The coastland times with which is combined the pilot and herald of Belhaven and Swan Quarter. [volume] (Manteo, N.C.) 1959-1973, 1961-03-03
vEPCO TO SPEND
EXTRA MILLIONS
DURING YEAR 1851
An increase of 20 Millions. Doub.
ling Last Years Budget; New
Construction Heavy

pany has approved a 1861 const1uc-
ton budget of $85 million, the larg-
est in the company's 52-year histo-
~. The Board also declared quar-
terly dividend of 321s cents pei
share on the company's common
stock. This is an increase of 21aG
per share over quarterly dividends
that has been paid since March
1860.
Vepco President A. H. Mcdowell
Jr. said this years budget is $685.
064,000 more than the $50 $4,000
spent last year. He said, "the rec
undertaking budget is necessary to
keep pace with the rapid growth
in our service area and to provide
constant and dependable source of
energy to our customers"
An estimated $23, 10000 will be
spent this year for construction on
the company's $50 million 100000
kaowatt hydro electric project now
under construction on the Roanoke
River in North Carolina. The dam,
for this project, eight miles up
stream from Vepco's Roanoke Rap
ids dam, will impound a reservoir
of "a miles with shoreline of over
$50 miles.
Major items of expenditure in
clude $57, $4,000 for generating
facilities; $24,23S,000 for electric
transmission and distribution faci-
lities for gas operations on the Pen
insula and at Norfolk.
Mcdowell said Vepco plans to
spend approximately $17,300,000 of
this years budget for a fourth
unit at the Postum Point Power
Station, near Quantico, Va. The
Portsmouth station will require
$16,800, 900 for work on it's fourth
unit. Both units are scheduled for
completion in the spring of 1862,
and each will have name plate
capacity of 100000 kilowatts. The
Postum Point stations first unit
of 10000 kilowatts went on the line
in 1913. The Portsmouth station
went into operation in 1853 with a
capacity of 10000 kilowatts- The
combined name plate capacity OF
these stations, when the new units
are installed, will be 100000 kilo-
watts.
Last year, Vepco put on the line
the latest addition to its Chester
field Power Station. The addition
at Chesterfield also a fouEth unit
has capacity of 10000 ksowatts
and cost approximately $40, 300, 900.
Chesterfield's name plate capacity
is now 10000 kilowatts.
Vepco will have a total system
wide capacity of 100000 kilowatts
when all of the units now under
construction are placed in opera
ton.
Part of the funds necessary to
finance this huge construction pro-
gram is expected to be raised
through the sale of $50 million of
First Mortgage Bonds in June,
1861, as earlier authorized by the
Board subject to market and other
conditions.
A breakdown Of gross construc-
ton expenditures as allocated to
Vepco's eleven operating districts
follows Richmond, $3,744, 900. Char
lottesville 1881, 900; Covington-
Clifton Forge, $4,000; South Bos-'
ton-South Hill 100000; Peters
burg 100000; Norfolk, $22, 49S,-
coo; Hampton-Newport News, 49,
1000. Roanoke Rapids, N. G..
$23,936, 900; Williamston-Elizabeth
City, N. C. $1,S00,00O; Arlington
Alexandria, $8O15,000, and Freder-
icksburg, $18,433,000.
ALLEGATIONS for construction in
connection with the company's gas
operations are approximately ST.
1926, 900. Of this amunt, $1,363, 900
is allocated for the Norfolk area
system, and $1,489,00O for the
Newport News-Hampton area sys-
tenn.
Indicative of Vepco's growth is
the gross expenditure of $17S,914,
600 on construction during the last
five years.
Construction will continue on the
atomic power plant being built by
vepco and three neighboring utili-
ties in North and South Carolina.
The experimental plant at Parr, s.
c., scheduled for completion in
1862, will use slightly enriched
uranium as fuel and have genera
ting capacity of 1900 kilowatts.
In other matters, the Board de
clared quarterly dividends on the
four series Of preferred stock as
follows: $125 per share on the s.
dividened preferred; $1.01 per
share on the $4.04 dividend PREFER
ed: $1.O5 per share on the $4.2O
dividend preferred. and $1.0S per
share on the $4.12 dividend prefer
red stock. !.
Dividends on both common and
preferred stocks are payable on
March 20, 1861 to stockholders OF
record at the close Of business on
March 1, 1861.