Union Ratifies New Five-Year Contract
With Dominion
RICHMOND, Va. - Dominion (NYSE: D)
announced Monday that employees represented by the International Brotherhood
of Electrical Workers Local 50 have ratified a new five-year labor contract.
The agreement includes a 14.8 percent compounded wage increase
and an enhanced early retirement supplement. It succeeds a three-year contract
that was ratified in 1995, extended twice and expired March 31. Negotiations
on the contract began in late January.
A tentative agreement reached Aug. 15 between the company
and the IBEW Local 50 negotiators ended a two-week strike by the workers.
IBEW Local 50 represents 3,700 workers at Dominion Virginia
Power and Dominion North Carolina Power, which deliver electricity to more than
2 million customers, and Dominion Energy's power stations in Virginia and Mt.
Storm, W.Va. The represented workers include meter readers, linemen, electricians
and operators and craft workers in the power stations.
Dominion is one of the nation's largest producers of energy,
with a production capability of more than 3 trillion British thermal units of
energy per day. Dominion also serves 3.8 million franchise natural gas and electric
customers in five states. For more information about Dominion, visit the company's
Web site at www.dom.com.
