Dominion Provides Supplemental Information About Its Expected Growth Drivers In 2007, 2008

May 9, 2005

RICHMOND, Va. - Dominion (NYSE: D) today is providing supplemental information related to the drivers underlying its earnings growth outlook for 2007 and 2008.

The company updated its preliminary growth estimates May 4 during its first-quarter earnings conference call in a slide titled “2007 – 2008 Major Growth Drivers.” Today’s information is provided to respond to certain questions from members of the financial community during the question-and-answer portion of its conference call. It is being distributed publicly to comply with fair disclosure requirements.

An analogous slide, first presented on April 4, was illustrative in nature and reflects commodity prices across the energy complex using natural gas at $6.50/mmbtu with oil and coal prices derived on an equivalent basis. The May 4 slide included a complete update of commodity price assumptions based on calendar-year prices quoted April 15, 2005, natural gas and oil production, and current hedge positions for natural gas, oil and unregulated power. These prices are provided below.

Virginia Fuel Recovery:

April 4th slide: Reflects for 2006 a $6.50/mmbtu natural gas price which on an equivalent basis approximates to a $40/bbl price for oil and a $53.50/ton price for coal.

May 4th slide: Reflects for 2006 a $7.39/mmbtu natural gas price, $51.96/bbl price for oil and $59.50/ton price for coal. All prices were based on April 15, 2005 market quotations.

Coal price assumptions apply only to unhedged volumes.

E&P Price and Production:

April 4th slide: Reflects a $6.50/mmbtu natural gas price which on an equivalent basis approximates to a $40/bbl price for oil. Management reduced the projected 2008 benefit by about 30 percent as a conservative measure.

May 4th slide: Natural gas and oil prices were updated based on April 15, 2005 NYMEX spot prices and incorporates recent hedging activity which occurred from April 4th to May 4th.

The differences in projected growth rates for production between the April 4th slide of 3.5 percent versus the May 4th slide of 5.0 percent were offset by the difference in starting points of 2005 production.

Dominion is one of the nation's largest producers of energy, with a portfolio of about 28,100 megawatts of generation, about 6 trillion cubic feet equivalent of proved natural gas reserves and 7,900 miles of natural gas transmission pipeline. Dominion also operates the nation's largest underground natural gas storage system with more than 965 billion cubic feet of storage capacity and serves retail energy customers in nine states. For more information about Dominion, visit the company's Web site at www.dom.com.

This release relates to presentations containing forward-looking statements including our expectations for 2005 earnings, preliminary earnings estimates for 2006, and preliminary earnings information for 2007 and 2008 that are subject to various risks and uncertainties. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations may include those that are beyond the company's ability to control or estimate precisely, such as the receipt of approvals for and timing of the closing dates of pending acquisitions and planned capital expansion projects, realization of expected business interruption insurance proceeds, estimates of future market conditions, estimates of proved and unproved natural gas and oil reserves and the company’s ability to meet its production forecasts, and the behavior of other market participants. Other factors include, but are not limited to, weather conditions, governmental regulations, economic conditions in the company's service area, fluctuations in energy-related commodity prices, including changes in the cost of fuel for our regulated electric business, risks of operating businesses in regulated industries that are subject to changing regulatory structures, changes to regulated gas and electric rates recoverable by Dominion including future recovery of fuel costs, the transfer of control over electric transmission facilities to a regional transmission organization, changes to rating agency requirements and ratings, changing financial accounting standards, trading counter-party credit risks, risks related to energy trading and marketing, and other uncertainties. Other risk factors are detailed from time to time in Dominion’s most recent quarterly report on Form 10-Q or annual report on Form 10-K filed with the Securities & Exchange Commission.

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