Dominion Resources Has Profitable 2008, Slightly Reduces Capital Spending in 2009

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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Resources Incorporated (NYSE:D) (Richmond, Virginia), one of the nation's largest suppliers of energy, reported healthy profits for both the fourth quarter and fiscal year 2008. Operating earnings for the fiscal year, which ended December 31, 2008, were $1.83 billion, an increase of 8.9% from $1.61 billion in 2007. Operating earnings for the quarter were up 41%, moving from $299 million in 4Q07 to $422 million in 4Q08.

Dominion operates several subsidiaries, the three most important subsidiaries being Dominion Virginia Power, which provides electricity in Virginia; Dominion Generation, which operates generating stations in Virginia, West Virginia, North Carolina, Connecticut, Illinois, Pennsylvania, Ohio and Wisconsin; and Dominion Energy, which is responsible for the company's natural gas pipelines and terminals. Annual performance for each of these subsidiaries follows:

• Dominion Virginia Power - annual operating earnings of $380 million, down 8.4% from fiscal year 2007
• Dominion Generation - $1.23 billion, up 62.3% from the previous year
• Dominion Energy - annual operating earnings of $468 million, up 20.9% from 2007

Although Dominion expects revenues to continue growing in 2009, the company has cut planned capital expenditure by $350 million, including $100 million of spending at the company's North Anna nuclear power plant in Mineral, Virginia, and $65 million of previously planned maintenance projects. Other major projects aimed at increasing the company's growth, are continuing.

In November 2008, Dominion began construction of the 580-megawatt Bear Garden Generating Station in New Canton, Virginia. The natural-gas-fired combined-cycle plant has an estimated total investment value of $619 million and is expected to be operational in 2010. Information can be found in December 3, 2008 news article - Dominion Starts Site Prep for $619 Million Combined-Cycle Power Project in Virginia, as well as Industrial Info's North American Industrial Database.

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