Dominion Power 2000 Annual Report Download - page 24

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22
Last year, Dominion maintained its strong “High BBB” bond ratings
from both Moody’s and Standard & Poor’s—ratings considered strong for
corporates. We’ve reduced our debt levels aggressively by selling non-core
international, financial services and other assets. At year’s end, those moves
produced nearly $1.1 billion in net proceeds, with more on the way. We’ve
targeted debt as a percentage of our total capitalization to be about
55 percent by the end of 2002.
In short, we had to stretch our balance sheet. Our chief financial officer
compares it to a rubber band that’s tight—nowhere near the snapping
point—but now returning to more comfortable levels.
Along the way, we also managed to give back what we could to our commu-
nities. In October, more than 400 employees in five states volunteered to
help beautify their neighborhoods by working at schools and parks to create
nature trails, gardens and environmental education centers.
The very next month, several hundred more employees in Virginia
pitched in to build Habitat for Humanity®houses. United Way recognized our
employees with its “Spirit of Caring Award”—the organization’s
highest honor. Beyond that, our company gave more than $6 million to health
and human services, community development, environmental, cultural and
educational efforts in the states where we operate.
I want to pay special tribute to my fellow employees for their willingness
to adapt to an ever-changing competitive marketplace. Their initiative and
creativity demonstrate courage and the ability to focus on the task at hand
in a very dynamic environment. My hat is off.
I want to thank our board of directors for its continued guidance. We
have a top-notch board that always keeps us on track. We also appreciate
the hard-working vendors, suppliers, contractors and agencies who help
us serve nearly 3.8 million retail energy customers. To our customers,
I express deepest gratitude for your continued confidence in our delivery,
A Special Tribute
Beyond the Call of Duty