Dominion CEO: $784m in electric transmission projects completed in 2016

Dominion Resources (NYSE:D) Chairman, President and CEO Thomas Farrell II on Feb. 1 said that $784m worth of electric transmission projects were completed last year, and that the company plans “to invest $800m in our electric transmission business this year.”

The company has a number of electric transmission projects at various stages of regulatory approvals and construction, he added during the company’s 4Q16 and full-year 2016 earnings call.

A company spokesperson on Feb. 1 told TransmissionHub that in addition to the Systems Operation Center (SOC) project that Farrell mentioned during the call, other large projects that were completed last year are:

  • Three “statcom” projects (high speed, high-voltage control devices) in the Virginia Beach, Va., area
  • The new 500-kV Loudoun to Goose Creek transmission line in the northern Virginia area
  • Burton substation, “ring bus” equipment and 115-kV underground transmission line in the Virginia Beach area
  • A second 500-230-kV transformer installed at the Brambleton substation in the northern Virginia area

During the earnings call, Farrell said: “Our strategic undergrounding program continues at Dominion Virginia Power. In August of 2016, the [Virginia] State Corporation Commission approved Phase 1 in the recovery of [the] $139m capital investment to convert 412 miles of overhead tap lines to underground. We will invest $110m in capital in converting an additional 244 miles of overhead tap lines during Phase 2.”

Another company spokesperson on Feb. 1 told TransmissionHub that solar projects completed in 2016 include the 320-MW Four Brothers (which involves four projects); the 210-MW Three Cedars (which involves three projects); and the 80-MW Amazon Solar Farm U.S. East.

Farrell said during the call: “For the full year 2016, 727 MW were added to our solar portfolio. We have a number of solar projects under development in the state of Virginia and continue to see demand for renewables from our customers, including data centers, military installations, and the state government.”

Earnings report

Dominion on Feb. 1 announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2016, of $457m, or 73 cents per share, compared with earnings of $357m, or 60 cents per share, for the same period in 2015. The company said that reported earnings for the 12 months ended Dec. 31, 2016, were $2.1bn, or $3.44 per share, compared with earnings of $1.9bn, or $3.20 per share, for the same period in 2015.

Dominion said that operating earnings for the three months ended Dec. 31, 2016, were $618m, or 99 cents per share, compared to operating earnings of $416m, or 70 cents per share, for the same period in 2015. Operating earnings for the 12 months ended Dec. 31, 2016, were $2.3bn, or $3.80 per share, compared to operating earnings of $2bn, or $3.44 per share, for the same period in 2015, the company said, adding that operating earnings are defined as reported earnings adjusted for certain items.

About Corina Rivera-Linares 3231 Articles
Corina Rivera-Linares, chief editor for TransmissionHub, has covered the U.S. power industry for the past 15 years. Before joining TransmissionHub, Corina covered renewable energy and environmental issues, as well as transmission, generation, regulation, legislation and ISO/RTO matters at SNL Financial. She has also covered such topics as health, politics, and education for weekly newspapers and national magazines. She can be reached at clinares@endeavorb2b.com.