Dominion Power 2010 Annual Report Download - page 7
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its five-year transition to a company whose operating
earnings are more firmly tied to regulated operations.
This transition has positioned us to embark on a five-
year, $10-plus billion growth plan to meet the long-
term energy needs of our customers.
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In 2010, Dominion earned $3.34 per share in operating
earnings, up from $3.27 per share in 2009, well above
the midpoint of our original 2010 guidance range of
$3.20 per share to $3.40 per share.* Because of strong
financial performance, the bottom end of that range in-
creased twice during the year to $3.30 per share. Earn-
ings under Generally Accepted Accounting Principles
(GAAP) in 2010 were $4.76, up from $2.17 per share
in 2009. The difference between operating and GAAP
earnings for 2010 was attributable primarily to the sale
of our Appalachian natural gas exploration and produc-
tion operations, which I will discuss later.
In 2010, our total shareholder return — that is, our
stock’s price change over a given year, plus dividends
— amounted to 14.8 percent. Our return to investors
bested that of the Dow Jones Utility Average, a group
of 15 utility stocks including Dominion, which re-
turned 6.5 percent. Your company’s total return edged
that of the Dow Jones Industrial Average, a major gen-
eral market index, which posted a 14.1 percent return,
and slightly trailed that of the S&P 500, another major
general market index, which produced a 15.1 percent
total return.
Last year, Dominion returned $1.83 per share in
dividends 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
* Based on Non-GAAP Financial Measures. See page 20 for
GAAP Reconciliations.