Dominion Power 2003 Annual Report Download - page 22

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20.Dominion 2003
Our solid investment grade credit rating and stable
outlook from Moody’s (Baa1) underscores the improve-
ments in our earnings, cash flow, balance sheet, liquidity
and financial flexibility. In late 2003, Standard & Poor’s
reaffirmed its BBB+ investment grade rating and, despite
our improving metrics, included a negative outlook. This
didn’t warrant the issuance of additional shares. We told
S&P we’d address any future concerns through continued
focus on our balance sheet and earnings growth.
Dominion Systems Help To Reduce Scope
of Northeast Blackout
Our entire industry came under fire during the major
summer blackout on August 14. I remember the vivid
television images — some 50 million people in the
Northeast, Midwest and Canada without power for days.
Fortunately, the lights stayed on in the Mid-Atlantic,
thanks in part to a critical role that Dominion’s high-volt-
age transmission assets and generating stations in the
north and south played in helping to contain the blackout
and return power. Our Millstone Power Station, said the
chairman of Connecticut’s Department of Public Utility
Control, “stood as solid as a rock when everyone else
fell.” State Senator Melodie Peters said, “Thank God for
Dominion and Millstone.” Northeast Utilities former chair-
man, Mike Morris, said the power station’s ability to
keep generating during the crisis, “was critical to
Connecticut and New England, and we thank them.”
This massive disruption highlighted the need for more
investment in transmission, as well as better regional and
national planning. We’re taking steps to join a regional
transmission operator called PJM Interconnection that
promotes regional transmission coordination. And I’ve
written to members of Congress to urge them to adopt
Fortunately, the lights
stayed on thanks in
part to a critical role
that Dominion’s high-
voltage transmission
assets and generating
stations played.
Dominion has more than
24,000 megawatts of electric
capacity.