RICHMOND, Va. -- Dominion (NYSE: D) said Friday it would
review a contract proposal from the union that represents its electric workers
during the weekend and respond next week.
"We have always been willing to listen to the union,"
said Edgar M. Roach Jr., president and chief executive officer of Dominion Virginia
Power. "We will carefully consider and analyze this proposal. We want our
employees to return to work with an agreement that is fair to the union, the
company and all Dominion employees."
The International Brotherhood of Electrical Workers Local
50 presented its latest proposal to the company and the federal mediator at
a meeting Friday afternoon. Dominion and the union began negotiating a contract
in late January. The 3,700 employees represented by the union began a work stoppage
Aug. 2. Dominion has been able to maintain smooth operations during the strike
through the use of its salaried employees and contractors.
Last week, Dominion offered a five-year term, guaranteed
annual wage increases and pension and medical benefits that brought the overall
benefits package for the union more in line with that of the rest of the Dominion
work force.
The company's settlement proposal included:
A five-year contract that will provide a total compounded
wage increase of 16.5 percent, which would bring the average annual base salary
to $52,000. The contract would expire March 31, 2007.
Improved health care benefits. The plan includes doubling
the lifetime maximum to $2 million, enhanced prescription drug program and
preventive-care coverage, the addition of chiropractic coverage for the first
time and improved vision and dental benefits.
A comprehensive retirement program that retains the current
pension formula. In every example requested by the union, employees would
do as well or better than in the old contract. Retirees would continue to
pay nothing for medical health insurance premiums over the life of the contract.
The company would contribute $5 million to a fund that pays the premiums for
the retirees.
IBEW Local 50 represents workers at Dominion Virginia Power,
which delivers electricity to more than 2 million customers, and Dominion Energy's
power stations in Virginia and Mt. Storm, W.Va. The workers represented include
meter readers, linemen and power station operators.
Dominion is one of the nation's largest producers of energy,
with a production capability of more than 3 trillion British thermal unit of
energy per day. Dominion also serves 3.9 million franchise natural gas and electric
customers in five states. For more information about Dominion, visit the company's
Web site at www.dom.com.
