Ah, Dominion, the company we love to hate. If they're not building new coal-fired/greenhouse gas-spewing power plants, encouraging mountaintop removal mining, writing their own power reregulation bills (that they ram through a compliant General Assembly), opposing measures to make them less environmentally disastrous, or buying off Days before Dominion Virginia Power announced a rate increase last month, its parent company disclosed that its chief executive earned a compensation package worth $14.3 million in 2008.
Thomas F. Farrell II, chairman and CEO of Dominion Resources Inc., received 5.5 percent less than his 2007 package worth $15.1 million but nearly double his 2006 compensation, his first year in the job, according to the proxy statement dated March 20 by the Richmond-based company.
Meanwhile, here's what Dominion is doing for YOU!
Dominion Virginia Power submitted plans to state regulators last week for a series of rate changes that would result in a 6.9 percent increase by May 2010 to residential customers using 1,000 kilowatt hours of electricity per month. Under Dominion's plans, rates would drop for those customers by 3.3 percent in July to reflect falling wholesale fuel prices.
For September, Dominion has proposed a base rate increase - the first in 17 years - citing the need to meet growing demand...
And why is their "growing demand?" In part, of course, it's because of increased economic activity (well, at least before the Bush Recession really kicked in). In part, however, it's also due to Dominion's obstinate refusal to even CONSIDER serious measures aimed at boosting energy efficiency and conservation, first and foremost being what's known as "decoupling" (their profits from the amount of power they produce). Unfortunately, this type of thing is going to continue as long as we allow Dominion Power to wine and dine (and write fat checks to) our legislators in Virginia, to donate wads of cash to candidates up and down the ballot (to his credit, Terry McAuliffe has said he will NOT take money from Dominion), and to put out a constant stream of propaganda on TV and in the newspapers aiming to convince people that Dominion really is a friendly, environmentally responsible company. Well, guess what: they're not. Think about it; if they WERE so friendly and environmentally responsible, why would they need to spend so much money convincing people that they are? Methinks they doth protest a bit too much.
Meanwhile, let's hope that Dominion's CEO enjoys his $14.3 million compensation package. The rest of us? All we get is a lousy rate increase. Dominion Power: corruption and global warming start here!
