Dominion Power 2009 Annual Report Download - page 18

16 Dominion 2009
31,000 New Connections in 2009 Even in turbulent
2009, Dominion Virginia Power connected more
than 31,000 new accounts—down from 37,000
new connects in 2008 and nearly 50,000 in 2007.
Yet, the regional transmission organization, PJM In-
terconnection, forecasts that peak demand for elec-
tricity will grow faster in Dominion’s service area
than anywhere else in its 13-state PJM footprint,
which includes Washington, D.C.—about 5,600
megawatts over the course of the next decade. To
put that figure into perspective, 5,600 megawatts
is enough electricity to power 1.4 million average
American homes.
However well Virginia is withstanding the nation-
al economic pressures, other states are lagging by
comparison. As you know, a substantial portion
of our energy infrastructure lies outside Virginia—
as well as a substantial portion of our earnings,
which come from merchant power stations in the
Northeast and the Midwest and from a growing
natural gas pipeline, storage and distribution
system. I believe the jury is still out on whether the
nation will see serious economic recovery in 2010.
A rough consensus of economic wisdom does not
have the U.S. economy roaring back, fueled by pent-
up demand. A more likely scenario has recovery
coming in fits and starts.
So sitting back and hoping for the economy to do
something will hardly suffice as a strategy. Better,
we think, to do for ourselves and seek the financial
performance we deem essential to our shareholders’
interests and expectations. Though uncertainty may
prevail, the current circumstances do not diminish
the potential of emerging opportunities—opportu-
nities we must and will seize.
Constructive Utility Regulation in Virginia Virginia has
adopted a forward-looking system for regulating
electric utilities. It balances the economic interests of
our utility customers and our utility’s need to attract
investment capital on competitive market terms for
needed capital projects.
In early 2010, the Virginia State Corporation Com-
mission (SCC) was reviewing our proposal to estab-
lish new base rates that will be in effect in Virginia
for at least a four-year period. We were pleased to
So sitting back and hoping for the
economy to do something will hardly
suffice as a strategy. Better, we think,
to do for ourselves and seek the finan-
cial performance we deem essential
to our shareholders’ interests and ex-
pectations.
Motorman W.E. Blanton,
pictured in the issue of Public
Service News below, avoided a
serious collision by “keeping a
level head and using it.”
Jim Hamilton, left, often
shared ideas about
“Farming Better—Electrically”
with farmers in Virginia’s
Allegheny region. He retired
in 1994 after 62 years with
the company.
Safety has always been a
priority at Dominion. Below,
Richmond employees raise
the VEPCO Safety Flag in
1931. They won the contest
and earned the right to fly the
flag for a year.