Edgar Filing: DOMINION ENERGY INC /VA/

d-10q_20180331.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants’ telephone number	I.R.S. Employer Identification Number

001-08489	DOMINION ENERGY, INC.	54-1229715

000-55337	VIRGINIA ELECTRIC AND POWER COMPANY	54-0418825

001-37591	DOMINION ENERGY GAS HOLDINGS, LLC	46-3639580

	120 Tredegar Street Richmond, Virginia 23219 (804) 819-2000

State or other jurisdiction of incorporation or organization of the registrants: Virginia

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Dominion Energy Gas Holdings, LLC Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Dominion Energy, Inc. Yes ☒ No ☐ Virginia Electric and Power Company Yes ☒ No ☐

Dominion Energy Gas Holdings, LLC Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Dominion Energy, Inc.

Large accelerated filer	☒		Accelerated filer	☐
Non-accelerated filer	☐	(Do not check if a smaller reporting company)	Smaller reporting company	☐
			Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Virginia Electric and Power Company

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☒	(Do not check if a smaller reporting company)	Smaller reporting company	☐
			Emerging growth company	☐

Dominion Energy Gas Holdings, LLC

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☒	(Do not check if a smaller reporting company)	Smaller reporting company	☐
			Emerging growth company	☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Dominion Energy, Inc. Yes ☐ No ☒ Virginia Electric and Power Company Yes ☐ No ☒

Dominion Energy Gas Holdings, LLC Yes ☐ No ☒

At April 13, 2018, the latest practicable date for determination, Dominion Energy, Inc. had 652,551,940 shares of common stock outstanding and Virginia Electric and Power Company had 274,723 shares of common stock outstanding. Dominion Energy, Inc. is the sole holder of Virginia Electric and Power Company’s common stock. Dominion Energy, Inc. holds all of the membership interests of Dominion Energy Gas Holdings, LLC.

This combined Form 10-Q represents separate filings by Dominion Energy, Inc., Virginia Electric and Power Company and Dominion Energy Gas Holdings, LLC. Information contained herein relating to an individual registrant is filed by that registrant on its own behalf. Virginia Electric and Power Company and Dominion Energy Gas Holdings, LLC make no representations as to the information relating to Dominion Energy, Inc.’s other operations.

VIRGINIA ELECTRIC AND POWER COMPANY AND DOMINION ENERGY GAS HOLDINGS, LLC MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q AND ARE FILING THIS FORM 10-Q UNDER THE REDUCED DISCLOSURE FORMAT.

COMBINED INDEX

		Page Number
	Glossary of Terms	3

	PART I. Financial Information

Item 1.	Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	84
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97
Item 4.	Controls and Procedures	98

	PART II. Other Information

Item 1.	Legal Proceedings	99
Item 1A.	Risk Factors	99
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	100
Item 6.	Exhibits	101

GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

Abbreviation or Acronym		Definition
2014 Equity Units		Dominion Energy's 2014 Series A Equity Units issued in July 2014
2016 Equity Units		Dominion Energy's 2016 Series A Equity Units issued in August 2016
2017 Tax Reform Act		An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
AFUDC		Allowance for funds used during construction
AMR		Automated meter reading program deployed by East Ohio
AOCI		Accumulated other comprehensive income (loss)
ARO		Asset retirement obligation
Atlantic Coast Pipeline		Atlantic Coast Pipeline, LLC, a limited liability company owned by Dominion Energy, Duke and Southern Company Gas
BACT		Best available control technology
bcf		Billion cubic feet
bcfe		Billion cubic feet equivalent
Blue Racer		Blue Racer Midstream, LLC, a joint venture between Dominion Energy and Caiman Energy II, LLC
CAA		Clean Air Act
CAISO		California Independent System Operator
CCR		Coal combustion residual
CEO		Chief Executive Officer
CERCLA		Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund
CFO		Chief Financial Officer
CO₂		Carbon dioxide
Companies		Dominion Energy, Virginia Power and Dominion Energy Gas, collectively
Cooling degree days		Units measuring the extent to which the average daily temperature is greater than 65 degrees Fahrenheit, calculated as the difference between 65 degrees and the average temperature for that day
Cove Point		Dominion Energy Cove Point LNG, LP
Cove Point Holdings		Cove Point GP Holding Company, LLC
CPCN		Certificate of Public Convenience and Necessity
CWA		Clean Water Act
DECG		Dominion Energy Carolina Gas Transmission, LLC
DES		Dominion Energy Services, Inc.
DETI		Dominion Energy Transmission, Inc.
DGI		Dominion Generation, Inc.
DOE		U.S. Department of Energy
Dominion Energy		The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than Virginia Power and Dominion Energy Gas) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries

Abbreviation or Acronym		Definition
Dominion Energy Gas		The legal entity, Dominion Energy Gas Holdings, LLC, one or more of its consolidated subsidiaries or operating segment, or the entirety of Dominion Energy Gas Holdings, LLC and its consolidated subsidiaries
Dominion Energy Midstream		The legal entity, Dominion Energy Midstream Partners, LP, one or more of its consolidated subsidiaries, Cove Point Holdings, Iroquois GP Holding Company, LLC, DECG and Dominion Energy Questar Pipeline or operating segment, or the entirety of Dominion Energy Midstream Partners, LP and its consolidated subsidiaries
Dominion Energy Questar Pipeline		Dominion Energy Questar Pipeline, LLC, one or more of its consolidated subsidiaries, or the entirety of Dominion Energy Questar Pipeline, LLC and its consolidated subsidiaries
Dth		Dekatherm
Duke		The legal entity, Duke Energy Corporation, one or more of its consolidated subsidiaries or operating segments, or the entirety of Duke Energy Corporation and its consolidated subsidiaries
East Ohio		The East Ohio Gas Company, doing business as Dominion Energy Ohio
Eastern Market Access Project		Project to provide 294,000 Dths/day of firm transportation service to help meet demand for natural gas for Washington Gas Light Company, a local gas utility serving customers in D.C., Virginia and Maryland, and Mattawoman Energy, LLC for its new electric power generation facility to be built in Maryland
EPA		U.S. Environmental Protection Agency
EPS		Earnings per share
FASB		Financial Accounting Standards Board
FERC		Federal Energy Regulatory Commission
Four Brothers		Four Brothers Solar, LLC, a limited liability company owned by Dominion Energy and Four Brothers Holdings, LLC, a wholly-owned subsidiary of NRG
Fowler Ridge		Fowler I Holdings LLC, a wind-turbine facility joint venture between Dominion Energy and BP Wind Energy North America Inc. in Benton County, Indiana
FTA		Free Trade Agreement
FTRs		Financial transmission rights
GAAP		U.S. generally accepted accounting principles
Gal		Gallon
Gas Infrastructure		Gas Infrastructure Group operating segment
GHG		Greenhouse gas
Granite Mountain		Granite Mountain Holdings, LLC, a limited liability company owned by Dominion Energy and Granite Mountain Renewables, LLC, a wholly-owned subsidiary of NRG
Heating degree days		Units measuring the extent to which the average daily temperature is less than 65 degrees Fahrenheit, calculated as the difference between 65 degrees and the average temperature for that day
Hope		Hope Gas, Inc., doing business as Dominion Energy West Virginia
Iron Springs		Iron Springs Holdings, LLC, a limited liability company owned by Dominion Energy and Iron Springs Renewables, LLC, a wholly-owned subsidiary of NRG
Iroquois		Iroquois Gas Transmission System, L.P.
ISO-NE		ISO New England, Inc.
Kewaunee		Kewaunee nuclear power station
kV		Kilovolt
Liquefaction Project		A natural gas export/liquefaction facility at Cove Point
LNG		Liquefied natural gas
MATS		Utility Mercury and Air Toxics Standard Rule

Abbreviation or Acronym		Definition
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
MGD		Million gallons a day
Millstone		Millstone nuclear power station
MW		Megawatt
MWh		Megawatt hour
NAV		Net asset value
NedPower		NedPower Mount Storm LLC, a wind-turbine facility joint venture between Dominion Energy and Shell Wind Energy, Inc. in Grant County, West Virginia
NGL		Natural gas liquid
NO_x		Nitrogen oxide
NRC		Nuclear Regulatory Commission
NRG		The legal entity, NRG Energy, Inc., one or more of its consolidated subsidiaries or operating segments, or the entirety of NRG Energy, Inc. and its consolidated subsidiaries
NSPS		New Source Performance Standards
Ohio Commission		Public Utilities Commission of Ohio
Order 1000		Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development
PIPP		Percentage of Income Payment Plan deployed by East Ohio
PIR		Pipeline Infrastructure Replacement program deployed by East Ohio
PJM		PJM Interconnection, L.L.C.
Power Delivery		Power Delivery Group operating segment
Power Generation		Power Generation Group operating segment
ppb		Parts-per-billion
PSD		Prevention of Significant Deterioration
Questar Gas		Questar Gas Company
Regulation Act		Legislation effective July 1, 2007, that amended the Virginia Electric Utility Restructuring Act and fuel factor statute, which legislation is known as the Virginia Electric Utility Regulation Act, as amended in 2015 and 2018
Rider B		A rate adjustment clause associated with the recovery of costs related to the conversion of three of Virginia Power’s coal-fired power stations to biomass
Rider U		A rate adjustment clause associated with the recovery of costs of new underground distribution facilities
ROE		Return on equity
SBL Holdco		SBL Holdco, LLC, a wholly-owned subsidiary of DGI
SCANA		The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries, or operating segments, or the entirety of SCANA Corporation and its consolidated subsidiaries
SCANA Merger Agreement		Agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA in which SCANA will become a wholly-owned subsidiary of Dominion Energy upon closing
SCE&G		South Carolina Electric & Gas Company, a wholly-owned subsidiary of SCANA
SEC		Securities and Exchange Commission
Standard & Poor’s		Standard & Poor’s Ratings Services, a division of McGraw Hill Financial, Inc.
Terra Nova Renewable Partners		A partnership comprised primarily of institutional investors advised by J.P. Morgan Asset Management-Global Real Assets

Abbreviation or Acronym		Definition
Three Cedars		Granite Mountain and Iron Springs, collectively
Utah Commission		Public Service Commission of Utah
VDEQ		Virginia Department of Environmental Quality
VEBA		Voluntary Employees' Beneficiary Association
VIE		Variable interest entity
Virginia Commission		Virginia State Corporation Commission
Virginia Power		The legal entity, Virginia Electric and Power Company, one or more of its consolidated subsidiaries or operating segments, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries
VOC		Volatile organic compounds

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
	2018		2017
(millions, except per share amounts)
Operating Revenue⁽¹⁾	$	3,466	$	3,384
Operating Expenses
Electric fuel and other energy-related purchases		744		575
Purchased (excess) electric capacity		14		(17	)
Purchased gas		340		305
Other operations and maintenance		796		784
Depreciation, depletion and amortization		498		469
Other taxes		199		189
Total operating expenses		2,591		2,305
Income from operations		875		1,079
Other income		100		162
Interest and related charges		314		292
Income from operations including noncontrolling interests before income tax expense		661		949
Income tax expense		135		275
Net Income Including Noncontrolling Interests		526		674
Noncontrolling Interests		23		42
Net Income Attributable to Dominion Energy	$	503	$	632
Earnings Per Common Share
Net income attributable to Dominion Energy - Basic	$	0.77	$	1.01
Net income attributable to Dominion Energy - Diluted		0.77		1.01
Dividends Declared Per Common Share	$	0.835	$	0.755

(1)	See Note 10 for amounts attributable to related parties.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
	2018			2017
(millions)
Net income including noncontrolling interests	$	526		$	674
Other comprehensive income (loss), net of taxes:
Net deferred gains on derivatives-hedging activities⁽¹⁾		111			43
Changes in unrealized net gains (losses) on investment securities⁽²⁾		(13	)		58
Amounts reclassified to net income:
Net derivative (gains) losses-hedging activities⁽³⁾		8			(23	)
Net realized (gains) losses on investment securities⁽⁴⁾		1			(28	)
Net pension and other postretirement benefit costs⁽⁵⁾		25			13
Changes in other comprehensive income from equity method investees⁽⁶⁾		—			1
Total other comprehensive income		132			64
Comprehensive income including noncontrolling interests		658			738
Comprehensive income attributable to noncontrolling interests		24			42
Comprehensive income attributable to Dominion Energy	$	634		$	696

(1)	Net of $(37) million and $(27) million tax for the three months ended March 31, 2018 and 2017, respectively.

(2)	Net of $4 million and $(35) million tax for the three months ended March 31, 2018 and 2017, respectively.

(3)	Net of $(3) million and $14 million tax for the three months ended March 31, 2018 and 2017, respectively.

(4)	Net of $— million and $16 million tax for the three months ended March 31, 2018 and 2017, respectively.

(5)	Net of $(1) million and $(8) million tax for the three months ended March 31, 2018 and 2017, respectively.

(6)	Net of $— million and $(1) million tax for the three months ended March 31, 2018 and 2017, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31, 2018			December 31, 2017⁽¹⁾
(millions)
ASSETS
Current Assets
Cash and cash equivalents	$	189		$	120
Customer receivables (less allowance for doubtful accounts of $19 and $17)		1,615			1,660
Other receivables (less allowance for doubtful accounts of $2 at both dates)⁽²⁾		136			126
Inventories		1,367			1,477
Other		974			951
Total current assets		4,281			4,334
Investments
Nuclear decommissioning trust funds		5,060			5,093
Investment in equity method affiliates		1,638			1,544
Other		334			327
Total investments		7,032			6,964
Property, Plant and Equipment
Property, plant and equipment		75,632			74,823
Accumulated depreciation, depletion and amortization		(21,503	)		(21,065	)
Total property, plant and equipment, net		54,129			53,758
Deferred Charges and Other Assets
Goodwill		6,405			6,405
Regulatory assets		2,698			2,480
Other		2,809			2,644
Total deferred charges and other assets		11,912			11,529
Total assets	$	77,354		$	76,585

(1)	Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date.

(2)	See Note 10 for amounts attributable to related parties.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

DOMINION ENERGY, INC.

CONSOLIDATED BALANCE SHEETS—(Continued)

(Unaudited)

	March 31, 2018			December 31, 2017⁽¹⁾
(millions)
LIABILITIES AND EQUITY
Current Liabilities
Securities due within one year	$	3,603		$	3,078
Short-term debt		2,713			3,298
Accounts payable		702			875
Other⁽²⁾		2,321			2,385
Total current liabilities		9,339			9,636
Long-Term Debt
Long-term debt		25,759			25,588
Junior subordinated notes		3,980			3,981
Remarketable subordinated notes		1,381			1,379
Total long-term debt		31,120			30,948
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits		4,719			4,523
Regulatory liabilities		6,977			6,916
Other⁽²⁾		5,157			5,192
Total deferred credits and other liabilities		16,853			16,631
Total liabilities		57,312			57,215
Commitments and Contingencies (see Note 16)
Equity
Common stock – no par⁽³⁾		10,316			9,865
Retained earnings		8,924			7,936
Accumulated other comprehensive loss		(1,551	)		(659	)
Total common shareholders' equity		17,689			17,142
Noncontrolling interests		2,353			2,228
Total equity		20,042			19,370
Total liabilities and equity	$	77,354		$	76,585

(1)	Dominion Energy’s Consolidated Balance Sheet at December 31, 2017 has been derived from the audited Consolidated Balance Sheet at that date.

(2)	See Note 10 for amounts attributable to related parties.

(3)	1 billion shares authorized; 653 million shares and 645 million shares outstanding at March 31, 2018 and December 31, 2017, respectively.

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

	Common Stock					Dominion Energy Shareholders						Total Common
	Shares		Amount			Retained Earnings			AOCI			Shareholders' Equity			Noncontrolling Interests			Total Equity
(millions)
December 31, 2016		628	$	8,550		$	6,854		$	(799	)	$	14,605		$	2,235		$	16,840
Net income including noncontrolling interests							632						632			42			674
Contributions from NRG to Four Brothers and Three Cedars													—			6			6
Issuance of common stock		1		79									79						79
Dividends and distributions							(474	)					(474	)		(19	)		(493	)
Other comprehensive income, net of tax										64			64						64
Other							11						11						11
March 31, 2017		629	$	8,629		$	7,023		$	(735	)	$	14,917		$	2,264		$	17,181

December 31, 2017		645	$	9,865		$	7,936		$	(659	)	$	17,142		$	2,228		$	19,370
Cumulative-effect of changes in accounting principles				(127	)		1,029			(1,023	)		(121	)		127			6
Net income including noncontrolling interests							503						503			23			526
Issuance of common stock		8		580									580						580
Sale of Dominion Energy Midstream common units - net of offering costs													—			4			4
Stock awards (net of change in unearned compensation)				3									3						3
Dividends and distributions							(544	)					(544	)		(31	)		(575	)
Other comprehensive income, net of tax										131			131			1			132
Other				(5	)								(5	)		1			(4	)
March 31, 2018		653	$	10,316		$	8,924		$	(1,551	)	$	17,689		$	2,353		$	20,042

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

DOMINION ENERGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended March 31,	2018			2017
(millions)
Operating Activities
Net income including noncontrolling interests	$	526		$	674
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization (including nuclear fuel)		572			548
Deferred income taxes and investment tax credits		131			250
Proceeds from assignment of tower rental portfolio		—			91
Contribution to pension plan		—			(75	)
Gains on sales of assets		(44	)		—
Provision for rate credits to electric utility customers		215			—
Other adjustments		13			(84	)
Changes in:
Accounts receivable		47			136
Inventories		104			61
Deferred fuel and purchased gas costs, net		(264	)		(37	)
Prepayments		(3	)		18
Accounts payable		(57	)		(140	)
Accrued interest, payroll and taxes		(103	)		(19	)
Customer deposits		101			—
Margin deposit assets and liabilities		(33	)		8
Net realized and unrealized changes related to derivative activities		47			31
Other operating assets and liabilities		(20	)		(102	)
Net cash provided by operating activities		1,232			1,360
Investing Activities
Plant construction and other property additions (including nuclear fuel)		(1,103	)		(1,435	)
Acquisition of solar development projects		(7	)		(94	)
Proceeds from sales of securities		419			756
Purchases of securities		(453	)		(786	)
Proceeds from assignment of shale development rights		44			—
Contributions to equity method affiliates		(87	)		(146	)
Other		4			4
Net cash used in investing activities		(1,183	)		(1,701	)
Financing Activities
Issuance of short-term notes		950			—
Repayment of short-term debt, net		(585	)		(528	)
Issuance of long-term debt		950			1,950
Repayment of long-term debt		(1,180	)		(401	)
Issuance of common stock		581			79
Common dividend payments		(544	)		(474	)
Other		(72	)		(67	)
Net cash provided by financing activities		100			559
Increase in cash, restricted cash and equivalents		149			218
Cash, restricted cash and equivalents at beginning of period		185			322
Cash, restricted cash and equivalents at end of period	$	334		$	540
Supplemental Cash Flow Information
Significant noncash investing activities:
Accrued capital expenditures	$	175		$	230

The accompanying notes are an integral part of Dominion Energy’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended March 31,
	2018		2017
(millions)
Operating Revenue⁽¹⁾	$	1,748	$	1,831
Operating Expenses
Electric fuel and other energy-related purchases⁽¹⁾		591		456
Purchased (excess) electric capacity		14		(17	)
Other operations and maintenance:
Affiliated suppliers		83		78
Other		316		296
Depreciation and amortization		297		286
Other taxes		83		79
Total operating expenses		1,384		1,178
Income from operations		364		653
Other income		3		31
Interest and related charges⁽¹⁾		132		120
Income before income tax expense		235		564
Income tax expense		51		208
Net Income	$	184	$	356

(1)	See Note 18 for amounts attributable to affiliates.

The accompanying notes are an integral part of Virginia Power’s Consolidated Financial Statements.

VIRGINIA ELECTRIC AND POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

		Three Months Ended March 31,
		2018		2017
(millions)
Net income		$	184	$	356
Other comprehensive income (loss), net of taxes:
Net deferred gains on derivatives-hedging activities⁽¹⁾			5		—
Changes in unrealized net gains (losses) on nuclear decommissioning trust funds⁽²⁾			—		7
Amounts reclassified to net income:
Net realized gains on nuclear decommissioning trust funds⁽³⁾			—		(3	)
Total other comprehensive income	&