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Derivatives and Hedge Accounting Activities | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Derivatives and Hedge Accounting Activities | Note 9. Derivatives and Hedge Accounting Activities The Companies’ accounting policies, objectives and strategies for using derivative instruments are discussed in Note 2 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022. See Note 8 in this report for additional information about fair value measurements and associated valuation methods for derivatives. Cash collateral is used in the table below to offset derivative assets and liabilities. In February 2022, Dominion Energy entered into contracts representing offsetting positions to certain existing exchange contracts with collateral requirements as well as new over-the-counter transactions that are not subject to collateral requirements. These contracts resulted in positions which limit the risk of increased cash collateral requirements. Certain accounts receivable and accounts payable recognized on the Companies’ Consolidated Balance Sheets, letters of credit and other forms of securities, as well as certain other long-term debt, all of which are not included in the tables below, are subject to offset under master netting or similar arrangements and would reduce the net exposure. See Note 18 for additional information regarding credit-related contingent features for the Companies’ derivative instruments. Balance Sheet Presentation The tables below present the Companies' derivative asset and liability balances by type of financial instrument, if the gross amounts recognized in their Consolidated Balance Sheets were netted with derivative instruments and cash collateral received or paid:
|  | Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet |  |  | Virginia Power 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  | $ | 162 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 107 |  |  | $ | 78 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 46 |
Exchange |  |  | 55 |  |  |  | 55 |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 10 |  |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 904 |  |  |  | 214 |  |  |  | — |  |  |  | 690 |  |  |  | 135 |  |  |  | 2 |  |  |  | — |  |  |  | 133 |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 1,121 |  |  | $ | 324 |  |  | $ | — |  |  | $ | 797 |  |  | $ | 223 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 179 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  | $ | 408 |  |  | $ | 28 |  |  | $ | — |  |  | $ | 380 |  |  | $ | 238 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 231 |
Exchange |  |  | 160 |  |  |  | 159 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 1,407 |  |  |  | 248 |  |  |  | — |  |  |  | 1,159 |  |  |  | 614 |  |  |  | 38 |  |  |  | — |  |  |  | 576 |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 1,975 |  |  | $ | 435 |  |  | $ | — |  |  | $ | 1,540 |  |  | $ | 852 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 807 |
(1) Excludes derivative assets of $134 million and $201 million at Dominion Energy and $1 million and $30 million at Virginia Power at June 30, 2023 and December 31, 2022, respectively, which are not subject to master netting or other similar arrangements.
|  | Dominion Energy Gross Amounts Not Offset in the Consolidated Balance Sheet |  |  | Virginia Power 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  | $ | 209 |  |  | $ | 55 |  |  | $ | — |  |  | $ | 154 |  |  | $ | 67 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 35 |
Exchange |  |  | 145 |  |  |  | 55 |  |  |  | 90 |  |  |  | — |  |  |  | 23 |  |  |  | 10 |  |  |  | 13 |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 381 |  |  |  | 214 |  |  |  | 1 |  |  |  | 166 |  |  |  | 11 |  |  |  | 2 |  |  |  | — |  |  |  | 9 |
Foreign currency exchange rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | 59 |  |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | 59 |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 794 |  |  | $ | 324 |  |  | $ | 91 |  |  | $ | 379 |  |  | $ | 160 |  |  | $ | 44 |  |  | $ | 13 |  |  | $ | 103 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  | $ | 443 |  |  | $ | 34 |  |  | $ | 71 |  |  | $ | 338 |  |  | $ | 146 |  |  | $ | 13 |  |  | $ | 71 |  |  | $ | 62 |
Exchange |  |  | 483 |  |  |  | 159 |  |  |  | 324 |  |  |  | — |  |  |  | 176 |  |  |  | — |  |  |  | 176 |  |  |  | — |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 377 |  |  |  | 210 |  |  |  | 1 |  |  |  | 166 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 7 |
Foreign currency exchange rate contracts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Over-the-counter |  |  | 101 |  |  |  | 32 |  |  |  | — |  |  |  | 69 |  |  |  | 101 |  |  |  | 32 |  |  |  | — |  |  |  | 69 |
Total derivatives, subject to a master netting or similar arrangement |  | $ | 1,404 |  |  | $ | 435 |  |  | $ | 396 |  |  | $ | 573 |  |  | $ | 430 |  |  | $ | 45 |  |  | $ | 247 |  |  | $ | 138 |
(1) Excludes derivative liabilities of $78 million and $26 million at Virginia Power at June 30, 2023 and December 31, 2022, respectively, which are not subject to master netting or similar arrangements. Dominion Energy did no t have any derivative liabilities at June 30, 2023 and December 31, 2022 which were not subject to master netting or similar arrangements. Volumes The following table presents the volume of the Companies' derivative activity at June 30, 2023. 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.
|  | Dominion Energy |  |  | Virginia Power |
|  | Current |  |  | Noncurrent |  |  | Current |  |  | Noncurrent |
Natural Gas (bcf): |  |  |  |  |  |  |  |  |  |  |  |
Fixed price(1) |  |  | 43 |  |  |  | 14 |  |  |  | 40 |  |  |  | 14 |
Basis(2) |  |  | 157 |  |  |  | 375 |  |  |  | 138 |  |  |  | 372 |
Electricity (MWh in millions): |  |  |  |  |  |  |  |  |  |  |  |
Fixed price |  |  | 17 |  |  |  | 44 |  |  |  | 8 |  |  |  | 13 |
Oil (Gal in millions) |  |  | 6 |  |  |  | — |  |  |  | 6 |  |  |  | — |
Interest rate(3) (in millions) |  | $ | 524 |  |  | $ | 11,758 |  |  | $ | 125 |  |  | $ | 2,750 |
Foreign currency exchange rate(3) (in millions) |  |  |  |  |  |  |  |  |  |  |  |
Danish Krone |  | 1,004 kr. |  |  | 3,468 kr. |  |  | 1,004 kr. |  |  | 3,468 kr. |
Euro |  | €453 |  |  | €2,131 |  |  | €453 |  |  | €2,131 |
(1) Includes options at Dominion Energy. (2) Includes options. (3) Maturity is determined based on final settlement period. AOCI The following table presents selected information related to gains and losses on cash flow hedges included in AOCI in the Companies' Consolidated Balance Sheets at June 30, 2023:
|  | Dominion Energy |  | Virginia Power
|  | AOCI After-Tax |  |  | Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |  |  | Maximum Term |  | AOCI After-Tax |  |  | Amounts Expected to be Reclassified to Earnings During the Next 12 Months After-Tax |  |  | Maximum Term
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  | $ | (236 | ) |  | $ | (33 | ) |  | 390 months |  | $ | 13 |  |  | $ | — |  |  | 390 months
Total |  | $ | (236 | ) |  | $ | (33 | ) |  |  |  | $ | 13 |  |  | $ | — |  |  |
The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., interest rate payments) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in interest rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of the Companies' derivatives and where they are presented in their Consolidated Balance Sheets:
|  | Dominion Energy |  |  | Virginia Power |
|  | Fair Value – Derivatives under Hedge Accounting |  |  | Fair Value – Derivatives not under Hedge Accounting |  |  | Total Fair Value |  |  | Fair Value – Derivatives under Hedge Accounting |  |  | Fair Value – Derivatives not under Hedge Accounting |  |  | Total Fair Value |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 129 |  |  | $ | 129 |  |  | $ | — |  |  | $ | 43 |  |  | $ | 43 |
Interest rate |  |  | 18 |  |  |  | 113 |  |  |  | 131 |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Total current derivative assets |  |  | 18 |  |  |  | 242 |  |  |  | 260 |  |  |  | 18 |  |  |  | 43 |  |  |  | 61 |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 222 |  |  |  | 222 |  |  |  | — |  |  |  | 46 |  |  |  | 46 |
Interest rate |  |  | 117 |  |  |  | 656 |  |  |  | 773 |  |  |  | 117 |  |  |  | — |  |  |  | 117 |
Total noncurrent derivative assets(1) |  |  | 117 |  |  |  | 878 |  |  |  | 995 |  |  |  | 117 |  |  |  | 46 |  |  |  | 163 |
Total derivative assets |  | $ | 135 |  |  | $ | 1,120 |  |  | $ | 1,255 |  |  | $ | 135 |  |  | $ | 89 |  |  | $ | 224 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 240 |  |  | $ | 240 |  |  | $ | — |  |  | $ | 117 |  |  | $ | 117 |
Interest rate |  |  | — |  |  |  | 83 |  |  |  | 83 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency exchange rate |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | 9 |
Total current derivative liabilities |  |  | — |  |  |  | 332 |  |  |  | 332 |  |  |  | — |  |  |  | 126 |  |  |  | 126 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 114 |  |  |  | 114 |  |  |  | — |  |  |  | 51 |  |  |  | 51 |
Interest rate |  |  | 11 |  |  |  | 287 |  |  |  | 298 |  |  |  | 11 |  |  |  | — |  |  |  | 11 |
Foreign currency exchange rate |  |  | — |  |  |  | 50 |  |  |  | 50 |  |  |  | — |  |  |  | 50 |  |  |  | 50 |
Total noncurrent derivative liabilities(2) |  |  | 11 |  |  |  | 451 |  |  |  | 462 |  |  |  | 11 |  |  |  | 101 |  |  |  | 112 |
Total derivative liabilities |  | $ | 11 |  |  | $ | 783 |  |  | $ | 794 |  |  | $ | 11 |  |  | $ | 227 |  |  | $ | 238 |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 532 |  |  | $ | 532 |  |  | $ | — |  |  | $ | 264 |  |  | $ | 264 |
Interest rate |  |  | 501 |  |  |  | 104 |  |  |  | 605 |  |  |  | 501 |  |  |  | — |  |  |  | 501 |
Total current derivative assets |  |  | 501 |  |  |  | 636 |  |  |  | 1,137 |  |  |  | 501 |  |  |  | 264 |  |  |  | 765 |
Noncurrent Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 237 |  |  |  | 237 |  |  |  | — |  |  |  | 4 |  |  |  | 4 |
Interest rate |  |  | 113 |  |  |  | 689 |  |  |  | 802 |  |  |  | 113 |  |  |  | — |  |  |  | 113 |
Total noncurrent derivative assets(1) |  |  | 113 |  |  |  | 926 |  |  |  | 1,039 |  |  |  | 113 |  |  |  | 4 |  |  |  | 117 |
Total derivative assets |  | $ | 614 |  |  | $ | 1,562 |  |  | $ | 2,176 |  |  | $ | 614 |  |  | $ | 268 |  |  | $ | 882 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  | $ | — |  |  | $ | 700 |  |  | $ | 700 |  |  | $ | — |  |  | $ | 290 |  |  | $ | 290 |
Interest rate |  |  | — |  |  |  | 70 |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency exchange rate |  |  | — |  |  |  | 8 |  |  |  | 8 |  |  |  | — |  |  |  | 8 |  |  |  | 8 |
Total current derivative liabilities |  |  | — |  |  |  | 778 |  |  |  | 778 |  |  |  | — |  |  |  | 298 |  |  |  | 298 |
Noncurrent Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity |  |  | — |  |  |  | 226 |  |  |  | 226 |  |  |  | — |  |  |  | 58 |  |  |  | 58 |
Interest rate |  |  | 7 |  |  |  | 300 |  |  |  | 307 |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Foreign currency exchange rate |  |  | — |  |  |  | 93 |  |  |  | 93 |  |  |  | — |  |  |  | 93 |  |  |  | 93 |
Total noncurrent derivative liabilities(2) |  |  | 7 |  |  |  | 619 |  |  |  | 626 |  |  |  | 7 |  |  |  | 151 |  |  |  | 158 |
Total derivative liabilities |  | $ | 7 |  |  | $ | 1,397 |  |  | $ | 1,404 |  |  | $ | 7 |  |  | $ | 449 |  |  | $ | 456 |
(1) Noncurrent derivative assets are presented in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets. (2) Noncurrent derivative liabilities are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets. The following tables present the gains and losses on the Companies' derivatives, as well as where the associated activity is presented in their Consolidated Balance Sheets and Statements of Income.
|  | Dominion Energy |  |  | Virginia Power |
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) |  |  | 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 June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | 8 |  |  | $ | (10 | ) |  | $ | 88 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 88 |
Total |  | $ | 8 |  |  | $ | (10 | ) |  | $ | 88 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 88 |
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | 39 |  |  |  | (14 | ) |  | $ | 354 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 353 |
Total |  | $ | 39 |  |  | $ | (14 | ) |  | $ | 354 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 353 |
Six Months Ended June 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | (4 | ) |  | $ | (21 | ) |  | $ | (32 | ) |  | $ | (4 | ) |  | $ | — |  |  | $ | (32 | )
Total |  | $ | (4 | ) |  | $ | (21 | ) |  | $ | (32 | ) |  | $ | (4 | ) |  | $ | — |  |  | $ | (32 | )
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate(3) |  | $ | 72 |  |  | $ | (28 | ) |  | $ | 633 |  |  | $ | 59 |  |  | $ | (1 | ) |  | $ | 632 |
Total |  | $ | 72 |  |  | $ | (28 | ) |  | $ | 633 |  |  | $ | 59 |  |  | $ | (1 | ) |  | $ | 632 |
(1) Amounts deferred into AOCI have no associated effect in the Companies' 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 the Companies' Consolidated Statements of Income. (3) Amounts recorded in the Companies' Consolidated Statement of Income are classified in interest and related charges.
|  | Amount of Gain (Loss) Recognized in Income on Derivatives(1)(2) |
Derivatives not designated as hedging instruments |  | Dominion Energy |  |  | Virginia Power |
|  | Quarter-to-Date |  |  | Year-to-Date |  |  | Quarter-to-Date |  |  | Year-to-Date |
Period Ended June 30, |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative type and location of gains (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 26 |  |  | $ | (272 | ) |  | $ | 421 |  |  | $ | (602 | ) |  | $ | 10 |  |  | $ | (88 | ) |  | $ | 19 |  |  | $ | (129 | )
Purchased gas |  |  | — |  |  |  | 3 |  |  |  | 94 |  |  |  | 5 |  |  |  |  |  |  |  |  |  |  |  |  |
Electric fuel and other energy-related purchases |  |  | (73 | ) |  |  | 137 |  |  |  | (118 | ) |  |  | 196 |  |  |  | (73 | ) |  |  | 125 |  |  |  | (119 | ) |  |  | 182 |
Operations and maintenance |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 2 |  |  |  | — |
Interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and related charges |  |  | 79 |  |  |  | 340 |  |  |  | (23 | ) |  |  | 536 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | $ | 34 |  |  | $ | 208 |  |  | $ | 376 |  |  | $ | 135 |  |  | $ | (61 | ) |  | $ | 37 |  |  | $ | (98 | ) |  | $ | 53 |
(1) Includes derivative activity amortized out of regulatory assets/liabilities. Amounts deferred into regulatory assets/liabilities have no associated effect in the Companies' 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 and regulatory assets/liabilities that will begin to amortize once the CVOW Commercial Project is placed in service.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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