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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Increase (Decrease) to Each Affected Line Item in Companies' Consolidated Financial Statements | The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Statements of Income for the periods presented:
|  | Dominion Energy |  |  | Virginia Power |
Year ended December 31, |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
(millions, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Tax Credit-Related Impacts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense |  | $ | (19 | ) |  | $ | 94 |  |  | $ | (340 | ) |  | $ | (9 | ) |  | $ | 103 |  |  | $ | 50 |
Net income from continuing operations(1) |  |  | 19 |  |  |  | (94 | ) |  |  | 340 |  |  |  | 9 |  |  |  | (103 | ) |  |  | (50 | )
Net income from discontinued operations(2) |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |  |
Earnings per share(1)(2) |  |  | 0.04 |  |  |  | (0.11 | ) |  |  | 0.42 |  |  |  |  |  |  |  |  |  |
Other Impacts(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Impairment of assets and other charges |  |  | — |  |  |  | (560 | ) |  |  | — |  |  |  |  |  |  |  |  |  |
Losses (gains) on sales of assets |  |  | — |  |  |  | — |  |  |  | 303 |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 18 |  |  |  | — |  |  |  | 13 |  |  |  |  |  |  |  |  |  |
Income tax expense |  |  | (4 | ) |  |  | 139 |  |  |  | (81 | ) |  |  |  |  |  |  |  |  |
Net income from continuing operations(4)(5) |  |  | (14 | ) |  |  | 421 |  |  |  | (230 | ) |  |  |  |  |  |  |  |  |
Earnings per share(4) |  |  | (0.02 | ) |  |  | 0.51 |  |  |  | (0.28 | ) |  |  |  |  |  |  |  |  |
(1) The impact to Dominion Energy's net income from continuing operations includes an increase (decrease) of $(13) million ($(0.02) per share), $(12) million ($(0.01) per share), $(15) million ($(0.02) per share) and $59 million ($0.07 per share) for the first, second, third and fourth quarters of 2023, respectively. Virginia Power's net income includes an increase of $2 million, $2 million, $2 million and $3 million for the first, second, third and fourth quarters of 2023, respectively. (2) The impact to Dominion Energy's income tax expense presented within net income from discontinued operations resulted in an increase of $0.02 per share in the third quarter of 2023. (3) Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021. (4) Includes a decrease of $6 million attributable to noncontrolling interests for the year ended December 31, 2021. (5) The impact to Dominion Energy's net income from continuing operations includes a decrease of $3 million (less than $0.01 per share), $3 million (less than $0.01 per share), $4 million (less than $0.01 per share) and $4 million (less than $0.01 per share) for the first, second, third and fourth quarters of 2023, respectively. The following table details the increase (decrease) to each affected line item in the Companies’ Consolidated Balance Sheets for the periods presented:
|  | Dominion Energy |  |  | Virginia Power |
At December 31, |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Investment Tax Credit-Related Impacts |  |  |  |  |  |  |  |  |  |
Deferred income taxes and investment tax credits |  | $ | 589 |  |  | $ | 625 |  |  | $ | 264 |  |  | $ | 278 |
Noncurrent regulatory liabilities |  |  | 23 |  |  |  | 18 |  |  |  | 23 |  |  |  | 18 |
Other Impacts(1) |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 533 |  |  |  | 533 |  |  |  |  |  |  |
Accumulated depreciation and amortization |  |  | 60 |  |  |  | 44 |  |  |  |  |  |  |
Intangible assets, net |  |  | 14 |  |  |  | 14 |  |  |  |  |  |  |
Operating lease assets(2) |  |  | 55 |  |  |  | 57 |  |  |  |  |  |  |
Deferred income taxes and investment tax credits |  |  | 135 |  |  |  | 139 |  |  |  |  |  |  |
(1) Other impacts are primarily associated with the impairment of certain solar generation facilities held within Contracted Energy in 2022 and non-wholly-owned solar generation facilities sold in 2021. (2) Included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets.
Schedule of Checks Outstanding but Not Yet Presented for Payment | The following table illustrates the checks outstanding but not yet presented for payment and recorded in accounts payable for the Companies:
At December 31, |  | 2023 |  |  | 2022 |
(millions) |  |  |  |  |  |
Dominion Energy(1) |  | $ | 54 |  |  | $ | 35 |
Virginia Power |  |  | 44 |  |  |  | 21 |
(1) In addition, at December 31, 2023 and 2022, Dominion Energy had $19 million and $14 million, respectively, of checks outstanding but not yet presented for payment included in current liabilities held for sale.
Reconciliation of Total Cash, Restricted Cash and Equivalents | The following table provides a reconciliation of the total cash, restricted cash and equivalents reported within the Companies’ Consolidated Balance Sheets to the corresponding amounts reported within the Companies’ Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 and 2020:
|  | Cash, Restricted Cash and Equivalents at End/Beginning of Year |
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2021 |  |  | December 31, 2020 |
(millions) |  |  |  |  |  |  |  |  |  |  |  |
Dominion Energy |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents(1) |  | $ | 217 |  |  | $ | 153 |  |  | $ | 283 |  |  | $ | 179 |
Restricted cash and equivalents(2)(3) |  |  | 84 |  |  |  | 188 |  |  |  | 125 |  |  |  | 68 |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |  | $ | 301 |  |  | $ | 341 |  |  | $ | 408 |  |  | $ | 247 |
Virginia Power |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 90 |  |  | $ | 22 |  |  | $ | 26 |  |  | $ | 35 |
Restricted cash and equivalents(3) |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |
Cash, restricted cash and equivalents shown in the Consolidated Statements of Cash Flows |  | $ | 90 |  |  | $ | 24 |  |  | $ | 26 |  |  | $ | 35 |
(1) At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $33 million, $34 million, $49 million and $21 million, respectively, of cash and cash equivalents included in current assets held for sale. (2) At December 31, 2023, 2022, 2021 and 2020, Dominion Energy had $4 million, $2 million, $3 million and $3 million, respectively, of restricted cash and equivalents included in current assets held for sale with the remaining balances presented within other current assets in Dominion Energy’s Consolidated Balance Sheets. (3) Restricted cash and equivalents balances are presented within other current assets in Virginia Power’s Consolidated Balance Sheets.
Schedule of Supplemental Cash Flow Information | The following table provides supplemental disclosure of cash flow information related to Dominion Energy:
Year Ended December 31, |  | 2023 |  |  | 2022 |  |  | 2021 |
(millions) |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |
Interest and related charges, excluding capitalized amounts |  | $ | 1,991 |  |  | $ | 1,408 |  |  | $ | 1,340 |
Income taxes |  |  | 286 |  |  |  | 139 |  |  |  | 160 |
Significant noncash investing and financing activities:(1)(2) |  |  |  |  |  |  |  |  |
Accrued capital expenditures |  |  | 1,085 |  |  |  | 979 |  |  |  | 637 |
Leases(3) |  |  | 255 |  |  |  | 144 |  |  |  | 96 |
(1) See Note 9 for noncash investing activities related to the acquisition of a noncontrolling interest in Wrangler and Dominion Privatization. (2) See Notes 18, 19, 20 and 23 for noncash financing activities related to the contribution of stock to Dominion Energy’s defined benefit pension plan, remarketing of Series A Preferred Stock and the issuance of common stock and transfer of property associated with the settlement of litigation. (3) Includes $44 million of finance leases and $211 million of operating leases entered in 2023, $34 million of finance leases and $110 million of operating leases entered in 2022 and $47 million of finance leases and $49 million of operating leases entered in 2021. The following table provides supplemental disclosure of cash flow information related to Virginia Power:
Year Ended December 31, |  | 2023 |  |  | 2022 |  |  | 2021 |
(millions) |  |  |  |  |  |  |  |  |
Cash paid (received) during the year for: |  |  |  |  |  |  |  |  |
Interest and related charges, excluding capitalized amounts |  | $ | 709 |  |  | $ | 599 |  |  | $ | 501 |
Income taxes |  |  | (47 | ) |  |  | (54 | ) |  |  | 109 |
Significant noncash investing activities: |  |  |  |  |  |  |  |  |
Accrued capital expenditures |  |  | 807 |  |  |  | 665 |  |  |  | 363 |
Leases(1) |  |  | 203 |  |  |  | 116 |  |  |  | 79 |
(1) Includes $30 million of finance leases and $173 million of operating leases entered in 2023, $26 million of finance leases and $90 million of operating leases entered in 2022 and $37 million of finance leases and $42 million of operating leases entered in 2021.
Schedule of the inputs and assumptions used in measuring fair value | The inputs and assumptions used in measuring fair value include the following:
|  | Derivative Contracts |  |
Inputs and assumptions |  | Commodity |  | Interest Rate |  | Foreign Currency Exchange Rate |  | Investments
Forward commodity prices |  | X |  |  |  |  |  |
Transaction prices |  | X |  |  |  |  |  |
Price volatility |  | X |  |  |  |  |  |
Price correlation |  | X |  |  |  |  |  |
Volumes |  | X |  |  |  |  |  |
Commodity location |  | X |  |  |  |  |  |
Interest rate curves |  |  |  | X |  |  |  |
Foreign currency forward exchange rates |  |  |  |  |  | X |  |
Quoted securities prices and indices |  |  |  |  |  |  |  | X
Securities trading information including volume and restrictions |  |  |  |  |  |  |  | X
Maturity |  |  |  |  |  |  |  | X
Interest rates |  | X |  |  |  | X |  | X
Credit quality of counterparties and the Companies |  | X |  | X |  | X |  | X
Credit enhancements |  | X |  | X |  |  |  |
Notional value |  |  |  | X |  | X |  |
Time value |  | X |  | X |  | X |  |
Schedule of Depreciation Rates | The Companies’ average composite depreciation rates on utility property, plant and equipment are as follows:
Year Ended December 31, |  | 2023 |  |  | 2022 |  |  | 2021 |
(percent) |  |  |  |  |  |  |  |  |
Dominion Energy(1) |  |  |  |  |  |  |  |  |
Generation |  |  | 2.65 |  |  |  | 2.71 |  |  |  | 2.63 |
Transmission |  |  | 2.32 |  |  |  | 2.32 |  |  |  | 2.52 |
Distribution |  |  | 2.72 |  |  |  | 2.80 |  |  |  | 2.85 |
General and other |  |  | 4.20 |  |  |  | 4.31 |  |  |  | 4.36 |
Virginia Power |  |  |  |  |  |  |  |  |
Generation |  |  | 2.75 |  |  |  | 2.84 |  |  |  | 2.69 |
Transmission |  |  | 2.29 |  |  |  | 2.29 |  |  |  | 2.51 |
Distribution |  |  | 2.78 |  |  |  | 2.76 |  |  |  | 3.18 |
General and other |  |  | 4.60 |  |  |  | 4.78 |  |  |  | 5.08 |
(1) Excludes rates for depreciation reported as discontinued operations.
Property, Plant and Equipment | Dominion Energy’s nonutility property, plant and equipment is depreciated using the straight-line method over the following estimated useful lives:
Asset |  | Estimated Useful Lives(1)
Nonregulated generation-nuclear |  | 54-64 years
Nonregulated generation-other |  | 30-35 years
General and other |  | 5-50 years
(1) The estimated useful life for a generation station is made on a unit basis if the facility has multiple generating units and represents the period the unit was placed in service or acquired until the end of its license or estimated service period.

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