Dominion CEO Describes Virginia Regulatory Ruling As "Sound and Appropriate"

Dec 12, 2003
7:00am

December 12, 2003

RICHMOND, Va. - Dominion (NYSE: D) described as “sound and appropriate” today’s decision by the Virginia State Corporation Commission (SCC) to uphold Dominion Virginia Power’s request to recover increased fuel generation costs through customer bills, effective Jan. 1, 2004.

Thomas F. Farrell II, chief executive of Dominion Energy, the operating unit that oversees Virginia Power’s generation fleet, said:

“Today’s decision is sound and appropriate. Even with the allowed increase to cover overall increases in the costs of fuel, our company’s electric power consumers will benefit from competitive overall rates. Dominion Virginia Power is proud to operate and maintain one of the nation’s most efficient, reliable fleets of electric generators.”

Among other items, today’s SCC decision:

  • Upholds a revised company request to collect about $386 million in increased costs of generation created by rising fuel costs and other factors.
  • Denies requests by other parties to delay implementation of the fuel rate increase to allow additional study by legislators.
  • Denies a staff recommendation to divide profits from Dominion’s out-of-system wholesale power marketing activities between consumers and shareholders evenly.

Dominion is one of the nation's largest producers of energy with an energy portfolio of more than 24,000 megawatts of generation. Dominion also serves 5.3 million retail energy customers in nine states. For more information about Dominion, visit the company's Web site at www.dom.com.

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CONTACTS:    
Media inquiries:

Jim Norvelle, 804-771-6115


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