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Derivatives and Hedge Accounting Activities (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 |  |  | December 31, 2021 |
|  | 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 |  | $ | 125 |  |  | $ | 37 |  |  | $ | — |  |  | $ | 88 |  |  | $ | 153 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 140 |
Exchange |  |  | 136 |  |  |  | 130 |  |  |  | — |  |  |  | 6 |  |  |  | 9 |  |  |  | 7 |  |  |  | — |  |  |  | 2 |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 768 |  |  |  | 158 |  |  |  | — |  |  |  | 610 |  |  |  | 323 |  |  |  | 49 |  |  |  | — |  |  |  | 274 |
Foreign currency exchange rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | 8 |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 1,029 |  |  | $ | 325 |  |  | $ | — |  |  | $ | 704 |  |  | $ | 493 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 424 |
(1) | Excludes $180 million and $120 million of derivative assets at March 31, 2022 and December 31, 2021, respectively, which are not subject to master netting or similar arrangements.
Offsetting Liabilities |
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | 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 |  | $ | 326 |  |  | $ | 37 |  |  | $ | 124 |  |  | $ | 165 |  |  | $ | 95 |  |  | $ | 13 |  |  | $ | 54 |  |  | $ | 28 |
Exchange |  |  | 622 |  |  |  | 130 |  |  |  | 492 |  |  |  | — |  |  |  | 374 |  |  |  | 7 |  |  |  | 367 |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 362 |  |  |  | 158 |  |  |  | 6 |  |  |  | 198 |  |  |  | 399 |  |  |  | 49 |  |  |  | 11 |  |  |  | 339 |
Foreign currency exchange rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 1,314 |  |  | $ | 325 |  |  | $ | 622 |  |  | $ | 367 |  |  | $ | 868 |  |  | $ | 69 |  |  | $ | 432 |  |  | $ | 367 |
(1) | There were no derivative liabilities that are not subject to master netting or similar arrangements at March 31, 2022 or December 31, 2021.
Schedule of Volume of Derivative Activity | The following table presents the volume of Dominion Energy’s derivative activity at March 31, 2022. 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) |  |  | 29 |  |  |  | — |
Basis(1) |  |  | 155 |  |  |  | 465 |
Electricity (MWh in millions): |  |  |  |  |  |  |  |
Fixed price |  |  | 15 |  |  |  | 35 |
FTRs |  |  | 18 |  |  |  | — |
Interest rate(2) (in millions) |  | $ | 1,637 |  |  | $ | 12,809 |
Foreign currency exchange rate(2)(in millions) |  | 520 kr. |  |  | 4,530 kr. |
(1) | Includes options.
(2) | Maturity is determined based on final settlement period.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Dominion Energy’s Consolidated Balance Sheet at March 31, 2022:
|  | AOCI After-Tax |  |  | Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |  |  | Maximum Term
(millions) |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | (323 | ) |  | $ | (38 | ) |  | 393 months
Total |  | $ | (323 | ) |  | $ | (38 | ) |  |
Schedule of Amounts Recorded on Consolidated Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges | The following table presents the amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges, all of which related to discontinued hedging relationships at both March 31, 2022 and December 31, 2021:
|  | Carrying Amount of the Hedged Asset (Liability) |  |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets (Liabilities) |
|  | March 31, 2022 |  |  | December 31, 2021 |  |  | March 31, 2022 |  |  | December 31, 2021 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | (351 | ) |  | $ | (352 | ) |  | $ | (1 | ) |  | $ | (2 | )
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, 2022 |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 227 |  |  | $ | 227 |
Interest rate |  |  | 40 |  |  |  | 13 |  |  |  | 53 |
Total current derivative assets(1) |  |  | 40 |  |  |  | 240 |  |  |  | 280 |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 214 |  |  |  | 214 |
Interest rate |  |  | 266 |  |  |  | 449 |  |  |  | 715 |
Total noncurrent derivative assets(2) |  |  | 266 |  |  |  | 663 |  |  |  | 929 |
Total derivative assets |  | $ | 306 |  |  | $ | 903 |  |  | $ | 1,209 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 725 |  |  | $ | 725 |
Interest rate |  |  | — |  |  |  | 1 |  |  |  | 1 |
Foreign currency exchange rate |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total current derivative liabilities |  |  | — |  |  |  | 727 |  |  |  | 727 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 223 |  |  |  | 223 |
Interest rate |  |  | 200 |  |  |  | 161 |  |  |  | 361 |
Foreign currency exchange rate |  |  | — |  |  |  | 3 |  |  |  | 3 |
Total noncurrent derivative liabilities(3) |  |  | 200 |  |  |  | 387 |  |  |  | 587 |
Total derivative liabilities |  | $ | 200 |  |  | $ | 1,114 |  |  | $ | 1,314 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 103 |  |  | $ | 103 |
Interest rate |  |  | 1 |  |  |  | 17 |  |  |  | 18 |
Foreign currency exchange rate |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total current derivative assets(1) |  |  | 1 |  |  |  | 121 |  |  |  | 122 |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 179 |  |  |  | 179 |
Interest rate |  |  | 145 |  |  |  | 160 |  |  |  | 305 |
Foreign currency exchange rate |  |  | — |  |  |  | 7 |  |  |  | 7 |
Total noncurrent derivative assets(2) |  |  | 145 |  |  |  | 346 |  |  |  | 491 |
Total derivative assets |  | $ | 146 |  |  | $ | 467 |  |  | $ | 613 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 304 |  |  | $ | 304 |
Interest rate |  |  | 42 |  |  |  | 13 |  |  |  | 55 |
Total current derivative liabilities |  |  | 42 |  |  |  | 317 |  |  |  | 359 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 165 |  |  |  | 165 |
Interest rate |  |  | 295 |  |  |  | 49 |  |  |  | 344 |
Total noncurrent derivative liabilities(3) |  |  | 295 |  |  |  | 214 |  |  |  | 509 |
Total derivative liabilities |  | $ | 337 |  |  | $ | 531 |  |  | $ | 868 |
(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) | Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in Dominion Energy’s Consolidated Balance Sheets.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present the gains and losses on Dominion Energy’s derivatives, as well as where the associated activity is presented in its Consolidated Balance Sheets and Statements of Income.
Derivatives in cash flow hedging relationships |  | Amount of Gain (Loss) Recognized in AOCI on Derivatives(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, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | 33 |  |  | $ | (14 | ) |  | $ | 279 |
Total |  | $ | 33 |  |  | $ | (14 | ) |  | $ | 279 |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Commodity(4) |  | $ | — |  |  | $ | (1 | ) |  | $ | — |
Interest rate(3) |  |  | 52 |  |  |  | (16 | ) |  |  | 408 |
Total |  | $ | 52 |  |  | $ | (17 | ) |  | $ | 408 |
(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 Statement of Income are classified in interest and related charges.
(4) | Amounts recorded in Dominion Energy’s Consolidated Statement of Income are classified in purchased gas.
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)(2) |  |
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2022 |  |  | 2021 |  |
(millions) |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |
Commodity: |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | (330 | ) |  | $ | (41 | ) |
Purchased gas |  |  | 2 |  |  |  | — |  |
Electric fuel and other energy-related purchases |  |  | 59 |  |  |  | (44 | ) |
Interest rate: |  |  |  |  |  |  |  |  |
Interest and related charges |  |  | 196 |  |  |  | 319 |  |
Total |  | $ | (73 | ) |  | $ | 234 |  |
(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) | Excludes amounts related to foreign currency exchange rate derivatives that are deferred to plant under construction within property, plant and equipment that will begin to amortize once the CVOW Commercial Project is placed in service.
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, 2022 |  |  | December 31, 2021 |
|  | 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 |  | $ | 32 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 110 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 102 |
Exchange |  |  | 9 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 7 |  |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 300 |  |  |  | 36 |  |  |  | — |  |  |  | 264 |  |  |  | 146 |  |  |  | 20 |  |  |  | — |  |  |  | 126 |
Foreign currency exchange rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | 8 |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 341 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 286 |  |  | $ | 271 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 236 |
(1) | Excludes $63 million and $29 million of derivative assets at March 31, 2022 and December 31, 2021, respectively, which are not subject to master netting or similar arrangements.
Offsetting Liabilities |
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | 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 |  | $ | 167 |  |  | $ | 10 |  |  | $ | 124 |  |  | $ | 33 |  |  | $ | 84 |  |  | $ | 8 |  |  | $ | 54 |  |  | $ | 22 |
Exchange |  |  | 136 |  |  |  | 9 |  |  |  | 127 |  |  |  | — |  |  |  | 43 |  |  |  | 7 |  |  |  | 36 |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 200 |  |  |  | 36 |  |  |  | — |  |  |  | 164 |  |  |  | 337 |  |  |  | 20 |  |  |  | — |  |  |  | 317 |
Foreign currency exchange rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 507 |  |  | $ | 55 |  |  | $ | 251 |  |  | $ | 201 |  |  | $ | 464 |  |  | $ | 35 |  |  | $ | 90 |  |  | $ | 339 |
(1) | Excludes $1 million and $6 million of derivative liabilities at March 31, 2022 and December 31, 2021, 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, 2022. 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) |  |  | 21 |  |  |  | — |
Basis(1) |  |  | 146 |  |  |  | 463 |
Electricity (MWh in millions): |  |  |  |  |  |  |  |
Fixed price |  |  | 7 |  |  |  | 9 |
FTRs |  |  | 18 |  |  |  | — |
Interest rate(2) (in millions) |  | $ | 1,100 |  |  | $ | 2,800 |
Foreign currency exchange rate(2)(in millions) |  | 520 kr. |  |  | 4,530 kr. |
(1) | Includes options.
(2) | Maturity is determined based on final settlement period.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents selected information related to losses on cash flow hedges included in AOCI in Virginia Power’s Consolidated Balance Sheet at March 31, 2022:
|  | AOCI After-Tax |  |  | Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |  |  | Maximum Term
(millions) |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | (25 | ) |  | $ | (2 | ) |  | 393 months
Total |  | $ | (25 | ) |  | $ | (2 | ) |  |
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, 2022 |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 80 |  |  | $ | 80 |
Interest rate |  |  | 34 |  |  |  | — |  |  |  | 34 |
Total current derivative assets(1) |  |  | 34 |  |  |  | 80 |  |  |  | 114 |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 24 |  |  |  | 24 |
Interest rate |  |  | 266 |  |  |  | — |  |  |  | 266 |
Total noncurrent derivative assets(2) |  |  | 266 |  |  |  | 24 |  |  |  | 290 |
Total derivative assets |  | $ | 300 |  |  | $ | 104 |  |  | $ | 404 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 240 |  |  | $ | 240 |
Foreign currency exchange rate |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total current derivative liabilities |  |  | — |  |  |  | 241 |  |  |  | 241 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 64 |  |  |  | 64 |
Interest rate |  |  | 200 |  |  |  | — |  |  |  | 200 |
Foreign currency exchange rate |  |  | — |  |  |  | 3 |  |  |  | 3 |
Total noncurrent derivative liabilities(3) |  |  | 200 |  |  |  | 67 |  |  |  | 267 |
Total derivative liabilities |  | $ | 200 |  |  | $ | 308 |  |  | $ | 508 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 74 |  |  | $ | 74 |
Interest rate |  |  | 1 |  |  |  | — |  |  |  | 1 |
Foreign currency exchange rate |  |  | — |  |  |  | 1 |  |  |  | 1 |
Total current derivative assets(1) |  |  | 1 |  |  |  | 75 |  |  |  | 76 |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 72 |  |  |  | 72 |
Interest rate |  |  | 145 |  |  |  | — |  |  |  | 145 |
Foreign currency exchange rate |  |  | — |  |  |  | 7 |  |  |  | 7 |
Total noncurrent derivative assets(2) |  |  | 145 |  |  |  | 79 |  |  |  | 224 |
Total derivative assets |  | $ | 146 |  |  | $ | 154 |  |  | $ | 300 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 92 |  |  | $ | 92 |
Interest rate |  |  | 42 |  |  |  | — |  |  |  | 42 |
Total current derivative liabilities |  |  | 42 |  |  |  | 92 |  |  |  | 134 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 41 |  |  |  | 41 |
Interest rate |  |  | 295 |  |  |  | — |  |  |  | 295 |
Total noncurrent derivative liabilities(3) |  |  | 295 |  |  |  | 41 |  |  |  | 336 |
Total derivative liabilities |  | $ | 337 |  |  | $ | 133 |  |  | $ | 470 |
(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, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | 26 |  |  | $ | (1 | ) |  | $ | 279 |
Total |  | $ | 26 |  |  | $ | (1 | ) |  | $ | 279 |
Three Months Ended March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | 43 |  |  | $ | (1 | ) |  | $ | 407 |
Total |  | $ | 43 |  |  | $ | (1 | ) |  | $ | 407 |
(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)(2) |  |
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2022 |  |  | 2021 |  |
(millions) |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |
Commodity: |  |  |  |  |  |  |  |  |
Operating Revenue |  | $ | (41 | ) |  | $ | (2 | ) |
Electric fuel and other energy-related purchases |  |  | 57 |  |  |  | (44 | ) |
Total |  | $ | 16 |  |  | $ | (46 | ) |
(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.

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