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Electric News Releases - 1999
August 19, 1999
Virginia Power Recognized For Economic Development Efforts
RICHMOND, Va. – Virginia Power's economic development
program has been named one of the nation's 10 best by a leading publication
for site location and real estate professionals.
This is the first year Site Selection magazine has named
America's Top Utility Economic Development Organizations from among the country's
electric and gas utilities. Managing Editor Tim Venable said 275 gas and electric
utilities were considered for the 1998 honor. To select the best, he said, the
magazine surveyed utilities and relied on site selection consultants.
"We asked the utilities to report on their facility-location
and economic-development accomplishments during the past year," Venable
said. "Then we conducted personal interviews with site-selection consultants,
asking which utility's economic development departments -- in their opinion
-- were effective in servicing corporate expansion needs."
The magazine cited Virginia Power's experienced economic
development staff and the staff's sensitivity to the needs of local communities
among the reasons for the award.
"We are pleased to be a partner in economic development
and to contribute to the success of the region we serve," said Eva Teig,
senior vice president-External Affairs and Corporate Communications. "This
award is an acknowledgment of the dedication and hard work of our economic development
professionals and the partnerships we enjoy with Virginia's towns and cities."
Virginia Power's support to state and local agencies helped
locate 18 completed projects in the Virginia Power service area in 1998. These
projects resulted in 3,150 new jobs and $1.7 billion in capital investment.
By year's end, the company also had supported 11 other projects that were under
construction. When complete, these additional 11 projects are projected to provide
about 6,000 new jobs and $723 million in capital investment.
Earlier this year, the magazine named the Virginia Economic
Development Partnership as one of the nation's two top development groups. The
VEDP was selected based on the number of new jobs, per-capita capital investment
and per-capita jobs in Virginia in 1998.
"Virginia Power has been a key ally in many of our outreach
programs and has played pivotal roles in closing the deal on some of our most
notable successes," said Mark Kilduff, executive director of VEDP. "The
recognition we have received from this respected publication is an acknowledgment
that public and private organizations can work together successfully to leverage
each other's resources and increase their effectiveness."
Site Selection is a global magazine of business strategy.
Established in the 1950s, the magazine is published bimonthly by Conway Data
in Norcross, Ga. Information about Site Selection can be found on the Internet
at www.siteselection.com.
Virginia Power is the principal subsidiary of Dominion
Resources Inc. (NYSE: D), an energy company with headquarters in Richmond.
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