Dominion Welcomes PJM Clarification

July 23, 2002

 

RICHMOND, Va. -- Dominion (NYSE:D) today welcomed a statement by PJM clarifying that PJM's announced investigation into trading practices by energy suppliers using Dominion's interconnection with PJM in no way suggested inappropriate activity by Dominion.

Thos. E. Capps, chief executive officer, said:

"We've built a company with strong fundamentals that is doing well in uncertain economic times. But, like all public companies in today's volatile market environment, we are aware that share value is often influenced by news coverage and news releases.

"We are disappointed that yesterday's statement by PJM has contributed to a short-term decline in Dominion's share valuation. We commend PJM for stepping up to the plate and ensuring that its communications to the markets are clear, candid and credible. This sets a standard for responsible public communication."

Dominion is one of the nation's leading energy companies.

Following is the text of today's PJM statement:

PJM ISSUES CLARIFYING STATEMENT
REGARDING JULY 22 NEWS RELEASE

(Valley Forge, PA - July 23, 2002) - PJM today clarified a news release issued yesterday (July 22) about detecting and correcting a power import practice.

In that news release, PJM referenced two transmission tie interfaces. Interfaces are commonly referenced by adjacent geographical locations - which in this case included Dominion (NYSE: D) and AEP (NYSE: AEP) service territories.

Those companies were named in the release solely as a reference to the interface.

By identifying those companies in the news release, PJM did not intend to imply that either company was under investigation by PJM's market monitoring unit.

Dominion and AEP are currently integrating into PJM and their participation will enhance market liquidity, transparency and competitiveness.

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