March 20, 2003

RICHMOND, Va. - The U.S. Nuclear Regulatory Commission's decision to renew the operating licenses of the two Dominion (NYSE: D) nuclear power stations in Virginia is good news for the state and country, Thos. E. Capps, chairman, president and chief executive officer, said Thursday.

The NRC Thursday approved the company's application to extend the operating licenses of North Anna and Surry power stations for an additional 20 years. The NRC's approval marked the first time that a company has received two renewals under one license application. (View the NRC news release.)

"The NRC's action is good news because it means that safe and reliable nuclear energy will remain an important source of affordable electricity for Virginians for many years to come. The action is also important to maintaining a diversity of fuel supply for the nation's electric customers," said Capps.

"The fact that we were able to obtain renewed licenses for North Anna and Surry under one license application means our efforts to streamline and simplify the relicensing process paid off. Time and again, our nuclear group demonstrates that Dominion has the know-how and talent to deliver on challenging projects."

North Anna Units 1 and 2, which are located in Louisa County about 60 miles northwest of Richmond, may now operate until 2038 and 2040, respectively. Surry Units 1 and 2, located in Surry County across the James River from historic Jamestown, may now operate to 2032 and 2033, respectively. Each North Anna unit generates 921 megawatts (net) and each Surry unit generates 812 megawatts (net), or enough electricity to power about 850,000 homes.

Over the past decade, North Anna and Surry have consistently been ranked as among the most efficient commercial nuclear power stations in the United States, according to Nucleonics Week, an industry information and database of the McGraw-Hill Companies.

Dominion is one of the nation's largest producers of energy, with a diversified and integrated energy portfolio that includes 24,000 megawatts of generation and 6.1 trillion cubic feet equivalent of proved natural gas reserves. Dominion also serves 5 million retail energy customers in nine states. For more information about Dominion, visit the company's Web site at www.dom.com.

# # #