Dominion Power 2010 Annual Report Download

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Table of contents

  • Page 1
    '20,1,21 5(6285&(6 ,1&  6800$5< $118$/ 5(3257 326,7,21(' )25 *52:7+

  • Page 2
    ...customer accounts in 14 states.* For more information about Dominion, visit the company's website at www.dom.com. *All numbers are as of March 1, 201 1. Shareholders receiving this Summary Annual Report in connection with our 2011 Annual Meeting of Shareholders should read it together with our 2010...

  • Page 3
    ...Dividends paid Market value (intraday high) Market value (intraday low) Market value (year-end) Book value (year-end) Market to book value (year-end) Financial Position (millions) Total assets Total debt Common shareholders' equity Equity market capitalization Cash Flows (millions) Net cash provided...

  • Page 4
    ... VXS SO\LQJ ZKROHVDOH PDUNHWV LQ WKH 0LGZHVW DQG 1RUWKHDVW 7RJHWKHU WKH\ DFFRXQW IRUDSSUR[LPDWHO\ PHJDZDWWV RI JHQHUDWLRQ BUSINESS LINES 2010 HIGHLIGHTS 2011 OUTLOOK ‡ 8WLOLW\SRZHUSURGXFWLRQ ‡ 0HUFKDQWSRZHU SURGXFWLRQ For factors that could cause actual results to differ...

  • Page 5
    ... / Gas Biomass Wind New Generation Stations Planned/Under Development Coal Natural Gas Biomass Wind Does not reï¬,ect 2.1 million nonregulated retail customer accounts in 14 states. * The sale of Dominion's interest in Morgantown Power Station (WV) closed January 3 1, 201 1. DOMINION ENERGY As of...

  • Page 6
    ... the U.S. stock markets traded up and down and the unemployment rate remained at near double-digit levels. Despite this turbulence, the people at Dominion remained true to our four core values - safety, ethics, excellence and teamwork. These principles are the backbone of our corporate structure and...

  • Page 7
    ... to shareholders, a 4.6 percent increase over 2009. That increase followed 11 percent dividend rate hikes in both 2008 and 2009. We have accomplished the key elements we wanted to achieve when we started our transformation in 2006. Our credit ratings are stable at the three major In 2010, Dominion...

  • Page 8
    ... In 2006, senior management and the Board of Directors decided on a new direction for Dominion. At the time, there was a growing gap in our Virginia franchise area between demand and available generation - and uncertainty in putting vast amounts of capital into new infrastructure projects. We were...

  • Page 9
    ..., and the ability to provide investors with competitive utility dividends. (;(&87,1* 7+( 3/$1 and instead renew our focus on energy infrastructure. Shareholder capital, we concluded, had more value in improving existing infrastructure and building new products extraction facilities, gathering...

  • Page 10
    ... 18,400 megawatts of generating capacity, 6,100 miles of electric transmission lines and 56,800 miles of electric distribution lines, serves 2.4 million customer accounts. We also serve 1.3 million gas distribution customer accounts in Ohio and West Virginia and operate a gas transmission...

  • Page 11
    ...)250$7,21 *52:7 In 2006, Dominion decided to change direction and unveiled a plan whose philosophy was simple: Reduce risk by shifting the operating earnings mix to focus on regulated businesses and decreasing earnings sensitivity to commodity prices. This transition has positioned your company...

  • Page 12
    ... growth plan will fuel additional EPS and dividend growth. 2006 2007 COVE POINT EXPANSION 2008 2009 2010 2011 2012 2013 2014 2015 DOMINION HUB I Dominion Energy Enhancement Dominion Generation Enhancement Dominion Virginia Power Enhancement LADYSMITH 3 & 4 USA STORAGE NEDPOWER MOUNT STORM...

  • Page 13
    ... in 2010, the utility has historically connected 48,000 new customer accounts each year. PJM Interconnection, a transmission grid operator serving all or parts of 13 states and the District of Columbia, reports that the Dominion Zone has the highest expected electric load growth rate - 2.1 percent...

  • Page 14
    ... with the National Park Service by addressing environmental considerations for the nearby Shenandoah National Park. By the time Warren County enters service in late 2014 or early 2015, as part of the air permit process, Dominion plans to have 0RXQW 6WRUP WR 'RXEV a project to rebuild an aging...

  • Page 15
    ...ling for full-scale deployment across our Virginia and North Carolina service area. Excluded from the list above is North Anna 3, a proposed 1,500-megawatt nuclear reactor. Dominion believes new nuclear power should be a major part of the nation's energy mix because it is safe, reliable, dependable...

  • Page 16
    ..., and we are in the process of securing customers. Dominion has identified an additional $1.5 billion in potential growth capital for gas transmission projects not included in the 2011-2015 growth plan. To bolster Dominion East Ohio's system safety and reliability, we launched a $2.6 billion...

  • Page 17
    ... operations, in December 2010 the board set a new dividend policy to pay out 60 to 65 percent of operating earnings per share to shareholders. The board also increased the annual dividend rate by 14 cents per share - from $1.83 per share in 2010 to $1.97 per share in 2011 - subject to quarterly...

  • Page 18
    ... 16,000 employees and your confidence in our transformation and growth plan. You have good reason to remain confident in your company's direction. In 2011, this new Dominion will build on five years of stable, predictable earnings, a solid dividend, and promises fulfilled. We are poised to grow...

  • Page 19
    ... earnings power. Reconciliation of 2010 Segment Operating Earnings Proportion (non-GAAP) to Reported Earnings Proportion (GAAP) Operating Earnings* Millions % Reported Earnings Millions % Dominion Virginia Power Dominion Generation Dominion Energy Primary operating segments Corporate and...

  • Page 20
    ... Communications, Inc. Peter W. Brown, M.D. Physician, Virginia Surgical Associates, P.C. George A. Davidson, Jr. Retired Chairman, Dominion Resources, Inc. Helen E. Dragas President and Chief Executive Officer, The Dragas Companies (real estate development firm) Thomas F. Farrell II Chairman...

  • Page 21
    ...Dominion Virginia Power David A. Christian* Chief Executive Officer, Dominion Generation Gary L. Sypolt* Chief Executive Officer, Dominion Energy Robert M. Blue* Senior Vice President, Law, Public Policy and Environment Mary C. Doswell Senior Vice President, Alternative Energy Solutions, Dominion...

  • Page 22
    ... be made by writing to: Corporate Secretary Dominion Resources, Inc. P.O. Box 26532 Richmond, Virginia 23261-6532 Dominion Resources, Inc. P.O. Box 26532 Richmond, Virginia 23261-6532 :HEVLWH www.dom.com Copies of Dominion's Summary Annual Report, Proxy Statement and reports on Form 10-K, Form 10...