July 31, 2002

RICHMOND, Va. – Dominion (NYSE: D) announced today that it has filed a mixed shelf registration statement with the U.S. Securities & Exchange Commission. The filing will allow Dominion to issue up to $4.5 billion in securities over approximately two years, consisting of senior debt, junior subordinated debentures, trust preferreds, common stock, preferred stock, stock purchase contracts and stock purchase units. Dominion has also deregistered approximately $350 million of securities registered under two prior registration statements.

Proceeds will be used for general corporate purposes, including redemption or retirement of maturing debt securities, and financing of capital expenditures as well as any potential future acquisitions, said Thomas N. Chewning, chief financial officer. "This was a routine shelf filing necessary to accommodate future expected and potential needs," he said. "Shelf filings are typically done about every two years and Dominion's last universal shelf filing was done in February of 2001."

This news release does not constitute an offer of any securities for sale.

Dominion, headquartered in Richmond, Va., is one of the nation's largest producers of energy.

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