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September 04, 2015 9:58 AM 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, DVP and Dominion Generation. The Dominion Virginia Power segment is engaged in regulated electric transmission and distribution operations, including customer service. It has approximately 6,400 miles of electric transmission lines of approximately 69 kilovolt located in the states of North Carolina, Virginia, and West Virginia. 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 s...

120 Tredegar Street

Richmond, VA 23219

United States

Founded in 1909

6,800 Employees

Phone:

804-819-2000

Key Executives for Virginia Electric and Power Company

Chairman, Chief Executive Officer, Member of Audit Committee, Chairman of Dominion Resources, Inc, Chief Executive Officer of Dominion Resources, Inc and President of Dominion Resources, Inc
Age: 61
President and Chief Operating Officer
Age: 55
President and Chief Operating Officer
Age: 60
President and Chief Nuclear Officer
Age: 57
President and Director
Age: 47
Compensation as of Fiscal Year 2015.

Virginia Electric and Power Company Key Developments

Dominion Virginia Power Announces Unaudited Preliminary Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

Dominion Virginia Power announced unaudited preliminary earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported EBITDA of $374 million, which was in the middle of its guidance range. Kilowatt-hour sales were above expectations due to slightly warmer-than-normal weather. Excluding weather, year-to-date sales growth was about 1.5%, above the expectation for the year of about 1%. Earnings were $117 million or $0.20 per share compared to $116 million or $0.20 per share a year ago. For the six months ended June 30, 2015. the company reported earnings of $257 million or $0.43 per share compared to $247 million or $0.42 per share a year ago.

Virginia Electric and Power Company Seeks to Challenge Virginia Supreme Court Ruling on 500-KV Skiffes Creek Project

Dominion announced that its subsidiary is hoping one of the justices involved in sending a key zoning decision back to a local county will agree the case needs to be reheard. Dominion Virginia Power will seek rehearing of a Virginia Supreme Court ruling that sent a zoning decision for a key component of the utility's proposed Surry-Skiffes Creek transmission line back to a local county for approval. The Dominion Resources Inc. subsidiary, which is legally known as Virginia Electric and Power Co., filed its notice of intent to apply for rehearing of the case April 27, following the court's April 16 ruling. The court ruled that the Virginia State Corporation Commission was correct in determining that the utility's preferred route for a 500-kV transmission line that will cross the James River in an area of the state referred to as the Historic Triangle was the least intrusive option, but said a switching station to be added in James City County as part of the project should be subject to local zoning approval. Dominion has warned of rolling blackouts in the region if the line is not built; however the company still awaits a permitting decision by the U.S. Army Corps of Engineers.

Dominion Virginia Power to Build its New Greensville County Power Station

Fluor Corporation announced that it was awarded an engineering, procurement, construction and commissioning (EPCC) contract by Dominion Virginia Power to build its new Greensville County Power Station, a combined-cycle, natural gas-fired power station in Greensville County, Va. The project investment will exceed $1 billion. Based on the current limited notice-to-proceed, Fluor will book a portion of its scope into backlog in the first quarter of 2015 with the remainder to be booked in 2016 after Dominion receives final permits and approvals. The new 1,600-megawatt Greensville County Power Station is expected to be completed by 2019 and will produce enough electricity to power 400,000 homes at peak demand. Fluor will design the plant at its engineering office in Charlotte, and it is anticipated that about 1,000 craft workers will be onsite during the peak construction period. The Greensville County Power Station will be located on a 1,143-acre site on the Greensville and Brunswick County line in southern Virginia. New power output from the Greensville County facility will fulfill the need for additional generation resources to serve Dominion’s projected customer demand.

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