Profile: Dominion Resources Inc (D.N)
Dominion Resources, Inc. (Dominion), incorporated on February 18, 1983, is a producer and transporter of energy. The Company is a provider of electricity, natural gas and related services to customers in the eastern region of the United States. The Company operates in three segments: Dominion Virginia Power (DVP), Dominion Generation and Dominion Energy. As of December 31, 2014, the Company’s portfolio of assets includes approximately 24,600 megawatt (MW) of generating capacity; 6,400 miles of electric transmission lines; 57,100 miles of electric distribution lines; 10,900 miles of natural gas transmission, gathering and storage pipeline, and 21,900 miles of gas distribution pipeline, exclusive of service lines. The Company also operates one of the underground natural gas storage systems, with approximately 947 billion cubic feet (bcf) of storage capacity.
Dominion’s operations are conducted through various subsidiaries, including Virginia Power and Dominion Gas. Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. Dominion Gas is a holding company that conducts business activities through a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, regulated gas transportation and distribution operations in Ohio, and gas gathering and processing activities primarily in West Virginia, Ohio and Pennsylvania. The Company’s operations also include a liquid natural gas (LNG) import, transport and storage facility in Maryland. Dominion’s nonregulated operations include merchant generation, energy marketing and price risk management activities, retail energy marketing operations and an equity investment in Blue Racer.
Dominion Virginia Power (DVP
The DVP Operating Segment includes Virginia Power’s regulated electric transmission and distribution operations, which serve approximately 2.5 million residential, commercial, industrial and governmental customers in Virginia and North Carolina. Virginia Power has approximately 6,400 miles of electric transmission lines of 69 kilovolt (kV) or more located in the states of North Carolina, Virginia and West Virginia. In addition, Virginia Power’s electric distribution network includes approximately 57,100 miles of distribution lines, exclusive of service level lines.
The Dominion Generation Segment includes the generation operations of the Virginia Power regulated electric utility and its related energy supply operations. Virginia Power’s utility generation operations primarily serve the supply requirements for the DVP segment’s utility customers. The Dominion Generation Segment of the Company includes Virginia Power’s generation facilities and its related energy supply operations, as well as the generation operations of Dominion’s merchant fleet and energy marketing and price risk management activities for these assets and Dominion’s nonregulated natural gas retail energy marketing operations. Approximately 80% of revenue comes from serving Virginia jurisdictional customers. Base rates for the Virginia jurisdiction. The Dominion Generation Operating Segment of Dominion derives its earnings primarily from the sale of electricity generated by Virginia Power’s utility and Dominion’s merchant generation assets, as well as from associated capacity and ancillary services.
Dominion Generation uses a variety of fuels to power its electric generation and purchases power for utility system load requirements and to satisfy physical forward sale requirements, as described below. Dominion Generation primarily utilizes long-term contracts to support its nuclear fuel requirements. Dominion Generation’s natural gas and oil supply is obtained from various sources, including purchases from producers in the Mid-Continent and Gulf Coast regions, purchases from local producers in the Appalachian area and Marcellus and Utica regions. Dominion Generation manages a portfolio of natural gas transportation contracts that provides for reliable natural gas deliveries to its gas turbine fleet. Virginia Power has a total of four licensed, operating nuclear reactors at Surry and North Anna in Virginia.
The Dominion Energy Segment of Dominion Gas includes Dominion’s regulated natural gas operations. Dominion Transmission, Inc. (DTI), the gas transmission pipeline and storage business, serves gas distribution businesses and other customers in the Northeast, mid-Atlantic and Midwest. Included in the transmission pipeline and storage business is gas gathering and processing activity, which sells extracted products at market rates. East Ohio, the primary gas distribution business of Dominion, serves residential, commercial and industrial gas sales, transportation and gathering service customers. Dominion Iroquois holds a 24.72% general partnership interest in Iroquois, which provides service to local gas distribution companies, electric utilities and electric power generators, as well as marketers and other end users, through interconnecting pipelines and exchanges primarily in New York. In addition to the operations of Dominion Gas, the Dominion Energy Operating Segment of Dominion also includes LNG operations and Hope Gas, Inc. (Hope) gas distribution operations in West Virginia, as well as Dominion’s investments in the Blue Racer joint venture, Atlantic Coast Pipeline and Dominion Midstream. The Blue Racer joint venture concentrates on building new gathering, processing, fractionation and NGL transportation assets as the development of the Utica Shale formation increases. Dominion Gas’ natural gas transmission, storage, processing and gathering operations LNG operations are regulated primarily by Federal Energy Regulatory Commission (FERC).
Dominion Gas has approximately 7,700 miles of gas transmission, gathering and storage pipelines located in the states of Maryland, New York, Ohio, Pennsylvania, Virginia and West Virginia. Dominion Gas owns gas processing and fractionation facilities in West Virginia with a total processing capacity of 270,000 million cubic feet (mcf) per day and fractionation capacity of 580,000 Gals per day. Dominion Gas also operates approximately 20 underground gas storage fields located in New York, Ohio, Pennsylvania and West Virginia, with approximately 2,000 storage wells and approximately 399,000 acres of operated leaseholds. In addition, Dominion also has about 15 bcf of above-ground storage capacity at Cove Point.
Dominion Resources Inc
120 TREDEGAR STREET
RICHMOND VA 23219