Dallas, Texas 01/09/2014 (FINANCIALSTRENDS) – Dominion Resources, Inc. (NYSE:D), the $37.56 billion market capped energy producer and distributor has been working towards upping its captive power production capacity in the run up to the pickup in demand for energy during the peak winter months. These efforts seem to be paying off famously, if the announcement by the firm on January 8 is anything to go by.
Dominion Resources, Inc. (NYSE:D) announced that its fully owned subsidiary Dominion Virginia Power has managed to meet a record demand for electricity during the current winter season. It has proudly announced that the demand for electricity from its close to 2.4 million subscribers has been the highest in the past few years, as customers are reeling under the severe cold conditions which are prevailing in large parts of south and eastern states of U.S.
Dominion Resources, Inc. (NYSE:D) has disclosed that the demand for power peaked to a high of 19,730 megawatts of electricity on January 7 morning. This translates to a 1,650 megawatts increase in demand for electricity, over what was supplied by the company in February 2007 when 18,079 megawatts bench mark was set previously.
Readers would agree that the cold spell has left millions of households in major cities across U.S without power over extended hours, as the excess demand for power to heat up homes and commercial establishments has led to electric grid collapse. In fact on January 8, Dominion Resources, Inc. (NYSE:D) disclosed that close to 35,200 of its own customers lost power and has submitted that it is working round the clock to restore connectivity.
Shares of Dominion Resources, Inc. (NYSE:D) were trading at $64.76 per share during trading on January 8, up 0.11 percent above its previous day close. At these price points stock is trading 2.89 percent below its prior 52 week high price point.