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 19,595 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.
Dominion Virginia Power generates, transmits, and distributes electricity for sale in Virginia and North Carolina.
The company operates through DVP and Dominion Generation. The DVP 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.
Revenue marginally increased by 0.37% in 2011. Net income increased by 4% primarily reflecting less favorable weather, including the impact of Hurricane Irene, and an impairment charge related to certain coal-fired power stations.
Except for a revenue slump in 2009 Virginia Electric and Power saw an upward trend in revenues from 2007 to 2011. The drop in revenues in 2009 was because of the charge for the proposed settlement of the company's 2009 rate case proceedings, a decrease in sales of gas production from exploration and production operations primarily reflecting the expiration of certain royalty interests, and a decrease in net gas revenues from retail energy marketing operations primarily due to lower prices.
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.
The company is also 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.
Virginia Electric and Power is owned by Dominion Resources.