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Wednesday, January 6, 2010; A12
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ENERGY
Dominion Investing $4 Billion in Service
Dominion Virginia Power said it will spend $4 billion over three years to improve and expand its ability to provide reliable electric service.
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As part of those efforts, the Richmond-based utility, a unit of Dominion Resources, said it is adding new gas-fired generating units and a hybrid coal station to keep up with growing demand.
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In a letter to 2.3 million customers, the unit's chief executive, Paul Koonce, said Dominion also is focused on areas where service reliability doesn't meet the company's system-wide average of 99.9 percent in 2009. That means that, on average, the lights went on 99.9 percent of the time when customers flipped the switch.
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Dominion also said it is committed to meeting Virginia's goal of achieving 15 percent of its electricity sales from renewable sources in 2025 and reducing customer demand by 10 percent over the next 12 years.
-- Associated Press
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CORPORATE BORROWING
ClearPath secures $1.3 million
ClearPath Immigration of Bethesda said it is has closed on $1.3 million in equity financing, which it plans to use to boost marketing efforts and broaden its offerings. The company sells Web-based software and services to handle immigration filings.
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Separately, the company announced that John Frankel, president of FF Asset Management, the New Jersey firm that led the fundraising round, and Peter L. Corsell, founder and chief executive of Arlington-based GridPoint, have joined ClearPath's board.
-- Dan Beyers
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CORPORATE GOVERNANCE
Fauquier Bankshares has new chairman
John B. Adams Jr. has been elected chairman and Randolph T. Minter has been elected vice chairman of Fauquier Bankshares, the Warrenton, Va., company announced. Adams, former president and chief executive of A. Smith Bowman Distillery, had served as vice chairman of the Fauquier board since 2004. Minter, a Fauquier director since 1996, owns the Moser Funeral Home and Bright View Cemetery.
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Adams succeeds C.H. Lawrence, who retired at the end of the year after serving on the board for more than 30 years.
-- Dan Beyers
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