History
Dominion's corporate roots reach back to the Colonial era through predecessor companies that operated canal and river barging, street lighting, railways, and electric trolleys.[17]
In 1787, the Virginia General Assembly created the Appomattox Trustees to promote navigation along the Appomattox River. In 1795, the trustees formed the Upper Appomattox Company to build dams along the river for industrial use, beginning Dominion's history.[18] In 1901, the water rights passed to the newly formed Virginia Passenger & Power Company.
Dominion's closest direct corporate ancestor, Virginia Railway & Power Company, was founded by Frank Jay Gould on June 29, 1909. It bought Virginia Passenger & Power soon afterward. In 1925, the name was changed to the Virginia Electric and Power Company (VEPCO), a regulated monopoly. In 1940, VEPCO doubled its service territory by merging with the Virginia Public Service Company. The transit operations were sold in 1944.[19] In 1980, VEPCO began branding itself as "Virginia Power," while branding its North Carolina operations as "North Carolina Power." Three years later, VEPCO reorganized as a holding company, Dominion Resources.[18]
By 1985, Dominion split its distribution operations among two operating companies: Virginia Power (operating in Virginia and the Greenbrier Valley of West Virginia) and North Carolina Power (operating in North Carolina). In 1986, Dominion gained territory by expanding in Northern Virginia after purchasing the Virginia distribution territory of Potomac Electric Power Company (PEPCO). In 1987, the West Virginia assets of Dominion were sold to Utilicorp United becoming branded as West Virginia Power, but Dominion retained ownership of the Mount Storm Power Station in West Virginia. (In 1999, West Virginia Power would be sold to Allegheny Energy and folded into its Monongahela Power subsidiary;[20] it and other Allegheny Energy subsidiaries have since been acquired in 2010 by FirstEnergy.)[21]
Throughout the 1980s and 1990s, Dominion initiated a series of expansions into regulated and non-regulated energy businesses, both domestically and internationally. During that era, the company also established itself as a world-class operator of nuclear power stations.[22]
In 2000, Dominion bought Consolidated Natural Gas Company (CNG) of Pittsburgh, and added natural gas service to its energy delivery network in the energy-intensive markets in the Northeastern quadrant of the U.S. In 2001, Dominion bought Louis Dreyfus Natural Gas Company, adding to its natural gas delivery network.[18]
Dominion re-branded all of its operations in 2000 to Dominion from Virginia and North Carolina Power as well as Consolidated Gas in order to create a more unified energy company. In 2007, as part of another effort to refocus on core electric and gas operations, Dominion sold most of its Houston-based natural gas and oil exploration and production business for pre-tax proceeds of nearly $14 billion. Its onshore US oil and gas reserves were sold in separate deals to Loews Corporation and to XTO Energy, while its Gulf of Mexico reserves were sold to Eni, and its Canadian reserves were sold to two Canadian trusts. Dominion still retains some production areas in Appalachia, however.[18][23]
In February 2016, Dominion Resources announced that it would be acquiring Questar Corporation.[24] The acquisition was completed in September 2016.[7]
In 2017, Dominion Resources rebranded itself to Dominion Energy, following with a new logo.[25]
In January 2018, Reuters reported that Dominion Energy would be buying SCANA Corporation for $7.9 billion.;[26] the acquisition was completed in January 2019.[27]
In the summer of 2018, Dominion Energy launched a "grid transformation program." The program's aim was to build 3,000 megawatts worth of new solar and wind energy by the year 2022. The program was launched under the authority of the Grid Transformation & Security Act, a state law signed by Virginia Governor Ralph Northam. "The law paves the way for expanded investments in renewable energy, smart grid technology, a stronger, more secure grid and energy efficiency programs . . ."[28]
In July 2020, Dominion announced plans to sell natural gas transmission and storage assets to Berkshire Hathaway; the size of the deal is estimated at $10 billion.[29]
In February 2022, Dominion Energy sold one of its subsidiary, Dominion Energy West Virginia, to Hearthstone Utilities Inc. for $690 million. Hearthstone will continue operations in West Virginia under the name: "Hope Gas".[30][31]
In September 2023, Enbridge agreed to acquire East Ohio Gas, Questar Gas, and Public Service Co. of North Carolina, from Dominion for a total enterprise value worth $14 billion.[32]
