103682--3/2/2006--VIRGINIA_ELECTRIC_&_POWER

related topics

{operation, natural, condition}

{capital, credit, financial}

{cost, regulation, environmental}

{regulation, change, law}

{condition, economic, financial}

{personnel, key, retain}

{loss, insurance, financial}

Our operations are weather sensitive. We are subject to complex governmental regulation that could adversely affect our operations. Costs of environmental compliance, liabilities and litigation could exceed our estimates, which could adversely affect our results of operations. We are exposed to cost-recovery shortfalls because of capped base rates and amendments to the fuel factor statute in effect in Virginia. Under the Virginia Restructuring Act, the generation portion of our electric utility operations is open to competition and resulting uncertainty. There are risks associated with the operation of nuclear facilities. The use of derivative instruments could result in financial losses and liquidity constraints. An inability to access financial markets could affect the execution of our business plan. Changing rating agency requirements could negatively affect our growth and business strategy Potential changes in accounting practices may adversely affect our financial results. Failure to retain and attract key executive officers and other skilled professional and technical employees could have an adverse effect on our operations.

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103682--3/2/2006--VIRGINIA_ELECTRIC_&_POWER_CO