Dominion Power 2014 Annual Report Download

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DOMINION RESOURCES, INC.
2014 SUMMARY ANNUAL REPORT
STRONG
RELIABLE
GROWTH

Table of contents

  • Page 1
    STRONG RELIABLE GROWTH DOMINION RESOURCES, INC. 2014 SUMMARY ANNUAL REPORT

  • Page 2
    ... energy needs at all times. We work around the clock to help ensure reliable service for them." Kendal Hall, lineman at Dominion Virginia Power $6.9B INVESTMENT FOR GAS INFRASTRUCTURE FROM 2015-2020 2.5 MILLION ELECTRIC CUSTOMER ACCOUNTS IN VIRGINIA, NORTH CAROLINA SAFETY MATTERS CONTENTS Company...

  • Page 3
    ... million electric and gas utility customers experienced load-related outages. 1,437 VETERANS "I served my country in the Navy. Now I'm serving in a different capacity, by providing power necessary to fuel Virginia's economy." Rhakiyyah Bagley, nuclear instrument technician at Surry Power Station 1

  • Page 4
    ... Brunswick County Power Station in southeastern Virginia is under construction and more than half complete. The 1,358-megawatt plant, capable of producing power for nearly 340,000 homes and businesses, is expected to enter service in 2016. The efficient gas-fired facility will be an important tool...

  • Page 5
    ... WARREN COUNTY The gas-fired Warren County Power Station, located in the northwestern region of Virginia, is part of our cleaner generating fleet serving electric utility customers in Virginia and North Carolina. About 1,570 megawatts of gas-fired and solar utility generation came online in 2014...

  • Page 6
    ...DOMINION GENERATION Commercial Offshore Wind Solar Projects Future Combined-Cycle Facility Generation Uprates Biomass Conversions In 2014, Natrium II (top), Bremo (left) and Warren County (right) entered service. Our long-term energy infrastructure growth strategy is aimed at meeting our customers...

  • Page 7
    D O M I N I O N RE S O U RC E S , I N C . 2014 2015 2016 2017 5 2018 2019 2020 2021

  • Page 8
    ..., regulatory and statutory compliance, customer service and workplace safety. Our employees perform those tasks understanding and believing in Dominion's four core values: safety, ethical behavior, excellence and teamwork." Thomas F. Farrell II, Chairman, President and Chief Executive Officer...

  • Page 9
    ... only one-twentieth of 1 percent of our customer accounts in Virginia, North Carolina, West Virginia and Ohio experienced load-related outages. During the Polar Vortex events, our reliable non-nuclear generating fleet was available 91 percent of the time. In contrast, the availability of the average...

  • Page 10
    ... and bring new projects online both on time and on budget. This was true for our $1.1 billion, 1,342-megawatt gas-fired Warren County Power Station, which in late 2014 was added to our generation fleet serving 2.5 million electric utility customer accounts in Virginia and North Carolina. Located in...

  • Page 11
    .... The station also works to minimize its local impact. While natural gas will be used to drive the compression and supercooling process, our recovery of turbine exhaust heat will produce electricity necessary to run the plant-thereby eliminating the need for additional emissions. PROJECT BENEFITS...

  • Page 12
    ... assistant Dominion's electric generation buildout in Virginia has resulted in a more clean, balanced and diverse fuel mix. Natural gas now constitutes about 35 percent of our 18,400-megawatt utility fleet's owned capacity, the highest of any one fuel source. In 2014, with Warren County...

  • Page 13
    ... The company plans to add nearly 775 megawatts of solar generation by 2020. " Our customers demand diverse, clean supplies of electricity, and building more renewable generation can help provide power on sunny and windy days." Dianne Corsello, director of business development at Dominion Generation...

  • Page 14
    ... partnership agreement, Dominion will construct, operate and manage the pipeline ** Excludes financing costs PROJECT BENEFITS Reliability • Route ensures diversity of supply, deliverability • Access to prolific, costcompetitive supply • Supports growing gas demand in Virginia, North Carolina...

  • Page 15
    ...a coal-fired plant. In light of a draft EPA plan that says Virginia and North Carolina will need to sharply reduce their carbon intensity-much more than neighboring states-electric generators located there will need sufficient supplies of natural gas to fuel efficient, clean plants replacing coal...

  • Page 16
    ...solar generating capacity in Virginia. Subject to winning a competitive bid process, we also plan to file with the Virginia State Corporation Commission (SCC) for an additional, large gas-fired plant in 2015. Dominion Virginia Power is also considering additional investments in carbon-free nuclear...

  • Page 17
    ... outstanding - year-end Number of full-time employees * Based on non-GAAP Financial Measures. See page 22 for GAAP Reconciliations. 584.5 585.3 14,400 579.5 581.5 14,500 OPERATING EARNINGS* Dollars per Share YEAR-END STOCK PRICE Dollars per Share TARGETED DIVIDEND INCREASE* Dollars per Share...

  • Page 18
    ...on the capital expenditure plan reviewed and endorsed by Dominion's Board of Directors in late 2014. Dominion undertakes no obligation to update this information to reflect plan or project-specific developments, including regulatory developments, or other updates until the next annual update of the...

  • Page 19
    ... protection of birds over much broader geographic areas in Virginia and North Carolina. Dominion also values our veterans. In 2011, we began our Troops to Energy Jobs program to place military veterans into utility careers. Service veterans are motivated and disciplined, have a bias for action and...

  • Page 20
    ... program to place underground the most outage-prone distribution lines to help minimize the effects of severe weather on our customers. 48% Dominion Generation 30% Dominion Energy 22% Dominion Virginia Power * Excludes Corporate and Other Segment. 2015 OUTLOOK DOMINION SAFETY INCIDENCE RATES...

  • Page 21
    ... the 227-megawatt Bremo Power Station to use natural gas as fuel. • Completed the $1.1 billion, 1,342-megawatt Warren County Power Station. • Brought online 211 megawatts of long-term, contracted solar generating capacity in California and Tennessee. • Established a nuclear net capacity factor...

  • Page 22
    ... customer accounts in Virginia and North Carolina. Standard-Bearer for Excellence A few years ago, Dominion began the largest energy infrastructure buildout in the company's history. And what has that accomplished? • Greater shareholder success-to the tune of a 141 percent total return over...

  • Page 23
    ... facilities powered by nuclear, coal, natural gas, oil, biomass, fuel cells, sun, water and wind. The segment provides electricity to customers in Virginia and North Carolina and houses merchant generation and Retail, which contain the vast majority of Dominion's commodity-sensitive businesses. As...

  • Page 24
    ... earnings guidance, the company notes that there could be differences between expected reported (GAAP) earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or changes in accounting principles. At this time, Dominion management is currently not...

  • Page 25
    ... LEADERSHIP OTHER SENIOR LEADERS ROBERT M. BLUE* DONALD R. RAIKES President, Dominion Virginia Power DAVID A. HEACOCK* THOMAS F. FARRELL II* PAUL D. KOONCE* THOMAS P. WOHLFARTH Senior Vice President, Customer Service and Business Development, Dominion Energy J. DAVID RIVES Chairman, President...

  • Page 26
    ... Innsbrook Technical Center, 5000 Dominion Boulevard, Glen Allen, Virginia, 23060. PERFORMANCE GRAPH Registered shareholders may view and manage their Dominion Direct® account online by visiting www.dom.com. Major press releases and other company information may be obtained by visiting our website...

  • Page 27
    ... provide nearly uninterruptible service to the 100,000 customer accounts that are part of Dominion North Carolina Power, including those on the Outer Banks. Page 3: Top left: Warren County can generate 1,342 megawatts of electricity. It cost $1.1 billion-coming online on time and on budget. Lower...

  • Page 28
    ... Services P.O. Box 26532 Richmond, Virginia 23261- 6532 [email protected] CORPORATE STREET ADDRESS Dominion Resources, Inc. P.O. Box 26532 Richmond, Virginia 23261- 6532 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Copies of Dominion's Summary Annual Report, Proxy Statement and reports...