Dominion Virginia Power Investments Result In Increased Tax Payments To Virginia Localities
-- Company paid $142 million in 2012, up $10 million from previous year
-- Taxes levied on power stations, electric lines, substations and other facilities
RICHMOND, Va., May 30, 2013 /PRNewswire/ -- Dominion Virginia Power paid nearly $142 million in taxes to cities, counties and towns in Virginia in 2012, approximately $10 million more than in 2011.
The taxes are assessed annually on all of the company's real estate, property and power-related assets, including buildings, power stations, transmission and distribution power lines, substations and other facilities.
Surry and Louisa counties, home to two of the company's nuclear power stations, each received the single largest tax payments at about $12.8 million.
"Our tax payments have increased over the past several years as we have improved system reliability and met increasing customer demand for electricity by adding new power generation and transmission facilities," said Paul D. Koonce, chief executive officer. "We have a large economic impact on the state. These tax payments are vital to many Virginia communities."
Tax payments in 2012 were about $10 million higher than in 2011. Payments to Virginia counties in 2012 totaled $105.1 million, cities $35.1 million and towns $1.6 million.
In addition to Surry and Louisa, among the largest payments were made to Fairfax County, $11.3 million; Prince William County, $9.6 million; Chesterfield County, $8.5 million; the city of Chesapeake, $7.2 million; and the city of Richmond, $6 million. Typically, the largest payments are to localities where the company's electricity-generating power stations are sited.
A full list of the 2012 payments by locality is available online: http://www.dom.com/news/2013/xls/va-tax-payments.xlsx
Dominion Virginia Power is a unit of Dominion (NYSE: D), one of the nation's largest producers and transporters of energy. Dominion has a portfolio of approximately 27,000 megawatts of generation. It also operates one of the nation's largest underground natural gas storage systems and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.
Save time, energy and postage by enrolling in Dominion's eBill paperless billing program at: https://www.dom.com/find-it-fast/payment-options/paperless-billing.jsp
SOURCE Dominion Virginia Power