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(solution) Performing Financial Analysis Write a 750 to 1000 word paper. In


Performing Financial Analysis

Write a 750 to 1000 word paper. In your paper include the following:

Obtain the annual package (financial statements) for Dominion Virginia Power. Look up (or calculate) key financial ratios and perform a brief analysis of the organization?s performance.

Be sure to include at least two ratios in each ratio category: liquidity, profitability, and solvency. Explain what each ratio means and what the ratio tells you about your organization?s performance in the most recent period.

Include a title page and 3-5 references.Please adhere to the Publication Manual of the American Psychological Association (APA), (6th ed., 2nd printing when writing and submitting assignments and papers.


EXECUTING TO MEET

 

CUSTOMER NEEDS...

 

Dominion Resources, Inc.

 

2015 Summary Annual Report GROWING

 

DEMAND... CONTENTS

 

COMPANY PROFILE CEO LETTER IFC

 

9 CONSOLIDATED

 

FINANCIAL HIGHLIGHTS 15 DOMINION PERFORMANCE CHARTS 16 DOMINION AT A GLANCE 18 OPERATING AND SERVICE AREAS 20 GAAP RECONCILIATIONS 22 DIRECTORS AND OFFICERS 23 SHAREHOLDER INFORMATION 24 Headquartered in Richmond, Va., Dominion

 

(NYSE: D) is one of the nation?s largest

 

producers and transporters of energy, with a

 

portfolio of approximately 24,300 megawatts

 

of electric generation, 34,200 miles of natural

 

gas transmission, distribution, gathering and

 

storage pipeline and 63,800 miles of electric

 

transmission and distribution lines. The company

 

operates one of the largest natural gas storage

 

systems in the U.S. with 933 billion cubic feet

 

of capacity, and serves about 5 million utility

 

and retail energy customers in 14 states. For

 

more information about Dominion, visit the

 

company?s website at www.dom.com.*

 

*All numbers are as of March 1, 2016.

 

Our statements about the future are subject to

 

various risks and uncertainties. For factors that

 

could cause actual results to differ from expected

 

results, see Item 1A. Risk Factors, Forward-Looking

 

Statements in Item 7. Management?s Discussion

 

and Analysis of Financial Condition and Results

 

of Operations, and Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our

 

Annual Report on Form 10-K for the year ended

 

Dec. 31, 2015.

 

Shareholders receiving this Summary Annual

 

Report in connection with our 2016 Annual

 

Meeting of Shareholders should read it

 

together with our Annual Report on Form 10-K

 

for the year ended Dec. 31, 2015. This Summary

 

Annual Report includes only ?nancial and

 

operating highlights and should not be

 

considered a substitute for our full ?nancial

 

statements, inclusive of footnotes, and

 

Management?s Discussion and Analysis of

 

Financial Condition and Results of Operations,

 

included in our 2015 Annual Report on Form

 

10-K. For such shareholders, a copy of our

 

2015 Annual Report on Form 10-K, including

 

the full ?nancial statements, accompanies

 

this Summary Annual Report and may also be

 

obtained free of charge through our website

 

at www.dom.com/investors or by writing to

 

our Corporate Secretary at P.O. Box 26532,

 

Richmond, Virginia 23261??6532. OVER THE NEXT FIVE YEARS, YOUR

 

COMPANY PLANS TO SPEND NEARLY

 

$16 BILLION ON GROWTH PROJECTS

 

TO MEET OUR CUSTOMERS? NEEDS.

 

We are investing in an array of clean energy infrastructure,

 

including natural gas and solar generation and pipelines

 

serving utilities???such as Dominion Virginia Power???that

 

are building low-carbon, low-cost natural gas generation

 

to meet future demand and comply with strict federal and

 

state air standards. EXECUTING

 

ON TODAY?S

 

GROWTH PLAN ?3.6B

 

CUBIC FEE T PER DAY OF

 

ADDITIONAL PIPELINE CAPACIT Y

 

EXPECTED, 2016?2020 ?$1.06B

 

IN NEW ELECTRIC TRANSMISSION

 

ASSE TS IN 2015 NATURAL GAS

 

INFRASTRUCTURE

 

As utilities develop compliance

 

strategies for the U.S. Environmental

 

Protection Agency?s (EPA?s) proposed

 

Clean Power Plan, natural gas likely will

 

replace coal as the fossil fuel of choice

 

to generate electricity, and serve as a

 

backup source to intermittent renewable

 

generation. Those utilities will need

 

greater access to natural gas supplies. Our gas infrastructure buildout plan

 

is expected to increase natural gas 2 MOUNT STORM TO DOUBS

 

500 KV REBUILD

 

transportation and reliability by 3.6 billion

 

cubic feet per day. These projects,

 

including the Atlantic Coast Pipeline,

 

represent more than $6 billion in investments from Dominion and its partners. Dominion is investing in new

 

pipelines, compressor stations and

 

storage to meet the needs of our

 

customers???whether those customers

 

are gas producers, power producers or

 

end-use gas or electric utilities. In mid-2014, Dominion Virginia Power

 

completed a three-year rebuild of the

 

Mount Storm to Doubs 500-kilovolt

 

transmission line. The $336 million

 

project increased capacity by two-thirds

 

in the transmission corridor serving

 

fast-growing Northern Virginia. Over the

 

next five years, your company plans to

 

spend about $700 million per year to

 

strengthen and improve our electric

 

transmission network. DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT WARREN COUNTY

 

POWER STATION

 

In 2014, the $1.1 billion Warren County

 

Power Station, located in the northwestern part of Virginia, began commercial

 

operations. It serves 335,000 Dominion

 

Virginia Power customers nearly

 

around-the-clock with three highly

 

efficient natural gas turbines and a steam

 

turbine that captures exhaust heat. Warren County is one of three large

 

natural gas-fired facilities either constructed, under construction or planned

 

in Virginia to meet our customers? needs. DOMINION RESOURCES ELECTRIC

 

RELIABILITY The $1.2 billion Brunswick County

 

Power Station is nearing completion in

 

southeastern Virginia. The plant is

 

expected to provide electricity to nearly

 

340,000 customers beginning in 2016. The proposed Greensville

 

County Power Station, a $1.3 billion

 

gas-fired generation facility with

 

enough anticipated output to serve

 

about 400,000 Virginia homes and

 

businesses, is planned to begin

 

operations in late 2018. 2015 SUMMARY ANNUAL REPORT Since 2007, Dominion Virginia Power has

 

spent more than $6 billion on electric

 

transmission and distribution growth

 

and reliability projects in Virginia alone. And reliability has improved. Excluding

 

major storms, our average customer

 

was without power 119.6 minutes in 2015,

 

down from 155.8 minutes in 2006. 3 COVE POINT LIQUEFACTION

 

The Cove Point liquefaction project,

 

expected to cost $3.4 billion to

 

$3.8 billion, ranks as one of the largest

 

projects Dominion has ever constructed. Dominion acquired Cove Point,

 

then an import gas terminal, in 2002,

 

and later expanded the facility?s pier

 

and storage capabilities. The current project will allow your

 

company to ?liquefy? natural gas???

 

that is, cool the gas to extreme low 4 ATLANTIC COAST PIPELINE

 

temperatures???and transport it to

 

tankers for export. We have long-term, take-or-pay

 

contracts with creditworthy Indian and

 

Japanese companies seeking access to

 

low-cost American gas supplies in order

 

to meet their customers? energy demands. Nearly 1,600 workers and all major

 

equipment are on site. The liquefaction

 

capabilities are expected to commence???

 

on time and on budget???in late 2017. The Atlantic Coast Pipeline has been

 

proposed to increase access to natural gas

 

supplies for a host of electric and gas

 

utilities in the mid-Atlantic and Southeast,

 

including Dominion Virginia Power. Dominion is a partner in the $4.5 billion

 

to $5 billion project that would move

 

1.5 billion cubic feet of gas per day into

 

Virginia and North Carolina. DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT EXECUTING FOR

 

A BRIGHTER

 

TOMORROW BRUNSWICK COUNTY POWER STATION

 

To help meet future electricity needs in

 

Virginia, aid in the form of the Brunswick

 

County Power Station is on its way. The highly efficient, cost-effective

 

facility is expected to provide electricity

 

to Dominion Virginia Power residential,

 

commercial and industrial customers

 

near an area where other fossil-fired

 

plants are shutting down to comply

 

with federal air standards. Dominion DOMINION RESOURCES anticipates Brunswick County to have

 

a low carbon-intensity rate. Scheduled to come online in mid-2016,

 

the Brunswick generating station will

 

be the largest taxpayer in the Southside

 

Virginia county, providing additional

 

resources for essential public services.

 

And it will contribute to the local economy

 

by providing well-paying jobs. 2015 SUMMARY ANNUAL REPORT ?340,000

 

CUSTOMERS TO BE SERVED BY

 

BRUNSWICK COUNT Y POWER STATION ?400MW

 

ESTIMATED SOL AR CAPACIT Y TO BE

 

INSTALLED IN VIRGINIA, 2016?2020 POWER FROM THE SUN

 

Over the past few years, Dominion has

 

built or is building solar electric generating

 

facilities in several states under long-term

 

contracts with local public utilities. Your

 

company has turned its attention to

 

utility-scale solar serving our utility customers at Dominion Virginia Power. In Virginia,

 

we plan to harness the power of the sun

 

by deploying 400 megawatts of solar

 

generation capacity through company

 

investments and long-term power

 

purchase agreements. 5 2015 EXECUTING ON OUR

 

FUTURE STRATEGY 2016 2017 DOMINION VIRGINIA POWER

 

Dooms to Lexington 500 kV Rebuild Dominion intends to spend nearly $16 billion

 

through 2020 to improve service reliability

 

and meet our customers? energy needs. Ashburn 230 kV Line Mosby to Brambleton 2nd 500 kV Line

 

Skiffes Creek 500 kV Line

 

Cunningham to Elmont 500 kV Rebuild

 

Warrenton 230 kV Line

 

Haymarket 230 kV Line Remington to Gordonsville 230 kV Line

 

Idylwood Substation Rebuild

 

Physical Security Electric transmission lines (left), solar generating facilities (top right) and natural gas

 

pipelines (bottom right) are three types of energy infrastructure Dominion is building

 

to keep pace with growing demand in a safe, reliable, efficient and environmentally

 

responsible manner. DOMINION ENERGY

 

Western Access II $15.7B TOTAL INFRASTRUCTURE INVESTMENTS: Lebanon West II Dollars in Billions / Cumulative Planned Growth

 

Capital Expenditures 2016?2020* New Market

 

Leidy South

 

Atlantic Coast Pipeline & Supply Header

 

Other Pipeline Growth Projects

 

Cove Point Liquefaction $6.1B $4.1B $4.1B DOMINION GENERATION DOMINION ENERGY** $1.2?1.6B

 

6 DOMINION VIRGINIA POWER COVE POINT*** Transco to Charleston Pipeline Replacement Projects (DEO & DH)* * All planned

 

expenditures are

 

preliminary and

 

may be subject to

 

regulatory and/or

 

Board of Directors

 

approvals. DOMINION GENERATION

 

Solar Projects

 

Brunswick County Combined Cycle Facility ** Includes Dominion?s

 

portion of the

 

projected cost of the

 

Atlantic Coast Pipeline

 

but excludes joint

 

venture financing. Greensville County Combined Cycle Facility

 

Offshore Wind Demonstration Project

 

* DEO???Dominion East Ohio;

 

and DH???Dominion Hope *** Excludes financing

 

costs. DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT 2018 2019 2020 2021 Cunningham to Dooms 500 kV Rebuild Mount Storm to Dooms 500 kV Rebuild 230 kV End of Life Rebuilds DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT 7 THOMAS F. FARRELL II

 

CHAIRMAN, PRESIDENT AND CHIEF EXECUTIVE OFFICER 8 DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT DEAR INVESTORS: HOW HAVE YOU IMPROVED THE VALUE

 

OF MY INVESTMENT? THAT IS A

 

QUESTION OFTEN ASKED OF PUBLICLY

 

TRADED COMPANIES? EXECUTIVES.

 

More often than not the answer lies in

 

market returns, dividends and earnings.

 

After all, they produce the most tangible

 

evidence of your investment. Good news first: Dominion paid

 

$2.59 per share in dividends in 2015. That

 

marked an 8 percent increase over 2014?s

 

dividend rate of $2.40 per share. And,

 

subject to quarterly determination and

 

declaration by the Board of Directors, we

 

expect to return $2.80 per share to you

 

in 2016 in the form of cash dividends. Now the not-so-good news. We

 

cannot control the weather, interest rates

 

and commodity and stock market prices.

 

In 2015, the markets tested many companies, particularly energy companies.

 

CHALLENGING MARKETS, LOWER RETURNS

 

Oil and natural gas prices fell sharply

 

throughout the year and, although the

 

winter produced polar plunges, weather

 

in the latter half of the year, proved

 

overwhelmingly mild. Predictions from

 

the Federal Reserve of key interest rate

 

hikes came and went???and came again,

 

resulting in December?s quarter-point

 

rise, a move that often depresses

 

high-dividend-yielding utility stocks

 

such as ours. In light of that broader market

 

backdrop, Dominion fell short of its

 

2015 operating earnings targets.

 

Lower-than-expected commodity prices, milder-than-normal weather and

 

lagging economic indicators in several

 

states we serve were the key drivers of 2015

 

operating earnings of $3.44 per share, up

 

only 1 cent per share from 2014.1 Earnings

 

under Generally Accepted Accounting

 

Principles (GAAP) came in at $3.20 per

 

share, up from $2.24 per share in 2014. These factors also combined to

 

produce a total return of -8.7 percent

 

in 2015. Please see the Total Return

 

Comparison chart on page 16 for

 

more information. Yet longtime investors know the value

 

of our company is measured by more

 

than short-term market returns and

 

earnings. It is valued on how we manage

 

those things we can control. They include how we allocate capital,

 

the quality of service our people provide,

 

and our commitments to our stakeholders

 

and the communities we serve, as well as

 

how we comply with, and often exceed,

 

state and federal standards. In those ways, we improved your

 

investment in 2015.

 

YOUR INVESTMENT IN ACTION

 

As an owner of Dominion, you benefit

 

from our diverse energy holdings. We

 

own an electric utility serving 2.5 million

 

customer accounts in Virginia and

 

northeast North Carolina and two natural

 

gas utilities with more than 1.3 million customer accounts in Ohio and West

 

Virginia. We operate a merchant generation portfolio with nuclear, solar, natural

 

gas, wind and fuel cell facilities in nine

 

states. And we have natural gas infrastructure assets located principally in

 

the Appalachian Basin, with gathering,

 

processing, fractionation, storage,

 

transmission and liquefied natural gas

 

capabilities in eight states. In 2015, officers and directors from our

 

peer companies and financial analysts

 

who follow our industry ranked Dominion

 

No. 1 among Fortune?s ?Most Admired?

 

electric and gas utilities. The reasons for

 

that distinction include how we operate

 

and maintain our assets, invest and

 

allocate owner capital, and enhance our

 

culture of safety and service. Nearly a decade ago, Dominion

 

began implementing a massive capital

 

expenditures plan to build and maintain

 

the necessary energy infrastructure to

 

meet our customers? needs. Since then

 

we have spent well more than $20 billion,

 

with exceptional results. We have delivered: Better reliability for customers, stable

 

customer rates, cleaner air, reduced

 

carbon emissions, more utility electric

 

generation capacity, upgraded and

 

newly built electric transmission and

 

distribution lines, and expanded pipeline

 

capacity on our network of interstate

 

transmission pipelines. 1 Based on non-GAAP Financial Measures.

 

See page 22 for GAAP Reconciliations. DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT 9 OUR SOLAR STRATEGY EXPECTED ADDITION BRINGS

 

SIGNIFICANT VALUE

 

To improve on this diversity of holdings

 

and expand operations outside the

 

Eastern U.S., on Feb. 1, 2016, Dominion

 

announced that it expects to combine

 

with Salt Lake City-based Questar

 

Corporation by year-end.2 We believe this

 

combination would provide significant

 

long-term value to our company and to

 

you, our shareholders. We plan to pay Questar shareholders

 

$25 per share???or about $4.4 billion???

 

and assume its $1.6 billion debt obligation. Dominion expects the transaction

 

to be accretive upon closing, support our

 

2017 earnings growth rate, and allow us

 

to reach the top of or exceed our 2018

 

growth targets. Questar is an integrated natural gas

 

company with a growing gas distribution

 

utility, a gas supply company that has

 

saved its utility customers more than

 

$1 billion over 35 years under a cost-ofservice arrangement, and a gas transmission pipeline network with growth

 

opportunities stemming from a potential

 

regional need for additional natural gas

 

infrastructure. Questar is also a company that does

 

things the right way. It is a values-driven

 

organization committed to the highest

 

levels of safety, service and reliability??? Proposed federal air regulations, under

 

review in the appellate court system, are

 

designed to change the way we power

 

Virginia: They are expected to lead to

 

the development of more renewables,

 

such as solar. Since 2013, we have spent or plan to

 

spend more than $2 billion on long-term

 

contracted solar power???solar assets

 

whose electric output is sold to a utility

 

on an agreed-upon price per production

 

unit. Now that we have gained knowledge and expertise by developing and constructing these projects, we

 

are shifting our sights into Virginia,

 

where we plan to install 400 megawatts of solar generating capacity

 

through a combination of company

 

investments and long-term contracts. These projects are planned

 

to meet future utility customer

 

demand and diversify our generation portfolio???while supporting

 

Dominion?s efforts to reduce

 

carbon emissions. with a No. 1 ranking in customer service

 

from JD Power among Western gas utilities. We are excited to add Questar and its

 

employees to our family. Dominion and Questar employees are

 

committed to doing right and doing well.

 

Those are the things they can control???

 

safety and awareness, excellence in

 

operations, a sense of purpose to serve not

 

only our customers but also our communities. Your investment allows them to thrive

 

in their workplaces and neighborhoods. satisfied with those results, and we are

 

working to improve, beginning with

 

third-party motor vehicle collisions, which

 

drove the difference in 2015. EMPLOYEES ARE THE STARS

 

A company is rated first by its peers

 

because of its employees? diligence and

 

ethical, safety-conscious behavior. Our people know that safety matters

 

most. Leaving work in the same condition

 

in which he or she arrived is each employee?s goal. Every day. It is that important???

 

and the reason safety always ranks first,

 

above all else. In about 30 million hours worked in

 

2015, Dominion employees recorded 110

 

OSHA workplace injuries (an incidence rate

 

of 0.74) and 56 workplace injuries resulting

 

in lost days or reassignment of duties

 

(a rate of 0.38). Neither number was better

 

than last year, when we set company

 

records with 108 OSHA workplace injuries

 

and 48 of them resulting in lost days or

 

reassignment of duties. We are not EXCELLENCE IN OPERATIONS

 

Reliability in our electric utility service area

 

has improved throughout the past decade.

 

Right now the average Dominion Virginia

 

Power customer loses power for just under

 

two hours a year. Our reputation for reliability was on

 

full display during the 2015 polar vortex

 

and during the blizzard in early 2016.

 

As temperatures dropped to extreme

 

levels in February 2015, Dominion Virginia

 

Power shattered its previous all-time

 

peak-demand record by about 1,500

 

megawatts???at 21,651 megawatts on

 

Feb. 20, 2015. No widespread outages

 

were reported. Moreover, record natural gas throughput

 

occurred in the pipeline systems of

 

Dominion Transmission, Dominion East

 

Ohio and Cove Point, with no interruptions

 

to customers taking firm service. You might recall that in early 2015,

 

Dominion purchased South Carolina-based

 

Carolina Gas Transmission from SCANA

 

Corporation. Last October, Hurricane

 

Joaquin flooded much of the state.

 

Dominion Carolina Gas maintained safe

 

and reliable operations during those 2 The transaction is subject to approval of Questar?s

 

shareholders and any necessary state regulatory approvals. 10 DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT COVE POINT

 

LIQUEFACTION PROJECT

 

?COVE POINT LNG 2014 CURRENT FACILITY

 

? Located on Chesapeake Bay in Lusby, Md.

 

? 14.6 billion cubic feet equivalent

 

storage capacity

 

? Supertankers can access pier

 

? Connects to multiple gas supply basins PROJECT SCOPE

 

? $3.4?$3.8 billion

 

? All construction packages

 

approved by FERC

 

? Construction underway

 

? Liquefaction capacity fully subscribed

 

for 20 years

 

? Expected in-service???late 2017 2015 ?PROJECT BENEFITS

 

ENVIRONMENTAL

 

? Uses existing footprint

 

? Protects 800-acre nature preserve ECONOMIC

 

? 1,600 construction workers on site

 

? More than 1,000 onsite direct-hire

 

craft and subcontractor workers

 

? Nearly 100 permanent jobs at site

 

? Expected to contribute additional

 

$40 million annually in revenue to

 

Calvert County, Md. INTERNATIONAL

 

? Provides U.S. allies source of natural gas

 

? Advances U.S. geopolitical interests

 

? Reduces trade deficit ?LNG SUBSCRIBERS

 

ST COVE POINT, LLC

 

? Joint venture between Sumitomo

 

Corporation and Tokyo Gas Co., Ltd.

 

? Japanese offtakers include large gas and

 

electric utilities GAIL GLOBAL (USA) LNG LLC

 

? U.S. subsidiary of GAIL (India) Limited

 

? One of largest gas processing,

 

distribution companies in India DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT A GOOD NEIGHBOR

 

Dominion values the environment. We routinely look for ways to partner

 

with organizations doing good things and be a positive influence on

 

our communities.

 

In our time in Calvert County, Md., we have:

 

? Worked to protect an 800-acre nature preserve surrounding Cove Point.

 

? Awarded nearly $500,000 to create an artificial reef???and with it the

 

emergence of oysters, striped bass, spadefish and black sea bass???and

 

install an open-water monitoring buoy measuring, among other things,

 

the Chesapeake Bay?s temperature and salinity.

 

? Provided a grant to distribute more than 1.5 million oysters in several

 

tributaries of the Patuxent River.

 

? Restored the largest freshwater marsh on the western shore of the Bay.

 

? Worked with local schoolchildren to reforest 15 acres by planting

 

5,250 trees native to the county and region as a whole. 11 ATLANTIC COAST

 

PIPELINE ?PROJECT FEATURES

 

CUSTOMER COMMITMENT CAPACITY ? 20-year binding gas

 

transportation agreements

 

? Multiple end-use customers

 

? 96 percent subscribed ? 1.5 billion cubic feet

 

per day (Bcf/d)

 

? Expandable to 2 Bcf/d ?STRUCTURE & TIMELINE

 

OWNERSHIP STRUCTURE PROJECTED TIMELINE ? ? ? ? ? FERC filing???

 

September 2015

 

? Expected in-service???

 

November 2018 Dominion Resources???45%

 

Duke Energy???40%

 

Piedmont Natural Gas???10%

 

AGL Resources???5% TOTAL ESTIMATED COST

 

? $4.5?$5 billion ?ACP ROUTE???SAFETY & BENEFITS

 

594-mile route, three compressor stations, minimizes impact to

 

environmentally and ecologically sensitive areas and historic resources. SAFETY Dominion Pipeline Systems,

 

including Joint Ventures ? Rigorous federal, state

 

testing protocols

 

? X-rayed pipeline welds

 

? Thorough inspections,

 

pressure tests prior to

 

operation

 

? Government-mandated

 

operator-qualification

 

standards

 

? Coordination with local

 

emergency responders

 

? 24/7 monitoring from

 

Dominion gas control center Utica Shale Cove Point ?Atlantic Coast Pipeline Storage Marcellus Shale PROJECT BENEFITS

 

? Reliable, diverse supply

 

? Cleaner air in region PROJECTED NATURAL GAS DEMAND

 

IN VIRGINIA AND NORTH CAROLINA,

 

2015?2035*

 

Billion cubic feet per day 6.49

 

4.64

 

3.40 2015 5.32 3.72 2020 2025 2030 DEMAND

 

NEARLY

 

DOUBLES ? Net annual energy savings of

 

$377 million for consumers

 

in Virginia, North Carolina

 

? Economic development

 

opportunities along route

 

? Economic activity during

 

construction, operation

 

? Supports growth of

 

intermittent renewable power

 

? Supports creation of more

 

than 2,500 permanent jobs

 

along route

 

? Estimated annual property

 

tax revenue of more

 

than $25 million for local

 

governments ACP would improve the supply of natural gas to:

 

? Electric utilities aiming to

 

meet stringent federal and

 

state air standards and keep

 

down customer rates;

 

? Local gas utilities seeking

 

new, less expensive supplies

 

for residential and commercial

 

customers; and ? Industries interested

 

in building or expanding

 

their operations in

 

West Virginia, Virginia,

 

North Carolina. 2035 * Source, The Economic Impacts of the Atlantic Coast Pipeline,

 

ICF International, February 2015 12 DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT DOMINION

 

MIDSTREAM PARTNERS

 

INVESTMENT CONSIDERATION

 

Dominion Midstream Partners, LP, was formed in 2014,

 

with your company as the general partner. Dominion

 

expects to contribute eligible assets into this subsidiary

 

and receive proceeds from the partnership that can be

 

used to fund growth projects and dividend payouts,

 

reduce debt and repurchase outstanding common

 

shares while allowing Dominion Midstream to achieve its

 

growth targets. Dominion will continue to operate those

 

assets and retain a percentage of their earnings???paid

 

to the company in distributions???as well as incentive

 

distributions that we expect to grow over time. YIELD???DM VS. HIGH-GROWTH PEERS

 

Percent Annualized Distribution Yield as of Dec. 31, 2015

 

Selected High Growth MLP?s by NYSE ticker symbol 9.26 1.97

 

SHLX 2.38 2.61 2.79 VLP DM PSXP In recent years we have focused on

 

donating to programs helping those

 

in need. In 2015, we announced an

 

expansion of EnergyShare, our signature

 

program of last resort for those needing

 

help paying their heating and cooling

 

bills. Dominion has promised an investment of $42 million through 2019 to

 

double participation and provide

 

weatherization services and educational

 

outreach to qualifying customers. When devastating floods ravaged

 

South Carolina in the fall, Dominion

 

and its employees wanted to help.

 

We worked with local officials in the

 

Columbia, S.C., area to assist in recovery

 

efforts, providing 100,000 bottles of

 

safe drinking water, first-aid kits, hot

 

meals and other essential supplies???

 

all while maintaining superior service

 

to Dominion Carolina Gas customers. COMMITTED TO OUR COMMUNITIES

 

Our company learns a lot from our

 

employees, and their dedication to public

 

service???at Dominion and in their neighborhoods???leaves a lasting impression

 

on our corporate culture an...

 


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This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

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