June 22, 2018 9:39 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, the United States. It operates through two segments, Power Delivery and Power Generation. The Power Delivery segment engages in regulated electric transmission and distribution operations, including customer service. It has approximately 6,600 miles of electric transmission lines of 69 kilovolt located in North Carolina, Virginia, and West Virginia. This segment serves approximately 2.6 million customers. The Power Generation segment is involved in the generation operations of regulated electric utility, as well as its related energy supp...

120 Tredegar Street

Richmond, VA 23219

United States

Founded in 1909

6,900 Employees

Phone:

804-819-2000

Key Executives for Virginia Electric and Power Company

Chairman, President & CEO
Age: 63
President & COO of Power Delivery Group
Age: 49
Executive VP, CFO & Director
Age: 59
President & COO of Power Generation Group
Age: 57
Senior Vice President of Nuclear Operations & Fleet Performance
Compensation as of Fiscal Year 2017.

Virginia Electric and Power Company Key Developments

Virginia Electric & Power Co. Awards $700 Million Task Order

Virginia Electric & Power Co. was awarded a $700 million task order by the U.S. Naval Facilities Engineering Command for electric and regulated energy management services in Hampton roads and surrounding areas in Virginia.

Dominion Energy, Inc., Virginia Electric and Power Company, Dominion Energy Gas Holdings, LLC and Questar Gas Company Enter into $6,000,000,000 Third Amended and Restated Revolving Credit Agreement with JPmorgan Chase Bank, N.A

On March 20, 2018, Dominion Energy, Inc. (Dominion Energy), and its wholly-owned subsidiaries, Virginia Electric and Power Company (Virginia Power), Dominion Energy Gas Holdings, LLC (Dominion Energy Gas), and Questar Gas Company (Questar Gas), entered into a $6,000,000,000 Third Amended and Restated Revolving Credit Agreement (the Credit Facility) with JPMorgan Chase Bank, N.A., as Administrative Agent, Mizuho Bank Ltd., Bank of America, N.A., The Bank of Nova Scotia and Wells Fargo Bank, N.A., as Syndication Agents, and other lenders named therein. The purposes of the Credit Facility, which amends and restates its predecessor agreement in its entirety, are to (i) increase the aggregate revolving loan commitment of the lenders from $5,000,000,000 to $6,000,000,000, (ii) increase Dominion Energy's permitted ratio of total debt to capitalization from 0.65 to 1.00 to 0.675 to 1.00, (iii) extend the maturity date from April 2020 to March 2023 and (iv) make certain administrative and related changes. The permitted ratio of total debt to capitalization for Virginia Power, Dominion Energy Gas and Questar Gas remains 0.65 to 1.00. The Credit Facility can be used by Dominion Energy and the co-borrowers to support bank borrowings and the issuance of commercial paper, as well as to support the issuance of letters of credit. The changes introduced in the Credit Facility are not expected to have any material impact on the annual cost or availability of funds to Dominion Energy. The full amount of the Credit Facility remains available to Dominion Energy less any amounts due to borrowings by co-borrowers Virginia Power, Dominion Energy Gas and Questar Gas and subject to any sub-limits for Dominion Energy agreed to among Dominion Energy and the co-borrowers from time to time. The Credit Facility matures in March 2023, unless extended. On March 20, 2018, Dominion Energy, Virginia Power, Dominion Energy Gas and Questar Gas terminated the $500,000,000 Second Amended and Restated Revolving Credit Agreement (the LOC Facility) with KeyBank National Association, as Administrative Agent, and U.S. Bank National Association, as Syndication Agent, and other lenders named therein. The LOC Facility was available to Dominion Energy and the co-borrowers to support the issuance of letters of credit. Dominion Energy and the co-borrowers elected to terminate the LOC Facility in conjunction with the increase in the aggregate revolving loan commitment of the lenders under the Credit Facility.

Dominion Energy Virginia Seeking Proposals For Solar and Onshore Wind Generation

Virginia Electric and Power Company (Dominion Energy Virginia) is seeking bids for approximately 300 megawatts of solar and onshore wind generation. Dominion Energy Virginia has issued a Request for Proposals (RFP) and is soliciting bids for energy, capacity and environmental attributes including Renewable Energy Certificates for new solar and onshore wind facilities 10 to 150 megawatts (ac) in size. The facilities must be located in Virginia and be interconnected to Dominion Energy Virginia's transmission and/or distribution system. The proposals can be for power purchase agreements and/or the purchase of development projects. The RFP outlines the proposal requirements and power and asset purchase agreement terms requiring commercial operations dates in 2019 or 2020, as well as the price and non-price evaluation criteria. Notices of Intent to Bid and Confidentiality Agreements are due by October 27, 2017 with final proposals due on December 1, 2017.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
June 30, 2017
Virginia Electric and Power Company, Cushaw Hydro Power Station
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