RICHMOND, Va., Jan. 20, 2012 /PRNewswire/ -- The board of directors of Dominion (NYSE: D) has set a 2012 dividend rate of $2.11 per share of common stock, up from $1.97 per share in 2011, or a 7.1 percent increase, subject to quarterly determination and declaration of specific record and payable dates. The board also declared a first-quarter dividend of 52.75 cents per share of common stock.

Dividends are payable on March 20, 2012, to shareholders of record March 2, 2012.

This is the 336th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company's last quarterly dividend was declared Oct. 21, 2011.

The board of directors of Virginia Electric and Power Company, a subsidiary of Dominion, also declared regular quarterly dividends at the prescribed rates on each of its series of preferred stock. Preferred dividends on the company's fixed-rate preferred stock are payable March 20, 2012, to holders of record at the close of business March 2, 2012.

SOURCE Dominion