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Operating Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Operating Segments | Note 21. Operating Segments The Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments effective September 2023 is as follows:
Primary Operating Segment |  | Description of Operations |  | Dominion Energy |  | Virginia Power
Dominion Energy Virginia |  | Regulated electric distribution |  | X |  | X
|  | Regulated electric transmission |  | X |  | X
|  | Regulated electric generation fleet(1) |  | X |  | X
Dominion Energy South Carolina |  | Regulated electric distribution |  | X |  |
|  | Regulated electric transmission |  | X |  |
|  | Regulated electric generation fleet |  | X |  |
|  | Regulated gas distribution and storage |  | X |  |
Contracted Energy(2) |  | Nonregulated electric generation fleet(3) |  | X |  |
(1) Includes Virginia Power’s non-jurisdictional solar generation operations. (2) Includes renewable natural gas operations. (3) Includes solar generation facility development operations. In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion Energy The Corporate and Other Segment of Dominion Energy effective September 2023 includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization, its noncontrolling interest in Wrangler (through March 2022) and Hope (through August 2022). In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, as well as the net impact of the operations included in the East Ohio, PSNC and Questar Gas Transactions, its noncontrolling interest in Cove Point and gas transmission and storage operations, including its noncontrolling interest in Atlantic Coast Pipeline, reported as discontinued operations which are discussed in Notes 3 and 10 as well as Notes 3 and 9 to the Consolidated Financial Statements in Dominion Energy’s Annual Report on Form 10-K for the year ended December 31, 2022. In the nine months ended September 30, 2023, Dominion Energy reported after-tax net income of $26 million in the Corporate and Other segment, including $231 million of after-tax net income for specific items with $245 million of after-tax net income attributable to its operating segments. In the nine months ended September 30, 2022, Dominion Energy reported after-tax net expenses of $1.0 billion in the Corporate and Other segment, including $1.0 billion of after-tax net expenses for specific items with $1.9 billion of after-tax net expenses attributable to its operating segments. The net income for specific items attributable to Dominion Energy’s operating segments in 2023 primarily related to the impact of the following items: • A $335 million ($255 million after-tax) gain related to economic hedging activities, attributable to Contracted Energy; • A $183 million ($142 million after-tax) gain related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($124 million after-tax); and • Dominion Energy Virginia ($18 million after-tax); • A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia; • A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023, attributable to Dominion Energy Virginia; and • A $31 million ($23 million after-tax) benefit related to real estate transactions, including gains on the transfer of property to satisfy litigation associated with the NND Project, attributable to Dominion Energy South Carolina. The net expenses for specific items attributable to Dominion Energy’s operating segments in 2022 primarily related to the impact of the following items: • A $691 million ($536 million after-tax) loss related to investments in nuclear decommissioning trust funds, attributable to: • Contracted Energy ($465 million after-tax); and • Dominion Energy Virginia ($71 million after-tax); • A $649 million ($513 million after-tax) loss associated with the sale of Kewaunee, attributable to Contracted Energy; • A $391 million ($296 million after-tax) loss related to economic hedging activities, attributable to Contracted Energy; • A $213 million ($159 million after-tax) charge for RGGI compliance costs deemed recovered through base rates, attributable to Dominion Energy Virginia; • A $191 million ($142 million after-tax) charge in connection with a comprehensive settlement agreement for Virginia fuel expenses, attributable to Dominion Energy Virginia; • A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review, attributable to Dominion Energy Virginia; • A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in Virginia Power’s service territory, attributable to Dominion Energy Virginia; and • A $60 million ($45 million after-tax) charge for dismantling costs associated with certain retired electric generation facilities, attributable to Dominion Energy Virginia. The following table presents segment information pertaining to Dominion Energy’s operations:
|  | Dominion Energy Virginia |  |  | Dominion Energy South Carolina |  |  | Contracted Energy |  |  | Corporate and Other |  |  | Adjustments & Eliminations |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,649 |  |  | $ | 944 |  |  | $ | 226 |  |  | $ | (9 | ) |  | $ | — |  |  | $ | 3,810 |
Intersegment revenue |  |  | (4 | ) |  |  | 1 |  |  |  | 6 |  |  |  | 231 |  |  |  | (234 | ) |  |  | — |
Total operating revenue |  |  | 2,645 |  |  |  | 945 |  |  |  | 232 |  |  |  | 222 |  |  |  | (234 | ) |  |  | 3,810 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (554 | ) |  |  | — |  |  |  | (554 | )
Net income (loss) attributable to Dominion Energy |  |  | 532 |  |  |  | 143 |  |  |  | 54 |  |  |  | (566 | ) |  |  | — |  |  |  | 163 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 2,870 |  |  | $ | 915 |  |  | $ | 240 |  |  | $ | (62 | ) |  | $ | — |  |  | $ | 3,963 |
Intersegment revenue |  |  | (5 | ) |  |  | 2 |  |  |  | 5 |  |  |  | 206 |  |  |  | (208 | ) |  |  | — |
Total operating revenue |  |  | 2,865 |  |  |  | 917 |  |  |  | 245 |  |  |  | 144 |  |  |  | (208 | ) |  |  | 3,963 |
Net income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 152 |  |  |  | — |  |  |  | 152 |
Net income (loss) attributable to Dominion Energy |  |  | 618 |  |  |  | 175 |  |  |  | 65 |  |  |  | (80 | ) |  |  | — |  |  |  | 778 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 7,285 |  |  | $ | 2,559 |  |  | $ | 660 |  |  | $ | 355 |  |  | $ | — |  |  | $ | 10,859 |
Intersegment revenue |  |  | (5 | ) |  |  | 4 |  |  |  | 14 |  |  |  | 691 |  |  |  | (704 | ) |  |  | — |
Total operating revenue |  |  | 7,280 |  |  |  | 2,563 |  |  |  | 674 |  |  |  | 1,046 |  |  |  | (704 | ) |  |  | 10,859 |
Net loss from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (105 | ) |  |  | — |  |  |  | (105 | )
Net income attributable to Dominion Energy |  |  | 1,308 |  |  |  | 302 |  |  |  | 123 |  |  |  | 26 |  |  |  | — |  |  |  | 1,759 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenue from external customers |  | $ | 7,212 |  |  | $ | 2,525 |  |  | $ | 645 |  |  | $ | (247 | ) |  | $ | — |  |  | $ | 10,135 |
Intersegment revenue |  |  | (12 | ) |  |  | 6 |  |  |  | 15 |  |  |  | 625 |  |  |  | (634 | ) |  |  | — |
Total operating revenue |  |  | 7,200 |  |  |  | 2,531 |  |  |  | 660 |  |  |  | 378 |  |  |  | (634 | ) |  |  | 10,135 |
Net income from discontinued operations |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 775 |  |  |  | — |  |  |  | 775 |
Net income (loss) attributable to Dominion Energy |  |  | 1,576 |  |  |  | 408 |  |  |  | 95 |  |  |  | (1,043 | ) |  |  | — |  |  |  | 1,036 |
Intersegment sales and transfers for Dominion Energy are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation, including amounts related to entities presented within discontinued operations. Virginia Power The Corporate and Other Segment of Virginia Power primarily includes specific items attributable to its operating segment that are not included in profit measures evaluated by executive management in assessing the segment’s performance or in allocating resources. In the nine months ended September 30, 2023, Virginia Power reported after-tax net expenses of $150 million in the Corporate and Other segment, including $156 million of after-tax net expenses for specific items with $154 million of after-tax net expenses attributable to its operating segment. In the nine months ended September 30, 2022, Virginia Power reported after-tax net expenses of $601 million in the Corporate and Other segment, including $641 million of after-tax net expenses for specific items with $635 million of after-tax net expenses attributable to its operating segment. The net expenses for specific items attributable to Virginia Power’s operating segment in 2023 primarily related to the impact of the following items: • A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review; • A $36 million ($27 million after-tax) charge for the write-off of certain previously deferred amounts related to the cessation of certain riders effective July 2023; and • A $24 million ($18 million after-tax) gain related to investments in nuclear decommissioning trust funds. The net expenses for specific items attributable to Virginia Power’s operating segment in 2022 primarily related to the impact of the following items: • A $213 million ($159 million after-tax) charge for RGGI compliance costs deemed recovered through base rates; • A $191 million ($142 million after-tax) charge in connection with a comprehensive settlement agreement for Virginia fuel expenses; • A $183 million ($136 million after-tax) charge for amortization of a regulatory asset established in connection with the settlement of the 2021 Triennial Review; • A $96 million ($71 million after-tax) loss related to investments in nuclear decommissioning trust funds; • A $94 million ($70 million after-tax) charge associated with storm damage and service restoration in its service territory; and • A $60 million ($45 million after-tax) charge for dismantling costs associated with certain retired electric generation facilities. The following table presents segment information pertaining to Virginia Power’s operations:
|  | Dominion Energy Virginia |  |  | Corporate and Other |  |  | Consolidated Total |
(millions) |  |  |  |  |  |  |  |  |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 2,645 |  |  | $ | — |  |  | $ | 2,645 |
Net income (loss) |  |  | 532 |  |  |  | (59 | ) |  |  | 473 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 2,865 |  |  | $ | 10 |  |  | $ | 2,875 |
Net income (loss) |  |  | 618 |  |  |  | (47 | ) |  |  | 571 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 7,280 |  |  | $ | — |  |  | $ | 7,280 |
Net income (loss) |  |  | 1,308 |  |  |  | (150 | ) |  |  | 1,158 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |
Operating revenue |  | $ | 7,200 |  |  | $ | 17 |  |  | $ | 7,217 |
Net income (loss) |  |  | 1,576 |  |  |  | (601 | ) |  |  | 975 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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