RICHMOND, Va., Dec. 17 /PRNewswire-FirstCall/ -- The board of directors of Dominion (NYSE: D) today reaffirmed the dividend policy established in October 2007 to achieve a 55 percent payout ratio by 2010. The board also set a 2010 dividend rate of $1.83 per share of common stock, up from $1.75 per share this year, or a 4.6 percent increase. Subject to board declaration in January, the first quarterly dividend of 45.75 cents per share will be payable in March 2010.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
"Building on two consecutive 11 percent increases in the annual dividend rate, the board has reaffirmed its 2007 promise of achieving a payout ratio that is in line with our utility peers. Returning value to shareholders at this rate is appropriate, given our continued transformation into a more regulated company."
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of more than 27,500 megawatts of generation, 1.2 trillion cubic feet equivalent of proved natural gas and oil reserves, 14,000 miles of natural gas transmission, gathering and storage pipeline and 6,000 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage systems with 975 billion cubic feet of storage capacity and serves retail energy customers in 12 states. For more information about Dominion, visit the company's Web site at www.dom.com.
Payment of the 2010 dividend is subject to quarterly determination and declaration by the board of directors of specific record and payable dates.
Web site: http://www.dom.com/