Dominion Announces Pricing For Public Offering

October 15, 2002


RICHMOND Va. - Dominion (NYSE: D) announced the pricing of today's public offering of 26.5 million shares of common stock at $40.50 per share. The public offering raised approximately $1.07 billion in gross proceeds for Dominion. These securities will be issued under the company's existing shelf registration with the Securities and Exchange Commission. The common stock is expected to be issued on Oct. 21, subject to customary closing conditions.

In connection with the offering, the company has granted the underwriters an option for a period of 30 days to purchase up to an additional 3.975 million shares of the company's common stock to cover over-allotments.

The net proceeds from the offering will be used for general corporate purposes, principally repayment of debt.

The joint book-running managers for the offering are Merrill Lynch & Co. and Morgan Stanley.

Investors can obtain a copy of the final prospectus relating to the offering from Merrill Lynch & Co., 4 World Financial Center, 250 Vesey St., Ground Floor, New York, N.Y., 10080, Attention: Max Tabuzo; or from Morgan Stanley, 1585 Broadway, New York, N.Y., 10036, Attention: Prospectus Department.

Dominion has a diversified and integrated energy portfolio consisting of nearly 24,000 megawatts of generation, 5.7 trillion cubic feet equivalent of natural gas reserves, 7,700 miles of natural gas transmission pipeline and the nation's largest underground natural gas storage system with more than 960 billion cubic feet of storage capacity. Dominion also serves 3.9 million franchise natural gas and electric customers in five states and nearly one million unregulated retail customers in eight states. In addition, Dominion owns a managing equity interest in Dominion Fiber Ventures LLC, owner of Dominion Telecom. For more information about Dominion, visit the company's web site at



Media: Mark G. Lazenby, (804) 819-2042  
  Hunter A. Applewhite, (804) 819-2043  
Analysts: Thomas P. Wohlfarth, (804) 819-2150  
  Joseph G. O'Hare, (804) 819-2156