VEPCO

AcronymDefinition
VEPCOVirginia Electric and Power Company
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Strong Credit Profile: VEPCo's current and projected credit metrics are supportive of the company's current ratings.
In Virginia, VEPCo's primary regulatory jurisdiction, adjustment clauses are in place to recover costs for new generation projects, FERC-approved transmission costs, energy efficiency and renewable energy programs, among other items.
The first M501GAC gas turbine produced in Savannah is to be installed at the Warren County Power Station in Front Royal, Virginia, which is being constructed and will be operated by VEPCO. The unit will serve as a core component of a GTCC power station which, when completed, will incorporate a total of three M501GAC gas turbines and a steam turbine.
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.
Weaker earnings, lower dividends from VEPCo, or FFO-adjusted leverage above 5.0x on a sustained basis could also lead to negative rating action.
VEPCO, a subsidiary of Dominion, is a public utility that provides services in electricity generation, transmission and distribution.
The Rating Outlook on VEPCo's 'A-' Long-Term Issuer Default Rating (IDR) is Stable.
In addition to the credit facility commitments, VEPCo also has a $100 million credit facility that matures in April 2020.
DEI's financial strength is currently anchored by VEPCo, a large integrated electric utility.
Dominion currently has two shared credit facilities (with subsidiaries VEPCO and DomGas as co-borrowers) totaling $5.5 billion, maturing in April 2019.