RICHMOND, Va., April 6 /PRNewswire-FirstCall/ -- Dominion today announced that it has finished raising its market equity needs of $250 million for 2009 through an "at the market" or "dribble" program. In January, the company indicated that its most recent shelf filing with the SEC would enable it to access the equity market on a daily basis through such a vehicle.
The company routinely also raises approximately $250 million annually through the dividend reinvestment and direct stock purchase plans. Once this amount has been raised, the company expects to have concluded its previously announced aggregate equity needs for 2009.
Much of the equity is being used for the construction of needed infrastructure in the company's regulated electric service territory. This includes such projects as the Virginia City Hybrid Energy Center and Bear Garden, both of which qualify for enhanced returns. Additional uses of equity include construction and expansion of FERC-regulated electric and gas transmission projects as well as general corporate purposes.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of more than 27,000 megawatts of generation, 1.2 trillion cubic feet equivalent of proved natural gas and oil reserves, 14,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage facility with 975 billion cubic feet of storage capacity and serves retail energy customers in 12 states. For more information about Dominion, visit the company's Web site at http://www.dom.com/.
Dominion
CONTACT: Mark Lazenby, +1-804- 819-2042, Mark.Lazenby@dom.com, or
Analysts: Laura Kottkamp, +1-804-819-2254, Laura.E.Kottkamp@dom.com, both of
Dominion
Web Site: http://www.dom.com/
