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The interim consultant's report on the Dominion Resources/Virginia Power (DRI/VP) merger identifies problems with the holding company structure.
DRI/VP claim that the report's corporate structure recommendations conflict substantially with their settlement agreement, and appear to impose unique and extraordinary constraints on corporate governance. DRI/VP further argue that recommendations to extend commission control over DRI and its nonutility businesses are unwarranted because there is no evidence that ratepayers were adversely affected by the activities of VP's nonregulated affiliates. The recommendation also could make it more difficult to attract capital on favorable terms, according to DRI.
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