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Who is Dominion?
1. Dominion is the owner of two highly-polluting Massachusetts coal plants
- The company bought the over 40-year-old Brayton Point and Salem power plants from Pacific Gas & Electric as a package deal in 2005. The Brayton Point plant is a major profit source for the company.
- Dominion owns more than 28,000 MW of electricity capacity in the United States, about 2,300 of which come from the two Massachusetts coal plants.
2. Dominion is influential in Massachusetts politics.
- Dominon successfully lobbied for the weakening of pollution standards for the six oldest and dirtiest power plants in the state, including two of its own.
- Dominion is currently working to secure windfall profits for themselves by manipulating the implementation of the Regional Greenhouse Gas Initiative, which Massachusetts joined in January of 2007.
- Dominion continues to apply significant pressure to the City of Salem in attempts to improve its sweetheart tax deal and reduce payments to the city.
3. Dominion is a very wealthy company
- 2005: $1.0 billion (Dominion 2006 Annual Report http://www.dom.com/investors/annual.jsp )
- 2006: $1.4 billion (Dominion 2006 Annual Report http://www.dom.com/investors/annual.jsp )
- 2007: $2.1 billion (projected)
- 2008: $3.0 billion (projected)
- Dominion is the second largest Fortune 500 electric/gas utility
- The Brayton Point power plant alone brings in about $200 million in profit each year.
- Over the next three years, the company will be receiving an unprecedented windfall payment from consumers – on top of the already significant profits from the plant. Because of a controversial federal ruling creating the “Forward Capacity Market,” consumers will be paying Dominion an additional $200 million or so just for owning and operating the Brayton Point power plant. Through the Forward Capacity Market, the company will be receiving significant payments for other plants in its portfolio as well.
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Copyright © 2004 New England
Climate Coalition. Updated April 19, 2007
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