Dominion Power 2000 Annual Report Download - page 23

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21
We’ve been active in Washington and in state capitals helping resolve many
matters that affect us beyond environmental protection. At the state level,
West Virginia became the latest state to begin deregulating. In Pennsylvania,
more than 500,000 customers switched their electricity supplier. In Virginia, our
home base for retail electric operations, one of the largest pilot programs in the
history of electric utility restructuring lifted successfully off the launch pad. The
lessons learned from this pilot will smooth our move into competition next year.
Growth doesn’t come cheap.
We’ve got to spend money to reach new markets, provide top-notch
customer service and manage the challenges I’ve just set forth. Last year, we
raised $2.5 billion in debt capital through six well-received debt issues in
addition to more than $750 million in equity or equity “hybrid” securities. We
also received commitments totaling $5.5 billion from 30 financial institutions
to support our growth.
We borrow under two unwavering conditions: First, we strive to maintain
our strong investment grade ratings. Second, we maintain our bankers’ confi-
dence by committing to repay our obligations as quickly as possible.
Our wholesale marketing
business traded about 136 million
megawatt-hours last year. Industry Change Still Unfolding
Managing Our Debt