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Regulatory Matters (Tables) | 6 Months Ended
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Jun. 30, 2023
Public Utilities General Disclosures [Line Items] |
Summary of Significant Virginia Power Electric Transmission Projects Applied | Developments for significant Virginia Power electric transmission projects approved or applied for are as follows:
Description and Location of Project |  | Application Date |  | Approval Date |  | Type of Line |  | Miles of Lines |  | Cost Estimate (millions) |
Partial rebuild of Bristers-Ox 115 kV line in Fauquier and Prince William Counties, Virginia |  | August 2022 |  | April 2023 |  | 230 kV |  | 15 |  | $ | 40 |
Construct new switching station, substations, transmission lines and related projects in Lunenberg and Mecklenburg Counties, Virginia |  | October 2022 |  | June 2023 |  | 230 kV |  | 18 |  |  | 230 |
Construct new switching station, substation, transmission lines and related projects in Charlotte, Halifax and Mecklenburg Counties, Virginia |  | October 2022 |  | May 2023 |  | 230 kV |  | 26 |  |  | 215 |
Construct new Mars and Wishing Star substations, transmission lines and related projects in Loudoun County, Virginia |  | October 2022 |  | April 2023 |  | 500/230 kV |  | 4 |  |  | 720 |
Construct new Altair switching station, transmission lines and related projects in Loudoun County, Virginia |  | November 2022 |  | June 2023 |  | 230 kV |  | 2 |  |  | 50 |
Rebuild of Lines #2019 and #2007 in the City of Virginia Beach, Virginia |  | February 2023 |  | Pending |  | 230 kV |  | 5 |  |  | 95 |
Install transformer at Possum Point substation, rebuild and construct transmission lines and related projects in Prince William County, Virginia |  | March 2023 |  | Pending |  | 230 kV |  | 2 |  |  | 35 |
Partial rebuild of Line #2011 in the Cities of Manassas and Manassas Park, Virginia and Prince William and Fairfax Counties, Virginia |  | March 2023 |  | Pending |  | 230 kV |  | 7 |  |  | 35 |
Construct new transmission lines and convert Jeffress switching station in Mecklenburg County, Virginia |  | May 2023 |  | Pending |  | 230 kV |  | 18 |  |  | 135 |
Construct new transmission lines and expand White Oak substation in Henrico County, Virginia |  | June 2023 |  | Pending |  | 230 kV |  | 5 |  |  | 45 |
Virginia Regulation – Select Prior Year Events The following items were disclosed in Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 and are included in this report as they had an impact to the Companies’ Consolidated Statements of Income for the three and/or six months ended June 30, 2022. Virginia Fuel Expenses In May 2022, Virginia Power filed its annual fuel factor filing with the Virginia Commission to recover an estimated $2.3 billion in Virginia jurisdictional projected fuel expense for the rate year beginning July 1, 2022 and a projected $1.0 billion under-recovered balance as of June 30, 2022. In July 2022, Virginia Power, the Virginia Commission staff and another party filed a comprehensive settlement agreement, approved by the Virginia Commission in September 2022, which provided for the collection of the requested under-recovered projected fuel expense over a three-year period beginning July 1, 2022 and required that Virginia Power exclude from recovery through base rates one half of the related financing costs over the three year period. In addition, the settlement agreement affirmed Virginia Power’s proposal regarding fuel cost recovery for market-based customers. As a result, Virginia Power recorded a $191 million ($142 million after-tax) charge in the second quarter of 2022 within impairment of assets and other charges in its Consolidated Statements of Income. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. Rider RGGI In May 2022, Virginia Power filed a petition with the Virginia Commission requesting suspension of Rider RGGI approved in August 2021. Virginia Power also requested that RGGI compliance costs incurred and unrecovered through July 2022 be recovered through existing base rates in effect during the period incurred. The Virginia Commission approved the request in June 2022. In the second quarter of 2022, Virginia Power recorded a charge of $180 million ($134 million after-tax) in impairment of assets and other charges for the amount deemed recovered through base rates through June 30, 2022, including the impact of certain non-jurisdictional customers which follow Virginia Power’s jurisdictional rate methodology. See Note 13 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2022 for additional information.
Virginia Electric and Power Company |
Public Utilities General Disclosures [Line Items] |
Significant Riders Associated With Virginia Power Projects | Developments for significant riders associated with various Virginia Power projects are as follows:
Rider Name |  | Application Date |  | Approval Date |  | Rate Year Beginning |  | Total Revenue Requirement (millions) |  |  | Increase (Decrease) Over Previous Year (millions) |
Rider CCR |  | February 2023 |  | Pending |  | December 2023 |  | $ | 194 |  |  | $ | (37 | )
Rider CE(1) |  | October 2022 |  | April 2023 |  | May 2023 |  |  | 89 |  |  |  | 18 |
Rider GT |  | August 2022 |  | April 2023 |  | June 2023 |  |  | 14 |  |  |  | (42 | )
Rider GT |  | August 2023 |  | Pending |  | June 2024 |  |  | 145 |  |  |  | 131 |
Rider GV(2) |  | June 2023 |  | Pending |  | April 2024 |  |  | 132 |  |  |  | 5 |
Rider GV(2) |  | June 2023 |  | Pending |  | April 2025 |  |  | 135 |  |  |  | 3 |
Rider OSW |  | November 2022 |  | July 2023 |  | September 2023 |  |  | 271 |  |  |  | 192 |
Rider PPA |  | December 2022 |  | July 2023 |  | September 2023 |  |  | (22 | ) |  |  | (17 | )
Rider R |  | June 2021 |  | March 2022 |  | April 2023 |  |  | 55 |  | (8) |  | (4 | )
Rider RGGI(3) |  | December 2022 |  | July 2023 |  | September 2023 |  |  | 356 |  |  | N/A |
Rider RPS |  | December 2022 |  | July 2023 |  | September 2023 |  |  | 96 |  |  |  | (44 | )
Rider S |  | June 2021 |  | February 2022 |  | April 2023 |  |  | 191 |  | (8) |  | (1 | )
Rider SNA(4) |  | October 2022 |  | June 2023 |  | September 2023 |  |  | 50 |  |  |  | (57 | )
Rider T1(5) |  | May 2023 |  | July 2023 |  | September 2023 |  |  | 879 |  |  |  | 173 |
Rider U(6) |  | June 2022 |  | February 2023 |  | April 2023 |  |  | 74 |  |  |  | (21 | )
Rider US-3 |  | August 2022 |  | April 2023 |  | June 2023 |  |  | 40 |  |  |  | (10 | )
Rider US-3 |  | August 2023 |  | Pending |  | June 2024 |  |  | 37 |  |  |  | (3 | )
Rider US-4 |  | August 2022 |  | April 2023 |  | June 2023 |  |  | 16 |  |  |  | 1 |
Rider US-4 |  | August 2023 |  | Pending |  | June 2024 |  |  | 14 |  |  |  | (2 | )
Rider W(7) |  | June 2022 |  | February 2023 |  | April 2023 |  |  | 105 |  | (8) |  | (16 | )
(1) Associated with solar generation and energy storage projects requested for approval in October 2022 and certain small-scale solar projects in addition to previously approved Rider CE projects. (2) The total revenue requirement requested is based on an estimated retirement of Greensville County in 2058, consistent with the current estimated useful life of the facility. Virginia Power also provided an alternative approach based on an estimated retirement of Greensville County in 2045, which if utilized would result in a revenue requirement of $144 million and $148 million for rate years beginning April 2024 and April 2025, respectively. (3) In December 2022, Virginia Power filed a petition to update and reinstate Rider RGGI to recover RGGI compliance costs incurred after July 2022 and those projected to occur through December 2023, with rate recovery from September 2023 through August 2024. For purposes of this proceeding, Virginia Power has assumed that Virginia will withdraw from RGGI on December 31, 2023, and accordingly did not project any RGGI compliance costs to be incurred after that date. (4) Virginia Power requested approval of cost recovery of approximately $1.2 billion through Rider SNA for the first phase of nuclear life extension program which includes investments through 2024. In April 2022, Virginia Power, the Virginia Commission staff and certain interested parties filed a proposed stipulation recommending that costs incurred after February 2022 associated with the first phase of the nuclear life extension program for North Anna be deferred and requested for recovery in a subsequent Rider SNA filing. (5) Consists of $510 million for the transmission component of Virginia Power's base rates and $369 million for Rider T1. (6) Consists of previously approved phases of Rider U. (7) In February 2023, the Virginia Commission also approved Virginia Power's requested revenue requirement for the rate year beginning April 2024. However, as Virginia Power provided notification in May 2023 to combine Rider W into base rates as discussed above, Rider W ceased to be separately collected effective July 2023. (8) In May 2023, Virginia Power filed a notification with the Virginia Commission to combine Riders R, S and W, which have an aggregate revenue requirement of $351 million, into base rates effective July 2023 in accordance with legislation enacted in Virginia in April 2023.

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