Dominion Resources plans to change name to Dominion Energy

Richmond, Virginia-based energy giant Dominion Resources is planning to change its name.

The company announced Monday it will seek shareholder approval to be renamed Dominion Energy Inc.

Chairman, president and CEO Thomas Farrell II said in a statement that the new name will unify the company's brands throughout the 18 states where it does business.

The change will take place later in the year, pending the approval of shareholders at the company's annual meeting this spring.

The company said its shares of common stock will continue to be traded on the New York Stock Exchange under the ticker symbol "D."

Dominion produces electricity and operates one of the nation's largest natural gas storage systems. It owns Virginia's largest electric utility.