THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, August 17, 1996 TAG: 9608170495
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Business Briefs
LENGTH: 29 lines
One of Virginia Power's biggest customers, Old Dominion Electric Cooperative, wants out of its contract to buy electricity from the utility because the price is too high. Old Dominion had budgeted roughly $90 million for its Virginia Power purchases this year. The power costs an average of 4.9 cents a kilowatt hour, but other suppliers are offering prices of less than 3 cents. The cooperative and Virginia Power had been negotiating a new contract for almost a year, but talks broke down this week. Old Dominion plans to ask federal regulators to order Virginia Power to roll back its rates. (KRT) Essex Bancorp reports loss for second quarter
Essex Bancorp Inc. reported a net loss of $7.52 million for the second quarter, a sixfold increase over its $1.19 million loss in the year-earlier quarter. The loss per share was $7.15, compared with a loss of $1.14 in the same three months of 1995. The Virginia Beach-based parent of Essex Savings Bank attributed the bulk of its loss in the recent quarter to a $5.9 million write-down in the value of branches it expects to sell later this year. Essex also said it added $803,000 to its loan-loss reserves during the latest quarter, which increased its net loss for the period. Essex acquired Home Savings Bank in Norfolk last September. (Staff) by CNB