The coastland times. [volume] (Mnateo [i.e. Manteo], N.C.) 1947-1959, 1959-03-20
VEPCO PLANNING
$50. 900. 900 OF
NEW EXPANSION
To Spend Over Four Million in
N. c.; Gained 1880 Gus
TONERS Annually

The Board of Directors of the
Virginia Electric and Power Com
pany has approved a 1859 con-
struction budget of $53,OO0,0O0 and
declared a quarterly dividend of
277ac per share on the common
stock. The Board also approved in
principle a plan to sell additional
common stock in June.
Mcdowell said the construction
program this year includes such
major items as $24,662,000 for
generating facilities; $1,477,OoO
for service buildings, shops and
storerooms, including major equip
ment; $9,16O,OO0 for electric
transmission and distribution sys-
TENS; and $2,236,OOO for mains,
production equipment and service
facilities for gas operation on the
Peninsula and at Norfolk.
Of the money allocated for gen.
Grating facilities, $4,S20,00O will
be spent on the Portsmouth plant
and $13,600,000 will be spent on
the Chesterfield plant. The Ports
mouth addition, constructed at a
cost of 100000, is expected to
be completed late this spring. The
Chesterfield addition is expected to
be completed about the middle of
next year at cost of $22, 100000.
Each of these additions will have
a name plate rating of 10000
kilowatts.
When the new units are INSTALL
ed at these stations, the combined
generation of the two plants will
be raised enough to light a city
with more than 100000 popula-
ton.
Completion of the Portsmouth
and Chesterfield units will increase
Vepco's system capacity to APP
proximately 100000 kilowatts in
1860. The present capacity is more
than 100000 kilowatts.
Mcdowell said about $26, 900
in the new construction budget will
be spent for electric distribution
and transmission lines, substations,
storerooms, buildings and equip
ment and service facilities.
A breakdown of approximate al
locations to be spent in operating
areas around the system follows:
Richmond area, $18,O7O,O00; Nor
folk-P ortsmouth-Suffolk areas,
81 100000; Observation-Disclosures
Fairfax areas, $6,907, 900; New
port neutrality-suspicious.
areas, $4,634,0OO; North Carolina
area, $4,416,OOO; Fredericksburg
and Northern Neck areas, $780,
900; Charlottesville-W aynesboro-
Stanton areas, 100000; Peters
burg Hopewell areas, $1,413,000;
South Observation-Disclosures
Crewe areas, $1,290,OO0; Clifton
Forge-Covington areas, $890,000.
Vepco's construction budgets of
$70,000,000 both in 1857 and 1868,
were the highest budgets in the
Company's history. The previous
high was in 1854 and 1866 when
$53,000,000 was budgeted for each
of these years. A large part of the
construction budgets for 1857 and
1858 were for the construction of
new generating facilities, Mellow
ell said.
Money actually spent on new
construction in 1857 was $50, 432,-
900. Construction money spent
last year amounted to $63,061, 900.
To finance the 100000 con-
struction program for 1859, the
Board approved in principle a plan
to sell common stock in June to
obtain about $25 100000. The plan
provides for offering 10000 adj
ditional shares for subscription by
holders of common stock prorated
on a basis of one share for each
20 shares held on the record date
which is presently expected to be
June 2. The sub price will be de-
termined at the time of the offer
ing which will be underwritten
thru competitive bidding.