RICHMOND, Va., Sept. 18, 2014 /PRNewswire/ -- Virginia Electric and Power Company (Virginia Power), a wholly owned subsidiary of Dominion (NYSE: D), announced that it is notifying holders of its preferred stock of its plans to redeem all shares of each outstanding series of preferred stock. The redemption date of the preferred stock is Oct. 20, 2014. The shares to be redeemed include the company's $5.00 Dividend Preferred Stock (NYSE: VEL PR E), which will be redeemed at the redemption price of $112.50 per share, plus accrued and unpaid dividends of $0.4110 per share to the redemption date. The other outstanding series of preferred stock will be redeemed at their applicable redemption price, plus accrued and unpaid dividends to the redemption date.
The Paying Agent for the redemption of the preferred stock is Continental Stock Transfer & Trust Company, 17 Battery Place – 8th Floor, New York, NY 10004.
All of the redemptions are being made pursuant to Virginia Power's Amended and Restated Articles of Incorporation.
Virginia Power is a regulated public utility that generates, transmits and distributes electricity for sale in Virginia and North Carolina – with 19,600 megawatts of electric generating capacity and 63,400 miles of electric transmission and distribution lines serving 2.5 million customer accounts. In Virginia, Virginia Power conducts business under the name "Dominion Virginia Power" and primarily serves retail customers. In North Carolina, Virginia Power conducts business under the name "Dominion North Carolina Power" and serves retail customers located in the northeastern region of the state, excluding certain municipalities. In addition, Virginia Power sells electricity at wholesale prices to rural electric cooperatives, municipalities and into wholesale electricity markets. All of Virginia Power's common stock is owned by Dominion Resources, Inc. Dominion, headquartered in Richmond, Va., is one of the nation's largest producers and transporters of energy. Dominion also operates one of the nation's largest underground natural gas storage systems and serves utility and retail energy customers in 10 states.