Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  Nyse  >  Dominion Resources, Inc.    D

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

Dominion Resources : to no longer bill for some charitable donations

09/03/2015 | 02:38pm US/Eastern

RICHMOND, Va. (AP) — Dominion Resources Inc. will no longer add the cost of some charitable donations to customers' electric bills.

The energy giant, which owns the state's largest electric utility, said in a recent regulatory filing with the Virginia State Corporation Commission that it won't try and recover more than $2 million related to the company's charitable contributions from 2013 and 2014. Spokesman David Botkins said Thursday the company will not seek to include charitable giving in customers' bills in future years as well.

The Associated Press reported last month that Dominion's customers have been billed tens of thousands of dollars to pay for part of donations to politically connected charities. Those donations include a $40,000 donation to a tort reform group that pushed for business-friendly legislation with the help of a longtime Dominion lobbyist and a $10,000 gift to a college that was solicited by a powerful state lawmaker who is also the school's paid fundraiser.

Dominion Virginia Power President Paul D. Koonce said in filed testimony that the company's rate-payer subsidized charitable giving amounts to less than a penny a month on a typical residential customer's bill and only accounts for a small percent of the company's overall charitable giving.

"Some have cynically suggested that certain charitable organizations to which we have contributed are motivated not by the civic good but instead by political considerations. We do not agree with those suggestions or that our charitable giving practices are anything other than well-intentioned," Koonce said.

He added that the company won't include its charitable giving as part of its base rates — which make up the majority of a customer's bill — in order to protect the reputations of the groups that have received those donations.

Adding the cost of certain charitable contributions to electricity consumers' monthly bills is legal under longstanding regulatory rulings. The SCC's three commissioners revisited the issue most recently in 2011, where they split 2 to 1 over whether charitable contributions should be included in the cost of service.

SCC's staff recently filed testimony arguing that Dominion shouldn't be able to include any charitable contributions for 2013 and 2014 in part because "many of the donations made by the company were to organizations that conduct political or lobbying efforts."

Koonce's testimony also defended the company's current base rates, which he said are at an appropriate level. Attorney General Mark Herring's office and SCC staff have testified that Dominion's rates were too high in 2013 and 2014 and are currently too high. Koonce said the main disagreements over rates center on the timing of when Dominion should incur costs associated with cleaning up coal ash ponds and building a potential new nuclear power plant.

The SCC's commissioners will decide later this year whether Dominion's rates for 2013 and 2014 were too high and whether customers should get a partial refund.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed., source Associated Press News

React to this article
Latest news on DOMINION RESOURCES, INC.
02:38p DOMINION RESOURCES : to no longer bill for some charitable donations
09/02DJAustralia Defers Decision on Shell's Takeover of BG
09/02 DOMINION RESOURCES : challenges Planning Commission decision, hearing likely for..
09/02 DOMINION RESOURCES : BRIEF: Fire out at Dominion power plant in Chesapeake
09/01 DOMINION RESOURCES : Fire out at Dominion power plant in Chesapeake
09/01 DOMINION RESOURCES : Accepting Applications for $1 Million in Grants Supporting ..
08/31 DOMINION RESOURCES : BRIEF: Shore Drive closing briefly in Virginia Beach
08/28 DOMINION RESOURCES : NRC reaches settlement with Dominion over apparent violatio..
08/27 INTREXON : Energy Partners and Dominion Enter Exclusive Agreement in Marcellus a..
08/26 DOMINION RESOURCES, INC. : ex-dividend day
Advertisement
Chart
Duration : Period :
Dominion Resources, Inc. Technical Analysis Chart | D | US25746U1097 | 4-Traders
Income Statement Evolution
More Financials