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Operating Revenue
9 Months Ended
Sep. 30, 2024
Text Block [Abstract]  
Operating Revenue

Note 4. Operating Revenue

The Companies’ operating revenue consists of the following:

 

 

Dominion Energy

 

 

Virginia Power

 

 

Quarter-to-Date

 

 

Year-to-Date

 

 

Quarter-to-Date

 

 

Year-to-Date

 

Period Ended September 30,

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

(millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated electric sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

$

1,535

 

 

$

1,558

 

 

$

4,184

 

 

$

3,968

 

 

$

1,155

 

 

$

1,133

 

 

$

3,183

 

 

$

2,975

 

Commercial

 

1,248

 

 

 

1,236

 

 

 

3,533

 

 

 

3,453

 

 

 

998

 

 

 

962

 

 

 

2,851

 

 

 

2,745

 

Industrial

 

216

 

 

 

227

 

 

 

642

 

 

 

658

 

 

 

113

 

 

 

109

 

 

 

330

 

 

 

324

 

Government and other retail

 

303

 

 

 

288

 

 

 

812

 

 

 

764

 

 

 

285

 

 

 

269

 

 

 

763

 

 

 

711

 

Wholesale

 

39

 

 

 

53

 

 

 

108

 

 

 

133

 

 

 

29

 

 

 

37

 

 

 

82

 

 

 

88

 

Nonregulated electric sales

 

239

 

 

 

229

 

 

 

693

 

 

 

611

 

 

 

30

 

 

 

22

 

 

 

69

 

 

 

55

 

Regulated gas sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

30

 

 

 

28

 

 

 

223

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial

 

24

 

 

 

25

 

 

 

100

 

 

 

106

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

15

 

 

 

19

 

 

 

50

 

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

 

Regulated gas transportation and storage

 

6

 

 

 

4

 

 

 

15

 

 

 

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Other regulated revenue

 

87

 

 

 

61

 

 

 

293

 

 

 

204

 

 

 

84

 

 

 

57

 

 

 

282

 

 

 

193

 

Other nonregulated revenues(1)(2)(3)

 

43

 

 

 

30

 

 

 

111

 

 

 

115

 

 

 

11

 

 

 

9

 

 

 

30

 

 

 

42

 

Total operating revenue from contracts with customers

 

3,785

 

 

 

3,758

 

 

 

10,764

 

 

 

10,290

 

 

 

2,705

 

 

 

2,598

 

 

 

7,590

 

 

 

7,133

 

Other revenues(1)(4)

 

156

 

 

 

52

 

 

 

295

 

 

 

569

 

 

 

57

 

 

 

47

 

 

 

198

 

 

 

148

 

Total operating revenue

$

3,941

 

 

$

3,810

 

 

$

11,059

 

 

$

10,859

 

 

$

2,762

 

 

$

2,645

 

 

$

7,788

 

 

$

7,281

 

 

(1)
See Note 19 for amounts attributable to affiliates.
(2)
Sales of renewable energy credits were $10 million and $7 million for the three months ended September 30, 2024 and 2023, respectively, and $22 million and $36 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy and $4 million and $2 million for the three months ended September 30, 2024 and 2023, respectively, and $9 million and $24 million for the nine months ended September 30, 2024 and 2023, respectively, at Virginia Power.
(3)
Includes revenue from transition services agreements of $17 million and $3 million for the three months ended September 30, 2024 and 2023, respectively, and $34 million and $16 million for the nine months ended September 30, 2024 and 2023, respectively, at Dominion Energy.
(4)
Includes alternative revenue of $24 million and $34 million for the three months ended September 30, 2024 and 2023, respectively, and $85 million and $111 million for the nine months ended September 30, 2024 and 2023, respectively, at both Dominion Energy and Virginia Power.

 

Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at September 30, 2024.

At September 30, 2024 and December 31, 2023, Dominion Energy’s contract liability balances were $50 million and $47 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets. At September 30, 2024 and December 31, 2023, Virginia Power’s contract liability balances were $43 million and $40 million, respectively, and are recorded in other current liabilities and other deferred credits and other liabilities in its Consolidated Balance Sheets.

The Companies recognize revenue as they fulfill their obligations to provide service to their customers. During the nine months ended September 30, 2024 and 2023, Dominion Energy recognized revenue of $45 million and $48 million, respectively, from the beginning contract liability balances. During the nine months ended September 30, 2024 and 2023, Virginia Power recognized $40 million and $39 million, respectively, from the beginning contract liability balances.