Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Angie Storozynski with Macquarie Capital. Ma'am, please go ahead.
Angie Storozynski - Macquarie Capital
Thank you, good morning. Very impressive earnings, I just have one question, and I understand that Virginia is in a way shielded from the current recession, that 1.5% growth in regulated electric load seems very optimistic. I mean we saw earnings and expectations from other companies, may be not from Virginia, but from other companies and they are significantly below that.
I know that in 2008, especially in the fourth quarter, you had some weather impacts, but the sales were down 2%. If I could hear if that's totally weather related or not, that would help. What is the ROE that you're expecting to get roughly from the upcoming rate case in Virginia?
Tom Farrell
Angie, good morning.
Angie Storozynski - Macquarie Capital
Good morning.
Tom Farrell
On the second part of your question, I'll not answer first. We're going to file in late March or by the first of April, and I think it's better for us to sort of keep our powder dry on that particular topic until we finalize the testimony, which it's almost finished, and file it so that the commission hears it or sees it first when we file though and learning about where we see things on an earnings call.
With respect to the 1.5% revenue growth aspect in our service territory, this year, we've done a lot of analysis on this. We studied Virginia's trends very carefully. We have one of the lowest unemployment rates in the country. You also heard that particularly in our service territory, our economy here is continuing along.
There's lots of anecdotal evidence about that. The TARP program, the temporary TARP program is in the market looking for over 2 million square feet of office space in Northern Virginia. So we continue to see growth here and we feel confident. We've been in this business a long time and in this state of a long time and we have a lot of experience with the growth trends here.
Angie Storozynski - Macquarie Capital
Okay, and one more question regarding the utility. The reduction in O&M expenses, is it a cut in expenses, or is it a delay in maintenance of plans?
Tom Chewning
Angie, that is intended to be a continuous beginning in 2009 throughout our plan horizon. Some of the reductions are coming in the areas of workforce management in terms of people, vacancies, over time in contractors and consultants, and other reductions coming in the areas of advertising, non-utility maintenance and so forth. But it's expected to carry through beyond 2009.
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