Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Asset Retirement Obligation Disclosure [Abstract]

The changes to AROs during 2022 and 2023 were as follows:


(millions)	Dominion Energy			Virginia Power
AROs at December 31, 2021	$	5,333		$	3,923
Obligations incurred during the period		138			132
Obligations settled during the period		(125	)		(155	)
Revisions in estimated cash flows(1)		46			48
Accretion		210			145
Sales of Kewaunee and Hope		(175	)
AROs at December 31, 2022(2)	$	5,427		$	4,093
Obligations incurred during the period		16			9
Obligations settled during the period		(193	)		(169	)
Revisions in estimated cash flows(3)		603			564
Accretion		222			156
AROs at December 31, 2023(2)	$	6,075		$	4,653

(1)

Primarily reflects revisions to asbestos abatement costs associated with the early retirement of certain retired electric generation facilities.

(2)

Includes $365 million and $434 million reported in other current liabilities for Dominion Energy at December 31, 2022 and 2023, respectively.

(3)

Primarily reflects revisions to future ash pond and landfill closure costs at certain utility generation facilities at Virginia Power as discussed below. In addition, Dominion Energy recorded a $48 million increase to its AROs to reflect a revision in the estimated cash flows following the approval of closure plans for a DESC generation facility previously taken out of service. Dominion Energy also recorded a decrease of $125 million to its AROs due to a revision in the timing of expected cash flows associated with the expected approval of a 20-year useful life extension of Millstone Units 2 and 3. Concurrently, Dominion Energy reevaluated its estimated cash flows associated with Millstone Unit 1, which resulted in an increase to its AROs of $83 million. As a result, Dominion Energy recorded a charge of $83 million ($60 million after-tax) within impairment of assets and other charges in its Consolidated Statements of Income (reflected in the Corporate and Other segment).