Report: Dominion Resources, Inc. Nuclear Operational Analysis TOC

1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Company Snapshot 11
2.1 Key Information 11
2.2 Company Overview 11
2.3 Financial Performance 11
2.4 Industry Outlook - Nuclear 11
2.5 SWOT Snapshot 12
3 Dominion Resources, Inc. Nuclear Operational Analysis 13
3.1 Dominion Resources, Inc. Operable Commercial Reactors 13
4 Reactor Details 14
4.1 Reactor Details, Kewaunee 1 14
4.2 Reactor Details, Millstone 2 17
4.3 Reactor Details, Millstone 3 19
4.4 Reactor Details, North Anna 1 21
4.5 Reactor Details, North Anna 2 24
4.6 Reactor Details, Surry 1 26
4.7 Reactor Details, Surry 2 29
5 Business Description 32
5.1 Business Overview 32
5.2 Dominion Energy 32
5.2.1 Overview 32
5.2.2 Production 32
5.2.3 Financials 32
5.2.4 Capital Expenditure 33
5.2.5 Market View 33
5.2.6 Key Strategies 33
5.3 Dominion Generation 33
5.3.1 Overview 33
5.3.2 Production 33
5.3.3 Financials 34
5.3.4 Capital Expenditure 34
5.3.5 Market View 34
5.3.6 Key Strategies 34
5.4 Dominion Virginia Power (DVP) 34
5.4.1 Overview 34
5.4.2 Production 35
5.4.3 Financials 36
5.4.4 Capital Expenditure 36
5.4.5 Market View 36
5.4.6 Key Strategies 36
5.5 Major Products and Services 37
5.5.1 Overview 37
6 History 38
7 Business Strategy 41
7.1 Mission Statement 41
7.2 Strategy 41
7.3 Corporate Social Responsibility 41
7.3.1 Overview 41
7.3.2 Specific CSR Initiatives 42
8 Value Chain Analysis 43
8.1 Upstream 43
8.1.1 Overview 43
8.2 Midstream 43
8.2.1 Overview 43
8.2.2 Financials, Production and Major Projects 44
8.3 Power Generation 44
8.3.1 Overview 44
8.3.2 Financials, Production and Major Projects 44
8.4 Distribution 44
8.4.1 Overview 44
8.4.2 Financials, Production and Major Projects 44
9 SWOT Analysis 45
9.1 Overview 45
9.2 Dominion Resources, Inc. Strengths 45
9.2.1 Robust Electricity Business 45
9.2.2 Strong Business Infrastructure 46
9.2.3 Initiatives in 2007 46
9.3 Dominion Resources, Inc. Weaknesses 46
9.3.1 Declining Revenue from Operations 46
9.3.2 Declining Operating Margins 46
9.4 Dominion Resources, Inc. Opportunities 46
9.4.1 Rising Natural Gas Demand 46
9.4.2 Increasing Demand for Electricity 47
9.4.3 Focus on Renewable Energy 47
9.5 Dominion Resources, Inc. Threats 47
9.5.1 Economic Slowdown in the U.S. 47
9.5.2 Increasing Industry Consolidation 47
9.5.3 Stringent Environmental Norms 48
10 Competitors 49
11 Revenue Analysis 50
11.1 Revenue by Segment 50
12 Financial and Operational Review 51
12.1 Financial Statements 51
12.2 Financial Ratios 52
13 Operational Indicators 53
14 Share Holding Structure 54
15 Key Employees 55
16 Key Employee Biographies 56
17 Company Statement 57
18 Locations And Subsidiaries 61
18.1 Head Office 61
18.2 Other Locations & Subsidiaries 61
19 Financial Deals Landscape 62
19.1 Dominion Resources, Inc., Deals Volume Summary, 2004 to YTD 2009 62
19.2 Dominion Resources, Inc., Deals Summary By Region, 2004 to YTD 2009 63
19.3 Dominion Resources, Inc., Deals Summary, 2004 to YTD 2009 64
19.4 Dominion Resources, Inc. Detailed Deal Summary 65
19.4.1 Asset Purchase 65
19.4.2 Acquisition 94
19.4.3 Equity Offerings 98
19.4.4 Debt Offerings 103
19.4.5 Partnerships 110
20 Recent Developments 113
20.1 License Awards 113
20.1.1 Dec 17, 2008: Dominion Wins FERC Approval For Cove Point LNG Expansion 113
20.1.2 Oct 07, 2008: Dominion Receives Approval From Virginia SCC For Brook-To-Loudoun Transmission Line 113
20.1.3 Aug 14, 2008: Dominion Applies For Kewaunee Power Station License Renewal 113
20.1.4 Aug 12, 2008: Dominion Receives Approval From NRC For Millstone Nuclear Power Plant 114
20.2 Strategy and Business Expansion 114
20.2.1 Jun 30, 2008: Dominion To Launch Open Season For Appalachian Pipeline 114
20.2.2 Jun 30, 2008: Dominion Virginia Power Begins Construction Of Virginia City Hybrid Energy Center 114
20.2.3 Apr 09, 2008: Dominion Plans To Develop 300 MW Wind Farm In Central Illinois 115
20.2.4 Feb 04, 2008: Dominion Proposes To Convert Bremo Power Station From Coal To Natural Gas 115
20.2.5 Nov 28, 2007: Dominion Applies For License To Build New Nuclear Reactor 116
20.2.6 Oct 25, 2007: GreatPoint To Build Coal Gasification Plant And R&D Center At Dominion' s Brayton Point Power Station 117
20.2.7 Jul 18, 2007: Dominion Acquires Interest In West Virginia Wind-Power Facility 118
20.2.8 Nov 20, 2006: Dominion Files Application For Pipeline Expansion 118
20.3 Recent Discoveries 119
20.3.1 Jun 20, 2006: Murphy Announces Oil Discovery At Thunder Bird 119
20.3.2 May 19, 2006: Dominion Announces Natural Gas Discovery 119
20.4 Financial Announcements 119
20.4.1 Dec 19, 2008: Dominion Declares Quarterly Dividend 119
20.4.2 Dec 19, 2008: Dominion Provides Earnings Guidance For 2008 120
20.4.3 Oct 30, 2008: Dominion Reports 3Q 2008 Results 120
20.4.4 Oct 24, 2008: Dominion Declares Quarterly Dividend 121
20.4.5 Aug 07, 2008: Dominion Declares Quarterly Dividend 122
20.4.6 Jul 31, 2008: Dominion Reports Preliminary 2Q 2008 Results 122
20.4.7 May 09, 2008: Dominion Declares Quarterly Dividend 123
20.4.8 May 01, 2008: Dominion Declares Q1 2008 Results 123
20.4.9 Jan 30, 2008: Dominion Reports Q4 2007 Results 124
20.4.10 Jan 25, 2008: Dominion Declares Quarterly Dividend 125
20.4.11 Nov 01, 2007: Dominion Declares Q3 2007 Results 125
20.4.12 Oct 29, 2007: Dominion Declares Quarterly Dividend 126
20.4.13 Oct 29, 2007: Dominion Announces Stock-Split 126
20.4.14 Aug 08, 2007: Dominion Declares Quarterly Dividend 126
20.4.15 Aug 01, 2007: Dominion Reports Q2 2007 Results 127
20.4.16 Jun 28, 2007: Dominion Announces Share Buyback 128
20.4.17 May 02, 2007: Dominion Announces Q1 2007 Results 129
20.4.18 Apr 27, 2007: Dominion Declares Quarterly Dividend 129
20.4.19 Jan 31, 2007: Dominion Reports Full Year 2006 Results 129
20.4.20 Jan 26, 2007: Dominion Increases Quarterly Dividend 130
20.4.21 Nov 01, 2006: Dominion Reports Q3 2006 Results 130
20.4.22 Oct 20, 2006: Dominion Declares Quarterly Dividend 131
20.4.23 Aug 03, 2006: Dominion Reports Q2 2006 Results 131
20.5 Other Significant Developments 132
20.5.1 Dec 15, 2008: NRC Starts Special Inspection At Millstone 3 Nuclear Power Plant 132
20.5.2 Dec 08, 2008: Dominion And Shell Completes NedPower Wind Energy Project In West Virginia 132
20.5.3 Nov 24, 2008: Dominion' s 1,155 MW Unit 3 At Millstone Nuclear Power Station Exits Refueling Outage And Increases Up To 18% Power 133
20.5.4 Nov 17, 2008: Dominion' s 910 MW Unit 2 North Anna Nuclear Power Station Increases To Full Power 133
20.5.5 Nov 14, 2008: Dominion' s 910 MW Unit 2 North Anna Nuclear Power Station Increases Up To 74% 134
20.5.6 Nov 13, 2008: Dominion' s 910 MW Unit 2 North Anna Nuclear Power Station Exits Outage 135
20.5.7 Sep 15, 2008: Dominion Shuts North Anna 2 Nuclear Power Unit In Virginia For Refueling And Maintenance 135
20.5.8 Aug 15, 2008: Dominion Virginia Applies For Federal Loan Guarantee For New Nuclear Unit 135
20.5.9 Aug 13, 2008: Dominion Completes 360 MW Expansion Project At Ladysmith Peaking Station In Virginia 136
20.5.10 Aug 06, 2008: Dominion 556 MW Kewaunee Nuclear Power Station Returns To Full Power 136
20.5.11 Jul 24, 2008: Dominion To Continue To Operate Salem Harbor Power Station 136
20.5.12 Jul 09, 2008: NedPower Starts Phase I Of Mount Storm Windfarm In West Virginia 137
20.5.13 Jun 09, 2008: Dominion Spends $420,000 Lobbying In Q1 2008 137
20.5.14 May 29, 2008: Dominion, BP Provide Updates On Fowler Ridge Wind Farm 138
20.5.15 Mar 11, 2008: Dominion Seeks Approval For Natural Gas-Fired Power Station In Virginia 138
20.5.16 Feb 26, 2008: Dominion Files Application With PUC To Implement Pipeline Replacement Program 138
20.5.17 Jan 14, 2008: Dominion Urges Approval For Electric Transmission Line Project From SCC 139
20.5.18 Jan 08, 2008: Dominion Hub III Project Moves Forward 140
20.5.19 Jan 03, 2008: Dominion Executive Vice President Retires 141
20.5.20 Dec 14, 2007: Dominion Announces Promotion 141
20.5.21 May 01, 2007: Dominion Signs Contract With GE Energy 141
20.5.22 Apr 27, 2007: Dominion Elects New Chairman 142
20.5.23 Feb 12, 2007: Capps Denies Re-election Bid For Dominion Chairman 142
20.5.24 Jun 15, 2006: Dominion Welcomes FERC Certificate 142
20.6 New Contracts Announcements 143
20.6.1 Oct 15, 2008: AMEC Wins Contract From Dominion For Providing Essential Emissions Enhancements For Chesterfield Power Station 143
20.6.2 Feb 25, 2008: WindConnect Wins Balance-Of-Plant Engineering And Construction Work For Fowler Ridge Wind Farm 143
21 Appendix 145
21.1 Methodology 145
21.2 About Global Markets Direct 145
21.3 Contact Us 145
21.4 Disclaimer 145

1.1 List of Tables
Table 1: Dominion Resources, Inc.,Key Facts, 2007 11
Table 2: Operable Commercial Reactors 13
Table 3: Reactor Details, Kewaunee 1 14
Table 4: Reactor Details, Millstone 2 17
Table 5: Reactor Details, Millstone 3 19
Table 6: Reactor Details, North Anna 1 21
Table 7: Reactor Details, North Anna 2 24
Table 8: Reactor Details, Surry 1 26
Table 9: Reactor Details, Surry 2 29
Table 10: Dominion Resources, Inc., SWOT Analysis , 2007 45
Table 11: Dominion Resources, Inc., Revenue by Segment, USD Million, 2003-2007 50
Table 12: Dominion Resources, Inc., Financial Statements, USD Million, 2003-2007 51
Table 13: Dominion Resources, Inc., Financial Ratios, USD Million, 2003-2007 52
Table 14: Dominion Resources, Inc. Operational Indicators, 2003-2007 53
Table 15: Dominion Resources, Inc., Share Holding Structure 54
Table 16: Dominion Resources, Inc., Key Employees, 2007 55
Table 17: Dominion Resources, Inc., Subsidiaries 61
Table 18: Dominion Resources, Inc., Deals Summary, 2004 to YTD 2009 62
Table 19: Dominion Resources, Inc., Deals Summary by Region, 2004 to YTD 2009 63
Table 20: Dominion Resources, Inc., Deals Summary, 2004 to YTD 2009 64
Table 21: Dominion Acquires 50% Interest In Fowler Ridge Wind Farm From BP Alternative 65
Table 22: Dominion Sells Dresden Energy Electric Generation Facility To AEP Generating 66
Table 23: Linn Energy Acquires Oil And Gas Properties In The Mid-Continent From Dominion 67
Table 24: Dominion Sells Its U.S. Onshore Operations To Highmount Exploration & Production 68
Table 25: XTO Energy Acquires Onshore Operations Of Dominion 70
Table 26: Eni Petroleum Acquires Gulf Of Mexico Upstream Activity Of Dominion 72
Table 27: Paramount Energy And Baytex Energy Acquires Canadian Exploration And Production Operations From Dominion Resources 74
Table 28: Tammany Oil & Gas Acquires Dominion Properties 76
Table 29: Dominion Acquires 50% Interest In Wind-Turbine Facility From Shell Wind Energy 77
Table 30: Energen Resources Acquires Natural Gas Reserves From Dominion Resources 78
Table 31: Dominion Resources Acquires A Wind Farm In Grant County 79
Table 32: Sempra Pipelines & Storage And Proliance Transportation And Storage Acquires Salt Caverns From Dominion 80
Table 33: Williams Companies Completes Sale Of Cove Point LNG Facility And 87-Mile Pipeline 81
Table 34: Dominion Completes Acquisition Of Kewaunee Nuclear Power Plant 82
Table 35: Dominion Acquires Rosemary Power Station 83
Table 36: Dominion Sells Natural Gas Assets In British Columbia 84
Table 37: Dominion Acquires Three Northeast Power Stations From USGen New England Inc. 85
Table 38: Dominion Acquires Chesapeake Generating Facility 86
Table 39: Dominion Virginia Power Acquires 50% Of Commonwealth Power Generation Facility From Dynegy 87
Table 40: Elantic Networks, Inc. Acquires Dominion' S Telecom Unit 88
Table 41: Calpine Sells Its 50% Interest In Gordonsville Power Plant To Dominion Virginia Power 89
Table 42: Dominion Retail Acquires Commercial And Residential Customer Accounts From Nicor Energy 90
Table 43: Dominion Acquires Mirant State Line Ventures From Mirant 91
Table 44: Dominion Acquires Millstone Power Station From Northeast Utilities 92
Table 45: Dominion Resources To Acquire Power Station Development Project In Central Virginia From Tenaska 93
Table 46: Dominio Resources Acquires Pablo Energy For $92 Million 94
Table 47: Duke Energy International Acquires Hidroelectrica Cerros Colorados 95
Table 48: Equitable Terminates The Acquisition Of Dominion Peoples and Dominion Hope From Dominion Resources 96
Table 49: Dominion To Sell Dominion Peoples And Dominion Hope Natural Gas Distribution Companies To Babcock & Brown 97
Table 50: Dominion Resources Completes $644 Million Private Placement 98
Table 51: Dominion Sells Approximately $620 Million Of Common Equity 100
Table 52: Dominion Resources Completes Public Offering Of Common Stock 101
Table 53: Dominion Resources Completes $550 Million Common Stock Offering 102
Table 54: Dominion Resources Completes $500 Million Debt Offering 103
Table 55: Dominion Resources Completes $200 Million Offering Of Senior Notes 105
Table 56: Dominion Resources Completes $300 Million Senior Unsecured Notes Offering 106
Table 57: Dominion Resources Completes $400 Million Senior Unsecured Notes Offering 107
Table 58: Dominion Resources Completes $300 Million Offering Of Senior Unsecured Notes 108
Table 59: Dominion Resources Completes $300 Million Offering Of 6.75% Senior Unsecured Notes 109
Table 60: Dominion Resources Forms A Joint Venture With Shell Windenergy 110
Table 61: Peoples Energy And Dominion Forms Alliance 111
Table 62: Dominion And BP Alternative Energy North America Enters Into An Agreement To Jointly Develop Wind Farms 112

1.2 List of Figures
Figure 1: Dominion Resources, Inc. Capacity Distribution 13
Figure 2: Dominion Resources, Inc., Value Chain Analysis 43
Figure 3: Dominion Resources, Inc., Deals Volume Summary, 2004 to YTD 2009 62
Figure 4: Dominion Resources, Inc., Deals Summary by Region, 2004 to YTD 2009 63