Dominion Power 2005 Annual Report Download

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2005 Annual Report

Table of contents

  • Page 1
    2005 Annual Report

  • Page 2
    ... 6.6% -9.0% 16.4% Other Statistics (shares in millions) Return on average common equity-reported Return on average common equity-operating* Common shares outstanding-average, diluted Common shares outstanding-year-end Number of full-time employees *Based on Non-GAAP Financial Measures. See page 25...

  • Page 3
    ... energy companies. We're traded under the symbol "D" on the New York Stock Exchange and are proud to have the confidence of more than 450,000 shareholders. We're also privileged to serve nearly 12 million people in nine states. As one of the nation's largest producers of natural gas and electric...

  • Page 4
    ... 5 4 3 as o o as r s a a 25 al 2 1 0 Equity Market a ita i ati Billions of Dollars As of December 31 30 20 10 0 Operating Earnings & Operating as Millions of Dollars Operating Earnings Operating as 3,000 1,500 ra in on a arnin s as on inan ial M as r s 25 0 2 Dominion 2005

  • Page 5
    ... Return Comparison Percent Through December 31, 2005 ear Total Return ear Total Return ear Total Return 100 80 60 40 20 e on oomberg 0 -20 ominion tilities le tri s Assets Billions of Dollars As of December 31 60 30 0 Common Dividends Paid Dollars Per Share 3 2 1 0 Dominion 2005...

  • Page 6
    ... to you before, some argued for spin-offs of generation, some for exclusive focus on core utility businesses, others for global size and scope. I pushed a common-sense approach: Build a fully integrated natural gas and electric power company serving an energy-hungry region of the United States...

  • Page 7
    ..., we've produced double-digit total returns on investment...the people on the front lines. He is as comfortable in a power station as he is in state capitols or the corner office. To our customers and the communities where we do business, I offer my thanks for the opportunity to serve you. Our...

  • Page 8
    ...Era: 1995-2005 Vision, Opportunistic Outlook Reward Investors A decade ago, Tom Capps foresaw a new marketplace for BTUs-and did something about it. He set about positioning Dominion as an energy At the close of the 20th century, Capps initiated a strategic merger with Consolidated Natural Gas Co...

  • Page 9
    ... as of December 31, 2005 2005 Dominion New England acquisition (Massachusetts, Rhode Island) On January 1 Dominion acquired three fossil power stations in New England's high-price power market, which is heavily dependent on natural gas-fired generation. 2002 Cove Point acquisition (Maryland) With...

  • Page 10
    ... than 200 members of Dominion's management team who lead natural gas and oil engineers, nuclear plant operators, geologists, pipeline builders and experts in many complex fields. Dozens of other dedicated professionals joined us by video conference at seven company sites in New England, the Midwest...

  • Page 11
    ... the power grid. They worked in treacherous conditions. Some days they gave their lunches to hungry residents. At times they slept in their trucks. They stayed until another storm named Ophelia threatened the mid-Atlantic and forced them home. Engineers and construction workers from our natural gas...

  • Page 12
    ... factors behind the shortfall. Unrecoverable fuel expenses at our Dominion Virginia Power unit were another factor. Operating earnings in 2005 were $4.53 per share, down Regulated tilities er ice reas so ecember 1 Electric Natural Gas Corporate Headquarters Richmond, Virginia 10 Dominion 2005

  • Page 13
    ... the company. We want to deepen and expand them in 2006. More than $800 Million in Profitable Acquisitions Closed in 2005 You may not be aware that Dominion is the largest power generator in New England. Thanks to an exceptional team of dedicated employees working long hours, weekends and holidays...

  • Page 14
    Brayton Point Power Station in Somerset, Massachusetts, supplies power to more than 1 million New England homes and businesses.

  • Page 15
    ...of our Millstone nuclear station, these plants give us the largest, most competitive and diverse generation portfolio in New England, a region heavily dependent on high-priced natural gas. Approximately 90 percent of the electricity we expect to generate at our New England base-load plants is hedged...

  • Page 16
    ...participation in PJM gives us three key advantages: It enhances transmission service reliability, expands access to regionwide, economical generation sources, and improves our company's efficiency at deploying capital. I'm proud that our overall E&P program places among the industry's top quartile...

  • Page 17
    Millstone Power Station set two records in May: surpassing 1 million consecutive work hours without a recordable accident and completing the shortest and safest outage in station history.

  • Page 18
    ...-to-right, foreground) plan day-ahead bids for the PJM market. Stephanie Smith (center, background) assists James Carr and Cynthia Ellis, who direct the output of Dominion's ï¬,eet of generation units in the real-time market. Membership in PJM is expected to reduce fuel costs and benefit customers.

  • Page 19
    ... of our onshore operations. Managing increased insurance costs also will be a challenge. We plan other major investments in 2006, including customer service upgrades and new customer connections at our utility distribution subsidiaries. These will account for 14 percent of our 2006 budget, or $525...

  • Page 20
    ... falling short of our targeted credit metrics, Standard & Poor's downgraded our bond rating from BBB+ to BBB. Moody's maintained its Baa1 rating but in early January placed our rating on review for a downgrade. In 2005, we added coverage from Fitch, which rates your company's debt at BBB+. Although...

  • Page 21
    ...Excellent Operations Dollars/Mcfe Source: John S. Herold, Inc. * 2005 data not available at press time. ** U.S. and Canada as of December 31, 2005 E&P Reserve Replacement Costs ('02 -'04)* 1.80 3.00 E&P Finding & Development Costs ('02 -'04)* 1.63 1.88 1.40 1.39 1.50 1.52 1.00 0.00 Dominion...

  • Page 22
    ... period of 2005 and 2006. Commercial and industrial customers Revenue Certainty in Virginia Until 2011 Long-time owners of Dominion will recall that our Virginia electric customers have enjoyed price stability under a state law that freezes Dominion's base rates until 2011. In will save even more...

  • Page 23
    ...for power and natural gas in our Northeast, mid-Atlantic and Midwest markets. • First, robust customer growth in Virginia and North Carolina will continue to fuel higher electricity demand and sales at our regulated electric utility. Our four-year average annual growth in electric demand increased...

  • Page 24
    ... pipeline expansions are under way in West Virginia, New York and Pennsylvania. With federal regulatory approval, service will come online beginning in 2008. • Third, we expect natural gas exploration and production growth of 5 to 6 percent annually on average from 2006 through at least 2008. That...

  • Page 25
    Gary Lipscomb talks to the control room after inspecting one of Mt. Storm Power Station's three selective catalytic reduction units (SCRs).

  • Page 26
    ... who work for Dominion represent a huge advantage for company owners and customers. On behalf of our employees, I want to thank our customers, suppliers, partners, board of directors and you and your fellow investors for your continuing support. Our job is to reward the confidence you've placed in...

  • Page 27
    ...tax items: Telecom related charges Dominion Capital related charges (208) Termination of power purchase contracts (136) Restructuring of certain electric sales contracts - Charges related to Hurricanes - Restructuring and acquisition-related charges (68) Charges related to exiting certain businesses...

  • Page 28
    Dominion Resources, Inc. 2005 Financial Content 27 52 53 55 56 Management's Discussion and Analysis of Financial Condition and Results of Operations Management's Annual Report on Internal Control over Financial Reporting 59 Reports of Independent Registered Public Accounting Firm 60 Consolidated ...

  • Page 29
    ... securities held as investments in nuclear decommissioning and benefit plan trusts; Introduction Dominion is a fully integrated energy company headquartered in Richmond, Virginia. Our strategy is to be a leading provider of electricity, natural gas and related services to customers in the energy...

  • Page 30
    ..., Indiana, Massachusetts, Ohio, Pennsylvania, Rhode Island, West Virginia and Wisconsin. Dominion Generation's earnings result from the generation and sale of electricity. Due to 2004 deregulation legislation, revenues for serving Virginia jurisdictional retail load are based on capped rates through...

  • Page 31
    .... In 2003, impairment charges of $78 million were recognized as a result of interim tests conducted for certain DCI subsidiaries and our discontinued telecommunications business. We estimate the fair value of our reporting units by using a combination of discounted cash ï¬,ow analyses, based on our...

  • Page 32
    ... Financial Condition and Results of Operations, Continued activities, credit-adjusted risk free rates and cost escalation rates. AROs currently reported on our Consolidated Balance Sheets were measured during a period of historically low interest rates. The impact on measurements of new AROs, using...

  • Page 33
    ... than preferred distribution expense on the trust preferred securities. Clearinghouse During the fourth quarter of 2004, we performed an evaluation of our Dominion Clearinghouse (Clearinghouse) trading and marketing operations, which resulted in a decision to exit certain energy trading activities...

  • Page 34
    ... price changes on electric trading margins and an after-tax charge related to our interest in a long-term power tolling contract that was divested in 2005, in connection with our exit from certain energy trading activities. Sale activity included in operating revenue Purchase activity included...

  • Page 35
    ... billion increase in nonregulated electric sales primarily due to a $1.1 billion increase attributable to the addition of Dominion New England and Kewaunee and a full year of commercial operations at our Fairless Energy power station (Fairless), which began operating in June 2004. The increase also...

  • Page 36
    ... of a North Carolina rate case in the first quarter of 2005; and • The net impact of the following items recognized in 2004: • A $184 million charge related to the sale of our interest in a long-term power tolling contract in connection with our exit from certain energy trading activities...

  • Page 37
    ... generation operations, largely due to the addition of Fairless, partially offset by decreased fuel expense at certain other stations resulting from lower generation output; partially offset by • A $163 million decrease related to energy marketing and risk management activities. Purchased gas...

  • Page 38
    ... Gas transportation Unregulated retail energy marketing customer accounts(3) Dominion Energy Gas transportation throughput (bcf) Dominion Generation Electricity supplied (million megawatt hours): Utility Merchant Dominion E&P Gas production (bcf) Oil production (million bbls) Average realized prices...

  • Page 39
    ... Dominion Delivery includes our regulated electric and gas distribution and customer service business, as well as nonregulated retail energy marketing operations. Presented below, on an after-tax basis, are the key factors impacting Dominion Delivery's net income contribution: 2005 vs. 2004 Increase...

  • Page 40
    ... key factors impacting Dominion E&P's net income contribution: 2005 vs. 2004 Increase (Decrease) Amount (millions, except EPS) EPS Fuel expenses in excess of rate recovery Interest and other financing expense(1) Energy marketing and risk management activities(2) Salaries, wages and benefits expense...

  • Page 41
    ... ($47 million after-tax) charge resulting from the termination of a long-term power purchase agreement, attributable to Dominion Generation; and • A $51 million charge related to credit exposure associated with the bankruptcy of Calpine Corporation, attributable to Dominion Generation. We have not...

  • Page 42
    ...engage in energy trading, marketing and hedging activities to complement our integrated energy businesses and facilitate our risk management activities. As part of these operations, we enter into contracts for purchases and sales of energy-related commodities, including natural gas, electricity, oil...

  • Page 43
    ... Significant investing activities for 2005 included: • $1.7 billion of capital expenditures for the construction and expansion of generation facilities, environmental upgrades, purchase of nuclear fuel, construction and improvements of gas and electric transmission and distribution assets and the...

  • Page 44
    ... contracts used in our risk management strategies for merchant generation and gas and oil production operations, respectively. Collateral requirements have increased significantly in 2005 as a result of escalating commodity prices. At December 31, 2005, we had the following letter of credit...

  • Page 45
    ... electric distribution facilities at certain military bases in connection with their privatization. In January 2006, Virginia Power issued $450 million of 5.4% senior notes that mature in 2016 and $550 million of 6.0% senior notes that mature in 2036. In February 2006, Dominion Energy Brayton Point...

  • Page 46
    ... 2005, there were no events of default under the Dominion Companies' covenants. 1-3 Years 3-5 Years Total Long-term debt(1) $2,330 Interest payments(2) 1,004 Leases 131 Purchase obligations(3): Purchased electric capacity for utility operations 441 Fuel to be used for utility operations 772 Fuel...

  • Page 47
    ... in Virginia. The Virginia Restructuring Act addressed, among other things: capped base rates, RTO participation, retail choice, the recovery of stranded costs, and the functional separation of a utility's electric generation from its electric transmission and distribution operations. Dominion 2005...

  • Page 48
    ... exemption program would allow large industrial and commercial customers, as well as aggregated 46 Dominion 2005 customers in all rate classes, to avoid paying wires charges when selecting electricity supply service from a competitive service provider by agreeing to market-based pricing upon return...

  • Page 49
    ...and the Massachusetts Department of Environmental Protection (DEP) each issued new National Pollutant Discharge Elimination System permits for the Brayton Point Power Station. The new permits contained identical conditions that in effect require the installation of cooling towers to address concerns...

  • Page 50
    ... prices, interest rates and foreign currency exchange rates. sales of natural gas, oil, electricity and certain other commodities using commodity-based financial derivative instruments held for non-trading purposes. The derivatives used to manage risk are executed within established policies...

  • Page 51
    ... contained in this report, see Forward-Looking Statements. Our operations are weather sensitive. Our results of operations can be affected by changes in the weather. Weather conditions directly inï¬,uence the demand for electricity and natural gas and affect the price of energy commodities. In...

  • Page 52
    ... enter into power purchase agreements at prices sufficient to cover operating costs. We attempt to manage these risks by entering into both short-term and long-term fixed price sales and purchase contracts and locating our assets in active wholesale energy markets. However, high fuel and commodity...

  • Page 53
    ...ratings or the credit ratings of our Virginia Power and CNG subsidiaries by Standard & Poor's, Moody's or Fitch could increase our borrowing costs and adversely affect operating results and could require us to post additional collateral in connection with some of our trading and marketing activities...

  • Page 54
    ...meet alone with the Audit Committee and have free access to the Committee at any time. SEC rules implementing Section 404 of the Sarbanes-Oxley Act of 2002 require our 2005 Annual Report to contain a management's report and a report of the independent registered public accounting firm regarding the...

  • Page 55
    ... statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of...

  • Page 56
    ... control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal...

  • Page 57
    Ù

  • Page 58
    ... for doubtful accounts of $9 and $17) Inventories: Materials and supplies Fossil fuel Gas stored Derivative assets Deferred income taxes Prepayments Other Total current assets Investments Nuclear decommissioning trust funds Available-for-sale securities Other Total investments Property, Plant and...

  • Page 59
    At December 31, (millions) 2005 2004 Liabilities and Shareholders' Equity Current Liabilities Securities due within one year Short-term debt Accounts payable Accrued interest, payroll and taxes Derivative liabilities Other Total current liabilities Long-Term Debt Long-term debt Junior ...

  • Page 60
    ... realized losses on investment securities, net of $29 tax benefit Net derivative losses-hedging activities, net of $225 tax benefit Total comprehensive income Issuance of stock-public offering Issuance of stock-employee and direct stock purchase plans Stock awards and stock options exercised (net of...

  • Page 61
    ... Deferred fuel and purchased gas costs, net Prepaid pension cost Accounts payable Accrued interest, payroll and taxes Deferred revenue Margin deposit assets and liabilities Other operating assets and liabilities Net cash provided by operating activities Investing Activities Plant construction and...

  • Page 62
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  • Page 63
    ... of capped rates, with a one-time adjustment of the fuel factor, effective July 1, 2007 through December 31, 2010, with no deferred fuel accounting. As a result, approximately 12% of the cost of fuel used in electric generation and energy purchases used to serve utility customers is subject...

  • Page 64
    ... purchase contracts and normal sales contracts, respectively, are included in earnings at the time of contract performance. As part of our overall strategy to market energy and manage related risks, we manage a portfolio of commodity-based derivative instruments held for trading purposes. We use...

  • Page 65
    ... 6-65 years 3-25 years Nuclear fuel used in electric generation is amortized over its estimated service life on a units-of-production basis. We follow the full cost method of accounting for gas and oil exploration and production activities prescribed by the Securities and Exchange Commission (SEC...

  • Page 66
    ... of current costs through future rates charged to customers, we defer these costs as regulatory assets that otherwise would be expensed by nonregulated companies. Likewise, we recognize regulatory liabilities when it is probable that regulators will require customer refunds through future rates and...

  • Page 67
    .... 98-10, Accounting for Contracts Involved in Energy Trading and Risk Management Activities. Adopting EITF 02-3 resulted in the discontinuance of fair value accounting for non-derivative contracts held for trading purposes. Those contracts are recognized as revenue or expense at the time of contract...

  • Page 68
    ...fies the timing of expense recognition for share-based awards with terms that accelerate vesting upon retirement. Our restricted stock awards contain terms that accelerate vesting upon retirement. Under current practice, compensation cost for 66 Dominion 2005 EITF 04-13 We enter into buy/sell and...

  • Page 69
    ...1,560-megawatt Brayton Point Station in Somerset, Massachusetts; the 754-megawatt Salem Harbor Station in Salem, Massachusetts; and the 432-megawatt Manchester Street Station in Providence, Rhode Island. The operations of Dominion New England are included in the Dominion Generation operating segment...

  • Page 70
    ... Hedge Accounting Activities We are exposed to the impact of market ï¬,uctuations in the price of natural gas, electricity and other energy-related products marketed and purchased as well as currency exchange and interest rate risks of our business operations. We use derivative instruments to manage...

  • Page 71
    ... telecommunications business and began reporting Dominion Telecom as a discontinued operation in the fourth quarter of 2003. In connection with its formation, DFV issued $665 million of 7 .05% senior secured notes due March 2005 that were secured in part by Dominion convertible preferred stock held...

  • Page 72
    ... stock, equity-linked securities, contingently convertible senior notes and shares that were issuable under a forward equity sale agreement. 2003-Other Also early in 2003, we recognized a $27 million charge for the reallocation of DFV's equity losses between the Investor Trust and Dominion. Based...

  • Page 73
    ...at December 31, 2005: Equity Securities Fair Value (millions) Unrealized Losses Debt Securities Fair Value Unrealized Losses Utility Generation Transmission Distribution Storage Nuclear fuel Gas gathering and processing General and other Plant under construction Total utility Nonutility Exploration...

  • Page 74
    ...pay their share of all future construction expenditures and operating costs of the jointly-owned facilities in the same proportion as their respective ownership interest. We report our share of operating costs in the appropriate operating expense (electric fuel and energy purchases, other operations...

  • Page 75
    ... gas costs Regulatory assets-current(1) Income taxes recoverable through future rates(2) Deferred cost of fuel used in electric generation(3) Other postretirement benefit costs(4) Customer bad debts(5) RTO start-up costs and administration fees(6) Termination of certain power purchase agreements...

  • Page 76
    ... in the long-term power tolling contract in connection with our reconsideration of the scope of certain trading activities, including those conducted on behalf of our business segments, and our ongoing strategy to focus on business activities within the energy intensive Northeast, Mid-Atlantic...

  • Page 77
    ...risk management strategies for merchant generation and gas and oil production operations, respectively. Collateral requirements have increased significantly in 2005 as a result of escalating commodity prices. At December 31, 2005, we had the following letter of credit facilities: Company (millions...

  • Page 78
    ... Natural Gas Company: Unsecured Debentures and Senior Notes: 5.375% to 7.375%, due 2005 to 2010 5.0% to 6.875%, due 2011 to 2027(2) Secured Bank Debt, Variable Rate, due 2006(4) Unsecured Junior Subordinated Notes Payable to Affiliated Trust, 7.8%, due 2041 Virginia Electric and Power Company...

  • Page 79
    ...two years prior to the senior notes' maturity date. The purchase price is $50 and the number of shares to be purchased will be determined under a formula based upon the average closing price of our common stock near the settlement date. The senior notes, or treasury securities in some instances, are...

  • Page 80
    ... Selected information about our equity-linked debt securities is presented below: Senior Notes Annual Interest Rate Stock Purchase Contract Annual Rate Date of Issuance (millions, except percentages) Units Issued Total Net Proceeds Total Longterm Debt Total Equity Charge Stock Purchase...

  • Page 81
    ...time of the auction process. This series is not callable prior to 12/20/07. Note 20. Shareholders' Equity Issuance of Common Stock In 2005, we received proceeds of $345 million for 5.8 million shares issued through Dominion Direct® (a dividend reinvestment and open enrollment direct stock purchase...

  • Page 82
    ... Price Stock-Based Awards In April 2005, shareholders approved the 2005 Incentive Compensation Plan (2005 Incentive Plan) for employees and the NonEmployee Directors Compensation Plan (Non-Employee Directors Plan). Both plans permit stock-based awards that include restricted stock, goal-based stock...

  • Page 83
    ... trust. We provide retiree health care and life insurance benefits with annual employee premiums based on several factors such as age, retirement date and years of service. In 2004, we amended our non-union retiree health care and life insurance plans. In connection with the amendment, eligible...

  • Page 84
    ... funding policies, we evaluate plan funding requirements annually, usually in the fourth quarter after receiving updated plan information from our actuary. Based on the funded status of each plan and other factors, we determine the amount of contributions for the current year, if any, at that time...

  • Page 85
    ... of Income were as follows, on a weighted-average basis: Pension Benefits Year Ended December 31, 2005 2004 2003 2005 Other Postretirement Benefits 2004 2003 Discount rate Expected return on plan assets Rate of increase for compensation Medical cost trend rate(1) (1) Decreasing to 5.00% in 2009 and...

  • Page 86
    ...in connection with the termination of a long-term power purchase agreement and the acquisition of the related generating facility used by Panda-Rosemary LP , a nonutility generator, to provide electricity to us. The purchase price was allocated to the assets acquired and liabilities assumed based on...

  • Page 87
    ... for the possible remediation of these other sites. Nuclear Operations Nuclear Decommissioning-Minimum Financial Assurance- The Nuclear Regulatory Commission (NRC) requires nuclear power plant owners to annually update minimum financial assurance amounts for the future decommissioning of their...

  • Page 88
    ... again in 2005. Our current level of property insurance coverage ($2.55 billion for North Anna, $2.55 billion for Surry, $2.75 billion for Millstone, and $1.8 billion for Kewaunee) exceeds the NRC's minimum requirement for nuclear power plant licensees of $1.06 billion per reactor site and includes...

  • Page 89
    ... zero in 2006 for all rate classes, and as such, Virginia customers will not pay a fee if they switch from us to a different competitive service provider. We believe capped electric retail rates and, where applicable, wires charges provided under the Virginia Restructuring Act provide an opportunity...

  • Page 90
    ... and diverse customer base, we are not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations, including transmission services and retail energy sales. Our exposure to credit risk is concentrated primarily within our sales of gas and...

  • Page 91
    .... We manage our operations through the following segments: Dominion Delivery includes our regulated electric and gas distribution and customer service business, as well as nonregulated retail energy marketing operations. Dominion Energy includes our tariff-based electric transmission, natural gas...

  • Page 92
    ...for the termination of long-term power purchase agreements attributable to Dominion Generation; • A $64 million charge ($39 million after-tax) for the restructuring and termination of certain electric sales agreements attributable to Dominion Generation; and • $26 million of severance costs ($15...

  • Page 93
    ... table presents segment information pertaining to our operations: Dominion Delivery Dominion Energy Dominion Generation Dominion E&P Adjustments & Eliminations Consolidated Total Year Ended December 31, (millions) Corporate 2005 Total revenue from external customers Intersegment revenue Total...

  • Page 94
    ...net of royalties) from: Sales to nonaffiliated companies Transfers to other operations Total Less: Production (lifting) costs Depreciation, depletion and amortization Income tax expense Results of operations $1,499 268 1,767 443 564 283 $ 477 $1,369 268 1,637 406 525 264 $ 442 $130 - 130 37 39 19...

  • Page 95
    ... performance-based reserve reclassifications from proved undeveloped to unproved. (2) The 2005 U.S. revision is primarily due to an increase in plant liquids that resulted from a contractual change for a portion of our gas processed by third parties. We now take title to and market the natural gas...

  • Page 96
    ... contractual arrangements or market prices at year-end. Future costs of developing and producing the proved gas and oil reserves reported at the end of each year shown were based on costs determined at each such year end, assuming the continuation of existing economic conditions. Future income taxes...

  • Page 97
    ... 2005, a $64 million after-tax charge resulting from the termination of two long-term power purchase agreements, and a $61 million after-tax benefit due to the recognition of business interruption insurance revenue associated with delayed gas and oil production due to Hurricane Ivan. Dominion 2005...

  • Page 98
    ... sell two of our wholly-owned regulated gas distribution subsidiaries, The Peoples Natural Gas Company and Hope Gas, Inc., for $969.6 million plus adjustments to reï¬,ect capital expenditures and changes in working capital. The transaction is expected to close by the first quarter of 2007 , subject...

  • Page 99
    ... Virginia Surgical Associates Benjamin J. Lambert, III, 69 Optometrist Ronald J. Calise, 57 Former Managing Director, Global Power ... 70 Chairman, Dominion Resources, Inc. Margaret A. McKenna, 60 President, Lesley University George A. Davidson, Jr., 67 Retired Chairman, Dominion Resources, Inc....

  • Page 100
    ... Officer, Dominion Resources Services G. Scott Hetzer, 49 Senior Vice President and Treasurer Jay L. Johnson, 59 President and Chief Executive Officer, Dominion Delivery James L. Sanderlin, 64 Senior Vice President - Law Paul D. Koonce, 46 Chief Executive Officer, Dominion Energy Steven...

  • Page 101
    ... Services P .O. Box 26532 Richmond, Virginia 23261-6532 Direct Stock Purchase Plan You may buy Dominion common stock through Dominion Direct ®. Please contact Shareholder Services for a prospectus and enrollment form or visit www.dom.com. Common Stock Listing New York Stock Exchange Trading symbol...

  • Page 102
    ...Dominion Resources, Inc., Richmond, Virginia Design: The Graphic Expression Inc., New York, New York Printing: The Hennegan Company, Florence, Kentucky Financial Typography: Grid Typographic Services, Inc., New York, New York..., page 7 (2004); Larry Runyon, page 7 (2005). 100 Dominion 2005

  • Page 103

  • Page 104
    Dominion Resources, Inc. P .O. Box 26532 Richmond, Virginia 23261-6532 www.dom.com