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MORE THAN 300 VIRGINIA POWER EMPLOYEES RETIRE TODAY

 MORE THAN 300 VIRGINIA POWER EMPLOYEES RETIRE TODAY
 RICHMOND, Va., Sept. 1 /PRNewswire/ -- More than 300 Virginia Power


employees will retire today under the company's voluntary early retirement program.
 Virginia Power implemented the voluntary early retirement program as part of its continuing effort to streamline operations and reduce costs. The program is expected to result in an estimated $16 million in net savings over the next 10 years. Initial cost in payouts and other expenses will be about $6 million. Final cost savings cannot be computed until vacancies are filled or eliminated. Most of the vacancies will not be filled.
 "We have implemented a number of programs and changes to reduce costs since 1989. This program is another way to cut costs while at the same time offer a competitive retirement package to eligible employees," Robert E. Rigsby, vice president-Human Resources, said. "We are losing good employees who have put in long years of dedicated service and contributed to the company's success. We are pleased to be able to offer them an opportunity to achieve personal goals while at the same time helping the company maintain the efficiency necessary to meet future challenges."
 Between 1989 and 1991, while adding more than 115,000 new customers, Virginia Power eliminated about 1,000 positions and reduced anticipated capital expenditures and operations and maintenance expenses by more than $500 million. The company is projecting additional reductions of about 100 positions in 1992 in addition to those who retire early.
 "We are always looking at staffing levels, and will achieve any reductions as much as possible through attrition and transfers," Rigsby said. "But we will not realize the true savings of the early retirement program until we've evaluated and eliminated the vacancies."
 Of Virginia Power's 12,600 employees, 700 were eligible for the early retirement program. Of the 300 plus employees retiring today, more than 240 are salaried employees and about 70 are hourly employees. Of the total number of retirees, about 70 are supervisory personnel.
 Virginia Power employees who were 55 on or before June 30 were eligible for the early retirement program. Under the program, up to three years was added to the employee's age and credited years of service to determine the employee's pension benefits. Virginia Power's regular retirement program required 30 years of service.
 -0- 9/1/92
 /CONTACT: Karen D. Russell of Virginia Power, 804-771-6115/ CO: Virginia Power ST: Virginia IN: UTI SU:


LR-OS -- NY016 -- 5303 09/01/92 09:49 EDT
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Date:Sep 1, 1992
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