June 21, 2002

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

Dividends are payable September 20 to holders of record at the close of business August 30.

This is the 298th consecutive dividend that Dominion or its predecessor company has paid holders of common stock and represents more than 76 consecutive years of dividends paid. Dominion's last quarterly dividend was declared April 26, 2002.

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 to holders of record at the close of business August 30.
 

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