DOMINION ENERGY GAS HOLDINGS, LLC, 10-Q filed on 5/5/2020
Quarterly Report
v3.20.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2020
Apr. 17, 2020
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q1  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name DOMINION ENERGY, INC.  
Entity Central Index Key 0000715957  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   839,251,000
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-08489  
Entity Tax Identification Number 54-1229715  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2000  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, no par value  
Trading Symbol D  
Security Exchange Name NYSE  
2016 Series A 5.25% Enhanced Junior Subordinated Notes    
Document Information [Line Items]    
Title of 12(b) Security 2016 Series A 5.25% Enhanced Junior Subordinated Notes  
Trading Symbol DRUA  
Security Exchange Name NYSE  
2019 Series A Corporate Units    
Document Information [Line Items]    
Title of 12(b) Security 2019 Series A Corporate Units  
Trading Symbol DCUE  
Security Exchange Name NYSE  
Virginia Electric and Power Company    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q1  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name VIRGINIA ELECTRIC AND POWER COMPANY  
Entity Central Index Key 0000103682  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   274,723
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 000-55337  
Entity Tax Identification Number 54-0418825  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2000  
Dominion Energy Gas Holdings, LLC    
Document Information [Line Items]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2020  
Document Fiscal Year Focus 2020  
Document Fiscal Period Focus Q1  
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
Entity Incorporation, State or Country Code VA  
Entity Registrant Name DOMINION ENERGY GAS HOLDINGS, LLC  
Entity Central Index Key 0001603291  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Current Reporting Status Yes  
Entity Shell Company false  
Entity File Number 001-37591  
Entity Tax Identification Number 46-3639580  
Entity Address, Address Line One 120 Tredegar Street  
Entity Address, City or Town Richmond  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 23219  
City Area Code 804  
Local Phone Number 819-2000  
Dominion Energy Gas Holdings, LLC | 2014 Series C 4.6% Senior Notes    
Document Information [Line Items]    
Title of 12(b) Security 2014 Series C 4.6% Senior Notes  
No Trading Symbol Flag true  
Security Exchange Name NYSE  
v3.20.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Revenue [1] $ 4,496 $ 3,858
Operating Expenses    
Electric fuel and other energy-related purchases 668 791
Purchased (excess) electric capacity 2 39
Purchased gas 427 730
Other operations and maintenance 1,043 1,002
Depreciation, depletion and amortization 673 651
Other taxes 284 292
Impairment of assets and other charges 768 835
Total operating expenses 3,865 4,340
Income (loss) from operations 631 (482)
Other income (expense) (399) 388
Interest and related charges 490 469
Loss from operations including noncontrolling interests before income tax expense (benefit) (258) (563)
Income tax expense (benefit) (19) 114
Net Loss Including Noncontrolling Interests (239) (677)
Noncontrolling Interests 31 3
Net Income (Loss) $ (270) $ (680)
Earnings Per Common Share    
Net loss attributable to Dominion Energy - Basic $ (0.34) $ (0.86)
Net loss attributable to Dominion Energy - Diluted $ (0.34) $ (0.86)
Virginia Electric and Power Company    
Operating Revenue [2] $ 1,930 $ 1,965
Operating Expenses    
Electric fuel and other energy-related purchases [2] 492 596
Purchased (excess) electric capacity (9) 33
Affiliated suppliers 87 86
Other operations and maintenance 331 193
Depreciation, depletion and amortization 311 304
Other taxes 87 85
Impairment of assets and other charges 764 546
Total operating expenses 2,063 1,843
Income (loss) from operations (133) 122
Other income (expense) (52) 37
Interest and related charges [2] 126 135
Loss from operations including noncontrolling interests before income tax expense (benefit) (311) 24
Income tax expense (benefit) (31) 4
Net Income (Loss) (280) 20
Dominion Energy Gas Holdings, LLC    
Operating Revenue [3] 556 566
Operating Expenses    
Purchased gas [3] 8 12
Other energy-related purchases   1
Affiliated suppliers 40 39
Other operations and maintenance 125 137
Depreciation, depletion and amortization 93 91
Other taxes 42 39
Total operating expenses 308 319
Income (loss) from operations 248 247
Earnings from equity method investee 15 13
Other income (expense) [3] 49 42
Interest and related charges [3] 58 87
Income from continuing operations 254 215
Income tax expense (benefit) 52 43
Net Income from continuing operations 202 172
Net Income from discontinued operations   54
Net Loss Including Noncontrolling Interests 202 226
Noncontrolling Interests 33 36
Net Income (Loss) $ 169 $ 190
[1] See Note 10 for amounts attributable to related parties.
[2] See Note 19 for amounts attributable to affiliates.
[3] See Note 19 for amounts attributable to related parties.
v3.20.1
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net income (loss) including noncontrolling interests $ (239) $ (677)
Net income (loss) (270) (680)
Other comprehensive income (loss), net of taxes:    
Net deferred losses on derivatives-hedging activities [1] (266) (24)
Changes in unrealized net gains on investment securities [2] 9 16
Amounts reclassified to net income (loss):    
Net derivative (gains) losses-hedging activities [3] 22 (31)
Net realized (gains) losses on investment securities [4] (9) 0
Net pension and other postretirement benefit costs [5] 19 8
Total other comprehensive loss (225) (31)
Comprehensive income (loss) including noncontrolling interests (464) (708)
Comprehensive income attributable to noncontrolling interests 31 3
Comprehensive loss attributable to Dominion Energy (495) (711)
Virginia Electric and Power Company    
Net income (loss) (280) 20
Other comprehensive income (loss), net of taxes:    
Net deferred losses on derivatives-hedging activities [6] (45) (7)
Changes in unrealized net gains on investment securities [7] (2) 2
Amounts reclassified to net income (loss):    
Net realized (gains) losses on investment securities [8] 1 0
Total other comprehensive loss (46) (5)
Comprehensive loss attributable to Dominion Energy (326) 15
Dominion Energy Gas Holdings, LLC    
Net income (loss) including noncontrolling interests 202 226
Net income (loss) 169 190
Other comprehensive income (loss), net of taxes:    
Net deferred losses on derivatives-hedging activities [9] (91) (27)
Amounts reclassified to net income (loss):    
Net derivative (gains) losses-hedging activities [10] 6 3
Net pension and other postretirement benefit costs [11] 1 1
Total other comprehensive loss (84) (23)
Comprehensive income (loss) including noncontrolling interests 118 203
Comprehensive income attributable to noncontrolling interests 33 35
Comprehensive loss attributable to Dominion Energy $ 85 $ 168
[1] Net of $93 million and $5 million tax for the three months ended March 31, 2020 and 2019, respectively.
[2] Net of $(4) million and $(6) million tax for the three months ended March 31, 2020 and 2019, respectively.
[3] Net of $(7) million and $10 million tax for the three months ended March 31, 2020 and 2019, respectively.
[4] Net of $4 million and $— million tax for the three months ended March 31, 2020 and 2019, respectively.
[5] Net of $(5) million and $(14) million tax for the three months ended March 31, 2020 and 2019, respectively.
[6] Net of $16 million and $2 million tax for the three months ended March 31, 2020 and 2019
[7] Net of $— million and $(1) million tax for the three months ended March 31, 2020 and 2019, respectively. 
[8] Net of $(1) million and $— million tax for the three months ended March 31, 2020 and 2019, respectively.
[9] Net of $32 million and $9 million tax for the three months ended March 31, 2020 and 2019, respectively.
[10] Net of $(2) million and $— million tax for the three months ended March 31, 2020 and 2019, respectively.
[11] Net of $(1) million tax for both the three months ended March 31, 2020 and 2019.
v3.20.1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net deferred losses on derivative-hedging activities, tax $ 93 $ 5
Changes in unrealized net gains on investment securities, tax (4) (6)
Net derivative (gains) losses-hedging activities, tax (7) 10
Net realized (gains) losses on investment securities, tax 4 0
Net pension and other postretirement benefit costs, tax (5) (14)
Virginia Electric and Power Company    
Net deferred losses on derivative-hedging activities, tax 16 2
Changes in unrealized net gains on investment securities, tax 0 (1)
Net realized (gains) losses on investment securities, tax (1) 0
Dominion Energy Gas Holdings, LLC    
Net deferred losses on derivative-hedging activities, tax 32 9
Net derivative (gains) losses-hedging activities, tax (2) 0
Net pension and other postretirement benefit costs, tax $ (1) $ (1)
v3.20.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 1,192 $ 166 [1]
Customer receivables (less allowance for doubtful accounts) 2,177 2,278 [1]
Other receivables (less allowance for doubtful accounts of $3 at both dates) [2] 248 367 [1]
Inventories 1,677 1,742 [1]
Regulatory assets 668 879 [1]
Other 574 656 [1]
Total current assets 6,536 6,088 [1]
Investments    
Nuclear decommissioning trust funds 5,313 6,192 [1]
Investment in equity method affiliates 1,886 1,646 [1]
Other 376 379 [1]
Total investments 7,575 8,217 [1]
Property, Plant and Equipment    
Property, plant and equipment 95,341 97,466 [1]
Accumulated depreciation, depletion and amortization (27,945) (28,384) [1]
Total property, plant and equipment, net 67,396 69,082 [1]
Deferred Charges and Other Assets    
Goodwill 8,946 8,946 [1]
Regulatory assets 9,564 7,687 [1]
Other 4,109 3,803 [1]
Total deferred charges and other assets 22,619 20,436 [1]
Total assets 104,126 103,823 [1]
Current Liabilities    
Securities due within one year 2,919 3,162 [3]
Short-term debt 2,190 911 [3]
Accounts payable 842 1,115 [3]
Accrued interest, payroll and taxes 1,089 1,323 [3]
Regulatory liabilities 641 497 [3]
Reserves for SCANA legal proceedings 560 696 [3]
Derivative liabilities 793 408 [3]
Other [4] 1,414 1,827 [3]
Total current liabilities 10,448 9,939 [3]
Long-Term Debt    
Long-term debt 31,097 30,313 [3]
Junior subordinated notes 3,407 3,406 [3]
Finance leases 111 105 [3]
Total long-term debt 34,615 33,824 [3]
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 6,158 6,277 [3]
Regulatory liabilities 10,589 11,001 [3]
Derivative liabilities 853 332 [3]
Other 8,711 8,417 [3]
Total deferred credits and other liabilities 26,311 26,027 [3]
Total liabilities 71,374 69,790 [3]
Commitments and Contingencies (see Note 17) [3]
Equity    
Preferred stock (See Note 16) 2,387 2,387 [3]
Common stock - no par [5] 23,902 23,824 [3]
Retained earnings 6,455 7,576 [3]
Accumulated other comprehensive income (loss) (2,018) (1,793) [3]
Total shareholders' equity 30,726 31,994 [3]
Noncontrolling interests 2,026 2,039 [3]
Total equity 32,752 34,033 [3]
Total liabilities and equity 104,126 103,823 [3]
Virginia Electric and Power Company    
Current Assets    
Cash and cash equivalents 71 17 [6]
Customer receivables (less allowance for doubtful accounts) 1,063 1,163 [6]
Other receivables (less allowance for doubtful accounts of $3 at both dates) 93 106 [6]
Affiliated receivables 3 27 [6]
Inventories 868 873 [6]
Regulatory assets 295 433 [6]
Other [7] 54 57 [6]
Total current assets 2,447 2,676 [6]
Investments    
Nuclear decommissioning trust funds 2,468 2,881 [6]
Other 3 3 [6]
Total investments 2,471 2,884 [6]
Property, Plant and Equipment    
Property, plant and equipment 44,446 47,038 [6]
Accumulated depreciation, depletion and amortization (13,434) (14,156) [6]
Total property, plant and equipment, net 31,012 32,882 [6]
Deferred Charges and Other Assets    
Regulatory assets 3,724 1,863 [6]
Other [7] 1,394 1,123 [6]
Total deferred charges and other assets 5,118 2,986 [6]
Total assets 41,048 41,428 [6]
Current Liabilities    
Securities due within one year 5 4 [6]
Short-term debt 135 243 [6]
Accounts payable 261 334 [6]
Payables to affiliates 339 210 [6]
Affiliated current borrowings [6]   107
Accrued interest, payroll and taxes 270 253 [6]
Regulatory liabilities [8] 181 167
Asset retirement obligations 78 340 [6]
Derivative liabilities [7] 481 243 [6]
Other 732 738 [6]
Total current liabilities 2,301 2,472 [6]
Long-Term Debt    
Long-term debt 12,327 12,325 [6]
Finance leases 23 16 [6]
Total long-term debt 12,350 12,341 [6]
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 2,807 2,962 [6]
Asset retirement obligations 3,516 3,241 [6]
Regulatory liabilities 4,820 5,074 [6]
Derivative liabilities [9] 534 223
Other [7] 1,698 1,349 [6]
Total deferred credits and other liabilities 12,841 12,626 [6]
Total liabilities 27,492 27,439 [6]
Commitments and Contingencies (see Note 17) [6]
Equity    
Common stock - no par [10] 5,738 5,738 [6]
Other paid-in capital 1,113 1,113 [6]
Retained earnings 6,780 7,167 [6]
Accumulated other comprehensive income (loss) (75) (29) [6]
Total shareholders' equity 13,556 13,989 [6]
Total liabilities and equity 41,048 41,428 [6]
Dominion Energy Gas Holdings, LLC    
Current Assets    
Cash and cash equivalents [11] 46 27 [12]
Customer receivables (less allowance for doubtful accounts) 157 173 [12]
Other receivables (less allowance for doubtful accounts of $3 at both dates) [13] 33 26 [12]
Affiliated receivables 87 362 [12]
Affiliated notes receivable 262  
Inventories 125 122 [12]
Gas imbalances [13] 39 52 [12]
Regulatory assets [14] 10 8
Other 84 96 [12]
Total current assets 833 858 [12]
Investments    
Affiliated notes receivable 3,437 3,437 [12]
Investment in equity method affiliates 312 312 [12]
Total investments 3,749 3,749 [12]
Property, Plant and Equipment    
Property, plant and equipment 15,224 15,166 [12]
Accumulated depreciation, depletion and amortization (3,620) (3,538) [12]
Total property, plant and equipment, net 11,604 11,628 [12]
Deferred Charges and Other Assets    
Goodwill 1,471 1,471 [12]
Regulatory assets [15] 40 40
Other [13] 1,087 1,078 [12]
Total deferred charges and other assets 2,558 2,549 [12]
Total assets 18,744 18,784 [12]
Current Liabilities    
Securities due within one year 699 700 [12]
Short-term debt 30 62 [12]
Accounts payable 40 59 [12]
Payables to affiliates 131 82 [12]
Affiliated current borrowings 256 260 [12]
Accrued interest, payroll and taxes 143 128 [12]
Regulatory liabilities [16] 38 41
Derivative liabilities [17] 69 33
Other [13] 190 161 [12]
Total current liabilities 1,489 1,452 [12]
Long-Term Debt    
Long-term debt 4,817 4,821 [12]
Finance leases 5 5 [12]
Total long-term debt 4,822 4,826 [12]
Deferred Credits and Other Liabilities    
Deferred income taxes and investment tax credits 1,277 1,288 [12]
Regulatory liabilities [18] 804 800
Derivative liabilities [19] 138 53
Other 1,078 989 [12]
Total deferred credits and other liabilities 2,355 2,277 [12]
Total liabilities 8,666 8,555 [12]
Commitments and Contingencies (see Note 17) [12]
Equity    
Membership interests 8,968 9,031 [12]
Accumulated other comprehensive income (loss) (271) (187) [12]
Total members' equity 8,697 8,844 [12]
Noncontrolling interests 1,381 1,385 [12]
Total equity 10,078 10,229 [12]
Total liabilities and equity $ 18,744 $ 18,784 [12]
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date
[2] See Note 10 for amounts attributable to related parties.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] See Note 10 for amounts attributable to related parties
[5] 1.8 billion shares authorized; 839 million shares and 838 million shares outstanding at March 31, 2020 and December 31, 2019, respectively.
[6] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[7] See Note 19 for amounts attributable to affiliates.
[8] Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets.
[9] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.
[10] 500,000 shares authorized; 274,723 shares outstanding at March 31, 2020 and December 31, 2019.
[11] At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
[12] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[13] See Note 19 for amounts attributable to related parties.
[14] Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[15] Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[16] Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[17] Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[18] Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[19] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.1
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Customer receivables, allowance for doubtful accounts $ 20 $ 20 [1]
Other receivables, allowance for doubtful accounts [2] $ 3 $ 3 [1]
Common stock, shares authorized 1,800,000,000 1,800,000,000
Common stock, shares outstanding 839,000,000 838,000,000
Virginia Electric and Power Company    
Customer receivables, allowance for doubtful accounts $ 8 $ 9 [3]
Other receivables, allowance for doubtful accounts $ 2 $ 2 [3]
Common stock, shares authorized 500,000 500,000
Common stock, shares outstanding 274,723 274,723
Dominion Energy Gas Holdings, LLC    
Customer receivables, allowance for doubtful accounts $ 2 $ 2 [4]
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] See Note 10 for amounts attributable to related parties.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Consolidated Statements of Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Preferred Stock
Common Stock
Retained Earnings
AOCI
Total Shareholders' Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2018 $ 22,048   $ 12,588 $ 9,219 $ (1,700) $ 20,107 $ 1,941
Beginning balance (in shares) at Dec. 31, 2018     681        
Net income (loss) including noncontrolling interests (677)     (680)   (680) 3
Issuance of common stock 247   $ 247     247  
Issuance of common stock (in shares)     3        
Acquisition of SCANA 6,818   $ 6,818     6,818  
Acquisition of SCANA (in shares)     96        
Acquisition of public interest in Dominion Energy Midstream (40)   $ 1,181     1,181 (1,221)
Acquisition of public interest in Dominion Energy Midstream (in shares)     22        
Dividends and distributions (766)     (733)   (733) (33)
Other comprehensive loss, net of tax (31)       (31) (31)  
Ending balance at Mar. 31, 2019 27,599   $ 20,834 7,806 (1,731) 26,909 690
Ending balance (in shares) at Mar. 31, 2019     802        
Beginning balance at Dec. 31, 2019 34,033 [1] $ 2,387 $ 23,824 7,576 (1,793) 31,994 2,039
Beginning balance (in shares) at Dec. 31, 2019   2 838        
Cumulative-effect of changes in accounting principles (48)     (48)   (48)  
Net income (loss) including noncontrolling interests (239)     (270)   (270) 31
Issuance of common stock 78   $ 78     78  
Issuance of common stock (in shares)     1        
Preferred stock dividends and distributions (16)     (16)   (16)  
Common stock dividends and distributions (832)     (788)   (788) (44)
Other comprehensive loss, net of tax (225)       (225) (225)  
Other 1     1   1  
Ending balance at Mar. 31, 2020 $ 32,752 $ 2,387 $ 23,902 $ 6,455 $ (2,018) $ 30,726 $ 2,026
Ending balance (in shares) at Mar. 31, 2020   2 839        
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]    
Dividends declared per common share $ 0.940 $ 0.9175
v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income (loss) including noncontrolling interests $ (239) $ (677)
Net income (loss) (270) (680)
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 759 734
Deferred income taxes and investment tax credits (65) 106
Provision for refunds and rate credits to electric utility customers 0 988
Impairment of assets and other charges 768 835
Net losses (gains) on nuclear decommissioning trust funds and other investments 526 (271)
Revision to future ash pond and landfill closure costs 0 (113)
Other adjustments 4 (11)
Changes in:    
Accounts receivable 245 153
Inventories 71 53
Deferred fuel and purchased gas costs, net 162 27
Prepayments 38 89
Accounts payable (164) (284)
Accrued interest, payroll and taxes (234) (329)
Customer deposits (13) (35)
Margin deposit assets and liabilities 46 93
Other operating assets and liabilities (271) (187)
Net cash provided by operating activities 1,633 1,171
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (1,462) (1,002)
Cash and restricted cash acquired in the SCANA Combination   389
Acquisition of solar development projects (8) (29)
Proceeds from sales of securities 602 506
Purchases of securities (631) (494)
Proceeds from sales of assets and equity method investments 14 154
Contributions to equity method affiliates (11) (69)
Acquisitions of equity method investments (178)  
Other 33 (7)
Net cash used in investing activities (1,641) (552)
Financing Activities    
Issuance (repayment) of short-term debt, net 1,279 1,905
Issuance of short-term notes 500 0
Repayment of credit facility borrowings 0 (113)
Issuance of long-term debt 950 600
Repayment of long-term debt (932) (2,217)
Issuance of common stock 78 247
Common dividend payments (788) (733)
Other (81) (72)
Net cash provided by (used in) financing activities 1,006 (383)
Increase (decrease) in cash, restricted cash and equivalents 998 236
Cash, restricted cash and equivalents at beginning of period 269 391
Cash, restricted cash and equivalents at end of period 1,267 627
Significant noncash investing and financing activities:    
Accrued capital expenditures [1],[2] 343 201
Financing leases [1],[2] 17 11
Virginia Electric and Power Company    
Operating Activities    
Net income (loss) (280) 20
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 357 346
Deferred income taxes and investment tax credits (135) (49)
Impairment of assets and other charges 764 546
Revision to future ash pond and landfill closure costs   (113)
Other adjustments 53 (39)
Changes in:    
Accounts receivable 123 62
Affiliated receivables and payables 24 (63)
Inventories 5 (19)
Deferred fuel and purchased gas costs, net 70 24
Prepayments (5) (2)
Accounts payable 99 (33)
Accrued interest, payroll and taxes 13 15
Other operating assets and liabilities 59 (66)
Net realized and unrealized changes related to derivative activities (12) 14
Asset retirement obligations 14  
Net cash provided by operating activities 1,149 643
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (764) (563)
Purchases of nuclear fuel (25) (11)
Acquisition of solar development projects (6) (27)
Proceeds from sales of securities 294 253
Purchases of securities (310) (269)
Other 37 (3)
Net cash used in investing activities (774) (620)
Financing Activities    
Issuance (repayment) of short-term debt, net (108) 281
Repayment of affiliated current borrowings, net (106) (200)
Common dividend payments (108) (118)
Other (1) (1)
Net cash provided by (used in) financing activities (323) (38)
Increase (decrease) in cash, restricted cash and equivalents 52 (15)
Cash, restricted cash and equivalents at beginning of period 24 38
Cash, restricted cash and equivalents at end of period 76 23
Significant noncash investing and financing activities:    
Accrued capital expenditures 210 117
Financing leases 10 5
Dominion Energy Gas Holdings, LLC    
Operating Activities    
Net income (loss) including noncontrolling interests 202 226
Net income (loss) 169 190
Adjustments to reconcile net income (loss) including noncontrolling interests to net cash provided by operating activities:    
Depreciation, depletion and amortization (including nuclear fuel) 93 113
Deferred income taxes and investment tax credits 15 21
Other adjustments (8) 4
Changes in:    
Accounts receivable 9 (32)
Affiliated receivables and payables 325 (26)
Inventories (3) (20)
Prepayments 14 33
Accounts payable (11) (23)
Accrued interest, payroll and taxes 16 (40)
Customer deposits   (32)
Other operating assets and liabilities 33 (14)
Pension and other postretirement benefits (18) (35)
Net cash provided by operating activities 667 175
Investing Activities    
Plant construction and other property additions (including nuclear fuel) (76) (150)
Advances to affiliates (262)  
Other (4) (1)
Net cash used in investing activities (342) (151)
Financing Activities    
Issuance (repayment) of short-term debt, net (32) 270
Repayment of affiliated current borrowings, net (5) (145)
Repayment of credit facility borrowings   (73)
Repayment of long-term debt   (300)
Issuance of affiliated long-term debt   395
Dividends and distributions (269) (159)
Other   (1)
Net cash provided by (used in) financing activities (306) (13)
Increase (decrease) in cash, restricted cash and equivalents 19 11
Cash, restricted cash and equivalents at beginning of period 39 198
Cash, restricted cash and equivalents at end of period 58 209
Significant noncash investing and financing activities:    
Accrued capital expenditures 13 31
Financing leases $ 1 $ 2
[1] See Note 16 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream.
[2] See Note 3 for noncash investing and financing activities related to the SCANA Combination.
v3.20.1
Virginia Electric and Power Company Consolidated Statements of Common Shareholder's Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
AOCI
Virginia Electric and Power Company
Virginia Electric and Power Company
Common Stock
Virginia Electric and Power Company
Other Paid-In Capital
Virginia Electric and Power Company
Retained Earnings
Virginia Electric and Power Company
AOCI
Beginning balance at Dec. 31, 2018       $ (1,700) $ 13,047 $ 5,738 $ 1,113 $ 6,208 $ (12)
Beginning balance (in shares) at Dec. 31, 2018   681,000       275      
Net income (loss) $ (680)       20     20  
Dividends and distributions (766)   $ (733)   (118)     (118)  
Other comprehensive income (loss), net of tax (31)     (31) (5)       (5)
Ending balance at Mar. 31, 2019       (1,731) 12,944 $ 5,738 1,113 6,110 (17)
Ending balance (in shares) at Mar. 31, 2019   802,000       275      
Beginning balance at Dec. 31, 2019 31,994 [1]     (1,793) 13,989 [2] $ 5,738 1,113 7,167 (29)
Beginning balance (in shares) at Dec. 31, 2019   838,000       275      
Net income (loss) (270)       (280)     (280)  
Dividends and distributions         (108)     (108)  
Other comprehensive income (loss), net of tax (225)     (225) (46)       (46)
Other 1   $ 1   1     1  
Ending balance at Mar. 31, 2020 $ 30,726     $ (2,018) $ 13,556 $ 5,738 $ 1,113 $ 6,780 $ (75)
Ending balance (in shares) at Mar. 31, 2020   839,000       275      
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Dominion Energy Gas Holdings, LLC Consolidated Statements of Equity (Unaudited) - USD ($)
$ in Millions
Total
AOCI
Total Shareholders' Equity
Noncontrolling Interests
Dominion Energy Gas Holdings, LLC
Dominion Energy Gas Holdings, LLC
Predecessor Equity
Dominion Energy Gas Holdings, LLC
Member Interests
Dominion Energy Gas Holdings, LLC
AOCI
Dominion Energy Gas Holdings, LLC
Total Shareholders' Equity
Dominion Energy Gas Holdings, LLC
Noncontrolling Interests
Beginning balance at Dec. 31, 2018 $ 22,048 $ (1,700) $ 20,107 $ 1,941 $ 8,865 $ 1,804 $ 4,566 $ (169) $ 6,201 $ 2,664
Net income (loss) including noncontrolling interests (677)   (680) 3 226 74 116   190 36
Acquisition of public interest in Dominion Energy Midstream (40)   1,181 (1,221) (40) 1,181     1,181 (1,221)
Dividends and distributions (766)   (733) (33) (159) (113)     (113) (46)
Other comprehensive loss, net of tax (31) (31) (31)   (23)     (23)   (1)
Other comprehensive loss, net of tax               (22) (22)  
Other         (8) (8)     (8)  
Ending balance at Mar. 31, 2019 27,599 (1,731) 26,909 690 8,861 $ 2,938 4,682 (191) 7,429 1,432
Beginning balance at Dec. 31, 2019 34,033 [1] (1,793) 31,994 2,039 10,229 [2]   9,031 (187) 8,844 1,385
Net income (loss) including noncontrolling interests (239)   (270) 31 202   169   169 33
Dividends and distributions         (269)   (232)   (232) (37)
Other comprehensive loss, net of tax (225) (225) (225)   (84)     (84)    
Other comprehensive loss, net of tax               (84) (84)  
Other (1)   (1)              
Ending balance at Mar. 31, 2020 $ 32,752 $ (2,018) $ 30,726 $ 2,026 $ 10,078   $ 8,968 $ (271) $ 8,697 $ 1,381
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Nature of Operations
 3 Months Ended
Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Nature of Operations

Note 1. Nature of Operations

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

 

 
v3.20.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2. Significant Accounting Policies

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

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2020 and their results of operations, changes in equity and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are normal and recurring in nature unless otherwise noted.

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

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2020, Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain merchant projects upon the occurrence of certain events, none of which are expected to occur in the next 12 months. Brookfield’s 25% interest in Cove Point (effective December 2019) and the public’s ownership interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy Gas’ Consolidated Financial Statements.

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

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

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

Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019:

 

 

 

Cash, Restricted Cash and Equivalents

at End of Period

 

 

Cash, Restricted Cash and Equivalents

at Beginning of Period

 

 

 

March 31, 2020

 

 

March 31, 2019

 

 

December 31, 2019

 

 

December 31, 2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,192

 

 

$

422

 

 

$

166

 

 

$

268

 

Restricted cash and equivalents(1)

 

 

75

 

 

 

205

 

 

 

103

 

 

 

123

 

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

 

$

1,267

 

 

$

627

 

 

$

269

 

 

$

391

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

71

 

 

$

14

 

 

$

17

 

 

$

29

 

Restricted cash and equivalents(1)

 

 

5

 

 

 

9

 

 

 

7

 

 

 

9

 

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

 

$

76

 

 

$

23

 

 

$

24

 

 

$

38

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

46

 

 

$

147

 

 

$

27

 

 

$

108

 

Restricted cash and equivalents (1)

 

 

12

 

 

 

62

 

 

 

12

 

 

 

90

 

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

 

$

58

 

 

$

209

 

 

$

39

 

 

$

198

 

 

(1)

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

(2)

At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.

 

Property, Plant and Equipment

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

 

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

 

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

 

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

 

Credit Risk

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

 

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

 

Investments

Debt and Equity Securities with Readily Determinable Fair Value

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

 

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

 

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

 

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

 

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

 

Equity Securities without Readily Determinable Fair Values

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

 

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

 

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

 

Other-Than-Temporary Impairment

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

 

Credit Impairment

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

 

Using information obtained from their nuclear decommissioning trust fixed-income investment managers, Dominion Energy and Virginia Power record in earnings, or defer as applicable for certain jurisdictions subject to cost-based regulation, any unrealized loss for a debt security when the manager intends to sell the debt security or it is more-likely-than-not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. If that is not the case, but the debt security is deemed to have experienced a credit loss, Dominion Energy and Virginia Power record the credit loss in earnings with the remaining non-credit portion of the unrealized loss recorded in AOCI. Credit losses are evaluated primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors.
v3.20.1
Acquisitions and Dispositions
 3 Months Ended
Mar. 31, 2020
Text Block [Abstract]  
Acquisitions and Dispositions

Note 3. Acquisitions and Dispositions

Acquisition of SCANA

In January 2019, Dominion Energy issued 95.6 million shares of Dominion Energy common stock, valued at $6.8 billion, representing 0.6690 of a share of Dominion Energy common stock for each share of SCANA common stock, in connection with the completion of the SCANA Combination. SCANA, through its regulated subsidiaries, is primarily engaged in the generation, transmission and distribution of electricity in the central, southern and southwestern portions of South Carolina and in the distribution of natural gas in North Carolina and South Carolina. In addition, at the closing of the SCANA Combination, SCANA marketed natural gas to retail customers in the southeast U.S. Following completion of the SCANA Combination, SCANA operates as a wholly-owned subsidiary of Dominion Energy. In addition, SCANA’s debt totaled $6.9 billion at closing. The SCANA Combination expanded Dominion Energy’s portfolio of regulated electric generation, transmission and distribution and regulated natural gas distribution infrastructure operations.

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

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

 

•

In the first quarter of 2019, DESC recorded a reduction in operating revenue and a corresponding regulatory liability of $1.0 billion representing a refund of amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period, effective January 2019, As a result, Dominion Energy’s Consolidated Statement of Income for the three months ended March 31, 2019 includes a $756 million after-tax charge.

 

•

Dominion Energy committed to forgo recovery of $105 million of certain property, plant and equipment associated with the NND Project. As a result, Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2019 includes a charge of $105 million ($79 million after-tax), included in impairment of assets and other charges.

 

•

Dominion Energy committed to forgo recovery of $264 million of certain income tax-related regulatory assets associated with the NND Project.  As a result, Dominion Energy’s Consolidated Statement of Income for the three months ended March 31, 2019 includes a charge of $198 million included in income tax expense.

Results of Operations and Unaudited Pro Forma Information

The impact of the SCANA Combination on Dominion Energy’s operating revenue was an increase of $914 million and $170 million for the three months ended March 31, 2020 and 2019, respectively, in the Consolidated Statements of Income. The impact of the SCANA Combination on net income attributable to Dominion Energy was an increase of $54 million and a decrease of $1.1 billion for the three months ended March 31, 2020 and 2019, respectively, in the Consolidated Statements of Income.

Dominion Energy incurred merger and integration-related costs of $19 million for the three months ended March 31, 2020, recorded in other operations and maintenance expense in the Consolidated Statements of Income. For the three months ended March 31, 2019, Dominion Energy incurred merger and integration-related costs of which $115 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. These costs consist of professional fees, charitable contribution commitments, employee-related expenses, certain financing costs and other miscellaneous costs.

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

 

 

 

Three Months Ended

March 31, 2019(1)

 

(millions, except EPS)

 

 

 

 

Operating Revenue

 

$

4,887

 

Net income attributable to Dominion Energy

 

 

605

 

Earnings Per Common Share – Basic

 

$

0.76

 

Earnings Per Common Share – Diluted

 

$

0.76

 

 

(1)

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

Dominion Energy Gas Restructuring

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

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Operating revenue

 

$

229

 

Depreciation and amortization

 

 

21

 

Other operating expenses

 

 

148

 

Other income

 

 

18

 

Interest and related charges

 

 

10

 

Income tax expense

 

 

14

 

Net income from discontinued operations

 

$

54

 

 

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Capital expenditures

 

$

65

 

Significant noncash items

 

 

 

 

Accrued capital expenditures

 

 

6

 

 

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Operating revenue

 

$

45

 

Depreciation and amortization

 

 

1

 

Other operating expenses

 

 

44

 

Net income from discontinued operations

 

$

—

 

 

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Capital expenditures

 

$

3

 

 
v3.20.1
Operating Revenue
 3 Months Ended
Mar. 31, 2020
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

Residential

 

$

1,158

 

 

$

646

 

Commercial

 

 

798

 

 

 

496

 

Industrial

 

 

182

 

 

 

30

 

Government and other retail

 

 

219

 

 

 

200

 

Wholesale

 

 

33

 

 

 

48

 

Nonregulated electric sales

 

 

232

 

 

 

316

 

Regulated gas sales:

 

 

 

 

 

 

 

 

Residential

 

 

548

 

 

 

602

 

Commercial

 

 

191

 

 

 

191

 

Other

 

 

28

 

 

 

38

 

Nonregulated gas sales

 

 

83

 

 

 

247

 

Regulated gas transportation and storage:

 

 

 

 

 

 

 

 

FERC-regulated

 

 

281

 

 

 

277

 

State-regulated

 

 

232

 

 

 

213

 

Nonregulated gas transportation and storage

 

 

175

 

 

 

174

 

Other regulated revenues(1)

 

 

75

 

 

 

58

 

Other nonregulated revenues(1)(2)

 

 

88

 

 

 

95

 

Total operating revenue from contracts

   with customers

 

 

4,323

 

 

 

3,631

 

Other revenues(3)

 

 

173

 

 

 

227

 

Total operating revenue

 

$

4,496

 

 

$

3,858

 

Virginia Power

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

Residential

 

$

896

 

 

$

923

 

Commercial

 

 

614

 

 

 

636

 

Industrial

 

 

97

 

 

 

112

 

Government and other retail

 

 

203

 

 

 

204

 

Wholesale

 

 

24

 

 

 

37

 

Other regulated revenues(2)

 

 

62

 

 

 

33

 

Other nonregulated revenues(1)(2)

 

 

13

 

 

 

6

 

Total operating revenue from contracts

   with customers

 

 

1,909

 

 

 

1,951

 

Other revenues(2)(3)

 

 

21

 

 

 

14

 

Total operating revenue

 

$

1,930

 

 

$

1,965

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulated gas sales - wholesale

 

$

2

 

 

$

2

 

Nonregulated gas sales(2)

 

 

1

 

 

 

2

 

Regulated gas transportation and storage

 

 

344

 

 

 

340

 

Nonregulated gas transportation and storage

 

 

175

 

 

 

174

 

Management service revenue(2)

 

 

31

 

 

 

44

 

Other regulated revenues(1)(2)

 

 

1

 

 

 

3

 

Other nonregulated revenues(1)(2)

 

 

1

 

 

 

—

 

Total operating revenue from contracts

   with customers

 

 

555

 

 

 

565

 

Other revenues

 

 

1

 

 

 

1

 

Total operating revenue

 

$

556

 

 

$

566

 

 

1)

Amounts above include sales which are considered to be goods transferred at a point in time. For the three months ended March 31, 2020 and 2019, such amounts included $39 million and $48 million, respectively, at Dominion Energy and $1 million for both the three months ended March 31, 2020 and 2019, at Dominion Energy Gas, consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the three months ended March 31, 2020 and 2019, such sales were $4 million and $3 million, respectively, at Dominion Energy and $3 million and $1 million, respectively, at Virginia Power.

2)

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

3)

Includes alternative revenue. For the three months ended March 31, 2020 and 2019, such amounts included $36 million and $14 million, respectively, at Dominion Energy and $17 million and $8 million, respectively, at 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 March 31, 2020

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

$

1,222

 

 

$

1,562

 

 

$

1,474

 

 

$

1,312

 

 

$

1,187

 

 

$

13,089

 

 

$

19,846

 

Virginia Power

 

 

2

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Dominion Energy Gas

 

 

1,336

 

 

 

1,714

 

 

 

1,581

 

 

 

1,395

 

 

 

1,242

 

 

 

13,270

 

 

 

20,538

 

 

Contract assets represent an entity’s right to consideration in exchange for goods and services that the entity has transferred to a customer. At March 31, 2020 and December 31, 2019, Dominion Energy’s contract asset balances were $26 million and $28 million, respectively. Dominion Energy Gas’ contract asset balances were $37 million and $40 million at March 31, 2020 and December 31, 2019, respectively. Dominion Energy and Dominion Energy Gas’ contract assets are recorded in other deferred charges and other assets in the Consolidated Balance Sheets. Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At March 31, 2020 and December 31, 2019, Dominion Energy’s contract liability balances were $86 million and $123 million, respectively. At March 31, 2020 and December 31, 2019, Virginia Power’s contract liability balances were $23 million and $24 million, respectively. At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ contract liability balances were $21 million and $20 million, respectively. The Companies’ contract liabilities are recorded in other current liabilities and other deferred credits and other liabilities in the Consolidated Balance Sheets. The Companies recognize revenue as they fulfill their obligations to provide service to their customers.  During the three months ended March 31, 2020 and 2019, Dominion Energy recognized revenue of $105 million and $85 million, respectively, from the beginning contract liability balances. During the three months ended March 31, 2020 and 2019, Virginia Power recognized $24 million and $22 million, respectively, from the beginning contract liability balance. During the three months ended March 31, 2020 and 2019, Dominion Energy Gas recognized $1 million and $25 million from the beginning contract liability balance.
v3.20.1
Income Taxes
 3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5. Income Taxes

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Dominion Energy Gas

 

 

Three Months Ended March 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

4.4

 

 

 

2.2

 

 

 

4.8

 

 

 

4.6

 

 

 

2.9

 

 

 

3.4

 

 

Investment tax credits

 

 

(4.1

)

 

 

(1.5

)

 

 

(6.4

)

 

 

(3.2

)

 

 

—

 

 

 

—

 

 

Production tax credits

 

 

(0.4

)

 

 

(0.8

)

 

 

(0.8

)

 

 

(1.0

)

 

 

—

 

 

 

—

 

 

Reversal of excess deferred income

   taxes

 

 

(9.5

)

 

 

(5.1

)

 

 

(8.1

)

 

 

(5.0

)

 

 

(0.7

)

 

 

(0.7

)

 

Write-off of regulatory assets

 

 

—

 

 

 

(34.1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

AFUDC - equity

 

 

(1.6

)

 

 

(1.4

)

 

 

(0.7

)

 

 

—

 

 

 

(0.4

)

 

 

(0.5

)

 

Other, net

 

 

(2.5

)

 

 

(0.6

)

 

 

0.3

 

 

 

0.1

 

 

 

(2.4

)

(1)

 

(3.3

)

(1)

Effective tax rate

 

 

7.3

%

 

 

(20.3

)%

 

 

10.1

%

 

 

16.5

%

 

 

20.4

%

 

 

19.9

%

 

 

(1)

Includes (2.7)% and  (3.6) % relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively.

 

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

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

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

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

 
v3.20.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6. Earnings Per Share

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions, except EPS)

 

 

 

 

 

 

 

 

Net loss attributable to Dominion Energy

 

$

(270

)

 

$

(680

)

Preferred stock dividends (see Note 16)

 

 

(16

)

 

 

—

 

Net loss attributable to Dominion Energy – Basic & Diluted

 

 

(286

)

 

 

(680

)

Average shares of common stock outstanding – Basic & Diluted

 

 

838.2

 

 

 

793.1

 

Earnings Per Common Share – Basic & Diluted

 

$

(0.34

)

 

$

(0.86

)

 

As a result of a net loss for both the three months ended March 31, 2020 and 2019, the issuance of common stock under potentially-dilutive securities, as discussed in Note 8 to the Consolidated Financial Statements in the Companies’ Annual  Report on Form 10-K for the year ended December 31, 2019, was considered antidilutive and therefore excluded from the calculation of diluted EPS.
v3.20.1
Accumulated Other Comprehensive Income
 3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Accumulated Other Comprehensive Income

Note 7. Accumulated Other Comprehensive Income

Dominion Energy

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

 

 

 

Deferred

gains and

losses on

derivatives-

hedging

activities

 

 

Unrealized

gains and

losses on

investment

securities

 

 

Unrecognized

pension and

other

postretirement

benefit costs

 

 

Other

comprehensive

loss from

equity method

investees

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(407

)

 

$

37

 

 

$

(1,421

)

 

$

(2

)

 

$

(1,793

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(266

)

 

 

9

 

 

 

—

 

 

 

—

 

 

 

(257

)

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

 

 

22

 

 

 

(9

)

 

 

19

 

 

 

—

 

 

 

32

 

Net current period other comprehensive income (loss)

 

 

(244

)

 

 

—

 

 

 

19

 

 

 

—

 

 

 

(225

)

Ending balance

 

$

(651

)

 

$

37

 

 

$

(1,402

)

 

$

(2

)

 

$

(2,018

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(235

)

 

$

2

 

 

$

(1,465

)

 

$

(2

)

 

$

(1,700

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(24

)

 

 

16

 

 

 

—

 

 

 

—

 

 

 

(8

)

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

 

 

(31

)

 

 

—

 

 

 

8

 

 

 

—

 

 

 

(23

)

Net current period other comprehensive income (loss)

 

 

(55

)

 

 

16

 

 

 

8

 

 

 

—

 

 

 

(31

)

Ending balance

 

$

(290

)

 

$

18

 

 

$

(1,457

)

 

$

(2

)

 

$

(1,731

)

 

(1)

See table below for details about these reclassifications.

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

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of

Income

(millions)

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

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

 

 

 

 

 

 

Commodity contracts

 

$

(7

)

 

Operating revenue

 

 

 

3

 

 

Purchased gas

Interest rate contracts

 

 

27

 

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income (expense)

Total

 

 

29

 

 

 

Tax

 

 

(7

)

 

Income tax expense (benefit)

Total, net of tax

 

$

22

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(13

)

 

Other income (expense)

Total

 

 

(13

)

 

 

Tax

 

 

4

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(9

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(6

)

 

Other income (expense)

Amortization of actuarial losses

 

 

30

 

 

Other income (expense)

Total

 

 

24

 

 

 

Tax

 

 

(5

)

 

Income tax expense (benefit)

Total, net of tax

 

$

19

 

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

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

 

 

 

 

 

 

Commodity contracts

 

$

(54

)

 

Operating revenue

 

 

 

(3

)

 

Purchased gas

Interest rate contracts

 

 

10

 

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income (expense)

Total

 

 

(41

)

 

 

Tax

 

 

10

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(31

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(5

)

 

Other income (expense)

Amortization of actuarial losses

 

 

27

 

 

Other income (expense)

Total

 

 

22

 

 

 

Tax

 

 

(14

)

 

Income tax expense (benefit)

Total, net of tax

 

$

8

 

 

 

 

Virginia Power

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

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrealized gains

and losses on

investment

securities

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(34

)

 

$

5

 

 

$

(29

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(45

)

 

 

(2

)

 

 

(47

)

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

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

(45

)

 

 

(1

)

 

 

(46

)

Ending balance

 

$

(79

)

 

$

4

 

 

$

(75

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(13

)

 

$

1

 

 

$

(12

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(7

)

 

 

2

 

 

 

(5

)

Amounts reclassified from AOCI: (gains) losses

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(7

)

 

 

2

 

 

 

(5

)

Ending balance

 

$

(20

)

 

$

3

 

 

$

(17

)

 

(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)

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

2

 

 

Other income (loss)

Total

 

 

2

 

 

 

Tax

 

 

(1

)

 

Income tax expense (benefit)

Total, net of tax

 

$

1

 

 

 

 

Dominion Energy Gas

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

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrecognized

pension costs

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(81

)

 

$

(106

)

 

$

(187

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(91

)

 

 

—

 

 

 

(91

)

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

 

 

6

 

 

 

1

 

 

 

7

 

Net current period other comprehensive income (loss)

 

 

(85

)

 

 

1

 

 

 

(84

)

Ending balance

 

$

(166

)

 

$

(105

)

 

$

(271

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(25

)

 

$

(144

)

 

$

(169

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(27

)

 

 

—

 

 

 

(27

)

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

 

 

3

 

 

 

1

 

 

 

4

 

Net current period other comprehensive income (loss)

 

 

(24

)

 

 

1

 

 

 

(23

)

Less other comprehensive income (loss) attributable to noncontrolling

   interest

 

 

(1

)

 

 

—

 

 

 

(1

)

Ending balance

 

$

(48

)

 

$

(143

)

 

$

(191

)

 

(1)

See table below for details about these reclassifications.

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

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of  Income

(millions)

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

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

 

 

 

 

 

 

Interest rate contracts

 

$

2

 

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income

Total

 

 

8

 

 

 

Tax

 

 

(2

)

 

Income tax expense

Total, net of tax

 

$

6

 

 

 

Unrecognized pension costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

1

 

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

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

 

 

 

 

 

 

Commodity contracts

 

$

(2

)

 

Net income from discontinued operations

Interest rate contracts

 

 

(1

)

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income

Total

 

 

3

 

 

 

Tax

 

 

—

 

 

Income tax expense

Total, net of tax

 

$

3

 

 

 

Unrecognized pension costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

1

 

 

 

 
v3.20.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 8. Fair Value Measurements

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

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

The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at March 31, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

48

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 3

 

 

(1

)

FTRs

 

 

1

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 2

 

 

—

 

Total assets

 

$

49

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

4

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(2) - 2

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 2

 

 

1

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

45% - 83%

 

 

57

%

Total liabilities

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

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

(4)

Represents volatilities unrepresented in published markets.    

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

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

Recurring Fair Value Measurements

Dominion Energy

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

72

 

 

$

49

 

 

$

121

 

Interest rate

 

 

—

 

 

 

29

 

 

 

—

 

 

 

29

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,313

 

 

 

—

 

 

 

—

 

 

 

3,313

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

496

 

 

 

—

 

 

 

496

 

Government securities

 

 

437

 

 

 

739

 

 

 

—

 

 

 

1,176

 

Cash equivalents and other

 

 

18

 

 

 

2

 

 

 

—

 

 

 

20

 

Total assets

 

$

3,768

 

 

$

1,338

 

 

$

49

 

 

$

5,155

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

43

 

 

$

6

 

 

$

49

 

Interest rate

 

 

—

 

 

 

1,580

 

 

 

—

 

 

 

1,580

 

Foreign currency

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Total liabilities

 

$

—

 

 

$

1,640

 

 

$

6

 

 

$

1,646

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

55

 

 

$

19

 

 

$

74

 

Interest rate

 

 

—

 

 

 

11

 

 

 

—

 

 

 

11

 

Foreign currency

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,195

 

 

 

—

 

 

 

—

 

 

 

4,195

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

463

 

 

 

—

 

 

 

463

 

Government securities

 

 

473

 

 

 

719

 

 

 

—

 

 

 

1,192

 

Cash equivalents and other

 

 

19

 

 

 

1

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,687

 

 

$

1,257

 

 

$

19

 

 

$

5,963

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

75

 

 

$

56

 

 

$

131

 

Interest rate

 

 

—

 

 

 

606

 

 

 

—

 

 

 

606

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

684

 

 

$

56

 

 

$

740

 

(1)

Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $277 million and $274 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

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

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Beginning balance

 

$

(37

)

 

$

64

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

Operating revenue

 

 

—

 

 

 

(1

)

Electric fuel and other energy-related purchases

 

 

(22

)

 

 

(4

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

7

 

Settlements

 

 

22

 

 

 

(1

)

Purchases

 

 

—

 

 

 

(10

)

Transfers out of Level 3

 

 

—

 

 

 

(2

)

Ending balance

 

$

43

 

 

$

53

 

 

There are no unrealized gains and losses included in earnings in the Level 3 fair value category related to assets/liabilities still held at the reporting date for the quarters ended March 31, 2020 and 2019.

 

Virginia Power

The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

48

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 2

 

 

(1

)

FTRs

 

 

1

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 2

 

 

—

 

Total assets

 

$

49

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

4

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(2) - 2

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 2

 

 

1

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

45% - 83%

 

 

57

%

Total liabilities

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

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

(4)

Represents volatilities unrepresented in published markets.

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

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)

 

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

2

 

 

$

49

 

 

$

51

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,506

 

 

 

—

 

 

 

—

 

 

 

1,506

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

285

 

 

 

—

 

 

 

285

 

Government securities

 

 

162

 

 

 

357

 

 

 

—

 

 

 

519

 

Total assets

 

$

1,668

 

 

$

644

 

 

$

49

 

 

$

2,361

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

18

 

 

$

6

 

 

$

24

 

Interest rate

 

 

—

 

 

 

991

 

 

 

—

 

 

 

991

 

Total liabilities

 

$

—

 

 

$

1,009

 

 

$

6

 

 

$

1,015

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

3

 

 

$

19

 

 

$

22

 

Interest rate

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,920

 

 

 

—

 

 

 

—

 

 

 

1,920

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

256

 

 

 

—

 

 

 

256

 

Government securities

 

 

186

 

 

 

361

 

 

 

—

 

 

 

547

 

Cash equivalents and other

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Total assets

 

$

2,106

 

 

$

623

 

 

$

19

 

 

$

2,748

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

47

 

 

$

56

 

 

$

103

 

Interest rate

 

 

—

 

 

 

363

 

 

 

—

 

 

 

363

 

Total liabilities

 

$

—

 

 

$

410

 

 

$

56

 

 

$

466

 

 

(1)

Includes investments held in the nuclear decommissioning trusts. Excludes $157 million and $159 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Beginning balance

 

$

(37

)

 

$

60

 

Total realized and unrealized losses:

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(22

)

 

 

(4

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

8

 

Settlements

 

 

22

 

 

 

(5

)

Ending balance

 

$

43

 

 

$

59

 

 

There were no unrealized gains or losses included in earnings in the Level 3 fair value category relating to assets/liabilities still held at the reporting date for the three months ended March 31, 2020 and 2019.

Dominion Energy Gas

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

190

 

 

$

—

 

 

$

190

 

Foreign currency

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Total liabilities

 

$

—

 

 

$

207

 

 

$

—

 

 

$

207

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Total assets

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

83

 

 

$

—

 

 

$

83

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

86

 

 

$

—

 

 

$

86

 

 

 

Fair Value of Financial Instruments

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

32,984

 

 

$

35,685

 

 

$

32,055

 

 

$

36,155

 

Junior subordinated notes(3)

 

 

4,407

 

 

 

4,381

 

 

 

4,797

 

 

 

4,953

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(3)

 

$

12,327

 

 

$

13,998

 

 

$

12,326

 

 

$

14,281

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(4)

 

$

5,516

 

 

$

5,479

 

 

$

5,520

 

 

$

5,738

 

 

(1)

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

(2)

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

(3)

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

(4)

Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments.
v3.20.1
Derivatives and Hedge Accounting Activities
 3 Months Ended
Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivatives and Hedge Accounting Activities

Note 9. Derivatives and Hedge Accounting Activities

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

 

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

 

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

 

Dominion Energy

Balance Sheet Presentation

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

55

 

 

$

3

 

 

$

—

 

 

$

52

 

 

$

35

 

 

$

21

 

 

$

—

 

 

$

14

 

Exchange

 

 

64

 

 

 

16

 

 

 

34

 

 

 

14

 

 

 

37

 

 

 

21

 

 

 

—

 

 

 

16

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

29

 

 

 

21

 

 

 

—

 

 

 

8

 

 

 

11

 

 

 

3

 

 

 

—

 

 

 

8

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

148

 

 

$

40

 

 

$

34

 

 

$

74

 

 

$

91

 

 

$

53

 

 

$

—

 

 

$

38

 

 

(1)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

27

 

 

$

3

 

 

$

1

 

 

$

23

 

 

$

105

 

 

$

21

 

 

$

—

 

 

$

84

 

Exchange

 

 

16

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

21

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

1,580

 

 

 

21

 

 

 

23

 

 

 

1,536

 

 

 

606

 

 

 

8

 

 

 

35

 

 

 

563

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

17

 

 

 

—

 

 

 

—

 

 

 

17

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

1,640

 

 

$

40

 

 

$

24

 

 

$

1,576

 

 

$

735

 

 

$

53

 

 

$

35

 

 

$

647

 

 

(1)

Excludes $6 million and $5 million of derivative liabilities at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of Dominion Energy’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

81

 

 

 

36

 

Basis

 

 

268

 

 

 

574

 

Electricity (MWh):

 

 

 

 

 

 

 

 

Fixed price

 

 

3,088,875

 

 

 

—

 

FTRs

 

 

18,836,472

 

 

 

—

 

Liquids (Gal)(2)

 

 

39,690,000

 

 

 

—

 

Interest rate(3)

 

$

2,450,000,000

 

 

$

5,582,850,761

 

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 March 31, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Commodities:

 

 

 

 

 

 

 

 

 

 

Gas

 

$

(2

)

 

$

(2

)

 

21 months

Electricity

 

 

14

 

 

 

14

 

 

9 months

NGL

 

 

1

 

 

 

1

 

 

9 months

Interest rate

 

 

(655

)

 

 

(50

)

 

381 months

Foreign currency

 

 

(9

)

 

 

(1

)

 

75 months

Total

 

$

(651

)

 

$

(38

)

 

 

 

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. There were no derivative instruments designated in fair value hedges during the three months ended March 31, 2020. Gains and losses on derivatives in fair value hedge relationships were immaterial for the three months ended March 31, 2019.

 

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

 

 

 

Carrying Amount of the Hedged Asset

(Liability)(1)

 

 

Cumulative Amount of Fair Value Hedging

Adjustments Included in the Carrying Amount

of the Hedged Assets (Liabilities)(2)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

(1,154

)

 

$

(1,154

)

 

$

(4

)

 

$

(4

)

 

(1)

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

(2)

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

Fair Value and Gains and Losses on Derivative Instruments

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

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

80

 

 

$

80

 

Interest rate

 

 

—

 

 

 

11

 

 

 

11

 

Total current derivative assets(1)

 

 

—

 

 

 

91

 

 

 

91

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

41

 

 

 

41

 

Interest rate

 

 

—

 

 

 

18

 

 

 

18

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

59

 

 

 

59

 

Total derivative assets

 

$

—

 

 

$

150

 

 

$

150

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

45

 

 

$

45

 

Interest rate

 

 

515

 

 

 

232

 

 

 

747

 

Foreign currency

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative liabilities

 

 

516

 

 

 

277

 

 

 

793

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

4

 

 

 

4

 

Interest rate

 

 

722

 

 

 

111

 

 

 

833

 

Foreign currency

 

 

16

 

 

 

—

 

 

 

16

 

Total noncurrent derivative liabilities

 

 

738

 

 

 

115

 

 

 

853

 

Total derivative liabilities

 

$

1,254

 

 

$

392

 

 

$

1,646

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

30

 

 

$

37

 

 

$

67

 

Interest rate

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative assets(1)

 

 

31

 

 

 

37

 

 

 

68

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

6

 

 

 

7

 

Interest rate

 

 

10

 

 

 

—

 

 

 

10

 

Foreign currency

 

 

8

 

 

 

—

 

 

 

8

 

Total noncurrent derivative assets(2)

 

 

19

 

 

 

6

 

 

 

25

 

Total derivative assets

 

$

50

 

 

$

43

 

 

$

93

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

6

 

 

$

77

 

 

$

83

 

Interest rate

 

 

321

 

 

 

1

 

 

 

322

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities

 

 

330

 

 

 

78

 

 

 

408

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

47

 

 

 

48

 

Interest rate

 

 

267

 

 

 

17

 

 

 

284

 

Total noncurrent derivative liabilities

 

 

268

 

 

 

64

 

 

 

332

 

Total derivative liabilities

 

$

598

 

 

$

142

 

 

$

740

 

 

(1)

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

(2)

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

 

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

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized

in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase

(Decrease) in

Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

7

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

(3

)

 

 

 

 

Total commodity

 

$

—

 

 

$

4

 

 

$

—

 

Interest rate(3)

 

 

(336

)

 

 

(27

)

 

 

(563

)

Foreign currency(4)

 

 

(23

)

 

 

(6

)

 

 

—

 

Total

 

$

(359

)

 

$

(29

)

 

$

(563

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

54

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

3

 

 

 

 

 

Total commodity

 

$

66

 

 

$

57

 

 

$

—

 

Interest rate(3)

 

 

(84

)

 

 

(10

)

 

 

(84

)

Foreign currency(4)

 

 

(11

)

 

 

(6

)

 

 

—

 

Total

 

$

(29

)

 

$

41

 

 

$

(84

)

 

(1)

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

(2)

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

(3)

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

(4)

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

 

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Operating revenue

 

$

65

 

 

$

3

 

Purchased gas

 

 

(14

)

 

 

3

 

Electric fuel and other energy-related purchases

 

 

(65

)

 

 

(9

)

Interest rate(2)

 

 

(61

)

 

 

—

 

Total

 

$

(75

)

 

$

(3

)

 

(1)

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

(2)

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

Virginia Power

Balance Sheet Presentation

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross

Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

48

 

 

$

1

 

 

$

—

 

 

$

47

 

 

$

19

 

 

$

18

 

 

$

—

 

 

$

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

48

 

 

$

1

 

 

$

—

 

 

$

47

 

 

$

21

 

 

$

18

 

 

$

—

 

 

$

3

 

 

(1)

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

 

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the Consolidated Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

4

 

 

$

1

 

 

$

1

 

 

$

2

 

 

$

59

 

 

$

18

 

 

$

—

 

 

$

41

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

991

 

 

 

—

 

 

 

—

 

 

 

991

 

 

 

363

 

 

 

—

 

 

 

—

 

 

 

363

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

995

 

 

$

1

 

 

$

1

 

 

$

993

 

 

$

422

 

 

$

18

 

 

$

—

 

 

$

404

 

 

(1)

Excludes $20 million and $44 million of derivative liabilities at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.

Volumes

The following table presents the volume of Virginia Power’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

37

 

 

 

14

 

Basis

 

 

160

 

 

 

536

 

Electricity (MWh):

 

 

 

 

 

 

 

 

FTRs

 

 

18,836,472

 

 

 

—

 

Interest rate(2)

 

$

900,000,000

 

 

$

1,150,000,000

 

 

(1)

Includes options.

(2)

Maturity is determined based on final settlement period.

 

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at March 31, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12

Months After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(79

)

 

$

(1

)

 

381 months

Total

 

$

(79

)

 

$

(1

)

 

 

 

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

Fair Value and Gains and Losses on Derivative Instruments

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

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

14

 

 

$

14

 

Total current derivative assets(1)

 

 

—

 

 

 

14

 

 

 

14

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

37

 

 

 

37

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

37

 

 

 

37

 

Total derivative assets

 

$

—

 

 

$

51

 

 

$

51

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

23

 

 

$

23

 

Interest rate

 

 

458

 

 

 

—

 

 

 

458

 

Total current derivative liabilities

 

 

458

 

 

 

23

 

 

 

481

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

1

 

 

 

1

 

Interest rate

 

 

533

 

 

 

—

 

 

 

533

 

Total noncurrent derivatives liabilities(3)

 

 

533

 

 

 

1

 

 

 

534

 

Total derivative liabilities

 

$

991

 

 

$

24

 

 

$

1,015

 

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

 

 

(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(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase (Decrease)

in Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(61

)

 

$

—

 

 

$

(565

)

Total

 

$

(61

)

 

$

—

 

 

$

(565

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(9

)

 

$

—

 

 

$

(84

)

Total

 

$

(9

)

 

$

—

 

 

$

(84

)

 

(1)

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

(2)

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

(3)

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

 

 

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity(2)

 

$

(65

)

 

$

(9

)

Total

 

$

(65

)

 

$

(9

)

 

(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:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 

 

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

190

 

 

$

—

 

 

$

—

 

 

$

190

 

 

$

83

 

 

$

5

 

 

$

—

 

 

$

78

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

17

 

 

 

—

 

 

 

—

 

 

 

17

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

207

 

 

$

—

 

 

$

—

 

 

$

207

 

 

$

86

 

 

$

8

 

 

$

—

 

 

$

78

 

 

Volumes

The following table presents the volume of Dominion Energy Gas’ derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Interest rate(1)

 

$

250,000,000

 

 

$

1,050,000,000

 

Foreign currency(1)

 

€

-

 

 

€

250,000,000

 

 

(1)

Maturity is determined based on final settlement period. 

 

AOCI

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Dominion Energy Gas’ Consolidated Balance Sheet at March 31, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected

to be Reclassified to

Earnings During the

Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(157

)

 

$

(11

)

 

297 months

Foreign currency

 

 

(9

)

 

 

(1

)

 

75 months

Total

 

$

(166

)

 

$

(12

)

 

 

 

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

Fair Value and Gains and Losses on Derivative Instruments

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

 

 

 

Fair Value-

Derivatives

Under Hedge

Accounting

 

 

Fair Value-Derivatives

Not Under Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

57

 

 

$

11

 

 

$

68

 

Foreign currency

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative liabilities(2)

 

 

58

 

 

 

11

 

 

 

69

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

119

 

 

 

3

 

 

 

122

 

Foreign currency

 

 

16

 

 

 

—

 

 

 

16

 

Total noncurrent derivative liabilities(3)

 

 

135

 

 

 

3

 

 

 

138

 

Total derivative liabilities

 

$

193

 

 

$

14

 

 

$

207

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

8

 

 

$

—

 

 

$

8

 

Total noncurrent derivative assets(1)

 

 

8

 

 

 

—

 

 

 

8

 

Total derivative assets

 

$

8

 

 

$

—

 

 

$

8

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

30

 

 

$

—

 

 

$

30

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities(2)

 

 

33

 

 

 

—

 

 

 

33

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

53

 

 

 

—

 

 

 

53

 

Total noncurrent derivative liabilities(3)

 

 

53

 

 

 

—

 

 

 

53

 

Total derivative liabilities

 

$

86

 

 

$

—

 

 

$

86

 

 

(1)

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

(2)

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

(3)

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

 

 

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

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified From AOCI

to Income

 

(millions)

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

Derivative Type and Location of Gains (Losses):

 

 

 

 

 

 

 

 

Interest rate(2)

 

$

(100

)

 

$

(2

)

Foreign currency(3)

 

 

(23

)

 

 

(6

)

Total

 

$

(123

)

 

$

(8

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

Derivative Type and Location of Gains (Losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

 

 

 

$

2

 

Total commodity

 

$

(1

)

 

$

2

 

Interest rate(2)

 

 

(24

)

 

 

1

 

Foreign currency(3)

 

 

(11

)

 

 

(6

)

Total

 

$

(36

)

 

$

(3

)

 

(1)

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

(2)

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

(3)

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

 

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized in Income on Derivatives

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Interest rate(1)

 

$

(8

)

 

$

—

 

Total

 

$

(8

)

 

$

—

 

 

(1)

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

 
v3.20.1
Investments
 3 Months Ended
Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]  
Investments

Note 10. Investments

Dominion Energy

Equity and Debt Securities

Rabbi Trust Securities

Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $116 million and $120 million at March 31, 2020 and December 31, 2019, respectively.

Decommissioning Trust Securities

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

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,813

 

 

$

1,709

 

 

$

(161

)

 

$

—

 

 

$

3,361

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

491

 

 

 

18

 

 

 

—

 

 

 

(13

)

 

 

496

 

Government securities

 

 

1,084

 

 

 

55

 

 

 

—

 

 

 

(6

)

 

 

1,133

 

Common/collective trust funds

 

 

118

 

 

 

2

 

 

 

—

 

 

 

(2

)

 

 

118

 

Insurance contracts

 

 

209

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

209

 

Cash equivalents and other(3)

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

 

 

(4

)

Total

 

$

3,715

 

 

$

1,784

 

 

$

(165

)

(4)

$

(21

)

 

$

5,313

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,807

 

 

$

2,451

 

 

$

(20

)

 

$

—

 

 

$

4,238

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

434

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

463

 

Government securities

 

 

1,108

 

 

 

39

 

 

 

(2

)

 

 

—

 

 

 

1,145

 

Common/collective trust funds

 

 

115

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

119

 

Insurance contracts

 

 

214

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

214

 

Cash equivalents and other(3)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

 

$

3,691

 

 

$

2,523

 

 

$

(22

)

(4)

$

—

 

 

$

6,192

 

 

(1)

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

(2)

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

(3)

Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively.  

(4)

The fair value of securities in an unrealized loss position was $415 million and $298 million at March 31, 2020 and December 31, 2019, respectively.

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(898

)

 

$

414

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

14

 

 

 

(19

)

Unrealized gains (losses) recognized during the period

   on securities still held at March 31, 2020 and 2019(1)

 

$

(884

)

 

$

395

 

 

(1)

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

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

178

 

Due after one year through five years

 

 

430

 

Due after five years through ten years

 

 

389

 

Due after ten years

 

 

750

 

Total

 

$

1,747

 

 

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

602

 

 

$

506

 

Realized gains(1)

 

 

66

 

 

 

43

 

Realized losses(1)

 

 

69

 

 

 

23

 

 

(1)

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

Virginia Power

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

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

898

 

 

$

796

 

 

$

(80

)

 

$

—

 

 

$

1,614

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

284

 

 

 

9

 

 

 

—

 

 

 

(8

)

 

 

285

 

Government securities

 

 

504

 

 

 

18

 

 

 

—

 

 

 

(4

)

 

 

518

 

Common/collective trust funds

 

 

49

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

49

 

Cash equivalents and other(3)

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Total

 

$

1,737

 

 

$

823

 

 

$

(80

)

(4)

$

(12

)

 

$

2,468

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

894

 

 

$

1,144

 

 

$

(11

)

 

$

—

 

 

$

2,027

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

241

 

 

 

15

 

 

 

—

 

 

 

—

 

 

 

256

 

Government securities

 

 

534

 

 

 

14

 

 

 

(2

)

 

 

—

 

 

 

546

 

Common/collective trust funds

 

 

51

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51

 

Cash equivalents and other

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Total

 

$

1,721

 

 

$

1,173

 

 

$

(13

)

(4)

$

—

 

 

$

2,881

 

 

(1)

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

(2)

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

(3)

Includes pending sales of securities of $2 million at March 31, 2020.

(4)

The fair value of securities in an unrealized loss position was $241 million and $185 million at March 31, 2020 and December 31, 2019, respectively.

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(423

)

 

$

186

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

6

 

 

 

(1

)

Unrealized gains (losses) recognized during the period

   on securities still held at March 31, 2020 and 2019(1)

 

$

(417

)

 

$

185

 

 

(1)

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

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

73

 

Due after one year through five years

 

 

200

 

Due after five years through ten years

 

 

211

 

Due after ten years

 

 

368

 

Total

 

$

852

 

 

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

294

 

 

$

253

 

Realized gains(1)

 

 

31

 

 

 

10

 

Realized losses(1)

 

 

31

 

 

 

9

 

 

(1)

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

Equity Method Investments

Dominion Energy 

Atlantic Coast Pipeline

In September 2014, Dominion Energy, along with Duke and Southern, announced the formation of Atlantic Coast Pipeline. 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 Dominion Energy, Duke and Southern plan to be customers of the pipeline under 20-year contracts.

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

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

Dominion Energy recorded contributions of $16 million and $95 million during the three months ended March 31, 2020 and 2019, respectively, to Atlantic Coast Pipeline. At March 31, 2020 and December 31, 2019, Dominion Energy had $5 million and $7 million, respectively, of contributions payable to Atlantic Coast Pipeline included within other current liabilities in the Consolidated Balance Sheets.

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 17 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 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 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, the project is expected to enter 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.

Blue Racer

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

Dominion Energy Gas

Dominion Energy Gas’ equity earnings totaled $15 million and $13 million for the three months ended March 31, 2020 and 2019, respectively. Dominion Energy Gas received distributions of $15 million for both the three months ended March 31, 2020 and 2019. At both March 31, 2020 and December 31, 2019, the carrying amount of Dominion Energy Gas’ investment of $312 million, exceeded its share of underlying equity in net assets by $146 million. The difference reflects equity method goodwill and is not being amortized.

Atlantic Coast Pipeline

DETI provides services to Atlantic Coast Pipeline which totaled $20 million and $31 million for the three months ended March 31, 2020 and 2019, respectively, included in operating revenue in Dominion Energy and Dominion Energy Gas’ Consolidated Statements of Income. Amounts receivable related to these services were $8 million and $7 million at March 31, 2020 and December 31, 2019, respectively, composed entirely of accrued unbilled revenue, included in other receivables in Dominion Energy and Dominion Energy Gas’ Consolidated Balance Sheets.

 
v3.20.1
Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2020
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

Note 11. Property, Plant and Equipment

Acquisitions of Solar Projects

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

 

Acquisition of Gathering and Processing Assets

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

 

 
v3.20.1
Regulatory Assets and Liabilities
 3 Months Ended
Mar. 31, 2020
Regulated Operations [Abstract]  
Regulatory Assets and Liabilities

Note 12. Regulatory Assets and Liabilities

 

Regulatory assets and liabilities include the following:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

21

 

 

$

48

 

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

 

 

12

 

 

 

21

 

Unrecovered gas costs(3)

 

 

31

 

 

 

102

 

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

 

 

119

 

 

 

109

 

Deferred nuclear refueling outage costs(6)

 

 

52

 

 

 

68

 

NND Project costs(7)

 

 

138

 

 

 

138

 

PJM transmission rates(8)

 

 

42

 

 

 

121

 

Other

 

 

253

 

 

 

272

 

Regulatory assets-current

 

 

668

 

 

 

879

 

Pension and other postretirement benefit costs(9)

 

 

1,410

 

 

 

1,431

 

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

 

 

353

 

 

 

235

 

PJM transmission rates(8)

 

 

154

 

 

 

85

 

Deferred project costs for gas utilities(2)

 

 

560

 

 

 

521

 

Interest rate hedges(11)

 

 

1,319

 

 

 

741

 

AROs and related funding(12)

 

 

324

 

 

 

311

 

Cost of reacquired debt(13)

 

 

257

 

 

 

262

 

NND Project costs(7)

 

 

2,468

 

 

 

2,503

 

Ash pond and landfill closure costs(14)

 

 

2,118

 

 

 

1,016

 

Other

 

 

601

 

 

 

582

 

Regulatory assets-noncurrent

 

 

9,564

 

 

 

7,687

 

Total regulatory assets

 

$

10,232

 

 

$

8,566

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(15)

 

$

142

 

 

$

142

 

Reserve for refunds and rate credits to electric utility customers(16)

 

 

138

 

 

 

143

 

Cost-of-service impact of 2017 Tax Reform Act(17)

 

 

48

 

 

 

4

 

Income taxes refundable through future rates(18)

 

 

138

 

 

 

77

 

Monetization of guarantee settlement(19)

 

 

67

 

 

 

67

 

Other

 

 

108

 

 

 

64

 

Regulatory liabilities-current

 

 

641

 

 

 

497

 

Income taxes refundable through future rates(18)

 

 

5,016

 

 

 

5,088

 

Provision for future cost of removal and AROs(15)

 

 

2,329

 

 

 

2,302

 

Nuclear decommissioning trust(20)

 

 

1,110

 

 

 

1,471

 

Monetization of guarantee settlement(19)

 

 

953

 

 

 

970

 

Reserve for refunds and rate credits to electric utility customers(16)

 

 

622

 

 

 

656

 

Overrecovered other postretirement benefit costs(21)

 

 

197

 

 

 

189

 

Other

 

 

362

 

 

 

325

 

Regulatory liabilities-noncurrent

 

 

10,589

 

 

 

11,001

 

Total regulatory liabilities

 

$

11,230

 

 

$

11,498

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

 

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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 March 31, 2020.

(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 V.C. Summer nuclear power station, 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 March 31, 2020.

(14)

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

(15)

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.

(16)

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

(17)

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

(18)

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

(19)

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

(20)

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.

(21)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

21

 

 

$

48

 

Deferred rate adjustment clause costs(2)(3)

 

 

119

 

 

 

109

 

Deferred nuclear refueling outage costs(4)

 

 

52

 

 

 

68

 

PJM transmission rates(5)

 

 

42

 

 

 

121

 

Other

 

 

61

 

 

 

87

 

Regulatory assets-current

 

 

295

 

 

 

433

 

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

 

 

353

 

 

 

235

 

PJM transmission rates(5)

 

 

154

 

 

 

85

 

Interest rate hedges(7)

 

 

969

 

 

 

404

 

Ash pond and landfill closure costs(8)

 

 

2,118

 

 

 

1,016

 

Other

 

 

130

 

 

 

123

 

Regulatory assets-noncurrent

 

 

3,724

 

 

 

1,863

 

Total regulatory assets

 

$

4,019

 

 

$

2,296

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal(9)

 

$

103

 

 

$

103

 

Income taxes refundable through future rates(10)

 

 

54

 

 

 

54

 

Other

 

 

24

 

 

 

10

 

Regulatory liabilities-current(11)

 

 

181

 

 

 

167

 

Income taxes refundable through future rates(10)

 

 

2,441

 

 

 

2,438

 

Nuclear decommissioning trust(12)

 

 

1,110

 

 

 

1,471

 

Provision for future cost of removal(9)

 

 

1,078

 

 

 

1,054

 

Deferred cost of fuel used in electric generation(1)

 

 

75

 

 

 

30

 

Other

 

 

116

 

 

 

81

 

Regulatory liabilities-noncurrent

 

 

4,820

 

 

 

5,074

 

Total regulatory liabilities

 

$

5,001

 

 

$

5,241

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of March 31, 2020.

(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 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(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)

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)

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

(12)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Unrecovered gas costs(1)

 

$

4

 

 

$

2

 

Other

 

 

6

 

 

 

6

 

Regulatory assets-current(2)

 

 

10

 

 

 

8

 

Interest rate hedges(3)

 

 

32

 

 

 

32

 

Other

 

 

8

 

 

 

8

 

Regulatory assets-noncurrent(4)

 

 

40

 

 

 

40

 

Total regulatory assets

 

$

50

 

 

$

48

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(5)

 

$

18

 

 

$

18

 

Overrecovered gas costs(1)

 

 

6

 

 

 

8

 

Other

 

 

14

 

 

 

15

 

Regulatory liabilities-current(6)

 

 

38

 

 

 

41

 

Income taxes refundable through future rates(7)

 

 

556

 

 

 

560

 

Provision for future cost of removal and AROs(5)

 

 

93

 

 

 

95

 

Overrecovered other postretirement benefit costs(8)

 

 

142

 

 

 

133

 

Other

 

 

13

 

 

 

12

 

Regulatory liabilities-noncurrent(9)

 

 

804

 

 

 

800

 

Total regulatory liabilities

 

$

842

 

 

$

841

 

 

(1)

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

(2)

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

(3)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 22 years.

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

At March 31, 2020, Dominion Energy, Virginia Power and Dominion Energy Gas’ regulatory assets include $4.8 billion, $3.4 billion and $48 million, respectively, on which they do not expect to earn a return during the applicable recovery period. With the exception of certain items discussed above, the majority of these expenditures are expected to be recovered within the next two years.

 
v3.20.1
Regulatory Matters
 3 Months Ended
Mar. 31, 2020
Regulated Operations [Abstract]  
Regulatory Matters

Note 13. Regulatory Matters

 

Regulatory Matters Involving Potential Loss Contingencies

 

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

FERC – Gas

DETI

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

2017 Tax Reform Act

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

In March 2019, Questar Gas filed with the Utah and Wyoming Commissions as to the impact of excess deferred income taxes resulting from the 2017 Tax Reform Act. Questar Gas proposed to return the 2018 amortization of excess deferred income taxes to customers and to incorporate the remaining excess deferred income tax impact in its next general rate cases in each jurisdiction. In March 2020, the Utah Commission issued an order approving Questar Gas’ proposal to refund the January 2019 through February 2020 amortization of excess deferred income taxes over 12 months beginning in June 2020. In April 2020, at the request of the Wyoming Commission, this matter will be considered in conjunction with the base rate case that was filed in November 2019. This matter 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. A tax savings credit, which passes through the reduction in the federal income tax rate under the 2017 Tax Reform Act to customers in accordance with the settlement agreement approved by the Ohio Commission, became effective with the first billing cycle in April 2020.

Other Regulatory Matters

 

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

 

Virginia Regulation

Virginia 2020 Legislation

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

 

-

Fossil Fuel Electric Generation:  The legislation mandates Chesterfield Power Station Units 5 & 6 and Yorktown Power Station Unit 3 to be retired by the end of 2024, Altavista, Southampton and Hopewell to be retired by the end of 2028 and Virginia Power’s remaining fossil fuel units to be retired by the end of 2045, unless the retirement of such generating units will compromise grid reliability or security. The legislation also imposes a temporary moratorium on CPCNs for fossil fuel

 

generation, unless the resources are needed for grid reliability. In addition, the Virginia Commission shall determine the amortization period for recovery of any appropriate costs due to the early retirement of any electric generation facilities, which could result in the reversal of previous retirement costs deemed recovered during the review period ending 2020.   As discussed in Note 2, Virginia Power had recorded charges for early retirement of certain coal- and -oil fired generating units in the first quarters of 2020 and 2019. Virginia Power is currently evaluating the prospective impacts to depreciation rates for fossil fuel units that either must or may be retired before the end of their useful lives as a result of the legislation, excluding gas-fired generating facilities that are currently expected to be required for reliability. Any changes in depreciation rates are not expected to have a material impact to Virginia Power’s results of operations or cash flows based on the existing regulatory framework.

 

-

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

 

-

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

 

-

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

 

 

-

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

 

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

Grid Transformation and Security Act of 2018

In July 2018, Virginia Power filed a petition with the Virginia Commission for approval of the first three years of its ten-year plan for electric distribution grid transformation projects as authorized by the GTSA. During the first three years of the plan, Virginia Power proposed to focus on the following seven foundational components of the overall grid transformation plan: (i) smart meters; (ii) customer information platform; (iii) reliability and resilience; (iv) telecommunications infrastructure; (v) cyber and physical security; (vi) predictive analytics; and (vii) emerging technology. The total estimated capital investment during 2019-2021 was $816 million and the proposed operations and maintenance expenses were $102 million. In January 2019, the Virginia Commission issued its final order approving capital spending for the first three years of the plan totaling $68 million on cyber and physical security and related telecommunications infrastructure (Phase IA). The Virginia Commission declined to approve the remainder of the proposed components for the first three years of the plan, the proposed spending for which was not found reasonable and prudent based on the record in the proceeding.

 

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

 

 

Solar Facility Projects

 

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

 

 

Virginia Fuel Expenses

 

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

 

Rate Adjustment Clauses

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

 

,Rider Name

 

Application Date

 

Approval Date

 

Rate Year

Beginning

 

Total Revenue

Requirement

(millions)

 

 

Increase (Decrease)

Over Previous Year

(millions)

 

Rider US-3

 

July 2019

 

March 2020

 

June 2020

 

$

28

 

 

$

18

 

 

 

North Carolina Regulation

North Carolina Base Rate Case

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

 

Pipeline Integrity and Safety Program

 

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

 

South Carolina Regulation

South Carolina Base Rate Case

Pursuant to the SCANA Merger Approval Order, DESC will not file an application for a general rate case with the South Carolina Commission with a requested effective date for new rates earlier than January 2021.  In April 2020, the South Carolina Commission issued an order vacating the portion of the SCANA Merger Approval Order requiring that new retail electric rates be implemented by January 1, 2021.

 

DSM Programs

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

 

 

Cost of Fuel

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

 

Ohio Regulation

PIR Program

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

 

FERC – Gas

Cove Point

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

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

 
v3.20.1
Leases
 3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Leases

Note 14. Leases

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

 

Dominion Energy’s Consolidated Statements of Income for the three months ended March 31, 2020 and 2019 include $32 million and $29 million, respectively, of rental revenue included in operating revenue and $23 million of depreciation expense for both periods, included in depreciation, depletion and amortization, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

 

 
v3.20.1
Variable Interest Entities
 3 Months Ended
Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Variable Interest Entities

Note 15. Variable Interest Entities

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

Dominion Energy

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

Virginia Power

Virginia Power had a long-term power and capacity contract with one non-utility generator with an aggregate summer generation capacity of approximately 218 MW under a contract which terminated in May 2019. Virginia Power paid $13 million for electric capacity and $1 million for electric energy to the non-utility generator in the three months ended March 31, 2019.

 

Dominion Energy Gas

Dominion Energy Gas purchased shared services from DECGS and DEQPS of $4 million and $7 million for the three months ended March 31, 2020 and $4 million and $8 million for the three months ended March 31, 2019. Dominion Energy Gas’ Consolidated Balance Sheets included amounts due to both DECGS and DEQPS of $22 million and $15 million at March 31, 2020 and December 31, 2019, respectively.

Virginia Power and Dominion Energy Gas

Virginia Power and Dominion Energy Gas purchased shared services from DES, an affiliated VIE, of $93 million and $31 million for the three months ended March 31, 2020, respectively, and $89 million and $28 million for the three months ended March 31, 2019, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $180 million and $102 million at March 31, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. Dominion Energy Gas’ Consolidated Balance Sheets include amounts due to DES of $39 million and $27 million at March 31, 2020 and December 31, 2019, respectively, recorded in payables to affiliates. 

 

 
v3.20.1
Significant Financing Transactions
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Significant Financing Transactions

Note 16. Significant Financing Transactions

Credit Facilities and Short-term Debt

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

Dominion Energy

At March 31, 2020, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility

Limit

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

 

Facility

Capacity

Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

2,071

 

 

$

86

 

 

$

3,843

 

 

(1)

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

In addition to the credit facility mentioned above, Dominion Energy also has a credit facility with a maturity date in June 2020 which allows Dominion Energy to issue up to approximately $21 million in letters of credit. At March 31, 2020, Dominion Energy had $21 million in letters of credit outstanding under this agreement.

 

In March 2020, Dominion Energy entered into a $900 million 364-Day Revolving Credit Agreement.  The agreement bears interest at a variable rate. At March 31, 2020, no amounts were outstanding. In April 2020, Dominion Energy borrowed $225 million under the agreement.  The proceeds were used to provide for general working capital and other general corporate purposes.  The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

DESC’s and Questar Gas’ short-term financings are supported through access as co-borrowers to the joint revolving credit facility discussed above with Dominion Energy, Virginia Power and Dominion Energy Gas.  At March 31, 2020, the sub-limits for DESC and Questar Gas were $500 million and $250 million, respectively.

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

In addition to the credit facilities mentioned above, SBL Holdco has $30 million of credit facilities which had an original stated maturity date of December 2017 with automatic one-year renewals through the maturity of the SBL Holdco term loan agreement in 2023. Dominion Solar Projects III, Inc. has $25 million of credit facilities which had an original stated maturity date of May 2018 with automatic one-year renewals through the maturity of the Dominion Solar Projects III, Inc. term loan agreement in 2024. At March 31, 2020, no amounts were outstanding under either of these facilities.

In March 2020, Dominion Energy borrowed $500 million under a 364-Day Term Loan Credit Agreement that bears interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes.  These borrowings are presented within securities due within one year in Dominion Energy’s Consolidated Balance Sheets at March 31,2020. The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

In April 2020, Dominion Energy borrowed $625 million under a 364-Day Term Loan Credit Agreement that bears interest at a variable rate. The proceeds were used to provide for general working capital and other general corporate purposes. The maximum allowed total debt to total capital ratio under the agreement is consistent with such allowed ratio under Dominion Energy’s joint revolving credit facility.

 

Virginia Power

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

At March 31, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

135

 

 

$

9

 

 

(1)

The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.

Dominion Energy Gas

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

At March 31, 2020, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

1,500

 

 

$

30

 

 

$

—

 

 

(1)

A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.

 

Long-term Debt

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

In February 2020, Dominion Energy redeemed the remaining principal outstanding of $111 million and $286 million of its June 2006 hybrids and its September 2006 hybrids, respectively, both which would have otherwise matured in 2066. All purchases were conducted in compliance with the applicable RCC, each of which was terminated in February 2020. Expenses related to the early redemption of the hybrids were $10 million reflected within interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2020.

In March 2020, SCANA redeemed its floating rate senior notes at the remaining principal balance of $66 million plus accrued interest. The notes would have otherwise matured in June 2034. Expenses related to the early redemption of the senior notes were $7 million reflected within interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2020.

In March 2020, SCANA redeemed the remaining principal outstanding of $183 million of its 4.75% medium-term notes and $155 million of its 4.125% medium-term notes plus accrued interest and make-whole premiums. The notes would have otherwise matured in May 2021 and February 2022, respectively.  Total expenses related to the early redemption of the medium-term notes were $14 million reflected within interest and related charges in the Consolidated Statements of Income for the three months ended March 31, 2020.

 

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

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

 

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

 

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

 

Noncontrolling Interest in Dominion Energy Midstream

 

 

In January 2019, Dominion Energy and Dominion Energy Midstream closed on an agreement and plan of merger pursuant to which Dominion Energy acquired each outstanding common unit representing limited partner interests in Dominion Energy Midstream not already owned by Dominion Energy through the issuance of 22.5 million shares of common stock valued at $1.6 billion. Under the terms of the agreement and plan of merger, each publicly held outstanding common unit representing limited partner interests in

Dominion Energy Midstream was converted into the right to receive 0.2492 shares of Dominion Energy common stock. Immediately prior to the closing, each Series A Preferred Unit representing limited partner interests in Dominion Energy Midstream was converted into common units representing limited partner interests in Dominion Energy Midstream in accordance with the terms of Dominion Energy Midstream’s partnership agreement. The merger was accounted for by Dominion Energy following the guidance for a change in a parent company’s ownership interest in a consolidated subsidiary. Because Dominion Energy controls Dominion Energy Midstream both before and after the merger, the changes in Dominion Energy’s ownership interest in Dominion Energy Midstream were accounted for as an equity transaction and no gain or loss was recognized. In connection with the merger, Dominion Energy recognized $40 million of income taxes in equity primarily attributable to establishing additional regulatory liabilities related to excess deferred income taxes and changes in state income taxes.

 

2019 Corporate Units

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

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

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

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

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

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

 

Issuance Date

 

Units Issued

 

Total Net

Proceeds(1)

 

 

Total

Preferred

Stock (2)

 

 

Cumulative

Dividend

Rate

 

 

Stock

Purchase

Contract

Annual Rate

 

 

Stock

Purchase

Contract

Liability(3)

 

 

Stock Purchase

Contract

Settlement Date

(millions except interest rates)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/14/2019

 

16

 

$

1,582

 

 

$

1,610

 

 

 

1.75

%

 

 

5.5

%

 

$

250

 

 

6/1/2022

 

(1)

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

(2)

Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2020.

(3)

Payments of $20 million were made during the first quarter of 2020. The stock purchase contract liability was $192 million and $212 million at March 31, 2020 and December 31, 2019, respectively.

 

Series B Preferred Stock

In December 2019, Dominion Energy issued 800,000 shares of Series B Preferred Stock for $791 million, net of $9 million of issuance costs. The preferred stock has a liquidation preference of $1,000 per share and currently pays a 4.65% dividend per share on the liquidation preference. Dividends are paid cumulatively on a semi-annual basis, commencing June 15, 2020. Dominion Energy recorded dividends of $9 million ($11.625 per share) for the three months ended March 31, 2020. The dividend rate for the Series B Preferred Stock will be reset every five years beginning on December 15, 2024 to equal the then-current five-year U.S. Treasury rate plus a spread of 2.993%. Unless all accumulated and unpaid dividends on the Series B Preferred Stock have been declared and paid, Dominion Energy may not make any distributions on any of its capital stock ranking equal or junior to the Series B Preferred Stock as to dividends or upon liquidation, including through dividends, redemptions, repurchases or otherwise.

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

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

 

 

Issuance of Common Stock

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

 

At-the-Market Program

 

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

 

Dividend Restrictions

 

At March 31, 2020, 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. There have been no significant changes to dividend restrictions affecting the Companies described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.

 

 
v3.20.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 17. Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is

recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

 

Environmental Matters

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

 

Air

CAA

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

MATS

In February 2019, the EPA published a proposed rule to reverse its previous finding that it is appropriate and necessary to regulate hazardous air pollutant emissions from coal- and oil-fired electric generating units. In April 2020, the EPA finalized its reconsideration and issued a final rule. The final rule is consistent with the EPA’s February 2019 proposal, and determines that it is not appropriate and necessary to regulate mercury and hazardous air pollutant emissions from coal- and oil-fired electric generating units.  The final rule also states that the MATS rule remains in place and the emissions standards for affected coal- and oil-fired electric generating units will not change. The effective date of the action will be 60 days after publication in the Federal Register.  Dominion Energy and Virginia Power are complying with the applicable requirements of the rule and do not expect any impacts to their operations.

Ozone Standards

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

Oil and Gas NSPS

In August 2012, the EPA issued an NSPS impacting new and modified facilities in the natural gas production and gathering sectors and made revisions to the NSPS for natural gas processing and transmission facilities. These rules establish equipment performance specifications and emissions standards for control of VOC emissions for natural gas production wells, tanks, pneumatic controllers, and compressors in the upstream sector. In June 2016, the EPA issued another NSPS regulation, for the oil and natural gas sector, to regulate methane and VOC emissions from new and modified facilities in transmission and storage, gathering and boosting, production and processing facilities. All projects which commenced construction after September 2015 are required to comply with this regulation. In October 2018, the EPA published a proposed rule reconsidering and amending portions of the 2016 rule, including but not limited to, the fugitive emissions requirements at well sites and compressor stations. The amended portions of the 2016 rule were effective immediately upon publication. Until the proposed rule regarding reconsideration is final, Dominion Energy and Dominion Energy Gas are implementing the 2016 regulation. Dominion Energy and Dominion Energy Gas are still evaluating whether potential impacts on results of operations, financial condition and/or cash flows related to this matter will be material.

ACE Rule

In July 2019, the EPA published the final rule informally referred to as the ACE Rule, as a replacement for the Clean Power Plan. 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. In April 2020, Virginia legislation was enacted authorizing VDEQ to implement the final rule. The Virginia legislation also authorizes Virginia to participate in RGGI or another market-based carbon trading program. The existing regulatory framework in Virginia provides rate recovery mechanisms that are expected to substantially mitigate any such impact.

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

Water

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

Regulation 316(b)

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

 

Effluent Limitations Guidelines

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

 

Waste Management and Remediation

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

 

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

 

Dominion Energy has determined that it is associated with former manufactured gas plant sites, including certain sites associated with Virginia Power. At 11 sites associated with Dominion Energy, including certain sites acquired in the SCANA Combination, remediation work has been substantially completed under federal or state oversight. Where required, the sites are following state-approved groundwater monitoring programs. Dominion Energy has proposed or expects to propose remediation plans associated with three sites, including one at Virginia Power, and expects to conduct remediation activities primarily in 2020. At both March 31, 2020 and December 31, 2019, Dominion Energy and Virginia Power have $34 million and $16 million, respectively, of reserves recorded. In addition, for one site associated with Dominion Energy, an updated work plan submitted to SCDHEC in September 2018, would increase costs by approximately $8 million if approved by federal and state agencies. Dominion Energy is associated with 13 additional sites, including two associated with Virginia Power, which are not under investigation by any state or federal environmental agency nor the subject of any current or proposed plans to perform remediation activities. Due to the uncertainty surrounding such sites, Dominion Energy and Virginia Power are unable to make an estimate of the potential financial statement impacts.

Other Legal Matters

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

 

SCANA Legal Proceedings

The following describes certain legal proceedings involving Dominion Energy, SCANA or DESC relating to events occurring before closing of the SCANA Combination. No reference to, or disclosure of, any proceeding, item or matter described below shall be construed as an admission or indication that such proceeding, item or matter is material. For certain of these matters, and unless otherwise noted therein, Dominion Energy is unable to estimate a reasonable range of possible loss and the related financial statement impacts, but for any such matter there could be a material impact to its results of operations, financial condition and/or cash flows.  For the matters for which Dominion Energy is able to reasonably estimate a probable loss, Dominion Energy’s Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 include reserves of $560 million and $696 million, respectively, and insurance receivables of $6 million and $111 million, respectively, included within other receivables. During the three months ended March 31, 2020, Dominion Energy’s Consolidated Statements of Income include charges of $25 million ($25 million after-tax) included within other income (expense). During the three months ended March 31, 2019, Dominion Energy’s Consolidated Statements of Income include charges of $178 million ($133 million after-tax) included within impairment of assets and other charges.

Ratepayer Class Actions

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

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

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

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

RICO Class Action

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

SCANA Shareholder Litigation

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

 

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

 

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

 

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

 

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

 

Employment Class Actions and Indemnification

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

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

FILOT Litigation and Related Matters

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

Governmental Proceedings and Investigations

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

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

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

Other Litigation

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

Abandoned NND Project

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

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

 

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

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

 

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

 

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

 

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

 

Nuclear Matters

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

 

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

 

Based on the prioritized recommendations, in March 2012, the NRC issued orders and information requests requiring specific reviews and actions to all operating reactor licensees, construction permit holders and combined license holders based on the lessons learned from the Fukushima Daiichi event. The orders applicable to Dominion Energy requiring implementation of safety enhancements related to mitigation strategies for responding to extreme natural events resulting in the loss of power at plants, and enhancing spent fuel pool instrumentation have been implemented. The information requests issued by the NRC requested each reactor licensee to reevaluate the seismic and external flooding hazards at their facility using present-day methods and information, conduct walkdowns of their facility to ensure protection against these hazards in their current design basis, and to reevaluate their emergency communications systems and staffing levels. The walkdowns of each unit have been completed, audited by the NRC and found to be adequate. Reevaluation of the emergency communications systems and staffing levels was completed as part of the effort to comply with the orders. Reevaluation of the seismic hazards is complete and final with NRC acceptance received for all Dominion Energy facilities. Reevaluation of the external flooding hazards is complete for all Dominion Energy facilities. 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

Spent Nuclear Fuel

As discussed in Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019, Dominion Energy and Virginia Power entered into contracts with the DOE for the disposal of spent nuclear fuel under provisions of the Nuclear Waste Policy Act of 1982.

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

 

Guarantees, Surety Bonds and Letters of Credit

Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility with a stated maturity date of October 2021. In March 2020, Dominion Energy acquired Southern’s 5% membership interest in Atlantic Coast Pipeline. As a result, Dominion Energy’s maximum potential loss exposure under the terms of the guarantee has increased from 48% to 53% of the outstanding borrowings under the revolving credit facility, an equal percentage to Dominion Energy’s ownership in Atlantic Coast Pipeline. As of March 31, 2020, Atlantic Coast Pipeline had borrowed $1.8 billion against the revolving credit facility and borrowed an additional $32 million in the second quarter of 2020. Dominion Energy’s Consolidated Balance Sheets include a liability of $60 million and $14 million associated with this guarantee agreement at March 31, 2020 and December 31, 2019, respectively. The liability as of March 31, 2020 includes a $48 million adjustment reflected within equity as a cumulative-effect of changes in accounting principles for current expected credit loss associated with this guarantee agreement.

 

In addition, at March 31, 2020, Dominion Energy had issued an additional $27 million of guarantees, primarily to support other equity method investees. No amounts related to the other guarantees have been recorded.

 

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

 

At March 31, 2020, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum

Exposure

 

(millions)

 

 

 

 

Commodity transactions(1)

 

$

2,226

 

Nuclear obligations(2)

 

 

204

 

Cove Point(3)

 

 

1,900

 

Solar(4)

 

 

434

 

Other(5)

 

 

448

 

Total(6)

 

$

5,212

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

 

Additionally, at March 31, 2020, Dominion Energy had purchased $164 million of surety bonds, including $79 million at Virginia Power and $27 million at Dominion Energy Gas, and authorized the issuance of letters of credit by financial institutions of $86 million to facilitate commercial transactions by its subsidiaries with third parties. Under the terms of surety bonds, the Companies are obligated to indemnify the respective surety bond company for any amounts paid.
v3.20.1
Credit Risk
 3 Months Ended
Mar. 31, 2020
Risks And Uncertainties [Abstract]  
Credit Risk

Note 18. Credit Risk

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

At March 31, 2020, Dominion Energy’s gross credit exposure related to energy marketing and price risk management activities totaled $172 million. Of this amount, investment grade counterparties, including those internally rated, represented 95%. No single counterparty, whether investment grade or non-investment grade, exceeded $55 million of exposure. At March 31, 2020, Virginia Power’s exposure related to wholesale customers totaled $65 million. Of this amount, investment grade counterparties, including those internally rated, represented 100%. No single counterparty, whether investment grade or non-investment grade, exceeded $55 million of exposure. At March 31, 2020, Dominion Energy Gas’ exposure primarily related to wholesale customers totaled $45 million. Of this amount, investment grade counterparties, including those internally rated, represented 92%. No single counterparty, whether investment grade or non-investment grade, exceeded $12 million of exposure.  

For the three months ended March 31, 2020 and 2019, the Export Customers comprised approximately 33% and 32%, respectively, of Dominion Energy Gas’ total operating revenue, with Dominion Energy Gas’ largest customer representing approximately 17% of such amount during both periods.

Credit-Related Contingent Provisions

The majority of Dominion Energy’s derivative instruments contain credit-related contingent provisions. These provisions require Dominion Energy to provide collateral upon the occurrence of specific events, primarily a credit rating downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of March 31, 2020 and December 31, 2019, Dominion Energy would have been required to post $14 million and $10 million, respectively, of additional collateral to its counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. Dominion Energy had posted $4 million of collateral at March 31, 2020 related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash and had posted no collateral at December 31, 2019. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash was $18 million and $10 million at March 31, 2020 and December 31, 2019, respectively, which does not include the impact of any offsetting asset positions.

 

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

Credit-related contingent provisions for Dominion Energy Gas were not material as of March 31, 2020 and December 31, 2019. See Note 9 for further information about derivative instruments.
v3.20.1
Related-Party Transactions
 3 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions

Note 19. Related-Party Transactions

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

Virginia Power

Transactions with Affiliates

Virginia Power transacts with affiliates for certain quantities of natural gas and other commodities in the ordinary course of business. Virginia Power also enters into certain commodity derivative contracts with affiliates. Virginia Power uses these contracts, which are principally comprised of forward commodity purchases, to manage commodity price risks associated with purchases of natural gas. At March 31, 2020, Virginia Power’s derivative assets and liabilities with affiliates were $2 million and $20 million, respectively. At December 31, 2019, Virginia Power’s derivative assets and liabilities with affiliates were $3 million and $53 million, respectively. See Note 9 for more information.

Virginia Power participates in certain Dominion Energy benefit plans described in Note 22 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. At March 31, 2020 and December 31, 2019, amounts due to Dominion Energy associated with the Dominion Energy Pension Plan and included in other deferred credits and other liabilities in the Consolidated Balance Sheets were $810 million and $782 million, respectively.  At March 31, 2020 and December 31, 2019, Virginia Power's amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan and included in other deferred charges and other assets in the Consolidated Balance Sheets were $303 million and $287 million, respectively.

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

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

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

211

 

 

$

272

 

Services provided by affiliates(1)

 

 

121

 

 

 

119

 

Services provided to affiliates

 

 

5

 

 

 

6

 

 

(1)

Includes capitalized expenditures of $34 million and $33 million for the three months ended March 31, 2020 and 2019, respectively.

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

There were no issuances of Virginia Power’s common stock to Dominion Energy for the three months ended March 31, 2020 and 2019.

Dominion Energy Gas

Transactions with Related Parties

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

Dominion Energy Gas participates in certain Dominion Energy benefit plans as described in Note 21 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019. At March 31, 2020 and December 31, 2019, amounts due from Dominion Energy associated with the Dominion Energy Pension Plan included in other deferred charges and other assets in the Consolidated Balance Sheets were $331 million and $326 million, respectively. At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ amounts due from Dominion Energy associated with the Dominion Energy Retiree Health and Welfare Plan included in other deferred charges and other assets in the Consolidated Balance Sheets were $19 million and $17 million, respectively.  

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

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

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Sales of natural gas and transportation and storage services

 

$

64

 

 

$

67

 

Purchases of natural gas and transportation storage services

 

 

3

 

 

 

—

 

Services provided by related parties(1)

 

 

43

 

 

 

45

 

Services provided to related parties(2)

 

 

32

 

 

 

45

 

 

(1)

Includes capitalized expenditures of $3 million and $6 million for the three months ended March 31, 2020 and 2019, respectively. 

(2)

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

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Other receivables(1)

 

$

8

 

 

$

7

 

Imbalances receivable from affiliates

 

 

—

 

 

 

8

 

Imbalances payable to affiliates(2)

 

 

2

 

 

 

1

 

Other deferred charges and other assets

 

 

11

 

 

 

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 March 31, 2020 and December 31, 2019 included $21 million and $22 million, respectively, of accrued unbilled revenue.  This revenue is based on estimated amounts of services provided but not yet billed to various affiliates.

 

 

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

Dominion Energy Gas had $262 million in affiliated notes receivable under the Dominion Energy money pool as of March 31, 2020 and no outstanding receivables as of December 31, 2019. Interest income related to the affiliated notes receivable was immaterial for the three months ended March 31, 2020.

 

Interest income on affiliated notes receivable from East Ohio and DGP for borrowings under intercompany revolving credit agreements with Dominion Energy Gas was $5 million for the three months ended March 31, 2019.

Interest income earned on DMLPHCII’s promissory note to Dominion Energy was immaterial for the three months ended March 31, 2020 and 2019.

Interest income related to Dominion Energy’s promissory note borrowings with Cove Point was $27 million for the three months ended March 31, 2019.

At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ affiliated notes receivable from Dominion Energy totaled $1.8 billion. Interest income on these promissory notes was $11 million for the three months ended March 31, 2020.

At March 31, 2020 and December 31, 2019, Dominion Energy Gas’ affiliated notes receivable from East Ohio totaled $1.7 billion. Interest income on these promissory notes were $18 million for the three months ended March 31, 2020.

Dominion Energy Gas’ borrowings under the intercompany revolving credit agreement with Dominion Energy totaled $256 million and $251 million as of March 31, 2020 and December 31, 2019. Interest charges related to Dominion Energy Gas’ total borrowings from Dominion Energy were less than $1 million for the three months ended March 31, 2020 and 2019.

 

Interest charges related to DCP’s total borrowings from Dominion Energy under an intercompany revolving credit agreement totaled $29 million for the three months ended March 31, 2019.

DCP had borrowings of $9 million with DES as of December 31, 2019. Interest related to DCP’s total borrowings from DES totaled less than $1 million for the three months ended March 31, 2020 and 2019.

In the first quarter of 2019, Dominion Energy Midstream borrowed $395 million from Dominion Energy under a $400 million promissory note with Dominion Energy that was scheduled to mature in 2022. Interest charges of $2 million were incurred for the three months ended March 31, 2019.

For the three months ended March 31, 2020 and 2019, Dominion Energy Gas, including entities acquired in the Dominion Energy Gas Restructuring, distributed $37 million and $46 million to Dominion Energy, respectively.

 
v3.20.1
Employee Benefit Plans
 3 Months Ended
Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

Note 20. Employee Benefit Plans

Dominion Energy

The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

43

 

 

$

40

 

 

$

7

 

 

$

7

 

Interest cost

 

 

91

 

 

 

101

 

 

 

15

 

 

 

17

 

Expected return on plan assets

 

 

(193

)

 

 

(177

)

 

 

(39

)

 

 

(33

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

(13

)

Amortization of net actuarial loss

 

 

49

 

 

 

39

 

 

 

1

 

 

 

4

 

Settlements

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

Net periodic benefit cost (credit)

 

$

(10

)

 

$

5

 

 

$

(28

)

 

$

(18

)

 

Employer Contributions

During the three months ended March 31, 2020, Dominion Energy made no contributions to its qualified defined benefit pension plans or other postretirement benefit plans. Dominion Energy does not expect to make contributions to its defined benefit pension plans and expects to contribute $12 million to other postretirement benefit plans through VEBAs, respectively, during the remainder of 2020.

 

 

Dominion Energy Gas

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

The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1

 

 

$

4

 

 

$

1

 

 

$

1

 

Interest cost

 

 

3

 

 

 

8

 

 

 

1

 

 

 

3

 

Expected return on plan assets

 

 

(14

)

 

 

(39

)

 

 

(5

)

 

 

(7

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(1

)

Amortization of net actuarial loss

 

 

2

 

 

 

5

 

 

 

—

 

 

 

1

 

Net periodic benefit credit

 

$

(8

)

 

$

(22

)

 

$

(4

)

 

$

(3

)

 

Employer Contributions

During the three months ended March 31, 2020, Dominion Energy Gas made no contributions to its qualified defined benefit pension plan or other postretirement benefit plans. Dominion Energy Gas does not expect to make contributions to its qualified defined benefit pension plan and expects to contribute approximately $12 million to its other postretirement benefit plans through VEBAs during the remainder of 2020.
v3.20.1
Operating Segments
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Operating Segments

Note 21. Operating Segments

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

 

Primary Operating Segment

 

Description of Operations

 

Dominion

Energy

 

Virginia

Power

 

Dominion

Energy

Gas

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

 

 

Regulated electric transmission

 

X

 

X

 

 

 

 

Regulated electric generation fleet(1)

 

X

 

X

 

 

Gas Transmission & Storage

 

Regulated gas transmission and storage(2)

 

X

 

 

 

X

 

 

LNG terminalling and storage

 

X

 

 

 

X

 

 

Nonregulated retail energy marketing

 

X

 

 

 

 

Gas Distribution

 

Regulated gas distribution and storage(3)

 

X

 

 

 

 

Dominion Energy South

   Carolina

 

Regulated electric distribution

 

X

 

 

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

 

 

Regulated electric generation fleet

 

X

 

 

 

 

 

 

Regulated gas distribution and storage

 

X

 

 

 

 

Contracted Generation

 

Merchant electric generation fleet

 

X

 

 

 

 

 

(1)

Includes Virginia Power’s nonjurisdictional generation operations.

(2)

Includes gathering and processing activities.

(3)

Includes Wexpro’s gas development and production operations.

 

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

Dominion Energy

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

In the three months ended March 31, 2020, Dominion Energy reported after-tax net expenses of $1.2 billion for specific items in the Corporate and Other segment, with $1.0 billion of net expenses attributable to its operating segments. In the three months ended March 31, 2019, Dominion Energy reported after-tax net expenses of $1.6 billion for specific items in the Corporate and Other segment, with $1.3 billion of net expenses attributable to its operating segments.

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

 

•

A $754 million ($566 million after-tax) charge primarily related to the early retirement of certain Virginia Power electric generation facilities, attributable to Dominion Energy Virginia;

 

•

A $538 million ($410 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to:

 

 

•

Contracted Generation ($364 million after-tax) and;

 

•

Dominion Energy Virginia ($46 million after-tax).

 

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

•

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

 

•

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

 

•

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

 

•

$178 million ($133 million after-tax) of charges associated with litigation acquired in the SCANA Combination, 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;

 

•

$106 million ($81 million after-tax) of merger and integration-related costs associated with the SCANA Combination, attributable to Dominion Energy South Carolina;

 

•

A $105 million ($79 million after-tax) charge for property, plant and equipment acquired in the SCANA Combination for which Dominion Energy committed to forego recovery, attributable to Dominion Energy South Carolina;

 

•

A $253 million ($197 million after-tax) net gain related to investments in nuclear decommissioning trust funds, attributable to:

 

 

•

Contracted Generation ($175 million after-tax) and;

 

•

Dominion Energy Virginia ($22 million after-tax).

 

•

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

 

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

 

 

 

Dominion

Energy

Virginia

 

 

Gas

Transmission

& Storage

 

 

Gas

Distribution

 

 

Dominion

Energy

South

Carolina

 

 

Contracted

Generation

 

 

Corporate

and Other

 

 

Adjustments

& Eliminations

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

1,938

 

 

$

644

 

 

$

887

 

 

$

713

 

 

$

286

 

 

$

28

 

 

$

—

 

 

$

4,496

 

Intersegment revenue

 

 

(3

)

 

 

57

 

 

 

3

 

 

 

1

 

 

 

4

 

 

 

279

 

 

 

(341

)

 

 

—

 

Total operating revenue

 

 

1,935

 

 

 

701

 

 

 

890

 

 

 

714

 

 

 

290

 

 

 

307

 

 

 

(341

)

 

 

4,496

 

Net income (loss) attributable to Dominion

   Energy

 

 

429

 

 

 

221

 

 

 

225

 

 

 

94

 

 

 

59

 

 

 

(1,298

)

 

 

-

 

 

 

(270

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

2,001

 

 

$

984

 

 

$

917

 

 

$

689

 

 

$

352

 

 

$

(1,052

)

 

$

(33

)

 

$

3,858

 

Intersegment revenue

 

 

(4

)

 

 

54

 

 

 

4

 

 

 

—

 

 

 

3

 

 

 

277

 

 

 

(334

)

 

 

—

 

Total operating revenue

 

 

1,997

 

 

 

1,038

 

 

 

921

 

 

 

689

 

 

 

355

 

 

 

(775

)

 

 

(367

)

 

 

3,858

 

Net income (loss) attributable to Dominion

   Energy

 

 

361

 

 

 

222

 

 

 

205

 

 

 

71

 

 

 

102

 

 

 

(1,641

)

 

 

-

 

 

 

(680

)

 

Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation.

Virginia Power

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

In the three months ended March 31, 2020, Virginia Power reported after-tax net expenses of $700 million for specific items in the Corporate and Other segment with $634 million of the net expenses attributable to its operating segment. In the three months ended March 31, 2019 Virginia Power reported after-tax expense of $344 million for specific items in the Corporate and Other segment, with $324 million of net expenses attributable to its operating segment.

 

The net expenses for specific items in 2020 primarily related to the impact of the following items:

 

•

A $754 million ($561 million after-tax) charge related to the early retirement of certain Virginia Power electric generation facilities;

•

A $62 million ($46 million after-tax) loss related to investments in nuclear decommissioning trust funds.

 

 

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

•

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

 

•

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

 

•

A $29 million ($22 million after-tax) charge related to a portion of rate adjustment clauses for excess deferred taxes which are probable of being returned to customers, partially offset by

 

•

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

 

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

 

 

 

Dominion

Energy

Virginia

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,930

 

 

$

—

 

 

$

1,930

 

Net income (loss)

 

 

427

 

 

 

(707

)

 

 

(280

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,994

 

 

$

(29

)

 

$

1,965

 

Net income (loss)

 

 

358

 

 

 

(338

)

 

 

20

 

 

Dominion Energy Gas

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

In both the three months ended March 31, 2020 and 2019, Dominion Energy Gas reported an immaterial amount of specific items in the Corporate and Other segment.

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

 

 

 

Gas

Transmission

& Storage

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

556

 

 

$

—

 

 

$

556

 

Net income (loss) attributable to Dominion Energy Gas

 

 

174

 

 

 

(5

)

 

 

169

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

566

 

 

$

—

 

 

$

566

 

Net income from discontinued operations

 

 

—

 

 

 

54

 

 

 

54

 

Net income (loss) attributable to Dominion Energy Gas

 

 

138

 

 

 

52

 

 

 

190

 

 
v3.20.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Basis of Accounting

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

In the Companies’ opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly their financial position at March 31, 2020 and their results of operations, changes in equity and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are normal and recurring in nature unless otherwise noted.
Estimates

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

The Companies’ accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, their accounts, those of their respective majority-owned subsidiaries and non-wholly-owned entities in which they have a controlling financial interest. For certain partnership structures, income is allocated based on the liquidation value of the underlying contractual arrangements. At March 31, 2020, Dominion Energy owns 50% of the voting interests in Four Brothers and Three Cedars and has a controlling financial interest over the entities through its right to control operations. GIP’s ownership interest in Four Brothers and Three Cedars, Terra Nova Renewable Partners’ 33% interest in certain Dominion Energy merchant solar projects, Brookfield’s 25% interest in Cove Point (effective December 2019) and the non-Dominion Energy held interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy’s Consolidated Financial Statements. Terra Nova Renewable Partners has a future option to buy all or a portion of Dominion Energy’s remaining 67% ownership in certain merchant projects upon the occurrence of certain events, none of which are expected to occur in the next 12 months. Brookfield’s 25% interest in Cove Point (effective December 2019) and the public’s ownership interest in Dominion Energy Midstream (through January 2019) are reflected as noncontrolling interest in Dominion Energy Gas’ Consolidated Financial Statements.
Reclassifications

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

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

Cash, Restricted Cash and Equivalents

The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019:

 

 

 

Cash, Restricted Cash and Equivalents

at End of Period

 

 

Cash, Restricted Cash and Equivalents

at Beginning of Period

 

 

 

March 31, 2020

 

 

March 31, 2019

 

 

December 31, 2019

 

 

December 31, 2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,192

 

 

$

422

 

 

$

166

 

 

$

268

 

Restricted cash and equivalents(1)

 

 

75

 

 

 

205

 

 

 

103

 

 

 

123

 

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

 

$

1,267

 

 

$

627

 

 

$

269

 

 

$

391

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

71

 

 

$

14

 

 

$

17

 

 

$

29

 

Restricted cash and equivalents(1)

 

 

5

 

 

 

9

 

 

 

7

 

 

 

9

 

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

 

$

76

 

 

$

23

 

 

$

24

 

 

$

38

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

46

 

 

$

147

 

 

$

27

 

 

$

108

 

Restricted cash and equivalents (1)

 

 

12

 

 

 

62

 

 

 

12

 

 

 

90

 

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

 

$

58

 

 

$

209

 

 

$

39

 

 

$

198

 

 

(1)

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

(2)

At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
Property, Plant and Equipment

Property, Plant and Equipment

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

 

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

 

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

 

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

Credit Risk

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

 

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

Investments

Debt and Equity Securities with Readily Determinable Fair Value

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

 

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

 

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

 

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

 

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

 

Equity Securities without Readily Determinable Fair Values

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

 

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

 

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

 

Other-Than-Temporary Impairment

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

 

Credit Impairment

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

 

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

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

Regulatory Matters Involving Potential Loss Contingencies

Regulatory Matters Involving Potential Loss Contingencies

 

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

Commitments and Contingencies

As a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions, or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. Any accrued liability is

recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations.

Guarantees, Surety Bonds and Letters of Credit

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

v3.20.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Reconciliation of Total Cash, Restricted Cash and Equivalents The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019:

 

 

 

Cash, Restricted Cash and Equivalents

at End of Period

 

 

Cash, Restricted Cash and Equivalents

at Beginning of Period

 

 

 

March 31, 2020

 

 

March 31, 2019

 

 

December 31, 2019

 

 

December 31, 2018

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,192

 

 

$

422

 

 

$

166

 

 

$

268

 

Restricted cash and equivalents(1)

 

 

75

 

 

 

205

 

 

 

103

 

 

 

123

 

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

 

$

1,267

 

 

$

627

 

 

$

269

 

 

$

391

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

71

 

 

$

14

 

 

$

17

 

 

$

29

 

Restricted cash and equivalents(1)

 

 

5

 

 

 

9

 

 

 

7

 

 

 

9

 

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

 

$

76

 

 

$

23

 

 

$

24

 

 

$

38

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents(2)

 

$

46

 

 

$

147

 

 

$

27

 

 

$

108

 

Restricted cash and equivalents (1)

 

 

12

 

 

 

62

 

 

 

12

 

 

 

90

 

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

 

$

58

 

 

$

209

 

 

$

39

 

 

$

198

 

 

(1)

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

(2)

At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
v3.20.1
Acquisitions and Dispositions (Tables)
 3 Months Ended
Mar. 31, 2020
Dominion Energy Gas Holdings, LLC | East Ohio  
Schedule of Operations, Assets and Liabilities, Capital Expenditures and Significant Noncash Items Reported as Discontinued Operations The following table represents selected information regarding the results of operations of East Ohio, which are reported as discontinued operations in Dominion Energy Gas’ Consolidated Statements of Income:

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Operating revenue

 

$

229

 

Depreciation and amortization

 

 

21

 

Other operating expenses

 

 

148

 

Other income

 

 

18

 

Interest and related charges

 

 

10

 

Income tax expense

 

 

14

 

Net income from discontinued operations

 

$

54

 

 

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Capital expenditures

 

$

65

 

Significant noncash items

 

 

 

 

Accrued capital expenditures

 

 

6

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

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Operating revenue

 

$

45

 

Depreciation and amortization

 

 

1

 

Other operating expenses

 

 

44

 

Net income from discontinued operations

 

$

—

 

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

 

 

 

Three Months Ended

March 31, 2019

 

(millions)

 

 

 

 

Capital expenditures

 

$

3

 
SCANA  
Business Acquisition, Pro Forma Information

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

 

 

 

Three Months Ended

March 31, 2019(1)

 

(millions, except EPS)

 

 

 

 

Operating Revenue

 

$

4,887

 

Net income attributable to Dominion Energy

 

 

605

 

Earnings Per Common Share – Basic

 

$

0.76

 

Earnings Per Common Share – Diluted

 

$

0.76

 

 

(1)

Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.
v3.20.1
Operating Revenue (Tables)
 3 Months Ended
Mar. 31, 2020
Regulated And Unregulated Operating Revenue [Abstract]  
Schedule of Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

Residential

 

$

1,158

 

 

$

646

 

Commercial

 

 

798

 

 

 

496

 

Industrial

 

 

182

 

 

 

30

 

Government and other retail

 

 

219

 

 

 

200

 

Wholesale

 

 

33

 

 

 

48

 

Nonregulated electric sales

 

 

232

 

 

 

316

 

Regulated gas sales:

 

 

 

 

 

 

 

 

Residential

 

 

548

 

 

 

602

 

Commercial

 

 

191

 

 

 

191

 

Other

 

 

28

 

 

 

38

 

Nonregulated gas sales

 

 

83

 

 

 

247

 

Regulated gas transportation and storage:

 

 

 

 

 

 

 

 

FERC-regulated

 

 

281

 

 

 

277

 

State-regulated

 

 

232

 

 

 

213

 

Nonregulated gas transportation and storage

 

 

175

 

 

 

174

 

Other regulated revenues(1)

 

 

75

 

 

 

58

 

Other nonregulated revenues(1)(2)

 

 

88

 

 

 

95

 

Total operating revenue from contracts

   with customers

 

 

4,323

 

 

 

3,631

 

Other revenues(3)

 

 

173

 

 

 

227

 

Total operating revenue

 

$

4,496

 

 

$

3,858

 

Virginia Power

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

Residential

 

$

896

 

 

$

923

 

Commercial

 

 

614

 

 

 

636

 

Industrial

 

 

97

 

 

 

112

 

Government and other retail

 

 

203

 

 

 

204

 

Wholesale

 

 

24

 

 

 

37

 

Other regulated revenues(2)

 

 

62

 

 

 

33

 

Other nonregulated revenues(1)(2)

 

 

13

 

 

 

6

 

Total operating revenue from contracts

   with customers

 

 

1,909

 

 

 

1,951

 

Other revenues(2)(3)

 

 

21

 

 

 

14

 

Total operating revenue

 

$

1,930

 

 

$

1,965

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulated gas sales - wholesale

 

$

2

 

 

$

2

 

Nonregulated gas sales(2)

 

 

1

 

 

 

2

 

Regulated gas transportation and storage

 

 

344

 

 

 

340

 

Nonregulated gas transportation and storage

 

 

175

 

 

 

174

 

Management service revenue(2)

 

 

31

 

 

 

44

 

Other regulated revenues(1)(2)

 

 

1

 

 

 

3

 

Other nonregulated revenues(1)(2)

 

 

1

 

 

 

—

 

Total operating revenue from contracts

   with customers

 

 

555

 

 

 

565

 

Other revenues

 

 

1

 

 

 

1

 

Total operating revenue

 

$

556

 

 

$

566

 

 

1)

Amounts above include sales which are considered to be goods transferred at a point in time. For the three months ended March 31, 2020 and 2019, such amounts included $39 million and $48 million, respectively, at Dominion Energy and $1 million for both the three months ended March 31, 2020 and 2019, at Dominion Energy Gas, consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the three months ended March 31, 2020 and 2019, such sales were $4 million and $3 million, respectively, at Dominion Energy and $3 million and $1 million, respectively, at Virginia Power.

2)

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

3)

Includes alternative revenue. For the three months ended March 31, 2020 and 2019, such amounts included $36 million and $14 million, respectively, at Dominion Energy and $17 million and $8 million, respectively, at 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 March 31, 2020

 

2020

 

 

2021

 

 

2022

 

 

2023

 

 

2024

 

 

Thereafter

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

$

1,222

 

 

$

1,562

 

 

$

1,474

 

 

$

1,312

 

 

$

1,187

 

 

$

13,089

 

 

$

19,846

 

Virginia Power

 

 

2

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3

 

Dominion Energy Gas

 

 

1,336

 

 

 

1,714

 

 

 

1,581

 

 

 

1,395

 

 

 

1,242

 

 

 

13,270

 

 

 

20,538

 

 
v3.20.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Effective Income Tax

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

 

 

 

Dominion Energy

 

 

Virginia Power

 

 

Dominion Energy Gas

 

 

Three Months Ended March 31,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

Increases (reductions) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State taxes, net of federal benefit

 

 

4.4

 

 

 

2.2

 

 

 

4.8

 

 

 

4.6

 

 

 

2.9

 

 

 

3.4

 

 

Investment tax credits

 

 

(4.1

)

 

 

(1.5

)

 

 

(6.4

)

 

 

(3.2

)

 

 

—

 

 

 

—

 

 

Production tax credits

 

 

(0.4

)

 

 

(0.8

)

 

 

(0.8

)

 

 

(1.0

)

 

 

—

 

 

 

—

 

 

Reversal of excess deferred income

   taxes

 

 

(9.5

)

 

 

(5.1

)

 

 

(8.1

)

 

 

(5.0

)

 

 

(0.7

)

 

 

(0.7

)

 

Write-off of regulatory assets

 

 

—

 

 

 

(34.1

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

AFUDC - equity

 

 

(1.6

)

 

 

(1.4

)

 

 

(0.7

)

 

 

—

 

 

 

(0.4

)

 

 

(0.5

)

 

Other, net

 

 

(2.5

)

 

 

(0.6

)

 

 

0.3

 

 

 

0.1

 

 

 

(2.4

)

(1)

 

(3.3

)

(1)

Effective tax rate

 

 

7.3

%

 

 

(20.3

)%

 

 

10.1

%

 

 

16.5

%

 

 

20.4

%

 

 

19.9

%

 

 

(1)

Includes (2.7)% and  (3.6) % relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively.
v3.20.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Share Computation

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions, except EPS)

 

 

 

 

 

 

 

 

Net loss attributable to Dominion Energy

 

$

(270

)

 

$

(680

)

Preferred stock dividends (see Note 16)

 

 

(16

)

 

 

—

 

Net loss attributable to Dominion Energy – Basic & Diluted

 

 

(286

)

 

 

(680

)

Average shares of common stock outstanding – Basic & Diluted

 

 

838.2

 

 

 

793.1

 

Earnings Per Common Share – Basic & Diluted

 

$

(0.34

)

 

$

(0.86

)
v3.20.1
Accumulated Other Comprehensive Income (Tables)
 3 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]  
Schedule of Accumulated Other Comprehensive Income (Loss)

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

 

 

 

Deferred

gains and

losses on

derivatives-

hedging

activities

 

 

Unrealized

gains and

losses on

investment

securities

 

 

Unrecognized

pension and

other

postretirement

benefit costs

 

 

Other

comprehensive

loss from

equity method

investees

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(407

)

 

$

37

 

 

$

(1,421

)

 

$

(2

)

 

$

(1,793

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(266

)

 

 

9

 

 

 

—

 

 

 

—

 

 

 

(257

)

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

 

 

22

 

 

 

(9

)

 

 

19

 

 

 

—

 

 

 

32

 

Net current period other comprehensive income (loss)

 

 

(244

)

 

 

—

 

 

 

19

 

 

 

—

 

 

 

(225

)

Ending balance

 

$

(651

)

 

$

37

 

 

$

(1,402

)

 

$

(2

)

 

$

(2,018

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(235

)

 

$

2

 

 

$

(1,465

)

 

$

(2

)

 

$

(1,700

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(24

)

 

 

16

 

 

 

—

 

 

 

—

 

 

 

(8

)

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

 

 

(31

)

 

 

—

 

 

 

8

 

 

 

—

 

 

 

(23

)

Net current period other comprehensive income (loss)

 

 

(55

)

 

 

16

 

 

 

8

 

 

 

—

 

 

 

(31

)

Ending balance

 

$

(290

)

 

$

18

 

 

$

(1,457

)

 

$

(2

)

 

$

(1,731

)

 

(1)

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

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

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of

Income

(millions)

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

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

 

 

 

 

 

 

Commodity contracts

 

$

(7

)

 

Operating revenue

 

 

 

3

 

 

Purchased gas

Interest rate contracts

 

 

27

 

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income (expense)

Total

 

 

29

 

 

 

Tax

 

 

(7

)

 

Income tax expense (benefit)

Total, net of tax

 

$

22

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

(13

)

 

Other income (expense)

Total

 

 

(13

)

 

 

Tax

 

 

4

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(9

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(6

)

 

Other income (expense)

Amortization of actuarial losses

 

 

30

 

 

Other income (expense)

Total

 

 

24

 

 

 

Tax

 

 

(5

)

 

Income tax expense (benefit)

Total, net of tax

 

$

19

 

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

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

 

 

 

 

 

 

Commodity contracts

 

$

(54

)

 

Operating revenue

 

 

 

(3

)

 

Purchased gas

Interest rate contracts

 

 

10

 

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income (expense)

Total

 

 

(41

)

 

 

Tax

 

 

10

 

 

Income tax expense (benefit)

Total, net of tax

 

$

(31

)

 

 

Unrecognized pension and other postretirement benefit costs:

 

 

 

 

 

 

Amortization of prior-service costs (credits)

 

$

(5

)

 

Other income (expense)

Amortization of actuarial losses

 

 

27

 

 

Other income (expense)

Total

 

 

22

 

 

 

Tax

 

 

(14

)

 

Income tax expense (benefit)

Total, net of tax

 

$

8

 

 

 

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

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

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrealized gains

and losses on

investment

securities

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(34

)

 

$

5

 

 

$

(29

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(45

)

 

 

(2

)

 

 

(47

)

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

 

 

—

 

 

 

1

 

 

 

1

 

Net current period other comprehensive income (loss)

 

 

(45

)

 

 

(1

)

 

 

(46

)

Ending balance

 

$

(79

)

 

$

4

 

 

$

(75

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(13

)

 

$

1

 

 

$

(12

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(7

)

 

 

2

 

 

 

(5

)

Amounts reclassified from AOCI: (gains) losses

 

 

—

 

 

 

—

 

 

 

—

 

Net current period other comprehensive income (loss)

 

 

(7

)

 

 

2

 

 

 

(5

)

Ending balance

 

$

(20

)

 

$

3

 

 

$

(17

)

 

(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)

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

Unrealized (gains) and losses on investment securities:

 

 

 

 

 

 

Realized (gains) losses on sale of securities

 

$

2

 

 

Other income (loss)

Total

 

 

2

 

 

 

Tax

 

 

(1

)

 

Income tax expense (benefit)

Total, net of tax

 

$

1

 

 

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

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

 

 

 

Deferred gains

and losses on

derivatives-

hedging

activities

 

 

Unrecognized

pension costs

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(81

)

 

$

(106

)

 

$

(187

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(91

)

 

 

—

 

 

 

(91

)

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

 

 

6

 

 

 

1

 

 

 

7

 

Net current period other comprehensive income (loss)

 

 

(85

)

 

 

1

 

 

 

(84

)

Ending balance

 

$

(166

)

 

$

(105

)

 

$

(271

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Beginning balance

 

$

(25

)

 

$

(144

)

 

$

(169

)

Other comprehensive income before reclassifications:

   gains (losses)

 

 

(27

)

 

 

—

 

 

 

(27

)

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

 

 

3

 

 

 

1

 

 

 

4

 

Net current period other comprehensive income (loss)

 

 

(24

)

 

 

1

 

 

 

(23

)

Less other comprehensive income (loss) attributable to noncontrolling

   interest

 

 

(1

)

 

 

—

 

 

 

(1

)

Ending balance

 

$

(48

)

 

$

(143

)

 

$

(191

)

 

(1)

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

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

 

Details about AOCI components

 

Amounts

reclassified

from AOCI

 

 

Affected line item in the

Consolidated Statements of  Income

(millions)

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

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

 

 

 

 

 

 

Interest rate contracts

 

$

2

 

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income

Total

 

 

8

 

 

 

Tax

 

 

(2

)

 

Income tax expense

Total, net of tax

 

$

6

 

 

 

Unrecognized pension costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

1

 

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

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

 

 

 

 

 

 

Commodity contracts

 

$

(2

)

 

Net income from discontinued operations

Interest rate contracts

 

 

(1

)

 

Interest and related charges

Foreign currency contracts

 

 

6

 

 

Other income

Total

 

 

3

 

 

 

Tax

 

 

—

 

 

Income tax expense

Total, net of tax

 

$

3

 

 

 

Unrecognized pension costs:

 

 

 

 

 

 

Actuarial losses

 

$

2

 

 

Other income

Total

 

 

2

 

 

 

Tax

 

 

(1

)

 

Income tax expense

Total, net of tax

 

$

1

 

 

 
v3.20.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Inputs, Assets, Quantitative Information

The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at March 31, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

48

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 3

 

 

(1

)

FTRs

 

 

1

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 2

 

 

—

 

Total assets

 

$

49

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

4

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(2) - 2

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 2

 

 

1

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

45% - 83%

 

 

57

%

Total liabilities

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

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

(4)

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

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

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

72

 

 

$

49

 

 

$

121

 

Interest rate

 

 

—

 

 

 

29

 

 

 

—

 

 

 

29

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

3,313

 

 

 

—

 

 

 

—

 

 

 

3,313

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

496

 

 

 

—

 

 

 

496

 

Government securities

 

 

437

 

 

 

739

 

 

 

—

 

 

 

1,176

 

Cash equivalents and other

 

 

18

 

 

 

2

 

 

 

—

 

 

 

20

 

Total assets

 

$

3,768

 

 

$

1,338

 

 

$

49

 

 

$

5,155

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

43

 

 

$

6

 

 

$

49

 

Interest rate

 

 

—

 

 

 

1,580

 

 

 

—

 

 

 

1,580

 

Foreign currency

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Total liabilities

 

$

—

 

 

$

1,640

 

 

$

6

 

 

$

1,646

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

55

 

 

$

19

 

 

$

74

 

Interest rate

 

 

—

 

 

 

11

 

 

 

—

 

 

 

11

 

Foreign currency

 

 

—

 

 

 

8

 

 

 

—

 

 

 

8

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

4,195

 

 

 

—

 

 

 

—

 

 

 

4,195

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

463

 

 

 

—

 

 

 

463

 

Government securities

 

 

473

 

 

 

719

 

 

 

—

 

 

 

1,192

 

Cash equivalents and other

 

 

19

 

 

 

1

 

 

 

—

 

 

 

20

 

Total assets

 

$

4,687

 

 

$

1,257

 

 

$

19

 

 

$

5,963

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

75

 

 

$

56

 

 

$

131

 

Interest rate

 

 

—

 

 

 

606

 

 

 

—

 

 

 

606

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

684

 

 

$

56

 

 

$

740

 

(1)

Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $277 million and $274 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Beginning balance

 

$

(37

)

 

$

64

 

Total realized and unrealized gains (losses):

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

Operating revenue

 

 

—

 

 

 

(1

)

Electric fuel and other energy-related purchases

 

 

(22

)

 

 

(4

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

7

 

Settlements

 

 

22

 

 

 

(1

)

Purchases

 

 

—

 

 

 

(10

)

Transfers out of Level 3

 

 

—

 

 

 

(2

)

Ending balance

 

$

43

 

 

$

53

 
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:

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

 

Carrying

Amount

 

 

Estimated

Fair

Value(1)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(2)

 

$

32,984

 

 

$

35,685

 

 

$

32,055

 

 

$

36,155

 

Junior subordinated notes(3)

 

 

4,407

 

 

 

4,381

 

 

 

4,797

 

 

 

4,953

 

Virginia Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(3)

 

$

12,327

 

 

$

13,998

 

 

$

12,326

 

 

$

14,281

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt(4)

 

$

5,516

 

 

$

5,479

 

 

$

5,520

 

 

$

5,738

 

 

(1)

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

(2)

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

(3)

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

(4)

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

The following table presents Virginia Power’s quantitative information about Level 3 fair value measurements at March 31, 2020.  The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.

 

 

 

Fair Value

(millions)

 

 

Valuation Techniques

 

Unobservable Input

 

 

Range

 

Weighted

Average(1)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Physical and financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas(2)

 

$

48

 

 

Discounted cash flow

 

Market price (per Dth)

(3)

 

(2) - 2

 

 

(1

)

FTRs

 

 

1

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(1) - 2

 

 

—

 

Total assets

 

$

49

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial forwards:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FTRs

 

$

4

 

 

Discounted cash flow

 

Market price (per MWh)

(3)

 

(2) - 2

 

 

—

 

Physical options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Natural gas

 

 

2

 

 

Option model

 

Market price (per Dth)

(3)

 

1 - 2

 

 

1

 

 

 

 

 

 

 

 

 

Price volatility

(4)

 

45% - 83%

 

 

57

%

Total liabilities

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Averages weighted by volume.

(2)

Includes basis.

(3)

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

(4)

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

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

 

Significant Unobservable Inputs

 

Position

 

Change to Input

 

Impact on Fair Value

Measurement

Market price

 

Buy

 

Increase (decrease)

 

Gain (loss)

Market price

 

Sell

 

Increase (decrease)

 

Loss (gain)

Price volatility

 

Buy

 

Increase (decrease)

 

Gain (loss)

Price volatility

 

Sell

 

Increase (decrease)

 

Loss (gain)
Fair Value, by Balance Sheet Grouping

 

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

2

 

 

$

49

 

 

$

51

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,506

 

 

 

—

 

 

 

—

 

 

 

1,506

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

285

 

 

 

—

 

 

 

285

 

Government securities

 

 

162

 

 

 

357

 

 

 

—

 

 

 

519

 

Total assets

 

$

1,668

 

 

$

644

 

 

$

49

 

 

$

2,361

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

18

 

 

$

6

 

 

$

24

 

Interest rate

 

 

—

 

 

 

991

 

 

 

—

 

 

 

991

 

Total liabilities

 

$

—

 

 

$

1,009

 

 

$

6

 

 

$

1,015

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

3

 

 

$

19

 

 

$

22

 

Interest rate

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

Investments(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

1,920

 

 

 

—

 

 

 

—

 

 

 

1,920

 

Fixed income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

—

 

 

 

256

 

 

 

—

 

 

 

256

 

Government securities

 

 

186

 

 

 

361

 

 

 

—

 

 

 

547

 

Cash equivalents and other

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Total assets

 

$

2,106

 

 

$

623

 

 

$

19

 

 

$

2,748

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

47

 

 

$

56

 

 

$

103

 

Interest rate

 

 

—

 

 

 

363

 

 

 

—

 

 

 

363

 

Total liabilities

 

$

—

 

 

$

410

 

 

$

56

 

 

$

466

 

 

(1)

Includes investments held in the nuclear decommissioning trusts. Excludes $157 million and $159 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Beginning balance

 

$

(37

)

 

$

60

 

Total realized and unrealized losses:

 

 

 

 

 

 

 

 

Included in earnings:

 

 

 

 

 

 

 

 

Electric fuel and other energy-related purchases

 

 

(22

)

 

 

(4

)

Included in regulatory assets/liabilities

 

 

80

 

 

 

8

 

Settlements

 

 

22

 

 

 

(5

)

Ending balance

 

$

43

 

 

$

59

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

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

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

190

 

 

$

—

 

 

$

190

 

Foreign currency

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Total liabilities

 

$

—

 

 

$

207

 

 

$

—

 

 

$

207

 

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Total assets

 

$

—

 

 

$

8

 

 

$

—

 

 

$

8

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

—

 

 

$

83

 

 

$

—

 

 

$

83

 

Foreign currency

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

Total liabilities

 

$

—

 

 

$

86

 

 

$

—

 

 

$

86

 
v3.20.1
Derivatives and Hedge Accounting Activities (Tables)
 3 Months Ended
Mar. 31, 2020
Offsetting Assets

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

55

 

 

$

3

 

 

$

—

 

 

$

52

 

 

$

35

 

 

$

21

 

 

$

—

 

 

$

14

 

Exchange

 

 

64

 

 

 

16

 

 

 

34

 

 

 

14

 

 

 

37

 

 

 

21

 

 

 

—

 

 

 

16

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

29

 

 

 

21

 

 

 

—

 

 

 

8

 

 

 

11

 

 

 

3

 

 

 

—

 

 

 

8

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8

 

 

 

8

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

148

 

 

$

40

 

 

$

34

 

 

$

74

 

 

$

91

 

 

$

53

 

 

$

—

 

 

$

38

 

 

(1)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

27

 

 

$

3

 

 

$

1

 

 

$

23

 

 

$

105

 

 

$

21

 

 

$

—

 

 

$

84

 

Exchange

 

 

16

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

21

 

 

 

21

 

 

 

—

 

 

 

—

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

1,580

 

 

 

21

 

 

 

23

 

 

 

1,536

 

 

 

606

 

 

 

8

 

 

 

35

 

 

 

563

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

17

 

 

 

—

 

 

 

—

 

 

 

17

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

1,640

 

 

$

40

 

 

$

24

 

 

$

1,576

 

 

$

735

 

 

$

53

 

 

$

35

 

 

$

647

 

 

(1)

Excludes $6 million and $5 million of derivative liabilities at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative Activity

The following table presents the volume of Dominion Energy’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

81

 

 

 

36

 

Basis

 

 

268

 

 

 

574

 

Electricity (MWh):

 

 

 

 

 

 

 

 

Fixed price

 

 

3,088,875

 

 

 

—

 

FTRs

 

 

18,836,472

 

 

 

—

 

Liquids (Gal)(2)

 

 

39,690,000

 

 

 

—

 

Interest rate(3)

 

$

2,450,000,000

 

 

$

5,582,850,761

 

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 March 31, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Commodities:

 

 

 

 

 

 

 

 

 

 

Gas

 

$

(2

)

 

$

(2

)

 

21 months

Electricity

 

 

14

 

 

 

14

 

 

9 months

NGL

 

 

1

 

 

 

1

 

 

9 months

Interest rate

 

 

(655

)

 

 

(50

)

 

381 months

Foreign currency

 

 

(9

)

 

 

(1

)

 

75 months

Total

 

$

(651

)

 

$

(38

)

 

 
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)

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt

 

$

(1,154

)

 

$

(1,154

)

 

$

(4

)

 

$

(4

)

 

(1)

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

(2)

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

Fair Value and Gains and Losses on Derivative Instruments

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

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

80

 

 

$

80

 

Interest rate

 

 

—

 

 

 

11

 

 

 

11

 

Total current derivative assets(1)

 

 

—

 

 

 

91

 

 

 

91

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

41

 

 

 

41

 

Interest rate

 

 

—

 

 

 

18

 

 

 

18

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

59

 

 

 

59

 

Total derivative assets

 

$

—

 

 

$

150

 

 

$

150

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

45

 

 

$

45

 

Interest rate

 

 

515

 

 

 

232

 

 

 

747

 

Foreign currency

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative liabilities

 

 

516

 

 

 

277

 

 

 

793

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

4

 

 

 

4

 

Interest rate

 

 

722

 

 

 

111

 

 

 

833

 

Foreign currency

 

 

16

 

 

 

—

 

 

 

16

 

Total noncurrent derivative liabilities

 

 

738

 

 

 

115

 

 

 

853

 

Total derivative liabilities

 

$

1,254

 

 

$

392

 

 

$

1,646

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

30

 

 

$

37

 

 

$

67

 

Interest rate

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative assets(1)

 

 

31

 

 

 

37

 

 

 

68

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

6

 

 

 

7

 

Interest rate

 

 

10

 

 

 

—

 

 

 

10

 

Foreign currency

 

 

8

 

 

 

—

 

 

 

8

 

Total noncurrent derivative assets(2)

 

 

19

 

 

 

6

 

 

 

25

 

Total derivative assets

 

$

50

 

 

$

43

 

 

$

93

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

6

 

 

$

77

 

 

$

83

 

Interest rate

 

 

321

 

 

 

1

 

 

 

322

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities

 

 

330

 

 

 

78

 

 

 

408

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

1

 

 

 

47

 

 

 

48

 

Interest rate

 

 

267

 

 

 

17

 

 

 

284

 

Total noncurrent derivative liabilities

 

 

268

 

 

 

64

 

 

 

332

 

Total derivative liabilities

 

$

598

 

 

$

142

 

 

$

740

 

 

(1)

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

(2)

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

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

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized

in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase

(Decrease) in

Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

7

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

(3

)

 

 

 

 

Total commodity

 

$

—

 

 

$

4

 

 

$

—

 

Interest rate(3)

 

 

(336

)

 

 

(27

)

 

 

(563

)

Foreign currency(4)

 

 

(23

)

 

 

(6

)

 

 

—

 

Total

 

$

(359

)

 

$

(29

)

 

$

(563

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

 

 

 

 

$

54

 

 

 

 

 

Purchased gas

 

 

 

 

 

 

3

 

 

 

 

 

Total commodity

 

$

66

 

 

$

57

 

 

$

—

 

Interest rate(3)

 

 

(84

)

 

 

(10

)

 

 

(84

)

Foreign currency(4)

 

 

(11

)

 

 

(6

)

 

 

—

 

Total

 

$

(29

)

 

$

41

 

 

$

(84

)

 

(1)

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

(2)

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

(3)

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

(4)

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

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Operating revenue

 

$

65

 

 

$

3

 

Purchased gas

 

 

(14

)

 

 

3

 

Electric fuel and other energy-related purchases

 

 

(65

)

 

 

(9

)

Interest rate(2)

 

 

(61

)

 

 

—

 

Total

 

$

(75

)

 

$

(3

)

 

(1)

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

(2)

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

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross

Assets Presented

in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

48

 

 

$

1

 

 

$

—

 

 

$

47

 

 

$

19

 

 

$

18

 

 

$

—

 

 

$

1

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

2

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

48

 

 

$

1

 

 

$

—

 

 

$

47

 

 

$

21

 

 

$

18

 

 

$

—

 

 

$

3

 

 

(1)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities

Presented in the

Consolidated

Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities

Presented in the Consolidated Balance Sheet(1)

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

4

 

 

$

1

 

 

$

1

 

 

$

2

 

 

$

59

 

 

$

18

 

 

$

—

 

 

$

41

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

991

 

 

 

—

 

 

 

—

 

 

 

991

 

 

 

363

 

 

 

—

 

 

 

—

 

 

 

363

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

995

 

 

$

1

 

 

$

1

 

 

$

993

 

 

$

422

 

 

$

18

 

 

$

—

 

 

$

404

 

 

(1)

Excludes $20 million and $44 million of derivative liabilities at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
Schedule of Volume of Derivative Activity

The following table presents the volume of Virginia Power’s derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Natural Gas (bcf):

 

 

 

 

 

 

 

 

Fixed price(1)

 

 

37

 

 

 

14

 

Basis

 

 

160

 

 

 

536

 

Electricity (MWh):

 

 

 

 

 

 

 

 

FTRs

 

 

18,836,472

 

 

 

—

 

Interest rate(2)

 

$

900,000,000

 

 

$

1,150,000,000

 

 

(1)

Includes options.

(2)

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

The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at March 31, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected to be

Reclassified to Earnings

During the Next 12

Months After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(79

)

 

$

(1

)

 

381 months

Total

 

$

(79

)

 

$

(1

)

 

 
Fair Value of Derivatives

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

 

 

 

Fair Value –

Derivatives under

Hedge

Accounting

 

 

Fair Value –

Derivatives not under

Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

14

 

 

$

14

 

Total current derivative assets(1)

 

 

—

 

 

 

14

 

 

 

14

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

 

37

 

 

 

37

 

Total noncurrent derivative assets(2)

 

 

—

 

 

 

37

 

 

 

37

 

Total derivative assets

 

$

—

 

 

$

51

 

 

$

51

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

$

—

 

 

$

23

 

 

$

23

 

Interest rate

 

 

458

 

 

 

—

 

 

 

458

 

Total current derivative liabilities

 

 

458

 

 

 

23

 

 

 

481

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Commodity

 

 

—

 

 

1

 

 

 

1

 

Interest rate

 

 

533

 

 

 

—

 

 

 

533

 

Total noncurrent derivatives liabilities(3)

 

 

533

 

 

 

1

 

 

 

534

 

Total derivative liabilities

 

$

991

 

 

$

24

 

 

$

1,015

 

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

 

 

(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(1)

 

 

Amount of Gain

(Loss) Reclassified

From AOCI to

Income

 

 

Increase (Decrease)

in Derivatives

Subject to

Regulatory

Treatment(2)

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(61

)

 

$

—

 

 

$

(565

)

Total

 

$

(61

)

 

$

—

 

 

$

(565

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate(3)

 

$

(9

)

 

$

—

 

 

$

(84

)

Total

 

$

(9

)

 

$

—

 

 

$

(84

)

 

(1)

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

(2)

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

(3)

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

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized

in Income on Derivatives(1)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Commodity(2)

 

$

(65

)

 

$

(9

)

Total

 

$

(65

)

 

$

(9

)

 

(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:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

 

Gross Assets

Presented in the

Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

—

 

 

$

—

 
Offsetting Liabilities

 

 

 

March 31, 2020

 

 

December 31, 2019

 

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

Gross Amounts Not Offset

in the Consolidated

Balance Sheet

 

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

 

Gross

Liabilities Presented

in the Consolidated

Balance Sheet

 

 

Financial

Instruments

 

 

Cash

Collateral

Paid

 

 

Net

Amounts

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

$

190

 

 

$

—

 

 

$

—

 

 

$

190

 

 

$

83

 

 

$

5

 

 

$

—

 

 

$

78

 

Foreign currency contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over-the-counter

 

 

17

 

 

 

—

 

 

 

—

 

 

 

17

 

 

 

3

 

 

 

3

 

 

 

—

 

 

 

—

 

Total derivatives, subject to a

   master netting or similar

   arrangement

 

$

207

 

 

$

—

 

 

$

—

 

 

$

207

 

 

$

86

 

 

$

8

 

 

$

—

 

 

$

78

 
Schedule of Volume of Derivative Activity

The following table presents the volume of Dominion Energy Gas’ derivative activity at March 31, 2020. These volumes are based on open derivative positions and represent the combined absolute value of their long and short positions, except in the case of offsetting transactions, for which they represent the absolute value of the net volume of its long and short positions.

 

 

 

Current

 

 

Noncurrent

 

Interest rate(1)

 

$

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 March 31, 2020:

 

 

 

AOCI

After-Tax

 

 

Amounts Expected

to be Reclassified to

Earnings During the

Next 12 Months

After-Tax

 

 

Maximum Term

(millions)

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

(157

)

 

$

(11

)

 

297 months

Foreign currency

 

 

(9

)

 

 

(1

)

 

75 months

Total

 

$

(166

)

 

$

(12

)

 

 
Fair Value of Derivatives

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

 

 

 

Fair Value-

Derivatives

Under Hedge

Accounting

 

 

Fair Value-Derivatives

Not Under Hedge

Accounting

 

 

Total Fair Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

57

 

 

$

11

 

 

$

68

 

Foreign currency

 

 

1

 

 

 

—

 

 

 

1

 

Total current derivative liabilities(2)

 

 

58

 

 

 

11

 

 

 

69

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

119

 

 

 

3

 

 

 

122

 

Foreign currency

 

 

16

 

 

 

—

 

 

 

16

 

Total noncurrent derivative liabilities(3)

 

 

135

 

 

 

3

 

 

 

138

 

Total derivative liabilities

 

$

193

 

 

$

14

 

 

$

207

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent Assets

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

$

8

 

 

$

—

 

 

$

8

 

Total noncurrent derivative assets(1)

 

 

8

 

 

 

—

 

 

 

8

 

Total derivative assets

 

$

8

 

 

$

—

 

 

$

8

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

$

30

 

 

$

—

 

 

$

30

 

Foreign currency

 

 

3

 

 

 

—

 

 

 

3

 

Total current derivative liabilities(2)

 

 

33

 

 

 

—

 

 

 

33

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Interest rate

 

 

53

 

 

 

—

 

 

 

53

 

Total noncurrent derivative liabilities(3)

 

 

53

 

 

 

—

 

 

 

53

 

Total derivative liabilities

 

$

86

 

 

$

—

 

 

$

86

 

 

(1)

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

(2)

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

(3)

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

 

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

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

 

Derivatives in cash flow hedging relationships

 

Amount of Gain

(Loss) Recognized in AOCI on

Derivatives(1)

 

 

Amount of Gain

(Loss) Reclassified From AOCI

to Income

 

(millions)

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

Derivative Type and Location of Gains (Losses):

 

 

 

 

 

 

 

 

Interest rate(2)

 

$

(100

)

 

$

(2

)

Foreign currency(3)

 

 

(23

)

 

 

(6

)

Total

 

$

(123

)

 

$

(8

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

Derivative Type and Location of Gains (Losses):

 

 

 

 

 

 

 

 

Commodity:

 

 

 

 

 

 

 

 

Net income from discontinued operations

 

 

 

 

 

$

2

 

Total commodity

 

$

(1

)

 

$

2

 

Interest rate(2)

 

 

(24

)

 

 

1

 

Foreign currency(3)

 

 

(11

)

 

 

(6

)

Total

 

$

(36

)

 

$

(3

)

 

(1)

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

(2)

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

(3)

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

Derivatives not designated as hedging instruments

 

Amount of Gain (Loss) Recognized in Income on Derivatives

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Derivative type and location of gains (losses):

 

 

 

 

 

 

 

 

Interest rate(1)

 

$

(8

)

 

$

—

 

Total

 

$

(8

)

 

$

—

 

 

(1)

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

 
v3.20.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds Dominion Energy’s decommissioning trust funds are summarized below:

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,813

 

 

$

1,709

 

 

$

(161

)

 

$

—

 

 

$

3,361

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

491

 

 

 

18

 

 

 

—

 

 

 

(13

)

 

 

496

 

Government securities

 

 

1,084

 

 

 

55

 

 

 

—

 

 

 

(6

)

 

 

1,133

 

Common/collective trust funds

 

 

118

 

 

 

2

 

 

 

—

 

 

 

(2

)

 

 

118

 

Insurance contracts

 

 

209

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

209

 

Cash equivalents and other(3)

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

—

 

 

 

(4

)

Total

 

$

3,715

 

 

$

1,784

 

 

$

(165

)

(4)

$

(21

)

 

$

5,313

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,807

 

 

$

2,451

 

 

$

(20

)

 

$

—

 

 

$

4,238

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

434

 

 

 

29

 

 

 

—

 

 

 

—

 

 

 

463

 

Government securities

 

 

1,108

 

 

 

39

 

 

 

(2

)

 

 

—

 

 

 

1,145

 

Common/collective trust funds

 

 

115

 

 

 

4

 

 

 

—

 

 

 

—

 

 

 

119

 

Insurance contracts

 

 

214

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

214

 

Cash equivalents and other(3)

 

 

13

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13

 

Total

 

$

3,691

 

 

$

2,523

 

 

$

(22

)

(4)

$

—

 

 

$

6,192

 

 

(1)

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

(2)

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

(3)

Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively.  

(4)

The fair value of securities in an unrealized loss position was $415 million and $298 million at March 31, 2020 and December 31, 2019, 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:

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(898

)

 

$

414

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

14

 

 

 

(19

)

Unrealized gains (losses) recognized during the period

   on securities still held at March 31, 2020 and 2019(1)

 

$

(884

)

 

$

395

 

 

(1)

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

The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

178

 

Due after one year through five years

 

 

430

 

Due after five years through ten years

 

 

389

 

Due after ten years

 

 

750

 

Total

 

$

1,747

 

 
Marketable Securities

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

602

 

 

$

506

 

Realized gains(1)

 

 

66

 

 

 

43

 

Realized losses(1)

 

 

69

 

 

 

23

 

 

(1)

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

 

 

 

Amortized

Cost

 

 

Total

Unrealized

Gains

 

 

Total

Unrealized

Losses

 

 

Allowance for Credit Losses

 

 

Fair

Value

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

898

 

 

$

796

 

 

$

(80

)

 

$

—

 

 

$

1,614

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

284

 

 

 

9

 

 

 

—

 

 

 

(8

)

 

 

285

 

Government securities

 

 

504

 

 

 

18

 

 

 

—

 

 

 

(4

)

 

 

518

 

Common/collective trust funds

 

 

49

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

49

 

Cash equivalents and other(3)

 

 

2

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Total

 

$

1,737

 

 

$

823

 

 

$

(80

)

(4)

$

(12

)

 

$

2,468

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

894

 

 

$

1,144

 

 

$

(11

)

 

$

—

 

 

$

2,027

 

Fixed income securities:(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt instruments

 

 

241

 

 

 

15

 

 

 

—

 

 

 

—

 

 

 

256

 

Government securities

 

 

534

 

 

 

14

 

 

 

(2

)

 

 

—

 

 

 

546

 

Common/collective trust funds

 

 

51

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

51

 

Cash equivalents and other

 

 

1

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Total

 

$

1,721

 

 

$

1,173

 

 

$

(13

)

(4)

$

—

 

 

$

2,881

 

 

(1)

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

(2)

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

(3)

Includes pending sales of securities of $2 million at March 31, 2020.

(4)

The fair value of securities in an unrealized loss position was $241 million and $185 million at March 31, 2020 and December 31, 2019, 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:

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Net gains (losses) recognized during the period

 

$

(423

)

 

$

186

 

Less: Net (gains) losses recognized during the period

   on securities sold during the period

 

 

6

 

 

 

(1

)

Unrealized gains (losses) recognized during the period

   on securities still held at March 31, 2020 and 2019(1)

 

$

(417

)

 

$

185

 

 

(1)

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

The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2020 by contractual maturity is as follows:

 

 

 

Amount

 

(millions)

 

 

 

 

Due in one year or less

 

$

73

 

Due after one year through five years

 

 

200

 

Due after five years through ten years

 

 

211

 

Due after ten years

 

 

368

 

Total

 

$

852

 

 
Marketable Securities

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

294

 

 

$

253

 

Realized gains(1)

 

 

31

 

 

 

10

 

Realized losses(1)

 

 

31

 

 

 

9

 

 

(1)

Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.20.1
Regulatory Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2020
Regulated Operations [Abstract]  
Schedule of Regulatory Assets

Regulatory assets and liabilities include the following:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

21

 

 

$

48

 

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

 

 

12

 

 

 

21

 

Unrecovered gas costs(3)

 

 

31

 

 

 

102

 

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

 

 

119

 

 

 

109

 

Deferred nuclear refueling outage costs(6)

 

 

52

 

 

 

68

 

NND Project costs(7)

 

 

138

 

 

 

138

 

PJM transmission rates(8)

 

 

42

 

 

 

121

 

Other

 

 

253

 

 

 

272

 

Regulatory assets-current

 

 

668

 

 

 

879

 

Pension and other postretirement benefit costs(9)

 

 

1,410

 

 

 

1,431

 

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

 

 

353

 

 

 

235

 

PJM transmission rates(8)

 

 

154

 

 

 

85

 

Deferred project costs for gas utilities(2)

 

 

560

 

 

 

521

 

Interest rate hedges(11)

 

 

1,319

 

 

 

741

 

AROs and related funding(12)

 

 

324

 

 

 

311

 

Cost of reacquired debt(13)

 

 

257

 

 

 

262

 

NND Project costs(7)

 

 

2,468

 

 

 

2,503

 

Ash pond and landfill closure costs(14)

 

 

2,118

 

 

 

1,016

 

Other

 

 

601

 

 

 

582

 

Regulatory assets-noncurrent

 

 

9,564

 

 

 

7,687

 

Total regulatory assets

 

$

10,232

 

 

$

8,566

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(15)

 

$

142

 

 

$

142

 

Reserve for refunds and rate credits to electric utility customers(16)

 

 

138

 

 

 

143

 

Cost-of-service impact of 2017 Tax Reform Act(17)

 

 

48

 

 

 

4

 

Income taxes refundable through future rates(18)

 

 

138

 

 

 

77

 

Monetization of guarantee settlement(19)

 

 

67

 

 

 

67

 

Other

 

 

108

 

 

 

64

 

Regulatory liabilities-current

 

 

641

 

 

 

497

 

Income taxes refundable through future rates(18)

 

 

5,016

 

 

 

5,088

 

Provision for future cost of removal and AROs(15)

 

 

2,329

 

 

 

2,302

 

Nuclear decommissioning trust(20)

 

 

1,110

 

 

 

1,471

 

Monetization of guarantee settlement(19)

 

 

953

 

 

 

970

 

Reserve for refunds and rate credits to electric utility customers(16)

 

 

622

 

 

 

656

 

Overrecovered other postretirement benefit costs(21)

 

 

197

 

 

 

189

 

Other

 

 

362

 

 

 

325

 

Regulatory liabilities-noncurrent

 

 

10,589

 

 

 

11,001

 

Total regulatory liabilities

 

$

11,230

 

 

$

11,498

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

 

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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 March 31, 2020.

(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 V.C. Summer nuclear power station, 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 March 31, 2020.

(14)

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

(15)

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.

(16)

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

(17)

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

(18)

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

(19)

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

(20)

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.

(21)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

21

 

 

$

48

 

Deferred rate adjustment clause costs(2)(3)

 

 

119

 

 

 

109

 

Deferred nuclear refueling outage costs(4)

 

 

52

 

 

 

68

 

PJM transmission rates(5)

 

 

42

 

 

 

121

 

Other

 

 

61

 

 

 

87

 

Regulatory assets-current

 

 

295

 

 

 

433

 

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

 

 

353

 

 

 

235

 

PJM transmission rates(5)

 

 

154

 

 

 

85

 

Interest rate hedges(7)

 

 

969

 

 

 

404

 

Ash pond and landfill closure costs(8)

 

 

2,118

 

 

 

1,016

 

Other

 

 

130

 

 

 

123

 

Regulatory assets-noncurrent

 

 

3,724

 

 

 

1,863

 

Total regulatory assets

 

$

4,019

 

 

$

2,296

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal(9)

 

$

103

 

 

$

103

 

Income taxes refundable through future rates(10)

 

 

54

 

 

 

54

 

Other

 

 

24

 

 

 

10

 

Regulatory liabilities-current(11)

 

 

181

 

 

 

167

 

Income taxes refundable through future rates(10)

 

 

2,441

 

 

 

2,438

 

Nuclear decommissioning trust(12)

 

 

1,110

 

 

 

1,471

 

Provision for future cost of removal(9)

 

 

1,078

 

 

 

1,054

 

Deferred cost of fuel used in electric generation(1)

 

 

75

 

 

 

30

 

Other

 

 

116

 

 

 

81

 

Regulatory liabilities-noncurrent

 

 

4,820

 

 

 

5,074

 

Total regulatory liabilities

 

$

5,001

 

 

$

5,241

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of March 31, 2020.

(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 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(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)

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)

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

(12)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Unrecovered gas costs(1)

 

$

4

 

 

$

2

 

Other

 

 

6

 

 

 

6

 

Regulatory assets-current(2)

 

 

10

 

 

 

8

 

Interest rate hedges(3)

 

 

32

 

 

 

32

 

Other

 

 

8

 

 

 

8

 

Regulatory assets-noncurrent(4)

 

 

40

 

 

 

40

 

Total regulatory assets

 

$

50

 

 

$

48

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(5)

 

$

18

 

 

$

18

 

Overrecovered gas costs(1)

 

 

6

 

 

 

8

 

Other

 

 

14

 

 

 

15

 

Regulatory liabilities-current(6)

 

 

38

 

 

 

41

 

Income taxes refundable through future rates(7)

 

 

556

 

 

 

560

 

Provision for future cost of removal and AROs(5)

 

 

93

 

 

 

95

 

Overrecovered other postretirement benefit costs(8)

 

 

142

 

 

 

133

 

Other

 

 

13

 

 

 

12

 

Regulatory liabilities-noncurrent(9)

 

 

804

 

 

 

800

 

Total regulatory liabilities

 

$

842

 

 

$

841

 

 

(1)

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

(2)

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

(3)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 22 years.

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

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

Regulatory assets and liabilities include the following:

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

21

 

 

$

48

 

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

 

 

12

 

 

 

21

 

Unrecovered gas costs(3)

 

 

31

 

 

 

102

 

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

 

 

119

 

 

 

109

 

Deferred nuclear refueling outage costs(6)

 

 

52

 

 

 

68

 

NND Project costs(7)

 

 

138

 

 

 

138

 

PJM transmission rates(8)

 

 

42

 

 

 

121

 

Other

 

 

253

 

 

 

272

 

Regulatory assets-current

 

 

668

 

 

 

879

 

Pension and other postretirement benefit costs(9)

 

 

1,410

 

 

 

1,431

 

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

 

 

353

 

 

 

235

 

PJM transmission rates(8)

 

 

154

 

 

 

85

 

Deferred project costs for gas utilities(2)

 

 

560

 

 

 

521

 

Interest rate hedges(11)

 

 

1,319

 

 

 

741

 

AROs and related funding(12)

 

 

324

 

 

 

311

 

Cost of reacquired debt(13)

 

 

257

 

 

 

262

 

NND Project costs(7)

 

 

2,468

 

 

 

2,503

 

Ash pond and landfill closure costs(14)

 

 

2,118

 

 

 

1,016

 

Other

 

 

601

 

 

 

582

 

Regulatory assets-noncurrent

 

 

9,564

 

 

 

7,687

 

Total regulatory assets

 

$

10,232

 

 

$

8,566

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(15)

 

$

142

 

 

$

142

 

Reserve for refunds and rate credits to electric utility customers(16)

 

 

138

 

 

 

143

 

Cost-of-service impact of 2017 Tax Reform Act(17)

 

 

48

 

 

 

4

 

Income taxes refundable through future rates(18)

 

 

138

 

 

 

77

 

Monetization of guarantee settlement(19)

 

 

67

 

 

 

67

 

Other

 

 

108

 

 

 

64

 

Regulatory liabilities-current

 

 

641

 

 

 

497

 

Income taxes refundable through future rates(18)

 

 

5,016

 

 

 

5,088

 

Provision for future cost of removal and AROs(15)

 

 

2,329

 

 

 

2,302

 

Nuclear decommissioning trust(20)

 

 

1,110

 

 

 

1,471

 

Monetization of guarantee settlement(19)

 

 

953

 

 

 

970

 

Reserve for refunds and rate credits to electric utility customers(16)

 

 

622

 

 

 

656

 

Overrecovered other postretirement benefit costs(21)

 

 

197

 

 

 

189

 

Other

 

 

362

 

 

 

325

 

Regulatory liabilities-noncurrent

 

 

10,589

 

 

 

11,001

 

Total regulatory liabilities

 

$

11,230

 

 

$

11,498

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

 

(6)

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

(7)

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

(8)

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

(9)

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

(10)

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

(11)

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 March 31, 2020.

(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 V.C. Summer nuclear power station, 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 March 31, 2020.

(14)

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

(15)

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.

(16)

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

(17)

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

(18)

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

(19)

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

(20)

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.

(21)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Virginia Power

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Deferred cost of fuel used in electric generation(1)

 

$

21

 

 

$

48

 

Deferred rate adjustment clause costs(2)(3)

 

 

119

 

 

 

109

 

Deferred nuclear refueling outage costs(4)

 

 

52

 

 

 

68

 

PJM transmission rates(5)

 

 

42

 

 

 

121

 

Other

 

 

61

 

 

 

87

 

Regulatory assets-current

 

 

295

 

 

 

433

 

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

 

 

353

 

 

 

235

 

PJM transmission rates(5)

 

 

154

 

 

 

85

 

Interest rate hedges(7)

 

 

969

 

 

 

404

 

Ash pond and landfill closure costs(8)

 

 

2,118

 

 

 

1,016

 

Other

 

 

130

 

 

 

123

 

Regulatory assets-noncurrent

 

 

3,724

 

 

 

1,863

 

Total regulatory assets

 

$

4,019

 

 

$

2,296

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal(9)

 

$

103

 

 

$

103

 

Income taxes refundable through future rates(10)

 

 

54

 

 

 

54

 

Other

 

 

24

 

 

 

10

 

Regulatory liabilities-current(11)

 

 

181

 

 

 

167

 

Income taxes refundable through future rates(10)

 

 

2,441

 

 

 

2,438

 

Nuclear decommissioning trust(12)

 

 

1,110

 

 

 

1,471

 

Provision for future cost of removal(9)

 

 

1,078

 

 

 

1,054

 

Deferred cost of fuel used in electric generation(1)

 

 

75

 

 

 

30

 

Other

 

 

116

 

 

 

81

 

Regulatory liabilities-noncurrent

 

 

4,820

 

 

 

5,074

 

Total regulatory liabilities

 

$

5,001

 

 

$

5,241

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

(7)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of March 31, 2020.

(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 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment.

(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)

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)

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

(12)

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Dominion Energy Gas

 

 

 

 

 

 

 

 

Regulatory assets:

 

 

 

 

 

 

 

 

Unrecovered gas costs(1)

 

$

4

 

 

$

2

 

Other

 

 

6

 

 

 

6

 

Regulatory assets-current(2)

 

 

10

 

 

 

8

 

Interest rate hedges(3)

 

 

32

 

 

 

32

 

Other

 

 

8

 

 

 

8

 

Regulatory assets-noncurrent(4)

 

 

40

 

 

 

40

 

Total regulatory assets

 

$

50

 

 

$

48

 

Regulatory liabilities:

 

 

 

 

 

 

 

 

Provision for future cost of removal and AROs(5)

 

$

18

 

 

$

18

 

Overrecovered gas costs(1)

 

 

6

 

 

 

8

 

Other

 

 

14

 

 

 

15

 

Regulatory liabilities-current(6)

 

 

38

 

 

 

41

 

Income taxes refundable through future rates(7)

 

 

556

 

 

 

560

 

Provision for future cost of removal and AROs(5)

 

 

93

 

 

 

95

 

Overrecovered other postretirement benefit costs(8)

 

 

142

 

 

 

133

 

Other

 

 

13

 

 

 

12

 

Regulatory liabilities-noncurrent(9)

 

 

804

 

 

 

800

 

Total regulatory liabilities

 

$

842

 

 

$

841

 

 

(1)

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

(2)

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

(3)

Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 22 years.

(4)

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

(5)

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

(6)

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

(7)

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

(8)

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

(9)

Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.1
Regulatory Matters (Tables)
 3 Months Ended
Mar. 31, 2020
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Schedule of Developments for Significant Riders Associated with Virginia Power Projects

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

 

,Rider Name

 

Application Date

 

Approval Date

 

Rate Year

Beginning

 

Total Revenue

Requirement

(millions)

 

 

Increase (Decrease)

Over Previous Year

(millions)

 

Rider US-3

 

July 2019

 

March 2020

 

June 2020

 

$

28

 

 

$

18

 
v3.20.1
Significant Financing Transactions (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2020, Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility, were as follows:

 

 

 

Facility

Limit

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

 

Facility

Capacity

Available

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

2,071

 

 

$

86

 

 

$

3,843

 

 

(1)

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

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

 

Issuance Date

 

Units Issued

 

Total Net

Proceeds(1)

 

 

Total

Preferred

Stock (2)

 

 

Cumulative

Dividend

Rate

 

 

Stock

Purchase

Contract

Annual Rate

 

 

Stock

Purchase

Contract

Liability(3)

 

 

Stock Purchase

Contract

Settlement Date

(millions except interest rates)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6/14/2019

 

16

 

$

1,582

 

 

$

1,610

 

 

 

1.75

%

 

 

5.5

%

 

$

250

 

 

6/1/2022

 

(1)

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

(2)

Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2020.

(3)

Payments of $20 million were made during the first quarter of 2020. The stock purchase contract liability was $192 million and $212 million at March 31, 2020 and December 31, 2019, respectively.

Virginia Electric and Power Company  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2020, Virginia Power’s share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Dominion Energy Gas, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

6,000

 

 

$

135

 

 

$

9

 

 

(1)

The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
Dominion Energy Gas Holdings, LLC  
Debt Instrument [Line Items]  
Schedule of Line of Credit Facilities

At March 31, 2020, Dominion Energy Gas' share of commercial paper and letters of credit outstanding under its joint credit facility with Dominion Energy, Virginia Power, Questar Gas and DESC was as follows:

 

 

 

Facility

Limit(1)

 

 

Outstanding

Commercial

Paper

 

 

Outstanding

Letters of

Credit

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Joint revolving credit facility(1)

 

$

1,500

 

 

$

30

 

 

$

—

 

 

(1)

A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.20.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]  
Schedule Of Subsidiary Guarantees

At March 31, 2020, Dominion Energy had issued the following subsidiary guarantees:

 

 

 

Maximum

Exposure

 

(millions)

 

 

 

 

Commodity transactions(1)

 

$

2,226

 

Nuclear obligations(2)

 

 

204

 

Cove Point(3)

 

 

1,900

 

Solar(4)

 

 

434

 

Other(5)

 

 

448

 

Total(6)

 

$

5,212

 

 

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

(6)

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

v3.20.1
Related-Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2020
Virginia Electric and Power Company  
Schedule of Related Party Transactions

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Commodity purchases from affiliates

 

$

211

 

 

$

272

 

Services provided by affiliates(1)

 

 

121

 

 

 

119

 

Services provided to affiliates

 

 

5

 

 

 

6

 

 

(1)

Includes capitalized expenditures of $34 million and $33 million for the three months ended March 31, 2020 and 2019, respectively.
Dominion Energy Gas Holdings, LLC  
Schedule of Related Party Transactions

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

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

Sales of natural gas and transportation and storage services

 

$

64

 

 

$

67

 

Purchases of natural gas and transportation storage services

 

 

3

 

 

 

—

 

Services provided by related parties(1)

 

 

43

 

 

 

45

 

Services provided to related parties(2)

 

 

32

 

 

 

45

 

 

(1)

Includes capitalized expenditures of $3 million and $6 million for the three months ended March 31, 2020 and 2019, respectively. 

(2)

Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE.
Schedule of Related Party Transactions

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

 

 

 

March 31, 2020

 

 

December 31, 2019

 

(millions)

 

 

 

 

 

 

 

 

Other receivables(1)

 

$

8

 

 

$

7

 

Imbalances receivable from affiliates

 

 

—

 

 

 

8

 

Imbalances payable to affiliates(2)

 

 

2

 

 

 

1

 

Other deferred charges and other assets

 

 

11

 

 

 

12

 

 

(1)

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

(2)

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

 
v3.20.1
Employee Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Periodic Benefit Cost (Credit)

The components of Dominion Energy’s provision for net periodic benefit cost (credit) were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

43

 

 

$

40

 

 

$

7

 

 

$

7

 

Interest cost

 

 

91

 

 

 

101

 

 

 

15

 

 

 

17

 

Expected return on plan assets

 

 

(193

)

 

 

(177

)

 

 

(39

)

 

 

(33

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

(13

)

Amortization of net actuarial loss

 

 

49

 

 

 

39

 

 

 

1

 

 

 

4

 

Settlements

 

 

—

 

 

 

2

 

 

 

—

 

 

 

—

 

Net periodic benefit cost (credit)

 

$

(10

)

 

$

5

 

 

$

(28

)

 

$

(18

)

 
Dominion Energy Gas Holdings, LLC  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Net Periodic Benefit Cost (Credit)

The components of Dominion Energy Gas’ provision for net periodic benefit cost (credit) for employees represented by collective bargaining units were as follows:

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1

 

 

$

4

 

 

$

1

 

 

$

1

 

Interest cost

 

 

3

 

 

 

8

 

 

 

1

 

 

 

3

 

Expected return on plan assets

 

 

(14

)

 

 

(39

)

 

 

(5

)

 

 

(7

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

(1

)

 

 

(1

)

Amortization of net actuarial loss

 

 

2

 

 

 

5

 

 

 

—

 

 

 

1

 

Net periodic benefit credit

 

$

(8

)

 

$

(22

)

 

$

(4

)

 

$

(3

)

 
v3.20.1
Operating Segments (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting Information [Line Items]  
Schedule of Primary Operating Segments A description of the operations included in the Companies’ primary operating segments is as follows:

Primary Operating Segment

 

Description of Operations

 

Dominion

Energy

 

Virginia

Power

 

Dominion

Energy

Gas

Dominion Energy Virginia

 

Regulated electric distribution

 

X

 

X

 

 

 

 

Regulated electric transmission

 

X

 

X

 

 

 

 

Regulated electric generation fleet(1)

 

X

 

X

 

 

Gas Transmission & Storage

 

Regulated gas transmission and storage(2)

 

X

 

 

 

X

 

 

LNG terminalling and storage

 

X

 

 

 

X

 

 

Nonregulated retail energy marketing

 

X

 

 

 

 

Gas Distribution

 

Regulated gas distribution and storage(3)

 

X

 

 

 

 

Dominion Energy South

   Carolina

 

Regulated electric distribution

 

X

 

 

 

 

 

 

Regulated electric transmission

 

X

 

 

 

 

 

 

Regulated electric generation fleet

 

X

 

 

 

 

 

 

Regulated gas distribution and storage

 

X

 

 

 

 

Contracted Generation

 

Merchant electric generation fleet

 

X

 

 

 

 

 

(1)

Includes Virginia Power’s nonjurisdictional generation operations.

(2)

Includes gathering and processing activities.

(3)

Includes Wexpro’s gas development and production operations.
Schedule of Segment Reporting Information, by Segment

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

 

 

 

Dominion

Energy

Virginia

 

 

Gas

Transmission

& Storage

 

 

Gas

Distribution

 

 

Dominion

Energy

South

Carolina

 

 

Contracted

Generation

 

 

Corporate

and Other

 

 

Adjustments

& Eliminations

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

1,938

 

 

$

644

 

 

$

887

 

 

$

713

 

 

$

286

 

 

$

28

 

 

$

—

 

 

$

4,496

 

Intersegment revenue

 

 

(3

)

 

 

57

 

 

 

3

 

 

 

1

 

 

 

4

 

 

 

279

 

 

 

(341

)

 

 

—

 

Total operating revenue

 

 

1,935

 

 

 

701

 

 

 

890

 

 

 

714

 

 

 

290

 

 

 

307

 

 

 

(341

)

 

 

4,496

 

Net income (loss) attributable to Dominion

   Energy

 

 

429

 

 

 

221

 

 

 

225

 

 

 

94

 

 

 

59

 

 

 

(1,298

)

 

 

-

 

 

 

(270

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue from external customers

 

$

2,001

 

 

$

984

 

 

$

917

 

 

$

689

 

 

$

352

 

 

$

(1,052

)

 

$

(33

)

 

$

3,858

 

Intersegment revenue

 

 

(4

)

 

 

54

 

 

 

4

 

 

 

—

 

 

 

3

 

 

 

277

 

 

 

(334

)

 

 

—

 

Total operating revenue

 

 

1,997

 

 

 

1,038

 

 

 

921

 

 

 

689

 

 

 

355

 

 

 

(775

)

 

 

(367

)

 

 

3,858

 

Net income (loss) attributable to Dominion

   Energy

 

 

361

 

 

 

222

 

 

 

205

 

 

 

71

 

 

 

102

 

 

 

(1,641

)

 

 

-

 

 

 

(680

)

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

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

 

 

 

Dominion

Energy

Virginia

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,930

 

 

$

—

 

 

$

1,930

 

Net income (loss)

 

 

427

 

 

 

(707

)

 

 

(280

)

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

1,994

 

 

$

(29

)

 

$

1,965

 

Net income (loss)

 

 

358

 

 

 

(338

)

 

 

20

 
Dominion Energy Gas Holdings, LLC  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information, by Segment

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

 

 

 

Gas

Transmission

& Storage

 

 

Corporate

and Other

 

 

Consolidated

Total

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

556

 

 

$

—

 

 

$

556

 

Net income (loss) attributable to Dominion Energy Gas

 

 

174

 

 

 

(5

)

 

 

169

 

Three Months Ended March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenue

 

$

566

 

 

$

—

 

 

$

566

 

Net income from discontinued operations

 

 

—

 

 

 

54

 

 

 

54

 

Net income (loss) attributable to Dominion Energy Gas

 

 

138

 

 

 

52

 

 

 

190

 

 
v3.20.1
Nature of Operations (Narrative) (Detail)
Mar. 31, 2020
Dec. 31, 2019
White River Hub    
Subsidiary Sale Of Stock [Line Items]    
Percentage ownership in total units   50.00%
White River Hub | Dominion Energy Gas Holdings, LLC    
Subsidiary Sale Of Stock [Line Items]    
Percentage ownership in total units 50.00%  
Iroquois | Dominion Energy Gas Holdings, LLC    
Subsidiary Sale Of Stock [Line Items]    
Percentage ownership in total units 50.00%  
v3.20.1
Significant Accounting Policies (Narrative) (Detail)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Facility
MW
Jan. 31, 2019
USD ($)
Mar. 31, 2020
USD ($)
$ / shares
Mar. 31, 2019
USD ($)
Dec. 31, 2020
USD ($)
$ / shares
Significant Accounting Policies [Line Items]            
Impairment of assets and other charges       $ 768 $ 835  
Change in Estimated Useful Life | Merchant generation assets | Scenario Forecast            
Significant Accounting Policies [Line Items]            
Increase in EPS | $ / shares           $ 0.03
Virginia Electric and Power Company            
Significant Accounting Policies [Line Items]            
Impairment of assets and other charges       764 $ 546  
MW Capacity | MW   1,292        
Number of facilities in cold reserve units retired | Facility   6        
Virginia Electric and Power Company | Change In Depreciation Rates From New Depreciation Study            
Significant Accounting Policies [Line Items]            
Increase (decrease) in depreciation expense       (8)    
Increase (decrease) in depreciation expense, after tax       $ (6)    
Increase in EPS | $ / shares       $ 0.01    
Virginia Electric and Power Company | Change in Estimated Useful Life | Merchant generation assets | Scenario Forecast            
Significant Accounting Policies [Line Items]            
Increase (decrease) in depreciation expense           $ (31)
Increase (decrease) in depreciation expense, after tax           $ (23)
Virginia Electric and Power Company | Impairment of Assets and Other Charges            
Significant Accounting Policies [Line Items]            
Impairment of assets and other charges $ 754 $ 369 $ 160      
Asset impairment charges after tax $ 561 $ 275 $ 119      
Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Merchant Solar Projects | Call Option            
Significant Accounting Policies [Line Items]            
Percentage ownership in total units 67.00%     67.00%    
Dominion Energy Midstream Partners, LP | Dominion Energy Gas Holdings, LLC            
Significant Accounting Policies [Line Items]            
Percentage of equity interest sold to noncontrolling interest owners 25.00%     25.00%    
Four Brothers and Three Cedars            
Significant Accounting Policies [Line Items]            
Business Acquisition, Percentage of Voting Interests Acquired 50.00%     50.00%    
Four Brothers and Three Cedars | Dominion Energy Midstream Partners, LP | Terra Nova Renewable Partners | Merchant Solar Projects            
Significant Accounting Policies [Line Items]            
Percentage of equity interest sold to noncontrolling interest owners 33.00%     33.00%    
v3.20.1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents $ 1,192 $ 166 [1] $ 422 $ 268
Restricted cash and equivalents [2] 75 103 205 123
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 1,267 269 627 391
Virginia Electric and Power Company        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents 71 17 [3] 14 29
Restricted cash and equivalents [2] 5 7 9 9
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows 76 24 23 38
Dominion Energy Gas Holdings, LLC        
Cash Cash Equivalents And Restricted Cash [Line Items]        
Cash and cash equivalents [4] 46 27 [5] 147 108
Restricted cash and equivalents [2] 12 12 62 90
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows $ 58 $ 39 $ 209 $ 198
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date
[2] Restricted cash and equivalent balances are presented within other current assets in the Companies’ Consolidated Balance Sheets.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] At March 31, 2019 and December 31, 2018, Dominion Energy Gas had $4 million and $9 million of cash and cash equivalents included in current assets of discontinued operations, respectively.
[5] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Significant Accounting Policies (Reconciliation of Total Cash, Restricted Cash and Equivalents) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Dominion Energy Gas Holdings, LLC    
Cash Cash Equivalents And Restricted Cash [Line Items]    
Cash, restricted cash and equivalents classified as discontinued operations $ 4 $ 9
v3.20.1
Acquisitions and Dispositions (Acquisition of SCANA) (Narrative) (Detail) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Jan. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Business Acquisition And Dispositions [Line Items]        
Stock issued during period for acquisition, value     $ 6,818  
Regulatory Liabilities   $ 11,230   $ 11,498
After tax charge in statements of income   (270) (680)  
Impairment of assets and other charges   $ 768 $ 835  
SCANA        
Business Acquisition And Dispositions [Line Items]        
Stock issued during period for acquisition, shares 95.6      
Stock issued during period for acquisition, value $ 6,800      
Common stock agreed to be issued, percentage 0.669%      
Total outstanding debt $ 6,900      
Period to provide refund to customer     11 years  
Regulatory Liabilities     $ 1,000  
Reduction in operating revenue     (1,000)  
After tax charge in statements of income     (756)  
Impairment of assets and other charges     178  
Impairment of assets and other charges, after tax     133  
SCANA | NND Project        
Business Acquisition And Dispositions [Line Items]        
Property, plant and equipment 105      
Impairment of assets and other charges     105  
Impairment of assets and other charges, after tax     79  
Income tax regulatory assets $ 264      
SCANA | NND Project | Income tax expense (benefit)        
Business Acquisition And Dispositions [Line Items]        
Impairment of assets and other charges     $ 198  
v3.20.1
Acquisitions and Dispositions (Results of Operations and Pro Forma Information) (Narrative) (Detail) - SCANA - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Business Acquisition [Line Items]    
Increase in operating revenue $ 914 $ 170
Increase (decrease) in net income 54 (1,100)
Dominion Energy | Other Operations and Maintenance    
Business Acquisition [Line Items]    
Merger and integration-related costs $ 19 115
Dominion Energy | Interest and Related Charges    
Business Acquisition [Line Items]    
Merger and integration-related costs   $ 9
v3.20.1
Acquisitions and Dispositions (Schedule of Unaudited Pro Forma Information) (Detail) - SCANA
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2019
USD ($)
$ / shares
 [1]
Business Acquisition [Line Items]  
Operating Revenue | $ $ 4,887
Net income attributable to Dominion Energy | $ $ 605
Earnings Per Common Share – Basic | $ / shares $ 0.76
Earnings Per Common Share – Diluted | $ / shares $ 0.76
[1] Amounts include adjustments for non-recurring costs directly related to the SCANA Combination.
v3.20.1
Acquisitions and Dispositions (Dominion Energy Gas Restructuring) (Narrative) (Detail)
Dec. 31, 2019
Cove Point  
Business Acquisition And Dispositions [Line Items]  
Percentage Of Controlling Ownership 25.00%
Percentage ownership in total units 75.00%
White River Hub  
Business Acquisition And Dispositions [Line Items]  
Percentage ownership in total units 50.00%
Iroquois  
Business Acquisition And Dispositions [Line Items]  
Percentage Of Controlling Ownership 25.93%
v3.20.1
Acquisitions and Dispositions (Schedule of Results of Operations Reported As Discontinued Operations) (Detail) - Dominion Energy Gas Holdings, LLC
$ in Millions
 3 Months Ended
Mar. 31, 2019
USD ($)
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Net income (loss) from discontinued operations $ 54
East Ohio  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Operating revenue 229
Depreciation and amortization 21
Other operating expenses 148
Other income 18
Interest and related charges 10
Income tax expense 14
Net income (loss) from discontinued operations 54
DGP  
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]  
Operating revenue 45
Depreciation and amortization 1
Other operating expenses $ 44
v3.20.1
Acquisitions and Dispositions (Schedule of Capital Expenditures and Significant Noncash Items Reported As Discontinued Operations) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Significant noncash items    
Accrued capital expenditures [1],[2] $ 343 $ 201
Dominion Energy Gas Holdings, LLC    
Significant noncash items    
Accrued capital expenditures $ 13 31
East Ohio | Dominion Energy Gas Holdings, LLC    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Capital expenditures   65
Significant noncash items    
Accrued capital expenditures   6
DGP | Dominion Energy Gas Holdings, LLC    
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]    
Capital expenditures   $ 3
[1] See Note 16 for noncash financing activities related to the acquisition of the public interest in Dominion Energy Midstream.
[2] See Note 3 for noncash investing and financing activities related to the SCANA Combination.
v3.20.1
Operating Revenue (Schedule of Operating Revenue) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers $ 4,323 $ 3,631
Other revenues [1] 173 227
Total operating revenue 4,496 3,858
Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,158 646
Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 798 496
Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 182 30
Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 219 200
Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 33 48
Nonregulated Electric Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 232 316
Regulated Gas Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 548 602
Regulated Gas Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 191 191
Regulated Gas Sales | Other    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 28 38
Nonregulated Gas Sales    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 83 247
Regulated Gas Transportation and Storage | FERC-regulated    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 281 277
Regulated Gas Transportation and Storage | State-regulated    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 232 213
Nonregulated gas transportation and storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 175 174
Other Regulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2] 75 58
Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[3] 88 95
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1,909 1,951
Other revenues [1],[3] 21 14
Total operating revenue 1,930 1,965
Virginia Electric and Power Company | Regulated Electric Sales | Residential    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 896 923
Virginia Electric and Power Company | Regulated Electric Sales | Commercial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 614 636
Virginia Electric and Power Company | Regulated Electric Sales | Industrial    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 97 112
Virginia Electric and Power Company | Regulated Electric Sales | Government and Other Retail    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 203 204
Virginia Electric and Power Company | Regulated Electric Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 24 37
Virginia Electric and Power Company | Other Regulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [3] 62 33
Virginia Electric and Power Company | Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[3] 13 6
Dominion Energy Gas Holdings, LLC    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 555 565
Other revenues 1 1
Total operating revenue 556 566
Dominion Energy Gas Holdings, LLC | Regulated Gas Sales | Wholesale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 2 2
Dominion Energy Gas Holdings, LLC | Regulated Gas Transportation and Storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 344 340
Dominion Energy Gas Holdings, LLC | Nonregulated gas transportation and storage    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 175 174
Dominion Energy Gas Holdings, LLC | Other Regulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[3] 1 3
Dominion Energy Gas Holdings, LLC | Other Nonregulated Revenues    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [2],[3] 1  
Dominion Energy Gas Holdings, LLC | Nonregulated Gas Sale    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [3] 1 2
Dominion Energy Gas Holdings, LLC | Management Service    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers [3] $ 31 $ 44
[1] Includes alternative revenue. For the three months ended March 31, 2020 and 2019, such amounts included $36 million and $14 million, respectively, at Dominion Energy and $17 million and $8 million, respectively, at Virginia Power.
[2] Amounts above include sales which are considered to be goods transferred at a point in time. For the three months ended March 31, 2020 and 2019, such amounts included $39 million and $48 million, respectively, at Dominion Energy and $1 million for both the three months ended March 31, 2020 and 2019, at Dominion Energy Gas, consisting of NGL sales. Additionally, amounts above include sales of renewable energy credits. For the three months ended March 31, 2020 and 2019, such sales were $4 million and $3 million, respectively, at Dominion Energy and $3 million and $1 million, respectively, at Virginia Power.
[3] See Notes 10 and 19 for amounts attributable to related parties and affiliates.
v3.20.1
Operating Revenue (Schedule of Operating Revenue) (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Public Utilities General Disclosures [Line Items]    
Other revenues [1] $ 173 $ 227
NGL Midstream | Transferred at a Point in Time    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 39 48
Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 4 3
Alternative Revenue Programs    
Public Utilities General Disclosures [Line Items]    
Other revenues 36 14
Dominion Energy Gas Holdings, LLC    
Public Utilities General Disclosures [Line Items]    
Other revenues 1 1
Dominion Energy Gas Holdings, LLC | NGL Midstream | Transferred at a Point in Time    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 1 1
Virginia Electric and Power Company    
Public Utilities General Disclosures [Line Items]    
Other revenues [1],[2] 21 14
Virginia Electric and Power Company | Renewable Energy Investment Tax Credits    
Public Utilities General Disclosures [Line Items]    
Operating revenue from contracts with customers 3 1
Virginia Electric and Power Company | Alternative Revenue Programs    
Public Utilities General Disclosures [Line Items]    
Other revenues $ 17 $ 8
[1] Includes alternative revenue. For the three months ended March 31, 2020 and 2019, such amounts included $36 million and $14 million, respectively, at Dominion Energy and $17 million and $8 million, respectively, at Virginia Power.
[2] See Notes 10 and 19 for amounts attributable to related parties and affiliates.
v3.20.1
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
Mar. 31, 2020
USD ($)
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 19,846
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 $ 1,222
Revenue, expected to be recognized on multi-year contracts, period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,562
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 $ 1,474
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 $ 1,312
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 $ 1,187
Revenue, expected to be recognized on multi-year contracts, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 13,089
Revenue, expected to be recognized on multi-year contracts, period
Virginia Electric and Power Company  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 3
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 2
Revenue, expected to be recognized on multi-year contracts, period 9 months
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts, period 1 year
Virginia Electric and Power Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 0
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 20,538
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,336
Revenue, expected to be recognized on multi-year contracts, period 9 months
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,714
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,581
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,395
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 1,242
Revenue, expected to be recognized on multi-year contracts, period 1 year
Dominion Energy Gas Holdings, LLC | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 13,270
Revenue, expected to be recognized on multi-year contracts, period 1 year
v3.20.1
Operating Revenue (Schedule of Aggregate Amount of Transaction Price Allocated To Fixed-price Performance Obligations That Unsatisfied At End of Reporting Period And Expected To be Recognized) (Detail1)
$ in Millions
Mar. 31, 2020
USD ($)
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 19,846
Virginia Electric and Power Company  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts 3
Dominion Energy Gas Holdings, LLC  
Revenues From Contract With Customer [Line Items]  
Revenue, expected to be recognized on multi-year contracts $ 20,538
v3.20.1
Operating Revenue (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Revenues From Contract With Customer [Line Items]      
Contract asset balances $ 26   $ 28
Contract liability balances 86   123
Revenue recognized from contract liability balances 105 $ 85  
Dominion Energy Gas Holdings, LLC      
Revenues From Contract With Customer [Line Items]      
Contract asset balances 37   40
Contract liability balances 21   20
Revenue recognized from contract liability balances 1 25  
Virginia Electric and Power Company      
Revenues From Contract With Customer [Line Items]      
Contract liability balances 23   $ 24
Revenue recognized from contract liability balances $ 24 $ 22  
v3.20.1
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Detail)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2017
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00% 35.00%
Increases (reductions) resulting from:      
State taxes, net of federal benefit 4.40% 2.20%  
Investment tax credits (4.10%) (1.50%)  
Production tax credits (0.40%) (0.80%)  
Reversal of excess deferred income taxes (9.50%) (5.10%)  
Write-off of regulatory assets   (34.10%)  
AFUDC - equity (1.60%) (1.40%)  
Other, net (2.50%) (0.60%)  
Effective tax rate 7.30% (20.30%)  
Virginia Electric and Power Company      
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00%  
Increases (reductions) resulting from:      
State taxes, net of federal benefit 4.80% 4.60%  
Investment tax credits (6.40%) (3.20%)  
Production tax credits (0.80%) (1.00%)  
Reversal of excess deferred income taxes (8.10%) (5.00%)  
AFUDC - equity (0.70%)    
Other, net 0.30% 0.10%  
Effective tax rate 10.10% 16.50%  
Dominion Energy Gas Holdings, LLC      
Effective Income Tax Computation [Line Items]      
U.S. statutory rate 21.00% 21.00%  
Increases (reductions) resulting from:      
State taxes, net of federal benefit 2.90% 3.40%  
Reversal of excess deferred income taxes (0.70%) (0.70%)  
AFUDC - equity (0.40%) (0.50%)  
Other, net [1] (2.40%) (3.30%)  
Effective tax rate 20.40% 19.90%  
[1] Includes (2.7)% and  (3.6) % relating to the absence of tax on noncontrolling interest in 2020 and 2019, respectively
v3.20.1
Income Taxes (Reconciliation of Income Taxes at the U.S. Statutory Federal Income Tax Rate) (Parenthetical) (Detail)
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Noncontrolling Interest Income (Loss), Percent (2.70%) (3.60%)
v3.20.1
Income Taxes (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 31, 2020
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2017
Effective Income Tax Computation [Line Items]        
Federal statutory income tax rate   21.00% 21.00% 35.00%
Net operating losses carryback period 5 years      
Percentage of deductibility of interest expense 50.00%      
SCANA        
Effective Income Tax Computation [Line Items]        
Deferred income tax expense   $ 198    
v3.20.1
Earnings Per Share (Calculation of Basic and Diluted EPS) (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Earnings Per Share [Abstract]    
Net loss attributable to Dominion Energy $ (270) $ (680)
Preferred stock dividends (see Note 16) (16)  
Net loss attributable to Dominion Energy – Basic & Diluted $ (286) $ (680)
Average shares of common stock outstanding – Basic & Diluted 838.2 793.1
Earnings Per Common Share – Basic & Diluted $ (0.34) $ (0.86)
v3.20.1
Accumulated Other Comprehensive Income (Schedule of Changes in AOCI by Component Net of Tax) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance [1] $ 31,994  
Total other comprehensive loss (225) $ (31)
Ending balance 30,726  
Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance 13,989 [2] 13,047
Total other comprehensive loss (46) (5)
Ending balance 13,556 12,944
Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Total other comprehensive loss (84) (23)
Deferred Gains and Losses on Derivatives-Hedging Activities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (407) (235)
Other comprehensive income before reclassifications: gains (losses) (266) (24)
Amounts reclassified from AOCI: (gains) losses [3] 22 (31)
Total other comprehensive loss (244) (55)
Ending balance (651) (290)
Deferred Gains and Losses on Derivatives-Hedging Activities | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (34) (13)
Other comprehensive income before reclassifications: gains (losses) (45) (7)
Total other comprehensive loss (45) (7)
Ending balance (79) (20)
Deferred Gains and Losses on Derivatives-Hedging Activities | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (81) (25)
Other comprehensive income before reclassifications: gains (losses) (91) (27)
Amounts reclassified from AOCI: (gains) losses [3] 6 3
Total other comprehensive loss (85) (24)
Less other comprehensive income (loss) attributable to noncontrolling interest   (1)
Ending balance (166) (48)
Unrealized Gains and Losses on Investment Securities    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance 37 2
Other comprehensive income before reclassifications: gains (losses) 9 16
Amounts reclassified from AOCI: (gains) losses [3] (9)  
Total other comprehensive loss   16
Ending balance 37 18
Unrealized Gains and Losses on Investment Securities | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance 5 1
Other comprehensive income before reclassifications: gains (losses) (2) 2
Amounts reclassified from AOCI: (gains) losses [3] 1  
Total other comprehensive loss (1) 2
Ending balance 4 3
Unrecognized Pension and Other Postretirement Benefit Costs    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (1,421) (1,465)
Amounts reclassified from AOCI: (gains) losses [3] 19 8
Total other comprehensive loss 19 8
Ending balance (1,402) (1,457)
Unrecognized Pension and Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (106) (144)
Amounts reclassified from AOCI: (gains) losses [3] 1 1
Total other comprehensive loss 1 1
Ending balance (105) (143)
Other Comprehensive Loss From Equity Method Investees    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (2) (2)
Ending balance (2) (2)
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (1,793) (1,700)
Other comprehensive income before reclassifications: gains (losses) (257) (8)
Amounts reclassified from AOCI: (gains) losses [3] 32 (23)
Total other comprehensive loss (225) (31)
Ending balance (2,018) (1,731)
Accumulated Other Comprehensive Income (Loss) | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (29) (12)
Other comprehensive income before reclassifications: gains (losses) (47) (5)
Amounts reclassified from AOCI: (gains) losses [3] 1  
Total other comprehensive loss (46) (5)
Ending balance (75) (17)
Accumulated Other Comprehensive Income (Loss) | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning balance (187) (169)
Other comprehensive income before reclassifications: gains (losses) (91) (27)
Amounts reclassified from AOCI: (gains) losses [3] 7 4
Total other comprehensive loss (84) (23)
Less other comprehensive income (loss) attributable to noncontrolling interest   (1)
Ending balance $ (271) $ (191)
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] See table below for details about these reclassifications.
v3.20.1
Accumulated Other Comprehensive Income (Schedule of Reclassifications out of AOCI by Component Net of Tax) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Operating revenue [1] $ (4,496) $ (3,858)
Purchased gas 427 730
Interest and related charges 490 469
Other income (expense) 399 (388)
Income from operations before income tax expense 258 563
Income tax expense (benefit) (19) 114
Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Operating revenue [2] (1,930) (1,965)
Interest and related charges [2] 126 135
Other income (expense) 52 (37)
Income from operations before income tax expense 311 (24)
Income tax expense (benefit) (31) 4
Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Operating revenue [3] (556) (566)
Purchased gas [3] 8 12
Interest and related charges [3] 58 87
Other income (expense) [3] (49) (42)
Income tax expense (benefit) 52 43
Income (loss) including noncontrolling interests, net of tax (202) (172)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Income from operations before income tax expense 29 (41)
Income tax expense (benefit) (7) 10
Income (loss) including noncontrolling interests, net of tax 22 (31)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Income from operations before income tax expense 8 3
Income tax expense (benefit) (2)  
Income (loss) including noncontrolling interests, net of tax 6 3
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Commodity contracts    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Operating revenue (7) (54)
Purchased gas 3 (3)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Commodity contracts | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Operating revenue   (2)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Interest rate contracts    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges 27 10
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Interest rate contracts | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Interest and related charges 2 (1)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Foreign currency    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) 6 6
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Amounts Reclassified From AOCI | Foreign currency | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) 6 6
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Realized (gains) losses on sale of securities (13)  
Income from operations before income tax expense (13)  
Income tax expense (benefit) 4  
Income (loss) including noncontrolling interests, net of tax (9)  
Unrealized (gains) and losses on investment securities: | Amounts Reclassified From AOCI | Virginia Electric and Power Company    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Realized (gains) losses on sale of securities 2  
Income from operations before income tax expense 2  
Income tax expense (benefit) (1)  
Income (loss) including noncontrolling interests, net of tax 1  
Amortization of prior-service costs (credits) | Amounts Reclassified From AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) (6) (5)
Amortization of actuarial losses | Amounts Reclassified From AOCI    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) 30 27
Unrecognized pension and other postretirement benefit costs    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unrecognized pension and other postretirement benefit costs, before tax 24 22
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) (5) (14)
Unrecognized pension and other postretirement benefit costs, net of tax 19 8
Unrecognized pension and other postretirement benefit costs | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Unrecognized pension and other postretirement benefit costs, before tax 2 2
Unrecognized pension and other postretirement benefit costs, income tax expense (benefit) (1) (1)
Unrecognized pension and other postretirement benefit costs, net of tax 1 1
Unrecognized pension and other postretirement benefit costs | Amounts Reclassified From AOCI | Dominion Energy Gas Holdings, LLC    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Other income (expense) $ 2 $ 2
[1] See Note 10 for amounts attributable to related parties.
[2] See Note 19 for amounts attributable to affiliates.
[3] See Note 19 for amounts attributable to related parties.
v3.20.1
Fair Value Measurements (Fair Value, Option, Quantitative Disclosures) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2020
USD ($)
$ / MMBTU
$ / MWh
Dec. 31, 2019
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets $ 150 $ 93
Fair Value of Derivative Liabilities 1,646 740
Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 51 24
Fair Value of Derivative Liabilities 1,015 466
Fair Value, Measurements, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 5,155 5,963
Total liabilities 1,646 740
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 2,361 2,748
Total liabilities 1,015 466
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 121 74
Fair Value of Derivative Liabilities 49 131
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 51 22
Fair Value of Derivative Liabilities 24 103
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 49 19
Total liabilities 6 56
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Total assets 49 19
Total liabilities 6 56
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 49 19
Fair Value of Derivative Liabilities 6 56
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 49 19
Fair Value of Derivative Liabilities 6 $ 56
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 1  
Fair Value of Derivative Liabilities 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets 1  
Fair Value of Derivative Liabilities $ 4  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | FTRs [Member] | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MWh [1],[2] 0  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [3] $ 48  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Assets [3] $ 48  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Minimum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] (2)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 3  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Maximum | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Discounted Cash Flow [Member] | Natural Gas | Commodity | Weighted Average | Assets | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] (1)  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Liabilities $ 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Fair Value of Derivative Liabilities $ 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 45.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Minimum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 45.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1] 2  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 83.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Maximum | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [4] 83.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Market Price [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Market Price | $ / MMBTU [1],[2] 1  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member]    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [2],[4] 57.00%  
Fair Value, Measurements, Recurring | Level 3 | Option Model [Member] | Natural Gas | Physical Options [Member] | Weighted Average | Derivative Financial Instruments, Liabilities | Price Volatility [Member] | Virginia Electric and Power Company    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Price volatility (percentage) [2],[4] 57.00%  
[1] Represents market prices beyond defined terms for Levels 1 and 2.
[2] Averages weighted by volume.
[3] Includes basis.
[4] Represents volatilities unrepresented in published markets.
v3.20.1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset $ 150 $ 93
Derivative Liabilities 1,646 740
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 51 24
Derivative Liabilities 1,015 466
Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 207 86
Fair Value, Measurements, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 5,155 5,963
Total Liabilities 1,646 740
Fair Value, Measurements, Recurring | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 2,361 2,748
Total Liabilities 1,015 466
Fair Value, Measurements, Recurring | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   8
Total Liabilities 207 86
Fair Value, Measurements, Recurring | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 3,313 4,195
Fair Value, Measurements, Recurring | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 1,506 1,920
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 496 463
Fair Value, Measurements, Recurring | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 285 256
Fair Value, Measurements, Recurring | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 1,176 1,192
Fair Value, Measurements, Recurring | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 519 547
Fair Value, Measurements, Recurring | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 20 20
Fair Value, Measurements, Recurring | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   1
Fair Value, Measurements, Recurring | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 121 74
Derivative Liabilities 49 131
Fair Value, Measurements, Recurring | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 51 22
Derivative Liabilities 24 103
Fair Value, Measurements, Recurring | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 29 11
Derivative Liabilities 1,580 606
Fair Value, Measurements, Recurring | Interest rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   2
Derivative Liabilities 991 363
Fair Value, Measurements, Recurring | Interest rate | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 190 83
Fair Value, Measurements, Recurring | Foreign currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 17 3
Fair Value, Measurements, Recurring | Foreign currency | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 17 3
Fair Value, Measurements, Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 3,768 4,687
Fair Value, Measurements, Recurring | Level 1 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,668 2,106
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S.    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 3,313 4,195
Fair Value, Measurements, Recurring | Level 1 | Equity securities: | U.S. | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 1,506 1,920
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 437 473
Fair Value, Measurements, Recurring | Level 1 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 162 186
Fair Value, Measurements, Recurring | Level 1 | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 18 19
Fair Value, Measurements, Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 1,338 1,257
Total Liabilities 1,640 684
Fair Value, Measurements, Recurring | Level 2 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 644 623
Total Liabilities 1,009 410
Fair Value, Measurements, Recurring | Level 2 | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets   8
Total Liabilities 207 86
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 496 463
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Corporate debt instruments | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 285 256
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 739 719
Fair Value, Measurements, Recurring | Level 2 | Fixed Income | Government Securities | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [2] 357 361
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments [1] 2 1
Fair Value, Measurements, Recurring | Level 2 | Cash equivalents and other | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Investments   1
Fair Value, Measurements, Recurring | Level 2 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 72 55
Derivative Liabilities 43 75
Fair Value, Measurements, Recurring | Level 2 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 2 3
Derivative Liabilities 18 47
Fair Value, Measurements, Recurring | Level 2 | Interest rate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 29 11
Derivative Liabilities 1,580 606
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   2
Derivative Liabilities 991 363
Fair Value, Measurements, Recurring | Level 2 | Interest rate | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Liabilities 190 83
Fair Value, Measurements, Recurring | Level 2 | Foreign currency    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 17 3
Fair Value, Measurements, Recurring | Level 2 | Foreign currency | Dominion Energy Gas Holdings, LLC    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset   8
Derivative Liabilities 17 3
Fair Value, Measurements, Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 49 19
Total Liabilities 6 56
Fair Value, Measurements, Recurring | Level 3 | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets 49 19
Total Liabilities 6 56
Fair Value, Measurements, Recurring | Level 3 | Commodity    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 49 19
Derivative Liabilities 6 56
Fair Value, Measurements, Recurring | Level 3 | Commodity | Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative Asset 49 19
Derivative Liabilities $ 6 $ 56
[1] Includes investments held in the nuclear decommissioning and rabbi trusts. Excludes $277 million and $274 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
[2] Includes investments held in the nuclear decommissioning trusts. Excludes $157 million and $159 million of assets at March 31, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
v3.20.1
Fair Value Measurements (Assets and Liabilities that are Measured at Fair Value on a Recurring Basis) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 277 $ 274
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets measured at fair value using NAV $ 157 $ 159
v3.20.1
Fair Value Measurements (Net Change in the Assets and Liabilities Measured at Fair Value on a Recurring Basis and Included in the Level 3 Fair Value Category) (Detail) - Commodity - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance $ (37) $ 64
Total realized and unrealized gains (losses):    
Included in regulatory assets/liabilities 80 7
Settlements 22 (1)
Purchases   (10)
Transfers out of Level 3   (2)
Ending balance 43 53
Virginia Electric and Power Company    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance (37) 60
Total realized and unrealized gains (losses):    
Included in regulatory assets/liabilities 80 8
Settlements 22 (5)
Ending balance 43 59
Operating Revenue    
Total realized and unrealized gains (losses):    
Included in earnings   (1)
Electric Fuel and Other Energy-Related Purchases    
Total realized and unrealized gains (losses):    
Included in earnings (22) (4)
Electric Fuel and Other Energy-Related Purchases | Virginia Electric and Power Company    
Total realized and unrealized gains (losses):    
Included in earnings $ (22) $ (4)
v3.20.1
Fair Value Measurements (Narrative) (Detail) - USD ($)
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unrealized gains or losses included in earnings in Level 3 fair value category $ 0 $ 0
Virginia Electric and Power Company    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unrealized gains or losses included in earnings in Level 3 fair value category $ 0 $ 0
v3.20.1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1] $ 32,984 $ 32,055
Junior subordinated notes [2] 4,407 4,797
Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [1],[3] 35,685 36,155
Junior subordinated notes [2],[3] 4,381 4,953
Virginia Electric and Power Company | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [2] 12,327 12,326
Virginia Electric and Power Company | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [2],[3] 13,998 14,281
Dominion Energy Gas Holdings, LLC | Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [4] 5,516 5,520
Dominion Energy Gas Holdings, LLC | Estimate of Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt [3],[4] $ 5,479 $ 5,738
[1] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments. At March 31, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $4 million and $4 million, respectively.
[2] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium.
[3] Fair value is estimated using market prices, where available, and interest rates currently available for issuance of debt with similar terms and remaining maturities. All fair value measurements are classified as Level 2. The carrying amount of debt issuances with short-term maturities and variable rates refinanced at current market rates is a reasonable estimate of their fair value.
[4] Carrying amount includes current portions included in securities due within one year and amounts which represent the unamortized debt issuance costs, discount or premium and foreign currency remeasurement adjustments.
v3.20.1
Fair Value Measurements (Financial Instruments' Carrying Amounts and Fair Values) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Fair Value Disclosures [Abstract]    
Valuation of certain fair value hedges associated with fixed rate debt $ 4 $ 4
v3.20.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] $ 148 $ 91
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 40 53
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 34 0
Net Amounts 74 38
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [2] 48 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 47 3
Dominion Energy Gas Holdings, LLC    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 0
Commodity | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 55 35
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 52 14
Commodity | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [2] 48 19
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 47 1
Commodity | Exchange    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 64 37
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 16 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 34 0
Net Amounts 14 16
Interest rate | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 29 11
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 21 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 8 8
Foreign currency | Over-the-counter    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [1] 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 0
Foreign currency | Over-the-counter | Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet [2] 0 2
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts 0 2
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC    
Offsetting Assets [Line Items]    
Gross Assets Presented in the Consolidated Balance Sheet 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral Received 0 0
Net Amounts $ 0 $ 0
[1] Excludes $2 million and $2 million of derivative assets at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
[2] Excludes $3 million and $3 million of derivative assets at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
v3.20.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Assets) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 2 $ 2
Virginia Electric and Power Company    
Offsetting Assets [Line Items]    
Derivative assets, not subject to a master netting or similar arrangement $ 3 $ 3
v3.20.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] $ 1,640 $ 735
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 40 53
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 24 35
Net Amounts 1,576 647
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [2] 995 422
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 1 0
Net Amounts 993 404
Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 207 86
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 207 78
Commodity | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 27 105
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 3 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 1 0
Net Amounts 23 84
Commodity | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [2] 4 59
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 1 18
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 1 0
Net Amounts 2 41
Commodity | Exchange    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 16 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 16 21
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 0 0
Interest rate | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 1,580 606
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 21 8
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 23 35
Net Amounts 1,536 563
Interest rate | Over-the-counter | Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [2] 991 363
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 991 363
Interest rate | Over-the-counter | Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 190 83
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 5
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 190 78
Foreign currency | Over-the-counter    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet [1] 17 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts 17 0
Foreign currency | Over-the-counter | Dominion Energy Gas Holdings, LLC    
Offsetting Liabilities [Line Items]    
Gross Liabilities Presented in the Consolidated Balance Sheet 17 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Financial Instruments 0 3
Gross Amounts Not Offset in the Consolidated Balance Sheet, Cash Collateral 0 0
Net Amounts $ 17 $ 0
[1] Excludes $6 million and $5 million of derivative liabilities at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
[2] Excludes $20 million and $44 million of derivative liabilities at March 31, 2020 and December 31, 2019, respectively, which are not subject to master netting or similar arrangements.
v3.20.1
Derivatives and Hedge Accounting Activities (Schedule of Offsetting Liabilities) (Parenthetical) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 6 $ 5
Virginia Electric and Power Company    
Offsetting Liabilities [Line Items]    
Derivative liabilities, not subject to a master netting or similar arrangement $ 20 $ 44
v3.20.1
Derivatives and Hedge Accounting Activities (Volume of Derivative Activity) (Detail) - 3 months ended Mar. 31, 2020
USD ($)
MWh
Bcf
gal
EUR (€)
Fixed Price - Natural Gas - Current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity [1] 81  
Fixed Price - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity [1] 37  
Basis - Natural Gas - Current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity 268  
Basis - Natural Gas - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity 160  
Fixed Price - Electricity - Current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 3,088,875  
Fixed Price - Electricity - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of electricity | MWh 18,836,472  
Financial Transmission Rights - Electricity- Current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 18,836,472  
Liquids - Current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity | gal [2] 39,690,000  
Interest Rate - Current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 2,450,000,000  
Interest Rate - Current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] 900,000,000  
Interest Rate - Current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 250,000,000  
Foreign Exchange - Current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   € 0
Foreign Exchange - Current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   0
Fixed Price - Natural Gas - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity [1] 36  
Fixed Price - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity [1] 14  
Basis - Natural Gas - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity 574  
Basis - Natural Gas - Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of derivative activity 536  
Fixed Price - Electricity - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 0  
Financial Transmission Rights - Electricity- Non-current Derivative Contract    
Derivative [Line Items]    
Volume of electricity | MWh 0  
Financial Transmission Rights - Electricity- Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Volume of electricity | MWh 0  
Liquids - Non-current Derivative Contract    
Derivative [Line Items]    
Volume of derivative activity | gal [2] 0  
Interest Rate - Non-current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 5,582,850,761  
Interest Rate - Non-current Derivative Contract | Virginia Electric and Power Company    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ 1,150,000,000  
Interest Rate - Non-current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | $ [3] $ 1,050,000,000  
Foreign Exchange - Non- Current Derivative Contract    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   250,000,000
Foreign Exchange - Non- Current Derivative Contract | Dominion Energy Gas Holdings, LLC    
Derivative [Line Items]    
Interest rate / Foreign currency (US Dollars, Euros) | € [3]   € 250,000,000
[1] Includes options.
[2] Includes NGLs.
[3] Maturity is determined based on final settlement period.
v3.20.1
Derivatives and Hedge Accounting Activities (Selected Information Related to Gains (Losses) on Cash Flow Hedges Included in AOCI) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2020
USD ($)
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (651)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (38)
Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (79)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (1)
Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (166)
Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax (12)
Commodity | Natural Gas  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax (2)
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (2)
Maximum Term 21 months
Commodity | Natural Gas Liquids  
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 9 months
Commodity | Electricity  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ 14
Commodities, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ 14
Maximum Term 9 months
Interest rate  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (655)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (50)
Maximum Term 381 months
Interest rate | Virginia Electric and Power Company  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (79)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (1)
Maximum Term 381 months
Interest rate | Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (157)
Interest rate, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (11)
Maximum Term 297 months
Foreign currency  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (9)
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (1)
Maximum Term 75 months
Foreign currency | Dominion Energy Gas Holdings, LLC  
Derivative Instruments Gain Loss [Line Items]  
AOCI After-Tax $ (9)
Foreign currency, Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax $ (1)
Maximum Term 75 months
v3.20.1
Derivatives and Hedge Accounting Activities (Narrative) (Detail)
Mar. 31, 2020
USD ($)
Derivative Instrument Detail [Abstract]  
Derivative instruments designated in fair value hedges $ 0
v3.20.1
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
Mar. 31, 2020
Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]    
Carrying Amount of the Hedged Asset (Liability) [1] $ (1,154) $ (1,154)
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) [2] $ (4) $ (4)
[1] Includes $(1.1) billion and $(397) million related to discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively.
[2] Includes $(4) million and $3 million of hedging adjustments on discontinued hedging relationships at March 31, 2020 and December 31, 2019, respectively.
v3.20.1
Derivatives and Hedge Accounting Activities (Schedule of Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges) (Parenthetical) (Detail) - Designated as Hedging Instrument - Fair Value Hedging - Long-term Debt - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Derivative Instruments And Hedging Activities Disclosures [Line Items]    
Discontinued hedging liability $ (1.1) $ (397.0)
Hedging adjustments on discontinued hedging relationships $ (4.0) $ 3.0
v3.20.1
Derivatives and Hedge Accounting Activities (Fair Value of Derivatives) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [1] $ 91 $ 68
Derivative Asset, Noncurrent [2] 59 25
Derivative Asset 150 93
Derivative Liabilities, Current 793 408 [3]
Derivative Liabilities, Noncurrent 853 332 [3]
Derivative Liabilities 1,646 740
Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [4] 14 20
Derivative Asset, Noncurrent [5] 37 4
Derivative Asset 51 24
Derivative Liabilities, Current [6] 481 243 [7]
Derivative Liabilities, Noncurrent [8] 534 223
Derivative Liabilities 1,015 466
Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent [9]   8
Derivative Asset   8
Derivative Liabilities, Current [10] 69 33
Derivative Liabilities, Noncurrent [11] 138 53
Derivative Liabilities 207 86
Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 80 67
Derivative Asset, Noncurrent 41 7
Derivative Liabilities, Current 45 83
Derivative Liabilities, Noncurrent 4 48
Commodity | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 14 20
Derivative Asset, Noncurrent 37 2
Derivative Liabilities, Current 23 58
Derivative Liabilities, Noncurrent 1 45
Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 11 1
Derivative Asset, Noncurrent 18 10
Derivative Liabilities, Current 747 322
Derivative Liabilities, Noncurrent 833 284
Interest rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   2
Derivative Liabilities, Current 458 185
Derivative Liabilities, Noncurrent 533 178
Interest rate | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current 68 30
Derivative Liabilities, Noncurrent 122 53
Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 1 3
Derivative Liabilities, Noncurrent 16  
Foreign currency | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 1 3
Derivative Liabilities, Noncurrent 16  
Designated as Hedging Instrument    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [1]   31
Derivative Asset, Noncurrent [2]   19
Derivative Asset   50
Derivative Liabilities, Current 516 330
Derivative Liabilities, Noncurrent 738 268
Derivative Liabilities 1,254 598
Designated as Hedging Instrument | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent [5]   2
Derivative Asset   2
Derivative Liabilities, Current 458 185
Derivative Liabilities, Noncurrent [8] 533 178
Derivative Liabilities 991 363
Designated as Hedging Instrument | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent [9]   8
Derivative Asset   8
Derivative Liabilities, Current [10] 58 33
Derivative Liabilities, Noncurrent [11] 135 53
Derivative Liabilities 193 86
Designated as Hedging Instrument | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current   30
Derivative Asset, Noncurrent   1
Derivative Liabilities, Current   6
Derivative Liabilities, Noncurrent   1
Designated as Hedging Instrument | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current   1
Derivative Asset, Noncurrent   10
Derivative Liabilities, Current 515 321
Derivative Liabilities, Noncurrent 722 267
Designated as Hedging Instrument | Interest rate | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   2
Derivative Liabilities, Current 458 185
Derivative Liabilities, Noncurrent 533 178
Designated as Hedging Instrument | Interest rate | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current 57 30
Derivative Liabilities, Noncurrent 119 53
Designated as Hedging Instrument | Foreign currency    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 1 3
Derivative Liabilities, Noncurrent 16  
Designated as Hedging Instrument | Foreign currency | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Asset, Noncurrent   8
Derivative Liabilities, Current 1 3
Derivative Liabilities, Noncurrent 16  
Fair Value - Derivatives not under Hedge Accounting    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [1] 91 37
Derivative Asset, Noncurrent [2] 59 6
Derivative Asset 150 43
Derivative Liabilities, Current 277 78
Derivative Liabilities, Noncurrent 115 64
Derivative Liabilities 392 142
Fair Value - Derivatives not under Hedge Accounting | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current [4] 14 20
Derivative Asset, Noncurrent [5] 37 2
Derivative Asset 51 22
Derivative Liabilities, Current 23 58
Derivative Liabilities, Noncurrent [8] 1 45
Derivative Liabilities 24 103
Fair Value - Derivatives not under Hedge Accounting | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current [10] 11  
Derivative Liabilities, Noncurrent [11] 3  
Derivative Liabilities 14  
Fair Value - Derivatives not under Hedge Accounting | Commodity    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 80 37
Derivative Asset, Noncurrent 41 6
Derivative Liabilities, Current 45 77
Derivative Liabilities, Noncurrent 4 47
Fair Value - Derivatives not under Hedge Accounting | Commodity | Virginia Electric and Power Company    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 14 20
Derivative Asset, Noncurrent 37 2
Derivative Liabilities, Current 23 58
Derivative Liabilities, Noncurrent 1 45
Fair Value - Derivatives not under Hedge Accounting | Interest rate    
Derivatives Fair Value [Line Items]    
Derivative Asset, Current 11  
Derivative Asset, Noncurrent 18  
Derivative Liabilities, Current 232 1
Derivative Liabilities, Noncurrent 111 $ 17
Fair Value - Derivatives not under Hedge Accounting | Interest rate | Dominion Energy Gas Holdings, LLC    
Derivatives Fair Value [Line Items]    
Derivative Liabilities, Current 11  
Derivative Liabilities, Noncurrent $ 3  
[1] Current derivative assets are presented in other current assets in Dominion Energy’s Consolidated Balance Sheets.
[2] Noncurrent derivative assets are presented in other deferred charges and other assets in Dominion Energy’s Consolidated Balance Sheets.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Current derivative assets are presented in other current assets in Virginia Power’s Consolidated Balance Sheets.
[5] Noncurrent derivative assets are presented in other deferred charges and other assets in Virginia Power’s Consolidated Balance Sheets.
[6] See Note 19 for amounts attributable to affiliates.
[7] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[8] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Virginia Power’s Consolidated Balance Sheets.
[9] Noncurrent derivatives assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[10] Current derivative liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[11] Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.1
Derivatives and Hedge Accounting Activities (Gains and Losses on Derivatives in Cash Flow Hedging Relationships) (Detail) - Cash Flow Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1] $ (359) $ (29)
Amount of Gain (Loss) Reclassified From AOCI to Income (29) 41
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2] (563) (84)
Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [3] (61) (9)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [4] (565) (84)
Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [5] (123) (36)
Amount of Gain (Loss) Reclassified From AOCI to Income (8) (3)
Commodity    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1]   66
Amount of Gain (Loss) Reclassified From AOCI to Income 4 57
Commodity | Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [5]   (1)
Amount of Gain (Loss) Reclassified From AOCI to Income   2
Commodity | Net Income from discontinued operations | Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Reclassified From AOCI to Income   2
Commodity | Operating Revenue    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Reclassified From AOCI to Income 7 54
Commodity | Purchased Gas    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Reclassified From AOCI to Income (3) 3
Interest rate    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[6] (336) (84)
Amount of Gain (Loss) Reclassified From AOCI to Income [6] (27) (10)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [2],[6] (563) (84)
Interest rate | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [3],[7] (61) (9)
Increase (Decrease) in Derivatives Subject to Regulatory Treatment [4],[7] (565) (84)
Interest rate | Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [5],[8] (100) (24)
Amount of Gain (Loss) Reclassified From AOCI to Income [8] (2) 1
Foreign currency    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [1],[9] (23) (11)
Amount of Gain (Loss) Reclassified From AOCI to Income [9] (6) (6)
Foreign currency | Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in AOCI on Derivatives [5],[10] (23) (11)
Amount of Gain (Loss) Reclassified From AOCI to Income [10] $ (6) $ (6)
[1] Amounts deferred into AOCI have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[2] Represents net derivative activity deferred into and amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[3] Amounts deferred into AOCI have no associated effect in Virginia Power’s Consolidated Statements of Income.
[4] 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.
[5] Amounts deferred into AOCI have no associated effect in Dominion Energy Gas’ Consolidated Statements of Income.
[6] Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.
[7] Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in interest and related charges.
[8] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges
[9] Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in other income (expense).
[10] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in other income.
v3.20.1
Derivatives and Hedge Accounting Activities (Schedule of Derivatives not Designated as Hedging Instruments) (Detail) - Derivatives Not Designated as Hedging Instruments - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1] $ (75) $ (3)
Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [2] (65) (9)
Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [3] (8)  
Commodity | Virginia Electric and Power Company    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [2],[4] (65) (9)
Commodity | Operating Revenue    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1] 65 3
Commodity | Purchased Gas    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1] (14) 3
Commodity | Electric Fuel and Other Energy-Related Purchases    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1] (65) $ (9)
Interest rate    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [1],[5] (61)  
Interest rate | Dominion Energy Gas Holdings, LLC    
Derivative Instruments Gain Loss [Line Items]    
Amount of Gain (Loss) Recognized in Income on Derivatives [3] $ (8)  
[1] Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Dominion Energy’s Consolidated Statements of Income.
[2] Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in Virginia Power’s Consolidated Statements of Income.
[3] Amounts recorded in Dominion Energy Gas’ Consolidated Statements of Income are classified in interest and related charges
[4] Amounts recorded in Virginia Power’s Consolidated Statements of Income are classified in electric fuel and other energy-related purchases.
[5] Amounts recorded in Dominion Energy’s Consolidated Statements of Income are classified in interest and related charges.
v3.20.1
Investments (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 30, 2014
mi
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
Dec. 31, 2019
USD ($)
Schedule of Equity Method Investments [Line Items]          
Cost to acquire equity method investments   $ 184      
Contributions to equity method affiliates   178      
Other payables [1]   1,414     $ 1,827 [2]
Investment in equity method affiliates   1,886     1,646 [3]
Revenue   4,323 $ 3,631    
Other receivables [4]   248     367 [3]
Dominion Energy Gas Holdings, LLC          
Schedule of Equity Method Investments [Line Items]          
Other payables [5]   190     161 [6]
Equity in earnings on investments   15 13    
Investment in equity method affiliates   312     312 [6]
Revenue   555 565    
Other receivables [5]   33     26 [6]
Dominion Energy Gas Holdings, LLC | Partnership Interest          
Schedule of Equity Method Investments [Line Items]          
Equity in earnings on investments   15 13    
Distributions received from investment   15 15    
Investment in equity method affiliates   312     312
Carrying amount of investment that exceeded share of underlying equity   $ 146     146
Pivotal LNG | Dominion Energy Gas Holdings, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage acquired   100.00%      
Atlantic Coast Pipeline          
Schedule of Equity Method Investments [Line Items]          
Contributions to equity method affiliates   $ 16 95    
Project cost estimates   $ 8,000      
Atlantic Coast Pipeline | Dominion Energy Gas Holdings, LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage acquired   5.00%      
Percentage ownership in total units   53.00%      
Atlantic Coast Pipeline | DETI          
Schedule of Equity Method Investments [Line Items]          
Other payables   $ 5     7
Revenue   20 31    
Other receivables   $ 8     7
Atlantic Coast Pipeline | Pipelines | Jointly Owned Natural Gas Pipeline | Distribution          
Schedule of Equity Method Investments [Line Items]          
Length of natural gas pipeline (in miles) | mi 600        
Duration of contract 20 years        
JAX LNG LLC | Pivotal LNG          
Schedule of Equity Method Investments [Line Items]          
Percentage of interest held   50.00%      
Blue Racer          
Schedule of Equity Method Investments [Line Items]          
Additional consideration including interest received in connection with sale     $ 151    
Ownership interest percentage of limited partner interests       50.00%  
Trading Securities          
Schedule of Equity Method Investments [Line Items]          
Rabbi trust securities   $ 116     $ 120
[1] See Note 10 for amounts attributable to related parties
[2] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date
[4] See Note 10 for amounts attributable to related parties.
[5] See Note 19 for amounts attributable to related parties.
[6] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Investments (Equity and Fixed Income Securities, Insurance Contracts and Cash Equivalents in Decommissioning Trust Funds) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Investment Holdings [Line Items]    
Fixed income securities Fair Value $ 1,747  
Amortized Cost, Total 3,715 $ 3,691
Total Unrealized Gains 1,784 2,523
Total Unrealized Losses [1] (165) (22)
Allowance for Credit Losses, Total (21)  
Fair Value, Total 5,313 6,192
Fair value of securities in an unrealized loss position 415 298
Net assets related to pending sales and purchases of securities 12 1
Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Fixed income securities Fair Value 852  
Amortized Cost, Total 1,737 1,721
Total Unrealized Gains 823 1,173
Total Unrealized Losses [2] (80) (13)
Allowance for Credit Losses, Total (12)  
Fair Value, Total 2,468 2,881
Fair value of securities in an unrealized loss position 241 185
Net assets related to pending sales and purchases of securities 2  
Fixed Income    
Investment Holdings [Line Items]    
Cash equivalents and other Amortized Cost [3]   13
Cash equivalents and other Fair Value [3] (4) 13
Common/collective trust funds | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [4] 118 115
Fixed income securities Total Unrealized Gains [4] 2 4
Fixed income securities Allowance for Credit Losses [4] (2)  
Fixed income securities Fair Value [4] 118 119
Common/collective trust funds | Fixed Income | Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [4] 49 51
Fixed income securities Fair Value [4] 49 51
Equity securities: | U.S.    
Investment Holdings [Line Items]    
Equity securities Amortized Cost [5] 1,813 1,807
Equity securities Total Unrealized Gains [5] 1,709 2,451
Equity securities Total Unrealized Losses [5] (161) (20)
Equity securities Fair Value [5] 3,361 4,238
Equity securities: | U.S. | Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Equity securities Amortized Cost [5] 898 894
Equity securities Total Unrealized Gains [5] 796 1,144
Equity securities Total Unrealized Losses [5] (80) (11)
Equity securities Fair Value [5] 1,614 2,027
Corporate debt instruments | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [4] 491 434
Fixed income securities Total Unrealized Gains [4] 18 29
Fixed income securities Allowance for Credit Losses [4] (13)  
Fixed income securities Fair Value [4] 496 463
Corporate debt instruments | Fixed Income | Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [4] 284 241
Fixed income securities Total Unrealized Gains [4] 9 15
Fixed income securities Allowance for Credit Losses [4] (8)  
Fixed income securities Fair Value [4] 285 256
Government Securities | Fixed Income    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [4] 1,084 1,108
Fixed income securities Total Unrealized Gains [4] 55 39
Fixed income securities Total Unrealized Losses [4]   (2)
Fixed income securities Allowance for Credit Losses [4] (6)  
Fixed income securities Fair Value [4] 1,133 1,145
Government Securities | Fixed Income | Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total [4] 504 534
Fixed income securities Total Unrealized Gains [4] 18 14
Fixed income securities Total Unrealized Losses [4]   (2)
Fixed income securities Allowance for Credit Losses [4] (4)  
Fixed income securities Fair Value [4] 518 546
Insurance Contracts    
Investment Holdings [Line Items]    
Fixed income securities Amortized Cost, Total 209 214
Fixed income securities Fair Value 209 214
Cash equivalents and other | Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Cash equivalents and other Amortized Cost 2 [6] 1
Cash equivalents and other Fair Value $ 2 [6] $ 1
[1] The fair value of securities in an unrealized loss position was $415 million and $298 million at March 31, 2020 and December 31, 2019, respectively.
[2] The fair value of securities in an unrealized loss position was $241 million and $185 million at March 31, 2020 and December 31, 2019, respectively.
[3] Includes pending purchases of securities of $12 million and $1 million at March 31, 2020 and December 31, 2019, respectively
[4] Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability. Effective January 2020, changes in allowance for credit losses are included in other income (expense).
[5] Unrealized gains and losses on equity securities are included in other income and the nuclear decommissioning trust regulatory liability.
[6] Includes pending sales of securities of $2 million at March 31, 2020.
v3.20.1
Investments (Portion of Unrealized Gains and Losses Relates to Equity Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Investment Holdings [Line Items]    
Net gains (losses) recognized during the period $ (898) $ 414
Less: Net (gains) losses recognized during the period on securities sold during the period 14 (19)
Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 [1] (884) 395
Virginia Electric and Power Company    
Investment Holdings [Line Items]    
Net gains (losses) recognized during the period (423) 186
Less: Net (gains) losses recognized during the period on securities sold during the period 6 (1)
Unrealized gains (losses) recognized during the period on securities still held at March 31, 2020 and 2019 [1] $ (417) $ 185
[1] Included in other income and the nuclear decommissioning trust regulatory liability.
v3.20.1
Investments (Fair Value of Fixed Income Securities by Contractual Maturity) (Detail)
$ in Millions
Mar. 31, 2020
USD ($)
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less $ 178
Due after one year through five years 430
Due after five years through ten years 389
Due after ten years 750
Total 1,747
Virginia Electric and Power Company  
Schedule of Held-to-maturity Securities [Line Items]  
Due in one year or less 73
Due after one year through five years 200
Due after five years through ten years 211
Due after ten years 368
Total $ 852
v3.20.1
Investments (Selected Information Regarding Equity and Fixed Income Securities) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Schedule of Available-for-sale Securities [Line Items]    
Proceeds from sales $ 602 $ 506
Realized gains [1] 66 43
Realized losses [1] 69 23
Virginia Electric and Power Company    
Schedule of Available-for-sale Securities [Line Items]    
Proceeds from sales 294 253
Realized gains [1] 31 10
Realized losses [1] $ 31 $ 9
[1] Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.
v3.20.1
Property, Plant and Equipment (Narrative) (Detail)
$ in Millions
 1 Months Ended
Mar. 31, 2020
USD ($)
Wexpro | Natural Gas Gathering Systems | Colorado, Utah and Wyoming  
Property Plant And Equipment [Line Items]  
Payments to acquire existing natural gas gathering systems $ 38
v3.20.1
Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Regulatory Assets [Line Items]      
Regulatory assets-current $ 668   $ 879 [1]
Regulatory assets-noncurrent 9,564   7,687 [1]
Total regulatory assets $ 10,232   8,566
Weighted Average      
Regulatory Assets [Line Items]      
Weighted average useful life 27 years    
SCANA      
Regulatory Assets [Line Items]      
Electric service customers over period 20 years    
Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current $ 295   433 [2]
Regulatory assets-noncurrent 3,724   1,863 [2]
Total regulatory assets 4,019   2,296
Excess deferred taxes adjusted in charge of operating revenue 29    
Excess deferred taxes adjusted in charge of operating revenue net of tax 22    
Write off of regulatory asset 17 $ 17  
Write off of regulatory asset, after tax $ 13 $ 13  
Virginia Electric and Power Company | Weighted Average      
Regulatory Assets [Line Items]      
Weighted average useful life 26 years    
Dominion Energy Gas Holdings, LLC      
Regulatory Assets [Line Items]      
Regulatory assets-current [3] $ 10   8
Regulatory assets-noncurrent [4] 40   40
Total regulatory assets 50   48
Regulatory assets not expect to earn return      
Regulatory Assets [Line Items]      
Regulatory assets-current [5] 21   48
Regulatory assets not expect to earn return | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [6] 21   48
Deferred project costs and DSM programs for gas utilities      
Regulatory Assets [Line Items]      
Regulatory assets-current [7] 12   21
Unrecovered gas costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [8] 31   102
Unrecovered gas costs | Dominion Energy Gas Holdings, LLC      
Regulatory Assets [Line Items]      
Regulatory assets-current [9] 4   2
Deferred rate adjustment clause costs for Virginia electric utility      
Regulatory Assets [Line Items]      
Regulatory assets-current [10],[11] 119   109
Regulatory assets-noncurrent [10],[11],[12] 353   235
Deferred nuclear refueling outage costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [13] 52   68
Deferred nuclear refueling outage costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [13] 52   68
PJM transmission rates      
Regulatory Assets [Line Items]      
Regulatory assets-current [14] 42   121
Regulatory assets-noncurrent [14] 154   85
PJM transmission rates | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [14] 42   121
Regulatory assets-noncurrent [14] 154   85
Other      
Regulatory Assets [Line Items]      
Regulatory assets-current 253   272
Regulatory assets-noncurrent 601   582
Other | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current 61   87
Regulatory assets-noncurrent 130   123
Other | Dominion Energy Gas Holdings, LLC      
Regulatory Assets [Line Items]      
Regulatory assets-current 6   6
Regulatory assets-noncurrent 8   8
NND Project Costs      
Regulatory Assets [Line Items]      
Regulatory assets-current [15] 138   138
Regulatory assets-noncurrent [15] 2,468   2,503
Pension and Other Postretirement Benefit Costs      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [16] 1,410   1,431
Deferred project costs for gas utilities      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [7] 560   521
Interest rate hedges      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [17] 1,319   741
Interest rate hedges | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [18] 969   404
Interest rate hedges | Dominion Energy Gas Holdings, LLC      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [19] 32   32
AROs and related funding      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [20] $ 324   311
Amortization period for deferred costs 105 years    
Cost of reacquired debt      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [21] $ 257   262
Amortization period for deferred costs 26 years    
Ash pond and landfill closure costs      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [22] $ 2,118   1,016
Regulatory assets expected collection period commencing year 2021    
Ash pond and landfill closure costs | Maximum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period 18 years    
Ash pond and landfill closure costs | Minimum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period 15 years    
Ash pond and landfill closure costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-noncurrent [23] $ 2,118   1,016
Regulatory assets expected collection period commencing year 2021    
Ash pond and landfill closure costs | Virginia Electric and Power Company | Maximum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period 18 years    
Ash pond and landfill closure costs | Virginia Electric and Power Company | Minimum      
Regulatory Assets [Line Items]      
Regulatory assets amounts expected collection period 15 years    
Deferred Project Costs | Maximum      
Regulatory Assets [Line Items]      
Amortization period for deferred costs 18 months    
Deferred Project Costs | Virginia Electric and Power Company | Maximum      
Regulatory Assets [Line Items]      
Amortization period for deferred costs 18 months    
Transmission Rate Design For Allocation Of Costs Of Service | FERC-regulated      
Regulatory Assets [Line Items]      
Duration of payment under settlement agreement 10 years    
Transmission Rate Design For Allocation Of Costs Of Service | Virginia Electric and Power Company | FERC-regulated      
Regulatory Assets [Line Items]      
Duration of payment under settlement agreement 10 years    
Deferred rate adjustment clause costs | Virginia Electric and Power Company      
Regulatory Assets [Line Items]      
Regulatory assets-current [10],[24] $ 119   109
Regulatory assets-noncurrent [10],[12],[24] $ 353   $ 235
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Current regulatory assets are presented in other current assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[4] Noncurrent regulatory assets are presented in other deferred charges and other assets in Dominion Energy Gas’ Consolidated Balance Sheets.
[5] Reflects deferred fuel expenses for the Virginia, North Carolina and South Carolina jurisdictions of Dominion Energy’s electric generation operations.
[6] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.
[7] Primarily reflects amounts expected to be collected from or owed to gas customers in Dominion Energy’s service territories associated with current and prospective rider projects, including CEP, PIR and pipeline integrity management. See Note 13 for more information.
[8] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with the applicable regulatory authority.
[9] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.
[10] As a result of actions from the Virginia Commission in the first quarter of 2019 regarding the ratemaking treatment of excess deferred taxes from the adoption of the 2017 Tax Reform Act for all existing rate adjustment clauses, Virginia Power recorded a $29 million ($22 million after-tax) charge in operating revenue in the Consolidated Statements of Income for amounts which are probable of being returned to customers.
[11] Reflects deferrals under Virginia Power’s electric transmission FERC formula rate and the deferral of costs associated with certain current and prospective rider projects, net of income taxes refundable from the 2017 Tax Reform Act for Virginia Power.  See Note 13 for more information.  
[12] During the first quarter of 2019, Virginia Power recorded a charge of $17 million ($13 million after-tax) in impairment of assets and other charges to write-off the balance of a regulatory asset for which it is no longer seeking recovery.
[13] 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.
[14] 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. 
[15] Reflects expenditures by DESC associated with the NND Project, which pursuant to the SCANA Merger Approval Order, will be recovered from DESC electric service customers over a 20-year period ending in 2039. See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[16] 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.
[17] 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 March 31, 2020.
[18] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted-average useful life of approximately 26 years as of March 31, 2020.
[19] Reflects interest rate hedges recoverable from or refundable to customers. Certain of these instruments are settled and any related payments are being amortized into interest expense over the life of the related debt, which has a weighted average useful life of approximately 22 years.
[20] 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 V.C. Summer nuclear power station, and are expected to be recovered over the related property lives and periods of decommissioning which may range up to approximately 105 years.
[21] 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 March 31, 2020.
[22] Primarily reflects legislation enacted in Virginia in March 2019 which requires any CCR unit located at certain Virginia Power stations to be closed by removing the CCRs to an approved landfill or through recycling for beneficial reuse. Subject to approval by the Virginia Commission, amounts are expected to be collected over a period between 15 and 18 years commencing no earlier than 2021. Virginia Power is entitled to collect carrying costs once expenditures have been made. See Note 23 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information.
[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 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for additional information. As a result of the March 2020 planned early retirement of certain facilities, amounts recoverable through riders were reclassified from property, plant and equipment
[24] 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.
v3.20.1
Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current $ 641 $ 497 [1]
Regulatory liabilities-noncurrent 10,589 11,001 [1]
Total regulatory liabilities 11,230 11,498
Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [2] 181 167
Regulatory liabilities-noncurrent 4,820 5,074 [3]
Total regulatory liabilities 5,001 5,241
Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [4] 38 41
Regulatory liabilities-noncurrent [5] 804 800
Total regulatory liabilities 842 841
Provision for future cost of removal and AROs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [6] 142 142
Regulatory liabilities-noncurrent [6] 2,329 2,302
Provision for future cost of removal and AROs | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [7] 103 103
Provision for future cost of removal and AROs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [8] 18 18
Regulatory liabilities-noncurrent [8] 93 95
Reserve for refunds and rate credits to electric utility customers    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [9] 138 143
Regulatory liabilities-noncurrent [9] 622 656
Cost-of-service impact of 2017 Tax Reform Act    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [10] 48 4
Income taxes refundable through future rates    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [11] 138 77
Regulatory liabilities-noncurrent [11] 5,016 5,088
Income taxes refundable through future rates | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [12] 54 54
Regulatory liabilities-noncurrent [12] 2,441 2,438
Income taxes refundable through future rates | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [13] 556 560
Monetization of guarantee settlement    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [14] 67 67
Regulatory liabilities-noncurrent [14] 953 970
Other    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 108 64
Regulatory liabilities-noncurrent 362 325
Other | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 24 10
Regulatory liabilities-noncurrent 116 81
Other | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current 14 15
Regulatory liabilities-noncurrent 13 12
Nuclear decommissioning trust    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [15] 1,110 1,471
Nuclear decommissioning trust | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [16] 1,110 1,471
Overrecovered Other Postretirement Benefit Costs    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [17] 197 189
Overrecovered Other Postretirement Benefit Costs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [17] 142 133
Deferred cost of fuel used in electric generation | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [18] 75 30
Provision For Future Cost Of Removal | Virginia Electric and Power Company    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-noncurrent [7] 1,078 1,054
Overrecovered Gas Costs | Dominion Energy Gas Holdings, LLC    
Regulatory Liabilities [Line Items]    
Regulatory liabilities-current [19] $ 6 $ 8
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Current regulatory liabilities are presented in other current liabilities in Virginia Power’s Consolidated Balance Sheets.
[3] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[4] Current regulatory liabilities are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[5] Noncurrent regulatory liabilities are presented in other deferred credits and other liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
[6] 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.
[7] 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.
[8] 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.
[9] Reflects amounts previously collected from retail electric customers of DESC for the NND Project to be credited over an estimated 11-year period effective February 2019, in connection with the SCANA Merger Approval Order. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[10] Balance refundable to customers related to the decrease in revenue requirements for recovery of income taxes at the Companies’ regulated electric generation and electric and natural gas distribution operations. See Notes 3 and 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[11] Amounts recorded to pass the effect of reduced income taxes from the 2017 Tax Reform Act to customers in future periods, which will primarily reverse at the weighted average tax rate that was used to build the reserves over the remaining book life of the property, net of amounts to be recovered through future rates to pay income taxes that become payable when rate revenue is provided to recover AFUDC equity.
[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] 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.
[14] Reflects amounts to be refunded to DESC electric service customers over a 20-year period ending in 2039 associated with the monetization of a bankruptcy settlement agreement.  See Note 3 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019 for more information.
[15] Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon, as applicable) for the future decommissioning of Dominion Energy’s utility nuclear generation stations, in excess of the related AROs.
[16] Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of Virginia Power’s utility nuclear generation stations, in excess of the related AROs.
[17] Reflects a regulatory liability for the collection of postretirement benefit costs allowed in rates in excess of expense  incurred.
[18] Reflects deferred fuel expenses for the Virginia and North Carolina jurisdictions of Virginia Power’s generation operations.
[19] Reflects unrecovered or overrecovered gas costs at regulated gas operations, which are recovered or refunded through filings with FERC.
v3.20.1
Regulatory Assets and Liabilities (Narrative) (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2020
USD ($)
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 4,800
Period for which expenditures are expected to be recovered 2 years
Virginia Electric and Power Company  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 3,400
Period for which expenditures are expected to be recovered 2 years
Dominion Energy Gas Holdings, LLC  
Public Utilities General Disclosures [Line Items]  
Regulatory assets not expect to earn return $ 48
Period for which expenditures are expected to be recovered 2 years
v3.20.1
Regulatory Matters (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2020
USD ($)
MW
GW
Mar. 31, 2020
USD ($)
Feb. 29, 2020
USD ($)
Jan. 31, 2020
USD ($)
Sep. 30, 2019
USD ($)
Jul. 31, 2019
USD ($)
Mar. 31, 2019
USD ($)
Jul. 31, 2018
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2008
Jan. 31, 2019
USD ($)
Virginia Electric and Power Company | Rider US-3                        
Public Utilities General Disclosures [Line Items]                        
Approved cost of project                 $ 18      
Total annual revenue requirement                 $ 28      
East Ohio | Pipeline Infrastructure Replacement Program                        
Public Utilities General Disclosures [Line Items]                        
Percentage of pipeline system replaced                     25.00%  
Ohio Regulation                        
Public Utilities General Disclosures [Line Items]                        
Contract with customer credits tax reform                   $ 600    
Tax Reform Act's impact on its equity return                   $ 19    
Ohio Regulation | Subsequent Event | East Ohio | Pipeline Infrastructure Replacement Program                        
Public Utilities General Disclosures [Line Items]                        
Total annual revenue requirement $ 218                      
Total estimated cost 209                      
Total cumulative estimated cost $ 1,800                      
Virginia Regulation | Virginia Electric and Power Company                        
Public Utilities General Disclosures [Line Items]                        
Proposed revenue requirement     $ 1,200                  
Proposed revenue requirement recovered balance     81                  
Increase (decrease) in revenue requirement   $ (393)                    
Virginia Regulation | Virginia Electric and Power Company | GTSA                        
Public Utilities General Disclosures [Line Items]                        
Estimated cost of project               $ 816       $ 68
Operations and maintenance expenses         $ 78     $ 102        
Proposed cost of project         503              
Approved cost of project   212                    
Virginia Regulation | Virginia Electric and Power Company | Solar Development Project | Rider US-3 | Operating Segments                        
Public Utilities General Disclosures [Line Items]                        
Estimated cost of project           $ 146            
Proposed revenue requirement           $ 9            
Solar capacity factor when normalized for force majeure events       22.00%                
Approved annual revenue required   7                    
Virginia Regulation | Subsequent Event                        
Public Utilities General Disclosures [Line Items]                        
Percentage of electric energy excluding existing nuclear generation and certain new carbon resources 100.00%                      
Cap on revenue reductions in the first triennial $ 50                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Target to Reach by End of 2025                        
Public Utilities General Disclosures [Line Items]                        
Energy efficiency target percentage. based on energy savings from 2019 baseline 5.00%                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Solar and Onshore Wind | Target to Reach by End of 2035                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | GW 16.1                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Utility-scale Solar | Target to Reach by End of 2035 | Maximum                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | GW 15.0                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Utility-scale Solar | Target to Reach by End of 2024                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | GW 3.0                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Small-scale Solar | Target to Reach by End of 2035                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | GW 1.1                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Energy Storage | Target to Reach by End of 2035                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | MW 2,700                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Offshore Wind Facility | Target to Reach by End of 2035 | Maximum                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | MW 5,200                      
Constructed by utility capacity | MW 3,000                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Offshore Wind Facility | Target to Reach by End of 2035 | Minimum                        
Public Utilities General Disclosures [Line Items]                        
Constructed by utility capacity | MW 2,500                      
Virginia Regulation | Subsequent Event | Virginia Electric and Power Company | Pumped Storage | Target to Reach by End of 2035 | Maximum                        
Public Utilities General Disclosures [Line Items]                        
Targeted capacity provided by legislation | MW 800                      
North Carolina Regulation | Virginia Electric and Power Company                        
Public Utilities General Disclosures [Line Items]                        
Percentage of earned return             7.52%          
Authorized return percentage             9.90%          
Return of equity percentage             10.75%          
Approved return on equity percentage       9.75%                
North Carolina Regulation | Virginia Electric and Power Company | Annual Base Fuel Revenues                        
Public Utilities General Disclosures [Line Items]                        
Increase (decrease) in revenue requirement         $ 24   $ 27          
North Carolina Regulation | PSNC | Pipeline Integrity Tracker                        
Public Utilities General Disclosures [Line Items]                        
Increase (decrease) in revenue requirement     7                  
Total annual revenue requirement     28                  
South Carolina Regulation | Dominion Energy South Carolina Inc                        
Public Utilities General Disclosures [Line Items]                        
Annual transportation cost rate adjustment, approval amount requested to recover amount       $ 40                
Increase decrease in annual base fuel component recoveries     $ 44                  
Federal Energy Regulatory Commission | Cove Point | Atlantic Coast Pipeline                        
Public Utilities General Disclosures [Line Items]                        
Annual cost-of-service, amount       $ 182                
Federal Energy Regulatory Commission | Cove Point | Supply Header Project | Atlantic Coast Pipeline                        
Public Utilities General Disclosures [Line Items]                        
Annual transportation cost rate adjustment, approval amount requested to recover amount   $ 28                    
v3.20.1
Regulatory Matters - Schedule of Developments for Significant Riders Associated with Virginia Power Projects (Detail) - Virginia Electric and Power Company - Rider US-3
$ in Millions
 3 Months Ended
Mar. 31, 2020
USD ($)
Public Utilities General Disclosures [Line Items]  
Application Date 2019-07
Approval Date March 2020
Rate Year Beginning 2020-06
Total Revenue Requirement (millions) $ 28
Increase (decrease) in revenue requirement $ 18
v3.20.1
Leases (Narrative) (Detail) - Power Purchase Arrangements - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Leases Disclosure [Line Items]    
Rental revenue $ 32 $ 29
Depreciation expense $ 23 $ 23
v3.20.1
Variable Interest Entities (Narrative) (Detail)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2019
USD ($)
MW
Generator
Virginia Electric and Power Company      
Variable Interest Entity [Line Items]      
Long term debt $ 12,327   $ 12,325 [1]
Payables to affiliates 339   210 [1]
Dominion Energy Gas Holdings, LLC      
Variable Interest Entity [Line Items]      
Long term debt 4,817   4,821 [2]
Payables to affiliates 131   82 [2]
Variable Interest Entity, Primary Beneficiary | SBL Holdco      
Variable Interest Entity [Line Items]      
Securities due within one year 32   31
Long term debt 267   $ 267
Variable Interest Entity (VIE) or Potential VIE, Information Unavailability | Virginia Electric and Power Company      
Variable Interest Entity [Line Items]      
Long term capacity contract non utility generators (generators) | Generator     1
Aggregate generation capacity from long-term power and capacity contracts (MW) | MW     218
Payment for electric capacity   $ 13  
Payment for electric energy   1  
Variable Interest Entity, Not Primary Beneficiary | Virginia Electric and Power Company | DES      
Variable Interest Entity [Line Items]      
Shared services purchased 93 89  
Payables to affiliates 180   $ 102
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DECGS      
Variable Interest Entity [Line Items]      
Shared services purchased 4 4  
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DEQPS      
Variable Interest Entity [Line Items]      
Shared services purchased 7 8  
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DECGS and DEQPS      
Variable Interest Entity [Line Items]      
Payables to affiliates 22   15
Variable Interest Entity, Not Primary Beneficiary | Dominion Energy Gas Holdings, LLC | DES      
Variable Interest Entity [Line Items]      
Shared services purchased 31 $ 28  
Payables to affiliates $ 39   $ 27
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Detail)
Mar. 31, 2020
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Outstanding Commercial Paper 2,071,000,000 [1]
Outstanding Letters of Credit 86,000,000 [1]
Facility Capacity Available 3,843,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [2]
Outstanding Commercial Paper 135,000,000 [2]
Outstanding Letters of Credit 9,000,000 [2]
Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000 [3]
Outstanding Commercial Paper 30,000,000 [3]
Outstanding Letters of Credit $ 0 [3]
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[3] A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.20.1
Significant Financing Transactions (Commercial Paper, Bank Loans and Letters of Credit Outstanding) (Parenthetical) (Detail)
Mar. 31, 2020
USD ($)
Line of Credit Facility [Line Items]  
Facility Limit $ 6,000,000,000 [1]
Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 6,000,000,000 [2]
Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000 [3]
Letter of Credit  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000.0
Letter of Credit | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 2,000,000,000.0
Letter of Credit | Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000
Line of Credit | Virginia Electric and Power Company  
Line of Credit Facility [Line Items]  
Facility Limit 1,500,000,000
Line of Credit | Dominion Energy Gas Holdings, LLC  
Line of Credit Facility [Line Items]  
Facility Limit $ 750,000,000
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy, Dominion Energy Gas, Questar Gas and DESC. The sub-limit for Virginia Power is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[3] A maximum of $1.5 billion of the facility is available to Dominion Energy Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion Energy, Virginia Power, Questar Gas and DESC. The sub-limit for Dominion Energy Gas is set within the facility limit but can be changed at the option of the borrowers under the credit facility multiple times per year. At March 31, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
v3.20.1
Significant Financing Transactions (Narrative) (Detail)
 1 Months Ended 3 Months Ended
Jun. 14, 2019
USD ($)
$ / shares
shares
Jun. 30, 2022
shares
Apr. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Jan. 31, 2019
USD ($)
shares
Mar. 31, 2020
USD ($)
$ / shares
shares
Mar. 31, 2019
USD ($)
shares
Dec. 15, 2024
$ / shares
Feb. 29, 2020
USD ($)
Sep. 30, 2019
USD ($)
Debt Instrument [Line Items]                      
Facility Limit [1]       $ 6,000,000,000     $ 6,000,000,000        
Short-term debt       2,190,000,000 $ 911,000,000 [2]   2,190,000,000        
Shares of common stock issued in acquisition, value               $ 6,818,000,000      
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities               $ (40,000,000)      
Total Preferred Stock       $ 2,387,000,000 $ 2,387,000,000 [2]   $ 2,387,000,000        
Preferred Stock, Redemption Price Per Share | $ / shares         $ 1,020            
Shelf Registration for Sale of Common Stock through At-the-market Program                      
Debt Instrument [Line Items]                      
Issuance of common stock (in shares) | shares       0              
Maximum | Shelf Registration for Sale of Common Stock through At-the-market Program                      
Debt Instrument [Line Items]                      
Sale Of Stock Authorized Amount       $ 500,000,000              
Scenario Forecast                      
Debt Instrument [Line Items]                      
Preferred Stock, Redemption Price Per Share | $ / shares                 $ 1,000    
Common Stock                      
Debt Instrument [Line Items]                      
Shares of common stock issued in acquisition | shares               96,000,000      
Shares of common stock issued in acquisition, value               $ 6,818,000,000      
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities               $ 1,181,000,000      
Issuance of common stock (in shares) | shares             1,000,000 3,000,000      
2019 Corporate Units                      
Debt Instrument [Line Items]                      
Total Long-term Debt $ 1,600,000,000                    
Percentage of interest in undivided beneficial ownership 10.00%                    
Total Preferred Stock [3] $ 1,610,000,000                    
Dividend rate percentage 1.75%                    
Issuance of common stock (in shares) | shares 16,000,000                    
2019 Corporate Units | Scenario Forecast | Maximum                      
Debt Instrument [Line Items]                      
Shares to be issued under purchase contracts | shares   21,800,000                  
2019 Corporate Units | Common Stock                      
Debt Instrument [Line Items]                      
Purchase price to be paid under stock purchase contracts | $ / shares $ 100                    
SCANA                      
Debt Instrument [Line Items]                      
Debt Instrument, Maturity Date, Description             The notes would have otherwise matured in May 2021 and February 2022, respectively.        
Shares of common stock issued in acquisition | shares           95,600,000          
Shares of common stock issued in acquisition, value           $ 6,800,000,000          
June 2006 Hybrids                      
Debt Instrument [Line Items]                      
Debt, amount redeemed                   $ 111,000,000  
September 2006 Hybrids                      
Debt Instrument [Line Items]                      
Debt, amount redeemed                   $ 286,000,000  
June 2006 and September 2006 Hybrids | Interest and Related Charges                      
Debt Instrument [Line Items]                      
Expenses related to early redemption of hybrids             $ 10,000,000        
DESC                      
Debt Instrument [Line Items]                      
Facility Limit       500,000,000     500,000,000        
Short-term indebtedness outstanding             $ 2,200,000,000        
Debt maturity month and year             2021-03        
Questar Gas                      
Debt Instrument [Line Items]                      
Facility Limit       $ 250,000,000     $ 250,000,000        
GESC                      
Debt Instrument [Line Items]                      
Short-term indebtedness outstanding             $ 200,000,000        
Debt maturity month and year             2021-03        
Dominion Energy Midstream Partners, LP                      
Debt Instrument [Line Items]                      
Shares of common stock issued in acquisition | shares           22,500,000          
Shares of common stock issued in acquisition, value           $ 1,600,000,000          
Common units conversion ratio           0.2492          
Gain or loss recognized in equity transaction           $ 0          
Amount of income taxes recognized in equity primarily attributable to establishing additional regulatory liabilities           $ 40,000,000          
Dominion Energy                      
Debt Instrument [Line Items]                      
Dividend rate percentage         2.993%            
Dominion Energy | Series B Preferred Stock                      
Debt Instrument [Line Items]                      
Preferred stock shares authorized | shares         800,000            
Total Preferred Stock         $ 791,000,000            
Issuance of costs         9,000,000            
Preferred stock liquidation value         $ 1,000            
Dividend rate percentage         4.65%            
Dividend stock             $ 9,000,000        
Dividends Payable, Amount Per Share | $ / shares       $ 11.625     $ 11.625        
Credit Facilities, Maturing in December 2017 with 1 year Automatic Renewals through 2023 | SBL Holdco                      
Debt Instrument [Line Items]                      
Facility Limit       $ 30,000,000     $ 30,000,000        
Automatic renewal period             1 year        
Short-term debt       0     $ 0        
Credit Facilities, Maturing in May 2018 with 1 year Automatic Renewals through 2024 | Dominion Solar Projects III, Inc                      
Debt Instrument [Line Items]                      
Facility Limit       25,000,000     $ 25,000,000        
Automatic renewal period             1 year        
Short-term debt       0     $ 0        
Term Loan Credit Agreement                      
Debt Instrument [Line Items]                      
Credit facility, outstanding amount       $ 500,000,000     500,000,000        
Debt Instrument, Term       364 days              
Term Loan Credit Agreement | Subsequent Event                      
Debt Instrument [Line Items]                      
Credit facility, outstanding amount     $ 625,000,000                
Debt Instrument, Term     364 days                
Floating rate senior notes | SCANA                      
Debt Instrument [Line Items]                      
Debt, amount redeemed       $ 66,000,000     $ 66,000,000        
Debt Instrument, Maturity Date, Description             The notes would have otherwise matured in June 2034.        
Floating rate senior notes | Interest and Related Charges | SCANA                      
Debt Instrument [Line Items]                      
Expenses related to early redemption of hybrids             $ 7,000,000        
4.75% Medium Term Notes | SCANA                      
Debt Instrument [Line Items]                      
Debt, amount redeemed       $ 183,000,000     $ 183,000,000        
Interest Rate       4.75%     4.75%        
4.125% Medium Term Notes | SCANA                      
Debt Instrument [Line Items]                      
Debt, amount redeemed       $ 155,000,000     $ 155,000,000        
Interest Rate       4.125%     4.125%        
4.75% and 4.125% Medium Term Notes | Interest and Related Charges | SCANA                      
Debt Instrument [Line Items]                      
Expenses related to early redemption of hybrids             $ 14,000,000        
Senior Notes Due in 2025 | Senior Notes                      
Debt Instrument [Line Items]                      
Interest Rate       3.30%     3.30%        
Total Long-term Debt       $ 400,000,000     $ 400,000,000        
Debt maturity year       2025              
Senior Notes Due in 2025 | Subsequent Event | Senior Notes                      
Debt Instrument [Line Items]                      
Interest Rate     3.375%                
Total Long-term Debt     $ 1,500,000,000                
Debt maturity year     2030                
Senior Notes Due in 2027 | Senior Notes                      
Debt Instrument [Line Items]                      
Interest Rate       3.60%     3.60%        
Total Long-term Debt       $ 350,000,000     $ 350,000,000        
Debt maturity year       2027              
Senior Notes Due in 2030 | PSNC                      
Debt Instrument [Line Items]                      
Interest Rate       4.05%     4.05%        
Total Long-term Debt       $ 200,000,000     $ 200,000,000        
Debt maturity year       2030              
2.579% Junior Subordinated Notes | Subsequent Event | Unsecured Junior Subordinated Notes                      
Debt Instrument [Line Items]                      
Debt maturity month and year     2020-07                
Interest Rate     2.579%                
Debt instrument repurchased and canceled amount     $ 7,000,000                
Letter of Credit                      
Debt Instrument [Line Items]                      
Facility Limit       $ 2,000,000,000.0     2,000,000,000.0        
Letter of Credit | Credit Facility, Maturing in June 2020                      
Debt Instrument [Line Items]                      
Facility Limit       21,000,000     $ 21,000,000        
Credit facility, outstanding amount                     $ 21,000,000
Line of credit facility, termination date             Jun. 30, 2020        
364-day Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Facility Limit       900,000,000     $ 900,000,000        
Credit facility, outstanding amount       $ 0     $ 0        
Debt Instrument, Term       364 days              
364-day Revolving Credit Facility | Subsequent Event                      
Debt Instrument [Line Items]                      
Credit facility borrowings     $ 225,000,000                
[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] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[3] Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2020.
v3.20.1
Significant Financing Transactions (Schedule of Equity Units) (Details) - USD ($)
shares in Millions, $ in Millions
Jun. 14, 2019
Mar. 31, 2020
Dec. 31, 2019
Capital Unit [Line Items]      
Total Preferred Stock   $ 2,387 $ 2,387 [1]
Stock Purchase Contract Liability   $ 192 $ 212
2019 Corporate Units      
Capital Unit [Line Items]      
Units Issued 16    
Total Net Proceeds [2] $ 1,582    
Total Preferred Stock [3] $ 1,610    
Cumulative Dividend Rate 1.75%    
Stock Purchase Contract Annual Rate 5.50%    
Stock Purchase Contract Liability [4] $ 250    
Stock Purchase Contract Settlement Date Jun. 01, 2022    
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Issuance costs of $28 million were recorded as a reduction to preferred stock ($14 million) and common stock ($14 million) in the Consolidated Balance Sheets.
[3] Dominion Energy recorded dividends of $7 million ($4.375 per share) for the three months ended March 31, 2020.
[4] Payments of $20 million were made during the first quarter of 2020. The stock purchase contract liability was $192 million and $212 million at March 31, 2020 and December 31, 2019, respectively.
v3.20.1
Significant Financing Transactions (Schedule of Equity Units) (Parenthetical) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Jun. 14, 2019
Mar. 31, 2020
Dec. 31, 2019
Capital Unit [Line Items]      
Issuance costs $ 28    
Corporate units stock purchase contract liability payments   $ 20  
Stock Purchase Contract Liability   192 $ 212
Preferred Stock      
Capital Unit [Line Items]      
Issuance costs 14    
Recorded dividend   $ 7  
Dividends Payable, Amount Per Share   $ 4.375  
Common Stock      
Capital Unit [Line Items]      
Issuance costs $ 14    
v3.20.1
Commitments and Contingencies (Narrative) (Detail)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jul. 31, 2019
USD ($)
May 31, 2019
T
Feb. 28, 2019
USD ($)
Aug. 31, 2018
USD ($)
Jun. 30, 2018
USD ($)
Apr. 30, 2017
Petition
Aug. 31, 2016
T
Mar. 31, 2020
USD ($)
Facility
Indicator
site
gal
Mar. 31, 2019
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Loss Contingencies [Line Items]                            
Impairment of assets and other charges                     $ 768.0 $ 835.0    
Property, plant and equipment, net   $ 67,396.0 $ 69,082.0 [1]               67,396.0   $ 69,082.0 [1]  
Common Stock                            
Loss Contingencies [Line Items]                            
Litigation settlement, benefit fund   320.0                        
DESC Ratepayer Case                            
Loss Contingencies [Line Items]                            
Litigation settlement, benefit fund   520.0                        
SCANA                            
Loss Contingencies [Line Items]                            
Reserves   560.0 696.0               560.0   696.0  
Other expense                     25.0      
Other expense, after tax                     25.0      
Impairment of assets and other charges                       178.0    
Impairment of assets and other charges, after tax                       133.0    
Escrow account   160.0                 160.0      
Litigation settlement, amount received from SCANA     192.5                      
SCANA | Subsequent Event                            
Loss Contingencies [Line Items]                            
Payment for civil monetary penalty from SCANA $ 25.0                          
SCANA | DESC Ratepayer Case                            
Loss Contingencies [Line Items]                            
Escrow account                           $ 2,000.0
Credit in future electric rate relief                           2,000.0
Cash payment       $ 117.0                   115.0
Property, plant and equipment, net       $ 54.0                    
SCANA | Other Receivables                            
Loss Contingencies [Line Items]                            
Insurance receivables   6.0 111.0               6.0   111.0  
DESC                            
Loss Contingencies [Line Items]                            
Contesting amount for filed liens in Fairfield country             $ 285.0              
DESC | SCDOR                            
Loss Contingencies [Line Items]                            
Proposed assessment amount from audit               $ 410.0            
Proportional share of NND project               100.00%            
DESC | SOUTH CAROLINA                            
Loss Contingencies [Line Items]                            
Amount claimed by plaintiffs in legal matter           $ 100.0                
Percentage claimed by plaintiffs in legal matter           100.00%                
SCANA and DESC | Subsequent Event                            
Loss Contingencies [Line Items]                            
Disgorgement and prejudgment interest total, amount $ 112.5                          
Minimum | SCANA | DESC Ratepayer Case                            
Loss Contingencies [Line Items]                            
Proceeds from sale of property                           60.0
Maximum | SCANA | Common Stock                            
Loss Contingencies [Line Items]                            
Litigation settlement amount through stock issuance     32.5                      
Maximum | SCANA | DESC Ratepayer Case                            
Loss Contingencies [Line Items]                            
Proceeds from sale of property                           $ 85.0
Virginia Electric and Power Company                            
Loss Contingencies [Line Items]                            
Impairment of assets and other charges                     764.0 $ 546.0    
Property, plant and equipment, net   $ 31,012.0 $ 32,882.0 [2]               $ 31,012.0   32,882.0 [2]  
DESC | NND Project Costs                            
Loss Contingencies [Line Items]                            
Percentage ownership in total units   55.00%                 55.00%      
Unfavorable Regulatory Action | VDEQ                            
Loss Contingencies [Line Items]                            
Significant emission rate initial carbon cap | T         28,000,000.0                  
Significant emission rate carbon cap reduction percentage per year         3.00%                  
Significant emission rate ultimate carbon cap | T         19,600,000                  
Unfavorable Regulatory Action | EPA                            
Loss Contingencies [Line Items]                            
Electric generating station facilities heightened entrainment analysis per day | gal                     125,000,000      
Carbon Regulations                            
Loss Contingencies [Line Items]                            
Significant emission rate per rear CO2 equivalent | T                   75,000        
CWA | Unfavorable Regulatory Action                            
Loss Contingencies [Line Items]                            
Number of mandatory facility-specific factors | Indicator                     5      
Number of optional facility-specific factors | Indicator                     6      
Number of facilities that may be subject to final regulations | Facility                     13      
CWA | Unfavorable Regulatory Action | Minimum                            
Loss Contingencies [Line Items]                            
Electric generating stations with water withdrawals per day | gal                     2,000,000      
CWA | Unfavorable Regulatory Action | Virginia Electric and Power Company                            
Loss Contingencies [Line Items]                            
Number of facilities that may be subject to final regulations | Facility                     7      
CWA | Unfavorable Regulatory Action | EPA | Final Rule to Revise Effluent Limitations Guidelines for Steam Electric Power Generating Category                            
Loss Contingencies [Line Items]                            
Number of separate petitions for reconsideration granted | Petition                 2          
Waste Management and Remediation | Unfavorable Regulatory Action | EPA                            
Loss Contingencies [Line Items]                            
Number of sites remediation work substantially completed | site                     11      
Number of sites with remediation plans | site                     3      
Number of sites with an updated work plan | site                     1      
Updated work plan, cost increase                     $ 8.0      
Number of additional sites which are not under investigation | site                     13      
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                            
Loss Contingencies [Line Items]                            
Environmental remediation reserves                     $ 34.0   34.0  
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company                            
Loss Contingencies [Line Items]                            
Number of sites with remediation plans | site                     1      
Number of additional sites which are not under investigation | site                     2      
Waste Management and Remediation | Unfavorable Regulatory Action | EPA | Virginia Electric and Power Company | Former Gas Plant Site With Post Closure Groundwater Monitoring Program                            
Loss Contingencies [Line Items]                            
Environmental remediation reserves                     $ 16.0   $ 16.0  
[1] Dominion Energy’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date
[2] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Commitments and Contingencies (Guarantees, Surety Bonds and Letters of Credit) (Detail) - USD ($)
 1 Months Ended 3 Months Ended
Mar. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Guarantee Obligations [Line Items]        
Debt maximum borrowing capacity [1] $ 6,000,000,000   $ 6,000,000,000  
Cumulative-effect of changes in accounting principles     (48,000,000)  
Maximum Exposure [2] 5,212,000,000   5,212,000,000  
Commodity Transactions        
Guarantee Obligations [Line Items]        
Maximum Exposure [3] 2,226,000,000   2,226,000,000  
Nuclear Obligations        
Guarantee Obligations [Line Items]        
Maximum Exposure [4] 204,000,000   204,000,000  
Cove Point        
Guarantee Obligations [Line Items]        
Maximum Exposure [5] 1,900,000,000   1,900,000,000  
Virginia Electric and Power Company        
Guarantee Obligations [Line Items]        
Debt maximum borrowing capacity [6] 6,000,000,000   6,000,000,000  
Dominion Energy Gas Holdings, LLC        
Guarantee Obligations [Line Items]        
Debt maximum borrowing capacity [7] 1,500,000,000   1,500,000,000  
Financial Guarantee | Equity Method Investee        
Guarantee Obligations [Line Items]        
Maximum Exposure 27,000,000   27,000,000  
Financial Guarantee | Revolving Credit Facility | Atlantic Coast Pipeline        
Guarantee Obligations [Line Items]        
Debt maximum borrowing capacity $ 3,400,000,000   $ 3,400,000,000  
Percentage of ownership interest acquired 5.00%   5.00%  
Maximum potential loss exposure, guarantee percentage 53.00%   48.00%  
Guarantee liability $ 60,000,000   $ 60,000,000 $ 14,000,000
Guarantee recorded amount 1,800,000,000   1,800,000,000  
Cumulative-effect of changes in accounting principles     (48,000,000)  
Financial Guarantee | Scenario Forecast | Atlantic Coast Pipeline | Equity Method Investee        
Guarantee Obligations [Line Items]        
Additional borrowing   $ 32,000,000    
Solar        
Guarantee Obligations [Line Items]        
Maximum Exposure [8] 434,000,000   434,000,000  
Other        
Guarantee Obligations [Line Items]        
Maximum Exposure [9] 448,000,000   448,000,000  
Surety Bond        
Guarantee Obligations [Line Items]        
Maximum Exposure 164,000,000   164,000,000  
Surety Bond | Virginia Electric and Power Company        
Guarantee Obligations [Line Items]        
Maximum Exposure 79,000,000   79,000,000  
Surety Bond | Dominion Energy Gas Holdings, LLC        
Guarantee Obligations [Line Items]        
Maximum Exposure 27,000,000   27,000,000  
Financial Standby Letter of Credit        
Guarantee Obligations [Line Items]        
Maximum Exposure $ 86,000,000   $ 86,000,000  
[1] This credit facility matures in March 2023 and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.
[2] Excludes Dominion Energy's guarantees for the new corporate office properties discussed in Note 15 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2019.
[3] Guarantees related to commodity commitments of certain subsidiaries. These guarantees were provided to counterparties in order to facilitate physical and financial transaction related commodities and services.
[4] Guarantees primarily related to certain DGI subsidiaries regarding all aspects of running a nuclear facility.
[5] 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.
[6] 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 March 31, 2020, the sub-limit for Virginia Power was $1.5 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.
[7] 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 March 31, 2020, the sub-limit for Dominion Energy Gas was $750 million. If Dominion Energy Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in March 2023 and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion (or the sub-limit, whichever is less) of letters of credit.
[8] Includes guarantees to facilitate the development of solar projects. Also includes guarantees entered into by DGI on behalf of certain subsidiaries to facilitate the acquisition and development of solar projects.
[9] Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations, construction projects and insurance programs. Due to the uncertainty of workers’ compensation claims, the parental guarantee has no stated limit.
v3.20.1
Credit Risk (Narrative) (Detail)
 3 Months Ended
Mar. 31, 2020
USD ($)
counterparty
Mar. 31, 2019
Dec. 31, 2019
USD ($)
Concentration Risk and Guarantor Obligations [Line Items]      
Gross credit exposure $ 172,000,000    
Additional collateral to be posted if the credit related contingent features were triggered 14,000,000   $ 10,000,000
Collateral derivatives with credit-related contingent provision in a liability position 4,000,000   0
Aggregate fair value of all derivative instruments with credit contingent provisions that are in a liability position 18,000,000   10,000,000
Virginia Electric and Power Company      
Concentration Risk and Guarantor Obligations [Line Items]      
Gross credit exposure 65,000,000    
Additional collateral to be posted if the credit related contingent features were triggered 2,000,000   $ 8,000,000
Wholesale Customers | Dominion Energy Gas Holdings, LLC      
Concentration Risk and Guarantor Obligations [Line Items]      
Gross credit exposure 45,000,000    
Credit Concentration Risk      
Concentration Risk and Guarantor Obligations [Line Items]      
Gross credit exposure $ 55,000,000    
Number of counterparties | counterparty 0    
Credit Concentration Risk | Dominion Energy Gas Holdings, LLC      
Concentration Risk and Guarantor Obligations [Line Items]      
Gross credit exposure $ 12,000,000    
Number of counterparties | counterparty 0    
Credit Concentration Risk | Wholesale Customers | Sales Revenue, Net | Virginia Electric and Power Company      
Concentration Risk and Guarantor Obligations [Line Items]      
Gross credit exposure $ 55,000,000    
Number of counterparties | counterparty 0    
Credit Concentration Risk | Export Customers | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC      
Concentration Risk and Guarantor Obligations [Line Items]      
Concentration risk, percentage (percentage) 33.00% 32.00%  
Credit Concentration Risk | Largest Customer | Sales Revenue, Net | Dominion Energy Gas Holdings, LLC      
Concentration Risk and Guarantor Obligations [Line Items]      
Concentration risk, percentage (percentage) 17.00% 17.00%  
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty      
Concentration Risk and Guarantor Obligations [Line Items]      
Concentration risk, percentage (percentage) 95.00%    
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Virginia Electric and Power Company      
Concentration Risk and Guarantor Obligations [Line Items]      
Concentration risk, percentage (percentage) 100.00%    
Credit Concentration Risk | Investment Grade | Investment Grade Counterparty | Dominion Energy Gas Holdings, LLC      
Concentration Risk and Guarantor Obligations [Line Items]      
Concentration risk, percentage (percentage) 92.00%    
v3.20.1
Related-Party Transactions (Narrative) (Detail) - USD ($)
shares in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Related Party Transaction [Line Items]      
Derivative Asset $ 150,000,000   $ 93,000,000
Derivative Liabilities 1,646,000,000   740,000,000
DCP | IRCA      
Related Party Transaction [Line Items]      
Interest charges related to others   $ 29,000,000  
Virginia Electric and Power Company      
Related Party Transaction [Line Items]      
Derivative Asset 51,000,000   24,000,000
Derivative Liabilities 1,015,000,000   466,000,000
Payable to affiliates [1]     107,000,000
Outstanding borrowings, net of repayments, under money pool for non-regulated subsidiaries $ 0   0
Issuance of common stock to Dominion 0 0  
Affiliated receivables $ 3,000,000   27,000,000 [1]
Virginia Electric and Power Company | Pension Benefits | Amounts Associated with the Dominion Pension Plan      
Related Party Transaction [Line Items]      
Amounts due to Dominion, noncurrent 810,000,000   782,000,000
Virginia Electric and Power Company | Medical Coverage for Local retirees | Amounts Associated with the Dominion Retiree Health and Welfare Plan      
Related Party Transaction [Line Items]      
Amounts due from Dominion, noncurrent 303,000,000   287,000,000
Virginia Electric and Power Company | Affiliated Entity      
Related Party Transaction [Line Items]      
Derivative Asset 2,000,000   3,000,000
Derivative Liabilities 20,000,000   53,000,000
Virginia Electric and Power Company | Principal Owner      
Related Party Transaction [Line Items]      
Payable to affiliates 0   107,000,000
Dominion Energy Gas Holdings, LLC      
Related Party Transaction [Line Items]      
Derivative Asset     8,000,000
Derivative Liabilities 207,000,000   86,000,000
Payable to affiliates 256,000,000   260,000,000 [2]
Affiliated receivables 87,000,000   362,000,000 [2]
Merger and integration-related costs 37,000,000 $ 46,000,000  
Dominion Energy Gas Holdings, LLC | IRCA | Revolving Credit Facility      
Related Party Transaction [Line Items]      
Payable to affiliates 256,000,000   251,000,000
Dominion Energy Gas Holdings, LLC | IRCA | Maximum | Revolving Credit Facility      
Related Party Transaction [Line Items]      
Interest charges related to others 1,000,000 1,000,000  
Dominion Energy Gas Holdings, LLC | DCP | Revolving Credit Facility      
Related Party Transaction [Line Items]      
Payable to affiliates     9,000,000
Interest charges related to others 1,000,000 1,000,000  
Dominion Energy Gas Holdings, LLC | Commercial Paper      
Related Party Transaction [Line Items]      
Payable to affiliates 1,800,000,000   1,800,000,000
Affiliated receivables 262,000,000   0
Interest income 11,000,000    
Dominion Energy Gas Holdings, LLC | Commercial Paper | East Ohio and DGP | IRCA      
Related Party Transaction [Line Items]      
Interest income   5,000,000  
Dominion Energy Gas Holdings, LLC | Amounts Associated with the Dominion Pension Plan | Other Deferred Charges and Other Assets      
Related Party Transaction [Line Items]      
Amounts due from Dominion, noncurrent 331,000,000   326,000,000
Dominion Energy Gas Holdings, LLC | Amounts Associated with the Dominion Retiree Health and Welfare Plan | Other Deferred Charges and Other Assets      
Related Party Transaction [Line Items]      
Amounts due from Dominion, noncurrent 19,000,000   17,000,000
Dominion Energy Gas Holdings, LLC | Medical Coverage for Local retirees | Unbilled Revenues [Member]      
Related Party Transaction [Line Items]      
Amounts due from Dominion, noncurrent 21,000,000   22,000,000
Dominion Energy Gas Holdings, LLC | Affiliated Entity | Commodity      
Related Party Transaction [Line Items]      
Derivative Asset 0   0
Derivative Liabilities 0   0
Cove Point | Commercial Paper | Term Loan Credit Agreement      
Related Party Transaction [Line Items]      
Interest income   27,000,000  
East Ohio | Commercial Paper      
Related Party Transaction [Line Items]      
Affiliated receivables 1,700,000,000   $ 1,700,000,000
Interest income $ 18,000,000    
Dominion Energy Midstream Partners, LP | Commercial Paper | Term Loan Credit Agreement      
Related Party Transaction [Line Items]      
Payable to affiliates   395,000,000  
Interest charges related to others   2,000,000  
Debt Instrument, Face Amount   $ 400,000,000  
Debt maturity year   2022  
[1] Virginia Power’s Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
[2] Dominion Energy Gas’ Consolidated Balance Sheet at December 31, 2019 has been derived from the audited Consolidated Balance Sheet at that date.
v3.20.1
Related-Party Transactions (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Virginia Electric and Power Company      
Related Party Transaction [Line Items]      
Commodity purchases from affiliates $ 211 $ 272  
Services provided by affiliates [1] 121 119  
Virginia Electric and Power Company | Affiliated Entity      
Related Party Transaction [Line Items]      
Services provided to related parties 5 6  
Dominion Energy Gas Holdings, LLC      
Related Party Transaction [Line Items]      
Commodity purchases from affiliates 64 67  
Services provided by affiliates [2] 43 45  
Services provided to related parties [3] 32 $ 45  
Other receivables [4] 8   $ 7
Other deferred charges and other assets 11   12
Dominion Energy Gas Holdings, LLC | Affiliated Entity      
Related Party Transaction [Line Items]      
Services provided to related parties 3    
Imbalances receivable from affiliates     8
Imbalances payable to affiliates [5] $ 2   $ 1
[1] Includes capitalized expenditures of $34 million and $33 million for the three months ended March 31, 2020 and 2019, respectively.
[2] Includes capitalized expenditures of $3 million and $6 million for the three months ended March 31, 2020 and 2019, respectively. 
[3] Amounts primarily attributable to Atlantic Coast Pipeline, a related-party VIE.
[4] Represents amounts due from Atlantic Coast Pipeline, a related-party VIE.
[5] Amounts are presented in other current liabilities in Dominion Energy Gas’ Consolidated Balance Sheets.
v3.20.1
Related-Party Transactions (Parenthetical) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Related Party Transaction [Line Items]    
Capital expenditures $ 1,462 $ 1,002
Virginia Electric and Power Company    
Related Party Transaction [Line Items]    
Capital expenditures 764 563
Virginia Electric and Power Company | Services provided by affiliates | Affiliated Entity    
Related Party Transaction [Line Items]    
Capital expenditures 34 33
Dominion Energy Gas Holdings, LLC    
Related Party Transaction [Line Items]    
Capital expenditures 76 150
Dominion Energy Gas Holdings, LLC | Services provided by affiliates | Affiliated Entity    
Related Party Transaction [Line Items]    
Capital expenditures $ 3 $ 6
v3.20.1
Employee Benefit Plans (Net Periodic Benefit Cost (Credit)) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 43 $ 40
Interest cost 91 101
Expected return on plan assets (193) (177)
Amortization of net actuarial loss 49 39
Settlements   2
Net periodic benefit cost (credit) (10) 5
Pension Benefits | Dominion Energy Gas Holdings, LLC    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 1 4
Interest cost 3 8
Expected return on plan assets (14) (39)
Amortization of prior service credit 0 0
Amortization of net actuarial loss 2 5
Net periodic benefit cost (credit) (8) (22)
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 7 7
Interest cost 15 17
Expected return on plan assets (39) (33)
Amortization of prior service credit (12) (13)
Amortization of net actuarial loss 1 4
Net periodic benefit cost (credit) (28) (18)
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC    
Defined Benefit Plan Disclosure [Line Items]    
Service cost 1 1
Interest cost 1 3
Expected return on plan assets (5) (7)
Amortization of prior service credit (1) (1)
Amortization of net actuarial loss 0 1
Net periodic benefit cost (credit) $ (4) $ (3)
v3.20.1
Employee Benefit Plans (Narrative) (Detail)
 3 Months Ended
Mar. 31, 2020
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Contributions to qualified defined benefit pension plans and OPEB plans $ 0
Dominion Energy Gas Holdings, LLC  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Contributions to qualified defined benefit pension plans and OPEB plans 0
Pension Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 0
Pension Benefits | Dominion Energy Gas Holdings, LLC  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 0
Other Postretirement Benefits  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 12,000,000
Other Postretirement Benefits | Dominion Energy Gas Holdings, LLC  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Expected contribution defined benefit pension plans and OPEB plans through through VEBAs for the remainder of 2020 $ 12,000,000
v3.20.1
Operating Segments (Narrative) (Detail) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Dec. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]      
Gain loss on investments held in nuclear decommissioning trust funds, after tax   $ (225.0) $ (31.0)
SCANA      
Segment Reporting Information [Line Items]      
Litigation settlement expense $ 192.5    
Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
Asset early retirement expense after tax     119.0
Gain loss on investments held in nuclear decommissioning trust funds, after tax   (46.0) (5.0)
Benefit from revision of future closure costs     113.0
Benefit from revision of future closure costs, after tax     84.0
Asset early retirement expense     160.0
Operating Segments      
Segment Reporting Information [Line Items]      
After- tax net expenses   1,000.0 1,300.0
Gain loss on investments held in nuclear decommissioning trust funds   538.0  
Gain loss on investments held in nuclear decommissioning trust funds, after tax   410.0 197.0
Operating Segments | Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
After- tax net expenses   634.0 324.0
Asset early retirement expense after tax   561.0 275.0
Gain loss on investments held in nuclear decommissioning trust funds   62.0  
Gain loss on investments held in nuclear decommissioning trust funds, after tax   46.0  
Asset early retirement expense   754.0 369.0
Operating revenue recorded charge     29.0
Operating revenue recorded charge, after tax     22.0
Corporate and Other | Operating Segments      
Segment Reporting Information [Line Items]      
After- tax net expenses   1,200.0 1,600.0
Corporate and Other | Operating Segments | Virginia Electric and Power Company      
Segment Reporting Information [Line Items]      
After- tax net expenses   700.0 344.0
Dominion Energy South Carolina Inc      
Segment Reporting Information [Line Items]      
Charge for refund of amounts from customers     1,000.0
Charge for refund of amounts from customers, after tax     756.0
Dominion Energy South Carolina Inc | SCANA      
Segment Reporting Information [Line Items]      
Tax benefit resulting from re-measurement of deferred income taxes as a result of the 2017 Tax Reform Act     198.0
Income tax related to regulatory assets acquired     264.0
Litigation settlement expense     178.0
Litigation settlement expense, after tax     133.0
Merger and integration-related costs     106.0
Merger and integration-related costs, after tax     81.0
Charge for property, plant and equipment acquired but committed to forgo recovery     105.0
Charge for property, plant and equipment acquired but committed to forgo recovery, after tax     79.0
Dominion Energy Virginia | Virginia Electric and Power Company | Virginia Legislation      
Segment Reporting Information [Line Items]      
Benefit from revision of future closure costs     113.0
Benefit from revision of future closure costs, after tax     84.0
Dominion Energy Virginia | Virginia Electric and Power Company | Automated Meter Reading Program      
Segment Reporting Information [Line Items]      
Asset early retirement expense     160.0
Asset early retirement expense after tax     119.0
Dominion Energy Virginia | Operating Segments      
Segment Reporting Information [Line Items]      
Gain loss on investments held in nuclear decommissioning trust funds     253.0
Gain loss on investments held in nuclear decommissioning trust funds, after tax   46.0 22.0
Dominion Energy Virginia | Operating Segments | Virginia Electric and Power Company | Electric Generation Facilities      
Segment Reporting Information [Line Items]      
Asset early retirement expense   754.0 369.0
Asset early retirement expense after tax   566.0 275.0
Contracted Generation | Operating Segments      
Segment Reporting Information [Line Items]      
Gain loss on investments held in nuclear decommissioning trust funds, after tax   $ 364.0 $ 175.0
v3.20.1
Operating Segments (Schedule of Segment Reporting Information, by Segment) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]    
Operating Revenue [1] $ 4,496 $ 3,858
Net income (loss) (270) (680)
Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Operating Revenue [2] 1,930 1,965
Net income (loss) (280) 20
Dominion Energy Gas Holdings, LLC    
Segment Reporting Information [Line Items]    
Operating Revenue [3] 556 566
Net income (loss) 169 190
Net Income from discontinued operations   54
Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue (341) (334)
Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue 4,496 3,858
Adjustments&Eliminations    
Segment Reporting Information [Line Items]    
Operating Revenue   (33)
Eliminations    
Segment Reporting Information [Line Items]    
Operating Revenue (341) (367)
Dominion Energy Virginia    
Segment Reporting Information [Line Items]    
Operating Revenue 1,938 2,001
Net income (loss) 429 361
Dominion Energy Virginia | Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Operating Revenue 1,930 1,994
Net income (loss) 427 358
Dominion Energy Virginia | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue (3) (4)
Dominion Energy Virginia | Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue 1,935 1,997
Gas, Transmission & Storage    
Segment Reporting Information [Line Items]    
Operating Revenue 644 984
Net income (loss) 221 222
Gas, Transmission & Storage | Dominion Energy Gas Holdings, LLC    
Segment Reporting Information [Line Items]    
Operating Revenue 556 566
Net income (loss) 174 138
Net Income from discontinued operations   0
Gas, Transmission & Storage | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 57 54
Gas, Transmission & Storage | Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue 701 1,038
Distribution    
Segment Reporting Information [Line Items]    
Operating Revenue 887 917
Net income (loss) 225 205
Distribution | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 3 4
Distribution | Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue 890 921
Dominion Energy South Carolina    
Segment Reporting Information [Line Items]    
Operating Revenue 713 689
Net income (loss) 94 71
Dominion Energy South Carolina | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 1  
Dominion Energy South Carolina | Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue 714 689
Contracted Generation    
Segment Reporting Information [Line Items]    
Operating Revenue 286 352
Net income (loss) 59 102
Contracted Generation | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 4 3
Contracted Generation | Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue 290 355
Corporate and Other    
Segment Reporting Information [Line Items]    
Operating Revenue 28 (1,052)
Net income (loss) (1,298) (1,641)
Corporate and Other | Virginia Electric and Power Company    
Segment Reporting Information [Line Items]    
Operating Revenue 0 (29)
Net income (loss) (707) (338)
Corporate and Other | Dominion Energy Gas Holdings, LLC    
Segment Reporting Information [Line Items]    
Operating Revenue 0 0
Net income (loss) (5) 52
Net Income from discontinued operations   54
Corporate and Other | Intersegment revenue    
Segment Reporting Information [Line Items]    
Operating Revenue 279 277
Corporate and Other | Operating Segments    
Segment Reporting Information [Line Items]    
Operating Revenue $ 307 $ (775)
[1] See Note 10 for amounts attributable to related parties.
[2] See Note 19 for amounts attributable to affiliates.
[3] See Note 19 for amounts attributable to related parties.