Dominion Power 2008 Annual Report Download - page 15

2008 Dominion 13
Run an electric power franchise for a century—yes, it is our Virginia
electric utility’s centennial anniversary in 2009—and you will
experience good economic times and bad. The current downturn
certainly qualifies as “not good,” and it is definitely testing everyone.
But we have witnessed recessions before and retain cause for optimism.
We know our strengths; we know our abilities. We know how to enter a storm
and emerge intact and ready to prosper.
Nevertheless, we owe you a frank, realistic and level-headed assessment
of our company’s challenges. They include how we will access tightly
restricted supplies of capital to keep modernizing our system, expand our in-
vestments in environmental protection and renewable sources of energy, and
plan for long-term growth in a stalled economy—a stagnant period whose
expiration date remains unknown.
An Outstanding Business Platform. We have dedicated employees,
an outstanding business platform, and the good fortune of serving a region
historically shown to be economically durable and resilient. Customer growth
in our electric service area continues to be higher than the national average.
Even now, we are installing new meters, laying new pipes and wires,
building new generation, and storing and moving large volumes of natural
gas to meet growing demand. Our ability to generate energy efficiently,
safely and cleanly is an additional major advantage. Constructive state and
federal regulation also facilitates activities and planned investments to
modernize and expand our energy production and transportation systems.
Longtime shareholders know how we have repositioned the company
to deliver stable earnings even in challenging economic times. By keeping our
promise to divest ourselves of a major portion of one of our business
We have dedicated employees, an outstanding
business platform, and the good fortune
of serving a region historically shown to be
economically durable and resilient.