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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Inputs, Assets, Quantitative Information | The following table presents Dominion Energy’s quantitative information about Level 3 fair value measurements at September 30, 2020. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
|  | Fair Value (millions) |  |  | Valuation Techniques |  | Unobservable Input |  |  | Range |  | Weighted Average(1) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical and financial forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas(2) |  | $ | 102 |  |  | Discounted cash flow |  | Market price (per Dth) | (3) |  | (2) - 3 |  |  | (1 | )
FTRs |  |  | 32 |  |  | Discounted cash flow |  | Market price (per MWh) | (3) |  | (1) - 5 |  |  | 1 |
Physical options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 3 |  |  | Option model |  | Market price (per Dth) | (3) |  | 1 - 6 |  |  | 4 |
|  |  |  |  |  |  |  | Price volatility | (4) |  | 19% - 61% |  |  | 35 | %
Total assets |  | $ | 137 |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FTRs |  | $ | 10 |  |  | Discounted cash flow |  | Market price (per MWh) | (3) |  | (5) - 4 |  |  | — |
Total liabilities |  | $ | 10 |  |  |  |  |  |  |  |  |  |  |  |
(1) | Averages weighted by volume.
(2) | Includes basis.
(3) | Represents market prices beyond defined terms for Levels 1 and 2.
(4) | Represents volatilities unrepresented in published markets.
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable Inputs |  | Position |  | Change to Input |  | Impact on Fair Value Measurement
Market price |  | Buy |  | Increase (decrease) |  | Gain (loss)
Market price |  | Sell |  | Increase (decrease) |  | Loss (gain)
Price volatility |  | Buy |  | Increase (decrease) |  | Gain (loss)
Price volatility |  | Sell |  | Increase (decrease) |  | Loss (gain)
Fair Value, by Balance Sheet Grouping | The following table presents Dominion Energy’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 49 |  |  | $ | 137 |  |  | $ | 186 |
Interest rate |  |  | — |  |  |  | 60 |  |  |  | — |  |  |  | 60 |
Foreign currency |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 6 |
Investments(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 4,146 |  |  |  | — |  |  |  | — |  |  |  | 4,146 |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | — |  |  |  | 617 |  |  |  | — |  |  |  | 617 |
Government securities |  |  | 499 |  |  |  | 746 |  |  |  | — |  |  |  | 1,245 |
Cash equivalents and other |  |  | 31 |  |  |  | 12 |  |  |  | — |  |  |  | 43 |
Total assets |  | $ | 4,676 |  |  | $ | 1,490 |  |  | $ | 137 |  |  | $ | 6,303 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 41 |  |  | $ | 10 |  |  | $ | 51 |
Interest rate |  |  | — |  |  |  | 721 |  |  |  | — |  |  |  | 721 |
Foreign currency |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | 4 |
Total liabilities |  | $ | — |  |  | $ | 766 |  |  | $ | 10 |  |  | $ | 776 |
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 $297 million and $274 million of assets at September 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Dominion Energy's assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 123 |  |  | $ | 75 |  |  | $ | (37 | ) |  | $ | 64 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Electric fuel and other energy-related purchases |  |  | — |  |  |  | (5 | ) |  |  | (26 | ) |  |  | (12 | )
Included in regulatory assets/liabilities |  |  | 4 |  |  |  | (76 | ) |  |  | 164 |  |  |  | (51 | )
Settlements |  |  | — |  |  |  | 5 |  |  |  | 26 |  |  |  | 7 |
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10 | )
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Ending balance |  | $ | 127 |  |  | $ | (1 | ) |  | $ | 127 |  |  | $ | (1 | )
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at the reporting date: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Purchased gas |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | For the Companies' financial instruments that are not recorded at fair value, the carrying amounts and estimated fair values are as follows:
|  | September 30, 2020 |  |  | December 31, 2019 |
|  | Carrying Amount |  |  | Estimated Fair Value(1) |  |  | Carrying Amount |  |  | Estimated Fair Value(1) |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt(2)(3) |  | $ | 37,045 |  |  | $ | 43,872 |  |  | $ | 32,055 |  |  | $ | 36,155 |
Supplemental 364-Day credit facility borrowings |  |  | 225 |  |  |  | 225 |  |  |  | — |  |  |  | — |
Junior subordinated notes(4) |  |  | 3,410 |  |  |  | 3,589 |  |  |  | 4,797 |  |  |  | 4,953 |
Virginia Power |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt(4) |  | $ | 12,328 |  |  | $ | 15,410 |  |  | $ | 12,326 |  |  | $ | 14,281 |
(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 September 30, 2020 and December 31, 2019, includes the valuation of certain fair value hedges associated with fixed rate debt of $3 million and $4 million, respectively.
(3) | Includes amounts classified as held for sale, see Note 3.
(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.
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 September 30, 2020. The range and weighted average are presented in dollars for market price inputs and percentages for price volatility.
|  | Fair Value (millions) |  |  | Valuation Techniques |  | Unobservable Input |  |  | Range |  | Weighted Average(1) |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Physical and financial forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas(2) |  | $ | 102 |  |  | Discounted cash flow |  | Market price (per Dth) | (3) |  | (2) - 3 |  |  | (1 | )
FTRs |  |  | 32 |  |  | Discounted cash flow |  | Market price (per MWh) | (3) |  | (1) - 5 |  |  | 1 |
Physical options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  |  | 3 |  |  | Option model |  | Market price (per Dth) | (3) |  | 1 - 6 |  |  | 4 |
|  |  |  |  |  |  |  | Price volatility | (4) |  | 19% - 61% |  |  | 35 | %
Total assets |  | $ | 137 |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial forwards: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FTRs |  | $ | 10 |  |  | Discounted cash flow |  | Market price (per MWh) | (3) |  | (5) - 4 |  |  | — |
Total liabilities |  | $ | 10 |  |  |  |  |  |  |  |  |  |  |  |
(1) | Averages weighted by volume.
(2) | Includes basis.
(3) | Represents market prices beyond defined terms for Levels 1 and 2.
(4) | Represents volatilities unrepresented in published markets.
Fair Value, Option, Qualitative Disclosures | Sensitivity of the fair value measurements to changes in the significant unobservable inputs is as follows:
Significant Unobservable Inputs |  | Position |  | Change to Input |  | Impact on Fair Value Measurement
Market price |  | Buy |  | Increase (decrease) |  | Gain (loss)
Market price |  | Sell |  | Increase (decrease) |  | Loss (gain)
Price volatility |  | Buy |  | Increase (decrease) |  | Gain (loss)
Price volatility |  | Sell |  | Increase (decrease) |  | Loss (gain)
Fair Value, by Balance Sheet Grouping | The following table presents Virginia Power’s assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At September 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 8 |  |  | $ | 137 |  |  | $ | 145 |
Investments(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  | 1,928 |  |  |  | — |  |  |  | — |  |  |  | 1,928 |
Fixed income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | — |  |  |  | 352 |  |  |  | — |  |  |  | 352 |
Government securities |  |  | 176 |  |  |  | 310 |  |  |  | — |  |  |  | 486 |
Cash equivalents and other |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 14 |
Total assets |  | $ | 2,118 |  |  | $ | 670 |  |  | $ | 137 |  |  | $ | 2,925 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 6 |  |  | $ | 10 |  |  | $ | 16 |
Interest rate |  |  | — |  |  |  | 475 |  |  |  | — |  |  |  | 475 |
Total liabilities |  | $ | — |  |  | $ | 481 |  |  | $ | 10 |  |  | $ | 491 |
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 $150 million and $159 million of assets at September 30, 2020 and December 31, 2019, respectively, measured at fair value using NAV (or its equivalent) as a practical expedient which are not required to be categorized in the fair value hierarchy.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the net change in Virginia Power’s assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 123 |  |  | $ | 77 |  |  | $ | (37 | ) |  | $ | 60 |
Total realized and unrealized gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | — |  |  |  | (5 | ) |  |  | (26 | ) |  |  | (12 | )
Included in regulatory assets/liabilities |  |  | 4 |  |  |  | (76 | ) |  |  | 164 |  |  |  | (50 | )
Settlements |  |  | — |  |  |  | 5 |  |  |  | 26 |  |  |  | 3 |
Ending balance |  | $ | 127 |  |  | $ | 1 |  |  | $ | 127 |  |  | $ | 1 |

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