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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Equity and Debt Securities and Cash Equivalents and Cost Method Investments in Decommissioning Trust Funds | The Companies' decommissioning trust funds are summarized below:
| Dominion Energy |  |  | Virginia Power |
| Amortized Cost |  | Total Unrealized Gains |  | Total Unrealized Losses |  |  | Allowance for Credit Losses |  | Fair Value |  |  | Amortized Cost |  | Total Unrealized Gains |  | Total Unrealized Losses |  |  | Allowance for Credit Losses |  | Fair Value |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. | $ | 1,392 |  | $ | 2,708 |  | $ | (25 | ) |  |  |  | $ | 4,075 |  |  | $ | 867 |  | $ | 1,407 |  | $ | (22 | ) |  |  |  | $ | 2,252 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  | 586 |  |  | 3 |  |  | (46 | ) |  | $ | — |  |  | 543 |  |  |  | 360 |  |  | 2 |  |  | (33 | ) |  | $ | — |  |  | 329 |
Government securities |  | 1,299 |  |  | 12 |  |  | (42 | ) |  |  | — |  |  | 1,269 |  |  |  | 709 |  |  | 7 |  |  | (19 | ) |  |  | — |  |  | 697 |
Common/ collective trust funds |  | 74 |  |  | — |  |  | — |  |  |  | — |  |  | 74 |  |  |  | 54 |  |  | — |  |  | — |  |  |  | — |  |  | 54 |
Insurance contracts |  | 232 |  |  | — |  |  | — |  |  |  |  |  | 232 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents and other(3) |  | 69 |  |  | — |  |  | — |  |  |  | — |  |  | 69 |  |  |  | 28 |  |  | — |  |  | — |  |  |  | — |  |  | 28 |
Total | $ | 3,652 |  | $ | 2,723 |  | $ | (113 | ) | (4) | $ | — |  | $ | 6,262 |  |  | $ | 2,018 |  | $ | 1,416 |  | $ | (74 | ) | (4) | $ | — |  | $ | 3,360 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. | $ | 1,378 |  | $ | 2,501 |  | $ | (46 | ) |  |  |  | $ | 3,833 |  |  | $ | 858 |  | $ | 1,304 |  | $ | (35 | ) |  |  |  | $ | 2,127 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  | 640 |  |  | 1 |  |  | (65 | ) |  | $ | — |  |  | 576 |  |  |  | 406 |  |  | 1 |  |  | (47 | ) |  | $ | — |  |  | 360 |
Government securities |  | 1,252 |  |  | 4 |  |  | (70 | ) |  |  | — |  |  | 1,186 |  |  |  | 664 |  |  | 2 |  |  | (35 | ) |  |  | — |  |  | 631 |
Common/ collective trust funds |  | 98 |  |  | — |  |  | — |  |  |  | — |  |  | 98 |  |  |  | 61 |  |  | — |  |  | — |  |  |  | — |  |  | 61 |
Insurance contracts |  | 221 |  |  | — |  |  | — |  |  |  |  |  | 221 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents and other(3) |  | 43 |  |  | — |  |  | — |  |  |  | — |  |  | 43 |  |  |  | 23 |  |  | — |  |  | — |  |  |  | — |  |  | 23 |
Total | $ | 3,632 |  | $ | 2,506 |  | $ | (181 | ) | (4) | $ | — |  | $ | 5,957 |  |  | $ | 2,012 |  | $ | 1,307 |  | $ | (117 | ) | (4) | $ | — |  | $ | 3,202 |
(1) Unrealized gains and losses on equity securities are included in other income (expense) 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. Changes in allowance for credit losses are included in other income (expense). (3) Dominion Energy includes pending sales of securities of $33 million and $42 million at March 31, 2023 and December 31, 2022, respectively. Virginia Power includes pending sales of securities of $17 million and $24 million at March 31, 2023, and December 31, 2022, respectively. (4) Dominion Energy's fair value of securities in an unrealized loss position was $1.2 billion and $1.6 billion at March 31, 2023 and December 31, 2022, respectively. Virginia Power's fair value of securities in an unrealized loss position was $627 million and $946 million at March 31, 2023 and December 31, 2022, respectively.
Unrealized Gain Loss on Equity | The portion of unrealized gains and losses that relates to equity securities held within Dominion Energy and Virginia Power’s nuclear decommissioning trusts is summarized below:
|  | Dominion Energy |  |  | Virginia Power |
Three Months Ended March 31, |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period |  | $ | 226 |  |  | $ | (206 | ) |  | $ | 116 |  |  | $ | (102 | )
Less: Net (gains) losses recognized during the period on securities sold during the period |  |  | 2 |  |  |  | (1 | ) |  |  | 1 |  |  |  | (4 | )
Unrealized gains (losses) recognized during the period on securities still held at period end(1) |  | $ | 228 |  |  | $ | (207 | ) |  | $ | 117 |  |  | $ | (106 | )
(1) Included in other income (expense) and the nuclear decommissioning trust regulatory liability.
Investments Classified by Contractual Maturity Date | The fair value of Dominion Energy and Virginia Power’s fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds at March 31, 2023 by contractual maturity is as follows:
|  | Dominion Energy |  |  | Virginia Power |
(millions) |  |  |  |  |  |
Due in one year or less |  | $ | 90 |  |  | $ | 58 |
Due after one year through five years |  |  | 500 |  |  |  | 274 |
Due after five years through ten years |  |  | 420 |  |  |  | 245 |
Due after ten years |  |  | 876 |  |  |  | 503 |
Total |  | $ | 1,886 |  |  | $ | 1,080 |
Marketable Securities | Presented below is selected information regarding Dominion Energy and Virginia Power’s equity and fixed income securities with readily determinable fair values held in nuclear decommissioning trust funds.
|  | Dominion Energy |  |  | Virginia Power |
Three Months Ended March 31, |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 544 |  |  | $ | 814 |  |  | $ | 373 |  |  | $ | 392 |
Realized gains(1) |  |  | 21 |  |  |  | 40 |  |  |  | 17 |  |  |  | 16 |
Realized losses(1) |  |  | 41 |  |  |  | 54 |  |  |  | 31 |  |  |  | 19 |
(1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability.

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