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Dominion Energy, Inc.
Formerly
Dominion Resources (1983–2017)

Virginia Electric and Power Company (VEPCO) (1925–1983)

Virginia Railway and Power Company (1909–1925)
Public
Traded as
Industry Electric utility
Founded Virginia, U.S. (1983)
Headquarters 600 East Canal Street, Richmond, Virginia, U.S.
Area served
Idaho, North Carolina, Ohio, South Carolina, Utah, Virginia, West Virginia, Wyoming
Key people
Robert Blue (CEO and Chairman)
James R. Chapman (CFO)
Products Electricity
Natural gas
Revenue
  • Increase US$ 16.572 billion (2019)
  • Increase US$ 13.366 billion (2018)
Operating income
  • Decrease US$ 2.514 billion (2019)
  • Decrease US$ 3.601 billion (2018)
  • Decrease US$ 1.376 billion (2019)
  • Decrease US$ 2.549 billion (2018)
Total assets
  • Increase US$ 103.823 billion (2019)
  • Increase US$ 77.914 billion (2018)
Total equity
  • Increase US$ 34.033 billion (2019)
  • Increase US$ 22.048 billion (2018)
Number of employees
21,000 (2019)
Divisions Gas Infrastructure Group, Power Generation Group, Power Delivery Group, Southeast Energy Group

Dominion Energy, Inc., commonly referred to as Dominion, is an American power and energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, West Virginia, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia. Dominion also has generation facilities in Indiana, Illinois, Connecticut, and Rhode Island.

The company acquired Questar Corporation in the Western United States, including parts of Utah and Wyoming, in September 2016. In January 2019, Dominion Energy completed its acquisition of SCANA Corporation.

Overview

The company's asset portfolio includes 27,000 megawatts of power generation, 6,000 miles (9,700 km) of electric transmission lines, 14,000 miles (23,000 km) of natural gas transmission, gathering and storage pipeline, and 1.2 trillion cubic feet (34 km3) equivalent of natural gas and oil reserves. Dominion also operates the nation's largest natural gas storage facility, amounting to more than 975 billion cubic feet (2.76×1010 m3) of storage capacity. The company's Cove Point liquefied natural gas (LNG) import terminal on the Chesapeake Bay is one of the nation's largest and busiest facilities of its kind. Dominion serves more than 5 million retail energy customers in the Midwest, mid-Atlantic and Northeast regions of the U.S.

In 2009, Dominion was listed at #157 on the Fortune 500. A book about the company's 100-year history, Dominion’s First Century: A Legacy of Service, was published in 2010.

Generation statistics

18 percent of Dominion's total electric production comes from coal, 22 percent comes from nuclear power, 32 percent comes from natural gas, 9 percent comes from oil, 12 percent comes from Hydro and other renewables, and 7 percent from other sources. A strategy is being developed for Renewable energy sources, primarily wind and biomass, and conservation and efficiency programs to play an increasingly important role in meeting future energy needs and minimizing the company's environmental footprint.

History

Dominion's corporate roots reach back to the Colonial era through predecessor companies that operated canal and river barging, street lighting, railways, and electric trolleys. In 1795, some dams were built along the Appomattox River for industrial use, beginning Dominion's history.

In 1909, Dominion began operating as an investor-owned electric utility under the name Virginia Railway & Power Company, founded by Frank Jay Gould, according to its website. In 1925, the name was changed to the Virginia Electric and Power Company (VEPCO), and Dominion was operated as a regulated monopoly. In 1940, Dominion doubled its service territory by merging with the Virginia Public Service Company. The transit operations were sold in 1944. In 1980, Dominion Resources, Inc., was incorporated as the holding company for VEPCO.

In the 1980s, VEPCO was divided into three operating divisions, Virginia Power, North Carolina Power, and West Virginia Power. In 1986, Dominion gained territory by expanding in Northern Virginia after purchasing the Virginia distribution territory of Potomac Electric Power Company (PEPCO). In 1987, the West Virginia Power division was later sold to UtiliCorp United, but Dominion retained ownership of the Mount Storm Power Station in West Virginia. (In 1999, West Virginia Power would be sold to Allegheny Energy and folded into its Monongahela Power subsidiary; it and other Allegheny Energy subsidiaries have since been acquired in 2010 by FirstEnergy.)

Throughout the 1980s and 1990s, Dominion initiated a series of expansions into regulated and non-regulated energy businesses, both domestically and internationally. During that era, the company also established itself as a world-class operator of nuclear power stations.

In 2000, Dominion bought Consolidated Natural Gas Company of Pittsburgh, Pittsburgh, and added natural gas service to its energy delivery network in the energy-intensive markets in the Northeastern quadrant of the U.S. In 2001, Dominion bought Louis Dreyfus Natural Gas Company, adding to its natural gas delivery network.

Dominion re-branded all of its operations in 2000 to Dominion from Virginia and North Carolina Power as well as Consolidated Gas in order to create a more unified energy company. In 2007, as part of another effort to refocus on core electric and gas operations, Dominion sold most of its Houston-based natural gas and oil exploration and production business for pre-tax proceeds of nearly $14 billion. Its onshore US oil and gas reserves were sold in separate deals to Loews Corporation and to XTO Energy, while its Gulf of Mexico reserves were sold to Eni, and its Canadian reserves were sold to two Canadian trusts. Dominion still retains some production areas in Appalachia, however.

In early 2016, Dominion Resources purchased Questar Corporation.

In 2017, Dominion Resources rebranded itself to Dominion Energy, following with a new logo.

Operations

Chesterfield Power Station
Dominion's Chesterfield Power Station

Dominion has three operating businesses:

Dominion Generation

Dominion generates electricity for both regulated sale in its Virginia and North Carolina markets, and also for wholesale in other markets in the Northeast and Midwest United States. Electricity generation is the largest unit of Dominion.

Dominion Virginia and North Carolina Power

Dominion is a regulated electric utility that transmits, and distributes electricity from its power plants in Virginia, North Carolina, Connecticut, and West Virginia to customers.

Dominion Energy

  • Natural gas distribution
  • Natural gas transmission and storage
  • Producer services
  • Solar Funding - Tredegar Solar Fund I, LLC

Dominion Exploration and Production

Dominion Exploration and Production was the natural gas and oil exploration and production subsidiary of Dominion, and by 2007 was one of the largest independent natural gas and oil operators. During 2007, Dominion sold the majority of its oil and natural gas exploration and production assets to put additional focus on growing its electric generation and energy distribution, transmission, storage and retail businesses mainly in Virginia, West Virginia and North Carolina.

Expansion plans

Dominion is a stakeholder in a joint venture planning to build the 600 miles (970 km) Atlantic Coast Pipeline, a natural gas pipeline that will run between West Virginia and North Carolina and is planned to be in service in late 2019.

Contributions

Political

The Dominion Political Action Committee (PAC) has been very active in donating to Virginia candidates. In 2009, the Dominion PAC donated a total of $814,885 with 56% going to Republicans and 41% to Democrats. In 2008, the PAC donated $539,038 with 50% going to Republicans and 47% to Democrats.

Charitable

Dominion's social investment program is carried out primarily through the Dominion Foundation, which gives about $20 million each year to charities in the states in which Dominion does business.

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