Dominion Files Lawsuit to Confirm Right to Construct Cove Point Natural Gas Liquefaction Project

Friday May 18th 2012 12:31:47 PM

- Agreement specifically permits all planned activities

- Project offers significant economic benefits while using existing infrastructure to minimize environmental impact

May 18, 2012

RICHMOND, Va., May 18, 2012 /PRNewswire/ -- Dominion (NYSE: D) today filed a lawsuit to confirm its right to construct a natural gas liquefaction project at its Cove Point liquefied natural gas terminal in Lusby, Md. The company filed a complaint for declaratory judgment in response to an erroneous claim by the Sierra Club that the club has the authority to block the project.

The plain language of a 2005 agreement, to which Dominion and the Sierra Club are parties, specifically permits all the activities related to the planned liquefaction project, Dominion said in a complaint filed with the Circuit Court of Calvert County, Md.

"This project is of immense value to Calvert County, the state of Maryland and the United States," said Gary L. Sypolt, CEO of the company's Dominion Energy business unit. "We have a long history of working with our environmental partners at Cove Point.  Although the Sierra Club has chosen not to work with us in this instance, we are confident we are right and believe the best time to resolve this issue is now."

Once completed, the liquefaction project is expected to handle natural gas exports that would reduce the U.S. trade deficit by more than $2.8 billion per year. It also would generate directly and indirectly about $1 billion annually in additional federal, state and local government revenues. 

In Calvert County alone, the project could produce additional property tax revenue of up to $40 million per year and would make Dominion the county's largest taxpayer. Over the life of the project, it would have an estimated economic impact on Calvert County of $1.3 billion. The project would generate 2,500 to 3,100 construction jobs and 70 to 100 permanent jobs in Calvert County.

In contrast to previous projects at Cove Point, including a 2005 expansion of the facility, the Sierra Club declined Dominion's offer to discuss how to undertake the project in the most ecologically sound manner. Instead, the club and its Maryland chapter last month delivered a letter demanding the company abandon the project.

"The Sierra Club and the Maryland Chapter's opposition to the Project has virtually nothing to do with any environmental impact at Cove Point," the company said in its filings. "Instead, their opposition to the Project is motivated by their nationwide 'Beyond Gas' campaign against natural gas as an energy source and their concern that the Liquefaction Project will lead to increased U.S. natural gas production in areas hundreds of miles from Cove Point."

Nothing in the 2005 agreement prohibits expansion of liquefaction capabilities at Cove Point or the export of LNG.  In fact, the company cited several sections of the 2005 agreement as expressly allowing the liquefaction project and loading LNG onto tanker ships for export:

• The definition of authorized "LNG Terminal Operations" specifically includes the liquefaction of natural gas.
• The definition further permits "the receipt by tanker and the receipt or delivery by pipeline of LNG, revaporized LNG or natural gas at or from the LNG Terminal Site."
• Future expansion projects within the 131-acre "fenced" plant site were expressly anticipated in the agreement.

A copy of the company's Complaint for Declaratory Judgment is available here on Dominion's Web site.

Construction of the liquefaction project is expected to begin in 2014, with an in-service date in 2017, pending receipt of necessary approvals, negotiating binding terminal service agreements with the shippers and successful completion of engineering studies. At the end of March, Dominion signed binding precedent agreements with two companies, one of which is Sumitomo Corp., a major Japanese corporation with significant global energy operations. Between the two shippers, the planned project capacity of about 750 million cubic feet per day on the inlet and about 4.5 million to 5 million metric tons per annum on the outlet is fully subscribed.

Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines.  Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.

This news release includes certain "forward-looking information".  Examples include information as to our expectations, beliefs, plans, goals, objectives and future financial or other performance or assumptions concerning matters discussed in this release.  Factors that could cause actual results to differ from those in the forward-looking statements may accompany the statements themselves.  In addition, our business is influenced by many factors that are difficult to predict, involve uncertainties that may materially affect actual results and are often beyond our ability to control or estimate precisely.  We have identified and will in the future identify a number of these generally applicable factors in our SEC Reports on Forms 10-K and 10-Q. We refer you to those discussions for further information.  Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made.

SOURCE Dominion

Dominion Virginia Power Proposes New Rate to Encourage Solar Power in The Commonwealth

Thursday May 17th 2012 01:28:00 PM

-- Company seeks approval from state regulators for 5-year demonstration project

-- Program would be open to customers with solar installations

-- Project is second part of company's plan to add more solar generation in Virginia

May 17, 2012

RICHMOND, Va., May 17, 2012 /PRNewswire/ -- Dominion Virginia Power took a second step today to add more of the sun's energy to its electricity grid by proposing a new rate that includes a premium to encourage customers to install solar panels and sell the electricity to the company.

In a filing with the Virginia State Corporation Commission (SCC), the company is seeking permission to buy solar-generated electricity from residential and small commercial customers at 15 cents per kilowatt-hour for a five-year demonstration period. The demonstration project would be limited to 3 megawatts total, or 3,000 kilowatts. The typical residential solar installation in the company's Virginia service area is 4 kilowatts.

"We know this program will be a success based on conversations with our existing customers who have already installed solar panels and other customers who have been discussing this option with us," said Ken D. Barker, vice president-Customer Solutions and Energy Conservation. "Our Green Power customers also have been asking us to tie their voluntary participation and payments to green energy in Virginia. So this is a win-win for everyone."

The proposed rate is designed to pay a premium to customers who generate electricity with solar power to defray installation costs. The premiums would come from the contributions that Dominion Green Power customers make to support the production and development of renewable energy.

Approximately 14,000 Dominion Virginia Power customers participate in the company's Green Power program. They pay a slightly higher rate so that either all or a portion of their electricity is offset by certified green power sources. The proposed solar rate program will match the Dominion Green Power customers with customers who choose to generate solar energy on their property and sell the electricity to Dominion.

The company had multiple meetings with interested parties to design the proposed solar rate with pricing and terms to attract participation. Eligible customers will purchase all of their electricity from the company and sell all of their solar-generated electricity to the company.

The proposed fixed rate also could be an alternative to the company's existing "net metering" program where customers offset their consumption with self-generated renewable energy.   About 650 customers participate in the "net metering" program today.

The company took the first step in adding more solar to its fuel mix in October when it asked the SCC for approval of a community solar power program to lease rooftops of commercial businesses and public facilities for up to 30 megawatts of solar panels. That program would generate enough electricity to power about 6,000 homes during peak daylight hours. The SCC has scheduled a hearing on the proposal for September.

Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines.  Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.

Follow us on Twitter at: http://www.twitter.com/DomVAPower. 'Like' us on Facebook at www.facebook.com/dominionvirginiapower .

SOURCE:  Dominion Virginia Power

Dominion Virginia Power Encourages Electrical Safety During Outdoor Maintenance, Planting Projects

Monday May 14th 2012 09:00:00 AM

May 14, 2012

RICHMOND, Va., May 14, 2012 /PRNewswire/ -- May is a perfect time for outdoor activities such as sprucing up yards, cleaning out gutters, painting houses and building patios and decks. It's also national electrical safety month, and Dominion Virginia Power is encouraging customers to remember how to stay safe around electricity. 

"Electric wires, transformers and poles are an important part of our lives, working silently and dependably day after day, but it is important to remember that electricity must be used safely and treated with the utmost caution and respect," said Rodney Blevins, vice president, electric distribution operations for Dominion Virginia Power.  "We urge everyone to exercise caution around electricity and to make sure their children are cautious, too," Blevins said.

Virginia's Overhead High Voltage Line Safety Act requires that contractors who are planning to work within 10 feet of overhead high-voltage lines call Dominion toll-free at 1-866-DOM-HELP, or 1-866-366-4357 before starting work. This allows the proper safety arrangements to be put in place before the work begins.

Underground power lines are just as dangerous as those that are overhead.  Call Miss Utility at least three working days in advance of your project to ensure that the underground lines are marked before you dig.  The Miss Utility number is 811.

Other ways to stay safe include:

• Be sure to look for, locate and stay away from overhead power lines before you begin overhead work such as tree trimming, painting, cleaning gutters, roofing or installing any equipment on or near the roof of your house.
• Keep ladders and all other equipment away from power lines.
• Read and follow all safety warnings when working with ladders.
• Assume any power line is energized and stay away from it.  Call a qualified contractor if any work must be done close to a power line.
• Exercise caution when working around all utility electrical equipment such as utility poles, transformers and substations. Be certain to warn your children to also exercise caution.

Another important consideration for electrical safety these days is portable generator safety.  Improperly installed generators can be hazardous to homeowners and can flow power back into the de-energized power lines, endangering utility linemen who are working to restore power during outages.

Carefully follow the manufacturer's installation instructions when connecting a portable electrical generator.  Dominion offers specific online safety tips on home electrical generators. If you are not sure how to do it, contact the manufacturer or call a qualified electrician.

Also make sure generators are properly ventilated and carbon monoxide fumes do not enter living spaces.

Additional home safety tips and information are available at http://esfi.org/  and at www.eei.org/newsroom/energynews/Pages/20100503.aspx.

Dominion Virginia Power is a subsidiary of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines.  Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.

Note to reporters and editors: To keep abreast of the latest company news, sign up to receive Dominion's news releases as soon as they are distributed to the media. Sign up at: http://dom.mediaroom.com/index.php?s=42. You can choose to receive all news releases, or specify an area in which you have a particular interest.  

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SOURCE Dominion Virginia Power

Dominion Declares Quarterly Dividend of 52.75 Cents

Tuesday May 8th 2012 01:00:00 PM

May 8, 2012

RICHMOND, Va., May 8, 2012 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 52.75 cents per share of common stock.

Dividends are payable on June 20, 2012, to shareholders of record June 1, 2012.

This is the 337th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Jan. 20, 2012.

The board of directors of Virginia Electric and Power Company, a subsidiary of Dominion, also declared regular quarterly dividends at the prescribed rates on each of its series of preferred stock. Preferred dividends on the company's fixed-rate preferred stock are payable June 20, 2012, to holders of record at the close of business June 1, 2012.

SOURCE Dominion

Want to Shrink Your Energy Bills? Dominion Virginia Power Offers Tips to Help

Tuesday May 8th 2012 09:00:00 AM

- Simple steps can save energy, money

- Inefficient, unnecessary appliances can cost you money

- Tips and information available online at www.dom.com

May 8, 2012

RICHMOND, Va., May 8, 2012 /PRNewswire/ -- Dominion Virginia Power is encouraging customers to take control of their utility bills by taking steps to save energy.

"We encourage customers to use energy wisely and to find easy ways to reduce the amount of energy being wasted," said Ken Barker, vice president of customer solutions and energy conservation.

"If you are using an old, inefficient refrigerator in your garage or if you leave televisions and lights turned on when no one is in the room, you have an opportunity to reduce your electric bill. If you look around your home, you might find appliances and devices like phone chargers that can be unplugged when not in use. The results of small actions can add up to big results."

Home heating and cooling systems are a major contributor to energy use and should be routinely inspected by a trained professional to ensure they are operating efficiently.

Here are 10 more ways to take control of your energy usage:

• In the summer, set the thermostat to the highest comfortable temperature.  Dominion and the U.S. Department of Energy recommend 78 degrees for maximum efficiency.
• On hot days, cook outdoors, use a microwave oven or prepare cold meals to avoid excess heat in the kitchen. If you cook outdoors, plan carefully to minimize the trips in and out of the house when hot air can enter and cool air can escape.
• Use ceiling fans to make it feel colder so you can set the thermostat higher and still be comfortable.
• Replace or clean forced-air heating/cooling system filters monthly.
• Wash clothes in cold water and clean the lint filter in the dryer after every use.
• Use the moisture-sensing automatic drying setting on your dryer if you have one.
• Air must be able to circulate freely around the outside unit of your air conditioner or heat pump.  Keep the area around it clear of weeds and debris.
• Plant trees or shrubs to shade air conditioning units.  A unit operating in the shade uses as much as 10% less electricity than the same one operating in the sun. 
• Keep the water heater set at 120 degrees and insulate the heater and adjacent pipes to prevent heat loss.
• Close the flue to any fireplace that is not in use.

More easy energy-saving ideas are available at: www.dom.com/tips. An online energy calculator that can help you identify the best and most cost effective ways for conservation and efficiency is available at: http://www.dom.com/about/conservation/energy-calculators-help-find-energy-savings.jsp. 

Information about budget billing, energy assistance, payment plans and other customer service topics is available online at www.dom.com/service.

The Commonwealth Crisis Assistance program, which can help pay up to $435 for winter heating bills, is available for qualifying customers facing a heating emergency. For information on qualifying and applying for this program, customers can dial 2-1-1 to locate the nearest office of the Virginia Department of Social Services or go to www.dss.virginia.gov/benefit/ea/index.cgi.

Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27, 500 megawatts of generation. Dominion operates the nation's largest natural gas storage system and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.

Follow us on Twitter at: http://www.twitter.com/DomVAPower. 'Like' us on Facebook at www.facebook.com/dominionvirginiapower .

SOURCE Dominion Virginia Power