DOMINION RESOURCES, INC.

And darkness shall have no dominion, as long as Dominion Resources powers lights across the territory it serves. Dominion is one of the top energy players in the US. Dominion Generation (its largest revenue generator), manages regulated and non-regulated power plants  Through its Dominion Virginia Power unit, the company transmits and distributes electricity across 56,900 miles of electric distribution lines to 2.4 million customers, and natural gas to 1.7 million customers. Subsidiary Dominion Energy trades and markets energy, oversees natural gas transmission pipelines, and operates underground gas storage facilities (947 billion cu. ft. of capacity.) 

Geographic Reach

In addition to distributing power to customers in North Carolina and Virginia through Dominion Virginia Power, Dominion serves retail energy customers in a total of 15 states.

Operations

The company has 27,500 MW of generating capacity, 11,000 miles of natural gas transmission, gathering, and storage pipeline, and 6,400 miles of electric transmission lines. It also operates one of the nation's largest natural gas storage systems.

Financial Performance

Dominion's revenues declined by 9% in 2012 as the result of poor returns from merchant generation operations (reflecting a drop in prices and lower natural gas distribution results due to decreased rider revenues from low income assistance programs). These declines were partially offset by higher electric utility results, due to the absence of a major customer refund charge recorded in 2011. Milder weather led to a decrease in sales to retail customers. This was partially offset by favorable economic conditions prompting increased commercial and industrial customer usage.

In 2012 Dominion posted net income of $302 million, a 79% slump over 2011 as the result of lower revenues and higher Operating Expenses. Other operations and maintenance expenses increased which include impairment and other charges related the sale od three  fossil-fueled merchant power plants.

Strategy

The company’s strategy is to continue to focus on its lower return regulated businesses while growing selective, higher return unregulated businesses.

As part of Dominion Virginia Power's push to meet Virginia's voluntary renewable energy goal of 15% by 2025 the company is adding three biomass power stations. In 2013 Dominion Virginia Power put the Altavista Power Station into commercial operation with renewable biomass as its fuel, the first of three such stations to be converted from coal to biomass.

In 2013 the company also acquired Azalea Solar Power Facility, a solar energy development project in Georgia from Smart Energy Capital and Jacoby Development. That year, the company acquired three solar-power development projects near Indianapolis, Ind., from Sunrise Energy Ventures.

In 2012 Dominion announced plans to sell three fossil fuel-fired merchant power stations (one in Massachusetts and two in Illinois) as part of its transition to cleaner burning and renewable power plants.

On the gas side of the business, in 2012 Dominion and Caiman Energy II, LLC, formed a $1.5 billion joint venture (Blue Racer Midstream, LLC) to provide midstream services to natural gas producers operating in the Utica shale in Ohio and portions of Pennsylvania.

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DOMINION RESOURCES, INC.


120 Tredegar St
Richmond, VA 23219-4306
Phone: 1 (804) 819-2000
Fax: 1 (804) 8192205
www.dom.com

STATS


  • Employer Type: Public
  • Stock Symbol: DCUA, DCUB, DCUC, DRU, D
  • Stock Exchange: NYSE, NYSE, NYSE, NYSE, NYSE
  • Chairman, President and CEO: Thomas Farrell
  • Chairman, President and CEO: Thomas Farrell
  • EVP and CFO: Mark McGettrick

Major Office Locations

  • Richmond, VA
  • Richmond, VA

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