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Dominion Resources 

“Market Cap $40.95 B As of May 2014

At a Glance

  • Industry: Electric Utilities
  • Founded: 1983
  • Country: United States
  • CEO: Thomas Farrell II
  • Website: www.dom.com
  • Employees: 14,500
  • Sales: $13.17 B
  • Headquarters: Richmond, Virginia

Forbes Lists

#318 Global 2000

  • #728 in Sales
  • #399 in Profit
  • #473 in Assets
  • #243 in Market value
Profile

Dominion Resources, Inc. is a diversified energy company. It supplies electricity and natural gas to homes, businesses and wholesale customers in the Eastern United States. The company’s operations also include a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, an LNG import and storage facility in Maryland and regulated gas transportation and distribution operations in Ohio and West Virginia. Its non-regulated operations include merchant generation, energy marketing and price risk management activities and retail energy marketing operations. The company operates its business through three segments: DVP, Dominion Generation and Dominion Energy. The DVP segment is engaged in regulated electric distribution, regulated electric transmission and non-regulated retail energy marketing. The Dominion Generation segment is engaged in regulated electric fleet and merchant electric fleet. The Dominion Energy segment is engaged in gas transmission and storage, gas distribution and storage, LNG import and storage. Dominion Resources was founded by William W. Berry in 1983 and is headquartered in Richmond, VA.

Dominion Resources 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. 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 enteringNorthern 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.

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 Co. of 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.”

*Information from Forbes.com and Wikipedia.org

**Video published on YouTube by “DomCorpComm