Dominion Update November

Dominion: In Virginia Headquartered in Virginia  More than 9,000 employees in the Commonwealth  Annual Virginia payroll of more than $1 billion  Recent Chmura study estimates Dominion generation projects produce $3.3 billion in economic benefits for Virginia  More than 73,000 Virginia shareholders  Total non-income tax payments in Virginia in 2010: $406 million  One of the largest taxpayers in Virginia Major Generating Facilities in Virginia and West Virginia Mt. Storm Possum Point Bath Bremo North Anna VA City Chesterfield Surry Chesapeake Yorktown Clover Bear Garden Hopewell Southampton Altavista Pittsylvania 2

Coal Natural Gas Nuclear Hydro Oil-Gas Capacity Biomass Coal and Oil Mt. Storm Remington Possum Point Gordonsville Bath County North Anna Bremo Pittsylvania Clover Roanoke Rapids Chesterfield Surry Ladysmith Yorktown Elizabeth River Chesapeake Mecklenburg Rosemary GastonPJM Current ~ 19,000 MW Altavista Southampton Bellemeade Hopewell VA City Hybrid Energy Center (Under Development) Bear Garden Future Warren County 3 Potential future projects are subject to VA State Corporation Commission approval Regulated Generation Profile Virginia and North Carolina 3

Upcoming Energy Gap * Peak demand growth: PJM long-range forecast, January 2011 ** New generation (1,165 MW total): 580 MW – Bear Garden operational May MW – VCHEC operational summer 2012 Generating capacity (as of Jan. 1, 2011) Expected peak demand*  Virginia is the 2 nd largest importer of electricity among the states: existing capacity is well below peak demand  “ Powering Virginia ” strategy provides energy roadmap for providing Virginia's energy needs  New generation to meet growing demands for 4,500 additional MW * (1165 MW of generation newly operational or under construction) 4 4,500 MW by 2021 New generation (1,165 MW**)

Provision Re- Regulation Traditional Cost of Service Gives SCC Authority to Set Rates  Ensures Customer Refunds for Prior Period Excess Earnings  X Promotes Jobs in Virginia  X Keeps VA Utilities Competitive in Accessing Capital  ? Avoids Construction “Rate Shock”  X Promotes efficiency and customer service through incentives/penalties  X Promotes Renewable Energy  X Sets Conservation Goal  X 13 Comparing Re-Regulation Act and Traditional Cost of Service Provisions 5

Chmura Study: Additional Benefits of “Powering Virginia” oConstruction phase ( ) supports total of 14,220 jobs, produces $3.3 billion in economic benefits in Virginia* oBeginning in 2015: total annual economic impact of ongoing operations estimated to be $291.8 million, supporting an annual average of approximately 750 jobs in Virginia 6 Construction Phase: Jobs by Year * Study does not include all projects in IRP.

2011 Integrated Resource Plan Investments o2 major combined cycle natural gas facilities – in addition to Bear Garden and Warren County ( ~ 1900 MW combined) recently built or announced oNew gas-powered combustion turbines (peaking units) oNew renewable initiatives (3 biomass conversions, Halifax solar, distributed solar) oExpanded energy efficiency/demand reduction programs oPreservation of option to build NA3 oAdditional environmental control equipment being evaluated oContinued transmission and distribution investment 7

(R) - Project subject to VA State Corporation Commission rate rider approval under Virginia Re-regulation Plan. *Nuclear values based on guaranteed maximum output (winter conditions) for turbine uprates.**North Anna 3 Update: Slow development of the third reactor: continue to work on obtaining a combined operating license (COL), incorporating US-APWR, along with engineering and preliminary site development work; reassess a schedule for construction as approach issuance of the COL.. Regulated Generation Infrastructure Investment 8

IRP: Likely Unit Conversions/Closures/Retrofits oCoal-fired unit closures in the plan Chesapeake units 1 and 2, scheduled by 2015 Chesapeake units 3 and 4, scheduled by 2016 Yorktown unit 1, scheduled by 2015 oCoal-fired unit conversions in the plan Yorktown unit 2, gas conversion scheduled by 2015 Bremo, 2 units, gas conversion scheduled in 2014 (previously announced) Altavista, Hopewell, Southampton, biomass conversion scheduled by end of (previously announced) oAdditional retrofits may be needed at other units 9

2011 Integrated Resource Plan: Projected Resources Capacity Mix 2026 Energy Mix CoalHydroNuclearNatural GasOilRenewable 2011 Energy Mix (Projected)