Profile: Dominion Resources Inc (D.N)

Dominion Resources, Inc. (Dominion), incorporated in 1983, is a producer and transporter of energy. As of December 31, 2011, the Company’s portfolio of assets included approximately 28,142 megawatts of generating capacity, 6,300 miles of electric transmission lines, 56,800 miles of electric distribution lines, 11,000 miles of natural gas transmission, gathering and storage pipeline and 21,800 miles of gas distribution pipeline. Dominion also operates the natural gas storage system, with approximately 947 billion cubic feet of storage capacity and serves six million utility and retail energy customers in 15 states. The Company operates in three business segments: Dominion Virginia Power (DVP), Dominion Generation and Dominion Energy. Dominion’s operations are conducted through various subsidiaries, including Virginia Electric and Power Company (Virginia Power). In January 2013, the Company purchased a 15-megawatt natural gas-powered fuel cell generating project.

Virginia Electric and Power Company

Virginia Power is a Virginia public service company and a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina. In Virginia, Virginia Power conducts business under the name Dominion Virginia Power. In North Carolina, it conducts business under the name Dominion North Carolina Power and serves retail customers located in the northeastern region of the state, excluding certain municipalities. In addition, Virginia Power sells electricity at wholesale prices to rural electric cooperatives, municipalities and into wholesale electricity markets.

Dominion Virginia Power

The DVP Operating Segment of Virginia Power includes Virginia Power’s regulated electric transmission and distribution, including customer service, operations, which serve approximately 2.4 million residential, commercial, industrial and governmental customers in Virginia and North Carolina. Virginia Power has its five-year investment plan. The retail customer base is diversified across three product lines-natural gas, electricity and home warranty services. Virginia Power has approximately 6,300 miles of electric transmission lines of 69 kilovolt or more located in the states of North Carolina, Virginia and West Virginia. In addition, Virginia Power’s electric distribution network includes approximately 56,800 miles of distribution lines, of service level lines, in Virginia and North Carolina. The supply of electricity to serve Dominion’s retail energy marketing customers is procured through market wholesalers and Regional transmission organization (RTO) or Independent system operator (ISO) transactions.

Dominion Generation

The Dominion Generation segment of Virginia Power 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 generation mix is diversified and includes coal, nuclear, gas, oil and renewables. The generation facilities of Virginia Power’s electric utility fleet are located in Virginia, West Virginia and North Carolina. Earnings for the Generation operating segment of Virginia Power primarily result from the sale of electricity generated by its utility fleet. The Dominion Generation Operating Segment of Dominion 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.

The generation facilities of Dominion’s merchant fleet are located in Connecticut, Illinois, Indiana, Massachusetts, Pennsylvania, Rhode Island, West Virginia and Wisconsin. The Generation 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 associated capacity from Dominion’s merchant generation assets. As of December 31, 2011, Dominion was a 50% owner with BP of the first phase of Fowler Ridge. Virginia Power has a total of four licensed, operating nuclear reactors at Surry and North Anna in Virginia.

Dominion Energy

The Dominion Energy includes its regulated natural gas distribution companies, regulated gas transmission pipeline and storage operations, natural gas gathering and by-products extraction activities and regulated liquid natural gas (LNG) operations. Dominion Energy also includes producer services, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. The gas transmission pipeline and storage business serves gas distribution businesses and other customers in the Northeast, mid-Atlantic and Midwest. Included in Dominion’s gas transmission pipeline and storage business is its gas gathering and extraction activity. The Company's gas distribution operations serve residential, commercial and industrial gas sales and transportation customers.

Dominion Energy’s gas distribution network is located in the states of Ohio and West Virginia. This network includes approximately 21,800 miles of pipe. It has approximately 11,000 miles of gas transmission, gathering and storage pipelines located in the states of Maryland, New York, Ohio, Pennsylvania, Virginia and West Virginia. Dominion Energy operates 20 underground gas storage fields located in New York, Ohio, Pennsylvania and West Virginia, with almost 2,000 storage wells and approximately 349,000 acres of operated leaseholds. The total designed capacity of the underground storage fields operated by Dominion Energy is approximately 947 billion cubic feet. Dominion Energy also has about 15 billion cubic feet of above-ground storage capacity at Cove Point. It has about 128 compressor stations with more than 777,000 installed compressor horsepower.

Dominion Energy’s natural gas supply is obtained from various sources, including purchases from independent producers in the Mid-Continent and Gulf Coast regions, local producers in the Appalachian area and gas marketers. Dominion’s underground natural gas storage network and the location of its pipeline system are a link between the country’s interstate gas pipelines, including the Rockies Express East pipeline, and large markets in the Northeast and mid-Atlantic regions. Dominion’s pipelines are part of an interconnected gas transmission system, which provides access to supplies nationwide for local distribution companies, marketers, power generators and industrial and commercial customers. The Company’s underground storage facilities serve the Northeast, mid-Atlantic and Midwest regions.