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Dominion Resources
Type Public (NYSED)
Founded Virginia, USA (1983)
Headquarters United States Richmond, Virginia, USA
Key people Thomas Farrell (Chairman, CEO)
Thomas Chewning (CFO)
Mark McGettrick (Exec. VP)
Industry Electric utility
Products Electricity
Natural gas
Revenue US$16,290,000,000 (2008)
Operating income US$3,626,000,000 (2008)
Net income US$1,384,000,000 (2008)
Total assets US$42,053,000,000 (2008)
Total equity US$10,334,000,000 (2008)
Employees 18,000 (2008)
Website http://www.dom.com
[1][2][3]

Dominion Resources Inc. (NYSED), commonly referred to as Dominion, is a power and energy company headquartered in Richmond, Virginia that supplies electricity, natural gas, or other energy services to homes in Virginia, West Virginia, Ohio, Pennsylvania, and eastern North Carolina. Dominion also has generation facilities in Wisconsin, Indiana, Illinois, Connecticut and Massachusetts.

Contents

Overview

The company's asset portfolio includes 27,000 megawatts of power generation, 6,000 miles (9,700 km) of electric transmission lines, 14,000 miles (23,000 km) of natural gas transmission, gathering and storage pipeline, and 1.2 trillion cubic feet equivalent (Tcfe) of natural gas and oil reserves. Dominion also operates the nation's largest natural gas storage facility,[4] amounting to more than 975 billion cubic feet (bcf) of storage capacity.[3] The company's Cove Point liquefied natural gas (LNG) import terminal on the Chesapeake Bay is one of the nation's largest and busiest facilities of its kind. Dominion serves more than 5 million retail energy customers in the Midwest, mid-Atlantic and Northeast regions of the U.S.

In 2009, Dominion was listed at #157 on the Fortune 500.[5]

History

Dominion is one of the United States' oldest and most prominent electric power and natural gas companies. Its corporate roots reach back to the Colonial era through 235 predecessor companies that operated, among other lines of business, canal and river barging, street lighting, railways and electric trolleys.[1]

In 1909, Dominion began operating as an investor-owned electric utility under the name Virginia Electric & Power Company (VEPCO). In 1983, Dominion Resources, Inc., was incorporated as the holding company for its legacy electric utility. Two years later, VEPCO was divided into three operating divisions, Virginia Power, North Carolina Power, and West Virginia Power [6]. The West Virginia Power division was later sold to UtiliCorp United, but Dominion retained ownership of the Mount Storm Generation facility in West Virginia.

In 1986, Dominion entered into one of its largest territory expansions by purchasing the Virginia distribution territory of Potomac Electric Power Company (PEPCO), which covered much of northern Virginia.[6]

Throughout the 1980s and 1990s, Dominion initiated a series of expansions into regulated and non-regulated energy businesses, both domestically and internationally. During that era, the company also established itself as a world-class operator of nuclear power stations.[7]

Following a merger in 2000 with Consolidated Natural Gas Co. of Pittsburgh, Dominion began producing both natural gas and electricity and transporting the energy over an extensive network of pipes and wires serving energy-intensive markets in the Northeastern quadrant of the U.S.

In 2007, as part of another effort to refocus on core electric and gas operations, Dominion sold most of its Houston-based natural gas and oil exploration and production business for pre-tax proceeds of nearly $14 billion. Its onshore US oil and gas reserves were sold in separate deals to Loews Corporation and to XTO Energy, while its Gulf of Mexico reserves were sold to Eni, and its Canadian reserves were sold to two Canadian trusts.[8]

Operations

The realigned Dominion enterprise has three operating businesses:

Dominion Generation
  • Regulated power generation
  • Unregulated merchant generation
Dominion Energy
  • Natural gas distribution
  • Natural gas transmission and storage
  • Producer services
  • Natural gas/oil exploration & production
Dominion Virginia Power
  • Electric distribution
  • Electric transmission
  • Unregulated retail

More than 40 percent of Dominion’s total electric production comes from nuclear and renewable power. The rest of the company’s electric output comes from coal, natural gas and a small amount of oil. Renewable energy sources, primarily wind and biomass, and conservation and efficiency programs will play an increasingly important role in meeting future energy needs and minimizing the company’s environmental footprint.

According to a 2008 op-ed by Dominion senior vice president James K. Martin, the company plans to invest $3.5 billion toward the goal of reducing air emissions at existing stations by more than 80 percent by 2015.[9]

Dominion’s social investment program is carried out primarily through the Dominion Foundation. For the period 2004–07, Foundation giving totaled $43.4 million to almost 4,500 charitable organizations in the communities where Dominion does business.

Expansion plans

To ensure reliable and adequate supplies of energy to meet growing customer demand, Dominion has embarked on a $12 billion infrastructure investment program — the largest in company history. From 2008–10, Dominion’s capital spending plans include:

  • Natural gas pipeline and storage projects, including expansion of the Cove Point LNG facility in southern Maryland;
  • Customer service and gas distribution investments;
  • Oil/gas exploration and production investments;
  • Electric distribution and transmission upgrades and construction;
  • Renewable and baseload power generation construction, and efficiency and environmental enhancements at existing facilities; and
  • Conservation and energy efficiency program expansions.

Demand growth in Dominion’s home state of Virginia is expected to be especially strong over the coming decade. The company’s Powering Virginia strategy relies on a combination of energy management, production and delivery to address this challenge and reduce environmental impacts at the same time.

Controversy

Dominion Resources has been involved in seeking legislation to deregulate retail electric service in Virginia. In 2009, the Virginia General Assembly adopted legislation to "reregulate" but granted various rate concessions in connection with this new legislation, including the indexing of rates to measurers of inflation, thereby reducing the need to seek the Virginia State Corporation Commission's approval of rate increases.

The Dominion Political Action Committee has been very active in donating to Virginia candidates. In 2009, the Dominion PAC has donated $655,404 with 52% going to Republicans and 46% to Democrats.[10]

There are also controversies surrounding the Dominion Cove Point LNG, LP subsidiary, described in a separate article.

Environmental record

The Political Economy Research Institute ranks Dominion Resources 27th among corporations emitting airborne pollutants in the United States. The ranking is based on the quantity (14 million pounds in 2005) and toxicity of the emissions.[11] In December 2007, a settlement between the United States Environmental Protection Agency (EPA) and Dominion Energy of Brayton Point called for the company's power generating plant to install new closed cycle cooling towers that provided significant protection to aquatic organisms in Mount Hope Bay, which flows into Narragansett Bay. The 2007 settlement resolved an ongoing dispute that began in 2003. The EPA issued a final discharge permit called a National Pollution Discharge Elimination System (NPDES) for the Brayton Point Power Station requiring significant reductions in thermal discharges to, and water intake from, Mount Hope Bay.[12] In 2002, Dominion was responsible for 1,110,703 pounds of gastrointestinal or Liver Toxicant emissions, 1,440,000 pounds of Musculoskeletal Toxicant emissions, and 1,489,763 pounds of suspected respiratory toxicant emissions, and 1,478,383 pounds of suspected skin or sense organ toxicant emissions among other emissions that are suspected to be hazardous.[13]

Notes

  1. ^ a b "Dominion History". http://www.dom.com/about/history.jsp. Retrieved 2008-08-03.  
  2. ^ "Dominion Resources, Inc.". Google Finance. http://finance.google.com/finance?q=NYSE:D. Retrieved 2008-08-03.  
  3. ^ a b "2008 Summary Annual Report". Dominion Resources Inc.. 2008. http://www.dom.com/investors/annual2008/domannual.pdf. Retrieved 13 July 2009.  
  4. ^ "Dimensions 2008/2009: Corporate Responsibility Report". Dominion Resources, Inc.. 2009. http://www.dom.com/about/pdf/dimensions.pdf. Retrieved 31 August 2009.  
  5. ^ "157. Dominion Resources". Fortune. Time Inc.. 4 May 2009. http://money.cnn.com/magazines/fortune/fortune500/2009/snapshots/2014.html. Retrieved 13 July 2009.  
  6. ^ a b "Dominion Resources, Inc.". FundingUniverse. http://www.fundinguniverse.com/company-histories/Dominion-Resources-Inc-Company-History.html. Retrieved 2008-11-25.  
  7. ^ Smolkin, Rachel (January 2004). "Are We Going Nuclear?". Washingtonian. http://www.washingtonian.com/articles/coverarchive/6142.html. Retrieved 31 August 2009. ""Dominion and North Anna are leaders in performance worldwide. Calvert's [Calvert Cliffs] coming that way, but North Anna's there.""  
  8. ^ Mufson, Steven, "Dominion sells more of its oil and gas assets", Washington Post (June 5, 2007) p D04
  9. ^ James K. Martin (20 March 2008). "State Needs New Coal Plant". Daily Press.  
  10. ^ http://www.vpap.org/committees/profile/home/526
  11. ^ PERI - Political Economy Research Institute: Toxic 100 Table
  12. ^ Settlement Will Spur Major Environmental Improvements at Brayton Point Power Plant | Newsroom | US EPA
  13. ^ Environmental Releases for DOMINION RESOURCES INC. YORKTOWN POWER STATION

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