January 26, 2006

RICHMOND, Va. — The board of directors of Dominion (NYSE: D) has increased its quarterly dividend by 2 cents to 69 cents per share of common stock, effective January 24, 2006.

The 2-cent increase over Dominion’s previous quarterly dividend of 67 cents per share is in accordance with previous announcements and brings the company’s 2006 annual dividend rate to $2.76 per share. This represents an 8-cent increase in the 2006 annual dividend rate compared to 2005. Dividends are payable March 20, 2006, to shareholders of record February 24, 2006.

This is the 312th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company’s last quarterly dividend was declared October 28, 2005.

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, 2006 to holders of record at the close of business February 24, 2006.

This release contains forward-looking statements regarding our expectations for future dividends. Any declaration of future dividends is subject to approval by the company's Board of Directors.

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