Summary
Dominion Resources, Inc. (now Dominion Energy) filed an 8-K on December 1, 2011, to report on an order issued by the Virginia State Corporation Commission (SCC) regarding its electric subsidiary, Virginia Electric and Power Company. The order pertains to the biennial review for the 2009-2010 period. While the filing itself does not provide details of the order's contents, it signifies a regulatory event that could impact the subsidiary's operations and financial performance within Virginia. Investors should note that such biennial reviews are standard for regulated utilities and typically involve setting rates and reviewing operating performance. The specific outcomes of this particular SCC order would be critical to understanding any immediate financial implications, such as changes in allowed rates of return or operating expense allowances, for Virginia Electric and Power Company and, consequently, for the parent company, Dominion Resources.
Key Highlights
- 1Dominion Resources, Inc. (D) filed an 8-K on December 1, 2011, reporting an event from November 30, 2011.
- 2The filing relates to an order issued by the Virginia State Corporation Commission (SCC).
- 3The order concerns Virginia Electric and Power Company, Dominion's electric subsidiary.
- 4The SCC order is in response to a biennial review for the 2009-2010 period.
- 5The filing serves as notification of the SCC's Final Order, which is attached as an exhibit.
- 6This event is considered 'Other Events' under Item 8.01 of the Form 8-K.
- 7The full details of the SCC's order are not disclosed within the 8-K text itself but are available in the attached Exhibit 99.