Dominion Power 2003 Annual Report Download - page 5

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3.Dominion 2003
Dear Fellow Investors
Hurricane Isabel started out as one of the
greatest natural disasters in company history.
Our response became the greatest example
of ingenuity, cooperation and hard work I have yet
encountered.
In Crisis, A Showcase of Qualities
Important to Today’s Investor
Looking back, the storm exacted huge personal and
economic costs. About 1.8 million Dominion customers in
Virginia and North Carolina lost power, many for days.
Our employees left homes that were flooded and dam-
aged to spend days and nights repairing the system.
Workers came from as far as Texas and Quebec to help
replace thousands of poles and transformers and string
nearly a thousand miles of wire.
Yet, it showcased our most important corporate
strength —people with enormous pride in their work who
rose to meet the challenge directly, despite the hardship.
They rebuilt our system swiftly and safely. The crisis also
showed the strength of doing business in communities
where we know the lay of the land, where customers are
also friends, neighbors and even fellow investors.
Weeks after the storm, on Halloween, we got a
photo by e-mail from a proud mother and customer whose
little boy dressed up as a Dominion Virginia Power
“bucket truck guy.”
We want that kind of feedback. We love it.
The crisis also demonstrated our financial strength.
Our 2003 earnings reported under Generally Accepted
Accounting Principles (GAAP) include a $122 million
after-tax expense related to this massive —at times, heroic
—effort. Investors recognized our ability to absorb
the financial punch. Your share price remained steady
throughout the ordeal.
600
300
0
Number of Customers Restored Daily
Thousands of Customers
September 19 – October 2, 2003
600
300
160 150 110 100 99 57 62 45
82
8
33 3
9-19 9-20 9-21 9-22 9-23 9-24 9-25 9-26 9-27 9-28 9-29 9-30 10-1 10-2