VEPCOVirginia Electric and Power Company
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Following receipt of the order for core equipment for the GTCC power plant at the Warren County Power Station, MHI has also received an order from VEPCO for the same units - three M501GAC gas turbines and one steam turbine - for its Brunswick County Power Station.
VEPCO, for example, recently proposed to charge new residences a $1,300 power line hook-up fee -- but to waive the fee for homes equipped with all-electric appliances, a decidedly environment-unfriendly and economically inefficient approach.
Fitch's primary credit concerns are the execution risk relating to the significant capital spending plans at VEPCO and the substantial debt at the parent company level, which directly finances all operations except VEPCO.
Dominion and VEPCO recently completed the primary syndication of new credit facilities totaling $3.
Dominion and VEPCO are in the process of replacing and extending existing credit facilities with new facilities totaling $3.
The new notes are unsecured and rank equally with existing and future unsecured debt of VEPCO.
Fitch's rating of VEPCO is supported by stable cash flows from significant electric system assets and by the constructive 2007 Virginia energy legislation, which provides investment incentives and mechanisms for timely recovery of new generation capacity costs and other system investments.
The Rating Outlook for both Dominion and VEPCO is Stable.
Fitch expects to resolve the Rating Watch within the next month following completion of a full rating review of VEPCO and parent company, Dominion Resources, Inc.
VEPCO had inter-company short-term borrowings of $921 million as of Sept.
VEPCO is a vertically integrated utility that serves approximately 2.
Commercial paper had been issued by VEPCO to retire $650 million of senior unsecured notes on February 1, 2007 and the $600 million issuance is effectively a refinancing of that debt.