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Variable Interest Entities | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Note 15. Variable Interest Entities There have been no significant changes regarding the entities the Companies consider VIEs as described in Note 16 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024. Virginia Power Virginia Power purchased shared services from DES, an affiliated VIE, of $155 million and $115 million for the three months ended March 31, 2025 and 2024, respectively. Virginia Power’s Consolidated Balance Sheets include amounts due to DES of $51 million and $38 million at March 31, 2025 and December 31, 2024, respectively, recorded in payables to affiliates. As described in Note 18 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Virginia Power formed VPFS in October 2023, a wholly-owned special purpose subsidiary which is considered to be a VIE, for the sole purpose of securitizing certain of Virginia Power’s under-recovered deferred fuel balance through the issuance of senior secured deferred fuel cost bonds. The Companies’ Consolidated Balance Sheets included balances for VPFS as follows:
|  | March 31, 2025 |  |  | December 31, 2024 |
(millions) |  |  |  |  |  |
Prepayments(1) |  | $ | — |  |  | $ | — |
Regulatory assets-current |  |  | 119 |  |  |  | 124 |
Other current assets |  |  | 108 |  |  |  | 41 |
Regulatory assets-noncurrent |  |  | 998 |  |  |  | 1,040 |
Total assets |  | $ | 1,225 |  |  | $ | 1,205 |
Securities due within one year |  | $ | 163 |  |  | $ | 163 |
Accrued interest, payroll and taxes |  |  | 37 |  |  |  | 10 |
Securitization bonds |  |  | 1,054 |  |  |  | 1,054 |
Total liabilities |  | $ | 1,254 |  |  | $ | 1,227 |
(1) Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets. As described in Note 10 of the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, in October 2024 Virginia Power completed the sale of a 50% noncontrolling interest in the CVOW Commercial Project to Stonepeak through the sale of an interest in OSWP, which is considered to be a VIE. The Companies’ Consolidated Balance Sheets included balances for OSWP as follows:
|  | March 31, 2025 |  |  | December 31, 2024 |
(millions) |  |  |  |  |  |
Cash and cash equivalents |  | $ | 159 |  |  | $ | 70 |
Customer receivables |  |  | — |  |  |  | — |
Prepayments(1) |  |  | 7 |  |  |  | 10 |
Regulatory assets-current |  |  | 4 |  |  |  | 6 |
Property, plant and equipment |  |  | 6,632 |  |  |  | 5,844 |
Regulatory assets-noncurrent |  |  | 52 |  |  |  | 52 |
Other deferred charges and other assets |  |  | — |  |  |  | — |
Total assets |  | $ | 6,854 |  |  | $ | 5,982 |
Accrued interest, payroll and taxes |  | $ | — |  |  | $ | — |
Other current liabilities |  |  | 6 |  |  |  | — |
Asset retirement obligations- noncurrent(2) |  |  | 67 |  |  |  | 38 |
Other deferred credits and other liabilities |  |  | 4 |  |  |  | — |
Total liabilities |  | $ | 77 |  |  | $ | 38 |
(1) Prepayments are presented in other current assets in the Companies’ Consolidated Balance Sheets. (2) Asset retirement obligation-noncurrent are presented in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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