NEW YORK (Standard&Poor's) Oct. 10, 2003--Standard&Poor's Ratings Services today noted that Dominion Resources Inc.'s (BBB+/Stable/A-2) credit profile will not be affected by subsidiary Virginia Electric&Power Co.'s (A-/Stable/A-2) proposed $386 million fuel rate increase, although the increase was 12% lower than the $441 million filed request. Although a number of customer groups intervened in the fuel rate increase filing, as per Virginia Electric's restructuring settlement, the fuel rate is an allowed dollar-for-dollar pass-through, but is subject to review by the State Corporation Commission. The $56 million reduction from the July 2003 company filing includes a $46 million decrease in projected fuel costs. The increase, if approved, will be recovered over a four-year period effective Jan.
