Corporate History

Organized in 1948, to identify new power sources for its growing member systems, Old Dominion initially proposed to build a power plant in 1949. But these plans dissolved, and the utility remained inactive until power costs surged during the 1970s. After being staffed full-time in 1976, Old Dominion began serving its members' power supply needs by purchasing wholesale power and selling it to them at cost.

Milestones

1983 - Old Dominion purchases an 11.6 percent undivided interest in Virginia Power's North Anna Nuclear Power Station, representing Old Dominion's first ownership of power generation --- a first step in providing its members with reliable power at the lowest possible cost. North Anna ownership supplies roughly 20 percent of the member needs, with the balance purchased from other competitive sources.

1989 - Old Dominion selects a site in Halifax County, near Clover, Virginia, for its planned 393 mw coal fired power plant. Old Dominion obtains the Virginia State Corporation Commission's approval to build. Virginia Power enters into a modified construction contract with Old Dominion to build a second unit. Each utility will own half of the Clover Power Station, with Old Dominion working as the construction agent and Virginia Power responsible for the plant's operation and maintenance upon commercial operation.

1992 - Clover Power Station construction commences following final environmental licensing. Old Dominion secures capital market financing for its half ownership. Construction is well underway. Old Dominion awards a 10-year contract to purchase 150 megawatts from PSE&G beginning in 1995.

1993 - The Clover Power Station's construction proceeds, with the first unit exceeding 70 percent completion, and the second unit, 22 percent completion. After full commercial operation, the Clover Power Station will supply about one-third of members' needs.

1994 - Start-up activities commence at the Clover Power Station, and commercial operation of the first unit is expected to begin in 1995.

1995 - After a formal dedication of Clover's first unit and visitor's center, commercial operation begins. Old Dominion announces plans to begin an industrial development campaign as one of many bold, innovative initiatives continuing into the 21st Century.

1997 - Old Dominion and its member cooperatives continue to prepare for industry restructuring with adoption of a long-range strategic plan. The plan prescribes phased-in rate adjustments to reduce rates to market levels or below within a specified amount of time. Old Dominion's member cooperatives continue to diversify, offering new services and pursuing non-traditional opportunities to provide more comprehensive energy services.

1998 - Member cooperatives receive a 3 percent rate decrease in April in accordance with the long-range strategic plan.  Old Dominion and its members begin considering possible strategic alliances with other firms to strengthen the cooperatives' position at the onset of competition.  Old Dominion welcomes Jack Reasor in November as its new chief executive officer.  Reasor is a former state senator from Bluefield, Virginia and former chairman of the Joint Legislative Subcommittee to Study Electric Utility Restructuring.

1999 - Preliminary steps are being taken toward building gas-fired peaking generation units to serve the member cooperatives on the Delmarva Peninsula and in Northern and Central Virginia.  Old Dominion joins Touchstone Energy, a national electric cooperative branding effort, and its member cooperatives continue their highly successful regional branding campaign with television, radio and print advertisements.

2000 - Old Dominion focused its efforts on licensing three potential combustion-turbine sites.  One site, at Rock Springs, MD, received final state and federal approval during the year and construction is slated to begin in 2001.  The other sites, one in Louisa County and one in Fauquier County, continued under development.

2001 - Construction began on the Rock Springs Generation Facility.  Old Dominion's 12 members formed TEC Trading, a power-marketing entity.

2002 - Work began at the Louisa County Generation Facility, and the permitting process proceeded for the Fauquier County facility.  Old Dominion became a full member and owner of ACES Power Marketing, a regional power-marketing agency including ODEC and 11 other generation-and-transmission cooperatives.

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