July 13, 2004

RICHMOND, Va.- The board of directors of Dominion (NYSE: D) has declared a quarterly dividend of 64.5 cents per share of common stock.

Dividends are payable September 20, 2004 to holders of record at the close of business August 27, 2004.

This is the 306th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. Dominion's last quarterly dividend was declared April 23, 2004.

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 September 20, 2004 to holders of record at the close of business August 27, 2004.

###