Yes Virginia, there is power in the Old Dominion thanks to Dominion Virginia Power. The company (which operates under the Dominion Virginia Power and Dominion North Carolina Power brands) provides regulated electric delivery services to about 2.4 million homes and businesses. Power generation is derived by means of coal, gas, oil, hydro, and nuclear plants. The utility's power plants (with 24,300 MW of generating capacity) are managed by the Dominion Generation unit of parent Dominion Resources. Control of Virginia Electric and Power's transmission facilities is maintained by PJM Interconnection. Dominion Virginia Power also sells wholesale power to other users.
The company operates through Dominion Virginia Power and Dominion Generation. The Dominion Virginia Power operating segment includes Virginia Electric and Power's regulated electric transmission and distribution (including customer service) operations, which serve residential, commercial, industrial and governmental customers.
The Dominion Generation segment includes the generation operations of the Virginia Electric and Power's regulated electric utility and its related energy supply operations. Its utility generation operations primarily serve the supply requirements for the DVP segment's utility customers.
Dominion Virginia Power generates, transmits, and distributes electricity for sale in Virginia and North Carolina.
Sales and Marketing
The company primarily serves retail customers. It sells electricity at wholesale prices to rural electric cooperatives, municipalities and into wholesale electricity markets.
Dominion Virginia Power's net sales have seen an upward trend since 2013.
In 2015 net sales increased by 1%.
Net income grew by 27% due to decreased other expenses, partially offset by increased depreciation and amortization charges.
In fiscal 2015 net cash provided by operating activities increased by 14%.
The company is trying to beef up its green energy profile. In addition to exploring wind farm options to help produce alternative energy, Virginia Electric and Power is pushing energy conservation programs, with the aim of cutting peak demand by electric consumers in Virginia by 650 MW.
In 2016 Dominion Virginia Power planned to invest nearly $2 billion per year through 2020 to add new, clean generation, including solar energy, and to expand, secure and upgrade the electric grid in Virginia and northeastern North Carolina.
In 2015 the company closed on the first phase of its previously announced sale of a 33% ownership interest in 425 MW of solar generating capacity to SunEdison. It received $180 million for the first phase, which includes an ownership interest in 253 MW of solar generating capacity at 15 sites in five states.
In 2015 Dominion Virginia Power proposed building 56 MW of large-scale solar facilities that would begin producing renewable energy by December of 2016.
Virginia Electric and Power has been investing heavily in upgrading its infrastructure to meet growing demand. In 2011 Fluor completed the $619 million 580 MW gas-fired, combined-cycle Bear Garden Station in Buckingham County, Virginia for the company. In 2010 the utility announced that it will add more than 400 MW of additional capacity by upgrading 13 power plants.
Virginia Electric and Power is owned by Dominion Resources.