And darkness shall have no dominion, as long as Dominion Resources powers lights across the territory it serves. Dominion is one of the top energy players in the US. Dominion Generation (its largest revenue generator), manages regulated and non-regulated power plants (28,200 MW of capacity). Through its Dominion Virginia Power unit, the company transmits and distributes electricity across 56,800 miles of electric distribution lines to 2.4 million customers, and natural gas to 1.7 million customers in five states. Subsidiary Dominion Energy trades and markets energy, oversees 11,000 miles of natural gas transmission pipelines, and operates underground gas storage facilities (947 billion cu. ft. of capacity.)
To free up cash and hone its business focus the company has sold most of its exploration and production operations in recent years. In 2010 the company sold its remaining Appalachian exploration and production assets to CONSOL Energy for about $3.5 billion. The acquisition doubled CONSOL's natural gas reserves to 3 million cu. ft. (In 2007 Dominion sold the bulk of its oil and gas exploration and production assets -- excluding its Appalachian operations, because at the time they offered less risk -- for nearly $14 billion.)
In a related move, Dominion agreed to sell its Appalachian gas distribution companies The Peoples Natural Gas Company and Hope Gas, located in Pennsylvania and West Virginia, to investment firm SteelRiver Infrastructure Partners for $910 million. After receiving approval from Pennsylvania, the deal was rejected in late 2009 by West Virginia, saying the terms of the agreement were not in the public interest. The company then sold just Peoples Natural Gas to SteelRiver in 2010 for $780 million.
Dominion's divestments allow it to concentrate its efforts on its core power generation and gas and electricity distribution businesses, along with its trading and marketing activities.
In 2011 the company posted a drop in revenues of 5%, due to the sale of it exploration and production business, lower power generation, and weaker prices, Net income was down by 50%, largely reflecting the absence of a gain on the sales of its exploration and production operations (which it had in 2010) as well as lower margins from power generation, and the impact of less favorable weather conditions on its electric utility business. – less
4 salaries reported
$11.45 per hour
4 salaries reported
$35,163 per year