February 01, 2015 4:39 PM ET

Electric Utilities

Company Overview of Virginia Electric and Power Company

Company Overview

Virginia Electric and Power Company, a regulated public utility, generates, transmits and distributes electricity for sale in Virginia and North Carolina. It operates in two segments, Dominion Virginia Power and Dominion Generation. The Dominion Virginia Power segment is engaged in regulated electric transmission and distribution operations, including customer service. This segment serves approximately 2.5 million customers. The Dominion Generation segment is involved in the generation operations of regulated electric utility; and its related energy supply operations. This segment generates electricity from coal, nuclear, gas, oil, hydro, and renewables with a total generation capacity of 19...

120 Tredegar Street

Richmond, VA 23219

United States

Founded in 1909

6,700 Employees

Phone:

804-819-2000

Key Executives for Virginia Electric and Power Company

Chairman
Age: 59
President and Chief Operating Officer
Age: 54
President and Chief Operating Officer
Age: 59
President and Chief Nuclear Officer
Age: 56
President and Director
Age: 46
Compensation as of Fiscal Year 2014.

Virginia Electric and Power Company Key Developments

Tarboro Solar LLC and Several Companies Files Complaint against Virginia Electric and Power Company

On December 30, 2014, Tarboro Solar LLC, Aulander Solar LLC, Woodland Solar LLC, Winton Solar LLC, Garysburg Solar LLC, Gaston Solar LLC, Seaboard Solar LLC, Jamesville Solar LLC, Weldon Solar LLC (Solar QFs) and Community Energy Solar, LLC (collectively, Complainants) filed a verified Complaint and Request for Declaratory Judgment (Complaint) against Virginia Electric and Power Company, d/b/a Dominion North Carolina Power (DNCP). In summary, Complainants allege that the Solar QFs are nine renewable energy projects located in DNCP's service territory and that each is entitled to sell power to DNCP under terms established pursuant to the Public Utility Regulatory Policies Act of 1978 (PURPA). In addition, the Solar QFs allege that each of them has obtained a certificate of public convenience and necessity (CPCN) from the Commission authorizing construction of its facility, and that each of the Solar QF's has committed to sell its electric output to DNCP under DNCP's standard long-term power purchase agreement (PPA), DNCP Schedule 19-FP, for qualified facilities having a capacity of 5 MW or less. The Solar QFs further state that DNCP has refused to enter into a PPA with any of the Solar QFs, and instead has filed a petition with the Federal Energy Regulatory Commission (FERC), pursuant to PURPA Section 210(m), seeking to terminate its purchase obligations with respect to the Solar QFs. On January 5, 2015, the Commission issued an Order Serving Complaint and Requiring Response. The Order directed DNCP to either satisfy the demands of the Complainants and so advise the Commission, or to file a response to the Complaint on or before January 23, 2015. On January 23, 2015, DNCP filed a Response to the Complaint. In summary, DNCP admits that each of the Solar QFs has obtained a CPCN from the Commission, and that DNCP will have an obligation to enter into a PPA with each of the Solar QFs if FERC denies DNCP's petition for relief from that obligation under PURPA Section 210(m). In addition, DNCP maintains that FERC has the exclusive jurisdiction under PURPA to determine whether DNCP has demonstrated sufficient grounds to be relieved of its obligation under PURPA Section 210(m). Based on the Complaint and DNCP's Response, the Chairman finds good cause to direct that on or before February 16, 2015, the Complainants and DNCP shall file briefs supporting their positions with regard to the question of jurisdiction and the other issues presented by the Complainant's Complaint. In addition, the Complainants and DNCP may file reply briefs on or before March 9, 2015.

Dominion Virginia Power Plans to Build Virginia's First Large-Scale Solar Project

Dominion Virginia Power has filed an application with the Virginia State Corporation Commission to build Virginia's first large-scale solar facility. The 20-MW project would be built on approximately 125 acres of land owned by the company near the Remington Power Station in Fauquier County. The facility would contain approximately 90,000 photovoltaic panels and at peak capacity would generate enough electricity to provide power for 5,000 homes. The estimated in-service date for the facility is October 2016.

Dominion Virginia Power Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Dominion Virginia Power announced unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported earnings was $119 million against $121 million a year ago. Earnings per share were $0.20 against $0.21 a year ago. For the nine months, the company reported earnings was $366 million against $349 million a year ago. Earnings per share were $0.63 against $0.60 a year ago.

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