Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2012

Future minimum lease payments under noncancelable operating and capital leases that have initial or remaining lease terms in excess of one year as of December 31, 2012 are as follows:



	2013		2014		2015		2016		2017		Thereafter		Total
(millions)
Dominion	$	79	$	72	$	64	$	55	$	63	$	161	$	494

Virginia Power	$	26	$	24	$	19	$	15	$	11	$	26	$	121

Nuclear Insurance

The current level of property insurance coverage for Dominion's and Virginia Power's nuclear units is as follows:



	Coverage
(billions)
Dominion
Millstone	$	2.75
Kewaunee	1.80

Virginia Power⁽¹⁾
Surry	$	2.55
North Anna	2.55


(1)	Surry and North Anna share a blanket property limit of $1 billion.

Subsidiary guarantees

At December 31, 2012, Dominion had issued the following subsidiary guarantees:



	Stated Limit		Value⁽¹⁾
(millions)
Subsidiary debt⁽²⁾	$	363	$	363
Commodity transactions⁽³⁾	2,939		377
Nuclear obligations⁽⁴⁾	231		77
Other⁽⁵⁾	673		98
Total	$	4,206	$	915


(1)	Represents the estimated portion of the guarantee's stated limit that is utilized as of December 31, 2012 based upon prevailing economic conditions and fact patterns specific to each guarantee arrangement. For those guarantees related to obligations that are recorded as liabilities by Dominion's subsidiaries, the value includes the recorded amount.


(2)	Guarantees of debt of certain DEI subsidiaries. In the event of default by the subsidiaries, Dominion would be obligated to repay such amounts.

(3)

Guarantees related to energy trading and marketing activities and other commodity commitments of certain subsidiaries, including subsidiaries of Virginia Power and DEI. These guarantees were provided to counterparties in order to facilitate physical and financial transactions in gas, oil, electricity, pipeline capacity, transportation and related commodities and services. If any of these subsidiaries fail to perform or pay under the contracts and the counterparties seek performance or payment, Dominion would be obligated to satisfy such obligation. Dominion and its subsidiaries receive similar guarantees as collateral for credit extended to others. The value provided includes certain guarantees that do not have stated limits.

(4)

Guarantees related to certain DEI subsidiaries' potential retrospective premiums that could be assessed if there is a nuclear incident under Dominion's nuclear insurance programs and guarantees for a DEI subsidiary's and Virginia Power's commitment to buy nuclear fuel. Excludes Dominion's agreement to provide up to $150 million and $60 million to two DEI subsidiaries to pay the operating expenses of Millstone and Kewaunee, respectively, in the event of a prolonged outage, as part of satisfying certain NRC requirements concerned with ensuring adequate funding for the operations of nuclear power stations. The agreement for Kewaunee also provides for funds through the completion of decommissioning.


(5)	Guarantees related to other miscellaneous contractual obligations such as leases, environmental obligations and construction projects. Also includes guarantees related to certain DEI subsidiaries' obligations for equity capital contributions and energy generation associated with Fowler Ridge and NedPower.

Virginia Electric and Power Company

Loss Contingencies [Line Items]

Long-term Purchase Commitment

At December 31, 2012, Virginia Power had the following long-term commitments that are noncancelable or are cancelable only under certain conditions, and that third parties have used to secure financing for the facilities that will provide the contracted goods or services:



	2013		2014		2015		2016		2017		Thereafter		Total
(millions)
Purchased electric capacity⁽¹⁾	$	350	$	358	$	337	$	275	$	181	$	327	$	1,828

(1)

Commitments represent estimated amounts payable for capacity under power purchase contracts with qualifying facilities and independent power producers, the last of which ends in 2021. Capacity payments under the contracts are generally based on fixed dollar amounts per month, subject to escalation using broad-based economic indices. At December 31, 2012, the present value of Virginia Power's total commitment for capacity payments is $1.4 billion. Capacity payments totaled $337 million, $338 million, and $344 million, and energy payments totaled $214 million, $275 million, and $303 million for 2012, 2011 and 2010, respectively.