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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2025
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note 11. Property, Plant and Equipment CVOW Commercial Project – Estimated Total Project Cost As discussed in Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024, Virginia Power is constructing the CVOW Commercial Project. The 2.6 GW project is expected to be placed in service by the end of 2026 with an estimated total project cost of approximately $10.8 billion, excluding financing costs, that reflects an estimated impact of certain tariffs which became effective in March and April 2025. The Companies’ projected impact of tariffs on expected total project cost is subject to change due to the inherent uncertainty associated with which tariffs, if any, may be in effect and the associated requirements and rates of such tariffs. The expected total project cost increase of $0.1 billion relative to Virginia Power’s February 2025 construction update filing with the Virginia Commission reflects current projections of tariffs on equipment expected to be delivered from March 2025 through the end of the second quarter of 2025 that either contains steel and/or originates from Mexico, Canada, a European Union member or other applicable countries. The actual tariffs to be incurred are dependent upon the tariff requirements and rates, if any, at the time of delivery of the specific component. If the current tariffs were to remain in effect through the end of 2026, the expected project costs for offshore wind and onshore electrical interconnection equipment could increase by up to approximately $0.4 billion. As a result of the revised total project cost estimate and cost sharing mechanism associated with tariffs enacted by March 31, 2025, in the first quarter of 2025 Virginia Power recorded a charge for costs not expected to be recovered from customers of $45 million within impairment of assets and other charges, which includes $22 million attributable to noncontrolling interests, and an associated income tax benefit of $6 million, all reflected in the Corporate and Other segment, in the Companies’ Consolidated Statements of Income. In addition, Virginia Power expects to record a charge for costs not expected to be recovered from customers of approximately $15 million within impairment of assets and other charges, inclusive of approximately $8 million attributable to noncontrolling interests, in the second quarter of 2025 associated with tariffs enacted in April 2025. See Note 10 to the Consolidated Financial Statements in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2024 for more information on the cost sharing mechanism in the Virginia Commission’s December 2022 order and Stonepeak’s 50% noncontrolling interest in the CVOW Commercial Project. The estimated total project cost above reflects the Companies’ best estimate of the remaining construction costs, including contingency of approximately 6% on such remaining amounts. Such estimate could potentially change for items, certain of which are beyond the Companies’ control, including but not limited to actual network upgrade costs allocated by PJM, fuel for transportation and installation, the impact of applicable tariffs, if any, costs to maintain necessary permits, approvals and authorizations, ability of key suppliers and contractors to timely satisfy their obligations under existing contracts, marine wildlife and/or any severe weather events. Any additional increase in such costs in excess of the contingency included in the estimated total project cost would be subject to the cost sharing mechanisms discussed above and could have a material impact on the Companies’ future financial condition, results of operations and/or cash flows.

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