Dominion increases dividend rate by 8 percent
The board of directors of Dominion established a 2016 dividend rate of $2.80 per share of common stock, up from $2.59 per share in 2015, or an 8.1 percent increase. Subject to board declaration in January, the first quarterly dividend of 70 cents per share will be payable in March 2016. The expected 2016 dividend increase would mark the 13th consecutive year in which the annual dividend rate rose from the previous year’s rate.
The board also affirmed the dividend policy it set in February 2015 to pay out to shareholders approximately 70 percent to 75 percent of operating earnings.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
“The expected dividend rate reflects our commitment to 8 percent annual increases through the end of the decade, and demonstrates confidence in our energy infrastructure growth plan.”
Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 24,400 megawatts of generation, 12,200 miles of natural gas transmission, gathering and storage pipeline and 6,490 miles of electric transmission lines. Dominion operates one of the nation’s largest natural gas storage systems with 928 billion cubic feet of storage capacity and serves utility and retail energy customers in 14 states. For more information about Dominion, visit the company’s website at www.dom.com.