Dominion Power 2005 Annual Report Download - page 8

Download and view the complete annual report

Please find page 8 of the 2005 Dominion Power annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

$1,000 investment on
December 31, 1994
with automatic reinvestment of dividends.
6Dominion 2005
1996
East Midlands
acquisition
announced (UK)
Dominion acquired
East Midlands
Electricity, a major
power distributor in
the United Kingdom.
The deal closed in
early 1997.
The Capps Era: 1995-2005
Vision, Opportunistic Outlook Reward Investors
At the close of the 20th century, Capps initiated a strategic
merger with Consolidated Natural Gas Co. to create a
strong, integrated foundation for growth in the company’s
target markets.
Following this transformational merger, Capps continued
to expand Dominion’s asset portfolio, diversify risks,
lower operating costs and produce solid long-term returns
for our shareholders.
Adecade ago, Tom Capps foresaw a new market-
place for BTUs—and did something about it. He
set about positioning Dominion as an energy
leader for the 21st Century.
He first moved the company beyond its Virginia roots by
investing in competitive power projects in the U.S. and Latin
America. He then spearheaded the acquisition of East
Midlands Electricity, a major power distributor in the United
Kingdom, to gain further experience in deregulated markets.
1999
Latin American
generation
businesses sold
The sale of our Latin
American interests in
1999-2000 helped
shift our strategic
focus to the energy-
intensive Northeast,
mid-Atlantic and
Midwest regions of the
U.S.— home to 40
percent of U.S. energy
demand, some of its
highest prices and, as
a result, some of the
earliest moves toward
industry restructuring.
Virginia Electric
Utility Restructuring
Act (Senate Bill
1269)
Virginia Power was a
principal advocate of
a bill by the Virginia
General Assembly that
provided a roadmap
for competitive energy
markets.
1998
Profitable sale of
East Midlands
The sale of East
Midlands generated
$647 million in after-tax
proceeds that allowed
us to fund a share
buyback program and
pursue other investment
opportunities.
1997
Growth of natural
gas and oil portfolio
Dominion joined the
Alberta Hub—a strate-
gic intersection of
regional gas buyers
and sellers. We devel-
oped our marketing
skills and put state-
of-the-art technology
to work.
1995
Growth of interna-
tional merchant
power portfolio
Dominion expanded
its position as a lead-
ing power producer in
Latin America by
acquiring a hydro-
electric business that
operated two stations
in Bolivia. During this
decade Dominion
also operated genera-
tion businesses in
Argentina, Peru and
Belize.