Dominion Completes Capital Markets Financing of CNG Acquisition

Pre-funds Preferred Security Financing of Millstone Acquisition

RICHMOND, Va. – Dominion Resources (NYSE: D) today announced that it has priced $250 million of institutional capital markets securities and $300 million of retail trust preferred securities.

Thos. E. Capps, chairman, president and chief executive officer, said:

"These transactions complete the capital markets financing of the CNG acquisition and pre-fund $300 million of the total financing needs of our Millstone nuclear plant acquisition. We have now pre-funded both the common equity and preferred security financing requirements for Millstone. Pending completion, we will use the proceeds to reduce short-term debt."

Dominion acquired Pittsburgh-based Consolidated Natural Gas Company in January 2000, and expects to complete the acquisition of the Millstone nuclear generating station in Waterford, CT in April 2001.

The transactions represent issuances from a shelf registration filed with the Securities and Exchange Commission in December 1999.

Copies of the prospectuses relating to both offerings may be obtained by calling Karen Doggett, Dominion Assistant Corporate Secretary, at (804) 819-2000.

Dominion is one of the nation’s largest producers of energy, with a production capability of 2.7 trillion British Thermal Units (BTUs) of energy per day. The company has a power generation portfolio of more than 19,000 megawatts, which is expected to grow to more than 28,000 megawatts by 2005. Dominion is also one of the largest independent oil and natural gas exploration and production companies in North America, with 2.8 trillion cubic feet equivalent of natural gas reserves, with an annual production capability of over 300 billion cubic feet equivalent of natural gas. The company has 7,600 miles of interstate natural gas pipeline with a delivery capability of 6.3 billion cubic feet per day. In addition, the company operates the nation’s largest underground natural gas storage system, with more than 950 billion cubic feet of storage capacity. Dominion also serves 3.8 million retail natural gas and electric customers, and owns a telecommunications business that is expanding its fiber-optic network from its current 35,000 fiber miles (3,600 route miles) to more than 800,000 fiber miles (9,000 route miles). For more information about Dominion, visit the company's website at www.dom.com.

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