Dominion Resources Maintains 6% Growth Outlook and Continues $13.1 Billion in Active Projects

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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Resources Incorporated (NYSE:D) (Richmond, Virginia) is maintaining its growth outlook of 6% with a total of $3.7 billion in capital ($2.2 billion) and maintenance ($1.5 billion) spending planned for 2008, Thomas Farrell II, President, Chairman and CEO, said recently at the Merrill Lynch Power & Gas Leaders Conference. The majority, or 90%, of the spending will go toward regulated businesses, he said.

The controversial Virginia City Hybrid Energy Center, which recently was the target of a protest, is currently under construction as part of the $2.2 billion allotted in capital expenditures for 2008. Industrial Info has been tracking the $1.8 billion project, located in St. Paul, Virginia, since February 2004 when it was in the site-study phase. The project is expected to become operational in 2012.

Dominion is also developing three wind power projects, Farrell said. One of the projects, located in the West Virginia mountains, is nearly complete. Dominion's share of the capacity is 81 megawatts (MW). The second project is a 600-MW facility in Indiana that is under construction. The company's share in this project is 50%. The third project will be built in three to four years in northern Virginia's Warren County, depending on demand, Farrell said.

Industrial Info is also tracking the $350 million Cove Point liquefied natural gas (LNG) receiving terminal expansion in Lusby, Maryland. Farrell said the company is looking into expanding Cove Point's pier in order to be able to accommodate large LNG ships. The terminal is expected to be complete and operational by the end of the year.

Two major electric transmission projects planned are the Meadow Brook-to-Loudoun and Carson-to-Suffolk pipelines in Virginia, Farrell said. Both projects are worth about $250 million and await final commission approval, which is expected by the end of the year, Farrell said.

As part of our International Project Database, Industrial Info is tracking 85 projects involving Dominion or at least one of its business units. The projects range from a $1.2 million maintenance outage in Yorktown, Virginia, to a $260 million grassroot hydroelectric power plant in Bolivia. The largest of the projects is a $3 billion nuclear unit addition at the North Anna Nuclear Power Station in Mineral, Virginia.

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