DOMINION SETTLEMENT LARGEST EVER - $1.2 Billion Over Coal Fired Plants

(04/27/2003)

Still denying Dominion Resources, Inc. violated the Clean Air Act at their coal-fired electrical generating plants, the Virginia-based company has agreed to the largest settlement ever made by a utility over the law. Two of the six generating plants are in West Virginia. Thomas E. Capps, their top executive, said the $1.2 billion EPA settlement will put Dominion ahead of the competition. "There are a lot of dirty plants out there" owned by Dominion's competitors, Capps noted. "I hope the government does go after the others." "We don't think we were guilty of any violations, but when you take on the federal government, you can get tied up forever," he said. "This is behind us now and we're delighted with the settlement," he said. Most of the money will go toward buying and installing new equipment in the company's coal-fired generating plants. Regarding recent financial performance, Capps said cold weather the past few months had helped Dominion extend its string of strong earnings gains into the first quarter. "This is the first time we've had moneymaking weather in the winter in a long time," he said. In the only item of business at a company shareholders meeting, they selected two new directors to Dominion's board, including Susan B. Allen, wife of Republican U.S. Sen. George Allen. Her nomination to the $55,000-a-year position with one of the nation's largest energy companies with her lack of obvious qualifications, has drawn criticism from watchdog groups.

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