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Dominion operating earnings stay steady between '11 and '12

Daily Staff Reports

Dominion ended 2012 with unaudited reported earnings of $581 million, down from $1.4 billion in 2011, according to a news release from the power firm.

Shares were down from $2.45 each to $1.01, the release states.

Operating earnings for the year were $1.8 billion, or $3.05 a share, which was the same as the previous year, according to the release.

"The principal difference between [Generally Accepted Accounting Principles] earnings and operating earnings for fourth-quarter 2012 was an impairment charge of $731 million related to the Brayton Point merchant generating station, which is in the process of being sold," the release states.

The power company finished "several major capital projects" in 2012, including the 585-megawatt Virginia City Hybrid Energy Center, the Appalachian Gateway Project and two projects that provide transportation services of Marcellus Shale volumes, according to the release.

Progress continues at the 1,329-megwatt, gas-fired power station in Warren County, as well as a combined-cycle one in Brunswick County, among other projects.

New customer connections were up 28 percent in 2012, the release states.


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