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Investments (Tables) | 12 Months Ended
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Dec. 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,756 |  |  | $ | 2,948 |  |  | $ | (24 | ) |  |  |  |  |  | $ | 4,680 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 572 |  |  |  | 58 |  |  |  | (1 | ) |  | $ | — |  |  |  | 629 |
Government securities |  |  | 1,119 |  |  |  | 66 |  |  |  | (1 | ) |  |  | — |  |  |  | 1,184 |
Common/collective trust funds |  |  | 170 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 175 |
Insurance contracts |  |  | 237 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 237 |
Cash equivalents and other(3) |  |  | (8 | ) |  |  | 4 |  |  |  | (1 | ) |  |  | — |  |  |  | (5 | )
Total |  | $ | 3,846 |  |  | $ | 3,081 |  |  | $ | (27 | ) | (4) | $ | — |  |  | $ | 6,900 |
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 |  |  | 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 as discussed in Note 2.
(2) | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income.
(3) | Includes pending purchases of securities of $49 million and $1 million at December 31, 2020 and 2019, respectively.
(4) | The fair value of securities in an unrealized loss position was $293 million and $298 million at December 31, 2020 and 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:
Year Ended December 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period |  | $ | 512 |  |  | $ | 919 |  |  | $ | (245 | )
Less: Net gains recognized during the period on securities sold during the period |  |  | (16 | ) |  |  | (80 | ) |  |  | (58 | )
Unrealized gains (losses) recognized during the period on securities still held at period end(1) |  | $ | 496 |  |  | $ | 839 |  |  | $ | (303 | )
(1) | Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020 by contractual maturity is as follows:
|  | Amount |
(millions) |  |  |  |
Due in one year or less |  | $ | 227 |
Due after one year through five years |  |  | 506 |
Due after five years through ten years |  |  | 505 |
Due after ten years |  |  | 750 |
Total |  | $ | 1,988 |
Marketable Securities | Presented below is selected information regarding Dominion Energy’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
Year Ended December 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 4,278 |  |  | $ | 1,712 |  |  | $ | 1,804 |
Realized gains(1) |  |  | 340 |  |  |  | 195 |  |  |  | 140 |
Realized losses(1) |  |  | 297 |  |  |  | 96 |  |  |  | 91 |
(1) | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Accounts Under Equity Method of Accounting | Investments that Dominion Energy accounts for under the equity method of accounting are as follows:
|  |  |  |  |  | Investment |  |  |
Company |  | Ownership% |  |  | Balance |  |  | Description
As of December 31, |  |  |  |  |  | 2020 |  |  | 2019 |  |  |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cove Point |  |  | 50 | % | (2) | $ | 2,784 |  |  | $ | - |  |  | LNG import/export and storage facility
Atlantic Coast Pipeline |  |  | 53 | % | (3) |  | — |  | (5) |  | 1,123 |  |  | Gas transmission system
Wrangler |  |  | 20 | % |  |  | 74 |  |  |  | 77 |  |  | Nonregulated retail energy marketing
Fowler Ridge |  |  | 50 | % | (4) |  | — |  |  |  | 74 |  |  | Wind-powered nonregulated generation facility
Other(1) |  | various |  |  |  | 76 |  |  |  | 60 |  |  |
Total |  |  |  |  |  | $ | 2,934 |  |  | $ | 1,334 |  |  |
(1) | Dominion Energy has an $59 million unfunded commitment to be made to Align RNG by the end of 2022.
(2) | Effective November 2020, following the completion of the GT&S Transaction, Dominion Energy began accounting for its 50% noncontrolling interest in Cove Point as an equity method investment. See discussion below and Note 3 for additional information.
(3) | Dominion Energy owned 53% and 48% of Atlantic Coast Pipeline at December 31, 2020 and 2019, respectively. See discussion below for additional information.
(4) | Dominion Energy sold its 50% noncontrolling interest in Fowler Ridge in September 2020. See discussion below for additional information.
(5) | Dominion Energy’s Consolidated Balance Sheet at December 31, 2020 includes a $1.1 billion liability associated with its investment in Atlantic Coast Pipeline. See discussion below for additional information.
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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 929 |  |  | $ | 1,371 |  |  | $ | (21 | ) |  |  |  |  |  | $ | 2,279 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  |  | 315 |  |  |  | 33 |  |  |  | — |  |  | $ | — |  |  |  | 348 |
Government securities |  |  | 484 |  |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 509 |
Common/collective trust funds |  |  | 58 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  | 58 |
Cash equivalents and other |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Total |  | $ | 1,789 |  |  | $ | 1,429 |  |  | $ | (21 | ) | (4) | $ | — |  |  | $ | 3,197 |
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 as discussed in Note 2
(2) | Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Effective January 2020, changes in allowance for credit losses are included in other income.
(3) | Includes pending purchases of securities of $10 million at December 31, 2020.
(4) | The fair value of securities in an unrealized loss position was $142 million and $185 million at December 31, 2020 and 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:
Year Ended December 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period |  | $ | 224 |  |  | $ | 423 |  |  | $ | (105 | )
Less: Net gains recognized during the period on securities sold during the period |  |  | (6 | ) |  |  | (20 | ) |  |  | (32 | )
Unrealized gains (losses) recognized during the period on securities still held at end of period (1) |  | $ | 218 |  |  | $ | 403 |  |  | $ | (137 | )
(1) | Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Classified by Contractual Maturity Date | The fair value of Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at December 31, 2020, by contractual maturity is as follows:
|  | Amount |
(millions) |  |  |  |
Due in one year or less |  | $ | 79 |
Due after one year through five years |  |  | 238 |
Due after five years through ten years |  |  | 297 |
Due after ten years |  |  | 301 |
Total |  | $ | 915 |
Marketable Securities | Presented below is selected information regarding Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
Year Ended December 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 884 |  |  | $ | 858 |  |  | $ | 887 |
Realized gains(1) |  |  | 88 |  |  |  | 58 |  |  |  | 60 |
Realized losses(1) |  |  | 68 |  |  |  | 22 |  |  |  | 27 |
(1) | Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.

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