Dominion News Release

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May 24, 2004

Dominion Closes on Sale of Telecom Unit

RICHMOND, Va. - Dominion (NYSE: D) said today that it closed Thursday on the sale of its Dominion Telecom unit to a subsidiary of Elantic Networks Inc. Terms of the transaction were not disclosed.

Dominion, headquartered in Richmond, Va., is one of the nation's largest producers of energy. Elantic Networks, a Richmond-based telecommunications company, is expected to enter into a management agreement with Cavalier Telephone LLC to operate the business after the transaction is completed.

Merrill Lynch & Co. acted as exclusive financial advisor to Dominion in connection with this transaction.

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