Dominion CEO Describes Virginia Regulatory Ruling
As "Sound and Appropriate"
RICHMOND, Va. - Dominion (NYSE: D) described
as “sound and appropriate” today’s decision by the Virginia
State Corporation Commission (SCC) to uphold Dominion Virginia Power’s
request to recover increased fuel generation costs through customer bills, effective
Jan. 1, 2004.
Thomas F. Farrell II, chief executive of Dominion
Energy, the operating unit that oversees Virginia Power’s generation fleet,
said:
“Today’s decision is sound and appropriate.
Even with the allowed increase to cover overall increases in the costs of fuel,
our company’s electric power consumers will benefit from competitive overall
rates. Dominion Virginia Power is proud to operate and maintain one of the nation’s
most efficient, reliable fleets of electric generators.”
Among other items, today’s SCC decision:
Upholds a revised company request to collect about $386
million in increased costs of generation created by rising fuel costs and
other factors.
Denies requests by other parties to delay implementation
of the fuel rate increase to allow additional study by legislators.
Denies a staff recommendation to divide profits from Dominion’s
out-of-system wholesale power marketing activities between consumers and shareholders
evenly.
Dominion is one of the nation's largest producers
of energy with an energy portfolio of more than 24,000 megawatts of generation.
Dominion also serves 5.3 million retail energy customers in nine states. For
more information about Dominion, visit the company's Web site at www.dom.com.
