Dominion News Releases

July 13, 2000

Dominion Resources Comments on Second-Quarter 2000 and Full-Year 2001 Earnings Expectations

RICHMOND, Va. – Dominion today issued the following comments regarding expectations for second-quarter earnings, scheduled to be released on July 21, and expectations for 2001 earnings:

• Second-quarter operating earnings are expected to meet or slightly exceed analyst expectations. Second-quarter operating earnings will exclude one-time merger-related charges for severances and one-time, non-cash charges related to and arising from the planned divestiture of Dominion Capital.

• 2001 earnings are expected to exceed current analyst consensus estimates and previously issued company guidance. The improved outlook is driven primarily by higher commodity prices and other positive factors, partially offset by higher interest expense.

The company will provide additional details regarding second-quarter earnings and new 2001 earnings guidance in the earnings press release scheduled for July 21.

This release contains forward-looking statements that are subject to various risks and uncertainties. Discussion of factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations may include factors that are beyond the company’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Other factors include, but are not limited to, weather conditions, economic conditions in the company’s service territory, fluctuations in energy-related commodity prices, conversion activity and other uncertainties. Other risk factors are detailed from time to time in the company’s Securities & Exchange Commission filings.