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Dominion Update November 2011

Dominion Update November 2011. 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

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Dominion Update November 2011

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  1. Dominion UpdateNovember 2011

  2. 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 Mt. Storm Possum Point Major Generating Facilities in Virginia and West Virginia North Anna Bath Chesterfield Bremo Yorktown Clover Surry VA City Chesapeake Bear Garden Hopewell Altavista Southampton Pittsylvania

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

  4. Upcoming Energy Gap • Virginia is the 2nd 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 additionalMW* • (1165 MW of generation newly • operational or under construction) PJM Projected Demand Growth* 4,500 MW by 2021 New generation (1,165 MW**) * Peak demand growth: PJM long-range forecast, January 2011 ** New generation (1,165 MW total): 580 MW – Bear Garden operational May 2011 585 MW – VCHEC operational summer 2012 Generating capacity (as of Jan. 1, 2011) Expected peak demand*

  5. Comparing Re-Regulation Act and Traditional Cost of Service Provisions 13

  6. Chmura Study: Additional Benefits of “Powering Virginia” • Construction phase (2007-2015) supports total of 14,220 jobs, produces $3.3 billion in economic benefits in Virginia* • Beginning 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 Construction Phase: Jobs by Year *Study does not include all projects in IRP.

  7. 2011 Integrated Resource Plan Investments • 2 major combined cycle natural gas facilities – in addition to Bear Garden and Warren County (~1900 MW combined) recently built or announced • New gas-powered combustion turbines (peaking units) • New renewable initiatives (3 biomass conversions, Halifax solar, distributed solar) • Expanded energy efficiency/demand reduction programs • Preservation of option to build NA3 • Additional environmental control equipment being evaluated • Continued transmission and distribution investment

  8. Regulated GenerationInfrastructure Investment (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. .

  9. IRP: Likely Unit Conversions/Closures/Retrofits • Coal-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 • Coal-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 2013. (previously announced) • Additional retrofits may be needed at other units

  10. 2011 Integrated Resource Plan: Projected Resources 2011 Capacity Mix Coal Nuclear Natural Gas Hydro Oil Renewable 2011 Energy Mix 2026 Energy Mix (Projected) (Projected)

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