And darkness shall have no dominion, as far as Dominion Resources is concerned. Through its Dominion Virginia Power unit the company transmits and distributes electricity across 56,800 miles of electric distribution lines to 2.4 million customers, and natural gas to 1.7 million customers in five states. Its Dominion Generation unit manages the company's regulated and non-regulated power plants (27,615 MW of owned or controlled capacity); subsidiary Dominion Energy trades and markets energy, oversees 11,000 miles of natural gas transmission pipelines, and operates underground gas storage facilities (947 billion cu. ft. of capacity). Dominion is one of the largest producers and transporters of energy in the US.
To free up cash and hone its business focus the company has sold most of its exploration and production operations in recent years. In 2010 the company sold its remaining Appalachian exploration and production assets to CONSOL Energy for about $3.5 billion. The acquisition doubles CONSOL's natural gas reserves to 3 million cu. ft. (In 2007 Dominion sold the bulk of its oil and gas exploration and production assets -- excluding its Appalachian operations, because at the time they offered less risk -- for nearly $14 billion.)
In a related move, Dominion agreed to sell its Appalachian gas distribution companies The Peoples Natural Gas Company and Hope Gas, located in Pennsylvania and West Virginia, to investment firm SteelRiver Infrastructure Partners for $910 million. After receiving approval from Pennsylvania, the deal was rejected in late 2009 by West Virginia, saying the terms of the agreement were not in the public interest. The company then sold just Peoples Natural Gas to SteelRiver in 2010 for $780 million.
Dominion's divestments allow it to concentrate its efforts on its core gas and electricity distribution businesses, along with its trading and marketing activities.
Lower oil and gas prices cut revenues in 2009. In 2010 the company posted a jump in revenues and income due to stronger demand, favorable rates, and an increase in sales to retail customers primarily due to favorable weather conditions.
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