(from www.sec.gov)
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Dominion Resources Inc. |
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| '96 (in $ 000s) | % Change From '95 | |
| Revenue | 4,800,000 | 3.2 |
| Net Income | 472,000 | 11.1 |
Dominion Resources is a utility-holding company that provides electricity to almost two million customers in Virginia and North Carolina through Virginia Power and North Carolina Power. It also has interests in natural gas, non-utility power production, investment management, commercial lending and real estate. Dominion has ownership and operating interests in 27 generating facilities in six states, plus Argentina, Belize, Bolivia and Peru.
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Dominion paid $2.2 billion to purchase East Midlands Electricity, one of the recently privatized utility companies in Britain. The acquisition, which was completed March 14, is intended to give Dominion experience competing in a deregulated utility industry and to help prepare for the advent of competition for retail customers in the United States. Midlands will become a separate subsidiary.
Dominion Energy, a subsidiary of Dominion Resources, acquired a majority ownership and operating interest in Egenor, a state-owned power generating company in Peru. Dominion Energy acquired its 60 percent interest in the 405-megawatt entity in competitive bidding, paying $228 million. On the natural gas side, Dominion Energy expanded its reserves by about 15 percent through acquisitions.
Dominion Capital, a financial services subsidiary, acquired Saxon Mortgage of Richmond, a company that generated more than $700 million in loan volume in the last six months of 1996.
Virginia Power continued to cut costs to prepare for the coming competition. Its energy services company that it created in late 1995 began providing services. Evantage, as the business is called, announced an alliance with Westinghouse Electrical Systems & Services Division to provide energy services to industrial, commercial and government customers.
