XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Electric Plant
12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Electric Plant

NOTE 2—Electric Plant

Our net electric plant was composed of the following as of December 31, 2023:

 

 

 

Wildcat
Point

 

 

North
Anna

 

 

Clover

 

 

Combustion
Turbine
Facilities

 

 

Other

 

 

Total

 

 

 

(in thousands)

 

Property, plant, and equipment

 

$

881,910

 

 

$

427,567

 

 

$

706,831

 

 

$

444,241

 

 

$

105,662

 

 

$

2,566,211

 

Accumulated depreciation

 

 

(151,206

)

 

 

(283,675

)

 

 

(438,720

)

 

 

(263,802

)

 

 

(35,890

)

 

 

(1,173,293

)

Net Property, plant, and equipment

 

 

730,704

 

 

 

143,892

 

 

 

268,111

 

 

 

180,439

 

 

 

69,772

 

 

 

1,392,918

 

Nuclear fuel, at amortized cost

 

 

 

 

 

16,340

 

 

 

 

 

 

 

 

 

 

 

 

16,340

 

Construction work in progress

 

 

1,600

 

 

 

65,822

 

 

 

1,761

 

 

 

2,234

 

 

 

8,671

 

 

 

80,088

 

Net Electric Plant

 

$

732,304

 

 

$

226,054

 

 

$

269,872

 

 

$

182,673

 

 

$

78,443

 

 

$

1,489,346

 

 

Our net electric plant was composed of the following as of December 31, 2022:

 

 

 

Wildcat
Point

 

 

North
Anna

 

 

Clover

 

 

Combustion
Turbine
Facilities

 

 

Other

 

 

Total

 

 

 

(in thousands)

 

Property, plant, and equipment

 

$

879,319

 

 

$

418,073

 

 

$

708,240

 

 

$

441,000

 

 

$

102,803

 

 

$

2,549,435

 

Accumulated depreciation

 

 

(125,832

)

 

 

(272,036

)

 

 

(427,304

)

 

 

(254,425

)

 

 

(36,934

)

 

 

(1,116,531

)

Net Property, plant, and equipment

 

 

753,487

 

 

 

146,037

 

 

 

280,936

 

 

 

186,575

 

 

 

65,869

 

 

 

1,432,904

 

Nuclear fuel, at amortized cost

 

 

 

 

 

19,155

 

 

 

 

 

 

 

 

 

 

 

 

19,155

 

Construction work in progress

 

 

245

 

 

 

47,378

 

 

 

159

 

 

 

227

 

 

 

8,066

 

 

 

56,075

 

Net Electric Plant

 

$

753,732

 

 

$

212,570

 

 

$

281,095

 

 

$

186,802

 

 

$

73,935

 

 

$

1,508,134

 

 

Wildcat Point

We own Wildcat Point, a 980 MW (net capacity entitlement) natural gas-fueled combined cycle generation facility.

North Anna

We hold an 11.6% undivided ownership interest in North Anna, a two-unit, 1,892 MW (net capacity entitlement) nuclear power generation facility operated by Virginia Power, which owns the balance of the plant. We are responsible for and must fund 11.6% of all post-acquisition date additions and operating costs associated with North Anna, as well as a pro-rata portion of Virginia Power’s administrative and general expenses directly attributable to North Anna. Our portion of assets, liabilities, and operating expenses associated with North Anna are included on our consolidated financial statements in accordance with proportionate consolidation accounting. As of December 31, 2023 and 2022, we had an outstanding accounts payable balance of $12.8 million and $5.6 million, respectively, due to Virginia Power for operation, maintenance, and capital investment at North Anna.

Clover

We hold a 50% undivided ownership interest in Clover, a two-unit, 877 MW (net capacity entitlement) coal-fired generation facility operated by Virginia Power, which owns the balance of the plant. We are responsible for and must fund half of all additions and operating costs associated with Clover, as well as half of Virginia Power’s administrative and general expenses directly attributable to Clover. Our portion of assets, liabilities, and operating expenses associated with Clover are included on our consolidated financial statements in accordance with proportionate consolidation accounting. As of December 31, 2023 and 2022, we had an outstanding accounts payable balance of $8.9 million and $6.0 million, respectively, due to Virginia Power for operation, maintenance, and capital investment at Clover.

Combustion Turbine Facilities

We own two combustion turbine facilities, Louisa and Marsh Run, that are primarily fueled by natural gas.

Other

We also own six distributed generation facilities, and approximately 110 miles of transmission lines on the Virginia portion of the Delmarva Peninsula.