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Sunday, 07 September, 2008, 04:10 GMT | more prices >>

Dominion to spend $10.7bn by 2010



By Upstream staff 

Dominion Resources is planning $10.7 billion in capital spending from 2008 to 2010, company boss Thomas Farrell said today.

Subject to board approval, Dominion will spend $3.3 billion in 2008, $3.65 billion in 2009 and $3.78 billion in 2010 in capital expenditures, Reuters quoted Farrell telling a Bank of America conference.

The company is also looking to raise its dividend to reach a payout ratio of about 55%, which would bring its dividend more in line with its utility peers, Farrell said.

Dominion recently sold most of its gas production assets to focus on its gas storage and power production interests.


Monday, 17 September, 2007, 17:05 GMT  | last updated: Tuesday, 18 September, 2007, 06:34 GMT

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