Dominion 1Q Earnings at USD 607 Mln

Dominion announced  earnings for the three months ended March 31 of $379 million, compared with earnings of $495 million for the same period in 2013.

Operating earnings for the three months ended March 31  amounted to $607 million, compared to operating earnings of $476 million for the same period in 2013.

imagesThomas F. Farrell II, chairman, president and chief executive officer of Dominion said: “Our first-quarter results came in above our guidance range of $0.85 to $1.00 per share. While favorable weather in our electric service territory was a benefit of about 5 cents per share, we are pleased that other factors, including improved merchant generation margins, higher ancillary service revenues and lower operating expenses, produced results that were above expectations.

“During the quarter we also continued to move forward with our infrastructure growth plan. We received a Notice of Schedule from FERC for our Cove Point Liquefaction project and, pending receipt of regulatory approvals and permits, expect to commence construction later this year. We also commenced a non-binding open season for the Dominion Southeast Reliability Project, a new pipeline extending from the Marcellus and Utica Shale production regions to markets in Virginia and North Carolina.

“Construction of the Warren County Power Station and Brunswick County Power Station continues on time and on budget, and we announced the acquisition of six solar projects, totaling 139.”

 

Press Release, April 30, 2014; Image: Dominion

 

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