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Investments (Tables) | 12 Months Ended
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Dec. 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) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities:(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. | $ | 1,276 |  | $ | 3,270 |  | $ | (10 | ) |  |  |  | $ | 4,536 |  |  | $ | 759 |  | $ | 1,706 |  | $ | (10 | ) |  |  |  | $ | 2,455 |
Fixed income securities:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt instruments |  | 508 |  |  | 10 |  |  | (27 | ) |  | $ | — |  |  | 491 |  |  |  | 292 |  |  | 3 |  |  | (21 | ) |  | $ | — |  |  | 274 |
Government securities |  | 1,426 |  |  | 28 |  |  | (24 | ) |  |  | — |  |  | 1,430 |  |  |  | 811 |  |  | 17 |  |  | (12 | ) |  |  | — |  |  | 816 |
Common/ collective trust funds |  | 161 |  |  | — |  |  | — |  |  |  | — |  |  | 161 |  |  |  | 124 |  |  | — |  |  | — |  |  |  | — |  |  | 124 |
Insurance contracts |  | 244 |  |  | — |  |  | — |  |  |  |  |  | 244 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents and other(3) |  | 84 |  |  | — |  |  | — |  |  |  | — |  |  | 84 |  |  |  | 47 |  |  | — |  |  | — |  |  |  | — |  |  | 47 |
Total | $ | 3,699 |  | $ | 3,308 |  | $ | (61 | ) | (4) | $ | — |  | $ | 6,946 |  |  | $ | 2,033 |  | $ | 1,726 |  | $ | (43 | ) | (4) | $ | — |  | $ | 3,716 |
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 and the nuclear decommissioning trust regulatory liability as discussed in Note 2. (2) Unrealized gains and losses on fixed income securities are included in AOCI and the nuclear decommissioning trust regulatory liability as discussed in Note 2. Changes in allowance for credit losses are included in other income. (3) Dominion Energy includes pending sales of securities of $49 million and $42 million at December 31, 2023 and 2022, respectively. Virginia Power includes pending sales of securities of $27 million and $24 million at December 31, 2023 and 2022, respectively. (4) Dominion Energy’s fair value of securities in an unrealized loss position was $764 million and $1.6 billion at December 31, 2023 and 2022, respectively. Virginia Power’s fair value of securities in an unrealized loss position was $384 million and $946 million at December 31, 2023 and 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 |
Year Ended December 31, |  | 2023 |  | 2022 |  | 2021 |  |  | 2023 |  | 2022 |  | 2021 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains (losses) recognized during the period |  | $ | 811 |  | $ | (848 | ) | $ | 1,072 |  |  | $ | 420 |  | $ | (436 | ) | $ | 552 |
Less: Net (gains) losses recognized during the period on securities sold during the period |  |  | (7 | ) |  | 8 |  |  | (346 | ) |  |  | 7 |  |  | (7 | ) |  | (190 | )
Unrealized gains (losses) recognized during the period on securities still held at period end(1) |  | $ | 804 |  | $ | (840 | ) | $ | 726 |  |  | $ | 427 |  | $ | (443 | ) | $ | 362 |
(1) Included in other income and the nuclear decommissioning trust regulatory liability as discussed in Note 2.
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 December 31, 2023 by contractual maturity is as follows:
|  | Dominion Energy |  |  | Virginia Power |
(millions) |  |  |  |  |  |
Due in one year or less |  | $ | 185 |  |  | $ | 140 |
Due after one year through five years |  |  | 509 |  |  |  | 250 |
Due after five years through ten years |  |  | 407 |  |  |  | 236 |
Due after ten years |  |  | 981 |  |  |  | 588 |
Total |  | $ | 2,082 |  |  | $ | 1,214 |
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 |
Year Ended December 31, |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales |  | $ | 2,966 |  |  | $ | 3,282 |  |  | $ | 3,985 |  |  | $ | 1,876 |  |  | $ | 1,538 |  |  | $ | 1,791 |
Realized gains(1) |  |  | 92 |  |  |  | 143 |  |  |  | 441 |  |  |  | 50 |  |  |  | 48 |  |  |  | 228 |
Realized losses(1) |  |  | 169 |  |  |  | 296 |  |  |  | 91 |  |  |  | 99 |  |  |  | 107 |  |  |  | 35 |
(1) Includes realized gains and losses recorded to the nuclear decommissioning trust regulatory liability as discussed in Note 2.
Investments Accounts Under Equity Method of Accounting | Investments that Dominion Energy accounts for under the equity method of accounting are as follows:
|  |  |  |  | Investment |  |  |
Company |  | Ownership% |  |  | Balance |  |  | Description
As of December 31, |  |  |  |  | 2023 |  |  | 2022 |  |  |
(millions) |  |  |  |  |  |  |  |  |  |  |
Cove Point |  |  | 50 | % | (1) | $ | — |  |  | $ | 2,673 |  | (1) | LNG import/export and storage facility
Atlantic Coast Pipeline |  |  | 53 | % |  |  | — |  | (2) |  | — |  | (2) | Gas transmission system
Align RNG |  |  | 50 | % |  |  | 80 |  |  |  | 103 |  |  | Renewable natural gas
Dominion Privatization |  |  | 50 | % |  |  | 172 |  |  |  | 176 |  |  | Military electric and gas
Other |  | various |  |  |  | 59 |  | (3) |  | 60 |  | (3) |
Total |  |  |  |  | $ | 311 |  |  | $ | 3,012 |  |  |
(1) Dominion Energy’s sold its remaining 50% noncontrolling limited partnership interest in September 2023. See discussion below. Presented in noncurrent assets held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2022. (2) Dominion Energy’s Consolidated Balance Sheets include a liability associated with its investment in Atlantic Coast Pipeline of $4 million and $114 million at December 31, 2023 and 2022, respectively, presented in other current liabilities. See discussion below for additional information. (3) Dominion Energy’s Consolidated Balance Sheets includes balances presented in current assets held for sale of $43 million and noncurrent assets held for sale of $43 million, at December 31, 2023 and 2022, respectively.

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