RICHMOND, Va. -- Dominion (NYSE:D)
today welcomed a statement by PJM clarifying that PJM's announced investigation
into trading practices by energy suppliers using Dominion's interconnection
with PJM in no way suggested inappropriate activity by Dominion.
Thos. E. Capps, chief executive officer, said:
"We've built a company with strong fundamentals that
is doing well in uncertain economic times. But, like all public companies in
today's volatile market environment, we are aware that share value is often
influenced by news coverage and news releases.
"We are disappointed that yesterday's statement by PJM
has contributed to a short-term decline in Dominion's share valuation. We commend
PJM for stepping up to the plate and ensuring that its communications to the
markets are clear, candid and credible. This sets a standard for responsible
public communication."
Dominion
is one of the nation's leading energy companies.
Following is the text of today's PJM statement:
PJM ISSUES CLARIFYING STATEMENT
REGARDING JULY 22 NEWS RELEASE
(Valley Forge, PA - July 23, 2002) - PJM today clarified
a news release issued yesterday (July 22) about detecting and correcting a power
import practice.
In that news release, PJM referenced two transmission tie
interfaces. Interfaces are commonly referenced by adjacent geographical locations
- which in this case included Dominion (NYSE: D) and AEP (NYSE: AEP) service
territories.
Those companies were named in the release solely as a reference
to the interface.
By identifying those companies in the news release, PJM did
not intend to imply that either company was under investigation by PJM's market
monitoring unit.
Dominion and AEP are currently integrating into PJM and their
participation will enhance market liquidity, transparency and competitiveness.
