RICHMOND, Va. – Dominion (NYSE: D), one of the nation's
largest energy companies, applauds passage of the federal Energy Policy Act
of 2005 and the benefits it will bring to the nation's energy infrastructure,
consumers and the environment.
"The bill, while not perfect, is a vital first step in
developing a comprehensive policy for ensuring energy reliability and security,"
said Thos. E. Capps, chairman and chief executive officer. "It encourages
much-needed investment in our nation's energy production and delivery infrastructure
and promotes the use of a diverse mix of fuels and renewable technologies to
generate electricity."
Important points of the legislation include:
Mandatory, enforceable standards for maintenance and operation
of the nation’s electric transmission networks and new federal authority
to ensure that critically needed lines are built.
Provisions designed to ensure a diverse fuel supply for
the production of electricity and federal support and tax incentives for clean
coal, nuclear and renewable power generation technologies.
Opportunities for increasing natural gas supplies and possibly
reducing prices by encouraging domestic production, boosting imports of liquefied
natural gas and improving the permitting process for drilling.
Energy conservation provisions, including stricter energy
efficiency standards for many products. The bill offers tax credits for investments
in energy-efficient buildings and equipment, low-emission vehicles, and technology
utilizing renewable resources.
The legislation also takes important steps to modernize the
laws and regulations governing the nation’s electric utility industry
while maintaining high levels of consumer protection.
Dominion is one of the nation's largest producers of energy,
with an energy portfolio of about 28,100 megawatts of generation. Dominion also
serves retail energy customers in nine states. For more information about Dominion,
visit the company's Web site at www.dom.com.
