2   5 8  
DGP          
Business Acquisition [Line Items]          
Capital expenditures 11   6 8  
Significant noncash items          
Impairment of assets and related charges $ 0   $ (219) $ 0  
[1] See Note 2 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements.
[2] See Note 3 for noncash investing and financing activities related to the SCANA Combination.
[3] See Note 5 for noncash activities related to the sale of a noncontrolling interest in Cove Point.
[4] See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler.
[5] See Notes 18,19 and 20 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream, the remarketing of RSNs, the issuance of stock purchase contracts associated with the 2019 Equity Units and the contribution of stock to Dominion Energy’s qualified defined benefit pension plan.
v3.19.3.a.u2
Operating Revenue (Schedule of Operating Revenue Recognition from Contracts with Customers) (Detail) - Adjustments for New Accounting Pronouncement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Public Utilities General Disclosures [Line Items]    
Operating revenue $ 15,764 $ 12,895
Operating revenue 16,572 13,366
Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue 4  
Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue 4,325 3,413
Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue 3,219 2,503
Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue 683 490
Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue 873 854
Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue 176 137
Nonregulated Electric Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue 926 1,294
Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue [1],[2] 808 471
Regulated Gas Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue 1,343 818
Regulated Gas Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue 457 221
Regulated Gas Sales | Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue 117 36
Nonregulated Gas Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue 496 214
Regulated Gas Transportation and Storage | FERC-regulated    
Public Utilities General Disclosures [Line Items]    
Operating revenue 1,057 1,091
Regulated Gas Transportation and Storage | State-regulated    
Public Utilities General Disclosures [Line Items]    
Operating revenue 742 640
Nonregulated Gas Transportation And Storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue 676 442
Other Regulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue 259 179
Other Nonregulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue [1],[3] 415 563
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Operating revenue 8,036 7,584
Operating revenue 8,108 7,619
Virginia Electric and Power Company | Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue 3,657 3,413
Virginia Electric and Power Company | Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue 2,712 2,503
Virginia Electric and Power Company | Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue 455 490
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue 823 854
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue 128 137
Virginia Electric and Power Company | Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue [2],[3] 72 35
Virginia Electric and Power Company | Other Regulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue 190 132
Virginia Electric and Power Company | Other Nonregulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue [1],[3] 71 55
Dominion Energy Gas Holdings, LLC    
Public Utilities General Disclosures [Line Items]    
Operating revenue 2,165 2,002
Operating revenue 2,169 1,996
Dominion Energy Gas Holdings, LLC | Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue   (6)
Dominion Energy Gas Holdings, LLC | Regulated Gas Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue 9 25
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue [3] 6 7
Dominion Energy Gas Holdings, LLC | Regulated Gas Transportation and Storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue 1,300 1,249
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Transportation And Storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue 676 442
Dominion Energy Gas Holdings, LLC | Management Service Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue [3] 162 257
Dominion Energy Gas Holdings, LLC | Other Regulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue [1],[3] 7 19
Dominion Energy Gas Holdings, LLC | Other Nonregulated Revenue    
Public Utilities General Disclosures [Line Items]    
Operating revenue [1],[3] $ 5 $ 3
[1] Amounts above include sales which are considered to be goods transferred at a point in time. For the years ended December 31, 2019 and 2018, such amounts included $171 million and $241 million, respectively, at Dominion Energy and $5 million and $10 million, respectively, at Dominion Energy Gas, primarily consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the years ended December 31, 2019 and 2018, such sales were $24 million and $ 17 million, respectively, at Dominion Energy and $17 million and $11 million, respectively, at Virginia Power.
[2] Includes alternative revenue of $66 million and $52 million for the year ended December 31, 2019 at Dominion Energy and Virginia Power, respectively, and $15 million for year ended December 31, 2018 at both Dominion Energy and Virginia Power.
[3] See Notes 9 and 25 for amounts attributable to related parties and affiliates.
v3.19.3.a.u2
Operating Revenue (Schedule of Operating Revenue Recognition from Contracts with Customers) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Public Utilities General Disclosures [Line Items]    
Alternative revenue $ 66 $ 15
NGL Midstream    
Public Utilities General Disclosures [Line Items]    
Sales revenue 171 241
Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Sales revenue 24 17
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Alternative revenue 52 15
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Sales revenue 17 11
Dominion Energy Gas Holdings, LLC | NGL Midstream    
Public Utilities General Disclosures [Line Items]    
Sales revenue $ 5 $ 10
v3.19.3.a.u2
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
Dec. 31, 2019
USD ($)
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 19,241
Virginia Electric and Power Company  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts 4
Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts 20,135
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 $ 1,569
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | Virginia Electric and Power Company  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 3
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,723
Revenue, expected to be recognized on multi-year contracts, period 1 year
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 $ 1,470
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | Virginia Electric and Power Company  
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,624
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 $ 1,363
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 | Virginia Electric and Power Company  
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,495
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 $ 1,216
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 | Virginia Electric and Power Company  
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,325
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 $ 1,104
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 | Virginia Electric and Power Company  
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,185
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 $ 12,519
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 | Virginia Electric and Power Company  
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
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 12,783
Revenue, expected to be recognized on multi-year contracts, period 1 year
v3.19.3.a.u2
Operative Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenues From Contract With Customer [Line Items]    
Contract asset balances $ 28 $ 42
Contract liability balances 123 106
Revenue recognized from contract liability balances 94  
Dominion Energy Gas Holdings, LLC    
Revenues From Contract With Customer [Line Items]    
Contract asset balances 40 58
Contract liability balances 20 28
Revenue recognized from contract liability balances 8 3
Virginia Electric and Power Company    
Revenues From Contract With Customer [Line Items]    
Contract liability balances 24 22
Revenue recognized from contract liability balances $ 22 $ 25
v3.19.3.a.u2
Operating Revenue (Schedule of Operating Revenue Prior to Revised Guidance of Revenue Recognition From Contracts with Customers) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Public Utilities General Disclosures [Line Items]                      
Total operating revenue $ 4,475 $ 4,269 $ 3,970 $ 3,858 $ 3,361 $ 3,451 $ 3,088 $ 3,466 $ 16,572 [1] $ 13,366 [1] $ 12,586 [1]
Virginia Electric and Power Company                      
Public Utilities General Disclosures [Line Items]                      
Total operating revenue 1,941 2,264 1,938 1,965 1,810 2,232 1,829 1,748 8,108 [2] 7,619 [2] 7,556 [2]
Dominion Energy Gas Holdings, LLC                      
Public Utilities General Disclosures [Line Items]                      
Total operating revenue $ 571 $ 502 $ 530 $ 566 $ 566 $ 533 $ 508 $ 389 $ 2,169 [3] $ 1,996 [3] 1,523 [3]
Prior to adoption of revised guidance                      
Public Utilities General Disclosures [Line Items]                      
Nonregulated electric sales                     1,429
Regulated gas sales                     1,067
Nonregulated gas sales                     457
Total operating revenue                     12,586
Prior to adoption of revised guidance | Regulated Electric Sales                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     7,383
Prior to adoption of revised guidance | Gas Transportation and Storage                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     1,786
Prior to adoption of revised guidance | Other                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     464
Prior to adoption of revised guidance | Virginia Electric and Power Company                      
Public Utilities General Disclosures [Line Items]                      
Total operating revenue                     7,556
Prior to adoption of revised guidance | Virginia Electric and Power Company | Regulated Electric Sales                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     7,383
Prior to adoption of revised guidance | Virginia Electric and Power Company | Other                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     173
Prior to adoption of revised guidance | Dominion Energy Gas Holdings, LLC                      
Public Utilities General Disclosures [Line Items]                      
Regulated gas sales                     6
Nonregulated gas sales                     6
Total operating revenue                     1,523
Prior to adoption of revised guidance | Dominion Energy Gas Holdings, LLC | Gas Transportation and Storage                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     1,291
Prior to adoption of revised guidance | Dominion Energy Gas Holdings, LLC | Other                      
Public Utilities General Disclosures [Line Items]                      
Revenue                     $ 220
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 25 for amounts attributable to affiliates.
[3] See Note 25 for amounts attributable to related parties.
v3.19.3.a.u2
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 10 Months Ended 12 Months Ended
Jun. 30, 2017
Oct. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Taxes [Line Items]          
Federal statutory income tax rate     21.00% 21.00% 35.00%
State deferred income tax expense     $ (93.0) $ (1.0) $ 132.0
Current federal income taxes     135.0 63.0 (27.0)
Taxes charged to common shareholders' equity     215.0    
Deferred income tax expense [1]       46.0 (851.0)
Increase (Decrease) to deferred income tax expense       23.0  
Increase (Decrease) in regulatory liabilities       35.0 4,200.0
Decrease in unrecognized tax benefits due to settlement     7.0 6.0 23.0
Unrecognized tax benefits that would impact effective tax rate     141.0 37.0 31.0
Decrease in accumulated deferred income tax liability         3,100.0
Increase (decrease) in deferred tax asset         1,100.0
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits     3.0 5.0 (9.0)
Operating Loss Carryforwards     4,435.0    
Income tax expense (benefit)     351.0 580.0 (30.0)
Deferred tax liabilities noncurrent     6,277.0 5,116.0  
Regulatory liability noncurrent     11,001.0 6,840.0  
Dominion Cove Point L N G L P [Member]          
Income Taxes [Line Items]          
Current federal income taxes     362.0    
Benefit for deferred income taxes     147.0    
Federal tax credits     $ 208.0    
Ownership interest percentage of limited partner interests     25.00%    
SCANA          
Income Taxes [Line Items]          
Deferred income tax expense     $ 194.0    
Noncurrent Liabilities [Member]          
Income Taxes [Line Items]          
Increase (Decrease) in regulatory liabilities       $ 23.0  
Discontinued Operations [Member]          
Income Taxes [Line Items]          
Income tax expense (benefit)   $ 33.0     5.0
Deferred tax liabilities noncurrent         $ 0.4
Carryback claim for specified liability losses involving prior tax years          
Income Taxes [Line Items]          
Current federal income taxes     47.0    
Maximum          
Income Taxes [Line Items]          
State deferred income tax expense     1.0    
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations     86.0    
Amount that earnings could potentially increase if changes were to occur     23.0    
Federal          
Income Taxes [Line Items]          
Operating Loss Carryforwards     $ 1,361.0    
Virginia Electric and Power Company          
Income Taxes [Line Items]          
Federal statutory income tax rate     21.00% 21.00% 35.00%
State deferred income tax expense     $ 22.0 $ 55.0 $ 59.0
Current federal income taxes     344.0 76.0 505.0
Deferred income tax expense [1]     0.0 21.0 (93.0)
Increase (Decrease) to deferred income tax expense       23.0  
Increase (Decrease) in regulatory liabilities       31.0 2,600.0
Decrease in unrecognized tax benefits due to settlement $ 8.0   2.0 1.0 8.0
Unrecognized tax benefits that would impact effective tax rate 2.0   1.0 2.0 3.0
Interest income $ 11.0        
Decrease in accumulated deferred income tax liability         1,900.0
Increase (decrease) in deferred tax asset         700.0
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits     (2.0)   (6.0)
Income tax expense (benefit)     264.0 300.0 $ 774.0
Deferred tax liabilities noncurrent     2,962.0 3,017.0  
Regulatory liability noncurrent     $ 5,074.0 $ 4,647.0  
Dominion Energy Gas Holdings, LLC          
Income Taxes [Line Items]          
Federal statutory income tax rate     21.00% 21.00% 35.00%
State deferred income tax expense     $ (10.0) $ (17.0) $ 5.0
Current federal income taxes     147.0 (196.0) 88.0
Deferred income tax expense [1]       (6.0) (246.0)
Increase (Decrease) to deferred income tax expense       (5.0)  
Increase (Decrease) in regulatory liabilities       (8.0) 1,100.0
Decrease in unrecognized tax benefits due to settlement     0.0 0.0 7.0
Decrease in accumulated deferred income tax liability         800.0
Increase (decrease) in deferred tax asset         300.0
Increase (Decrease) in tax expense as a result of changes in unrecognized tax benefits       (1.0) (5.0)
Operating Loss Carryforwards     1.0    
Income tax expense (benefit)     101.0 124.0 (65.0)
Deferred tax liabilities noncurrent     1,288.0 1,330.0  
Regulatory liability noncurrent     800.0 765.0  
Dominion Energy Gas Holdings, LLC | Discontinued Operations [Member]          
Income Taxes [Line Items]          
Increase (Decrease) to deferred income tax expense       8.0  
Increase (Decrease) in regulatory liabilities       10.0  
Income tax expense (benefit)       91.0  
Deferred tax liabilities noncurrent         0.1
Regulatory liability noncurrent         0.5
Dominion Energy Gas Holdings, LLC | Maximum          
Income Taxes [Line Items]          
Unrecognized tax benefits that would impact effective tax rate     2.0 2.0 $ 2.0
Decrease in Unrecognized tax benefits due to settlement negotiations and expiration of statutes of limitations     1.0    
Amount that earnings could potentially increase if changes were to occur     1.0    
Dominion Energy Gas Holdings, LLC | Maximum | Discontinued Operations [Member]          
Income Taxes [Line Items]          
Income tax expense (benefit)       $ 1.0  
Dominion Energy Gas Holdings, LLC | Federal          
Income Taxes [Line Items]          
Deferred income tax expense     $ 48.0    
[1] The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $8 million for the year ended December 31, 2018 and a benefit of $93 million for the year ended December 31, 2017 arising from discontinued operations.
v3.19.3.a.u2
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current:      
Federal $ 32 $ (45) $ (1)
State 103 108 (26)
Total current expense (benefit) 135 63 (27)
Deferred:      
2017 Tax Reform Act impact [1]   46 (851)
Taxes before operating loss carryforwards, investment tax credits and tax reform 182 436 739
Tax utilization expense (benefit) of operating loss carryforwards 119 92 174
Investment tax credits (51) (56) (200)
State (93) (1) 132
Total deferred expense (benefit) 157 517 (6)
Investment tax credit-gross deferral 62 2 5
Investment tax credit-amortization (3) (2) (2)
Total income tax expense (benefit) 351 580 (30)
Virginia Electric and Power Company      
Current:      
Federal 286 36 432
State 58 40 73
Total current expense (benefit) 344 76 505
Deferred:      
2017 Tax Reform Act impact [1] 0 21 (93)
Taxes before operating loss carryforwards, investment tax credits and tax reform (128) 199 319
Tax utilization expense (benefit) of operating loss carryforwards 0 0 4
Investment tax credits (34) (51) (23)
State 22 55 59
Total deferred expense (benefit) (140) 224 266
Investment tax credit-gross deferral 62 2 5
Investment tax credit-amortization (2) (2) (2)
Total income tax expense (benefit) 264 300 774
Dominion Energy Gas Holdings, LLC      
Current:      
Federal 130 (227) 75
State 17 31 13
Total current expense (benefit) 147 (196) 88
Deferred:      
2017 Tax Reform Act impact [1]   (6) (246)
Taxes before operating loss carryforwards, investment tax credits and tax reform (36) 343 88
Tax utilization expense (benefit) of operating loss carryforwards 0 0 0
Investment tax credits 0 0 0
State (10) (17) 5
Total deferred expense (benefit) (46) 320 (153)
Investment tax credit-gross deferral 0 0 0
Investment tax credit-amortization 0 0 0
Total income tax expense (benefit) $ 101 $ 124 $ (65)
[1] The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $8 million for the year ended December 31, 2018 and a benefit of $93 million for the year ended December 31, 2017 arising from discontinued operations.
v3.19.3.a.u2
Income Taxes (Income Tax Expense for Continuing Operations Including Noncontrolling Interests) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Contingency [Line Items]      
Tax Reform Act Expense [1]   $ 46 $ (851)
Dominion Energy Gas Holdings, LLC      
Income Tax Contingency [Line Items]      
Tax Reform Act Expense [1]   (6) $ (246)
Discontinued Operations [Member] | Dominion Energy Gas Holdings, LLC      
Income Tax Contingency [Line Items]      
Tax Reform Act Expense $ 93 $ 8  
[1] The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $8 million for the year ended December 31, 2018 and a benefit of $93 million for the year ended December 31, 2017 arising from discontinued operations.
v3.19.3.a.u2
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
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 1.30% 3.00% 2.00%
Investment tax credits (5.70%) (1.90%) (6.30%)
Production tax credits (1.10%) (0.70%) (0.70%)
Valuation allowances 0.10% 0.30% 0.20%
Reversal of excess deferred income taxes (2.00%) (2.00%) 0.00%
Federal legislative change 0.00% 1.50% (27.50%)
State legislative change 0.00% (0.60%) 0.00%
Write-off of regulatory assets 10.90% 0.00% 0.00%
Change in tax status (2.80%) 0.00% 0.00%
AFUDC-equity (1.80%) (0.80%) (1.40%)
Employee stock ownership plan deduction (0.70%) (0.40%) (0.60%)
Other, net 1.10% (0.90%) (1.70%)
Effective tax rate 20.30% 18.50% (1.00%)
Virginia Electric and Power Company      
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 4.50% 4.70% 3.70%
Investment tax credits (2.90%) (3.50%) (0.80%)
Production tax credits (0.70%) (0.70%) (0.40%)
Valuation allowances 0.00% 0.00% 0.00%
Reversal of excess deferred income taxes (3.10%) (3.20%) 0.00%
Federal legislative change 0.00% 1.30% (4.00%)
State legislative change 0.00% 0.00% 0.00%
Write-off of regulatory assets 0.00% 0.00% 0.00%
Change in tax status 0.00% 0.00% 0.00%
AFUDC-equity 0.00% (0.50%) (0.60%)
Employee stock ownership plan deduction 0.00% 0.00% 0.00%
Other, net (0.20%) (0.10%) 0.60%
Effective tax rate 18.60% 19.00% 33.50%
Dominion Energy Gas Holdings, LLC      
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 2.50% 3.20% 2.60%
Investment tax credits 0.00% 0.00% 0.00%
Production tax credits 0.00% 0.00% 0.00%
Valuation allowances (0.20%) 0.00% 0.30%
Reversal of excess deferred income taxes (0.80%) (0.60%) 0.00%
Federal legislative change 0.00% (0.50%) (41.00%)
State legislative change 0.00% (2.00%)  
Write-off of regulatory assets 0.00% 0.00% 0.00%
Change in tax status (6.00%) 0.00% 0.00%
AFUDC-equity (0.50%) (0.30%) (0.90%)
Employee stock ownership plan deduction 0.00% 0.00% 0.00%
Other, net [1] (3.40%) (4.40%) (6.00%)
Effective tax rate 12.60% 16.40% (10.70%)
[1] Includes (3.2)%, (4.6)% and (6.7)% relating to the absence of tax on noncontrolling interest in 2019, 2018 and 2017, respectively.
v3.19.3.a.u2
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Parenthetical) (Detail)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Disclosure [Abstract]      
Noncontrolling Interest Income (Loss), Percent (3.20%) (4.60%) (6.70%)
v3.19.3.a.u2
Income Taxes (Schedule of Deferred Income Taxes) (Detail) - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Deferred income taxes:    
Total deferred income tax assets $ 3,736,000,000 $ 2,748,000,000
Total deferred income tax liabilities 9,883,000,000 7,813,000,000
Total net deferred income tax liabilities 6,147,000,000 5,065,000,000
Plant and equipment, primarily depreciation method and basis differences 6,616,000,000 4,933,000,000
Excess deferred income taxes (1,306,000,000) (993,000,000)
Unrecovered NND Project costs 553 0
DESC rate refund (169) 0
Toshiba Settlement (219) 0
Nuclear decommissioning 909,000,000 815,000,000
Deferred state income taxes 863,000,000 626,000,000
Federal benefit of deferred state income taxes (184,000,000) (132,000,000)
Deferred fuel, purchased energy and gas costs 30,000,000 60,000,000
Pension benefits 174,000,000 81,000,000
Other postretirement benefits (37,000,000) (5,000,000)
Loss and credit carryforwards (1,832,000,000) (1,546,000,000)
Valuation allowances 161,000,000 158,000,000
Partnership basis differences 823,000,000 1,135,000,000
Other (235,000,000) (67,000,000)
Total net deferred income tax liabilities 6,147,000,000 5,065,000,000
Deferred Investment Tax Credits - Regulated Operations 130,000,000 51,000,000
Total Deferred Taxes and Deferred Investment Tax Credits 6,277,000,000 5,116,000,000
Virginia Electric and Power Company    
Deferred income taxes:    
Total deferred income tax assets 1,207,000,000 1,054,000,000
Total deferred income tax liabilities 4,058,000,000 4,020,000,000
Total net deferred income tax liabilities 2,851,000,000 2,966,000,000
Plant and equipment, primarily depreciation method and basis differences 3,359,000,000 3,367,000,000
Excess deferred income taxes (672,000,000) (678,000,000)
Unrecovered NND Project costs 0 0
DESC rate refund 0 0
Toshiba Settlement 0 0
Nuclear decommissioning 290,000,000 273,000,000
Deferred state income taxes 302,000,000 284,000,000
Federal benefit of deferred state income taxes (63,000,000) (60,000,000)
Deferred fuel, purchased energy and gas costs 1,000,000 59,000,000
Pension benefits (153,000,000) (132,000,000)
Other postretirement benefits 62,000,000 55,000,000
Loss and credit carryforwards (280,000,000) (183,000,000)
Valuation allowances 5,000,000 5,000,000
Partnership basis differences 0 0
Other 0 (24,000,000)
Total net deferred income tax liabilities 2,851,000,000 2,966,000,000
Deferred Investment Tax Credits - Regulated Operations 111,000,000 51,000,000
Total Deferred Taxes and Deferred Investment Tax Credits 2,962,000,000 3,017,000,000
Dominion Energy Gas Holdings, LLC    
Deferred income taxes:    
Total deferred income tax assets 206,000,000 296,000,000
Total deferred income tax liabilities 1,494,000,000 1,626,000,000
Total net deferred income tax liabilities 1,288,000,000 1,330,000,000
Plant and equipment, primarily depreciation method and basis differences 742,000,000 671,000,000
Excess deferred income taxes (149,000,000) (156,000,000)
Unrecovered NND Project costs 0 0
DESC rate refund 0 0
Toshiba Settlement 0 0
Nuclear decommissioning 0 0
Deferred state income taxes 199,000,000 203,000,000
Federal benefit of deferred state income taxes (42,000,000) (43,000,000)
Deferred fuel, purchased energy and gas costs 0 (1,000,000)
Pension benefits 154,000,000 134,000,000
Other postretirement benefits (6,000,000) (3,000,000)
Loss and credit carryforwards (1,000,000) (5,000,000)
Valuation allowances 1,000,000 6,000,000
Partnership basis differences 423,000,000 570,000,000
Other (33,000,000) (46,000,000)
Total net deferred income tax liabilities 1,288,000,000 1,330,000,000
Deferred Investment Tax Credits - Regulated Operations 0 0
Total Deferred Taxes and Deferred Investment Tax Credits $ 1,288,000,000 $ 1,330,000,000
v3.19.3.a.u2
Income Taxes (Schedule of Deductible Loss and Credit Carryforwards) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Deductible loss and credit carryforwards [Line Items]  
Deductible amount $ 4,435
Losses, Deferred tax asset 1,856
Losses, Valuation allowance (155)
Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Deferred Tax Asset 280
Valuation Allowance (5)
Federal  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount 1,361
Losses, Deferred tax asset $ 286
Losses, Expiration Period 2037
Tax credits, Deferred tax asset $ 40
Federal | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Deferred Tax Asset 213
Federal | Investment Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset 922
Federal | Federal production credits  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset 126
Federal | Federal Production And Other Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Deferred Tax Asset 58
State  
Deductible loss and credit carryforwards [Line Items]  
Deductible amount 3,074
Losses, Deferred tax asset 173
Losses, Valuation allowance (57)
State minimum tax credits 165
State | Investment Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Deferred Tax Asset 9
Tax Credits, Valuation allowance $ (5)
Tax Credits, Expiration Period 2024
State | Investment and Other Credit  
Deductible loss and credit carryforwards [Line Items]  
Tax credits, Deferred tax asset $ 144
Tax Credits, Valuation allowance $ (98)
Earliest Tax Year | Federal | Investment Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2035
Earliest Tax Year | Federal | Investment Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2035
Earliest Tax Year | Federal | Federal production credits  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2035
Earliest Tax Year | Federal | Federal Production And Other Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2035
Earliest Tax Year | Federal | Federal Production And Other Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2035
Earliest Tax Year | State  
Deductible loss and credit carryforwards [Line Items]  
Losses, Expiration Period 2020
Earliest Tax Year | State | Investment and Other Credit  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2020
Latest Tax Year | Federal | Investment Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2039
Latest Tax Year | Federal | Investment Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2039
Latest Tax Year | Federal | Federal production credits  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2039
Latest Tax Year | Federal | Federal Production And Other Credits  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2038
Latest Tax Year | Federal | Federal Production And Other Credits | Virginia Electric and Power Company  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2039
Latest Tax Year | State  
Deductible loss and credit carryforwards [Line Items]  
Losses, Expiration Period 2038
Latest Tax Year | State | Investment and Other Credit  
Deductible loss and credit carryforwards [Line Items]  
Tax Credits, Expiration Period 2031
v3.19.3.a.u2
Income Taxes (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jun. 30, 2017
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]        
Balance at January 1   $ 44 $ 38 $ 64
Acquired unrecognized tax benefits   129 [1] 0 0
Increases-prior period positions   0 10 1
Decreases-prior period positions   0 0 (9)
Increases-current period positions   9 10 5
Settlements with tax authorities   (7) (6) (23)
Expiration of statutes of limitations   0 (8) 0
Balance at December 31   175 44 38
Virginia Electric and Power Company        
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]        
Balance at January 1   2 4 13
Acquired unrecognized tax benefits   0 0 0
Increases-prior period positions   0 0 0
Decreases-prior period positions   0 0 (1)
Increases-current period positions   0 0 0
Settlements with tax authorities $ (8) (2) (1) (8)
Expiration of statutes of limitations   0 (1) 0
Balance at December 31   0 2 4
Dominion Energy Gas Holdings, LLC        
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]        
Balance at January 1   2 2 9
Acquired unrecognized tax benefits   0 0 0
Increases-prior period positions   0 0 0
Decreases-prior period positions   0 0 0
Increases-current period positions   0 0 0
Settlements with tax authorities   0 0 (7)
Expiration of statutes of limitations   0 0 0
Balance at December 31   $ 2 $ 2 $ 2
[1] Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting.
v3.19.3.a.u2
Income Taxes (Unrecognized Tax Benefits) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Tax Contingency [Line Items]      
Unrecognized Tax Benefits, Increase Resulting from Acquisition $ 129 [1] $ 0 $ 0
Increases-prior period positions 0 10 1
Decreases in prior period position 0 $ 0 $ 9
SCANA      
Income Tax Contingency [Line Items]      
Unrecognized Tax Benefits, Increase Resulting from Acquisition 106    
Increases-prior period positions 76    
Decreases in prior period position $ 53    
[1] Acquired unrecognized tax benefits reflect $106 million plus increases in prior period positions of $76 million and decreases in prior period positions of $53 million that were recorded through purchase accounting.
v3.19.3.a.u2
Income Taxes (Earliest Tax Year) (Detail)
 12 Months Ended
Dec. 31, 2019
Pennsylvania  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2012 [1]
Connecticut  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2016
Virginia  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2016 [2]
West Virginia  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2016 [1]
New York  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2015 [1]
Utah  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2016
South Carolina  
Operation In Major Geographical Areas Tax Year [Line Items]  
Earliest Open Tax Year 2012
[1] Considered a major state for Dominion Energy Gas’ operations.
[2] Considered a major state for Virginia Power’s operations.
v3.19.3.a.u2
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
$ / DTH
$ / MWh
Dec. 01, 2019
USD ($)
Dec. 31, 2018
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets $ 93   $ 294
Fair Value of Derivative Liabilities 740   279
Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets 24   93
Fair Value of Derivative Liabilities 466   103
Level 3 | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Total Assets 19    
Fair Value, Measurements, Recurring      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Total Assets 5,963   5,156
Total liabilities 740   279
Fair Value, Measurements, Recurring | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Total Assets 2,748   2,297
Total liabilities   $ 466 103
Fair Value, Measurements, Recurring | Commodity      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets 74   250
Fair Value of Derivative Liabilities 131   135
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets 22   90
Fair Value of Derivative Liabilities 103   15
Fair Value, Measurements, Recurring | Level 3      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Total Assets 19   70
Total liabilities 56   6
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Liabilities 0    
Total Assets 19   66
Total liabilities 56   6
Fair Value, Measurements, Recurring | Level 3 | Commodity      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets 19   70
Fair Value of Derivative Liabilities 56   6
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets 19   66
Fair Value of Derivative Liabilities 56   $ 6
Fair Value, Measurements, Recurring | Level 3 | Natural Gas | Assets      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets [1] 13    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Liabilities 5    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets 6    
Fair Value of Derivative Liabilities 5    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets $ 6    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Market Price [Member] | Liabilities | Minimum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | FTRs [Member] | Commodity | Market Price [Member] | Liabilities | Maximum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Market Price [Member] | Maximum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 5    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Market Price [Member] | Liabilities | Minimum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Market Price [Member] | Liabilities | Maximum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 5    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Commodity | Market Price [Member] | Liabilities | Weighted Average | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2],[3] 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Assets | FTRs [Member] | Physical Options [Member] | Market Price [Member] | Weighted Average      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2],[3] 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets [1] $ 13    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Liabilities | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Liabilities [1] $ 43    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Minimum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 2    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Minimum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 2    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Maximum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Maximum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Weighted Average      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2],[3] 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Commodity | Market Price [Member] | Liabilities | Weighted Average | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2],[3] 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | FTRs [Member] | Commodity | Market Price [Member] | Liabilities | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Market Price [Member] | Minimum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Market Price [Member] | Minimum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH 1    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Market Price [Member] | Maximum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / MWh [2] 4    
Fair Value, Measurements, Recurring | Discounted Cash Flow [Member] | Level 3 | Natural Gas | Assets | Commodity | Market Price [Member] | Maximum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH 4    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Electricity | Physical Options [Member] | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Assets $ 8    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member]      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Fair Value of Derivative Liabilities $ 8    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Market Price [Member] | Liabilities | Minimum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 1    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Market Price [Member] | Liabilities | Minimum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 1    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Market Price [Member] | Liabilities | Maximum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 4    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Market Price [Member] | Liabilities | Maximum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2] 4    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Market Price [Member] | Liabilities | Weighted Average      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2],[3] 3    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Market Price [Member] | Liabilities | Weighted Average | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Market Price | $ / DTH [2],[3] 3    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Price Volatility [Member] | Liabilities | Minimum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Price volatility (percentage) [4] 24.00%    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Price Volatility [Member] | Liabilities | Minimum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Price volatility (percentage) [4] 24.00%    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Price Volatility [Member] | Liabilities | Maximum      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Price volatility (percentage) [4] 66.00%    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Price Volatility [Member] | Liabilities | Maximum | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Price volatility (percentage) [4] 66.00%    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Price Volatility [Member] | Liabilities | Weighted Average      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Price volatility (percentage) [3],[4] 37.00%    
Fair Value, Measurements, Recurring | Option Model [Member] | Level 3 | Natural Gas | Physical Options [Member] | Price Volatility [Member] | Liabilities | Weighted Average | Virginia Electric and Power Company      
Fair Value, Option, Quantitative Disclosures [Line Items]      
Price volatility (percentage) [3],[4] 37.00%    
[1] Includes basis.
[2] Represents market prices beyond defined terms for Levels 1 and 2.
[3] Averages weighted by volume.
[4] Represents volatilities unrepresented in published markets.
v3.19.3.a.u2
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Mar. 31, 2019
Oct. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Debt maximum borrowing capacity [1] $ 6,000,000,000 $ 6,000,000,000 $ 6,000,000,000      
Impairment of assets and other charges   1,535,000,000 403,000,000 $ 15,000,000    
Revolving Credit Facility            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Debt maximum borrowing capacity         $ 700,000,000  
Revolving Credit Facility | Atlantic Coast Pipeline | Financial Guarantee [Member]            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Debt maximum borrowing capacity           $ 3,400,000,000
Guarantee liability           $ 30,000,000
Dominion Energy Gas Holdings, LLC            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Debt maximum borrowing capacity [2] 1,500,000,000 1,500,000,000 1,500,000,000      
Impairment of assets and other charges 219,000,000 $ 13,000,000 163,000,000 $ 15,000,000    
Asset impairment charges, after tax 165,000,000          
Property, plant and equipment estimated fair value $ 190,000,000   $ 190,000,000      
[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] 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 December 31, 2019, 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 $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.19.3.a.u2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 01, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset $ 93   $ 294
Derivative Liabilities 740   279
Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 24   93
Derivative Liabilities 466   103
Virginia Electric and Power Company | Cash equivalents and other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 1    
Dominion Energy Gas Holdings, LLC      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 8   31
Derivative Liabilities 86   19
Total assets 8   31
Total liabilities 86   19
Dominion Energy Gas Holdings, LLC | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset     3
Dominion Energy Gas Holdings, LLC | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Liabilities 83   17
Dominion Energy Gas Holdings, LLC | Foreign currency      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Liabilities 3    
Level 1 | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     455
Level 2 | Fixed Income | Corporate debt instruments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     431
Level 2 | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 719    
Level 2 | Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 623    
Level 2 | Dominion Energy Gas Holdings, LLC      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 8   31
Total liabilities 86   19
Level 3 | Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 19    
Fair Value, Measurements, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 5,963   5,156
Total liabilities 740   279
Fair Value, Measurements, Recurring | Corporate debt instruments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     431
Fair Value, Measurements, Recurring | Equity securities: | U.S.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 4,195   3,277
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 463    
Fair Value, Measurements, Recurring | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 1,192   1,143
Fair Value, Measurements, Recurring | Cash equivalents and other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 20   11
Fair Value, Measurements, Recurring | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 74   250
Derivative Liabilities 131   135
Fair Value, Measurements, Recurring | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 11   18
Derivative Liabilities 606   142
Fair Value, Measurements, Recurring | Foreign currency      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 8   26
Derivative Liabilities 3   2
Fair Value, Measurements, Recurring | Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 2,748   2,297
Total liabilities   $ 466 103
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Equity securities: | U.S.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     1,476
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Fixed Income | Corporate debt instruments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 0    
Investments 1,920   221
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 256   507
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Cash equivalents and other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 547    
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 22   90
Derivative Liabilities 103   15
Fair Value, Measurements, Recurring | Virginia Electric and Power Company | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 2   3
Derivative Liabilities 363   88
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset     2
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC | Foreign currency      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset     26
Derivative Liabilities     2
Fair Value, Measurements, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 4,687   3,743
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 4,195   3,277
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 473    
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 19   11
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 2,106   1,640
Total liabilities 0    
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | Equity securities: | U.S.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     1,476
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | Fixed Income | Corporate debt instruments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 1,920    
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     164
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | Cash equivalents and other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 186    
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 0    
Derivative Liabilities 0    
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 0    
Derivative Liabilities 0    
Fair Value, Measurements, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 1,257   1,343
Total liabilities 684   273
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 463    
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     688
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    
Fair Value, Measurements, Recurring | Level 2 | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 55   180
Derivative Liabilities 75   129
Fair Value, Measurements, Recurring | Level 2 | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 11   18
Derivative Liabilities 606   142
Fair Value, Measurements, Recurring | Level 2 | Foreign currency      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 8   26
Derivative Liabilities 3   2
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     591
Total liabilities 410   97
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | Equity securities: | U.S.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 0    
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | Fixed Income | Corporate debt instruments      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments     221
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 256   343
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | Cash equivalents and other      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments 361    
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 3   24
Derivative Liabilities 47   9
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 2   3
Derivative Liabilities 363   88
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset     3
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset     2
Derivative Liabilities 83   17
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC | Foreign currency      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 8   26
Derivative Liabilities 3   2
Fair Value, Measurements, Recurring | Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Total assets 19   70
Total liabilities 56   6
Fair Value, Measurements, Recurring | Level 3 | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 19   70
Derivative Liabilities 56   6
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Liabilities 0    
Total assets 19   66
Total liabilities 56   6
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Equity securities: | U.S.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 0    
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Fixed Income | Government Securities      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 0    
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Commodity      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset 19   66
Derivative Liabilities 56   $ 6
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company | Interest rate      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Derivative Asset $ 0    
v3.19.3.a.u2
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 274 $ 220
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 $ 159 $ 160
v3.19.3.a.u2
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) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dominion Energy Gas Holdings, LLC      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance   $ 2 $ 2
Total realized and unrealized gains (losses):      
Included in other comprehensive income (loss)   1 (3)
Transfers out of Level 3   1 3
Ending balance     2
Commodity      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance $ 64 150 139
Total realized and unrealized gains (losses):      
Included in other comprehensive income (loss) 0 1 (2)
Included in regulatory assets/liabilities (90) (44) 42
Settlements 17 (27) 6
Purchases (10) 0 0
Sales 6 0 0
Transfers out of Level 3 (3) 1 3
Ending balance (37) 64 150
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 0 2
Commodity | Virginia Electric and Power Company      
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]      
Beginning balance 60 147 143
Total realized and unrealized gains (losses):      
Included in regulatory assets/liabilities (88) (45) 40
Settlements 13 (25) 7
Ending balance (37) 60 147
Operating Revenue | Commodity      
Total realized and unrealized gains (losses):      
Included in earnings (1) (2) 3
Electric fuel and other energy-related purchases | Commodity      
Total realized and unrealized gains (losses):      
Included in earnings (22) (15) (42)
Electric fuel and other energy-related purchases | Commodity | Virginia Electric and Power Company      
Total realized and unrealized gains (losses):      
Included in earnings (22) (17) (43)
Purchased Gas | Commodity      
Total realized and unrealized gains (losses):      
Included in earnings $ 2 $ 0 $ 1
v3.19.3.a.u2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including securities due within one year [1] $ 32,055 $ 29,952
Credit facility borrowings 0 73
Junior subordinated notes [2] 4,797 3,430
Remarketable subordinated notes [2] 0 1,386
Carrying Amount | Virginia Electric and Power Company    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including securities due within one year [2] 12,326 11,671
Carrying Amount | Dominion Energy Gas Holdings, LLC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including securities due within one year [3] 5,520 7,770
Credit facility borrowings 0 73
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including securities due within one year [3],[4] 36,155 31,045
Credit facility borrowings [4] 0 73
Junior subordinated notes [2],[4] 4,953 3,358
Remarketable subordinated notes [2],[4] 0 1,340
Estimate of Fair Value | Virginia Electric and Power Company    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including securities due within one year 14,281 [3],[4] 12,400 [2]
Estimate of Fair Value | Dominion Energy Gas Holdings, LLC    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, including securities due within one year [3],[4] 5,738 7,803
Credit facility borrowings [4] $ 0 $ 73
[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 December 31, 2019 and 2018, includes the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt of $4 million and $(20) million, respectively.
[2] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium.
[3] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium, and foreign currency remeasurement adjustments.
[4] Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
v3.19.3.a.u2
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Fair Value Disclosures [Abstract]    
Valuation of certain fair value hedges associated with fixed rate debt $ 4 $ (20)
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet $ 91 [1] $ 287
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 53 83
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received   0
Net Amounts 38 204
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 21 67
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 18 6
Net Amounts 3 61
Dominion Energy Gas Holdings, LLC    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 8 31
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 29
Commodity | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 35 [1] 175
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 21 12
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0  
Net Amounts 14 163
Commodity | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 37 [1] 68
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 21 68
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 16  
Commodity | Virginia Electric and Power Company | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 19 64
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 18 6
Net Amounts 1 58
Commodity | Dominion Energy Gas Holdings, LLC | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 0 3
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 3
Interest rate | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 11 [1] 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 8 17
Interest rate | Virginia Electric and Power Company | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 2 3
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 2 3
Interest rate | Dominion Energy Gas Holdings, LLC | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 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    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 8 [1] 26
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 24
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 8 26
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts $ 0 $ 24
[1] Excludes $2 million and $7 million of derivative assets at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 2 $ 7
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 3 $ 26
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet $ 735 [1] $ 278
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 53 83
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 35 47
Net Amounts 647 148
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 422 94
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 18 6
Net Amounts 404 88
Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 86 19
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 78 17
Commodity | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 105 [1] 19
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 21 12
Net Amounts 84 7
Commodity | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 21 [1] 115
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 21 68
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral   47
Net Amounts   0
Commodity | Virginia Electric and Power Company | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 59 6
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 18 6
Net Amounts 41  
Interest rate | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 606 [1] 142
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 8 1
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 35  
Net Amounts 563 141
Interest rate | Virginia Electric and Power Company | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 363 88
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 363 88
Interest rate | Dominion Energy Gas Holdings, LLC | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 83 17
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 5 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 78 17
Foreign currency | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 3 [1] 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 2
Foreign currency | Dominion Energy Gas Holdings, LLC | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 3 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 0 $ 0
[1] Excludes $5 million and $1 million of derivative liabilities at December 31, 2019 and 2018, respectively, which are not subject to master netting or similar arrangements.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 5 $ 1
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 44 $ 9
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail)
 12 Months Ended
Dec. 31, 2019
USD ($)
MWh
gal
Bcf
Fixed Price - Natural Gas - Non-current Derivative Contract  
Derivative [Line Items]  
Volume of derivative activity | Bcf 34 [1]
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Volume of derivative activity | Bcf 9 [1]
Basis - Natural Gas - Non-current Derivative Contract  
Derivative [Line Items]  
Volume of derivative activity | Bcf 495 [1]
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Volume of derivative activity | Bcf 448
Fixed Price - Electricity - Non-current Derivative Contract  
Derivative [Line Items]  
Volume of electricity | MWh 0 [1]
Financial Transmission Rights - Electricity- Non-current Derivative Contract  
Derivative [Line Items]  
Volume of electricity | MWh 0 [1]
Liquids - Non-current Derivative Contract  
Derivative [Line Items]  
Volume of derivative activity | gal 0 [2]
Interest Rate - Non-current Derivative Contract  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) $ 3,976,014,497 [3]
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) 950,000,000 [3]
Interest Rate - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) 1,050,000,000 [3]
Foreign Exchange - Non- Current Derivative Contract  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) 250,000,000 [3],[4]
Foreign Exchange - Non- Current Derivative Contract | Dominion Energy Gas Holdings, LLC  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) $ 250,000,000 [3],[5]
Fixed Price - Natural Gas - Current Derivative Contract  
Derivative [Line Items]  
Volume of derivative activity | Bcf 79 [1]
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Volume of derivative activity | Bcf 41 [1]
Basis - Natural Gas - Current Derivative Contract  
Derivative [Line Items]  
Volume of derivative activity | Bcf 227 [1]
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Volume of derivative activity | Bcf 132
Fixed Price - Electricity - Current Derivative Contract  
Derivative [Line Items]  
Volume of electricity | MWh 3,810,015 [1]
Financial Transmission Rights - Electricity- Current Derivative Contract  
Derivative [Line Items]  
Volume of electricity | MWh 46,585,304 [1]
Financial Transmission Rights - Electricity- Current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Volume of electricity | MWh 46,585,304
Liquids - Current Derivative Contract  
Derivative [Line Items]  
Volume of derivative activity | gal 52,374,000 [2]
Interest Rate - Current Derivative Contract  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) $ 2,450,000,000 [3]
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) 900,000,000 [3]
Interest Rate - Current Derivative Contract | Dominion Energy Gas Holdings, LLC  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) 250,000,000 [3]
Foreign Exchange - Current Derivative Contract  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) 0 [3],[4]
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC  
Derivative [Line Items]  
Interest rate / Foreign currency (US Dollars, Euros) $ 0 [3],[5]
[1] Includes options.
[2] Includes NGLs.
[3] Maturity is determined based on final settlement period.
[4] Euro equivalent volumes are € 250,000,000.
[5] Euro equivalent volumes are €250,000,000.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (407)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax 50
Commodity | Electricity  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax 19
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 19
Maximum Term 12 months
Commodity | Other Energy Contract  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 1
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 1
Maximum Term 12 months
Commodity | Natural Gas  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (4)
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 4
Maximum Term 24 months
Interest rate  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (426)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (64)
Maximum Term 384 months
Foreign currency  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 3
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (2)
Maximum Term 78 months
Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (81)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax 13
Dominion Energy Gas Holdings, LLC | Interest rate  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (84)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 15
Maximum Term 300 months
Dominion Energy Gas Holdings, LLC | Foreign currency  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 3
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (2)
Maximum Term 78 months
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (34)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (1)
Virginia Electric and Power Company | Interest rate  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (34)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (1)
Maximum Term 384 months
v3.19.3.a.u2
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
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying Amount of the Hedged Asset (Liability) [1] $ (1,154) $ (1,631)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged (Liabilities) [2] $ (4)  
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets   $ 20
[1] Includes $(397) million and $(892) million related to discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively.
[2] Includes $3 million and $8 million of hedging adjustments on discontinued hedging relationships at December 31, 2019 and December 31, 2018, respectively.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Discontinued hedging liability $ (397) $ (892)
Hedging adjustments on discontinued hedging relationships $ 3 $ 8
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Derivatives Fair Value [Line Items]    
Derivative Asset $ 93 $ 294
Derivative Liabilities 740 279
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 24 93
Derivative Liabilities 466 103
Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset 8 31
Derivative Liabilities 86 19
Dominion Energy Gas Holdings, LLC | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset   3
Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 83 17
Dominion Energy Gas Holdings, LLC | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3  
Current Assets    
Derivatives Fair Value [Line Items]    
Derivative Asset [1] 68 223
Current Assets | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 67 209
Current Assets | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 1 14
Current Assets | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 20  
Derivative Liabilities   63
Current Assets | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 20 60
Current Assets | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 2  
Derivative Liabilities   10
Current Assets | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset [2]   5
Current Assets | Dominion Energy Gas Holdings, LLC | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset   3
Current Assets | Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset   2
Noncurrent Assets    
Derivatives Fair Value [Line Items]    
Derivative Asset [3] 25 71
Noncurrent Assets | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 7 41
Noncurrent Assets | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 10 4
Noncurrent Assets | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset 8 26
Noncurrent Assets | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 4  
Derivative Liabilities   30
Noncurrent Assets | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 2  
Derivative Liabilities   30
Noncurrent Assets | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 185  
Derivative Liabilities   78
Noncurrent Assets | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset [4] 8 26
Noncurrent Assets | Dominion Energy Gas Holdings, LLC | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset   26
Current Liabilities    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [5] 408 157
Current Liabilities | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 83 129
Current Liabilities | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 322 26
Current Liabilities | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3 2
Current Liabilities | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 243 25
Current Liabilities | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 58  
Current Liabilities | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 178  
Current Liabilities | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [6] 33 11
Current Liabilities | Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 30 9
Current Liabilities | Dominion Energy Gas Holdings, LLC | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3 2
Noncurrent Liabilities    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [7] 332 122
Noncurrent Liabilities | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 48 6
Noncurrent Liabilities | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 284 116
Noncurrent Liabilities | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 223 78
Noncurrent Liabilities | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 45  
Noncurrent Liabilities | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3  
Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 53 [8] 8
Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 53 8
Designated as Hedging Instrument    
Derivatives Fair Value [Line Items]    
Derivative Asset 50 105
Derivative Liabilities 598 166
Designated as Hedging Instrument | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 2 3
Derivative Liabilities 363 88
Designated as Hedging Instrument | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset   31
Derivative Liabilities 86 19
Designated as Hedging Instrument | Current Assets    
Derivatives Fair Value [Line Items]    
Derivative Asset [1] 31 69
Designated as Hedging Instrument | Current Assets | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 30 55
Designated as Hedging Instrument | Current Assets | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 1 14
Designated as Hedging Instrument | Current Assets | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 0  
Derivative Liabilities   3
Designated as Hedging Instrument | Current Assets | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 2  
Derivative Liabilities   10
Designated as Hedging Instrument | Current Assets | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset [2]   5
Designated as Hedging Instrument | Current Assets | Dominion Energy Gas Holdings, LLC | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset   3
Designated as Hedging Instrument | Current Assets | Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset   2
Designated as Hedging Instrument | Noncurrent Assets    
Derivatives Fair Value [Line Items]    
Derivative Asset [3] 19 36
Designated as Hedging Instrument | Noncurrent Assets | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 1 6
Designated as Hedging Instrument | Noncurrent Assets | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 10 4
Designated as Hedging Instrument | Noncurrent Assets | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset 8 26
Designated as Hedging Instrument | Noncurrent Assets | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 2  
Derivative Liabilities   0
Designated as Hedging Instrument | Noncurrent Assets | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 0  
Derivative Liabilities   0
Designated as Hedging Instrument | Noncurrent Assets | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 185  
Derivative Liabilities   78
Designated as Hedging Instrument | Noncurrent Assets | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset [4] 8 26
Designated as Hedging Instrument | Noncurrent Assets | Dominion Energy Gas Holdings, LLC | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset   26
Designated as Hedging Instrument | Current Liabilities    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [5] 330 45
Designated as Hedging Instrument | Current Liabilities | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 6 17
Designated as Hedging Instrument | Current Liabilities | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 321 26
Designated as Hedging Instrument | Current Liabilities | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3 2
Designated as Hedging Instrument | Current Liabilities | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 185 10
Designated as Hedging Instrument | Current Liabilities | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities   15
Designated as Hedging Instrument | Current Liabilities | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 178  
Designated as Hedging Instrument | Current Liabilities | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [6] 33 11
Designated as Hedging Instrument | Current Liabilities | Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 30 9
Designated as Hedging Instrument | Current Liabilities | Dominion Energy Gas Holdings, LLC | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3 2
Designated as Hedging Instrument | Noncurrent Liabilities    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [7] 268 121
Designated as Hedging Instrument | Noncurrent Liabilities | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 1 5
Designated as Hedging Instrument | Noncurrent Liabilities | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 267 116
Designated as Hedging Instrument | Noncurrent Liabilities | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 178 78
Designated as Hedging Instrument | Noncurrent Liabilities | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 0  
Designated as Hedging Instrument | Noncurrent Liabilities | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 3  
Designated as Hedging Instrument | Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 53 [8] 8
Designated as Hedging Instrument | Noncurrent Liabilities | Dominion Energy Gas Holdings, LLC | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 53 8
Fair Value - Derivatives not under Hedge Accounting    
Derivatives Fair Value [Line Items]    
Derivative Asset 43 189
Derivative Liabilities 142 113
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 22 90
Derivative Liabilities 103 15
Fair Value - Derivatives not under Hedge Accounting | Current Assets    
Derivatives Fair Value [Line Items]    
Derivative Asset [1] 37 154
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 37 154
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 0 0
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 20  
Derivative Liabilities   60
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 20 60
Fair Value - Derivatives not under Hedge Accounting | Current Assets | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 0  
Derivative Liabilities   0
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets    
Derivatives Fair Value [Line Items]    
Derivative Asset [3] 6 35
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 6 35
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 0 0
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset 0 0
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset 2  
Derivative Liabilities   30
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset 2  
Derivative Liabilities   30
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Assets | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset 0  
Derivative Liabilities   0
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [5] 78 112
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 77 112
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 1 0
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 0 0
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 58 15
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 58 15
Fair Value - Derivatives not under Hedge Accounting | Current Liabilities | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 0  
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities    
Derivatives Fair Value [Line Items]    
Derivative Liabilities [7] 64 1
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 47 1
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 17 0
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 45 $ 0
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Virginia Electric and Power Company | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Liabilities 45  
Fair Value - Derivatives not under Hedge Accounting | Noncurrent Liabilities | Virginia Electric and Power Company | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Liabilities $ 0  
[1] Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets.
[2] Current derivative assets include $2 million in other current assets, with the remainder recorded in current assets of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets.
[3] Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
[4] Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[5] Current derivative liabilities are presented in other current liabilities in Dominion Energy’s Consolidated Balance Sheets.
[6] Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2019. Current derivative liabilities include $2 million in other current liabilities, with the remainder recorded in current liabilities of discontinued operations in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2018.
[7] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets.
[8] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Parenthetical) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Dominion Energy Gas Holdings, LLC | Current Assets  
Derivatives Fair Value [Line Items]  
Derivative Asset $ 2
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [1] $ (145) $ 40 $ 11
Amount of Gain (Loss) Reclassified From AOCI to Income 83 (137) 47
Increase (Decrease) in Derivatives Subject to Regulatory Treatment (255) 39 [2] (58) [2]
Commodity      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [1] 125 64 1
Amount of Gain (Loss) Reclassified From AOCI to Income 143 (76) 79
Commodity | Operating Revenue      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Reclassified From AOCI to Income 146 (90) 81
Commodity | Purchased Gas      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Reclassified From AOCI to Income (3) 14 (2)
Interest rate      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [1],[3] (252) (18) (8)
Amount of Gain (Loss) Reclassified From AOCI to Income (54) (48) (52)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] (255) [4] 39 [3] (58) [3]
Foreign currency      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [1] (18) [4] 6 [3] 18 [4]
Amount of Gain (Loss) Reclassified From AOCI to Income (6) (13) 20
Cash Flow Hedges | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) (30) 2 (8)
Amount of Gain (Loss) Reclassified From AOCI to Income (1) (1) (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment (259) 39 (58)
Cash Flow Hedges | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) 85 21 9
Amount of Gain (Loss) Reclassified From AOCI to Income (7) 26 6
Cash Flow Hedges | Commodity | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) 1   10
Amount of Gain (Loss) Reclassified From AOCI to Income 4 (8) 8
Cash Flow Hedges | Interest rate | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [5],[6] (30) 2 (8)
Amount of Gain (Loss) Reclassified From AOCI to Income (1) (1) (1)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [5],[6] (259) 39 (58)
Cash Flow Hedges | Interest rate | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [7],[8] (68) (16) 1
Amount of Gain (Loss) Reclassified From AOCI to Income [7],[8] (5) (5) (6)
Cash Flow Hedges | Foreign currency | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) [7],[9] (18) (6) 18
Amount of Gain (Loss) Reclassified From AOCI to Income [7],[9] (6) (13) 20
Cash Flow Hedges | Net income from discontinued operations | Commodity | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Reclassified From AOCI to Income $ 4 $ 8 $ 8
[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.
[5] Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.
[6] Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.
[7] Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income.
[8] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges.
[9] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income.
v3.19.3.a.u2
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives $ (26) $ (26) $ (45)
Derivatives Not Designated as Hedging Instruments | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives (45) 2 (57) [1]
Derivatives Not Designated as Hedging Instruments | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives   (11)  
Derivatives Not Designated as Hedging Instruments | Commodity | Virginia Electric and Power Company      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives [2] (45) 2 (57) [1]
Derivatives Not Designated as Hedging Instruments | Commodity | Operating Revenue      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives 45 (28) 18
Derivatives Not Designated as Hedging Instruments | Commodity | Operating Revenue | Dominion Energy Gas Holdings, LLC      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives   (11)  
Derivatives Not Designated as Hedging Instruments | Commodity | Purchased Gas      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives (28) 11 (3)
Derivatives Not Designated as Hedging Instruments | Commodity | Electric Fuel and Other Energy-Related Purchases      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives (46) (9) (59)
Derivatives Not Designated as Hedging Instruments | Commodity | Other operations and maintenance      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives 0 $ 0 $ (1)
Derivatives Not Designated as Hedging Instruments | Commodity | Interest rate      
Derivative Instruments Gain Loss [Line Items]      
Amount of Gain (Loss) Recognized in Income on Derivatives $ 3    
[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.
v3.19.3.a.u2
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Disclosure Of Earnings Per Share [Line Items]                      
Net income attributable to Dominion Energy $ 1,009 $ 975 $ 54 $ (680) $ 641 $ 854 $ 449 $ 503 $ 1,358 $ 2,447 $ 2,999
Preferred stock dividends (see Note 19)                 (17)    
Net income attributable to Dominion Energy - Basic                 1,341 2,447 2,999
Dilutive effect of Series A Preferred Stock                 (28)    
Net income attributable to Dominion Energy - Diluted                 $ 1,313 $ 2,447 $ 2,999
Average shares of common stock outstanding – Basic                 808.8 654.2 636.0
Net effect of dilutive securities                 0.1 0.7  
Average shares of common stock outstanding – Diluted                 808.9 654.9 636.0
Earnings Per Common Share – Basic $ 1.22 $ 1.19 $ 0.07 $ (0.86) $ 0.97 $ 1.31 $ 0.69 $ 0.77 $ 1.66 $ 3.74 $ 4.72
Earnings Per Common Share – Diluted $ 1.21 $ 1.17 $ 0.05 $ (0.86) $ 0.97 $ 1.30 $ 0.69 $ 0.77 $ 1.62 $ 3.74 $ 4.72
v3.19.3.a.u2
Investments (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2014
mi
Member
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Feb. 25, 2020
USD ($)
Schedule of Equity Method Investments [Line Items]                
Equity in earnings on investments         $ 168 $ 197 $ 14  
Distributions received from investment         112 209 419  
Carrying amount of investment that exceeded share of underlying equity     $ 161   110 161    
Equity method investment goodwill     49   159 49    
Equity in earnings on investments         168 197 (18)  
Length of natural gas pipeline (in miles) | mi   600            
Other receivables [1]     331   367 331    
Contributions to equity method affiliates         209 428 370  
Impairment charge         1,535 403 15  
Liabilities, other deferred credits and other liabilities     $ 17,075   26,027 17,075    
Income tax expense         351 $ 580 (30)  
Cost to acquire equity method investments               $ 175
Blue Racer                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage     50.00%     50.00%    
Additional consideration including interest received in connection with sale         151      
Wrangler Retail Gas Holdings L L C                
Schedule of Equity Method Investments [Line Items]                
Amount of gain from sale         $ 147      
Ownership interest percentage of limited partner interests         20.00%      
Limited partnership interest sale transaction, proceeds received         $ 301      
Goodwill write-off         73      
Income tax expense         82      
Residential contract asset         41      
Intial Fair value         75      
Catalyst Old River Hydroelectric Limited Partnership                
Schedule of Equity Method Investments [Line Items]                
Ownership interest percentage of limited partner interests 25.00%              
Finite Lived Equity Method Investment Basis Difference                
Schedule of Equity Method Investments [Line Items]                
Carrying amount of investment that exceeded share of underlying equity     $ 146 $ 15   $ 146 15  
Dominion Energy Gas Holdings, LLC                
Schedule of Equity Method Investments [Line Items]                
Equity in earnings on investments         43 54 47  
Other receivables [2]     18   26 18    
Impairment charge     219   13 163 15  
Liabilities, other deferred credits and other liabilities     2,213   2,277 2,213    
Income tax expense         101 124 (65)  
Dominion Energy Gas Holdings, LLC | Partnership Interest                
Schedule of Equity Method Investments [Line Items]                
Distributions received from investment         74 64 55  
Carrying amount of investment that exceeded share of underlying equity     146     146    
Equity in earnings on investments         43 54 47  
Trading Securities                
Schedule of Equity Method Investments [Line Items]                
Rabbi trust securities     111   120 111    
Atlantic Coast Pipeline                
Schedule of Equity Method Investments [Line Items]                
Distributions received from investment           36 270  
Contributions to equity method affiliates         $ 186 414 310  
Ownership percentage         48.00%      
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage               53.00%
Ownership percentage acquired               5.00%
Atlantic Coast Pipeline | DETI                
Schedule of Equity Method Investments [Line Items]                
Revenue         $ 103 203 129  
Other receivables     $ 13   7 $ 13    
Atlantic Coast Pipeline | Previous Maximum                
Schedule of Equity Method Investments [Line Items]                
Project cost estimates         $ 8      
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution                
Schedule of Equity Method Investments [Line Items]                
Ownership interest (percentage)     48.00%     48.00%    
Number of members | Member   3            
Duration of contract   20 years            
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | Duke Energy                
Schedule of Equity Method Investments [Line Items]                
Ownership interest (percentage)     47.00%     47.00%    
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution | Southern Company Gas                
Schedule of Equity Method Investments [Line Items]                
Ownership interest (percentage)     5.00%     5.00%    
Blue Racer                
Schedule of Equity Method Investments [Line Items]                
Amount of gain from sale           $ 546    
Amount of after tax gain from sale           390    
Up-front cash consideration           1,050    
Additional deferred consideration, subject to increase for interest cost effective payable upon purchaser's availability of cash           150    
Aggregate amount of contingent consideration, maximum     $ 300     300    
NedPower Mount Storm LLC                
Schedule of Equity Method Investments [Line Items]                
Liabilities, other deferred credits and other liabilities     1 17   1 $ 17  
NedPower Mount Storm LLC | Property, Plant and Equipment                
Schedule of Equity Method Investments [Line Items]                
Impairment charge       126        
Impairment charge, after tax       $ 76        
Fowler I Holdings LLC                
Schedule of Equity Method Investments [Line Items]                
Impairment charge     32          
Impairment charge, after tax     20          
Fair value of investment     $ 81     $ 81    
Ownership percentage         50.00%      
Catalyst Old River Hydroelectric Limited Partnership                
Schedule of Equity Method Investments [Line Items]                
Limited partnership interest sale transaction, proceeds received $ 91              
Catalyst Old River Hydroelectric Limited Partnership | Other Income                
Schedule of Equity Method Investments [Line Items]                
Amount of gain from sale 87              
Amount of after tax gain from sale $ 63              
Iroquois                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage         50.00%      
Iroquois | Dominion Energy Gas Holdings, LLC                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage         50.00%      
Iroquois | Oil and Gas Properties                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage     100.00%     100.00%    
White River Hub LLC | Oil and Gas Properties                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage     100.00%     100.00%    
Pivotal LNG | JAX LNG LLC                
Schedule of Equity Method Investments [Line Items]                
Percentage of interest held               50.00%
Pivotal LNG | Dominion Energy Gas Holdings, LLC                
Schedule of Equity Method Investments [Line Items]                
Ownership percentage acquired               100.00%
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 25 for amounts attributable to related parties.
v3.19.3.a.u2
Investments (Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Investment Holdings [Line Items]    
Amortized Cost, Total $ 3,691 $ 3,348
Total Unrealized Gains 2,523 1,662
Total Unrealized Losses [1] (22) (72)
Fair Value, Total 6,192 4,938
Fixed income securities Fair Value 1,727  
Fixed Income    
Investment Holdings [Line Items]    
Cash equivalents and other Amortized Cost 13 [2] 4
Cash equivalents and other Fair Value 13 [2] 4
Common/collective trust funds | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [3] 115 76
Fixed income securities Total Unrealized Gains 4 [3] 0
Fixed income securities Fair Value [3] 119 76
Equity securities: | U.S.    
Investment Holdings [Line Items]    
Equity securities Amortized Cost, [4] 1,807 [3] 1,741
Equity securities Total Unrealized Gains [4] 2,451 [3] 1,640
Equity securities Total Unrealized Losses [4] (20) [3] (51)
Equity securities Fair Value [4] 4,238 [3] 3,330
Corporate debt instruments | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [3] 434 435
Fixed income securities Total Unrealized Gains [3] 29 5
Fixed income securities Total Unrealized Losses [3]   (9)
Fixed income securities Fair Value [3] 463 431
Government Securities | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [3] 1,108 1,092
Fixed income securities Total Unrealized Gains [3] 39 17
Fixed income securities Total Unrealized Losses [3] (2) (12)
Fixed income securities Fair Value [3] 1,145 1,097
Insurance contracts    
Investment Holdings [Line Items]    
Amortized Cost, Total 214  
Fair Value, Total 214  
Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Amortized Cost, Total 1,721 1,643
Total Unrealized Gains 1,173 760
Total Unrealized Losses (13) [1],[5] (34)
Fair Value, Total 2,881 2,369
Fixed income securities Fair Value 853  
Virginia Electric and Power Company | Common/collective trust funds | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [3] 51 51
Fixed income securities Fair Value [3] 51 51
Virginia Electric and Power Company | Cash Equivalents and Other [Member]    
Investment Holdings [Line Items]    
Cash equivalents and other Amortized Cost 1 6 [3],[6]
Cash equivalents and other Fair Value 1 6 [3],[6]
Virginia Electric and Power Company | Equity securities: | U.S.    
Investment Holdings [Line Items]    
Equity securities Amortized Cost, 894 [4] 858
Equity securities Total Unrealized Gains 1,144 [4] 751
Equity securities Total Unrealized Losses (11) [4] (24)
Equity securities Fair Value 2,027 [4] 1,585
Virginia Electric and Power Company | Corporate debt instruments | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [3] 241 224
Fixed income securities Total Unrealized Gains [3] 15 2
Fixed income securities Total Unrealized Losses [3]   (5)
Fixed income securities Fair Value [3] 256 221
Virginia Electric and Power Company | Government Securities | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [3] 534 504
Fixed income securities Total Unrealized Gains [3] 14 7
Fixed income securities Total Unrealized Losses [3] (2) (5)
Fixed income securities Fair Value [3] $ 546 $ 506
[1] The fair value of securities in an unrealized loss position was $298 million and $833 million at December 31, 2019 and 2018, respectively.
[2] Includes pending purchases of securities of $1 million at December 31, 2019.
[3] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
[4] Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
[5] The fair value of securities in an unrealized loss position was $185 million and $404 million at December 31, 2019 and 2018, respectively.
[6] Includes pending sales of securities of $6 million at December 31, 2018.
v3.19.3.a.u2
Investments (Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Investment Holdings [Line Items]    
Net assets related to pending sales and purchases of securities $ 1  
Fair value of securities in an unrealized loss position 298 $ 833
Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Net assets related to pending sales and purchases of securities   6
Fair value of securities in an unrealized loss position $ 185 $ 404
v3.19.3.a.u2
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Investment Holdings [Line Items]    
Net losses recognized during the period $ 919 $ (245)
Less: Net gains recognized during the period on securities sold during the period (80) (58)
Unrealized losses recognized during the period on securities still held at the end of the year 839 (303)
Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Net losses recognized during the period 423 (105)
Less: Net gains recognized during the period on securities sold during the period (20) (32)
Unrealized losses recognized during the period on securities still held at the end of the year $ 403 $ (137)
v3.19.3.a.u2
Investments (Fair Value of our Marketable Debt Securities by Contractual Maturity) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 198
Due after one year through five years 412
Due after five years through ten years 390
Due after ten years 727
Total 1,727
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 91
Due after one year through five years 175
Due after five years through ten years 206
Due after ten years 381
Total $ 853
v3.19.3.a.u2
Investments (Selected Information Regarding Marketable Equity and Debt Securities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales $ 1,712 $ 1,804 $ 1,831
Realized gains 195 140 166
Realized losses 96 91 71
Virginia Electric and Power Company      
Schedule of Available-for-sale Securities [Line Items]      
Proceeds from sales 858 887 849
Realized gains 58 60 75
Realized losses $ 22 $ 27 $ 30
v3.19.3.a.u2
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]      
Total other-than-temporary impairment losses $ 3 $ 30 $ 44
Losses recorded to the nuclear decommissioning trust regulatory liability 0 0 (16)
Losses recognized in other comprehensive income (before taxes) (3) (30) (5)
Net impairment losses recognized in earnings 0 0 23
Virginia Electric and Power Company      
Schedule of Available-for-sale Securities [Line Items]      
Total other-than-temporary impairment losses 2 15 20
Losses recorded to the nuclear decommissioning trust regulatory liability 0 0 (16)
Losses recognized in other comprehensive income (before taxes) (2) (15) (2)
Net impairment losses recognized in earnings $ 0 $ 0 $ 2
v3.19.3.a.u2
Investments (Recorded Other-Than-Temporary Impairment Losses on Investments) (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2017
USD ($)
Schedule of Available-for-sale Securities [Line Items]  
Other-than-temporary impairment losses for debt securities $ 5
Virginia Electric and Power Company  
Schedule of Available-for-sale Securities [Line Items]  
Other-than-temporary impairment losses for debt securities $ 2
v3.19.3.a.u2
Investments (Investments Under Equity Method of Accounting) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Feb. 25, 2020
Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]      
Investment Balance $ 1,646   $ 1,278
Atlantic Coast Pipeline      
Schedule of Equity Method Investments [Line Items]      
Ownership% 48.00%    
Investment Balance $ 1,123   820
Description Gas transmission system    
Iroquois      
Schedule of Equity Method Investments [Line Items]      
Ownership% 50.00%    
Investment Balance $ 276   302
Description Gas transmission system    
Fowler I Holdings LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership% 50.00%    
Investment Balance $ 74   82
Description Wind-powered merchant     generation facility    
Wrangler      
Schedule of Equity Method Investments [Line Items]      
Ownership% 20.00%    
Investment Balance $ 77   0
Description Nonregulated retail     energy marketing    
Other Investment      
Schedule of Equity Method Investments [Line Items]      
Investment Balance $ 96   74
Dominion Energy Gas Holdings, LLC      
Schedule of Equity Method Investments [Line Items]      
Investment Balance $ 312   339
Dominion Energy Gas Holdings, LLC | Atlantic Coast Pipeline      
Schedule of Equity Method Investments [Line Items]      
Ownership%   53.00%  
Dominion Energy Gas Holdings, LLC | Iroquois      
Schedule of Equity Method Investments [Line Items]      
Ownership% 50.00%    
Investment Balance $ 276   302
Description Gas transmission system    
Dominion Energy Gas Holdings, LLC | White Rive Hub      
Schedule of Equity Method Investments [Line Items]      
Ownership% 50.00%    
Investment Balance $ 36   $ 37
Description Gas transmission system    
v3.19.3.a.u2
Investments (Investments Under Equity Method of Accounting) (Parenthetical) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]      
Liabilities, other deferred credits and other liabilities $ 26,027 $ 17,075  
NedPower Mount Storm LLC      
Schedule of Equity Method Investments [Line Items]      
Liabilities, other deferred credits and other liabilities   $ 1 $ 17
v3.19.3.a.u2
Investments (Financial Information Provided Equity Method Investment) (Detail) - Dominion Energy Gas Holdings, LLC - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Iroquois      
Schedule of Equity Method Investments [Line Items]      
Current assets $ 79 $ 112  
Noncurrent assets 586 588  
Current liabilities 37 165  
Noncurrent liabilities 334 193  
Revenues 180 194 $ 194
Operating income 93 108 110
Net income 82 94 93
White River Hub LLC      
Schedule of Equity Method Investments [Line Items]      
Noncurrent assets 39 41  
Current liabilities 2 2  
Revenues 10 12 10
Operating income 6 8 7
Net income $ 6 $ 8 $ 7
v3.19.3.a.u2
Property, Plant and Equipment (Property, Plant and Equipment) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Utility:    
Generation $ 25,317 $ 18,896
Transmission 20,486 16,666
Distribution 25,748 18,535
Storage 3,227 2,906
Nuclear fuel 2,296 1,626
Oil and gas 1,792 1,763
General and other 2,413 1,783
Plant under construction 2,956 2,348
Total utility 84,235 64,523
Non-jurisdictional—including plant under construction 854 407
Nonutility:    
Merchant generation-nuclear 1,652 1,550
Merchant generation-other 3,985 3,802
Nuclear fuel 930 1,025
Gas gathering and processing 190 185
LNG facility 4,425 3,977
Other-including plant under construction 1,195 1,109
Total nonutility 12,377 11,648
Total property, plant and equipment 97,466 76,578
Virginia Electric and Power Company    
Utility:    
Generation 19,552 18,896
Transmission 10,229 9,391
Distribution 12,095 11,771
Nuclear fuel 1,688 1,626
General and other 825 820
Plant under construction 1,784 1,602
Total utility 46,173 44,106
Non-jurisdictional—including plant under construction 854 407
Nonutility:    
Other-including plant under construction 11 11
Total property, plant and equipment 47,038 44,524
Dominion Energy Gas Holdings, LLC    
Utility:    
Transmission 7,014 6,790
Storage 2,799 2,615
General and other 219 210
Plant under construction 574 732
Total utility 10,606 10,347
Nonutility:    
LNG facility 4,425 3,977
Other-including plant under construction 135 376
Total nonutility 4,560 4,353
Total property, plant and equipment $ 15,166 $ 14,700
v3.19.3.a.u2
Property, Plant and Equipment (Share of Jointly-Owned Power Stations) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Virginia Electric and Power Company | Bath Country Pumped Storage Station  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 60.00% [1]
Plant in service $ 1,058 [1]
Accumulated depreciation (661) [1]
Plant under construction $ 7 [1]
Virginia Electric and Power Company | North Anna  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 88.40% [1]
Plant in service $ 2,564 [1]
Accumulated depreciation (1,321) [1]
Nuclear fuel 793 [1]
Accumulated amortization of nuclear fuel (634) [1]
Plant under construction $ 143 [1]
Virginia Electric and Power Company | Clover Power Station  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 50.00% [1]
Plant in service $ 610 [1]
Accumulated depreciation (247) [1]
Plant under construction $ 5 [1]
Dominion Energy | Millstone Unit  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 93.50% [2]
Plant in service $ 1,267 [2]
Accumulated depreciation (449) [2]
Nuclear fuel 483 [2]
Accumulated amortization of nuclear fuel (390) [2]
Plant under construction $ 87 [2]
Dominion Energy | Summer Unit  
Jointly Owned Utility Plant Interests [Line Items]  
Ownership interest 66.70% [2]
Plant in service $ 1,394 [2]
Accumulated depreciation (659) [2]
Nuclear fuel 608 [2]
Accumulated amortization of nuclear fuel (389) [2]
Plant under construction $ 77 [2]
[1] Units jointly owned by Virginia Power.
[2] Unit jointly owned by Dominion Energy.
v3.19.3.a.u2
Property, Plant and Equipment (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
a
Mar. 31, 2018
USD ($)
a
Jan. 31, 2018
USD ($)
a
Dec. 31, 2017
USD ($)
Aug. 31, 2017
a
Jul. 31, 2017
USD ($)
a
Apr. 30, 2016
a
Nov. 30, 2014
USD ($)
a
Dec. 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
a
Dec. 01, 2019
USD ($)
Oct. 31, 2018
USD ($)
Oct. 31, 2017
USD ($)
Mar. 31, 2017
USD ($)
Jul. 31, 2014
a
Dec. 31, 2013
a
Marcellus Shale | Amended Agreement to Extend Conveyance of Development Rights                                          
Property, Plant and Equipment [Line Items]                                          
Gas and oil area developed net remaining interest conveyed percentage                           78.00%              
Total consideration $ 65                         $ 130              
Marcellus Shale | Final Conveyance | Amended Agreement to Extend Conveyance of Development Rights                                          
Property, Plant and Equipment [Line Items]                                          
Gain on sale                         $ 65                
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration   $ 6   $ 28         $ 120             $ 200          
Gain on sale                             $ 70            
Development rights (number of acres) | a   9,000 11,000 18,000   70,000 2,000 9,000 24,000           4,000         12,000 100,000
Proceeds from assignment of Shale Development Rights             $ 5   $ 70     $ 116                  
Gas and oil area developed net remaining interest conveyed percentage       50.00%   68.00% 50.00%               50.00%            
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Amended Agreement to Extend Conveyance of Development Rights | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
Gain on sale                           56              
After tax gain on sale                   $ 5 $ 33                    
Development rights (number of acres) | a               70,000                          
Gas and oil area developed net remaining interest conveyed percentage               32.00%                          
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Elimination of Overriding Royalty Interest | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
Gain on sale                           9              
Dominion Energy Gas Holdings, LLC | Marcellus Shale | Final Conveyance | Amended Agreement to Extend Conveyance of Development Rights | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
After tax gain on sale                         47                
Dominion Energy Gas Holdings, LLC | Utica and Point Pleasant Shale | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration     $ 16                                    
Proceeds from assignment of Shale Development Rights     16                                    
Dominion Energy Gas Holdings, LLC | Other operations and maintenance | Marcellus Shale | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
Gain on sale   $ 6   $ 28     $ 5                            
After tax gain on sale   $ 4   $ 20     $ 3                            
Dominion Energy Gas Holdings, LLC | Other operations and maintenance | Utica and Point Pleasant Shale | Oil and Gas Properties                                          
Property, Plant and Equipment [Line Items]                                          
Gain on sale     16                                    
After tax gain on sale     $ 12                                    
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration                                   $ 143      
Gain on sale         $ 78             65                  
After tax gain on sale         48             49                  
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Phase of Agreements to Sell Certain Assets                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration         $ 79         $ 79       79              
Retail Energy Marketing Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Second Phase of Agreements to Sell Certain Assets                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration                                 $ 63        
Fairless and Manchester                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration                         1,200                
Gain on sale of equity method investment                         210                
Gain on sale of equity method investments, net of tax                         198                
Assignment of Tower Rental Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Virginia Electric and Power Company                                          
Property, Plant and Equipment [Line Items]                                          
Amount of consideration                                     $ 91    
Amount to be recognized in other income ratably through 2023                       22                  
Assignment of Tower Rental Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Virginia Electric and Power Company | Operating Revenue                                          
Property, Plant and Equipment [Line Items]                                          
Amount recognized in operating revenue and other income from sale                       $ 7 $ 6                
Assignment of Tower Rental Portfolio | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Virginia Electric and Power Company | Other Income                                          
Property, Plant and Equipment [Line Items]                                          
Amount recognized in operating revenue and other income from sale                           $ 11              
v3.19.3.a.u2
Schedule of Acquisitions of Solar Projects (Detail)
$ in Millions
 1 Months Ended 12 Months Ended
Mar. 31, 2019
MW
Dec. 31, 2019
USD ($)
MW
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Property, Plant and Equipment [Line Items]        
Project Cost   $ 341 $ 151 $ 405
Acquisition of Solar Project Greensville in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-08    
Date Agreement Closed   2019-08    
Project Cost [1]   $ 130    
Date of Commercial Operations   Expected 2020    
MW capacity | MW   80    
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]   $ 35    
Date of Commercial Operations   Expected 2020    
MW capacity | MW   15    
Acquisition of Solar Project Seabrook in South Carolina        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-09    
Date Agreement Closed   2019-09    
Project Cost [1]   $ 103    
Date of Commercial Operations   December 2019    
MW capacity | MW   72    
Acquisition of Solar Project Wilkinson in North Carolina        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-11    
Date Agreement Closed   2019-11    
Project Cost [1]   $ 153    
Date of Commercial Operations   December 2019    
MW capacity | MW   74    
Virginia Electric and Power Company        
Property, Plant and Equipment [Line Items]        
Project Cost   $ 182 $ 141 $ 41
MW capacity | MW 1,292      
Virginia Electric and Power Company | Acquisition Of Solar Project Pecan In North Carolina        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2017-09    
Date Agreement Closed   2018-10    
Project Cost [1]   $ 140    
Date of Commercial Operations   December 2018    
MW capacity | MW   75    
Virginia Electric and Power Company | Acquisition of Solar Project Gutenberg in North Carolina        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2017-09    
Date Agreement Closed   2019-06    
Project Cost [1]   $ 142    
Date of Commercial Operations   September 2019    
MW capacity | MW   80    
Virginia Electric and Power Company | Acquisition of Solar Project Gloucester in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2018-06    
Date Agreement Closed   2019-02    
Project Cost [1]   $ 37    
Date of Commercial Operations   April 2019    
MW capacity | MW   20    
Virginia Electric and Power Company | Acquisition of Solar Project Grasshopper in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2018-08    
Date Agreement Closed   2019-05    
Project Cost [1]   $ 130    
Date of Commercial Operations   Expected 2020    
MW capacity | MW   80    
Virginia Electric and Power Company | Acquisition of Solar Project Chestnut in North Carolina        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2018-08    
Date Agreement Closed   2019-05    
Project Cost [1]   $ 130    
Date of Commercial Operations   Expected 2020    
MW capacity | MW   75    
Virginia Electric and Power Company | Acquisition of Solar Project Ft. Powhatan in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-06    
Date Agreement Closed   2019-06    
Project Cost [1]   $ 270    
Date of Commercial Operations   Expected 2021    
MW capacity | MW   150    
Virginia Electric and Power Company | Acquisition of Solar Project Belcher in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-06    
Date Agreement Closed   2019-08    
Project Cost [1]   $ 160    
Date of Commercial Operations   Expected 2020    
MW capacity | MW   88    
Virginia Electric and Power Company | Acquisition of Solar Project Bedford in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-08    
Date Agreement Closed   2019-11    
Project Cost [1]   $ 110    
Date of Commercial Operations   Expected 2021    
MW capacity | MW   70    
Virginia Electric and Power Company | Acquisition of Solar Project Maplewood in Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-10    
Date Agreement Closed   2019-10    
Project Cost [1]   $ 190    
Date of Commercial Operations   Expected 2022    
MW capacity | MW   120    
Virginia Electric and Power Company | Acquisition Of Solar Project Rochambeau In Virginia        
Property, Plant and Equipment [Line Items]        
Date Agreement Entered   2019-12    
Date Agreement Closed   2020-01    
Project Cost [1]   $ 35    
Date of Commercial Operations   Expected 2021    
MW capacity | MW   20    
[1] Includes acquisition costs.
v3.19.3.a.u2
Goodwill and Intangible Assets (Goodwill) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] $ 6,410 $ 6,405
Purchase Accounting Adjustment   5
SCANA Combination [2] 2,609  
Contribution of SEMI to Wrangler [3] (73)  
Goodwill, Ending Balance [1] 8,946 6,410
Dominion Energy Gas Holdings, LLC    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 1,471 1,466
Purchase Accounting Adjustment   5
No events affecting goodwill 0  
Goodwill, Ending Balance [1] 1,471 1,471
Dominion Energy Gas Holdings, LLC | Dominion Energy Virginia    
Goodwill [Roll Forward]    
No events affecting goodwill 0  
Dominion Energy Gas Holdings, LLC | Gas & Transportation    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 1,471 1,466
Purchase Accounting Adjustment   5
No events affecting goodwill 0  
Goodwill, Ending Balance [1] 1,471 1,471
Dominion Energy Gas Holdings, LLC | Gas Distribution    
Goodwill [Roll Forward]    
No events affecting goodwill 0  
Dominion Energy Gas Holdings, LLC | Dominion Energy South Carolina [Member]    
Goodwill [Roll Forward]    
No events affecting goodwill 0  
Dominion Energy Gas Holdings, LLC | Contracted Generation    
Goodwill [Roll Forward]    
No events affecting goodwill 0  
Dominion Energy Gas Holdings, LLC | Corporate and Other    
Goodwill [Roll Forward]    
No events affecting goodwill 0  
Operating Segments | Dominion Energy Virginia    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 2,106 2,106
Goodwill, Ending Balance [1] 2,106 2,106
Operating Segments | Gas & Transportation    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 1,565 1,561
Purchase Accounting Adjustment   4
SCANA Combination [2] 73  
Contribution of SEMI to Wrangler [3] (73)  
Goodwill, Ending Balance [1] 1,565 1,565
Operating Segments | Gas Distribution    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 2,497 2,496
Purchase Accounting Adjustment   1
SCANA Combination [2] 1,015  
Goodwill, Ending Balance [1] 3,512 2,497
Operating Segments | Dominion Energy South Carolina [Member]    
Goodwill [Roll Forward]    
SCANA Combination [2] 1,521  
Goodwill, Ending Balance [1] 1,521  
Operating Segments | Contracted Generation    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance [1] 242 242
Goodwill, Ending Balance [1] $ 242 $ 242
[1] Goodwill amounts do not contain any accumulated impairment losses.
[2] See Note 3 for discussion of Dominion Energy’s acquisitions.
[3] See Note 9 for additional information.
v3.19.3.a.u2
Goodwill and Intangible Assets (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Goodwill [Line Items]      
Amortization expense for intangible assets $ 106 $ 82 $ 80
Acquisition of intangible assets $ 120    
Weighted-average amortization period (years) 10 years    
Virginia Electric and Power Company      
Goodwill [Line Items]      
Amortization expense for intangible assets $ 30 31 31
Acquisition of intangible assets $ 52    
Weighted-average amortization period (years) 8 years    
Dominion Energy Gas Holdings, LLC      
Goodwill [Line Items]      
Amortization expense for intangible assets $ 11 $ 11 $ 9
Acquisition of intangible assets $ 7    
Weighted-average amortization period (years) 29 years    
v3.19.3.a.u2
Goodwill and Intangible Assets (Components of Intangible Assets) (Detail) - Computer Software, Intangible Asset [Member] - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 1,340 $ 1,033
Accumulated Amortization 549 363
Virginia Electric and Power Company    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 406 384
Accumulated Amortization 135 134
Dominion Energy Gas Holdings, LLC    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 178 179
Accumulated Amortization $ 72 $ 64
v3.19.3.a.u2
Goodwill and Intangible Assets (Annual Amortization Expense of Intangible Assets) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2020 $ 88
2021 78
2022 70
2023 56
2024 49
Virginia Electric and Power Company  
Finite-Lived Intangible Assets [Line Items]  
2020 25
2021 19
2022 15
2023 8
2024 6
Dominion Energy Gas Holdings, LLC  
Finite-Lived Intangible Assets [Line Items]  
2020 9
2021 8
2022 8
2023 5
2024 $ 4
v3.19.3.a.u2
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Regulatory Assets [Line Items]    
Regulatory assets-current $ 879 $ 496
Regulatory assets-noncurrent 7,687 2,676
Total regulatory assets $ 8,566 3,172
SCANA    
Regulatory Assets [Line Items]    
Electric service customers over period 20 years  
DESC    
Regulatory Assets [Line Items]    
Debt issuance costs $ 270  
Weighted Average    
Regulatory Assets [Line Items]    
Weighted average useful life 27 years  
Deferred cost of fuel used in electric generation    
Regulatory Assets [Line Items]    
Regulatory assets-current [1] $ 48 174
Regulatory assets-noncurrent [1]   83
Unrecognized pension and other postretirement benefit costs    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [2] 1,431 1,497
Deferred project costs and DSM programs for gas utilities    
Regulatory Assets [Line Items]    
Regulatory assets-current [3] 21 17
Unrecovered gas costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [4] 102 14
Deferred rate adjustment clause costs    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [5],[6],[7] 235 230
Deferred rate adjustment clause costs for Virginia electric utility    
Regulatory Assets [Line Items]    
Regulatory assets-current [5],[7] 109 78
Deferred nuclear refueling outage costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [8] 68 69
NND Project costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [9] 138  
Regulatory assets-noncurrent [9] 2,503  
PJM transmission rates    
Regulatory Assets [Line Items]    
Regulatory assets-current [10] 121 45
Regulatory assets-noncurrent [10] 85 192
Deferred project costs for gas utilities    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [3] 521 335
Interest rate hedges    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [11] $ 741 184
Interest rate hedges | Weighted Average    
Regulatory Assets [Line Items]    
Weighted average useful life 30 years  
AROs and related funding    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [12] $ 311  
Amortization period for deferred costs 105 years  
Cost of reacquired debt    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [13],[14] $ 262 3
Amortization period for deferred costs 26 years  
Ash pond and landfill closure costs    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [15] $ 1,016 27
Regulatory assets expected collection period commencing year 2021  
Ash pond and landfill closure costs | Minimum    
Regulatory Assets [Line Items]    
Regulatory assets, amounts expected collection period 15 years  
Ash pond and landfill closure costs | Maximum    
Regulatory Assets [Line Items]    
Regulatory assets, amounts expected collection period 18 years  
Other    
Regulatory Assets [Line Items]    
Regulatory assets-current $ 272 99
Regulatory assets-noncurrent $ 582 125
Deferred Project Costs | Maximum    
Regulatory Assets [Line Items]    
Amortization period for deferred costs 18 months  
Virginia Electric and Power Company    
Regulatory Assets [Line Items]    
Regulatory assets-current $ 433 424
Regulatory assets-noncurrent 1,863 737
Total regulatory assets 2,296 1,161
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 17  
Write off of regulatory asset, after tax $ 13  
Virginia Electric and Power Company | Weighted Average    
Regulatory Assets [Line Items]    
Weighted average useful life 24 years  
Virginia Electric and Power Company | Deferred cost of fuel used in electric generation    
Regulatory Assets [Line Items]    
Regulatory assets-current [16] $ 48 174
Regulatory assets-noncurrent [16]   83
Virginia Electric and Power Company | Deferred rate adjustment clause costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [17],[18] 109 78
Regulatory assets-noncurrent [17],[18],[19] 235 230
Virginia Electric and Power Company | Deferred nuclear refueling outage costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [20] 68 69
Virginia Electric and Power Company | PJM transmission rates    
Regulatory Assets [Line Items]    
Regulatory assets-current [21] 121 45
Regulatory assets-noncurrent [21] 85 192
Virginia Electric and Power Company | Interest rate hedges    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [22] 404 151
Virginia Electric and Power Company | Ash pond and landfill closure costs    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [23] $ 1,016 27
Regulatory assets expected collection period commencing year 2021  
Virginia Electric and Power Company | Ash pond and landfill closure costs | Minimum    
Regulatory Assets [Line Items]    
Regulatory assets, amounts expected collection period 15 years  
Virginia Electric and Power Company | Ash pond and landfill closure costs | Maximum    
Regulatory Assets [Line Items]    
Regulatory assets, amounts expected collection period 18 years  
Virginia Electric and Power Company | Other    
Regulatory Assets [Line Items]    
Regulatory assets-current $ 87 58
Regulatory assets-noncurrent $ 123 54
Virginia Electric and Power Company | Deferred Project Costs | Maximum    
Regulatory Assets [Line Items]    
Amortization period for deferred costs 18 years  
Dominion Energy Gas Holdings, LLC    
Regulatory Assets [Line Items]    
Regulatory assets-current [24] $ 8 8
Regulatory assets-noncurrent 40 52
Total regulatory assets 48 60
Dominion Energy Gas Holdings, LLC | Unrecognized pension and other postretirement benefit costs    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [25]   15
Dominion Energy Gas Holdings, LLC | Unrecovered gas costs    
Regulatory Assets [Line Items]    
Regulatory assets-current [26] 2 1
Dominion Energy Gas Holdings, LLC | Interest rate hedges    
Regulatory Assets [Line Items]    
Regulatory assets-noncurrent [27] 32 33
Dominion Energy Gas Holdings, LLC | Other    
Regulatory Assets [Line Items]    
Regulatory assets-current 6 7
Regulatory assets-noncurrent $ 8 $ 4
[1] Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.
[2] 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.
[3] 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.
[4] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
[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] During 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery.
[7] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power. See Note 13 for more information.
[8] 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.
[9] 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 for more information.
[10] 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.
[11] 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 December 31, 2019.
[12] 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 106 years.
[13] 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 December 31, 2019.
[14] During 2019, DESC purchased certain of its first mortgage bonds as discussed in Note 18. As a result of these transactions, DESC incurred net costs, including write-offs of unamortized discount, premium and debt issuance costs, of $270 million.
[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 for additional information.
[16] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.
[17] 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.
[18] 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.
[19] During 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) to write-off the balance of a regulatory asset for which it is no longer seeking recovery.
[20] 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.
[21] 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.
[22] 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 24 years as of December 31, 2019.
[23] 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 for additional information.
[24] Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[25] 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 Gas’ rate-regulated subsidiaries.
[26] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
[27] 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 30 years.
v3.19.3.a.u2
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 497 $ 356
Regulatory liabilities-noncurrent 11,001 6,840
Total regulatory liabilities 11,498 7,196
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 167 299
Regulatory liabilities-noncurrent 5,074 4,647
Total regulatory liabilities 5,241 4,946
Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [1] 41 24
Regulatory liabilities-noncurrent 800 765
Total regulatory liabilities 841 789
Provision for future cost of removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [2] 142 117
Regulatory liabilities-noncurrent [2] 2,302 1,409
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [3] 103 92
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 18 9
Regulatory liabilities-noncurrent [1] 95 113
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [5] 143 71
Regulatory liabilities-noncurrent [5] 656  
Reserve for refunds and rate credits to electric utility customers | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6]   71
Cost-of-service impact of 2017 Tax Reform Act    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] 4 104
Cost-of-service impact of 2017 Tax Reform Act | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8]   95
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 77 [9] 0
Regulatory liabilities-noncurrent [9] 5,088 4,071
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 54 [10] 0
Regulatory liabilities-noncurrent [10] 2,438 2,579
Income taxes refundable through future rates | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [11] 560 530
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 67 [12] 0
Regulatory liabilities-noncurrent 970 [12] 0
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 64 64
Regulatory liabilities-noncurrent 325 170
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 10 41
Regulatory liabilities-noncurrent 111 58
Other | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 15 8
Regulatory liabilities-noncurrent 12 16
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [13] 1,471 1,070
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [14] 1,471 1,070
Overrecovered other postretirement benefit costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [15] 189 120
Overrecovered other postretirement benefit costs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [16] 133 106
Provision for future cost of removal | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [3] 1,054 940
Overrecovered gas costs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [17] $ 8 $ 7
[1] Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[2] 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.
[3] 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.
[4] 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.
[5] Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period in connection with the SCANA Merger Approval Order and Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers in Virginia. See Notes 3 and 13 for additional information.
[6] Charge associated with Virginia legislation enacted in March 2018 that required one-time rate credits of certain amounts to utility customers. See Note 13 for additional information.
[7] 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 for additional information.
[8] Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at regulated electric generation and distribution operations. See Note 13 for additional information.
[9] Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
[10] 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.
[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 for additional information.
[13] 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.
[14] 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.
[15] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
[16] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense incurred.
[17] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
v3.19.3.a.u2
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets past expenditures not earning return $ 3,300
Period for which expenditures are expected to be recovered 2 years
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Regulatory assets past expenditures not earning return $ 1,800
Dominion Energy Gas Holdings, LLC  
Public Utilities General Disclosures [Line Items]  
Regulatory assets past expenditures not earning return $ 46
v3.19.3.a.u2
Regulatory Matters (Narrative) (Detail)
MMcf in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 01, 2020
USD ($)
mi
Jan. 01, 2020
Nov. 30, 2019
Nov. 01, 2019
USD ($)
Sep. 30, 2019
USD ($)
Aug. 31, 2019
USD ($)
May 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
Feb. 01, 2019
USD ($)
Jan. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Nov. 30, 2018
USD ($)
mi
MW
Nov. 01, 2018
USD ($)
Nov. 30, 2013
mi
kV
Mar. 31, 2020
USD ($)
Feb. 29, 2020
USD ($)
kV
Jan. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
a
Nov. 30, 2019
USD ($)
Oct. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Aug. 31, 2019
USD ($)
Jul. 31, 2019
USD ($)
Jun. 30, 2019
USD ($)
May 31, 2019
USD ($)
Apr. 30, 2019
MMcf
Mar. 31, 2019
USD ($)
Jan. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Oct. 31, 2018
USD ($)
Aug. 31, 2018
USD ($)
a
Jul. 31, 2018
USD ($)
a
May 31, 2017
USD ($)
Jun. 30, 2015
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Aug. 31, 2018
USD ($)
a
Dec. 31, 2017
USD ($)
Dec. 31, 2011
Public Utilities General Disclosures [Line Items]                                                                                    
Reduction in regulatory liabilities                                                                             $ 35,000,000   $ 4,200,000,000  
Proposed revenue requirement                                                                           $ 83,000,000        
Increase (decrease) in revenue requirement                                   $ 11                                                
Number of new demand response programs | a                                   1                                                
Amount of cost recovery                                   $ 186                                                
Public utilities length of wind project | mi                       27                                                            
Actual cumulative PREP Investment                     $ 723,000,000                                   $ 723,000,000             $ 723,000,000     723,000,000      
Impairment of assets and other charges                                                                           $ 1,535,000,000 403,000,000   15,000,000  
Agreement to provide Dths per day of transportation service | a                                                             150,000                 150,000    
Base fuel cost             $ 35,000,000                                                                      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
DETI                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
The total estimated capital investment                                   $ 25,000,000                                       $ 25,000,000        
Scenario, Forecast                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase decrease in annual base fuel component recoveries                               $ 44,000,000                                                    
North Carolina Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement                     13,000,000                                                              
Return of equity percentage   9.75%                                                                                
Ohio Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Projected capital investment                                                                             $ 200,000,000      
Return of equity percentage                                                                             3.00%      
Contract with customer credits taxreform                                                                           600,000,000        
South Carolina Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement                         $ (20,000,000)                                                          
Wyoming Base Rate Case                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Return of equity percentage                                             10.50%                                      
Percentage of earned return                                             9.05%                                      
Authorized return percentage                                             9.85%                                      
Wyoming Base Rate Case | Scenario, Forecast | Annual Base Fuel Revenues                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement                             $ 19,000,000                                                      
Virginia Electric and Power Company                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Tax reform benefit                                                             $ 100,000,000               $ 100,000,000      
Reduction in regulatory liabilities                                                                             31,000,000   2,600,000,000  
Impairment of assets and other charges                                                       $ 160,000,000                   $ 757,000,000        
Submitted and approved decrease in base rate revenue                                                           $ 14,000,000                        
Regulatory liabilities one time bill credit reduction amount                                                                     $ 13,000,000              
Return of equity percentage     9.20%                                                                              
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Virginia Electric and Power Company | Rider E                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Total revenue requirement                                                                           $ 88,000,000        
Increase (decrease) in revenue requirement                                                                           (16,000,000)        
Virginia Electric and Power Company | Federal Energy Regulatory Commission | Operating Segments                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Proposed revenue requirement                                                 $ 920,000,000                                  
Virginia Electric and Power Company | Virginia Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Proposed annual revenue reduction amount               $ 183,000,000                                       171,000,000                            
Annual revenue reduction amount                                                     $ 183,000,000                              
Estimated annual revenue reduction on one-time customer credit                                                                     132,000,000              
Interim rate reduction amount                                                               $ 125,000,000                    
Rate reduction $ 67,000,000               $ 63,000,000                                                                  
One-time bill credit, provisions for current customers                                                                           200,000,000        
Charge associated with legislation                                                                           215,000,000        
Charge associated with legislation, after tax                                                                           160,000,000        
Legislation amount credited in customer bill                                                       $ 77,000,000       138,000,000                    
Proposed revenue requirement                               1,200,000,000                 1,500,000,000                                  
Increase (decrease) in revenue requirement                               (393,000,000)               $ 254,000,000 192,000,000                                  
Return of equity percentage                                                     10.75%                              
Proposed revenue requirement recovered balance                               81,000,000               107,000,000 124,000,000                                  
Virginia Electric and Power Company | Virginia Regulation | Transmission Component of Virginia Power's | Operating Segments                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Proposed revenue requirement                                                 474,000,000                                  
Virginia Electric and Power Company | Virginia Regulation | Coastal Virginia Offshore Wind Project                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
The total estimated capital investment                       $ 300,000,000                                                            
Capacity of wind turbine generators | MW                       6                                                            
Virginia Electric and Power Company | Virginia Regulation | Surry Switching Station Transmission Line                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Length of kV line (miles) | mi                           7                                                        
Capacity of transmission line (kV) | kV                           500                                                        
Virginia Electric and Power Company | Virginia Regulation | Transmission Line from Skiffes Creek Switching Station to Wheaton Substation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Length of kV line (miles) | mi                           20                                                        
Virginia Electric and Power Company | Virginia Regulation | Transmission Line Near Gainesville Substation And Haymarket Substation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Capacity of transmission line (kV) | kV                           230                                                        
Virginia Electric and Power Company | Virginia Regulation | GTSA                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Operations and maintenance expenses                                         $ 78,000,000                                 102,000,000        
Proposed cost of project                                         503,000,000                                          
Estimated Cost of project                   $ 68,000,000                                                       816,000,000        
Virginia Electric and Power Company | Virginia Regulation | Rider T1 | Operating Segments                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Proposed revenue requirement                                                 446,000,000                                  
Increase (decrease) in revenue requirement                                             $ 146,000,000   $ 271,000,000                                  
Virginia Electric and Power Company | Virginia Regulation | Riders C1A C2A and C3A | Energy Efficiency Program | Operating Segments                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Approved revenue required                                   $ 60                                                
Number of new energy efficiency programs | a                                   10                                                
Period for cost cap                                   5 years                                                
Virginia Electric and Power Company | Virginia Regulation | Rider E                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Approved revenue required                                                         114,000,000                 104,000,000        
Virginia Electric and Power Company | Virginia Regulation | Rider E | Other operations and maintenance                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Audit compliance charge recognized in connection with preliminary recommendation                                                                           21,000,000        
Audit compliance after-tax charge recognized in connection with preliminary recommendation                                                                           16,000,000        
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
The total estimated capital investment                                                               $ 410,000,000                    
Number of solar facility | a                                                               2                    
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | Rider US-3                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Solar capacity factor when normalized for force majeure events                   25.00%                                                                
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | Rider US-3 | Operating Segments                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Proposed revenue requirement                                             $ 9,000,000                 $ 10,000,000                    
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | Rider US-3 | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                   20 years                                   20 years                            
Virginia Electric and Power Company | Virginia Regulation | Solar Development Project | Rider US-3 | Operating Segments | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                 20 years                                                  
Virginia Electric and Power Company | Virginia Regulation | Battery Storage Pilot                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Estimated Cost of project           $ 35,000,000                                                                        
Virginia Electric and Power Company | Virginia Regulation | Maximum                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Rate reduction                                                                           $ 50,000,000        
Virginia Electric and Power Company | Virginia Regulation | Subsequent Event | Solar Development Project | Rider US-3 | Operating Segments                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Solar capacity factor when normalized for force majeure events                                 22.00%                                                  
Virginia Electric and Power Company | Virginia Regulation | Third Phase | Rider U                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Projected capital investment                                       $ 123,000,000                                            
Virginia Electric and Power Company | Virginia Regulation | Second Phase | Rider U                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Projected capital investment                                       52,000,000                                            
Virginia Electric and Power Company | North Carolina Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement           $ 18,000,000                                                                        
Return of equity percentage               10.75%                                                                    
Percentage of earned return               7.52%                                                                    
Authorized return percentage               9.90%                                                                    
Virginia Electric and Power Company | North Carolina Regulation | Annual Base Fuel Revenues                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement       $ 27,000,000 $ 24,000,000                                                                          
DETI                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Expected cost of project                                                                               $ 95,000,000    
DETI | Federal Energy Regulatory Commission | Supply Header Project | Atlantic Coast Pipeline                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Annual electric power cost rate adjustment, approval amount requested to recover amount                                         10,000,000                                          
Annual transportation cost rate adjustment, approval amount requested to recover amount                                         $ 38,000,000                                          
DETI | Federal Energy Regulatory Commission | Preliminary recommendation one | Other operations and maintenance                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Audit compliance charge recognized in connection with preliminary recommendation                                                                             129,000,000      
Audit compliance after-tax charge recognized in connection with preliminary recommendation                                                                             94,000      
Questar Gas                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Return of equity percentage 9.50%                                                                                  
Base fuel cost                                     $ 4,000,000                                              
Questar Gas | Cost-of-service impact of 2017 Tax Reform Act                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Reduction in regulatory liabilities                                                                 $ 15,000,000                  
Refund to customers related to deferred corporate income tax reduction                                                               $ 9,000,000                    
Questar Gas | Utah Regulation [Member]                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement $ 3,000,000                                                                                  
Questar Gas | Utah and Wyoming Regulation | Fuel Deferral                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
LNG storage facility, liquefaction rate per day | MMcf                                                   8.2                                
Questar Gas | Wyoming Base Rate Case                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Return of equity percentage                                                                           10.50%        
Percentage of earned return                                                                           7.46%        
Authorized return percentage                                                                           9.50%        
East Ohio                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Percentage of debt rate of pipeline system                                                                                   6.50%
East Ohio | Ohio Regulation | Pipeline Infrastructure Replacement Program                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Total revenue requirement                                                                           $ 190,000,000        
Total estimated cost                     202,000,000             $ 1,600,000                     202,000,000             202,000,000   1,600,000 202,000,000      
Hope Gas, Inc. | PREP                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Projected capital investment                                                                           29,000,000        
Hope Gas, Inc. | Scenario, Forecast | PREP                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Projected capital investment                                                                         $ 39,000,000          
Hope Gas, Inc. | West Virginia Regulation | PREP                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Amount of cost recovery                                     $ 10,000,000                                       30,000,000      
Cove Point | Federal Energy Regulatory Commission                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Increase (decrease) in revenue requirement                                           $ 1,000,000                                        
Annual transportation cost rate adjustment, approval amount requested to recover amount                                 $ 182,000,000         $ 25,000,000                                        
Estimated Cost of project                                                                             45,000,000      
Impairment of assets and other charges                                                                             37,000,000      
Asset impairment after tax charge                     $ 28,000,000                                   $ 28,000,000             28,000,000     28,000,000      
Cove Point | Federal Energy Regulatory Commission | Supply Header Project | Atlantic Coast Pipeline                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Annual transportation cost rate adjustment, approval amount requested to recover amount                                                     $ 24,000,000                              
Public utilities expected cost to acquire productive assets                                                                   $ 150,000,000                
Dominion Energy South Carolina Inc | Scenario, Forecast                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Electric transmission projects Costs $ 75,000,000                                                                                  
Dominion Energy South Carolina Inc | Scenario, Forecast | Transmission Lines in Aiken County South Carolina                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Electric transmission projects Costs                               $ 30,000,000                                                    
Dominion Energy South Carolina Inc | Virginia Regulation | Transmission Lines in Aiken County South Carolina                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Length of kV line (miles) | mi 28                                                                                  
Capacity of transmission line (kV) | kV                               230                                                    
Dominion Energy South Carolina Inc | South Carolina Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Total revenue requirement                                               437,000,000                                    
Approved revenue required                                       $ 436,000,000                                            
Annual transportation cost rate adjustment, approval amount requested to recover amount                                 $ 40,000,000                                                  
Increase in natural gas rate                                                                           7,000,000        
Dominion Energy Gas Holdings, LLC                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Reduction in regulatory liabilities                                                                             (8,000,000)   1,100,000,000  
Impairment of assets and other charges                                                                       $ 219,000,000   $ 13,000,000 $ 163,000,000   $ 15,000,000  
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Performance guarantee of the facilities                                   1 year                                       1 year        
Dominion Energy Gas Holdings, LLC | Federal Energy Regulatory Commission | Supply Header Project | Subsidiaries                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Impairment of assets and other charges                                                                     13,000,000              
Asset impairment after tax charge                                               $ 10,000,000                     $ 10,000,000              
Ohio Regulation                                                                                    
Public Utilities General Disclosures [Line Items]                                                                                    
Tax Reform Act's impact on its equity return                                   $ 19,000,000                                                
v3.19.3.a.u2
Regulatory Matters - Summary of Additional Significant Riders Associated with Various Virginia Power Projects (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2019
Public Utilities, General Disclosures [Line Items]    
Increase (decrease) in revenue requirement $ 11  
Rider S | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Rate Year Beginning   2020-04
Total Revenue Requirement (millions)   $ 195,000,000
Increase (decrease) in revenue requirement   $ (20,000,000)
Rider GV | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-05
Approval Date   February 2020
Rate Year Beginning   2020-04
Total Revenue Requirement (millions)   $ 132,000,000
Increase (decrease) in revenue requirement   $ 12,000,000
Rider W | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-05
Approval Date   February 2020
Rate Year Beginning   2020-04
Total Revenue Requirement (millions)   $ 106,000,000
Increase (decrease) in revenue requirement   $ 1,000,000
Rider R | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-05
Approval Date   February 2020
Rate Year Beginning   2020-04
Total Revenue Requirement (millions)   $ 44,000,000
Increase (decrease) in revenue requirement   $ (13,000,000)
Rider B | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-05
Approval Date   February 2020
Rate Year Beginning   2020-04
Total Revenue Requirement (millions)   $ 32,000,000
Increase (decrease) in revenue requirement   $ (6,000,000)
Rider US-3 | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-07
Approval Date   Pending
Rate Year Beginning   2020-06
Total Revenue Requirement (millions)   $ 31,000,000
Increase (decrease) in revenue requirement   $ 21,000,000
Rider BW | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-10
Approval Date   Pending
Rate Year Beginning   2020-09
Total Revenue Requirement (millions)   $ 120,000,000
Increase (decrease) in revenue requirement   $ 1,000,000
Rider US-2 | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2019-10
Approval Date   Pending
Rate Year Beginning   2020-09
Total Revenue Requirement (millions)   $ 10,000,000
Increase (decrease) in revenue requirement   $ (5,000,000)
Rider E | Virginia Electric and Power Company    
Public Utilities, General Disclosures [Line Items]    
Application Date   2020-01
Approval Date   Pending
Rate Year Beginning   2020-11
Total Revenue Requirement (millions)   $ 88,000,000
Increase (decrease) in revenue requirement   $ (16,000,000)
v3.19.3.a.u2
Regulatory Matters - Summary of Virginia Power Electric Transmission Project Applied (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
mi
kV
Rebuild and operate between Lanexa and the Northern Neck in Virginia  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
The total estimated capital investment | $ $ 30
Virginia Electric and Power Company | Build a new substation and connect three existing transmission lines thereto in Fluvanna County, Virginia  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
Virginia Electric and Power Company | Rebuild and operate the Glebe substation and relocate and operate in Arlington County, Virginia and the City of Alexandria, Virginia existing overhead line underground  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
Virginia Electric and Power Company | Rebuild and operate between Valley, Virginia and Mt. Storm, West Virginia  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 500
Virginia Electric and Power Company | Rebuild and operate between the Suffolk and the Virginia/North Carolina state line  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
Virginia Electric and Power Company | Rebuild and operate five segments between the Loudoun and Ox substations  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
Virginia Electric and Power Company | Build new switching station and line loop in Loudon County, Virginia (Evergreen Mills)  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
Virginia Electric and Power Company | Build new substation and line loop in Loudon County, Virginia (Lockridge)  
Public Utilities, General Disclosures [Line Items]  
Capacity of transmission line (kV) | kV 230
Virginia Electric and Power Company | Virginia Regulation | Rebuild and operate between Lanexa and the Northern Neck in Virginia  
Public Utilities, General Disclosures [Line Items]  
Application Date 2018-06
Length of kV line (miles) | mi 3
Virginia Electric and Power Company | Virginia Regulation | Build a new substation and connect three existing transmission lines thereto in Fluvanna County, Virginia  
Public Utilities, General Disclosures [Line Items]  
Approval Date 2019-06
Length of kV line (miles) | mi 1
The total estimated capital investment | $ $ 30
Virginia Electric and Power Company | Virginia Regulation | Rebuild and operate the Glebe substation and relocate and operate in Arlington County, Virginia and the City of Alexandria, Virginia existing overhead line underground  
Public Utilities, General Disclosures [Line Items]  
Application Date 2019-03
Length of kV line (miles) | mi 1
The total estimated capital investment | $ $ 125
Virginia Electric and Power Company | Virginia Regulation | Rebuild and operate between Valley, Virginia and Mt. Storm, West Virginia  
Public Utilities, General Disclosures [Line Items]  
Application Date 2019-04
Approval Date 2019-11
Length of kV line (miles) | mi 65
The total estimated capital investment | $ $ 290
Virginia Electric and Power Company | Virginia Regulation | Rebuild and operate between the Suffolk and the Virginia/North Carolina state line  
Public Utilities, General Disclosures [Line Items]  
Application Date 2019-05
Approval Date 2019-11
Length of kV line (miles) | mi 11
The total estimated capital investment | $ $ 20
Virginia Electric and Power Company | Virginia Regulation | Rebuild and operate five segments between the Loudoun and Ox substations  
Public Utilities, General Disclosures [Line Items]  
Application Date 2019-08
Approval Date Pending
Length of kV line (miles) | mi 19
The total estimated capital investment | $ $ 70
Virginia Electric and Power Company | Virginia Regulation | Build new switching station and line loop in Loudon County, Virginia (Evergreen Mills)  
Public Utilities, General Disclosures [Line Items]  
Approval Date Pending
Length of kV line (miles) | mi 2
Virginia Electric and Power Company | Virginia Regulation | Build new substation and line loop in Loudon County, Virginia (Lockridge)  
Public Utilities, General Disclosures [Line Items]  
Application Date 2019-12
Approval Date Pending
Length of kV line (miles) | mi 1
The total estimated capital investment | $ $ 30
Virginia Electric and Power Company | Virginia Regulation | Rebuild of overhead transmission lines between Chesterfield Substation and Tyler Substation in Chesterfield County, Virginia  
Public Utilities, General Disclosures [Line Items]  
The total estimated capital investment | $ $ 35
v3.19.3.a.u2
Asset Retirement Obligations (Changes to AROs) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance $ 2,532 [1] $ 2,432
Obligations incurred during the period 2,413 [2] 20
Obligations settled during the period (137) (159)
AROs acquired in the SCANA Combination 577  
Revisions in estimated cash flows (324) [3] 120 [2]
Accretion 213 119
AROs, Ending balance [1] 5,274 2,532
Virginia Electric and Power Company    
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance 1,445 1,365
Obligations incurred during the period 2,408 [2] 14
Obligations settled during the period (81) (119)
Revisions in estimated cash flows (323) [3] 120 [2]
Accretion 132 65
AROs, Ending balance 3,581 1,445
Dominion Energy Gas Holdings, LLC    
Asset Retirement Obligations [Line Items]    
AROs, Beginning balance 88 [4] 85
Obligations incurred during the period   3
Obligations settled during the period (3) (6)
Accretion 4 6
AROs, Ending balance [4] $ 89 $ 88
[1] Includes $282 million and $408 million reported in other current liabilities at December 31, 2018, and 2019, respectively.
[2] Reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 23 for further information.
[3] Reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities as well as revisions for 20 year license extensions for regulated nuclear power stations in Virginia.
[4] Includes $74 million and $75 million reported in other deferred credits and other liabilities, with the remainder recorded in other current liabilities, at December 31, 2018 and 2019, respectively.
v3.19.3.a.u2
Asset Retirement Obligations (Changes to AROs) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Asset Retirement Obligations [Line Items]    
Asset retirement obligations, non current $ 4,866 $ 2,250
Current Liabilities    
Asset Retirement Obligations [Line Items]    
Asset retirement obligation, current 408 282
Virginia Electric and Power Company    
Asset Retirement Obligations [Line Items]    
Asset retirement obligations, non current 3,241 1,200
Asset retirement obligation, current $ 340 245
License extension term 20 years  
Dominion Energy Gas Holdings, LLC | Other Deferred Credits And Other Liabilities    
Asset Retirement Obligations [Line Items]    
Asset retirement obligations, non current $ 75 $ 74
v3.19.3.a.u2
Asset Retirement Obligations (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Asset Retirement Obligations [Line Items]    
Nuclear decommissioning trust funds $ 6,192 $ 4,938
Asset Retirement Obligation, Liabilities Incurred 2,413 [1] 20
Virginia Electric and Power Company    
Asset Retirement Obligations [Line Items]    
Nuclear decommissioning trust funds 2,881 2,369
Asset Retirement Obligation, Liabilities Incurred 2,408 [1] 14
D Virginia Electric And Power Company [Member]    
Asset Retirement Obligations [Line Items]    
Asset Retirement Obligation, Liabilities Incurred 1,700 1,600
D Virginia Electric And Power Company [Member] | Future Decommissioning Of Nuclear Facilities [Member]    
Asset Retirement Obligations [Line Items]    
Asset Retirement Obligation, Liabilities Incurred 800 $ 900
D Virginia Electric And Power Company [Member] | D Cost Of Landfills And Beneficial Reuse [Member]    
Asset Retirement Obligations [Line Items]    
Asset Retirement Obligation, Liabilities Incurred $ 2,600  
[1] Reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 23 for further information.
v3.19.3.a.u2
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Lessee Lease Disclosure [Line Items]      
Operating lease assets $ 499 [1] $ 504  
Finance lease assets [2] 140    
Total lease assets 639    
Operating lease liabilities [3] 59    
Finance lease liabilities [4] 29    
Total lease liabilities - current 88    
Operating lease liabilities [5] 442    
Finance lease liabilities 105   $ 35
Total lease liabilities - noncurrent 547    
Total lease liabilities 635    
Virginia Electric and Power Company      
Lessee Lease Disclosure [Line Items]      
Operating lease assets 212 [1] 209  
Finance lease assets [2] 19    
Total lease assets 231    
Operating lease liabilities [3] 30    
Finance lease liabilities [4] 3    
Total lease liabilities - current 33    
Operating lease liabilities [5] 180    
Finance lease liabilities 16   1
Total lease liabilities - noncurrent 196    
Total lease liabilities 229    
Dominion Energy Gas Holdings, LLC      
Lessee Lease Disclosure [Line Items]      
Operating lease assets 37 [1] $ 64  
Finance lease assets [2] 6    
Total lease assets 43    
Operating lease liabilities [3] 6    
Finance lease liabilities [4] 1    
Total lease liabilities - current 7    
Operating lease liabilities [5] 29    
Finance lease liabilities 5   $ 0
Total lease liabilities - noncurrent 34    
Total lease liabilities $ 41    
[1] Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
[2] Included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $27 million, $4 million and $1 million of accumulated amortization at Dominion Energy, Virginia Power and Dominion Energy Gas, respectively, at December 31, 2019.
[3] Included in other current liabilities in the Companies’ Consolidated Balance Sheets.
[4] Included in securities due within one year in the Companies’ Consolidated Balance Sheets.
[5] Included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.
v3.19.3.a.u2
Leases (Lease Assets and Liabilities Recorded in Consolidated Balance Sheets) (Parenthetical) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Lessee Lease Disclosure [Line Items]  
Finance lease assets, accumulated amortization $ 27
Virginia Electric and Power Company  
Lessee Lease Disclosure [Line Items]  
Finance lease assets, accumulated amortization 4
Dominion Energy Gas Holdings, LLC  
Lessee Lease Disclosure [Line Items]  
Finance lease assets, accumulated amortization $ 1
v3.19.3.a.u2
Leases (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Jul. 31, 2016
Leases Disclosure [Line Items]      
Property, Plant and Equipment, Net $ 69,082 $ 54,560  
Accumulated depreciation, depletion and amortization 28,384 $ 22,018  
Power Purchase Arrangement [Member]      
Leases Disclosure [Line Items]      
Property, Plant and Equipment, Net 2,800    
Accumulated depreciation, depletion and amortization 364    
Rental revenue 174    
Depreciation expense $ 94    
New Corporate Office [Member] | Agreement with Lessor to Construct and Lease Corporate Office Property      
Leases Disclosure [Line Items]      
Lease term 51 months    
Required percentage payment to lessor for difference between project costs and sales proceeds 83.00%    
Required percentage payment for specific full recourse events 100.00%    
Required percentage payment of funded amount under certain events of default 89.90%    
Lessor | 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     $ 365
Lessor | New Corporate Office [Member] | Agreement with Lessor to Construct and Lease Corporate Office Property      
Leases Disclosure [Line Items]      
Amount of financing commitments to fund estimated project costs $ 465    
v3.19.3.a.u2
Leases (Summary of Total Lease Cost) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Finance lease cost:  
Finance lease cost, Amortization $ 20
Finance lease cost, Interest 4
Operating lease cost 87
Short-term lease cost 30
Variable lease cost 6
Total lease cost 147
Virginia Electric and Power Company  
Finance lease cost:  
Operating lease cost 41
Short-term lease cost 13
Variable lease cost 2
Total lease cost 56
Dominion Energy Gas Holdings, LLC  
Finance lease cost:  
Operating lease cost 7
Short-term lease cost 7
Total lease cost $ 14
v3.19.3.a.u2
Leases (Cash Paid for Amounts Included in Measurement of Lease Liabilities) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Lessee Lease Disclosure [Line Items]  
Operating cash flows for finance leases $ 4
Operating cash flows for operating leases 121
Financing cash flows for finance leases 20
Virginia Electric and Power Company  
Lessee Lease Disclosure [Line Items]  
Operating cash flows for operating leases 56
Dominion Energy Gas Holdings, LLC  
Lessee Lease Disclosure [Line Items]  
Operating cash flows for operating leases $ 14
v3.19.3.a.u2
Leases (Weighted Average Remaining Lease Term and Weighted Discounted Rate for Finance and Operating Leases) (Detail)
Dec. 31, 2019
Lessee Lease Disclosure [Line Items]  
Weighted average discount rate - finance leases 3.84%
Weighted average discount rate - operating leases 4.47%
Virginia Electric and Power Company  
Lessee Lease Disclosure [Line Items]  
Weighted average discount rate - finance leases 4.12%
Weighted average discount rate - operating leases 4.29%
Dominion Energy Gas Holdings, LLC  
Lessee Lease Disclosure [Line Items]  
Weighted average remaining lease term - finance leases 6 years
Weighted average remaining lease term - operating leases 11 years
Weighted average discount rate - finance leases 4.08%
Weighted average discount rate - operating leases 4.37%
v3.19.3.a.u2
Leases (Scheduled Maturities of Lease Liabilities) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Maturity of Operating Lease Liabilities    
Maturity of Lease Liabilities, Operating, 2020 $ 72  
Maturity of Lease Liabilities, Operating, 2021 65  
Maturity of Lease Liabilities, Operating, 2022 55  
Maturity of Lease Liabilities, Operating, 2023 45  
Maturity of Lease Liabilities, Operating, 2024 36  
Maturity of Lease Liabilities, Operating, After 2024 582  
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 855  
Present value adjustment, Operating (377)  
Present value of lease liabilities, Operating 478  
Maturity of Finance Lease Liabilities    
Maturity of Lease Liabilities, Finance, 2020 34  
Maturity of Lease Liabilities, Finance, 2021 31  
Maturity of Lease Liabilities, Finance, 2022 29  
Maturity of Lease Liabilities, Finance, 2023 26  
Maturity of Lease Liabilities, Finance, 2024 19  
Maturity of Lease Liabilities, Finance, After 2024 9  
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 148  
Present value adjustment, Finance (14)  
Present value of lease liabilities, Finance 134 $ 39
Virginia Electric And Power Company [Member]    
Maturity of Operating Lease Liabilities    
Maturity of Lease Liabilities, Operating, 2020 34  
Maturity of Lease Liabilities, Operating, 2021 30  
Maturity of Lease Liabilities, Operating, 2022 24  
Maturity of Lease Liabilities, Operating, 2023 19  
Maturity of Lease Liabilities, Operating, 2024 14  
Maturity of Lease Liabilities, Operating, After 2024 205  
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 326  
Present value adjustment, Operating (139)  
Present value of lease liabilities, Operating 187  
Maturity of Finance Lease Liabilities    
Maturity of Lease Liabilities, Finance, 2020 4  
Maturity of Lease Liabilities, Finance, 2021 4  
Maturity of Lease Liabilities, Finance, 2022 4  
Maturity of Lease Liabilities, Finance, 2023 3  
Maturity of Lease Liabilities, Finance, 2024 3  
Maturity of Lease Liabilities, Finance, After 2024 4  
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 22  
Present value adjustment, Finance (3)  
Present value of lease liabilities, Finance 19  
Dominion Energy Gas Holdings L L C [Member]    
Maturity of Operating Lease Liabilities    
Maturity of Lease Liabilities, Operating, 2020 7  
Maturity of Lease Liabilities, Operating, 2021 6  
Maturity of Lease Liabilities, Operating, 2022 5  
Maturity of Lease Liabilities, Operating, 2023 4  
Maturity of Lease Liabilities, Operating, 2024 3  
Maturity of Lease Liabilities, Operating, After 2024 20  
Maturity of Lease Liabilities, Operating, Total undiscounted lease payments 45  
Present value adjustment, Operating (10)  
Present value of lease liabilities, Operating 35  
Maturity of Finance Lease Liabilities    
Maturity of Lease Liabilities, Finance, 2020 2  
Maturity of Lease Liabilities, Finance, 2021 1  
Maturity of Lease Liabilities, Finance, 2022 1  
Maturity of Lease Liabilities, Finance, 2023 1  
Maturity of Lease Liabilities, Finance, 2024 1  
Maturity of Lease Liabilities, Finance, After 2024 1  
Maturity of Lease Liabilities, Finance, Total undiscounted lease payments 7  
Present value adjustment, Finance (1)  
Present value of lease liabilities, Finance $ 6  
v3.19.3.a.u2
Variable Interest Entities - (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2019
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
MW
Generators
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Feb. 29, 2020
Atlantic Coast Pipeline            
Variable Interest Entity [Line Items]            
Percentage of ownership interest acquired           5.00%
Southern Company Gas | Dominion Energy Midstream Partners, LP | Atlantic Coast Pipeline            
Variable Interest Entity [Line Items]            
Minority Interest Ownership Percentage By Parent           53.00%
Variable Interest Entity, Primary Beneficiary | Partnership Interest | Merchant Solar Projects            
Variable Interest Entity [Line Items]            
Initial membership interest percentage     67.00%      
Variable Interest Entity, Not Primary Beneficiary | Gas Distribution | Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline            
Variable Interest Entity [Line Items]            
Initial membership interest percentage     48.00%      
SBL Holdco | Variable Interest Entity, Primary Beneficiary            
Variable Interest Entity [Line Items]            
Securities due within one year     $ 31      
Long term debt     267      
Virginia Electric and Power Company            
Variable Interest Entity [Line Items]            
Securities due within one year     4 $ 350    
Long term debt     12,325 11,320    
Payables to affiliates     210 209    
Virginia Electric and Power Company | Variable Interest Entity, Not Primary Beneficiary | DES            
Variable Interest Entity [Line Items]            
Payables to affiliates     102 107    
Shared Services Purchased     $ 387 119 $ 335  
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) | Generators     1      
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW     218      
Payment for electric capacity     $ 13 50 86  
Payment for electric energy     1 18 24  
Payment for contract termination $ 135 $ 135        
Payment for contract termination after tax   $ 100        
Dominion Energy Gas Holdings, LLC            
Variable Interest Entity [Line Items]            
Securities due within one year     700 748    
Long term debt     4,821 7,022    
Payables to affiliates     $ 82 124    
Dominion Energy Gas Holdings, LLC | Dominion Energy Midstream Partners, LP            
Variable Interest Entity [Line Items]            
Percentage of limited partner interests in Cove Point     75.00%      
Minority Interest Ownership Percentage By Parent     25.00%      
Dominion Energy Gas Holdings, LLC | Variable Interest Entity, Not Primary Beneficiary | DES            
Variable Interest Entity [Line Items]            
Payables to affiliates     $ 27 43    
Shared Services Purchased     106 340 106  
Dominion Energy Gas Holdings, LLC | Variable Interest Entity, Not Primary Beneficiary | DECGS And DEQPS            
Variable Interest Entity [Line Items]            
Payables to affiliates     15 6    
Shared Services Purchased     $ 49 $ 45 $ 45  
v3.19.3.a.u2
Short-Term Debt and Credit Agreements (Narrative) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Nov. 30, 2019
Sep. 30, 2019
Dec. 31, 2019
Apr. 30, 2019
Mar. 31, 2019
Feb. 28, 2019
Dec. 31, 2018
Debt Instrument [Line Items]              
Debt maximum borrowing capacity [1]     $ 6,000,000,000       $ 6,000,000,000
Questar Gas              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity     250,000,000        
Dominion Energy Midstream Partners, LP              
Debt Instrument [Line Items]              
Credit facility, outstanding amount           $ 73,000,000  
Dominion Energy South Carolina Inc              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity       $ 2,200,000,000      
South Carolina Generating Company Inc              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity       $ 200,000,000      
Six Billion Joint Revolving Credit Facility | Dominion Energy Midstream Partners, LP              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity           500,000,000  
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity     30,000,000        
Credit Facilities Maturing In May 2018 With 1 Year Automatic Renewals Through 2024 [Member] | Dominion Solar Projects III, Inc              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity     25,000,000        
Term Loan Credit Agreement [Member]              
Debt Instrument [Line Items]              
Credit facility, outstanding amount   $ 3,000,000,000.0         $ 3,000,000,000.0
Weighted average useful life   364 days          
Term Loan Due in 2021 | Dominion Energy Questar Corporation              
Debt Instrument [Line Items]              
Repayments of principal $ 1,000,000,000.0   2,000,000,000.0        
Term Loan Due in 2021 | Cove Point              
Debt Instrument [Line Items]              
Repayments of principal     3,000,000,000.0        
Letter of Credit              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity           $ 21,000,000  
Credit facility, outstanding amount     $ 21,000,000        
Revolving Credit Facility              
Debt Instrument [Line Items]              
Debt maximum borrowing capacity         $ 700,000,000    
[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 $2.0 billion of letters of credit.
v3.19.3.a.u2
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Line of Credit Facility [Line Items]    
Facility Limit [1] $ 6,000 $ 6,000
Outstanding Commercial Paper [1],[2] 836 324
Outstanding Letters of Credit [1] 89 88
Facility capacity available [1] 5,075 5,588
Virginia Electric and Power Company    
Line of Credit Facility [Line Items]    
Facility Limit [3] 6,000 6,000
Outstanding Commercial Paper [3],[4] 243 314
Outstanding Letters of Credit [3] 7 16
Dominion Energy Gas Holdings, LLC    
Line of Credit Facility [Line Items]    
Facility Limit [5] 1,500 1,500
Outstanding Commercial Paper [5],[6] $ 62 $ 10
[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 weighted-average interest rates of the outstanding commercial paper supported by Dominion Energy’s credit facility was 2.10% and 2.93% at December 31, 2019 and 2018, respectively.
[3] 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 December 31, 2019, 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.
[4] The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 2.10% and 2.94% at December 31, 2019 and 2018, respectively.
[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 December 31, 2019, 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 $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
[6] The weighted-average interest rates of the outstanding commercial paper supported by the credit facility was 1.98% and 2.58% at December 31, 2019 and 2018, respectively.
v3.19.3.a.u2
Short-Term Debt and Credit Agreements (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail) - USD ($)
Dec. 31, 2019
Feb. 28, 2019
Dec. 31, 2018
Line of Credit Facility [Line Items]      
Weighted-average percentage interest rates [1],[2],[3] 1.65%    
Facility Limit [4] $ 6,000,000,000   $ 6,000,000,000
Virginia Electric and Power Company      
Line of Credit Facility [Line Items]      
Facility Limit [5] 6,000,000,000   6,000,000,000
Dominion Energy Gas Holdings, LLC      
Line of Credit Facility [Line Items]      
Facility Limit [6] 1,500,000,000   $ 1,500,000,000
Credit Facility One Point Five Billion [Member] | Dominion Energy Gas Holdings, LLC      
Line of Credit Facility [Line Items]      
Facility Limit 1,500,000,000    
Letter of Credit      
Line of Credit Facility [Line Items]      
Facility Limit   $ 21,000,000  
Letter of Credit | Dominion Energy Gas Holdings, LLC      
Line of Credit Facility [Line Items]      
Facility Limit 1,500,000,000    
Letter of Credit | 5 Billion, 500 Million And 6 Billion joint Revolving Credit Facilities [Member]      
Line of Credit Facility [Line Items]      
Facility Limit 2,000,000,000.0    
Letter of Credit | Joint Revolving Credit Facility 5 Billion and Joint Revolving Credit Facility 500 Million | Virginia Electric and Power Company      
Line of Credit Facility [Line Items]      
Facility Limit 1,500,000,000    
Letter of Credit | Six Billion Joint Revolving Credit Facility | Virginia Electric and Power Company      
Line of Credit Facility [Line Items]      
Facility Limit 2,000,000,000.0    
Line of Credit | Dominion Energy Gas Holdings, LLC      
Line of Credit Facility [Line Items]      
Facility Limit $ 750,000,000    
Commercial Paper | 5 Billion, 500 Million And 6 Billion joint Revolving Credit Facilities [Member]      
Line of Credit Facility [Line Items]      
Weighted-average percentage interest rates 2.10%   2.93%
Commercial Paper | 5 Billion, 500 Million And 6 Billion joint Revolving Credit Facilities [Member] | Virginia Electric and Power Company      
Line of Credit Facility [Line Items]      
Weighted-average percentage interest rates 2.10%   2.94%
Commercial Paper | 1 Billion, 500 Million And 1.5 Billion Joint Revolving Credit Facilities [Member] | Dominion Energy Gas Holdings, LLC      
Line of Credit Facility [Line Items]      
Weighted-average percentage interest rates 1.98%   2.58%
[1] In May 2019, GENCO redeemed its 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $33 million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released.
[2] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2020.
[3] Represents weighted-average coupon rates for debt outstanding as of December 31, 2019.
[4] 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.
[5] 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 December 31, 2019, 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.
[6] 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 December 31, 2019, 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 $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.19.3.a.u2
Long-Term Debt (Total Long Term Debt) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [1],[2],[3] 1.65%  
Total principal $ 37,118 $ 35,070
Securities due within one year [4],[5],[6],[7] (3,133) (3,624)
Unamortized discount and debt issuance costs (270) (248)
Total long term debt 33,824 31,144
Fair value hedge valuation 4 (20) [8]
Credit facility borrowings [9]   (73)
Dominion Energy, Inc. total long-term debt 33,824 31,144
Finance Lease, Liability $ 134 39
4.82%, due 2042    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[10] 4.82%  
Total principal $ 345 [10] 362
Term loans, variable rates, due 2023 and 2024    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[10] 4.24%  
Total principal $ 527 [10] 582
Long term debt due within one year    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[4],[5],[7],[11] 3.41%  
Senior Notes | Variable rates, due 2019 and 2020    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 2.31%  
Total principal $ 300 800
Senior Notes | 1.6% to 7.0%, due 2019 to 2049    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[12] 4.15%  
Total principal [12] $ 7,688 7,488
Tax Exempt Financing | 3.625% and 4.00%, due 2028 and 2033    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [2],[3] 3.90%  
Total principal [2] $ 54  
Tax Exempt Financing | Variable Rate Due 2038    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [2],[3] 1.65%  
Total principal [2] $ 35  
Tax Exempt Financing | Other    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [2] 3.69%  
Total principal [2] $ 1  
Tax Exempt Financing | Tax-Exempt Financing, 1.7% due 2033    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 1.70%  
Total principal $ 27 27
Tax Exempt Financing | GENCO variable rate due 2038 [Member]    
Debt Instrument [Line Items]    
Total principal [1],[2] $ 33  
Unsecured junior subordinated notes | 8.4% due 2031    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 8.40%  
Total principal $ 10 10
Unsecured junior subordinated notes | 2.579% to 4.104%, due 2019 to 2024 [Member]    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 3.01%  
Total principal $ 2,950 2,100
Enhanced Junior Subordinated Notes | Variable rates, due 2066    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[4] 4.41%  
Total principal [4] $ 397 422
Enhanced Junior Subordinated Notes | 5.25% and 5.75%, due 2054 and 2076    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 5.48%  
Total principal $ 1,485 1,485
Remarketable subordinated notes | 2.0%, due 2021 and 2024    
Debt Instrument [Line Items]    
Total principal   1,400
Questar Gas | 2.98% to 7.20%, due 2024 to 2051    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 4.25%  
Total principal $ 750 750
SCANA | Unsecured Senior Notes, variable rate, due 2034    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[11] 2.61%  
Total principal [6] $ 66  
SCANA | 4.125% to 6.25%, due 2020 to 2022    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[5],[13] 5.06%  
Total principal [5],[13] $ 508  
PSNC | 4.13% to 7.45%, due 2020 to 2047    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 5.05%  
Total principal $ 700  
DESC | First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[14] 5.42%  
Total principal [14] $ 3,267  
Dominion Energy Gas Holdings, LLC    
Debt Instrument [Line Items]    
Total principal 5,561 7,890
Securities due within one year (699) (748)
Unamortized discount and debt issuance costs (41) (47)
Total long term debt 4,826 7,022
Credit facility borrowings [9]   (73)
Dominion Energy, Inc. total long-term debt 4,826 7,022
Finance Lease, Liability $ 6  
Dominion Energy Gas Holdings, LLC | Long term debt due within one year    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 2.80%  
Dominion Energy Gas Holdings, LLC | Senior Notes | Unsecured senior notes Variable rate, due 2021 [Member]    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 2.49%  
Total principal $ 500 500
Dominion Energy Gas Holdings, LLC | Senior Notes | 2.5% to 3.55%, due 2019 to 2023    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[15] 3.44%  
Total principal $ 4,631 3,587
Dominion Energy Gas Holdings, LLC | Senior Notes | Cove Point, term loan, due 2021    
Debt Instrument [Line Items]    
Total principal [16]   3,000
Dominion Energy Gas Holdings, LLC | Dominion Energy Midstream | Revolving credit agreement variable rates due 2021    
Debt Instrument [Line Items]    
Total principal [9]   73
Dominion Energy Gas Holdings, LLC | Dominion Energy Midstream | Unsecured senior notes, 3.53% to 4.875%, due 2028 to 2041    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 4.23%  
Total principal $ 430 430
Dominion Energy Gas Holdings, LLC | Dominion Energy Midstream | Term loan, variable rate, due 2019    
Debt Instrument [Line Items]    
Total principal   300
Virginia Electric and Power Company    
Debt Instrument [Line Items]    
Total principal 12,414 11,754
Securities due within one year (1) (350)
Unamortized discount and debt issuance costs (88) (83)
Total long term debt 12,341 11,321
Dominion Energy, Inc. total long-term debt 12,341 11,321
Finance Lease, Liability $ 19  
Virginia Electric and Power Company | Long term debt due within one year    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 4.29%  
Virginia Electric and Power Company | Senior Notes | 2.75% to 8.875%, due 2019 to 2049    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) 4.27%  
Total principal $ 11,789 11,090
Virginia Electric and Power Company | Tax Exempt Financing | 1.80% to 5.0%, due 2023 to 2041    
Debt Instrument [Line Items]    
2019 Weighted- average Coupon (percentage) [3],[17],[18] 2.02%  
Total principal [17],[18] $ 625 $ 664
[1] In May 2019, GENCO redeemed its 5.49% senior secured notes due in 2024 at the remaining principal outstanding of $33 million plus accrued interest. In June 2019, the first mortgage lien on an electric generating facility that previously secured these notes was released.
[2] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2020.
[3] Represents weighted-average coupon rates for debt outstanding as of December 31, 2019.
[4] In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
[5] In February 2020, SCANA provided notice to redeem 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 in March 2020. The notes would have otherwise matured in May 2021 and February 2022, respectively. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
[6] In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
[7] Includes $20 million of estimated mandatory prepayments due within one year based on estimated cash flows in excess of debt service at SBL Holdco and Dominion Solar Projects III, Inc.
[8] Represents the valuation of certain fair value hedges associated with Dominion Energy’s fixed rate debt.
[9] In February 2019, Dominion Energy Midstream repaid its $300 million variable rate term loan due in December 2019 and terminated the credit facility due in March 2021 subsequent to repaying the $73 million outstanding balance. As such, credit facility borrowings are presented within current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets at December 31, 2018.
[10] Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities.
[11] In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034. As such, these borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019. As such, this borrowing are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
[12] Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
[13] In March 2019, SCANA purchased certain of its medium term notes having an aggregate purchase price of $300 million pursuant to tender offer that expired in the first quarter of 2019.
[14] In February, March and September 2019, DESC purchased certain of its first mortgage bonds having an aggregate purchase price of $1.8 billion pursuant to tender offers. The February and March tender offers expired in the first quarter of 2019 and the September tender offer expired in the third quarter of 2019.
[15] Amount includes foreign currency remeasurement adjustments.
[16] In September 2019, Cove Point repaid its $3.0 billion term loan due in 2021.
[17] In May 2019, Virginia Power redeemed its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest.
[18] These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
v3.19.3.a.u2
Long-Term Debt (Total Long Term Debt) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 01, 2020
Mar. 31, 2020
Feb. 29, 2020
Sep. 30, 2019
May 31, 2019
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jun. 30, 2019
Debt Instrument [Line Items]                    
Repayment of Debt             $ 9,116 $ 5,682 $ 1,572  
Total principal             37,118 35,070    
Term loans                    
Debt Instrument [Line Items]                    
Estimated mandatory prepayments due within one year             20      
Dominion Energy Gas Holdings, LLC                    
Debt Instrument [Line Items]                    
Repayment of Debt             3,750 255    
Total principal             5,561 7,890    
Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Repayment of Debt             591 964 $ 681  
Total principal             $ 12,414 11,754    
SCANA [Member]                    
Debt Instrument [Line Items]                    
Repurchase of medium term notes         $ 300          
DESC                    
Debt Instrument [Line Items]                    
Repurchase of first mortgage bonds           $ 1,800        
September 2006 hybrids                    
Debt Instrument [Line Items]                    
Debt, amount redeemed                   $ 286
September 2006 hybrids | Subsequent Event                    
Debt Instrument [Line Items]                    
Repayment of Debt $ 286                  
June 2006 hybrids                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount                   13
Debt, amount redeemed                   $ 111
June 2006 hybrids | Subsequent Event                    
Debt Instrument [Line Items]                    
Repayment of Debt $ 111                  
8.4% due 2031 | Unsecured junior subordinated notes                    
Debt Instrument [Line Items]                    
Interest Rate             8.40%      
Total principal             $ 10 10    
5.25% and 5.75%, due 2054 and 2076 | Enhanced Junior Subordinated Notes [Member]                    
Debt Instrument [Line Items]                    
Total principal             $ 1,485 1,485    
5.25% and 5.75%, due 2054 and 2076 | Enhanced Junior Subordinated Notes [Member] | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             5.25%      
5.25% and 5.75%, due 2054 and 2076 | Enhanced Junior Subordinated Notes [Member] | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             5.75%      
2.0%, due 2021 and 2024 | Remarketable subordinated notes                    
Debt Instrument [Line Items]                    
Interest Rate             2.00%      
Total principal               1,400    
4.82%, due 2042                    
Debt Instrument [Line Items]                    
Interest Rate             4.82%      
Total principal             $ 345 [1] 362    
2.98% to 7.20%, due 2024 to 2051 | Questar Gas | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             2.98%      
2.98% to 7.20%, due 2024 to 2051 | Questar Gas | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             7.20%      
Unsecured senior notes, 3.53% to 4.875%, due 2028 to 2041 | Dominion Energy Questar Pipeline LLC | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             3.53%      
Unsecured senior notes, 3.53% to 4.875%, due 2028 to 2041 | Dominion Energy Questar Pipeline LLC | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             4.875%      
Unsecured Senior Notes 1.6% to 7.0%, due 2019 to 2049 | Senior Notes                    
Debt Instrument [Line Items]                    
Total principal [2]             $ 7,688 7,488    
Unsecured Senior Notes 1.6% to 7.0%, due 2019 to 2049 | Senior Notes | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             1.60%      
Unsecured Senior Notes 1.6% to 7.0%, due 2019 to 2049 | Senior Notes | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             7.00%      
PSNC, Senior Debentures and Notes, 4.13% to 7.45%, due 2020 to 2047 | PSNC [Member] | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             4.13%      
PSNC, Senior Debentures and Notes, 4.13% to 7.45%, due 2020 to 2047 | PSNC [Member] | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             7.45%      
First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065 | DESC | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             3.22%      
First mortgage bonds, 3.22% to 6.625%, due 2021 to 2065 | DESC | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             6.625%      
3.625% and 4.00%, due 2028 and 2033 | Tax Exempt Financing                    
Debt Instrument [Line Items]                    
Total principal [3]             $ 54      
3.625% and 4.00%, due 2028 and 2033 | Tax Exempt Financing | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             3.625%      
3.625% and 4.00%, due 2028 and 2033 | Tax Exempt Financing | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             4.00%      
Tax-Exempt Financing, 1.7% due 2033                    
Debt Instrument [Line Items]                    
Interest Rate             1.70%      
Tax-Exempt Financing, 1.7% due 2033 | Tax Exempt Financing                    
Debt Instrument [Line Items]                    
Total principal             $ 27 27    
1.80% to 5.0%, due 2023 to 2041 | Virginia Electric and Power Company | Tax Exempt Financing                    
Debt Instrument [Line Items]                    
Total principal [4],[5]             $ 625 664    
1.80% to 5.0%, due 2023 to 2041 | Virginia Electric and Power Company | Tax Exempt Financing | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             1.80%      
1.80% to 5.0%, due 2023 to 2041 | Virginia Electric and Power Company | Tax Exempt Financing | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             5.00%      
2.75% to 8.875%, due 2019 to 2049 | Virginia Electric and Power Company | Senior Notes                    
Debt Instrument [Line Items]                    
Total principal             $ 11,789 $ 11,090    
2.75% to 8.875%, due 2019 to 2049 | Virginia Electric and Power Company | Senior Notes | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             2.75%      
2.75% to 8.875%, due 2019 to 2049 | Virginia Electric and Power Company | Senior Notes | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             8.875%      
2.5% to 4.8%, due 2019 to 2049 | Dominion Energy Gas Holdings, LLC | Senior Notes | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             2.50%      
2.5% to 4.8%, due 2019 to 2049 | Dominion Energy Gas Holdings, LLC | Senior Notes | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             4.80%      
2.579% to 4.104%, due 2019 to 2024 | Unsecured junior subordinated notes | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             2.579%      
2.579% to 4.104%, due 2019 to 2024 | Unsecured junior subordinated notes | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             4.104%      
4.125% to 6.25%, due 2020 to 2022 | Minimum                    
Debt Instrument [Line Items]                    
Interest Rate             4.125%      
4.125% to 6.25%, due 2020 to 2022 | Maximum                    
Debt Instrument [Line Items]                    
Interest Rate             6.25%      
Senior notes due in two zero two four | Senior Notes                    
Debt Instrument [Line Items]                    
Interest Rate           5.49%        
Debt Instrument, Face Amount           $ 33        
Industrial Revenue Bonds                    
Debt Instrument [Line Items]                    
Total principal             $ 68      
Term Loan Due 2021                    
Debt Instrument [Line Items]                    
Repayment of Debt       $ 3,000            
Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 | Virginia Electric and Power Company                    
Debt Instrument [Line Items]                    
Interest Rate         5.00%          
Debt, amount redeemed         $ 40          
Scenario, Forecast | September 2006 hybrids                    
Debt Instrument [Line Items]                    
Repayment of Debt     $ 286              
Scenario, Forecast | June 2006 hybrids                    
Debt Instrument [Line Items]                    
Repayment of Debt     $ 111              
Scenario, Forecast | DS C A N A                    
Debt Instrument [Line Items]                    
Debt Instrument, Maturity Date, Description     The notes would have otherwise matured in May 2021 and February 2022, respectively.              
Scenario, Forecast | DS C A N A | Floating rate senior notes                    
Debt Instrument [Line Items]                    
Debt Instrument, Face Amount   $ 66                
Debt Instrument, Maturity Date, Description   The notes would have otherwise matured in June 2034                
Scenario, Forecast | DS C A N A | Four Point Seven Five Percent Medium Term Notes                    
Debt Instrument [Line Items]                    
Interest Rate     4.75%              
Debt Instrument, Face Amount     $ 183              
Scenario, Forecast | DS C A N A | Four Point One Two Five Percent Medium Term Notes                    
Debt Instrument [Line Items]                    
Interest Rate     4.125%              
Debt Instrument, Face Amount     $ 155              
[1] Represents debt associated with Eagle Solar, SBL Holdco and Dominion Solar Projects III, Inc. The debt is nonrecourse to Dominion Energy and is secured by Eagle Solar’s, SBL Holdco’s and Dominion Solar Projects III, Inc’s interest in certain solar facilities.
[2] Includes debt assumed by Dominion Energy from the merger of its former CNG subsidiary.
[3] Industrial revenue bonds totaling $68 million are secured by letters of credit that expire, subject to renewal, in the fourth quarter of 2020.
[4] In May 2019, Virginia Power redeemed its $40 million 5.0% Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009A, due in 2023 at the principal outstanding plus accrued interest.
[5] These financings relate to certain pollution control equipment at Virginia Power’s generating facilities.
v3.19.3.a.u2
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]  
2020 $ 2,325
2021 2,572
2022 1,712
2023 2,630
2024 2,626
Thereafter 25,253
Total $ 37,118
Weighted- average coupon, 2020 3.09%
Weighted- average coupon, 2021 3.15%
Weighted- average coupon, 2022 3.10%
Weighted- average coupon, 2023 2.95%
Weighted- average coupon, 2024 3.19%
Weighted- average coupon, Thereafter 4.62%
First mortgage bonds  
Debt Instrument [Line Items]  
2021 $ 33
Thereafter 3,234
Total 3,267
Unsecured senior notes  
Debt Instrument [Line Items]  
2020 1,275 [1],[2]
2021 1,237 [1],[2]
2022 1,659 [1],[2]
2023 2,355 [1],[2]
2024 1,745 [1],[2]
Thereafter 19,092 [1],[2]
Total 27,363 [1],[2]
Tax-exempt financings  
Debt Instrument [Line Items]  
Thereafter 774
Total 774
Term loans  
Debt Instrument [Line Items]  
2020 35 [3]
2021 35 [3]
2022 34 [3]
2023 259 [3]
2024 164 [3]
Total 527 [3]
Secured senior notes  
Debt Instrument [Line Items]  
2020 15
2021 17
2022 19
2023 16
2024 17
Thereafter 261
Total 345
Unsecured junior subordinated notes payable to affiliated trusts  
Debt Instrument [Line Items]  
Thereafter 10
Total 10
Unsecured junior subordinated notes  
Debt Instrument [Line Items]  
2020 1,000
2021 1,250
2022 0
2024 700
Total 2,950
Enhanced junior subordinated notes  
Debt Instrument [Line Items]  
Thereafter 1,882 [1]
Total 1,882 [1]
Dominion Energy Gas Holdings, LLC  
Debt Instrument [Line Items]  
2020 700
2021 500
2023 650
2024 1,050
Thereafter 2,661
Total $ 5,561
Weighted- average coupon, 2020 2.80%
Weighted- average coupon, 2021 2.49%
Weighted- average coupon, 2023 3.29%
Weighted- average coupon, 2024 2.97%
Weighted- average coupon, Thereafter 3.95%
Virginia Electric and Power Company  
Debt Instrument [Line Items]  
2022 $ 750
2023 700
2024 350
Thereafter 10,614
Total $ 12,414
Weighted- average coupon, 2022 3.15%
Weighted- average coupon, 2023 2.75%
Weighted- average coupon, 2024 3.45%
Weighted- average coupon, Thereafter 4.35%
Virginia Electric and Power Company | Unsecured senior notes  
Debt Instrument [Line Items]  
2022 $ 750
2023 700
2024 350
Thereafter 9,989
Total 11,789
Virginia Electric and Power Company | Tax-exempt financings  
Debt Instrument [Line Items]  
Thereafter 625
Total $ 625
[1] In February 2020, Dominion Energy purchased and cancelled the remaining $111 million and $286 million of its June 2006 hybrids and September 2006 hybrids, respectively, both of which would have otherwise matured in 2066. As such, these borrowings are presented within current liabilities in Dominion Energy’s Consolidated Balance Sheets at December 31, 2019.
[2] In January 2020, SCANA provided notice to redeem its floating rate senior notes at the remaining principal outstanding of $66 million plus accrued interest in March 2020. The notes would have otherwise matured in June 2034.
[3] Excludes mandatory prepayments associated with SBL Holdco and Dominion Solar Projects III, Inc. based on cash flows in excess of debt service. At December 31, 2019, $20 million of estimated mandatory prepayments due within one year were included in securities due within one year in Dominion Energy’s Consolidated Balance Sheets.
v3.19.3.a.u2
Long-Term Debt (Based on Stated Maturity Dates Rather than Early Redemption Dates that Could be Elected by Instrument Holders) (Parenthetical) (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Feb. 28, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Debt Instrument [Line Items]        
Repayment of Debt   $ 9,116 $ 5,682 $ 1,572
Term loans        
Debt Instrument [Line Items]        
Estimated mandatory prepayments due within one year   $ 20    
Dominion Energy Midstream Partners, LP        
Debt Instrument [Line Items]        
Repayment of outstanding credit facility balance $ 73      
Variable Rate Term Loan | Dominion Energy Midstream Partners, LP        
Debt Instrument [Line Items]        
Repayment of Debt $ 300      
v3.19.3.a.u2
Long-Term Debt (Narrative) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Oct. 01, 2024
Jun. 30, 2019
Feb. 29, 2020
Aug. 31, 2019
Jul. 31, 2017
Sep. 30, 2006
Jun. 30, 2006
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jun. 14, 2019
May 31, 2017
Aug. 31, 2016
Jul. 31, 2016
Oct. 31, 2014
Jul. 31, 2014
Debt Instrument [Line Items]                                
Aggregate redemption price paid               $ 2,200                
Aggregate outstanding principal of senior notes               2,200                
Make-whole premium               $ 34                
Period of deferral               10 years                
Issuance of common stock (in shares)       18.5       6.1                
Repayments of Long-term Debt               $ 9,116 $ 5,682 $ 1,572            
Common Stock                                
Debt Instrument [Line Items]                                
Purchase Price Per Share Under Stock Purchase Contract               $ 50                
Capital Unit, Class A                                
Debt Instrument [Line Items]                                
Payment percentage rate on Equity Units                         6.75%     6.375%
Issuance of common stock (in shares)                   12.5            
2019 Series A Corporate Units                                
Debt Instrument [Line Items]                                
Principal amount of notes                     $ 1,600          
Shares to be issued under purchase contracts   21.8                            
2019 Series A Corporate Units | Common Stock                                
Debt Instrument [Line Items]                                
Purchase Price Per Share Under Stock Purchase Contract                     $ 100          
Senior Note Redemptions                                
Debt Instrument [Line Items]                                
Interest expense               $ 69                
Senior Note Redemptions | Series A 4.45% Senior Notes Due 2021                                
Debt Instrument [Line Items]                                
Interest rate (percentage)               4.45%                
Senior Note Redemptions | Series B 2.50% Senior Notes Due 2019                                
Debt Instrument [Line Items]                                
Interest rate (percentage)               2.50%                
Senior Note Redemptions | Series C 3.625% Senior Notes Due 2024                                
Debt Instrument [Line Items]                                
Interest rate (percentage)               3.625%                
July 2016 Hybrids | Unsecured junior subordinated notes                                
Debt Instrument [Line Items]                                
Interest rate (percentage)                           5.25%    
Principal amount of notes                           $ 800    
Remarketable Subordinated Notes | Capital Unit, Class A                                
Debt Instrument [Line Items]                                
Interest rate (percentage)                       1.50%        
Principal amount of notes   $ 700                   $ 1,000 $ 1,400     $ 1,000
Issuance of common stock (in shares)         12.5                      
Remarketable Subordinated Notes | Capital Unit, Class B                                
Debt Instrument [Line Items]                                
Interest rate (percentage)   3.071%                            
Principal amount of notes   $ 700                            
Issuance of common stock (in shares)       18.5                        
Series A Junior Subordinated Notes | Capital Unit, Class B                                
Debt Instrument [Line Items]                                
Interest rate (percentage)   2.715%                            
Series A Junior Subordinated Notes | Unsecured junior subordinated notes                                
Debt Instrument [Line Items]                                
Interest rate (percentage)                       2.579%        
Remarketable Subordinated Notes, 2016 Series A-1, due August 15, 2021                                
Debt Instrument [Line Items]                                
Interest rate (percentage)               2.00%                
Remarketable Subordinated Notes, 2016 Series A-2, due August 15, 2024                                
Debt Instrument [Line Items]                                
Interest rate (percentage)               2.00%                
June 2006 hybrids                                
Debt Instrument [Line Items]                                
Aggregate redemption price paid   $ 12                            
Junior subordinated notes             $ 300                  
Principal amount of notes   $ 13                            
June 2006 hybrids | Scenario, Forecast                                
Debt Instrument [Line Items]                                
Repayments of Long-term Debt     $ 111                          
June 2006 hybrids | LIBOR                                
Debt Instrument [Line Items]                                
Spread on variable percentage rate             2.825%                  
September 2006 hybrids                                
Debt Instrument [Line Items]                                
Junior subordinated notes           $ 500                    
September 2006 hybrids | Scenario, Forecast                                
Debt Instrument [Line Items]                                
Repayments of Long-term Debt     $ 286                          
September 2006 hybrids | LIBOR                                
Debt Instrument [Line Items]                                
Spread on variable percentage rate           2.30%                    
October 2014 Hybrids | Unsecured junior subordinated notes                                
Debt Instrument [Line Items]                                
Interest rate (percentage)                             5.75%  
Principal amount of notes                             $ 685  
October 2014 Hybrids | July 2016 Hybrids | Scenario, Forecast                                
Debt Instrument [Line Items]                                
Spread on variable percentage rate 3.057%                              
v3.19.3.a.u2
Preferred Stock (Narrative) (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2019
Dec. 15, 2024
Jun. 30, 2019
Jun. 14, 2019
Dec. 31, 2018
Class of Stock [Line Items]            
Preferred stock shares authorized 20,000,000 20,000,000        
Preferred Stock, Redemption Price Per Share $ 1,020 $ 1,020        
Series B preferred stock value issued $ 2,387 $ 2,387       $ 0
Dividend stock   $ 17        
Scenario, Forecast            
Class of Stock [Line Items]            
Preferred Stock, Redemption Price Per Share     $ 1,000      
2019 Corporate Units            
Class of Stock [Line Items]            
Percentage Of Interest In Undivided Beneficial Ownership       10.00%    
Total Long-term Debt         $ 1,600  
Series B Preferred Stock            
Class of Stock [Line Items]            
Preferred stock shares authorized 800,000 800,000        
Dividends Payable, Amount Per Share $ 1.9375 $ 1.9375        
Common Stock            
Class of Stock [Line Items]            
Purchase Price Per Share Under Stock Purchase Contract $ 50 $ 50        
Common Stock | 2019 Corporate Units            
Class of Stock [Line Items]            
Purchase Price Per Share Under Stock Purchase Contract         $ 100  
Virginia Electric and Power Company            
Class of Stock [Line Items]            
Preferred stock shares authorized 10,000,000 10,000,000       10,000,000
Preferred stock shares issued 0 0       0
Preferred stock shares outstanding 0 0       0
Liquidation preference (in dollars per share) $ 100 $ 100        
Dominion Energy            
Class of Stock [Line Items]            
Dividend rate percentage 2.993%          
Dividend stock   $ 2        
Dominion Energy | Preferred Class A            
Class of Stock [Line Items]            
Preferred stock shares issued 2,400,000 2,400,000        
Preferred stock shares outstanding 2,400,000 2,400,000        
Dominion Energy | Series A Preferred Stock            
Class of Stock [Line Items]            
Preferred stock shares issued 1,600,000 1,600,000        
Preferred stock shares outstanding 1,600,000 1,600,000        
Dominion Energy | Series B Preferred Stock            
Class of Stock [Line Items]            
Preferred stock shares issued 800,000 800,000        
Preferred stock shares outstanding 800,000 800,000        
Series B preferred stock value issued $ 791 $ 791        
Issuance of costs   9        
Preferred stock liquidation value $ 1,000 $ 1,000        
Dividend rate percentage   4.65%        
DESC            
Class of Stock [Line Items]            
Preferred stock shares authorized 20,000,000 20,000,000        
SCANA            
Class of Stock [Line Items]            
Preferred Stock Held By SCANA 1,000 1,000        
v3.19.3.a.u2
Preferred Stock (Schedule of Equity Units) (Detail) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Jun. 14, 2019
Dec. 31, 2019
Aug. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Capital Unit [Line Items]          
Units Issued     18.5 6.1  
Total Net Proceeds   $ 2,100      
Total Preferred Stock   2,387   $ 2,387 $ 0
Stock Purchase Contract Liability   $ 212   $ 212  
Preferred Stock          
Capital Unit [Line Items]          
Units Issued       2.0  
Preferred Stock | 2019 Corporate Units          
Capital Unit [Line Items]          
Units Issued 16.0        
Total Net Proceeds [1] $ 1,582        
Total Preferred Stock [2] $ 1,610        
Cumulative Dividend Rate 1.75%        
Stock Purchase Contract Annual Rate 5.50%        
Stock Purchase Contract Liability [3] $ 250        
[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 $15 million ($9.479 per share) for the year ended December 31, 2019.
[3] Payments of $38 million were made in 2019. The stock purchase contract liability was $212 million at December 31, 2019.
v3.19.3.a.u2
Preferred Stock (Schedule of Equity Units) (Parenthetical) (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jun. 14, 2019
Dec. 31, 2019
Capital Unit [Line Items]    
Issuance costs $ 28  
Corporate units stock purchase contract liability payments   $ 38
Stock Purchase Contract Liability   212
Preferred Stock    
Capital Unit [Line Items]    
Issuance costs 14  
Recorded dividend   $ 15
Dividends per share   $ 9.479
Common Stock [Member]    
Capital Unit [Line Items]    
Issuance costs $ 14  
v3.19.3.a.u2
Equity (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jun. 14, 2019
Dec. 31, 2019
Oct. 31, 2019
Aug. 31, 2019
Jan. 31, 2019
Dec. 31, 2018
Jun. 30, 2018
Apr. 30, 2018
Feb. 28, 2018
Jan. 31, 2018
Jun. 30, 2017
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Issuance of common stock       $ 1,400.0                     $ 2,515.0 $ 2,461.0 $ 1,302.0
Issuance of common stock (in shares)       18,500,000                     6,100,000    
Fees and commissions paid $ 28.0                                
Shares of common stock issued in acquisition, value         $ 1,600.0                   $ 6,818.0    
Number of shares received             27,000,000                    
Increase (decrease) Non-controlling interest             $ 375.0                    
Compensation cost related to stock-based compensation                             46.0 48.0 45.0
Tax benefit from stock awards and stock options exercised                             $ 11.0 12.0 16.0
Vesting period                             3 years    
Defined Benefit Pension plans                             $ 499.0    
Cash consideration from sale of noncontrolling interest   $ 2,100.0                              
SCANA                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares of common stock issued in acquisition         95,600,000                   95,600,000    
Shares of common stock issued in acquisition, value         $ 6,800.0                   $ 6,800.0    
Cash Based Performance Grant | Officer                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Cash-based performance grants maximum percentage                             200.00%    
February 2017 Cash Based Performance Grant [Member] | Officer | Two-year grant                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Targeted amount of the grant   13.0                   $ 13.0     $ 13.0    
February 2017 Cash Based Performance Grant [Member] | Officer | Three-year grant                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Targeted amount of the grant   13.0                   13.0     13.0    
Liability accrued for award   13.0                   13.0     13.0    
February 2018 Cash Based Performance Grant [Member] | Officer | Three-year grant                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Targeted amount of the grant   15.0       $ 16.0           15.0   $ 16.0 15.0 16.0  
Liability accrued for award   $ 8.0       $ 5.0           $ 8.0   5.0 $ 8.0 5.0  
Cove Point                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Ownership interest percentage of limited partner interests     25.00%     25.00%                      
Cash consideration from sale of noncontrolling interest     $ 2,100.0                            
Stock Based Awards                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares were available for future grants   21,000,000                   21,000,000     21,000,000    
Restricted Stock                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Unrecognized compensation cost related to nonvested awards   $ 59.0                   $ 59.0     $ 59.0    
Fair value of restricted stock awards that vested                             23.0 23.0 21.0
Dominion Midstream Partners, LP                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares of common stock issued in acquisition         22,500,000                        
Converted right to receive shares         0.2492                        
Income taxes in equity primarily regulatory liabilities related to excess   $ 40.0                   40.0     40.0    
Dominion Energy Direct                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Issuance of common stock                             $ 309.0    
Issuance of common stock (in shares)                             4,000,000.0    
Maximum | Stock Based Awards                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Maximum term of stock based awards                             8 years    
Weighted Average | Restricted Stock                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Expected weighted-average period recognized for the unrecognized compensation cost                             2 years 1 month 6 days    
Goldman Sachs & Co. and Credit Suisse LLC.                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Issuance of common stock           $ 1.4                      
Issuance of common stock (in shares)           22,100,000                      
Number of shares for future agreement               20,000,000                  
Option exercised               2,100,000                  
Capital Unit, Class A                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Issuance of common stock                                 $ 1,000.0
Issuance of common stock (in shares)                                 12,500,000
Various Programs                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Issuance of common stock                             $ 11,000.0 $ 2,500.0 $ 1.3
Issuance of common stock (in shares)                             157,000,000 36,000,000 17,000,000
Shelf Registration for Sale of Common Stock through At-the-market Program                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Issuance of common stock                   $ 495.0   $ 639.0 $ 154.0 $ 197.0      
Issuance of common stock (in shares)                   6,600,000   7,800,000 2,100,000 2,700,000      
Fees and commissions paid                   $ 5.0   $ 6.0 $ 2.0 $ 2.0      
Shelf Registration for Sale of Common Stock through At-the-market Program | Maximum                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Sale of stock authorized amount                 $ 1,000.0   $ 500.0            
v3.19.3.a.u2
Equity (Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 01, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI, including noncontrolling interest $ (1,793)   $ (1,699)
Less other comprehensive income (loss) attributable to noncontrolling interest 0   1
Total AOCI (1,793)   (1,700)
Deferred Gains and Losses on Derivatives-Hedging Activities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (407)   (234)
Amount of tax   $ 135 79
Unrealized Gains and Losses on Investment Securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI 37   2
Amount of tax (13)    
Unrecognized Pension and Other Postretirement Benefit Costs      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (1,421)   (1,465)
Amount of tax 492   519
Other Comprehensive Loss From Equity Method Investee      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (2)   (2)
Amount of tax 1    
Virginia Electric and Power Company      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (29)   (12)
Virginia Electric and Power Company | Deferred Gains and Losses on Derivatives-Hedging Activities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (34)   (13)
Amount of tax   $ 11 4
Virginia Electric and Power Company | Unrealized Gains and Losses on Investment Securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI 5   1
Amount of tax (1)   0
Dominion Energy Gas Holdings, LLC      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI, including noncontrolling interest (188)   (169)
Less other comprehensive income (loss) attributable to noncontrolling interest (1)    
Total AOCI (187)   (169)
Dominion Energy Gas Holdings, LLC | Deferred Gains and Losses on Derivatives-Hedging Activities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (82)   (25)
Amount of tax 28   8
Dominion Energy Gas Holdings, LLC | Unrecognized Pension and Other Postretirement Benefit Costs      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Total AOCI (106)   (144)
Amount of tax $ 41   $ 56
v3.19.3.a.u2
Equity (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance $ 20,107    
Ending balance 31,994 $ 20,107  
Virginia Electric and Power Company      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 13,047 12,224 $ 11,865
Ending balance 13,989 13,047 12,224
Deferred Gains and Losses on Derivatives-Hedging Activities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (235) (302)  
Other comprehensive income before reclassifications: gains (losses) (110) 30  
Amounts reclassified from AOCI: (gains) losses (62) 102  
Net current period other comprehensive income (loss) (172) 132  
Cumulative-effect of changes in accounting principle   (64)  
Less other comprehensive income (loss) attributable to noncontrolling interest   1  
Ending balance (407) (235) (302)
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (13) (12)  
Other comprehensive income before reclassifications: gains (losses) (22) 1  
Amounts reclassified from AOCI: (gains) losses 1 1  
Net current period other comprehensive income (loss) (21) 2  
Cumulative-effect of changes in accounting principle   (3)  
Ending balance (34) (13) (12)
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (25) (23)  
Other comprehensive income before reclassifications: gains (losses) (61) (16)  
Amounts reclassified from AOCI: (gains) losses 5 19  
Net current period other comprehensive income (loss) (56) 3  
Cumulative-effect of changes in accounting principle 1 (5)  
Less other comprehensive income (loss) attributable to noncontrolling interest (1)    
Ending balance (81) (25) (23)
Unrealized Gains and Losses on Investment Securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 2 747  
Other comprehensive income before reclassifications: gains (losses) 39   (18)
Amounts reclassified from AOCI: (gains) losses (4)   5
Net current period other comprehensive income (loss) 35   (13)
Cumulative-effect of changes in accounting principle   (732)  
Ending balance 37 2 747
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance 1 74  
Other comprehensive income before reclassifications: gains (losses) 5 0  
Amounts reclassified from AOCI: (gains) losses (1) 0  
Net current period other comprehensive income (loss) 4 0  
Cumulative-effect of changes in accounting principle   (73)  
Ending balance 5 1 74
Unrealized Gains and Losses on Investment Securities | Dominion Energy Gas Holdings, LLC      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Cumulative-effect of changes in accounting principle   (21)  
Unrecognized Pension and Other Postretirement Benefit Costs      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (1,465) (1,101)  
Other comprehensive income before reclassifications: gains (losses) (22) (215)  
Amounts reclassified from AOCI: (gains) losses 66 78  
Net current period other comprehensive income (loss) 44 (137)  
Cumulative-effect of changes in accounting principle   (227)  
Ending balance (1,421) (1,465) (1,101)
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (144) (75)  
Other comprehensive income before reclassifications: gains (losses) 33 (52)  
Amounts reclassified from AOCI: (gains) losses 5 4  
Net current period other comprehensive income (loss) 38 (48)  
Cumulative-effect of changes in accounting principle 0    
Less other comprehensive income (loss) attributable to noncontrolling interest 0    
Ending balance (106) (144) (75)
Other Comprehensive Loss From Equity Method Investee      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (2) (3)  
Other comprehensive income before reclassifications: gains (losses) 0 1  
Amounts reclassified from AOCI: (gains) losses 0    
Net current period other comprehensive income (loss) 0 1  
Ending balance (2) (2) (3)
Accumulated Other Comprehensive Income (Loss)      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (1,700) (659)  
Other comprehensive income before reclassifications: gains (losses) (93) (202)  
Amounts reclassified from AOCI: (gains) losses 0 185  
Net current period other comprehensive income (loss) (93) (17)  
Cumulative-effect of changes in accounting principle   (1,023)  
Less other comprehensive income (loss) attributable to noncontrolling interest   1  
Ending balance (1,793) (1,700) (659)
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (12) 62 46
Other comprehensive income before reclassifications: gains (losses) (17) 1  
Amounts reclassified from AOCI: (gains) losses 0 1  
Net current period other comprehensive income (loss) (17) 2  
Cumulative-effect of changes in accounting principle   (76)  
Ending balance (29) (12) 62
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Beginning balance (169) (98)  
Other comprehensive income before reclassifications: gains (losses) (28) (68)  
Amounts reclassified from AOCI: (gains) losses 10 23  
Net current period other comprehensive income (loss) (18) (45)  
Cumulative-effect of changes in accounting principle 1 (26)  
Less other comprehensive income (loss) attributable to noncontrolling interest (1)    
Ending balance $ (187) $ (169) $ (98)
v3.19.3.a.u2
Equity (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Electric fuel and other energy related purchases $ (2,938) $ (2,814) $ (2,301)
Interest and related charges (1,773) (1,493) (1,205)
Other income [1] 986 1,021 358
Income from operations before income tax expense 1,727 3,129 3,090
Income tax expense 351 580 (30)
Virginia Electric and Power Company      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Electric fuel and other energy related purchases [2] (2,178) (2,318) (1,909)
Interest and related charges [2] (524) (511) (494)
Other income 98 22 76
Income from operations before income tax expense 1,413 1,582 2,314
Income tax expense 264 300 774
Dominion Energy Gas Holdings, LLC      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Interest and related charges [3] (311) (174) (60)
Other income 166 89 62
Income from operations before income tax expense 802 756 601
Income tax expense 101 124 (65)
Income from continuing operations including noncontrolling interests 701 632 $ 666
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 (83) 137  
Income tax expense 21 (35)  
Income from continuing operations including noncontrolling interests (62) 102  
Deferred (gains) and losses on derivatives-hedging activities | Commodity contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Operating revenue (146) 90  
Electric fuel and other energy related purchases 3 (14)  
Deferred (gains) and losses on derivatives-hedging activities | Interest rate contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Interest and related charges 54 48  
Deferred (gains) and losses on derivatives-hedging activities | Foreign currency contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income 6 13  
Deferred (gains) and losses on derivatives-hedging activities | Virginia Electric and Power Company | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Income from operations before income tax expense 1 1  
Income from continuing operations including noncontrolling interests 1 1  
Deferred (gains) and losses on derivatives-hedging activities | Virginia Electric and Power Company | Interest rate contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Interest and related charges 1 1  
Deferred (gains) and losses on derivatives-hedging activities | Dominion Energy Gas Holdings, LLC | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Income from operations before income tax expense 7 26  
Income tax expense (2) (7)  
Income from continuing operations including noncontrolling interests 5 19  
Deferred (gains) and losses on derivatives-hedging activities | Dominion Energy Gas Holdings, LLC | Commodity contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Operating revenue (4) 8  
Deferred (gains) and losses on derivatives-hedging activities | Dominion Energy Gas Holdings, LLC | Interest rate contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Interest and related charges 5 5  
Deferred (gains) and losses on derivatives-hedging activities | Dominion Energy Gas Holdings, LLC | Foreign currency contracts | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income 6 13  
Unrealized (gains) and losses on investment securities | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Realized (gain) loss on sale of securities (5) 7  
Income from operations before income tax expense (5) 7  
Income tax expense 1 (2)  
Income from continuing operations including noncontrolling interests (4) 5  
Unrealized (gains) and losses on investment securities | Virginia Electric and Power Company | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Realized (gain) loss on sale of securities 2    
Impairment 0    
Income from operations before income tax expense (2)    
Income tax expense 1    
Income from continuing operations including noncontrolling interests 1    
Amortization of prior-service costs (credits) | Dominion Energy Gas Holdings, LLC | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income 7 6  
Unrecognized pension and other postretirement benefit costs, net of tax 5 4  
Unrecognized pension and other postretirement benefit costs | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income (24) 21  
Other income   120  
Unrecognized pension and other postretirement benefit costs, before tax 89 99  
Unrecognized pension and other postretirement benefit costs, income tax expense (23) (21)  
Unrecognized pension and other postretirement benefit costs, net of tax   78  
Unrecognized pension and other postretirement benefit costs | Dominion Energy Gas Holdings, LLC | Amounts reclassified from AOCI      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income 113    
Unrecognized pension and other postretirement benefit costs, before tax 7 6  
Unrecognized pension and other postretirement benefit costs, income tax expense (2) $ (2)  
Unrecognized pension and other postretirement benefit costs, net of tax $ 66    
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 25 for amounts attributable to affiliates.
[3] See Note 25 for amounts attributable to related parties.
v3.19.3.a.u2
Equity (Summary of Restricted Stock and Goal-Based Stock Activity) (Detail) - Restricted Stock - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested beginning (in shares) 1,208 1,043 886
Granted (in shares) 614 534 454
Vested (in shares) (324) (316) (287)
Cancelled and forfeited (in shares) (96) (53) (10)
Nonvested ending (in shares) 1,402 1,208 1,043
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]      
Nonvested beginning, Weighted Average Grant Date Fair Value (in dollars per share) $ 73.03 $ 73.32 $ 71.40
Granted, Weighted Average Grant Date Fair Value (in dollars per share) 76.49 72.92 74.24
Vested, Weighted Average Grant Date Fair Value (in dollars per share) 71.75 73.59 68.90
Cancelled and forfeited, Weighted Average Grant Date Fair Value (in dollars per share) 77.16 74.25 72.37
Nonvested ending, Weighted Average Grant Date Fair Value (in dollars per share) $ 74.77 $ 73.03 $ 73.32
v3.19.3.a.u2
Employee Benefit Plans (Narrative) (Detail) - USD ($)
shares in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2020
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Accumulated benefit obligation   $ 9,700,000,000     $ 9,700,000,000 $ 7,800,000,000    
Contributions to qualified defined benefit pension plans         499,000,000      
Contributions to qualified defined benefit pension plans, shares   6.1            
Contributions to qualified defined benefit pension plans in 2020   $ 29,000,000     29,000,000      
Contribution to voluntary employees beneficiary association         12,000,000      
Defined contribution plan, employer matching contributions         $ 73,000,000 51,000,000 $ 45,000,000  
Common Stock                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Contributions to qualified defined benefit pension plans   $ 499,000,000            
Common and Preferred Stocks                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined benefit plan, actual plan asset allocation percentages   28.00%     28.00%      
Non-U.S.Equity                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined benefit plan, actual plan asset allocation percentages   18.00%     18.00%      
Fixed Income                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined benefit plan, actual plan asset allocation percentages   35.00%     35.00%      
Real Estate Funds                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined benefit plan, actual plan asset allocation percentages   3.00%     3.00%      
Other Alternative Investments                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined benefit plan, actual plan asset allocation percentages   16.00%     16.00%      
Scenario, Forecast                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Pension or other postretirement plan assets to be returned               $ 0
Pension Benefits                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Actual return (loss) on pension and other postretirement plan assets         $ 1,747,000,000 (513,000,000)    
Expected return on pension and other postretirement plan assets         708,000,000 663,000,000 639,000,000  
Net periodic benefit cost (credit)         $ 93,000,000 $ 25,000,000 7,000,000  
Increase in fair value of plan assets     $ 51,000,000 $ 671,000,000        
Discount rate percentage   3.63%     3.63% 4.42%    
Contributions to qualified defined benefit pension plans   $ 520,000,000     $ 557,000,000 $ 6,000,000    
Pension Benefits | Minimum                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Discount rate percentage   3.47%   4.07% 3.47% 4.42%    
Pension Benefits | Maximum                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Discount rate percentage   3.63%   4.10% 3.63% 4.43%    
Other Postretirement Benefits                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Actual return (loss) on pension and other postretirement plan assets         $ 349,000,000 $ (92,000,000)    
Expected return on pension and other postretirement plan assets         140,000,000 143,000,000 128,000,000  
Net periodic benefit cost (credit)         $ (46,000,000) $ (101,000,000) (80,000,000)  
Increase in fair value of plan assets       $ 156,000,000        
Discount rate percentage   3.44%     3.44% 4.37%    
Contributions to qualified defined benefit pension plans         $ 12,000,000 $ 12,000,000    
Other Postretirement Benefits | Minimum                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Discount rate percentage   3.44%   4.05% 3.44% 4.37%    
Other Postretirement Benefits | Maximum                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Discount rate percentage   3.52%   4.08% 3.52% 4.38%    
Voluntary Retirement Program                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Voluntary retirement program related charges       $ 427,000,000        
Voluntary retirement program related charges net of tax       319,000,000        
Remeasurement resulted in increase in pension benefit obligation     $ 37,000,000 484,000,000        
Increase in accumulated postretirement benefit obligation       101,000,000        
Discount rate percentage     3.57%          
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       291,000,000        
Voluntary Retirement Program | Other Taxes                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Voluntary retirement program related charges       24,000,000        
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        
Pension Plans and Post Retirement Benefit Plan                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Actual return (loss) on pension and other postretirement plan assets         $ 2,100,000 $ (605,000,000)    
Expected return on pension and other postretirement plan assets         848,000,000 806,000,000    
Voluntary Employees Beneficiary Association                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Contributions to qualified defined benefit pension plans in 2020   $ 12,000,000     12,000,000      
Dominion Energy Gas Holdings, LLC                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Accumulated benefit obligation   279,000,000     279,000,000 689,000,000    
Contributions to qualified defined benefit pension plans   0            
Contributions to qualified defined benefit pension plans in 2020   $ 0     0      
Defined contribution plan, employer matching contributions         4,000,000 8,000,000 8,000,000  
Dominion Energy Gas Holdings, LLC | Other operations and maintenance | Dominion Energy Retiree Health And Welfare Plan [Member] | Multiemployer Plans, Postretirement Benefit                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Net periodic benefit cost (credit)         (4,000,000) (8,000,000) (6,000,000)  
Dominion Energy Gas Holdings, LLC | Net income from discontinued operations | Dominion Energy Retiree Health And Welfare Plan [Member] | Multiemployer Plans, Postretirement Benefit                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Net periodic benefit cost (credit)         (1,000,000) (2,000,000) (2,000,000)  
Dominion Energy Gas Holdings, LLC | Pension Benefits                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Actual return (loss) on pension and other postretirement plan assets         129,000,000 (113,000,000)    
Expected return on pension and other postretirement plan assets         54,000,000 150,000,000 141,000,000  
Net periodic benefit cost (credit)         (29,000,000) (84,000,000) (80,000,000)  
Increase in fair value of plan assets       $ 146,000,000        
Discount rate percentage       4.10%        
Contributions to qualified defined benefit pension plans         0      
Dominion Energy Gas Holdings, LLC | Pension Benefits | Other operations and maintenance                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Net periodic benefit cost (credit)         (8,000,000) (35,000,000) (35,000,000)  
Dominion Energy Gas Holdings, LLC | Pension Benefits | Net income from discontinued operations                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Net periodic benefit cost (credit)         (14,000,000) (21,000,000) (20,000,000)  
Dominion Energy Gas Holdings, LLC | Other Postretirement Benefits                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Actual return (loss) on pension and other postretirement plan assets         38,000,000 (16,000,000)    
Expected return on pension and other postretirement plan assets         16,000,000 28,000,000 24,000,000  
Net periodic benefit cost (credit)         (11,000,000) (14,000,000) (9,000,000)  
Increase in fair value of plan assets       $ 29,000,000        
Discount rate percentage       4.05%        
Contributions to qualified defined benefit pension plans         12,000,000 12,000,000    
Dominion Energy Gas Holdings, LLC | Voluntary Retirement Program                
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        
Remeasurement resulted in increase in pension benefit obligation       32,000,000        
Increase in accumulated postretirement benefit obligation       8,000,000        
Dominion Energy Gas Holdings, LLC | 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       39,000,000        
Dominion Energy Gas Holdings, LLC | Voluntary Retirement Program | Other Taxes                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Voluntary retirement program related charges       2,000,000        
Dominion Energy Gas Holdings, LLC | Voluntary Retirement Program | Other Income                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Voluntary retirement program related charges       1,000,000        
Dominion Energy Gas Holdings, LLC | Voluntary Retirement Program | 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        
Dominion Energy Gas Holdings, LLC | Pension Plans and Post Retirement Benefit Plan                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Actual return (loss) on pension and other postretirement plan assets         167,000,000 (129,000,000)    
Expected return on pension and other postretirement plan assets         70,000,000 178,000,000    
Virginia Electric and Power Company                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Defined contribution plan, employer matching contributions         20,000,000 20,000,000 19,000,000  
Virginia Electric and Power Company | Other operations and maintenance | Dominion Energy Retiree Health And Welfare Plan [Member] | Multiemployer Plans, Postretirement Benefit                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Net periodic benefit cost (credit)         (27,000,000) (51,000,000) (42,000,000)  
Virginia Electric and Power Company | Pension Benefits | Other operations and maintenance                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Net periodic benefit cost (credit)         152,000,000 $ 126,000,000 $ 110,000,000  
Virginia Electric and Power Company | Other Postretirement Benefits                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Contribution to voluntary employees beneficiary association         $ 0      
Virginia Electric and Power Company | Other Postretirement Benefits | Scenario, Forecast                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Contribution to voluntary employees beneficiary association $ 0              
Virginia Electric and Power Company | Voluntary Retirement Program                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Voluntary retirement program related charges       198,000,000        
Voluntary retirement program related charges net of tax       146,000,000        
Virginia Electric and Power Company | 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       190,000,000        
Virginia Electric and Power Company | Voluntary Retirement Program | Other Taxes                
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]                
Voluntary retirement program related charges       $ 8,000,000        
v3.19.3.a.u2
Employee Benefit Plans (Summary of Changes in Pension and Other Postretirement Benefit Plans) (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jun. 30, 2019
Changes in fair value of plan assets:          
Employer contributions   $ 499,000,000      
Amounts recognized in the Consolidated Balance Sheets at December 31:          
Noncurrent pension and other postretirement benefit assets $ 1,708,000,000 1,708,000,000 $ 1,279,000,000    
Dominion Energy Gas Holdings, LLC          
Changes in fair value of plan assets:          
Employer contributions 0        
Amounts recognized in the Consolidated Balance Sheets at December 31:          
Noncurrent pension and other postretirement benefit assets [1] 840,000,000 840,000,000 705,000,000    
Noncurrent Assets of Discontinued Operations     5,849,000,000    
Noncurrent liabilities of discontinued operations     (2,896,000,000)    
Pension Benefits          
Changes in benefit obligation:          
Benefit obligation at beginning of year   8,500,000,000 9,052,000,000    
Service cost   162,000,000 157,000,000 $ 138,000,000  
Interest cost   394,000,000 337,000,000 345,000,000  
Benefits paid   (470,000,000) (358,000,000)    
Actuarial (gains) losses during the year   1,054,000,000 (688,000,000)    
Settlements and curtailments [2]   (48,000,000)      
Benefit obligation at end of year 10,446,000,000 10,446,000,000 8,500,000,000 9,052,000,000  
Changes in fair value of plan assets:          
Fair value of plan assets at beginning of year   7,197,000,000 8,062,000,000    
Dominion Energy SCANA Combination   727,000,000      
Actual return (loss) on plan assets   1,747,000,000 (513,000,000)    
Employer contributions 520,000,000 557,000,000 6,000,000    
Benefits paid   (470,000,000) (358,000,000)    
Settlements   (127,000,000)      
Fair value of plan assets at end of year 9,631,000,000 9,631,000,000 7,197,000,000 8,062,000,000  
Funded status at end of year (815,000,000) (815,000,000) (1,303,000,000)    
Amounts recognized in the Consolidated Balance Sheets at December 31:          
Noncurrent pension and other postretirement benefit assets 1,266,000,000 1,266,000,000 1,003,000,000    
Other current liabilities (29,000,000) (29,000,000) (34,000,000)    
Noncurrent pension and other postretirement benefit liabilities (2,052,000,000) (2,052,000,000) (2,272,000,000)    
Net amount recognized $ (815,000,000) $ (815,000,000) $ (1,303,000,000)    
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate 3.63% 3.63% 4.42%    
Weighted average rate of increase for compensation 4.23% 4.23% 4.32%    
Pension Benefits | SCANA          
Changes in benefit obligation:          
Dominion Energy SCANA Combination   $ 854,000,000      
Pension Benefits | Dominion Energy Gas Holdings, LLC          
Changes in benefit obligation:          
Benefit obligation at beginning of year   730,000,000 $ 773,000,000    
Dominion Energy Gas Restructuring   (468,000,000)      
Service cost   6,000,000 18,000,000 15,000,000  
Interest cost   11,000,000 29,000,000 30,000,000  
Benefits paid   (15,000,000) (34,000,000)    
Actuarial (gains) losses during the year   30,000,000 (56,000,000)    
Settlements and curtailments [2]   1,000,000      
Benefit obligation at end of year $ 295,000,000 295,000,000 730,000,000 773,000,000  
Changes in fair value of plan assets:          
Fair value of plan assets at beginning of year   1,656,000,000 1,803,000,000    
Dominion Energy Gas Restructuring   (1,084,000,000)      
Actual return (loss) on plan assets   129,000,000 (113,000,000)    
Employer contributions   0      
Benefits paid   (15,000,000) (34,000,000)    
Fair value of plan assets at end of year 686,000,000 686,000,000 1,656,000,000 1,803,000,000  
Funded status at end of year 391,000,000 391,000,000 926,000,000    
Amounts recognized in the Consolidated Balance Sheets at December 31:          
Noncurrent pension and other postretirement benefit assets 391,000,000 391,000,000 310,000,000    
Noncurrent Assets of Discontinued Operations     616,000,000    
Net amount recognized $ 391,000,000 $ 391,000,000 $ 926,000,000    
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate         4.10%
Weighted average rate of increase for compensation 4.64% 4.64% 4.55%    
Pension Benefits | Minimum          
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate 3.47% 3.47% 4.42%   4.07%
Pension Benefits | Maximum          
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate 3.63% 3.63% 4.43%   4.10%
Other Postretirement Benefits          
Changes in benefit obligation:          
Benefit obligation at beginning of year   $ 1,363,000,000 $ 1,529,000,000    
Service cost   26,000,000 27,000,000 26,000,000  
Interest cost   68,000,000 56,000,000 60,000,000  
Benefits paid   (96,000,000) (87,000,000)    
Actuarial (gains) losses during the year   111,000,000 (158,000,000)    
Plan amendments     (4,000,000)    
Settlements and curtailments [2]   44,000,000      
Benefit obligation at end of year $ 1,769,000,000 1,769,000,000 1,363,000,000 1,529,000,000  
Changes in fair value of plan assets:          
Fair value of plan assets at beginning of year   1,581,000,000 1,729,000,000    
Actual return (loss) on plan assets   349,000,000 (92,000,000)    
Employer contributions   12,000,000 12,000,000    
Benefits paid   (62,000,000) (68,000,000)    
Fair value of plan assets at end of year 1,880,000,000 1,880,000,000 1,581,000,000 1,729,000,000  
Funded status at end of year 111,000,000 111,000,000 218,000,000    
Amounts recognized in the Consolidated Balance Sheets at December 31:          
Noncurrent pension and other postretirement benefit assets 442,000,000 442,000,000 276,000,000    
Other current liabilities (17,000,000) (17,000,000) (2,000,000)    
Noncurrent pension and other postretirement benefit liabilities (314,000,000) (314,000,000) (56,000,000)    
Net amount recognized $ 111,000,000 $ 111,000,000 $ 218,000,000    
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate 3.44% 3.44% 4.37%    
Other Postretirement Benefits | SCANA          
Changes in benefit obligation:          
Dominion Energy SCANA Combination   $ 253,000,000      
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC          
Changes in benefit obligation:          
Benefit obligation at beginning of year   256,000,000 $ 290,000,000    
Dominion Energy Gas Restructuring   (135,000,000)      
Service cost   1,000,000 4,000,000 4,000,000  
Interest cost   5,000,000 11,000,000 12,000,000  
Benefits paid   (8,000,000) (18,000,000)    
Actuarial (gains) losses during the year   1,000,000 (27,000,000)    
Plan amendments     (4,000,000)    
Settlements and curtailments [2]   1,000,000      
Benefit obligation at end of year $ 121,000,000 121,000,000 256,000,000 290,000,000  
Changes in fair value of plan assets:          
Fair value of plan assets at beginning of year   311,000,000 333,000,000    
Dominion Energy Gas Restructuring   (126,000,000)      
Actual return (loss) on plan assets   38,000,000 (16,000,000)    
Employer contributions   12,000,000 12,000,000    
Benefits paid   (8,000,000) (18,000,000)    
Fair value of plan assets at end of year 227,000,000 227,000,000 311,000,000 $ 333,000,000  
Funded status at end of year 106,000,000 106,000,000 55,000,000    
Amounts recognized in the Consolidated Balance Sheets at December 31:          
Noncurrent pension and other postretirement benefit assets 106,000,000 106,000,000 63,000,000    
Noncurrent liabilities of discontinued operations     (8,000,000)    
Net amount recognized $ 106,000,000 $ 106,000,000 $ 55,000,000    
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate         4.05%
Other Postretirement Benefits | Minimum          
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate 3.44% 3.44% 4.37%   4.05%
Other Postretirement Benefits | Maximum          
Significant assumptions used to determine benefit obligations as of December 31:          
Discount rate 3.52% 3.52% 4.38%   4.08%
[1] See Note 25 for amounts attributable to related parties.
[2] 2019 amounts relate primarily to a settlement as a result of the voluntary retirement program.
v3.19.3.a.u2
Employee Benefit Plans (Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation $ 9,552 $ 7,705
Fair value of plan assets 7,471 5,398
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation 341 164
Fair value of plan assets $ 10 136
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC    
Defined Benefit Plan Disclosure [Line Items]    
Benefit obligation   134
Fair value of plan assets   $ 126
v3.19.3.a.u2
Employee Benefit Plans (Accumulated Benefit Obligation in Excess of Plan Assets) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
General Discussion Of Pension And Other Postretirement Benefits [Abstract]    
Accumulated benefit obligation $ 8,852 $ 7,056
Fair value of plan assets $ 7,471 $ 5,398
v3.19.3.a.u2
Employee Benefit Plans (Benefit Payments Expected Future Service) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2020 $ 535
2021 472
2022 511
2023 519
2024 536
2025-2029 2,792
Pension Benefits | Dominion Energy Gas Holdings, LLC  
Defined Benefit Plan Disclosure [Line Items]  
2020 15
2021 15
2022 15
2023 15
2024 15
2025-2029 79
Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2020 120
2021 117
2022 116
2023 114
2024 113
2025-2029 528
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC  
Defined Benefit Plan Disclosure [Line Items]  
2020 8
2021 8
2022 8
2023 8
2024 8
2025-2029 $ 36
v3.19.3.a.u2
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]      
Total investments $ 1,708 $ 1,279  
Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total investments [1] 840 705  
Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 9,631 7,197 $ 8,062
Total investments 1,266 1,003  
Pension Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 686 1,656 1,803
Total investments 391 310  
Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1,880 1,581 1,729
Total investments 442 276  
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 227 311 $ 333
Total investments 106 63  
Collective Bargaining Agreement | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 6,248 4,424  
Total recorded at NAV [2] 3,406 2,762  
Total investments [3] 9,654 7,186  
Collective Bargaining Agreement | Pension Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 450 1,017  
Total recorded at NAV [2] 238 636  
Total investments [4] 688 1,653  
Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 23 18  
Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1 4  
Collective Bargaining Agreement | Pension Benefits | US Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value [5] 2,284 1,645  
Collective Bargaining Agreement | Pension Benefits | US Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 177 378  
Collective Bargaining Agreement | Pension Benefits | Foreign Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1,634 1,061  
Collective Bargaining Agreement | Pension Benefits | Foreign Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 114 244  
Collective Bargaining Agreement | Pension Benefits | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 360 318  
Collective Bargaining Agreement | Pension Benefits | Insurance contracts | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 28 73  
Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1,132 752  
Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 69 173  
Collective Bargaining Agreement | Pension Benefits | Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 815 630  
Collective Bargaining Agreement | Pension Benefits | Government securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 61 145  
Collective Bargaining Agreement | Pension Benefits | Common/collective trust funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 2,355 1,849  
Collective Bargaining Agreement | Pension Benefits | Common/collective trust funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 157 425  
Collective Bargaining Agreement | Pension Benefits | Real Estate Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 91 108  
Collective Bargaining Agreement | Pension Benefits | Real Estate Funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 7 25  
Collective Bargaining Agreement | Pension Benefits | Private Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 787 633  
Collective Bargaining Agreement | Pension Benefits | Private Equity Funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 61 146  
Collective Bargaining Agreement | Pension Benefits | Fixed Income Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 159 155  
Collective Bargaining Agreement | Pension Benefits | Fixed Income Funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 12 36  
Collective Bargaining Agreement | Pension Benefits | Hedge Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 14 17  
Collective Bargaining Agreement | Pension Benefits | Hedge Funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 1 4  
Collective Bargaining Agreement | Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1,045 829  
Total recorded at NAV [2] 836 751  
Total investments [6] 1,881 1,580  
Collective Bargaining Agreement | Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 107 143  
Total recorded at NAV [2] 120 168  
Total investments 227 311  
Collective Bargaining Agreement | Other Postretirement Benefits | Cash equivalents and other      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 2 2  
Collective Bargaining Agreement | Other Postretirement Benefits | US Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 719 554  
Collective Bargaining Agreement | Other Postretirement Benefits | US Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 86 113  
Collective Bargaining Agreement | Other Postretirement Benefits | Foreign Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 206 170  
Collective Bargaining Agreement | Other Postretirement Benefits | Foreign Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 21 30  
Collective Bargaining Agreement | Other Postretirement Benefits | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 21 19  
Collective Bargaining Agreement | Other Postretirement Benefits | Corporate debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 51 45  
Collective Bargaining Agreement | Other Postretirement Benefits | Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 46 39  
Collective Bargaining Agreement | Other Postretirement Benefits | Common/collective trust funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 717 650  
Collective Bargaining Agreement | Other Postretirement Benefits | Common/collective trust funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 105 148  
Collective Bargaining Agreement | Other Postretirement Benefits | Real Estate Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 8 10  
Collective Bargaining Agreement | Other Postretirement Benefits | Real Estate Funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 1 2  
Collective Bargaining Agreement | Other Postretirement Benefits | Private Equity Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 100 80  
Collective Bargaining Agreement | Other Postretirement Benefits | Private Equity Funds | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 14 18  
Collective Bargaining Agreement | Other Postretirement Benefits | Fixed Income Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 10 10  
Collective Bargaining Agreement | Other Postretirement Benefits | Hedge Funds      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at NAV [2] 1 1  
Level 1 | Collective Bargaining Agreement | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 4,271 2,771  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 297 637  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 22 17  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1 4  
Level 1 | Collective Bargaining Agreement | Pension Benefits | US Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value [5] 2,284 1,645  
Level 1 | Collective Bargaining Agreement | Pension Benefits | US Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 177 378  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Foreign Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1,634 1,061  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Foreign Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 114 244  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 273 23  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 3 5  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 58 25  
Level 1 | Collective Bargaining Agreement | Pension Benefits | Government securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 2 6  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 930 728  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 107 143  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | Cash equivalents and other      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 2 1  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | US Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 719 554  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | US Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 86 113  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | Foreign Equity Securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 206 170  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | Foreign Equity Securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 21 30  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | Corporate debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1 1  
Level 1 | Collective Bargaining Agreement | Other Postretirement Benefits | Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 2 2  
Level 2 | Collective Bargaining Agreement | Pension Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1,977 1,653  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 153 380  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Cash equivalents and other      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 1 1  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 360 318  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Insurance contracts | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 28 73  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 859 729  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Corporate debt instruments | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 66 168  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 757 605  
Level 2 | Collective Bargaining Agreement | Pension Benefits | Government securities | Dominion Energy Gas Holdings, LLC      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 59 139  
Level 2 | Collective Bargaining Agreement | Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 115 101  
Level 2 | Collective Bargaining Agreement | Other Postretirement Benefits | Cash equivalents and other      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value   1  
Level 2 | Collective Bargaining Agreement | Other Postretirement Benefits | Insurance contracts      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 21 19  
Level 2 | Collective Bargaining Agreement | Other Postretirement Benefits | Corporate debt instruments      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value 50 44  
Level 2 | Collective Bargaining Agreement | Other Postretirement Benefits | Government securities      
Defined Benefit Plan Disclosure [Line Items]      
Total recorded at fair value $ 44 $ 37  
[1] See Note 25 for amounts attributable to related parties.
[2] These investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
[3] Excludes net assets related to pending sales of securities of $52 million, net accrued income of $24 million, and includes net assets related to pending purchases of securities of $99 million at December 31, 2019. Excludes net assets related to pending sales of securities of $12 million, net accrued income of $21 million, and includes net assets related to pending purchases of securities of $22 million at December 31, 2018.
[4] Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $6 million at December 31, 2019. Excludes net assets related to pending sales of securities of $3 million, net accrued income of $5 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2018.
[5] Includes $508 million of Dominion Energy common stock at December 31, 2019.
[6] Excludes net assets related to pending sales of securities of $2 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $5 million at December 31, 2019. Excludes net assets related to pending sales of securities of $1 million, net accrued income of $2 million, and includes net assets related to pending purchases of securities of $2 million at December 31, 2018.
v3.19.3.a.u2
Employee Benefit Plans (Fair values of pension and post retirement plan assets by asset category) (Parenthetical) (Detail) - Collective Bargaining Agreement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]    
Common stock $ 508  
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Pending sales of securities 52 $ 12
Net accrued income 24 21
Pending purchases of securities 99 22
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Pending sales of securities 2 3
Net accrued income 2 5
Pending purchases of securities 6 5
Dominion Energy Gas Holdings, LLC | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Pending sales of securities 2 1
Net accrued income 2 2
Pending purchases of securities $ 5 $ 2
v3.19.3.a.u2
Employee Benefit Plans (Net Periodic Benefit (Credit) Cost and Amounts Recognized in Other Comprehensive Income and Regulatory Assets and Liabilities) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Pension Benefits      
Service cost $ 162 $ 157 $ 138
Interest cost 394 337 345
Expected return on plan assets (708) (663) (639)
Amortization of prior service (credit) cost 1 1 1
Amortization of net actuarial loss 172 193 162
Settlements and curtailments 72 0 0
Net periodic benefit (credit) cost 93 25 7
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:      
Current year net actuarial (gain) loss 16 490 142
Prior service (credit) cost 0 0 5
Settlements and curtailments 6 0 1
Amortization of net actuarial loss (172) (193) (162)
Amortization of prior service credit (cost) (1) (1) (1)
Total recognized in other comprehensive income and regulatory assets and liabilities $ (151) $ 296 $ (15)
Significant assumptions used to determine periodic cost:      
Expected long-term rate of return on plan assets   8.75% 8.75%
Weighted average rate of increase for compensation 4.20% 4.09% 4.09%
Pension Benefits | Dominion Energy Gas Holdings, LLC      
Service cost $ 6 $ 18 $ 15
Interest cost 11 29 30
Expected return on plan assets (54) (150) (141)
Amortization of prior service (credit) cost 0 0 0
Amortization of net actuarial loss 7 19 16
Settlements and curtailments 1    
Net periodic benefit (credit) cost (29) (84) (80)
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:      
Current year net actuarial (gain) loss (46) 207 (75)
Prior service (credit) cost 0 0 0
Amortization of net actuarial loss (7) (19) (16)
Amortization of prior service credit (cost) 0 0 0
Total recognized in other comprehensive income and regulatory assets and liabilities $ (53) $ 188 $ (91)
Significant assumptions used to determine periodic cost:      
Discount rate   3.81% 4.50%
Expected long-term rate of return on plan assets 8.65% 8.75% 8.75%
Weighted average rate of increase for compensation 4.55% 4.11% 4.11%
Pension Benefits | Minimum      
Significant assumptions used to determine periodic cost:      
Discount rate 3.57% 3.80% 3.31%
Expected long-term rate of return on plan assets 7.00%    
Pension Benefits | Minimum | Dominion Energy Gas Holdings, LLC      
Significant assumptions used to determine periodic cost:      
Discount rate 4.10%    
Pension Benefits | Maximum      
Significant assumptions used to determine periodic cost:      
Discount rate 4.43% 3.81% 4.50%
Expected long-term rate of return on plan assets 8.65%    
Pension Benefits | Maximum | Dominion Energy Gas Holdings, LLC      
Significant assumptions used to determine periodic cost:      
Discount rate 4.42%    
Other Postretirement Benefits      
Service cost $ 26 $ 27 $ 26
Interest cost 68 56 60
Expected return on plan assets (140) (143) (128)
Amortization of prior service (credit) cost (52) (52) (51)
Amortization of net actuarial loss 10 11 13
Settlements and curtailments 42 0 0
Net periodic benefit (credit) cost (46) (101) (80)
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:      
Current year net actuarial (gain) loss (98) 78 12
Prior service (credit) cost 2 (4) (73)
Settlements and curtailments 0 0 2
Amortization of net actuarial loss (10) (11) (13)
Amortization of prior service credit (cost) 52 52 51
Total recognized in other comprehensive income and regulatory assets and liabilities $ (54) $ 115 $ (21)
Significant assumptions used to determine periodic cost:      
Discount rate   3.76%  
Expected long-term rate of return on plan assets 8.50% 8.50% 8.50%
Healthcare cost trend rate [1]   7.00% 7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) [1] 5.00% 5.00% 5.00%
Year that the rate reaches the ultimate trend rate [1]   2022 2021
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC      
Service cost $ 1 $ 4 $ 4
Interest cost 5 11 12
Expected return on plan assets (16) (28) (24)
Amortization of prior service (credit) cost (5) (4) (3)
Amortization of net actuarial loss 3 3 2
Settlements and curtailments 1    
Net periodic benefit (credit) cost (11) (14) (9)
Changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets and liabilities:      
Current year net actuarial (gain) loss (21) 16 18
Prior service (credit) cost 0 (4) (61)
Amortization of net actuarial loss (3) (3) (2)
Amortization of prior service credit (cost) 5 4 3
Total recognized in other comprehensive income and regulatory assets and liabilities $ (19) $ 13 $ (42)
Significant assumptions used to determine periodic cost:      
Discount rate   3.81% 4.47%
Expected long-term rate of return on plan assets 8.50% 8.50% 8.50%
Healthcare cost trend rate [1] 6.50% 7.00% 7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) [1] 5.00% 5.00% 5.00%
Year that the rate reaches the ultimate trend rate [1] 2025 2022 2021
Other Postretirement Benefits | Minimum      
Significant assumptions used to determine periodic cost:      
Discount rate 4.05%   3.92%
Healthcare cost trend rate [1] 6.50%    
Year that the rate reaches the ultimate trend rate [1] 2023    
Other Postretirement Benefits | Minimum | Dominion Energy Gas Holdings, LLC      
Significant assumptions used to determine periodic cost:      
Discount rate 4.05%    
Other Postretirement Benefits | Maximum      
Significant assumptions used to determine periodic cost:      
Discount rate 4.41%   4.47%
Healthcare cost trend rate [1] 6.60%    
Year that the rate reaches the ultimate trend rate [1] 2025    
Other Postretirement Benefits | Maximum | Dominion Energy Gas Holdings, LLC      
Significant assumptions used to determine periodic cost:      
Discount rate 4.37%    
[1] Assumptions used to determine net periodic cost for the following year.
v3.19.3.a.u2
Employee Benefit Plans (AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost) (Detail) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss $ 1,793 $ 1,700
Dominion Energy Gas Holdings, LLC    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss 187 169
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss 3,327 3,477
Prior service (credit) cost 5 7
Total [1] 3,332 3,484
Pension Benefits | Dominion Energy Gas Holdings, LLC    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss 150 555
Prior service (credit) cost 0 0
Total [2] 150 555
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss 241 350
Prior service (credit) cost (339) (393)
Total [1] (98) (43)
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss 44 89
Prior service (credit) cost (49) (52)
Total [2] $ (5) $ 37
[1] As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2018, of the $3.5 billion and $(43) million related to pension benefits and other postretirement benefits, $2.0 billion and $(41) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities.
[2] As of December 31, 2019, of the $150 million related to pension benefits, $147 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(5) million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2018, of the $555 million related to pension benefits, $200 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $37 million related to other postretirement benefits is included entirely in regulatory assets and liabilities.
v3.19.3.a.u2
Employee Benefit Plans (AOCI and regulatory assets and liabilities that have not been recognized as components of periodic benefit (credit) cost) (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total [1] $ 3,332 $ 3,484
Amount included in AOCI 2,000 2,000
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total [1] (98) (43)
Amount included in AOCI (65) (41)
Dominion Energy Gas Holdings, LLC | Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total [2] 150 555
Amount included in AOCI 147 200
Dominion Energy Gas Holdings, LLC | Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Total [2] $ (5) 37
Dominion Energy Gas Holdings, LLC | Noncurrent Assets of Discontinued Operations    
Defined Benefit Plan Disclosure [Line Items]    
Total   $ 22
[1] As of December 31, 2019, of the $3.3 billion and $(98) million related to pension benefits and other postretirement benefits, $2.0 billion and $(65) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities. As of December 31, 2018, of the $3.5 billion and $(43) million related to pension benefits and other postretirement benefits, $2.0 billion and $(41) million, respectively, are included in AOCI, with the remainder included in regulatory assets and liabilities.
[2] As of December 31, 2019, of the $150 million related to pension benefits, $147 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $(5) million related to other postretirement benefits is included entirely in regulatory assets and liabilities. As of December 31, 2018, of the $555 million related to pension benefits, $200 million is included in AOCI, with the remainder included in regulatory assets and liabilities; the $37 million related to other postretirement benefits is included entirely in regulatory assets and liabilities.
v3.19.3.a.u2
Employee Benefit Plans (Components of AOCI and Regulatory Assets and Liabilities) (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Net actuarial loss $ 194
Prior service (credit) cost 1
Pension Benefits | Dominion Energy Gas Holdings, LLC  
Defined Benefit Plan Disclosure [Line Items]  
Net actuarial loss 7
Prior service (credit) cost 0
Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
Net actuarial loss 5
Prior service (credit) cost (50)
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC  
Defined Benefit Plan Disclosure [Line Items]  
Net actuarial loss 2
Prior service (credit) cost $ (5)
v3.19.3.a.u2
Employee Benefit Plans (Effect of One Percentage Point Change on Benefit Plans) (Detail) - Other Postretirement Benefits
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Effect of one percentage point increase on total of service and interest cost components $ 20
Effect of one percentage point increase on other postretirement benefit obligation 153
Effect of one percentage point decrease on total of service and interest cost components (11)
Effect of one percentage point decrease on other postretirement benefit obligation (128)
Dominion Energy Gas Holdings, LLC  
Defined Benefit Plan Disclosure [Line Items]  
Effect of one percentage point increase on total of service and interest cost components 2
Effect of one percentage point increase on other postretirement benefit obligation 14
Effect of one percentage point decrease on total of service and interest cost components (2)
Effect of one percentage point decrease on other postretirement benefit obligation $ (12)
v3.19.3.a.u2
Commitments and Contingencies (Narrative) (Detail)
gal in Millions, MMcf in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 01, 2020
USD ($)
Sep. 30, 2019
USD ($)
Jul. 31, 2019
USD ($)
May 31, 2019
USD ($)
T
Mar. 31, 2019
USD ($)
MMcf
Feb. 28, 2019
USD ($)
Jan. 31, 2019
USD ($)
Aug. 31, 2018
USD ($)
Jun. 30, 2018
USD ($)
Aug. 31, 2016
T
Apr. 30, 2015
Facility
Mar. 31, 2019
USD ($)
MMcf
Jun. 30, 2018
USD ($)
Dec. 31, 2019
USD ($)
Facility
gal
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Loss Contingencies [Line Items]                                
ARO incurred                           $ 2,413.0 [1] $ 20.0  
Regulatory liability                           11,498.0 7,196.0  
Impairment of assets and other charges                           1,535.0 403.0 $ 15.0
Property, Plant and Equipment, Net                           $ 69,082.0 54,560.0  
DESC                                
Loss Contingencies [Line Items]                                
Contesting amount for filed liens in Fairfield country               $ 285.0                
DESC | NND Project costs                                
Loss Contingencies [Line Items]                                
Equity method investment, ownership percentage                           55.00%    
SCDOR | DESC                                
Loss Contingencies [Line Items]                                
Proposed assessment amount from audit                 $ 410.0              
Proportionate Share of NND Project                 100.00%              
SOUTH CAROLINA | DESC                                
Loss Contingencies [Line Items]                                
Amount claimed by plaintiffs in legal matter           $ 100.0                    
Percentage claimed by plaintiffs in legal matter           100.00%                    
DESC Ratepayer Case                                
Loss Contingencies [Line Items]                                
Litigation settlement paid $ 520.0                              
Virginia Electric and Power Company                                
Loss Contingencies [Line Items]                                
ARO incurred                           $ 2,408.0 [1] 14.0  
Regulatory liability                           5,241.0 4,946.0  
Asset Impairment Charges After Tax             $ 119.0                  
Impairment of assets and other charges             $ 160.0             757.0    
Property, Plant and Equipment, Net                           32,882.0 $ 30,521.0  
Litigation settlement paid       $ 7.0                        
Virginia Electric and Power Company | Future Ash Pond and Landfill Closure Costs                                
Loss Contingencies [Line Items]                                
ARO incurred                       $ 202.0        
Virginia Electric and Power Company | Increase In Property Plant And Equipment                                
Loss Contingencies [Line Items]                                
ARO incurred                       1,300.0 $ 46.0      
Virginia Electric and Power Company | Increase in Regulatory Assets                                
Loss Contingencies [Line Items]                                
ARO incurred                         4.0      
Virginia Electric and Power Company | Cost of Landfills and Beneficial Reuse                                
Loss Contingencies [Line Items]                                
ARO incurred                       2,400.0 131.0      
Virginia Electric and Power Company | Other operations and maintenance                                
Loss Contingencies [Line Items]                                
ARO incurred                       113.0 81.0      
ARO incurred, after tax                       $ 84.0 $ 60.0      
Virginia Electric and Power Company | Impairment Of Assets And Other Charges [Member]                                
Loss Contingencies [Line Items]                                
Asset Impairment Charges After Tax   $ 12.0   46.0 $ 257.0                      
Impairment of assets and other charges   $ 17.0   $ 62.0 346.0                      
Virginia Electric and Power Company | Minimum                                
Loss Contingencies [Line Items]                                
Proposed revenue requirement         $ 225.0                      
SCANA                                
Loss Contingencies [Line Items]                                
Reserves                           696.0    
SCANA | DESC Ratepayer Case                                
Loss Contingencies [Line Items]                                
Credit in future electric rate relief                           2.0    
Escrow account                           2.0    
Cash payment     $ 117.0                     115.0    
Property, Plant and Equipment, Net     $ 54.0                          
SCANA | Other Receivables [Member]                                
Loss Contingencies [Line Items]                                
Insurance receivables                           111.0    
SCANA | Impairment Of Assets And Other Charges [Member]                                
Loss Contingencies [Line Items]                                
Asset Impairment Charges After Tax                           480.0    
Impairment of assets and other charges                           641.0    
SCANA | Minimum | DESC Ratepayer Case                                
Loss Contingencies [Line Items]                                
Proceeds from sale of property                           60.0    
SCANA | Maximum | DESC Ratepayer Case                                
Loss Contingencies [Line Items]                                
Proceeds from sale of property                           $ 85.0    
CWA | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                                
Loss Contingencies [Line Items]                                
Compliance date                           2023-12    
CWA | EPA | 2015 Effluent Limitations Guidelines Rule for Steam Electric Power Generating Category                                
Loss Contingencies [Line Items]                                
Compliance date                           2020-11    
CCR | Virginia Electric and Power Company | Minimum                                
Loss Contingencies [Line Items]                                
Cubic yards of CCR required by legislation to be beneficially reused | MMcf         6.8             6.8        
Carbon Regulations                                
Loss Contingencies [Line Items]                                
Significant emission rate per rear CO2 equivalent | T                   75,000            
Unfavorable Regulatory Action | EPA                                
Loss Contingencies [Line Items]                                
Electric generating station facilities heightened entrainment analysis per day | gal                           125    
Unfavorable Regulatory Action | VDEQ                                
Loss Contingencies [Line Items]                                
Significant emission rate initial carbon cap | T       28.0                        
Significant emission rate ultimate carbon cap | T       19.6                        
Unfavorable Regulatory Action | CWA                                
Loss Contingencies [Line Items]                                
Number of facilities that may be subject to final regulations | Facility                           13    
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Former Gas Plant Site with Post Closure Groundwater Monitoring Program                                
Loss Contingencies [Line Items]                                
Environmental remediation reserves                           $ 34.0    
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | 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    
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | Virginia Electric and Power Company | Former Gas Plant Site with Post Closure Groundwater Monitoring Program | Other operations and maintenance                                
Loss Contingencies [Line Items]                                
Environmental Remediation Expense                 $ 16.0              
Environmental Remediation Expense, net of tax                 $ 12.0              
Unfavorable Regulatory Action | Coal Tar and Other Potentially Harmful Materials | EPA | SCANA                                
Loss Contingencies [Line Items]                                
Updated remediation work plan, cost increase                           $ 8.0    
Unfavorable Regulatory Action | CCR | Facilities Subject to Coal Combustion Residual Final Rule | Environmental Protection Agency Final Rule Regulating Management of CCRs                                
Loss Contingencies [Line Items]                                
Number of facilities with CCR | Facility                     11          
U S department of treasury [member] | FERC-regulated | Virginia Electric and Power Company                                
Loss Contingencies [Line Items]                                
Regulatory liability       $ 7.0                        
[1] Reflects future ash pond and landfill closure costs at certain utility generation facilities. See Note 23 for further information.
v3.19.3.a.u2
Commitments and Contingencies (Nuclear Operations) (Narrative) (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2015
Jun. 30, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident in summer per year     $ 14,000,000    
NRC minimum requirement for nuclear power plant licensees     1,060,000,000.00    
Maximum assessment for premiums on insurance policy     31,000,000    
Maximum assessment for insurance policy     81,000,000    
Spent Nuclear Fuel          
Loss Contingencies [Line Items]          
Receivables     52,000,000 $ 49,000,000  
Maximum          
Loss Contingencies [Line Items]          
Amount that could be assessed for each licensed reactor     138,000,000    
Amount that could be assessed for each licensed reactor per reactor     21,000,000    
Nuclear Obligations          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount   $ 14,100,000,000 13,900,000,000    
Virginia Electric and Power Company          
Loss Contingencies [Line Items]          
Maximum assessment for premiums on insurance policy     50,000,000    
Maximum assessment for insurance policy     10,000,000    
Virginia Electric and Power Company | Spent Nuclear Fuel          
Loss Contingencies [Line Items]          
Receivables     35,000,000 30,000,000  
DESC          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount     138,000,000    
Minimum Liability Protection Per Nuclear Incident Amount     21,000,000    
Maximum liability protection per nuclear incident in summer     92,000,000    
Public liability claims     14,000,000.0    
Maximum of Claim Liability Insured     450,000,000    
DESC | NEIL          
Loss Contingencies [Line Items]          
Maximum loss for any single loss occurrence     2,750,000,000    
Annual Premium     24,000,000    
DESC | Nuclear Obligations | NEIL          
Loss Contingencies [Line Items]          
Property insurance coverage     2,750,000,000    
DESC | Non-nuclear Obligation | NEIL          
Loss Contingencies [Line Items]          
Property insurance coverage     2,330,000,000    
DESC | Non-nuclear Obligation | European Mutual Association          
Loss Contingencies [Line Items]          
Property insurance coverage     415,000,000    
Annual Premium     2,000,000    
Surry and North Anna          
Loss Contingencies [Line Items]          
Settlement amount     15,000,000 16,000,000 $ 22,000,000
Millstone          
Loss Contingencies [Line Items]          
Settlement amount     11,000,000 $ 13,000,000 $ 14,000,000
Millstone | Dominion Energy and Virginia Electric and Power          
Loss Contingencies [Line Items]          
Amount of coverage purchased from commercial insurance pools     450,000,000    
Millstone Unit 1          
Loss Contingencies [Line Items]          
Minimum financial assurance     2,800,000,000    
Kewaunee          
Loss Contingencies [Line Items]          
Maximum assessment for premiums on insurance policy $ 50,000,000        
Kewaunee | Nuclear Obligations          
Loss Contingencies [Line Items]          
Maximum liability protection per nuclear incident amount     100,000,000    
Kewaunee | Virginia Electric and Power Company          
Loss Contingencies [Line Items]          
Minimum financial assurance     1,800,000,000    
Summer Unit          
Loss Contingencies [Line Items]          
Settlement amount     $ 3,000,000    
v3.19.3.a.u2
Commitments and Contingencies (Nuclear Insurance) (Detail)
Dec. 31, 2019
USD ($)
Millstone  
Guarantor Obligations [Line Items]  
Property insurance coverage $ 1,700,000,000
Kewaunee  
Guarantor Obligations [Line Items]  
Property insurance coverage 50,000,000.00
Summer  
Guarantor Obligations [Line Items]  
Property insurance coverage 2,750,000,000
Surry | Virginia Electric and Power Company  
Guarantor Obligations [Line Items]  
Property insurance coverage 1.70
North Anna | Virginia Electric and Power Company  
Guarantor Obligations [Line Items]  
Property insurance coverage $ 1.70
v3.19.3.a.u2
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Detail) - Virginia Electric and Power Company - Purchased electric capacity
$ in Millions
Dec. 31, 2019
USD ($)
 [1]
Long-term Purchase Commitment [Line Items]  
2020 $ 45
2021 44
2022 44
2023 44
2024 44
Thereafter 494
Total $ 715
[1] Commitments represent estimated amounts payable for energy under power purchase contracts with qualifying facilities which expire at various dates through 2046. Energy payments are generally based on fixed dollar amounts per month and totaled $29 million for the year ended December 31, 2019.
v3.19.3.a.u2
Commitment and Contingencies (Schedule of Long Term Purchase Commitments) (Parenthetical) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Virginia Electric and Power Company | Energy payments  
Long-term Purchase Commitment [Line Items]  
Energy payments $ 29
v3.19.3.a.u2
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($)
 1 Months Ended
Feb. 29, 2020
Oct. 31, 2017
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Guarantor Obligations [Line Items]          
Debt maximum borrowing capacity [1]     $ 6,000,000,000   $ 6,000,000,000
Maximum Exposure     5,151,000,000    
Revolving Credit Facility          
Guarantor Obligations [Line Items]          
Debt maximum borrowing capacity       $ 700,000,000  
Cove Point          
Guarantor Obligations [Line Items]          
Maximum Exposure     1,900,000,000    
Virginia Electric and Power Company          
Guarantor Obligations [Line Items]          
Debt maximum borrowing capacity [2]     6,000,000,000   6,000,000,000
Dominion Energy Gas Holdings, LLC          
Guarantor Obligations [Line Items]          
Debt maximum borrowing capacity [3]     1,500,000,000   1,500,000,000
Nuclear Obligations          
Guarantor Obligations [Line Items]          
Maximum Exposure     182,000,000    
Commodity Transactions          
Guarantor Obligations [Line Items]          
Maximum Exposure     2,215,000,000    
Financial Guarantee [Member] | Revolving Credit Facility | Atlantic Coast Pipeline          
Guarantor Obligations [Line Items]          
Debt maximum borrowing capacity   $ 3,400,000,000      
Financial Guarantee [Member] | Equity Method Investee [Member]          
Guarantor Obligations [Line Items]          
Maximum potential loss exposure, limited guarantee percentage   48.00%      
Guarantee liability     14,000,000   $ 21,000,000
Guarantee recorded amount     1,800,000,000    
Maximum Exposure     27,000,000    
Solar          
Guarantor Obligations [Line Items]          
Maximum Exposure     477,000,000    
Other          
Guarantor Obligations [Line Items]          
Maximum Exposure     377,000,000    
Surety Bond [Member]          
Guarantor Obligations [Line Items]          
Maximum Exposure     163,000,000    
Surety Bond [Member] | Virginia Electric and Power Company          
Guarantor Obligations [Line Items]          
Maximum Exposure     77,000,000    
Surety Bond [Member] | Dominion Energy Gas Holdings, LLC          
Guarantor Obligations [Line Items]          
Maximum Exposure     26,000,000    
Financial Standby Letter of Credit [Member]          
Guarantor Obligations [Line Items]          
Maximum Exposure     $ 89,000,000    
Subsequent Event | Financial Guarantee [Member] | Equity Method Investee [Member] | Atlantic Coast Pipeline          
Guarantor Obligations [Line Items]          
Additional borrowing $ 27,000,000        
[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 December 31, 2019, 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 December 31, 2019, 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.
v3.19.3.a.u2
Credit Risk (Narrative) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
Customer
Dec. 31, 2018
USD ($)
Concentration Risk And Guarantor Obligations [Line Items]    
Gross credit exposure $ 233  
Additional collateral to be posted if the credit related contingent features were triggered 10 $ 1
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 10 $ 1
Virginia Electric and Power Company    
Concentration Risk And Guarantor Obligations [Line Items]    
Gross credit exposure 71  
Additional collateral to be posted if the credit related contingent features were triggered 8  
Dominion Energy Gas Holdings, LLC    
Concentration Risk And Guarantor Obligations [Line Items]    
Gross credit exposure $ 46  
Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | Largest Customer    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 17.00% 12.00%
Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | Export Customers    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 34.00% 32.00%
Credit Concentration Risk    
Concentration Risk And Guarantor Obligations [Line Items]    
Amount of exposure for single counterparty $ 61  
Credit Concentration Risk | Virginia Electric and Power Company    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 96.00%  
Amount of exposure for single counterparty $ 61  
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC    
Concentration Risk And Guarantor Obligations [Line Items]    
Amount of exposure for single counterparty $ 9  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 88.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 81.00%  
Customer Concentration Risk | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 98.00%  
Number of customers | Customer 296  
Customer Concentration Risk | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | Ten Largest Customers    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 38.00%  
Customer Concentration Risk | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC | Thirty Largest Customers    
Concentration Risk And Guarantor Obligations [Line Items]    
Concentration risk, percentage (percentage) 72.00%  
v3.19.3.a.u2
Related-Party Transactions (Narrative) (Detail) - USD ($)
 1 Months Ended 2 Months Ended 12 Months Ended
Feb. 01, 2020
May 31, 2019
Feb. 28, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Nov. 30, 2019
Sep. 30, 2019
Mar. 31, 2019
Dec. 31, 2016
Related Party Transaction [Line Items]                    
Derivative Asset       $ 93,000,000 $ 294,000,000          
Derivative Liabilities       740,000,000 279,000,000          
Interest income           $ 11,000,000        
Debt maximum borrowing capacity [1]       6,000,000,000 6,000,000,000          
Interest income from bonds       101,000,000 84,000,000 82,000,000        
Capital expenditures       4,980,000,000 4,254,000,000 5,504,000,000        
DESC Ratepayer Case                    
Related Party Transaction [Line Items]                    
Litigation settlement $ 520,000,000                  
Portion of Litigation Settlement $ 320,000,000                  
Commercial Paper | DMLPHCII                    
Related Party Transaction [Line Items]                    
Interest Rate                   2.75%
Debt Instrument, Face Amount                   $ 15,000,000.0
Term Loan Credit Agreement                    
Related Party Transaction [Line Items]                    
Credit facility, outstanding amount         3,000,000,000.0     $ 3,000,000,000.0    
Revolving Credit Facility                    
Related Party Transaction [Line Items]                    
Debt maximum borrowing capacity                 $ 700,000,000  
Dominion Energy Gas Holdings, LLC                    
Related Party Transaction [Line Items]                    
Derivative Asset       8,000,000 31,000,000          
Derivative Liabilities       86,000,000 19,000,000          
Payable to affiliates       260,000,000 3,097,000,000          
Affiliated receivables       362,000,000 319,000,000          
Business Combination, Acquisition Related Costs       603,000,000 230,000,000 239,000,000        
Debt maximum borrowing capacity [2]       1,500,000,000 1,500,000,000          
Interest income from bonds       105,000,000 26,000,000 4,000,000        
Capital expenditures       704,000,000 1,109,000,000 1,815,000,000        
Dominion Energy Gas Holdings, LLC | DGP                    
Related Party Transaction [Line Items]                    
Capital expenditures         704,000,000          
Dominion Energy Gas Holdings, LLC | Commercial Paper                    
Related Party Transaction [Line Items]                    
Payable to affiliates       $ 1,800,000,000            
Interest Rate       2.50%            
Interest income       $ 5,000,000            
Dominion Energy Gas Holdings, LLC | Commercial Paper | Maximum                    
Related Party Transaction [Line Items]                    
Debt maximum borrowing capacity             $ 3,000,000,000.0      
Dominion Energy Gas Holdings, LLC | IRCA                    
Related Party Transaction [Line Items]                    
Interest income from bonds       14,000,000 15,000,000 5,000,000        
Dominion Energy Gas Holdings, LLC | IRCA | DCP                    
Related Party Transaction [Line Items]                    
Payable to affiliates         $ 2,800,000,000          
Weighted- average interest rate percentage         3.43%          
Interest charges related to others       94,000,000 $ 96,000,000 82,000,000        
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | DCP                    
Related Party Transaction [Line Items]                    
Payable to affiliates       $ 9,000,000 $ 57,000,000          
Weighted- average interest rate percentage       3.85% 3.45%          
Interest charges related to others       $ 3,000,000 $ 1,000,000 1,000,000        
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA                    
Related Party Transaction [Line Items]                    
Payable to affiliates       $ 251,000,000 $ 218,000,000          
Weighted- average interest rate percentage       2.02% 2.78%          
Interest charges related to others       $ 3,000,000 $ 1,000,000          
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | DMLPHCII                    
Related Party Transaction [Line Items]                    
Payable to affiliates         $ 22,000,000          
Weighted- average interest rate percentage         3.43%          
Dominion Energy Gas Holdings, LLC | Revolving Credit Facility | IRCA | Maximum | DMLPHCII                    
Related Party Transaction [Line Items]                    
Interest charges related to others         $ 1,000,000          
Dominion Energy Gas Holdings, LLC | Pension Benefits | Amounts Associated with the Dominion Pension Plan                    
Related Party Transaction [Line Items]                    
Amounts due from Dominion, noncurrent       326,000,000 319,000,000          
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Unbilled Revenues [Member]                    
Related Party Transaction [Line Items]                    
Amounts due from Dominion, noncurrent       22,000,000 7,000,000          
Dominion Energy Gas Holdings, LLC | 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       17,000,000 13,000,000          
Virginia Electric and Power Company                    
Related Party Transaction [Line Items]                    
Derivative Asset       24,000,000 93,000,000          
Derivative Liabilities       466,000,000 103,000,000          
Payable to affiliates       107,000,000 224,000,000          
Affiliated receivables       27,000,000 101,000,000          
Interest income           11,000,000        
Debt maximum borrowing capacity [3]       6,000,000,000 6,000,000,000          
Interest income from bonds       11,000,000 10,000,000 19,000,000        
Capital expenditures       2,642,000,000 2,228,000,000 $ 2,496,000,000        
Litigation settlement   $ 7,000,000                
Virginia Electric and Power Company | Affiliated Entity                    
Related Party Transaction [Line Items]                    
Derivative Asset       3,000,000 26,000,000          
Derivative Liabilities       53,000,000 10,000,000          
Virginia Electric and Power Company | Principal Owner                    
Related Party Transaction [Line Items]                    
Payable to affiliates       $ 107,000,000 $ 224,000,000          
Weighted- average interest rate percentage       3.22% 2.94%          
Virginia Electric and Power Company | Amounts Associated with the Dominion Pension Plan                    
Related Party Transaction [Line Items]                    
Amounts due to Dominion, noncurrent       $ 782,000,000 $ 632,000,000          
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       287,000,000 254,000,000          
East Ohio | Commercial Paper                    
Related Party Transaction [Line Items]                    
Affiliated receivables       1,700,000,000 1,400,000,000          
Interest income       $ 72,000,000 64,000,000          
East Ohio | Commercial Paper | Maximum                    
Related Party Transaction [Line Items]                    
Interest Rate       4.90%            
East Ohio | Commercial Paper | Minimum                    
Related Party Transaction [Line Items]                    
Interest Rate       3.67%            
Dominion Energy Midstream Partners, LP                    
Related Party Transaction [Line Items]                    
Credit facility, outstanding amount     $ 73,000,000              
Dominion Energy Midstream Partners, LP | Term Loan Credit Agreement | Commercial Paper                    
Related Party Transaction [Line Items]                    
Interest Rate     3.50%              
Interest charges related to others       $ 10,000,000            
Debt Instrument, Face Amount     $ 400,000,000              
Proceeds from issuance of medium term notes     $ 395,000,000              
Cove Point | Term Loan Credit Agreement | Commercial Paper                    
Related Party Transaction [Line Items]                    
Credit facility, outstanding amount         $ 3,000,000,000.0          
Interest Rate         3.60%          
Interest income       $ 82 $ 21,000,000          
[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] 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 December 31, 2019, 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.
[3] 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 December 31, 2019, 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 $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
v3.19.3.a.u2
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Virginia Electric and Power Company      
Related Party Transaction [Line Items]      
Commodity purchases from affiliates $ 690 $ 930 $ 674
Services provided by affiliates 503 450 453
Virginia Electric and Power Company | Affiliated Entity      
Related Party Transaction [Line Items]      
Services provided to related parties 24 24 25
Dominion Energy Gas Holdings, LLC      
Related Party Transaction [Line Items]      
Services provided to related parties 164 260 190
Commodity purchases from affiliates 249 168 173
Services provided by affiliates 226 169 193
Other receivables 7 13  
Other deferred charges and other assets 12    
Dominion Energy Gas Holdings, LLC | Affiliated Entity      
Related Party Transaction [Line Items]      
Services provided to related parties 12   $ 10
Imbalances receivable from affiliates 8 16  
Imbalances payable to affiliates $ 1 $ 4  
v3.19.3.a.u2
Related-Party Transactions (Parenthetical) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Related Party Transaction [Line Items]      
Capital expenditures $ 4,980 $ 4,254 $ 5,504
Virginia Electric and Power Company      
Related Party Transaction [Line Items]      
Capital expenditures 2,642 2,228 2,496
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity      
Related Party Transaction [Line Items]      
Capital expenditures 133 145 144
Dominion Energy Gas Holdings, LLC      
Related Party Transaction [Line Items]      
Capital expenditures 704 1,109 1,815
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity      
Related Party Transaction [Line Items]      
Capital expenditures $ 19 $ 37 $ 53
v3.19.3.a.u2
Operating Segments (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]            
After-tax charge related to the impairment of gathering and processing assets     $ 164      
Gain loss on investments held in nuclear decommissioning trust funds, after tax       $ (93) $ (17) $ 141
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act [1]         46 (851)
Charges associated with equity method investments in wind-powered generation facilities           158
Charge related to a voluntary retirement program       320    
Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
Gain loss on investments held in nuclear decommissioning trust funds, after tax       (17) 2 16
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act [1]       0 21 (93)
Charge related to a voluntary retirement program       116    
Dominion Energy Gas Holdings, LLC            
Segment Reporting Information [Line Items]            
Gain loss on investments held in nuclear decommissioning trust funds, after tax       (18) (45) 26
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act [1]         (6) (246)
Transaction and transition costs related to acquisition       603 230 239
Charge related to a voluntary retirement program       20    
Virginia Legislation | Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
Benefit from revision of future closure costs       113    
Benefit from revision of future closure costs, after tax       84    
Corporate and Other            
Segment Reporting Information [Line Items]            
After- tax net benefit (expenses)       (627)    
Dominion Energy Virginia | Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
Asset early retirement expense       160    
Asset early retirement expense after tax       119    
Contract termination with a non-utility generator       135    
Contract termination with a non-utility generator, after tax       100    
Abandonment expense       62    
Abandonment expense, after tax       46    
Dominion Energy Virginia | Virginia Legislation | Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
Benefit from revision of future closure costs       113    
Benefit from revision of future closure costs, after tax       84    
Dominion Energy South Carolina Inc            
Segment Reporting Information [Line Items]            
Charge for refund of amounts from customers, after tax       756    
Charge for refund of amounts from customers       1,000    
Remeasured Subsequent To Initial Recognition            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       1,000    
SCANA            
Segment Reporting Information [Line Items]            
Gain loss on investments held in nuclear decommissioning trust funds       150    
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       194    
Transaction and transition costs related to acquisition   $ 1,300   484    
Transaction and transition costs related to acquisition, after tax       315    
Income tax related to regulatory assets acquired       258    
Charge related to a voluntary retirement program       444    
Charge related to a voluntary retirement program, after-tax       332    
Charge related to a voluntary retirement program after tax $ 316          
SCANA | Dominion Energy Virginia            
Segment Reporting Information [Line Items]            
Charge related to a voluntary retirement program, after-tax       151    
SCANA | Gas, Transmission & Storage            
Segment Reporting Information [Line Items]            
Charge related to a voluntary retirement program, after-tax       5    
SCANA | Contracted Generation            
Segment Reporting Information [Line Items]            
Charge related to a voluntary retirement program, after-tax       38    
SCANA | Dominion Energy South Carolina Inc            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       194    
Transaction and transition costs related to acquisition       641    
Transaction and transition costs related to acquisition, after tax       480    
Income tax related to regulatory assets acquired   $ 258        
Charge related to a voluntary retirement program, after-tax       75    
Charge for property, plant and equipment acquired but committed to forgo recovery       114    
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax       86    
SCANA | Gas Distribution            
Segment Reporting Information [Line Items]            
Charge related to a voluntary retirement program, after-tax       56    
Operating Segments            
Segment Reporting Information [Line Items]            
Gain loss on investments held in nuclear decommissioning trust funds       553 170  
Gain loss on investments held in nuclear decommissioning trust funds, after tax       411 134  
After- tax net benefit (expenses)       (2,000) (88) 861
Benefit associated with sale of certain merchant generation facilities and equity method investments         828  
Benefit associated with sale of certain merchant generation facilities and equity method investments, after tax         619  
Operating Segments | Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act           93
Charge related to a voluntary retirement program       198    
Charge related to a voluntary retirement program, after-tax       146    
Operating Segments | Dominion Energy Gas Holdings, LLC            
Segment Reporting Information [Line Items]            
After- tax net benefit (expenses)         (107) (156)
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act           169
Charge for disallowance of FERC-regulated plant         124  
After-tax charge for disallowance of FERC-regulated plant         88  
Charge for disallowance of FERC-regulated plant         124  
Operating Segments | Virginia Regulation            
Segment Reporting Information [Line Items]            
Charge associated with asset retirement obligations for ash ponds and landfills at certain utility generation facilities         81  
Charge associated with asset retirement obligations for ash ponds and landfills at certain utility generation facilities, after tax         60  
Operating Segments | Corporate and Other            
Segment Reporting Information [Line Items]            
After- tax net benefit (expenses)       (2,600) (611) 377
Operating Segments | Corporate and Other | Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
After- tax net benefit (expenses)       (634) (312) 74
Operating Segments | Corporate and Other | Dominion Energy Gas Holdings, LLC            
Segment Reporting Information [Line Items]            
After- tax net benefit (expenses)       127 (90) $ 389
Tax benefit resulting from changes in tax status ofsubsidiaries       48    
Charge related to a voluntary retirement program       42    
Charge related to a voluntary retirement program after tax       31    
Operating Segments | Gas Infrastructure            
Segment Reporting Information [Line Items]            
Benefit associated with sale of certain merchant generation facilities and equity method investments, after tax         390  
Operating Segments | Dominion Energy Virginia            
Segment Reporting Information [Line Items]            
Gain loss on investments held in nuclear decommissioning trust funds, after tax       49 14  
Operating Segments | Dominion Energy Virginia | Virginia Electric and Power Company            
Segment Reporting Information [Line Items]            
Asset early retirement expense       346    
Asset early retirement expense after tax       257    
Operating Segments | Dominion Energy Virginia | Dominion Energy Gas Holdings, LLC            
Segment Reporting Information [Line Items]            
After- tax net benefit (expenses)       12    
Asset early retirement expense       346    
Asset early retirement expense after tax       257    
Operating Segments | Dominion Energy Virginia | Virginia Legislation            
Segment Reporting Information [Line Items]            
One-time rate credit amount         215  
One-time rate credit amount after tax         160  
Operating Segments | Power Delivery            
Segment Reporting Information [Line Items]            
Charge associated with major storm damage and service restoration         70  
Charge associated with major storm damage and service restoration, after tax         52  
Benefit associated with sale of certain merchant generation facilities and equity method investments, after tax         229  
Operating Segments | Gas, Transmission & Storage            
Segment Reporting Information [Line Items]            
After-tax charge related to the impairment of gathering and processing assets         164  
Charge related to impairment of certain gathering and processing assets         219  
Operating Segments | Contracted Generation            
Segment Reporting Information [Line Items]            
Gain loss on investments held in nuclear decommissioning trust funds, after tax       362 $ 120  
Charges associated with equity method investments in wind-powered generation facilities       158    
Charges associated with equity method investments in wind-powered generation facilities, after tax       96    
Operating Segments | Remeasured Subsequent To Initial Recognition | Dominion Energy Virginia            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       83    
Operating Segments | Remeasured Subsequent To Initial Recognition | Gas, Transmission & Storage            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       302    
Operating Segments | Remeasured Subsequent To Initial Recognition | Contracted Generation            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       569    
Operating Segments | Remeasured Subsequent To Initial Recognition | Gas Distribution            
Segment Reporting Information [Line Items]            
Tax benefit resulting from remeasurement of deferred income taxes as a result of the 2017 Tax Reform Act       $ 56    
[1] The 2017 Tax Reform Act impact for Dominion Energy Gas includes an expense of $8 million for the year ended December 31, 2018 and a benefit of $93 million for the year ended December 31, 2017 arising from discontinued operations.
v3.19.3.a.u2
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting Information [Line Items]                      
Operating revenue $ 4,475 $ 4,269 $ 3,970 $ 3,858 $ 3,361 $ 3,451 $ 3,088 $ 3,466 $ 16,572 [1] $ 13,366 [1] $ 12,586 [1]
Depreciation, depletion and amortization                 2,655 2,000 1,905
Equity in earnings of equity method investees                 168 197 (18)
Interest income                 101 84 82
Interest and related charges                 1,773 1,493 1,205
Income tax expense (benefit)                 351 580 (30)
Net income (loss) 1,009 975 54 (680) 641 854 449 503 1,358 2,447 2,999
Investment in equity method investees 1,646       1,278       1,646 1,278  
Capital expenditures                 5,321    
Total assets 103,823       77,914       103,823 77,914  
Dominion Energy Gas Holdings, LLC                      
Segment Reporting Information [Line Items]                      
Operating revenue 571 502 530 566 566 533 508 389 2,169 [2] 1,996 [2] 1,523 [2]
Depreciation, depletion and amortization                 367 333 242
Equity in earnings of equity method investees                 43 54 47
Interest income                 105 26 4
Interest and related charges [2]                 311 174 60
Income tax expense (benefit)                 101 124 (65)
Net Income (loss) from discontinued operations [3]                 141 24 163
Net income (loss) 261 151 119 190 27 191 83 180 721 481 703
Investment in equity method investees 312       339       312 339  
Capital expenditures                 704 1,109 1,815
Total assets 18,784       26,751       18,784 26,751  
Virginia Electric and Power Company                      
Segment Reporting Information [Line Items]                      
Operating revenue 1,941 2,264 1,938 1,965 1,810 2,232 1,829 1,748 8,108 [4] 7,619 [4] 7,556 [4]
Depreciation, depletion and amortization                 1,223 1,132 1,141
Interest income                 11 10 19
Interest and related charges [4]                 524 511 494
Income tax expense (benefit)                 264 300 774
Net income (loss) 427 $ 602 $ 100 $ 20 239 $ 520 $ 339 $ 184 1,149 1,282 1,540
Capital expenditures                 2,981 2,542 2,729
Total assets 41,428       36,880       41,428 36,880  
Dominion Energy South Carolina                      
Segment Reporting Information [Line Items]                      
Operating revenue                 2,948    
Dominion Energy Virginia                      
Segment Reporting Information [Line Items]                      
Operating revenue                 8,170 8,401 8,254
Dominion Energy Virginia | Virginia Electric and Power Company                      
Segment Reporting Information [Line Items]                      
Operating revenue                 8,137 7,835 7,556
Depreciation, depletion and amortization                 1,215 1,157 1,141
Interest income                 11 10 19
Interest and related charges                 529 516 497
Income tax expense (benefit)                 481 378 868
Net income (loss)                 1,783 1,594 1,466
Capital expenditures                 2,981 2,542 2,729
Total assets 41,400       37,000       41,400 37,000  
Gas, Transmission & Storage                      
Segment Reporting Information [Line Items]                      
Operating revenue                 3,074 1,867 1,054
Gas, Transmission & Storage | Dominion Energy Gas Holdings, LLC                      
Segment Reporting Information [Line Items]                      
Operating revenue                 2,186 1,996 1,523
Depreciation, depletion and amortization                 367 333 242
Equity in earnings of equity method investees                 43 54 47
Interest income                 105 26 4
Interest and related charges                 309 173 60
Income tax expense (benefit)                 170 226 189
Net income (loss)                 594 571 314
Investment in equity method investees 312       339       312 339  
Capital expenditures                 391 749 1,459
Total assets 18,800       19,900       18,800 19,900  
Gas Distribution                      
Segment Reporting Information [Line Items]                      
Operating revenue                 2,367 1,769 1,778
Contracted Generation                      
Segment Reporting Information [Line Items]                      
Operating revenue                 1,135 1,487 1,345
Corporate and Other                      
Segment Reporting Information [Line Items]                      
Operating revenue                 (1,122) (249) (27)
Corporate and Other | Dominion Energy Gas Holdings, LLC                      
Segment Reporting Information [Line Items]                      
Operating revenue                 (17)    
Interest income                 0    
Interest and related charges                 2 1  
Income tax expense (benefit)                 (69) (102) (254)
Net Income (loss) from discontinued operations                 141 24 163
Net income (loss)                 127 (90) 389
Capital expenditures                 313 360 356
Total assets 0       6,900       0 6,900  
Corporate and Other | Virginia Electric and Power Company                      
Segment Reporting Information [Line Items]                      
Operating revenue                 29 216  
Depreciation, depletion and amortization                 8 (25)  
Interest and related charges                 (5) (5) (3)
Income tax expense (benefit)                 (217) (78) (94)
Net income (loss)                 (634) (312) 74
Total assets         (100)         (100)  
Adjustments & Eliminations                      
Segment Reporting Information [Line Items]                      
Operating revenue                   91 182
Interest income                 (386) (271) (222)
Interest and related charges                 (386) (272) (222)
Total assets (9,700)       (12,900)       (9,700) (12,900)  
Intersegment revenue                      
Segment Reporting Information [Line Items]                      
Operating revenue                 (1,470) (918) (1,008)
Intersegment revenue | Dominion Energy South Carolina                      
Segment Reporting Information [Line Items]                      
Operating revenue                 4    
Intersegment revenue | Dominion Energy Virginia                      
Segment Reporting Information [Line Items]                      
Operating revenue                 (13) (552) (688)
Intersegment revenue | Gas, Transmission & Storage                      
Segment Reporting Information [Line Items]                      
Operating revenue                 247 723 946
Intersegment revenue | Gas Distribution                      
Segment Reporting Information [Line Items]                      
Operating revenue                 18 16 17
Intersegment revenue | Contracted Generation                      
Segment Reporting Information [Line Items]                      
Operating revenue                 15 8 9
Intersegment revenue | Corporate and Other                      
Segment Reporting Information [Line Items]                      
Operating revenue                 1,199 723 724
Eliminations                      
Segment Reporting Information [Line Items]                      
Operating revenue                 (1,470) (827) (826)
Operating Segments                      
Segment Reporting Information [Line Items]                      
Capital expenditures                   4,405 5,909
Operating Segments | Dominion Energy South Carolina                      
Segment Reporting Information [Line Items]                      
Operating revenue                 2,952    
Depreciation, depletion and amortization                 452    
Equity in earnings of equity method investees                 (4)    
Interest income                 9    
Interest and related charges                 242    
Income tax expense (benefit)                 163    
Net income (loss)                 430    
Capital expenditures                 562    
Total assets 15,800               15,800    
Operating Segments | Dominion Energy Virginia                      
Segment Reporting Information [Line Items]                      
Operating revenue                 8,157 7,849 7,566
Depreciation, depletion and amortization                 1,216 1,158 1,141
Interest income                 11 10 19
Interest and related charges                 530 516 497
Income tax expense (benefit)                 482 380 865
Net income (loss)                 1,786 1,596 1,466
Capital expenditures                 3,002 2,640 2,726
Total assets 43,700       39,100       43,700 39,100  
Operating Segments | Gas, Transmission & Storage                      
Segment Reporting Information [Line Items]                      
Operating revenue                 3,321 2,590 2,000
Depreciation, depletion and amortization                 400 348 260
Equity in earnings of equity method investees                 161 178 158
Interest income                 211 143 114
Interest and related charges                 405 262 100
Income tax expense (benefit)                 262 236 291
Net income (loss)                 934 844 552
Investment in equity method investees 1,517       1,159       1,517 1,159  
Capital expenditures                 431 765 1,489
Total assets 20,900       22,600       20,900 22,600  
Operating Segments | Gas Distribution                      
Segment Reporting Information [Line Items]                      
Operating revenue                 2,385 1,785 1,795
Depreciation, depletion and amortization                 335 263 258
Equity in earnings of equity method investees                 2    
Interest income                 4    
Interest and related charges                 116 79 72
Income tax expense (benefit)                 114 95 195
Net income (loss)                 488 373 351
Investment in equity method investees 32               32    
Capital expenditures                 848 647 452
Total assets 16,000       11,800       16,000 11,800  
Operating Segments | Contracted Generation                      
Segment Reporting Information [Line Items]                      
Operating revenue                 1,150 1,495 1,354
Depreciation, depletion and amortization                 179 213 200
Equity in earnings of equity method investees                 (1) 18 (171)
Interest income                 92 80 77
Interest and related charges                 98 124 110
Income tax expense (benefit)                 20 75 (160)
Net income (loss)                 276 245 253
Investment in equity method investees 74       82       74 82  
Capital expenditures                 367 247 979
Total assets 10,200       9,000       10,200 9,000  
Operating Segments | Corporate and Other                      
Segment Reporting Information [Line Items]                      
Operating revenue                 77 474 697
Depreciation, depletion and amortization                 73 18 46
Equity in earnings of equity method investees                 10 1 (5)
Interest income                 160 122 94
Interest and related charges                 768 784 648
Income tax expense (benefit)                 (690) (206) (1,221)
Net income (loss)                 (2,556) (611) 377
Investment in equity method investees 23       37       23 37  
Capital expenditures                 111 106 $ 263
Total assets $ 6,900       $ 8,300       $ 6,900 $ 8,300  
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 25 for amounts attributable to related parties.
[3] Includes income tax expense of $33 million, less than $1 million and $91 million in 2019, 2018 and 2017, respectively.
[4] See Note 25 for amounts attributable to affiliates.
v3.19.3.a.u2
Quarterly Financial and Common Stock Data (Unaudited) (Quarterly Financial and Common Stock Data) (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]                      
Operating revenue $ 4,475 $ 4,269 $ 3,970 $ 3,858 $ 3,361 $ 3,451 $ 3,088 $ 3,466 $ 16,572 [1] $ 13,366 [1] $ 12,586 [1]
Income (loss) from operations 1,221 1,314 461 (482) 834 1,150 742 875 2,514 3,601 3,937
Net income including noncontrolling interests 1,010 985 58 (677) 662 883 478 526 1,376 2,549 3,120
Net income (loss) $ 1,009 $ 975 $ 54 $ (680) $ 641 $ 854 $ 449 $ 503 $ 1,358 $ 2,447 $ 2,999
Net income attributable to Dominion Energy — Basic $ 1.22 $ 1.19 $ 0.07 $ (0.86) $ 0.97 $ 1.31 $ 0.69 $ 0.77 $ 1.66 $ 3.74 $ 4.72
Net income attributable to Dominion Energy — Diluted 1.21 1.17 0.05 (0.86) 0.97 1.30 0.69 0.77 1.62 3.74 4.72
Dividends declared per common share $ 0.9175 $ 0.9175 $ 0.9175 $ 0.9175 $ 0.835 $ 0.835 $ 0.835 $ 0.835 $ 3.67 $ 3.34 $ 3.035
Virginia Electric and Power Company                      
Condensed Financial Statements, Captions [Line Items]                      
Operating revenue $ 1,941 $ 2,264 $ 1,938 $ 1,965 $ 1,810 $ 2,232 $ 1,829 $ 1,748 $ 8,108 [2] $ 7,619 [2] $ 7,556 [2]
Income (loss) from operations 659 820 238 122 418 756 533 364 1,839 2,071 2,732
Net income (loss) 427 602 100 20 239 520 339 184 1,149 1,282 1,540
Dominion Energy Gas Holdings, LLC                      
Condensed Financial Statements, Captions [Line Items]                      
Operating revenue 571 502 530 566 566 533 508 389 2,169 [3] 1,996 [3] 1,523 [3]
Income (loss) from operations 276 202 179 247 228 302 90 167 904 787 552
Net income including noncontrolling interests 292 175 149 226 72 242 129 213 842 656 829
Net income from continuing operations 276 130 123 172 182 209 84 157      
Net income (loss) from discontinued operations 16 45 26 54 (110) 33 45 56      
Net income (loss) $ 261 $ 151 $ 119 $ 190 $ 27 $ 191 $ 83 $ 180 $ 721 $ 481 $ 703
Preferred Class A                      
Condensed Financial Statements, Captions [Line Items]                      
Dividends declared per preferred share $ 4.375 $ 4.375 $ 0.729                
Preferred Class B                      
Condensed Financial Statements, Captions [Line Items]                      
Dividends declared per preferred share $ 1.9375                    
[1] See Note 9 for amounts attributable to related parties.
[2] See Note 25 for amounts attributable to affiliates.
[3] See Note 25 for amounts attributable to related parties.
v3.19.3.a.u2
Quarterly Financial and Common Stock Data (Unaudited) (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Parent Company Only Financial Information [Line Items]                  
After-tax gains from the sale of certain merchant generation facilities       $ 536          
After-tax impairment charge for certain gathering and processing assets       $ 164          
After-tax charge for disallowance of FERC-regulated plant         $ 89        
After-taxcharge associated with Virginia legislation           $ 160      
SCANA [Member]                  
Parent Company Only Financial Information [Line Items]                  
Gain loss on investments held in nuclear decommissioning trust funds             $ 150    
Charge related to a voluntary retirement program after tax   $ 316              
Charge Related To Litigation Acquired After Tax $ 244 75 $ 134            
Charge related to a contract termination after tax.   100              
Charge For Refunds Collected From Customers     756            
After tax charge for decommissioning costs     197            
After tax charge for closure costs     84            
Merger and integration-related costs     1,300       484    
Virginia Electric and Power Company                  
Parent Company Only Financial Information [Line Items]                  
After-taxcharge associated with Virginia legislation           $ 160      
Gain loss on contract termination   100              
Voluntary retirement expenses after tax   144              
Project abandonement costs after tax   47              
After tax charge for charge for the planned early retirement 409                
After tax charge for closure costs 84                
Virginia Electric and Power Company | SCANA [Member]                  
Parent Company Only Financial Information [Line Items]                  
After tax charge for charge for the planned early retirement     409            
Dominion Energy Gas Holdings, LLC                  
Parent Company Only Financial Information [Line Items]                  
After-tax gains from the sale of certain merchant generation facilities $ 165                
After-tax charge for disallowance of FERC-regulated plant   89              
Voluntary retirement expenses after tax   58              
Merger and integration-related costs             $ 603 $ 230 $ 239
Dominion Energy Gas Holdings, LLC | Discontinued Operations                  
Parent Company Only Financial Information [Line Items]                  
Voluntary retirement expenses after tax   $ 32              
Dominion Energy Gas Holdings, LLC | SCANA [Member]                  
Parent Company Only Financial Information [Line Items]                  
After tax charge for regulatory assets     $ 277