February 17, 2004

RICHMOND, Va.- Dominion (NYSE:D) announced today that it will offer Dominion Cleveland Thermal for sale to a qualified buyer. Dominion Cleveland Thermal operates a district heating and cooling system in Cleveland, Ohio, which provides steam and chilled water to more than 200 buildings.

"Dominion Cleveland Thermal is an excellent business with stand-alone operating capability that has benefited from substantial improvements by Dominion," said Mark F. McGettrick, president and chief executive officer of Dominion Generation. "It has a good management team and skilled workforce, and a list of potential new customers. We are committed to finding a buyer who can provide reliable heating and cooling to these important Cleveland buildings."

The largest customers are Cleveland State University, the County of Cuyahoga, the Celebreeze Federal Office Building and Courthouse, and the City of Cleveland. Dominion purchased the facilities in 2001, expanded the cooling plant capacity by 20 percent and completed a distribution system expansion to serve new customers. Dominion Cleveland Thermal has reduced distribution losses by 30 percent over the last seven years, lowered fuel costs by 20 percent the last two years and increased revenues 14 percent over the last three years.

"We are pleased with Dominion Cleveland Thermal's performance and proud to have played a role in its growth," McGettrick said. "But current market conditions makes this a good time to seek bids for a top-notch company that can stand alone."

Dominion is one of the nation's largest producers of energy, with a diversified and integrated energy portfolio that includes 24,000 megawatts of generation and 6.2 trillion cubic feet equivalent of proved natural gas reserves. Dominion also serves 5.3 million retail energy customers in nine states. For more information about Dominion, visit the company's Web site at www.dom.com.

Dominion has retained Concentric Energy Advisors, Inc (CEA) as its adviser for the transaction. Dominion has sent early interest letters soliciting formal expressions of interest from potential bidders. Confidentiality agreements will be executed with qualified bidders invited to participate in the process. Formal Offering Memoranda to qualified bidders are expected to be issued this month.

To inquire about the sales process or to receive further information about Dominion Cleveland Thermal, interested bidders should contact the company's adviser: Lisa Quilici, vice president, CEA, (508) 263-6210, or Robert B. Hevert, president, CEA, (508) 263-6204.

###