Dominion Power 2000 Annual Report Download - page 12

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State stem not from the free market, but from California’s own confused
and poorly timed restructuring plan.
Fortunately, most other states have avoided similar mistakes. But the need
for new capacity to meet increasing demand is evident in other parts of the country.
Today, we’re the largest producer of Btus in the Midwest, Northeast and
Mid-Atlantic regions of the United States, home to 40 percent of the nation’s
demand for energy. We’ll build an even larger position in this region when
we complete our $1.3 billion acquisition of the 1,954-megawatt Millstone
Nuclear Power Station, located in Connecticut on Long Island Sound.
Adding Millstone to our growing generation fleet will boost our combined
utility and non-utility electric capacity by 10 percent. We should see at least
an extra 5 cents in earnings per share each year in the first two years of own-
ership—and even greater annual contributions beyond that. In 2001, we’ll
also bring on line nearly 700 megawatts of additional gas-fired generation
in Virginia and at our Elwood facility in Illinois, expanding what long-timers
call “iron in the ground.”
In the years immediately following this, Dominion’s power generation
team has nearly 3,850 megawatts of new capacity either under construction
or on the drawing boards. We’ve secured turbines and identified site possibili-
ties for another 2,400 megawatts. In total, we hope to have nearly 9,000
new megawatts in service by 2005, most of it gas fired. Gas from our own
production company delivered by our own pipeline will fire four of these
facilities in Ohio, Pennsylvania and West Virginia. Locally, our work to site
and permit these facilities is running smoothly.
We’re expanding our natural gas pipeline and storage system—already
one of North America’s largest. Growth in new gas-fired generation, built
by Dominion and others, should help spur an expected 20 percent increase in
gas throughput over the next five years.
10
Nearly 9,000 Megawatts on the Horizon
Today, we’re the largest producer of Btus in the Midwest,
Northeast and Mid-Atlantic regions of the United States, home
to 40 percent of the nation’s demand for energy.
Expanding Our Pipeline
Expanding our pipeline
system will help meet
a 20 percent increase in
new natural gas throughput
over the next five years.