Dominion Power 2002 Annual Report Download - page 20

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18 Dominion ’02 Annual Report
Safety is the Highest Priority Safety trumps everything in our business.
Last year, reportable companywide accidents went down 4 percent
from the previous year. I was delighted when the U.S. Interior Department
recognized our outstanding safety and environmental results at Dominion E&P.
The department awarded us its prestigious National Safety Award for Excellence.
The people at Dominion Transmission made us proud by earning an Industry
Leader Accident Prevention Certificate from the American Gas Association.
In my view, respect for safety mirrors our focus on the environment.
We’ve made big reductions in emissions—with more than $770 million in new
controls invested over the past three years and more planned. We support the
general approach taken by the Bush administration’s “Clear Skies” initiative for
achieving significant future reductions. We also support the administration’s
proposal to reduce carbon emissions rates. This proposal features voluntary
compliance mechanisms: individual companies in all market sectors would have
the flexibility to tailor programs that work best for them. Given a chance, both
of these programs will work.
In the field, safe, reliable and efficient operations are critical to our
financial goals. In the corporate office, we work hard to mitigate financial risks.
A Normal Shakeout in Trading You saw how market and price volatility
affected our stock price. You probably also read quite a bit about the risks of
energy trading and may ask whether we should continue in that business. The
fact is, our Dominion Energy Clearinghouse helps us minimize risks.
Overall, a majority of our operating segment
earnings come from regulated utilities or
unregulated gas and electric businesses that
we’ve hedged through contracts.