RICHMOND, Va., May 15 /PRNewswire-FirstCall/ -- Dominion (NYSE: D) today affirmed that 76,157 shares of restricted stock, awarded to 11 senior officers in 2004, vested May 11, as the company has achieved certain long-term financial performance goals under a shareholder-approved incentive plan. As a result of this performance-accelerated vesting, ownership of unrestricted Dominion shares by senior officers will increase by an estimated 46,000 shares.

According to routine filings made today with the SEC, the officers are electing to satisfy their tax-withholding obligations by returning specific numbers of shares to Dominion, which will administer the tax withholding under agreements between the company and officers eligible for the plan.

Dominion granted the restricted stock awards to officers in 2004 under a shareholder-approved incentive compensation plan. Under the plan, 50 percent of the grants will vest in May 2009, five years from the date of the grant. The remaining 50 percent were eligible to vest after three years in the event the company achieved one of two performance criteria. Those criteria were a three-year total shareholder return target or a consolidated operating earnings growth target.

The company's Compensation, Governance and Nominating Committee affirmed that the consolidated earnings growth goal has been exceeded. Correspondingly, 50 percent of the 2004 restricted stock awards vested May 11 for the company's senior officers.

Separately from the restricted stock awards, Dominion affirmed in earlier routine SEC filings this year that certain officers and directors exercised stock options in 2007 under trading plans entered into a year earlier. Additional option exercises are expected this year for executives who have executed trading plans under SEC Rule 10(b)(5)-(1), which specify future time periods or share prices at which options are to be exercised. Most of the options designated in the trading plans are scheduled to expire on Jan. 1, 2008. As of May 1, approximately 253,000 options with an expiration date through Jan. 1, 2008 remain outstanding. Additionally, approximately 2.6 million stock options with expiration dates of Jan. 1, 2009 and 2010 remain outstanding.

Dominion granted stock options to management during the period of May 1999 through December 2002 as a performance incentive and job retention tool during and following the acquisition of Consolidated Natural Gas Company. No stock options have been issued since December 2002.

Dominion is one of the nation's largest producers of energy, with a portfolio of about 26,500 megawatts of generation, about 6.5 trillion cubic feet equivalent of proved natural gas reserves and 7,800 miles of natural gas transmission pipeline. Dominion also owns and operates the nation's largest underground natural gas storage system with about 960 billion cubic feet of storage capacity and serves retail energy customers in eleven states. For more information about Dominion, visit the company's Web site at http://www.dom.com/.

CONTACT: Media, Mark Lazenby, +1-804-819-2042, Mark.Lazenby@Dom.com, or
Analysts, Greg Snyder, +1-804-819-2383, James.Gregory.Snyder@Dom.com, both of
Dominion

Web site: http://www.dom.com/