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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | NOTE 10. PROPERTY, PLANT AND EQUIPMENT Major classes of property, plant and equipment and their respective balances for the Companies are as follows:
|  | Dominion Energy |  |  | Virginia Power |
At December 31, |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Utility: |  |  |  |  |  |  |  |  |  |  |  |
Generation |  | $ | 24,903 |  |  | $ | 23,720 |  |  | $ | 18,580 |  |  | $ | 17,611 |
Transmission |  |  | 16,540 |  |  |  | 15,179 |  |  |  | 14,268 |  |  |  | 13,034 |
Distribution |  |  | 21,836 |  |  |  | 20,154 |  |  |  | 15,934 |  |  |  | 14,681 |
Nuclear fuel |  |  | 2,424 |  |  |  | 2,373 |  |  |  | 1,815 |  |  |  | 1,823 |
General and other |  |  | 1,758 |  |  |  | 1,701 |  |  |  | 1,036 |  |  |  | 1,019 |
Plant under construction(1)(2) |  |  | 8,230 |  |  |  | 5,308 |  |  |  | 7,548 |  |  |  | 4,685 |
Total utility |  |  | 75,691 |  |  |  | 68,435 |  |  |  | 59,181 |  |  |  | 52,853 |
Non-jurisdictional - including plant under construction(2) |  |  | 1,772 |  |  |  | 1,834 |  |  |  | 1,772 |  |  |  | 1,834 |
Nonutility: |  |  |  |  |  |  |  |  |  |  |  |
Nonregulated generation-nuclear |  |  | 1,855 |  |  |  | 1,935 |  |  |  | — |  |  |  | — |
Nonregulated generation-solar |  |  | 945 |  |  |  | 944 |  |  |  | — |  |  |  | — |
Nuclear fuel |  |  | 1,009 |  |  |  | 954 |  |  |  | — |  |  |  | — |
Other-including plant under construction |  |  | 2,145 |  |  |  | 1,606 |  |  |  | 10 |  |  |  | 10 |
Total nonutility |  |  | 5,954 |  |  |  | 5,439 |  |  |  | 10 |  |  |  | 10 |
Total property, plant and equipment |  | $ | 83,417 |  |  | $ | 75,708 |  |  | $ | 60,963 |  |  | $ | 54,697 |
(1) Includes $2.9 billion associated with the CVOW Commercial Project. Virginia Power’s February 2024 construction progress filing with the Virginia Commission included an estimated total project cost of $9.8 billion, excluding financing costs. In accordance with the Virginia Commission’s order in December 2022, the Companies are subject to a cost sharing mechanism in which Virginia Power will be eligible to recover 50% of such incremental costs which fall between $10.3 billion and $11.3 billion with no recovery of such incremental costs which fall between $11.3 billion and $13.7 billion. There is no cost sharing mechanism for any total construction costs in excess of $13.7 billion, the recovery of which would be determined in a future Virginia Commission proceeding. (2) During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information. Jointly-Owned Power Stations The Companies’ proportionate share of jointly-owned power stations at December 31, 2023 is as follows:
|  | Bath County Pumped Storage Station(1) |  |  | North Anna Units 1 and 2(1) |  |  | Clover Power Station(1) |  |  | Millstone Unit 3(2) |  |  | Summer Unit 1 (2) |
(millions, except percentages) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ownership interest |  |  | 60 | % |  |  | 88.4 | % |  |  | 50 | % |  |  | 93.5 | % |  |  | 66.7 | %
Plant in service |  |  | 1,066 |  |  |  | 2,632 |  |  |  | 612 |  |  |  | 1,513 |  |  |  | 1,557 |
Accumulated depreciation |  |  | (766 | ) |  |  | (1,455 | ) |  |  | (302 | ) |  |  | (604 | ) |  |  | (744 | )
Nuclear fuel |  |  | — |  |  |  | 787 |  |  |  | — |  |  |  | 540 |  |  |  | 609 |
Accumulated amortization of nuclear fuel |  |  | — |  |  |  | (619 | ) |  |  | — |  |  |  | (412 | ) |  |  | (380 | )
Plant under construction |  |  | 9 |  |  |  | 337 |  |  |  | 2 |  |  |  | 81 |  |  |  | 87 |
(1) Units jointly owned by Virginia Power. (2) Units jointly owned by Dominion Energy. The co-owners are obligated to pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. The Companies report their share of operating costs in the appropriate operating expense (electric fuel and other energy-related purchases, other operations and maintenance, depreciation and amortization and other taxes, etc.) in the Consolidated Statements of Income. Sale of Noncontrolling Interest in CVOW Commercial Project In February 2024, Virginia Power entered into an agreement to sell a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the formation of OSWP. Under the agreement, Virginia Power will contribute the CVOW Commercial Project and Stonepeak will contribute cash to OSWP. The contribution of the CVOW Commercial Project requires approval from the Virginia and North Carolina Commissions. Virginia Power expects closing to occur by the end of 2024, contingent on consent by BOEM and other customary closing and regulatory conditions. Under the terms of the agreement, Virginia Power will receive proceeds representing 50% of the CVOW Commercial Project construction costs incurred through closing, less an initial withholding of $145 million. If the total project costs of the CVOW Commercial Project are $9.8 billion, excluding financing costs, or less Virginia Power shall receive $100 million of the initial withholding. Such amount is subject to downward adjustment with Virginia Power receiving no withheld amounts if the total costs, excluding financing costs, of the CVOW Commercial Project exceed $11.3 billion. Based on an expected closing at the end of 2024, Virginia Power expects to receive proceeds of approximately $3 billion. Following closing, Virginia Power and Stonepeak will each contribute 50% of the remaining capital necessary to fund construction of the CVOW Commercial Project provided the total project cost, excluding financing costs, is less than $11.3 billion. For capital funding necessary, if any, for total project costs, excluding financing costs, of $11.3 billion through $13.7 billion, Stonepeak will have the option to make additional capital contributions. If Stonepeak elects to make additional capital contributions for project costs, excluding financing costs, in excess of $11.3 billion, if any, Virginia Power shall contribute between 67% and 83% of such capital with Stonepeak contributing the remainder. To the extent that Stonepeak elects not to make such contributions, Virginia Power shall receive an increase in its ownership percentage of OSWP for any contributed capital based on a tiered unit price for membership interests in OSWP as set forth in the agreement. Virginia Power and Stonepeak have the right to provide capital contributions for any total project costs, excluding financing costs, in excess of $13.7 billion. The agreement is subject to termination by either party if not completed by December 2024, subject to a potential three-month extension for receipt of regulatory approvals, with a termination fee of $200 million due to Virginia Power under certain conditions. Following closing of the agreement, Virginia Power expects to consolidate OSWP with Stonepeak’s interests reflected as noncontrolling interests. Nonregulated Solar Projects The following table presents acquisitions by Virginia Power of non-jurisdictional solar projects (reflected in Dominion Energy Virginia). Virginia Power has claimed federal investment tax credits on the projects, except as otherwise noted.
Project Name(1) |  | Date Agreement Entered |  | Date Agreement Closed |  | Project Location |  | Project Cost (millions)(2) |  |  | Date of Commercial Operations |  | MW Capacity |
Ft. Powhatan |  | June 2019 |  | June 2019 |  | Virginia |  | $ | 267 |  |  | January 2022 |  |  | 150 |
Belcher(3) |  | June 2019 |  | August 2019 |  | Virginia |  |  | 164 |  |  | June 2021 |  |  | 88 |
Bedford |  | August 2019 |  | November 2019 |  | Virginia |  |  | 106 |  |  | November 2021 |  |  | 70 |
Maplewood |  | October 2019 |  | October 2019 |  | Virginia |  |  | 210 |  |  | December 2022 |  |  | 120 |
Rochambeau |  | December 2019 |  | January 2020 |  | Virginia |  |  | 35 |  |  | December 2021 |  |  | 20 |
Pumpkinseed |  | May 2020 |  | May 2020 |  | Virginia |  |  | 138 |  |  | September 2022 |  |  | 60 |
(1) During 2023, Virginia Power determined the Bookers Mill solar project under development will be utilized to support its utility customers and included the project in its most recent Rider CE application. See Note 13 for additional information. (2) Includes acquisition costs. (3) Referred to as Desper once placed in service. In addition, the following table presents acquisitions by Dominion Energy of solar projects (reflected in Contracted Energy unless otherwise noted). Dominion Energy has claimed or expects to claim federal investment tax credits on the projects, except as otherwise noted.
Project Name |  | Date Agreement Entered |  | Date Agreement Closed |  | Project Location |  | Project Cost (millions)(1) |  |  | Date of Commercial Operations |  | MW Capacity |
Yemassee |  | May 2020 |  | August 2020 |  | South Carolina |  | $ | 17 |  |  | January 2021 |  |  | 10 |
Trask |  | May 2020 |  | October 2020 |  | South Carolina |  |  | 22 |  |  | March 2021 |  |  | 12 |
Hardin I |  | June 2020 |  | June 2020 |  | Ohio |  |  | 240 |  |  | Split(2) |  |  | 150 |
Madison |  | July 2020 |  | July 2020 |  | Virginia |  |  | 165 |  |  | Expected 2024(3)(4) |  |  | 62 |
Hardin II |  | August 2020 |  | Terminated(5) |  |  |  |  |  |  |  |  |  |
Atlanta Farms |  | March 2022 |  | May 2022 |  | Ohio |  |  | 390 |  |  | Expected 2024(3) |  |  | 200 |
Foxhound |  | March 2023 |  | February 2024 |  | Virginia |  |  | 205 |  |  | Expected 2024(3) |  |  | 83 |
(1) Includes acquisition costs. (2) In December 2020 and January 2021, 97 MW and 53 MW of the project commenced commercial operations, respectively. (3) Dominion Energy expects to claim production tax credits on the energy generated and sold by project. (4) Madison is reflected in the Corporate and Other segment effective December 2023. (5) In January 2023, Dominion Energy terminated its agreement, without penalty, to acquire Hardin II. In addition to the facilities discussed above, Dominion Energy has also entered into various agreements to install solar facilities (reflected in the Corporate and Other segment effective September 2023), primarily at schools in Virginia. As of December 31, 2023, Dominion Energy has in service solar facilities with an aggregate generation capacity of 4 MW at a cost of $7 million and anticipates placing additional facilities in service by the end of 2024 with an estimated total projected cost of approximately $16 million and an aggregate generation capacity of 7 MW. Dominion Energy has claimed or expects to claim federal investment tax credits on the projects. Impairment In the fourth quarter of 2022, Dominion Energy modified its intentions for the ongoing growth and development of its nonregulated solar generation assets as part of the preliminary stages of its comprehensive business review announced in November 2022. In connection with that determination, Dominion Energy expects that it is more likely than not that the nonregulated solar generation projects within Contracted Energy will be sold before the end of their useful lives and therefore evaluated the associated long-lived assets for recoverability. Given their strategic alignment with Virginia Power’s operations, the non-jurisdictional solar generation projects reflected in Dominion Energy Virginia were not further evaluated for recoverability. Using a probability-weighted approach, Dominion Energy determined Contracted Energy’s nonregulated solar generation assets were impaired and recorded a charge of $908 million ($685 million after-tax) primarily in impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2022 to adjust the property, plant and equipment, intangible assets and right-of-use lease assets down to an estimated fair value of $665 million in aggregate. The fair value was estimated using an income approach. The valuation is considered a Level 3 fair value measurement due to the use of significant judgmental and unobservable inputs, including projected timing and amount of future cash flows and discount rates reflecting risks inherent in the future cash flows and market prices. As discussed in Note 2, the amount of the impairment charge reflects the impacts of the change in the Companies’ accounting policy for investment tax credits. Non-Wholly-Owned Nonregulated Solar Facilities Sale to Terra Nova Renewable Partners In August 2021, Dominion Energy entered into an agreement with Terra Nova Renewable Partners to sell SBL Holdco, which held Dominion Energy’s 67% controlling interest in certain nonregulated solar projects for consideration of $456 million, subject to customary closing adjustments, with the amount of cash reduced by the amount of SBL Holdco’s debt outstanding at closing. The sale was contingent on clearance or approval under the Hart-Scott-Rodino Act and by FERC as well as other customary closing and regulatory conditions. In September 2021, the waiting period under the Hart-Scott-Rodino Act expired and in October 2021, FERC approved the proposed sale. In December 2021, the transaction closed and Dominion Energy recorded a loss of $149 million ($89 million after-tax gain) in losses (gains) on sales of assets in its Consolidated Statements of Income (reflected in the Corporate and Other segment). As discussed in Note 2, the amount of the loss on sale reflects the impacts of the change in the Companies' accounting policy for investment tax credits. Except as specifically identified, all activity related to SBL Holdco is recorded within Contracted Energy. Sale to Clearway In August 2021, Dominion Energy entered an agreement with Clearway to sell its 50% controlling interest in Four Brothers and Three Cedars for $335 million in cash, subject to customary closing adjustments. The transaction was contingent on clearance or approval under the Hart-Scott-Rodino Act and by FERC as well as other customary closing and regulatory conditions. In October 2021, the waiting period under the Hart-Scott-Rodino Act expired. In December 2021, the transaction closed and Dominion Energy recorded a loss of $364 million ($81 million after-tax) in losses (gains) on sales of assets in its Consolidated Statements of Income (reflected in the Corporate and Other segment), primarily associated with the derecognition of noncontrolling interest. As discussed in Note 2, the amount of the loss on sale reflects the impacts of the change in the Companies’ accounting policy for investment tax credits. Except as specifically identified, all activity related to Four Brothers and Three Cedars is recorded within Contracted Energy. Virginia Power Easement Agreement In November 2023, Virginia Power entered into an agreement to pay $65 million for an easement related to the CVOW Commercial Project for which it will not seek recovery of and therefore recorded a charge of $65 million ($49 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment). Sales of Corporate Office Buildings In 2023, Dominion Energy entered into an agreement for the sale of a corporate office building for total cash consideration of $40 million. Dominion Energy expects that any gain or loss recognized on the transaction at closing, which is expected in the first half of 2024, will be inconsequential. The corporate office building is reflected in the Corporate and Other segment and is presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023. In 2023, Dominion Energy recorded a charge of $93 million ($69 million after-tax) in impairment of assets and other charges in its Consolidated Statements of Income to adjust a corporate office building down to its estimated fair value, using a market approach, of $35 million. The valuation is considered a Level 3 fair value measurement as it is based on unobservable inputs due to limited comparable market activity. The corporate office building is reflected in the Corporate and Other segment and is presented as held for sale in Dominion Energy’s Consolidated Balance Sheets at December 31, 2023. Virginia Power CCRO Utilization In 2021, Virginia Power wrote off $318 million, primarily to accumulated depreciation, representing the utilization of a CCRO in accordance with the GTSA in connection with the settlement of the 2021 Triennial Review. See Note 13 for additional information. Sale of Utility Property In 2023, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission in February 2023, for total cash consideration of $12 million. In connection with the sales, Dominion Energy recognized a gain of $11 million ($8 million after-tax), recorded in losses (gains) on sales of assets, in its Consolidated Statements of Income (reflected in the Corporate and Other segment) for the year ended December 31, 2023. In 2022, Dominion Energy completed the sales of certain utility property in South Carolina, as approved by the South Carolina Commission, for total cash consideration of $20 million. In connection with the sales, Dominion Energy recognized a gain of $20 million ($15 million after-tax), recorded in losses (gains) on sales of assets, in its Consolidated Statements of Income (reflected in Dominion Energy South Carolina) for the year ended December 31, 2022.

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