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DOMINION RESOURCES ANNOUNCES DECREASED THIRD-QUARTER EARNINGS

 DOMINION RESOURCES ANNOUNCES DECREASED THIRD-QUARTER EARNINGS
 RICHMOND, Va., Oct. 19 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) today announced 1992 third-quarter earnings of 92 cents per share, down 24 cents from the same period last year.
 Virginia Power earned 89 cents in the third quarter, down 25 cents from the same period last year. Non-utility activities earned 3 cents per share, up 1 cent from earnings in the third quarter of 1991.
 For the nine-month period ending Sept. 30, Dominion Resources earned $1.90 per share, down 50 cents from the same period last year. Virginia Power earned $1.87 per share, down 45 cents from the same period last year, while non-utility activities earned 3 cents per share, down 5 cents from the same period last year.
 Virginia Power's earnings are down for the first nine months of 1992 primarily because of unusually mild weather experienced by the utility (27 cents per share) and because the company continues to suffer from attrition, which is the lag in time between the period when capital expenditures are made and when a return on such expenditures is permitted (13 cents per share). This issue is being pursued with regulatory authorities. Earnings were also reduced by a $24 million refund required after the Virginia Supreme Court overturned an accounting adjustment in Virginia Power's 1990 rate case (11 cents per share).
 In addition, Dominion Resources' non-utility earnings declined for the first nine months of 1992 primarily because of decreased revenues from the Vidalia hydroelectric station, which is experiencing record low water levels on the Mississippi River (6 cents per share).
 "Clearly several one-time factors beyond the scope of ordinary operations have combined this year to lower our earnings," said Thos. E. Capps, president and chief executive officer. "The refund earlier this year represented a one-time expense. Virginia Power's electricity sales will increase with the return of normal temperatures and normal demand. We're working with our regulators to resolve the attrition problem. And on the non-utility side, earnings should be helped when the Mississippi River returns to normal flows."
 For the 12-month period ending Sept. 30, Dominion Resources earned $2.44 per share, down 44 cents from the same period last year. Virginia Power earned $2.34 per share, down 43 cents from the same period last year, while non-utility activities earned 10 cents per share, down 1 cent from the same period last year.
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report for 3 Months Ended Sept. 30,
 Millions Except EPS
 1992 1991
 Operating Revenues and Income $1,077.1 $1,063.8
 Net Income $ 149.5 $ 181.5
 Common Shares Outstanding (Avg.) 161.8 157.0
 Earned Per Share $ .92 $ 1.16
 Preliminary Earnings Report for 9 Months Ended Sept. 30,
 1992 1991
 Operating Revenues and Income $2,896.1 $2,869.2
 Net Income $ 305.0 $ 375.0
 Common Shares Outstanding (Avg.) 160.4 156.0
 Earned Per Share $ 1.90 $ 2.40
 Preliminary Earnings Report for 12 Months Ended Sept. 30,
 1992 1991
 Operating Revenues and Income $3,812.5 $3,703.8
 Net Income $ 389.9 $ 448.1
 Common Shares Outstanding (Avg.) 159.9 155.5
 Earned Per Share $ 2.44 $ 2.88
 DOMINION RESOURCES, INC.
 EPS
 Third Quarter 1992 1991
 Virginia Power $ .89 $ 1.14
 Non-utility .03 .02
 Total $ .92 $ 1.16
 9 Months
 Virginia Power $ 1.87(A) $ 2.32
 Non-utility .03 .08
 Total $ 1.90 $ 2.40
 12 Months
 Virginia Power $ 2.34(A) $ 2.77
 Non-utility .10 .11
 Total $ 2.44 $ 2.88
 (A) Includes 11-cent refund for Supreme Court of Virginia ruling against accounting adjustment allowed in 1990 rate case.
 Virginia Power Megawatthour Sales
 Third Quarter (Three months: July 1, 1992 - Sept. 30, 1992)
 Percent
 This Last Increase Increase
 Year Year (Decrease) (Decrease)
 Residential 5,306,314 5,664,424 (358,110) (6.32 percent)
 Commercial 4,987,978 5,041,874 (53,896) (1.07 percent)
 Industrial 2,530,026 2,510,417 19,609 0.78 percent
 Public
 Authorities 2,045,909 2,080,734 (34,825) (1.67 percent)
 Total Retail 14,870,227 15,297,449 (427,222) (2.79 percent)
 Sales for
 Resale 1,262,496 948,173 314,323 33.15 percent
 Total Sales 16,132,723 16,245,622 (112,899) (0.69 percent)
 Year-to-Date (Nine months: Jan. 1, 1992 - Sept. 30, 1992)
 Residential 15,091,042 15,506,281 (415,239) (2.68 percent)
 Commercial 13,434,569 13,444,181 (9,612) (0.07 percent)
 Industrial 7,038,930 7,033,675 5,255 0.07 percent
 Public
 Authorities 5,685,750 5,730,476 (44,726) (0.78 percent)
 Total Retail 41,250,291 41,714,613 (464,322) (1.11 percent)
 Sales for
 Resale 3,628,996 2,668,323 960,673 36.00 percent
 Total Sales 44,879,287 44,382,936 496,351 1.12 percent
 12 Months (Oct. 1, 1991 - Sept. 30, 1992)
 Residential 19,926,196 20,066,699 (140,503) (0.70 percent)
 Commercial 17,485,619 17,413,737 71,882 0.41 percent
 Industrial 9,281,659 9,281,271 388 0.00 percent
 Public
 Authorities 7,483,559 7,521,517 (37,958) (0.50 percent)
 Total Retail 54,177,033 54,283,224 (106,191) (0.20 percent)
 Sales for
 Resale 4,820,533 3,322,764 1,497,769 45.08 percent
 Total Sales 58,997,566 57,605,988 1,391,578 2.42 percent
 Virginia Power Heating/Cooling Degree Days
 Third Quarter (Three months: July 1, 1992 - Sept. 30, 1992)
 Average third-quarter heating degree days for the last 43 years:
 20
 Heating degree days in the third quarter of 1992: 28
 Average third-quarter cooling degree days for the last 43 years:
 995
 Cooling degree days in the third quarter of 1992: 946
 Year-to-Date (Nine months: Jan. 1, 1992 - Sept. 30, 1992)
 Average heating degree days for the 9 months ended Sept. 30 for
 the last 43 years: 2,419
 Heating degree days for the 9 months ended Sept. 30, 1992:
 2,411
 Average cooling degree days for the 9 months ended Sept. 30 for
 the last 43 years: 1,421
 Cooling degree days for the 9 months ended Sept. 30, 1992:
 1,214
 12 Months (Oct. 1, 1991 - Sept. 30, 1992)
 Average heating degree days for the 12 months ended Sept. 30 for
 the last 43 years: 3,746
 Heating degree days for the 12 months ended Sept. 30, 1992:
 3,656
 Average cooling degree days for the 12 months ended Sept. 30 for
 the last 43 years: 1,463
 Cooling degree days for the 12 months ended Sept. 30, 1992:
 1,256
 -0- 10/19/92
 /CONTACT: William C. Hall Jr., of Dominion Resources, 804-775-5813/
 (D) CO: Dominion Resources ST: Virginia IN: OIL SU: ERN


KD -- DC004 -- 1340 10/19/92 08:12 EDT
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