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Investments | 12 Months Ended
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Dec. 31, 2020
Investments Debt And Equity Securities [Abstract] |
Investments | NOTE 9. INVESTMENTS Dominion Energy Equity and Debt Securities Rabbi Trust Securities Equity and fixed income securities and cash equivalents in Dominion Energy’s rabbi trusts and classified as trading totaled $134 million and $120 million at December 31, 2020 and 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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.
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.
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 |
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.
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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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.
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.
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 |
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.
EQUITY METHOD INVESTMENTS 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.
Dominion Energy recorded equity earnings on its investments of $40 million, $8 million and $76 million in 2020, 2019, and 2018, respectively, in other income in its Consolidated Statements of Income. In addition, Dominion Energy recorded equity earnings (losses) of $(2.3) billion, $117 million and $67 million in 2020, 2019 and 2018, respectively, in discontinued operations related to its investment in Atlantic Coast Pipeline. Dominion Energy received distributions from these investments of $102 million, $38 million and $111 million in 2020, 2019, and 2018, respectively. As of December 31, 2020 and 2019, the net difference between the carrying amount of Dominion Energy’s investments and its share of underlying equity in net assets was $213 million and $(35) million, respectively. At December 31, 2020, these differences are comprised of $27 million of equity method goodwill that is not being amortized, $227 million basis difference from Dominion Energy’s investment in Cove Point, which is being amortized over the useful lives of the underlying assets and a net $(41) million basis difference primarily attributable to an unfunded commitment made to Align RNG. At December 31, 2019 these differences are comprised of $11 million of equity method goodwill that is not being amortized and a net $(46) million basis difference from Dominion Energy’s investments in Fowler Ridge, Atlantic Coast Pipeline and an unfunded commitment made to Align RNG. Cove Point Prior to January 2019, Dominion Energy owned all of the common equity interest in Cove Point except for a preferred equity interest held by Dominion Energy Midstream (entitled to the first $50 million of annual cash distributions made by Cove Point), in which Dominion Energy owned a controlling financial interest and consolidated. As discussed in Note 20, Dominion Energy acquired all outstanding partnership interests of Dominion Energy Midstream not owned by Dominion Energy in January 2019. In December 2019, Dominion Energy closed on an agreement to sell a 25% noncontrolling limited partnership interests in Cove Point. In November 2020, in conjunction with the GT&S Transaction, Dominion Energy sold 100% of its general partner interest and 25% of the total limited partner interest in Cove Point. Dominion Energy retained a 50% noncontrolling limited partnership interest in Cove Point which is accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence over, but not control, Cove Point. See Note 3 for further information regarding the sales of interests in Cove Point. Income before income taxes recorded by Cove Point for 2020, 2019 and 2018 was $511 million, $471 million and $292 million, respectively. For the periods prior to closing of the GT&S Transaction, earnings attributable to Dominion Energy are presented in discontinued operations. Subsequent to the closing of the GT&S Transaction through December 31, 2020, earnings attributable to Dominion Energy of $40 million are presented within other income in its Consolidated Statements of Income. Dominion Energy recorded distributions from Cove Point of $70 million and no contributions to Cove Point from the date of disposal through December 31, 2020. All activity relating to Dominion Energy’s noncontrolling interest in Cove Point is recorded within Contracted Assets. See Note 3 for further information regarding the GT&S Transaction. Atlantic Coast Pipeline In September 2014, Dominion Energy, along with Duke Energy and Southern, announced the formation of Atlantic Coast Pipeline for the purpose of constructing an approximately 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Subsidiaries and affiliates of Dominion Energy, Duke Energy and Southern had planned to be customers of the pipeline under 20-year contracts. In March 2020, Dominion Energy completed the acquisition from Southern of its 5% membership interest in Atlantic Coast Pipeline and its 100% ownership interest in Pivotal LNG, Inc., for $184 million in aggregate, subject to certain purchase price adjustments. Pivotal LNG, Inc. includes a 50% noncontrolling interest in JAX LNG. Following completion of the acquisition, Dominion Energy owns a 53% noncontrolling membership interest in Atlantic Coast Pipeline with Duke Energy owning the remaining interest. Atlantic Coast Pipeline continues to be reflected as an equity method investment as the power to direct the activities most significant to Atlantic Coast Pipeline is shared with Duke Energy. As a result, Dominion Energy has the ability to exercise significant influence, but not control, over the investee. The Atlantic Coast Pipeline Project had been the subject of challenges in federal courts including, among others, challenges of the Atlantic Coast Pipeline Project’s biological opinion and incidental take statement, permits providing right of way crossings of certain federal lands, the Army Corps of Engineers 404 permit, the air permit for a compressor station at Buckingham, Virginia, and the FERC order approving the CPCN. Each of these challenges alleged non-compliance on the part of federal and state permitting authorities and adverse ecological consequences if the Atlantic Coast Pipeline Project was permitted to proceed. Since December 2018, notable developments in these challenges included a stay in December 2018 issued by the U.S. Court of Appeals for the Fourth Circuit and the same court’s July 2019 vacatur of the biological opinion and incidental take statement (which stay and subsequent vacatur halted most project construction activity), the U.S. Court of Appeals for the Fourth Circuit decisions vacating the permits to cross certain federal forests and the air permit for a compressor station at Buckingham, Virginia, the U.S. Court of Appeals for the Fourth Circuit’s remand to the Army Corps of Engineers of Atlantic Coast Pipeline’s Huntington District 404 verification and the U.S. Court of Appeals for the Fourth Circuit’s remand to the National Park Service of Atlantic Coast Pipeline’s Blue Ridge Parkway right-of-way. In June 2019, the Solicitor General of the U.S. and Atlantic Coast Pipeline filed petitions requesting that the Supreme Court of the U.S. hear the case regarding the Appalachian Trail crossing and in June 2020, the Supreme Court of the U.S. ruled in favor of the Atlantic Coast Pipeline, reversing the lower court’s decision and remanding the case back to the U.S. Court of Appeals for the Fourth Circuit. The project also faced new and serious challenges from uncertainty related to NWP 12, specifically, from the decision of the U.S. District Court for the District of Montana in April 2020 vacating an NWP 12 issued by the Army Corps of Engineers, including among other things gas pipelines, followed by a U.S. Court of Appeals for the Ninth Circuit ruling in May 2020 denying a stay of that decision. In July 2020, the Supreme Court of the U.S. issued an order allowing other new oil and gas pipeline projects to use the NWP 12 process pending appeal to the U.S. Court of Appeals for the Ninth Circuit; however, that did not decrease the uncertainty associated with an eventual ruling. The Montana district court decision was viewed as likely to prompt similar challenges in other federal circuit courts related to permits issued under NWP 12, including for the Atlantic Coast Pipeline Project. In July 2020, as a result of the continued permitting delays, growing legal uncertainties and the need to incur significant capital expenditures to maintain project timing before such uncertainties could be resolved, Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Project. As a result of the determination of the probable abandonment of the Atlantic Coast Pipeline Project in June 2020, Dominion Energy recorded equity method earnings (losses) of $(2.3) billion ($(1.8) billion after-tax) for the year ended December 31, 2020, $117 million ($118 million after-tax) for the year ended December 31, 2019 and $67 million ($67 million after-tax) for the year ended December 31, 2018. In connection with Dominion Energy’s decision to sell substantially all of its gas transmission and storage operations, Dominion Energy has reflected the results of its equity method investment in Atlantic Coast Pipeline as discontinued operations in its Consolidated Statements of Income. As a result of its share of equity losses exceeding its investment Dominion Energy’s Consolidated Balance Sheets at December 31, 2020 includes a liability of $1.1 billion which reflects Dominion Energy’s obligations to Atlantic Coast Pipeline related to its credit facility and AROs. ‌ In October 2017, Dominion Energy entered into a guarantee agreement to support a portion of Atlantic Coast Pipeline’s obligation under a $3.4 billion revolving credit facility with a stated maturity date of October 2021. Atlantic Coast Pipeline informed Dominion Energy it intends to terminate and repay the outstanding balance of the revolving credit facility in the first quarter of 2021. As of December 31, 2020, Atlantic Coast Pipeline had borrowed $1.8 billion against the revolving credit facility. In July 2020, the capacity of the revolving credit facility was reduced from $3.4 billion to $1.9 billion. Dominion Energy’s Consolidated Balance Sheets include a liability of $6 million and $14 million associated with this guarantee agreement at December 31, 2020 and 2019, respectively. The $1.1 billion liability at December 31, 2020 discussed above includes a $48 million adjustment related to this guarantee agreement that is reflected within equity as a cumulative effect of a change in accounting principle upon adoption of the new credit loss standard in January 2020. Dominion Energy recorded contributions of $107 million, $186 million and $414 million during 2020, 2019 and 2018, respectively, to Atlantic Coast Pipeline. At December 31, 2019, Dominion Energy had $7 million of contributions payable to Atlantic Coast Pipeline included within other current liabilities in its Consolidated Balance Sheets. Dominion Energy expects to incur additional losses from Atlantic Coast Pipeline as it completes wind-down activities. While Dominion Energy is unable to precisely estimate the amounts to be incurred by Atlantic Coast Pipeline, the portion of such amounts attributable to Dominion Energy is not expected to be material to Dominion Energy’s results of operations, financial position or statement of cash flows. DETI provided services to Atlantic Coast Pipeline which totaled $49 million, $103 million and $203 million in 2020 (prior to closing of the GT&S Transaction), 2019 and 2018, respectively, included in discontinued operations in Dominion Energy’s Consolidated Statements of Income. Amounts receivable related to these services were $7 million at December 31, 2019, composed entirely of accrued unbilled revenue, included in current assets held for sale in Dominion Energy’s Consolidated Balance Sheets. All activity relating to Atlantic Coast Pipeline is recorded within the Corporate and Other segment. Blue Racer In December 2018, Dominion Energy sold its 50% limited partnership interest in Blue Racer for up-front cash consideration of $1.05 billion and additional consideration of $150 million, subject to increase for interest costs effective March 2019, payable upon the purchaser’s availability of cash. The additional consideration was recorded at a fair value of $150 million on the date of sale following a discounted cash flow model and is included within other receivables in the Consolidated Balance Sheets at December 31, 2018. The valuation is considered a Level 3 fair value measurement due to the use of judgment and unobservable inputs, including projected timing and amount of future cash flows and a discount rate reflecting risks inherent in the future cash flows. As a result of the sale, Dominion Energy recognized a gain of $546 million ($390 million after-tax), included in other income in its Consolidated Statements of Income for the year ended December 31, 2018. In addition, the purchaser agreed to pay additional consideration contingent upon the achievement of certain financial performance milestones of Blue Racer from 2019 through 2021. Pursuant to the purchase agreement, the aggregate will not exceed $300 million, which represents a gain contingency, and, as a result, Dominion Energy will not recognize any additional gain unless such consideration is realizable. Blue Racer did not achieve the 2019 or 2020 financial performance milestones set forth in the sale agreement. In the first quarter of 2019, Dominion Energy received $151 million of additional consideration, including applicable interest, in connection with this sale. All activity relating to Blue Racer is recorded within the Corporate and Other segment. Fowler Ridge In September 2020, Dominion Energy sold its 50% noncontrolling partnership interest in Fowler Ridge to BP and terminated an affiliate’s long-term power, capacity and renewable energy credit contract with Fowler Ridge for a net payment by Dominion Energy of $150 million. The $150 million payment was allocated between the contract termination and sale based on the relative fair value of each using an income approach. The fair value determinations for the payment allocations are considered Level 3 fair value measurements due to the use of significant judgmental and unobservable inputs, including the amount of future cash flows and discount rate reflecting risks inherent in the future cash flows and market prices. Dominion Energy recognized a loss of $221 million ($165 million after-tax) on the contract termination, included in impairment of assets and other charges in its Consolidated Statements of Income for the year ended December 31, 2020, reflected in the Corporate and Other segment. All activity relating to Fowler Ridge, unless otherwise specified, is recorded within Contracted Assets. Wrangler In September 2019, Dominion Energy entered into an agreement to form Wrangler, a partnership with Interstate Gas Supply, Inc. Wrangler will operate a nonregulated natural gas retail energy marketing business with Dominion Energy contributing its nonregulated retail energy marketing operations and Interstate Gas Supply, Inc. contributing cash. Dominion Energy has a 20% noncontrolling ownership interest in Wrangler which is accounted for as an equity method investment as Dominion Energy has the ability to exercise significant influence, but not control, over the investee. The initial contribution, consisting of SEMI, closed in December 2019 for which Dominion Energy received $301 million in cash proceeds and a 20% noncontrolling ownership interest in Wrangler with an initial fair value of $75 million estimated using the market approach. This valuation is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In connection with the transaction, Dominion Energy recorded a gain of $147 million, net of a $73 million write-off of goodwill, presented in gains on sales of assets, and an associated tax expense of $82 million, in the Consolidated Statements of Income for the year ended December 31, 2019. The second contribution, consisting of certain nonregulated natural gas retail energy contracts, closed in November 2020 for which Dominion Energy received $74 million in cash proceeds and retained a 20% noncontrolling ownership interest through its ownership interest in Wrangler in the contracts valued at $13 million using the market approach. This valuation is considered a Level 2 fair value measurement given that it is based on the agreed-upon sales price. In connection with the transaction, Dominion Energy recorded a gain of $64 million presented in gains on sales of assets, and an associated tax expense of $19 million, in the Consolidated Statements of Income for the year ended December 31, 2020. Dominion Energy’s Consolidated Balance Sheets at December 31, 2019 included $41 million presented in current assets held for sale. In 2021, under the terms of the agreement, Dominion Energy expects to contribute its remaining nonregulated natural gas retail energy marketing operations to Wrangler. As a result of this contribution, Dominion Energy will receive additional cash consideration which will be based upon future financial performance. When this future contribution occurs, Dominion Energy expects to retain a 20% noncontrolling ownership interest in Wrangler. As of December 31, 2020, $63 million of assets and $15 million of liabilities associated with the remaining nonregulated retail energy marketing operations to be contributed to Wrangler in December 2021 were classified as held for sale and were included in current assets held for sale and current liabilities held for sale on Dominion Energy’s Consolidated Balance Sheets, respectively. The related disposal group is primarily comprised of customer receivables, goodwill, inventories, and account payables. All activity relating to Wrangler is recorded within the Corporate and Other segment. Other- Catalyst Old River Hydroelectric Limited Partnership In September 2018, Dominion Energy completed the sale of its 25% limited partnership interest in Catalyst Old River Hydroelectric Limited Partnership and received proceeds of $91 million. The sale resulted in a gain of $87 million ($63 million after-tax), which is included in other income in Dominion Energy’s Consolidated Statements of Income, reflected in the Corporate and Other segment.

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