Dominion Energy: Difference between revisions
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==History== |
==History== |
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Dominion is one of the nation's oldest and most prominent electric power and natural gas companies |
Dominion is one of the nation's 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. |
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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 renamed Virginia Power. |
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 renamed Virginia Power. |
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Revision as of 01:19, 7 October 2008
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| File:Dominion logo.svg | |
| Company type | Public (NYSE: D) |
|---|---|
| Industry | Electric utility |
| Founded | Virginia, USA (1983) |
| Founder | William Berry |
| Headquarters |  Richmond, Virginia, USA |
Key people | Thomas Farrell (Chairman, CEO) Thomas Chewning (CFO) Mark McGettrick (COO) |
| Products | Electricity Natural gas |
| Revenue |  US$15,674,000,000 (2007) |
 US$5,567,000,000 (2007) | |
| US$2,539,000,000 (2007) | |
| Total assets | US$39,123,000,000 (2007) |
| Total equity | US$9,663,000,000 (2007) |
Number of employees | 17,000 (2007) |
| Website | http://www.dom.com |
| Footnotes / references [1][2][3] | |
Dominion Resources (NYSE: D) is one of the nation's largest producers and transporters of energy.
Corporate Overview
The company’s asset portfolio includes 27,000 megawatts of power generation, 6,000 miles of electric transmission lines, 14,000 miles of natural gas transmission, gathering and storage pipeline, and 1.1 trillion cubic feet equivalent (Tcfe) of natural gas and oil reserves. Dominion also owns the nation’s largest underground natural gas storage system and operates more than 975 billion cubic feet (bcf) of storage capacity. 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.
Footprint*
Headquarters: Richmond, Va.
Assets: $39 billion
Operating revenue: $15.7 billion
Fortune 500 rank: 140
Employees: 17,000 in 17 states and the District of Columbia
*2007 data
History
Dominion is one of the nation's 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.
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 renamed Virginia Power.
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.
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.
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 emissions-free 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.
By 2015, Dominion will have invested $3.5 billion to reduce air emissions by more than 80 percent at its existing generating stations.
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.
External links
- ^ "Dominion History". Retrieved 2008-08-03.
- ^ "Dominion Resources, Inc". Google Finance. Retrieved 2008-08-03.
- ^ "2007 Annual Report" (PDF). Dominion Resources. Retrieved 2008-08-03.