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DOMINION RESOURCES ANNOUNCES DECREASED EARNINGS FOR 1992 DESPITE STRONG FOURTH QUARTER

 RICHMOND, Va., Jan. 22 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced unaudited earnings for the 12 months ended Dec. 31, 1992, of $2.76 per share of common stock, down 18 cents from earnings of $2.94 per share in 1991.
 Virginia Power contributed $2.63 per share to consolidated earnings in 1992, a 16-cent decrease from earnings of $2.79 in 1991. Dominion Resources' non-utility earnings accounted for 13 cents of 1992's consolidated earnings, down 2 cents from 15 cents per share in 1991.
 Net income for the 12 months ended Dec. 31, 1992, was $444.5 million on operating revenues and other income of $3.79 billion. The average number of shares outstanding increased from 156.5 million in 1991 to 161.1 million in 1992.
 Virginia Power's earnings in 1992 were down primarily because of unusually mild weather (29 cents per share when compared with normal weather) and because the utility 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 (18 cents per share). This issue is being pursued with regulatory authorities. Earnings were also reduced by a $26 million (11 cents per share) refund required after the Virginia Supreme Court overturned an accounting adjustment in Virginia Power's 1990 rate case.
 In addition, Dominion Resources' non-utility earnings declined slightly in 1992 primarily because of lower-than-normal income from the Vidalia hydroelectric station, which experienced record low water levels on the Mississippi River for the most of the year (4 cents per share). The low water flow at the Vidalia plant was offset to a large extent by income from Dominion Capital's investment portfolio and from Dominion Energy's non-utility electric power generation projects and natural gas reserves.
 For the fourth quarter of 1992, consolidated earnings were 86 cents per share, up 32 cents from 54 cents per share earned during the same period in 1991.
 "Despite a robust fourth quarter, several one-time factors beyond the scope of ordinary operations in 1992 combined to lower earnings," said Thos. E. Capps, chairman, president and chief executive officer. "With the elimination of these factors, our earnings should improve."
 Virginia Power earned 76 cents per share in the fourth quarter of 1992, up 29 cents from the same period in 1991. The utility's fourth-quarter earnings in 1992 were higher because of a 3.8 percent increase in retail kilowatt-hour sales over the exceptionally mild fourth quarter of 1991 and because of a 9-cent gain from adoption of Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," issued by the Financial Accounting Standards Board.
 Dominion Resources' non-utility earnings were up 10 cents per share in 1992's fourth quarter, up 3 cents from the same period in 1991. Non-utility earnings increased in the fourth quarter primarily because of realized gains in Dominion Capital's stock portfolio, a 1- cent gain from adoption of SFAS No. 109, and increased water flow and generation at the Vidalia plant in November and December.
 Net income in the fourth quarter of 1992 was $139.5 million, compared to $84.9 million for the same period in 1991. The average number of shares outstanding increased from 158.2 million for the fourth quarter of 1991 to 163.2 million for the fourth quarter of 1992.
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report for 3 Months Ended Dec. 31,
 Millions Except EPS
 1992 1991
 Operating Revenues and Income $ 893.3 $ 916.5
 Net Income $ 139.5 $ 84.9
 Common Shares Outstanding (Avg.) 163.2 158.2
 Earned Per Share $ 0.86 $ 0.54
 Preliminary Earnings Report for 12 Months Ended Dec. 31,
 1992 1991
 Operating Revenues and Income $3,789.3 $3,785.7
 Net Income $ 444.5 $ 459.9
 Common Shares Outstanding (Avg.) 161.1 156.5
 Earned Per Share $ 2.76 $ 2.94
 EPS
 Dec. 31,
 Fourth Quarter 1992 1991
 Virginia Power $ 0.76 $ 0.47
 Non-utility 0.10 0.07
 Total $ 0.86 $ 0.54
 12 Months
 Virginia Power $ 2.63 $ 2.79
 Non-utility 0.13 0.15
 Total $ 2.76 $ 2.94
 Virginia Power Megawatthour Sales
 Fourth Quarter (Three months: Oct. 1, 1992 - Dec. 31, 1992)
 Percent
 This Last Increase Increase
 Year Year (Decrease) (Decrease)
 Residential 4,893,452 4,835,154 58,298 1.21 percent
 Commercial 4,258,430 4,051,050 207,380 5.12 percent
 Industrial 2,380,510 2,242,729 137,781 6.14 percent
 Public
 Authorities 1,882,085 1,797,809 84,276 4.69 percent
 Total Retail 13,414,477 12,926,742 487,735 3.77 percent
 Sales for
 Resale 1,023,409 1,191,486 (168,077) (14.11 percent)
 Total Sales 14,437,886 14,118,228 319,658 2.26 percent
 12 months (Jan. 1, 1992 - Dec. 31, 1992)
 Residential 19,984,494 20,341,435 (356,941) (1.75 percent)
 Commercial 17,692,999 17,495,231 197,768 1.13 percent
 Industrial 9,419,440 9,276,404 143,036 1.54 percent
 Public
 Authorities 7,567,835 7,528,285 39,550 0.53 percent
 Total Retail 54,664,768 54,641,355 23,413 0.04 percent
 Sales for
 Resale 4,652,405 3,859,809 792,596 20.53 percent
 Total Sales 59,317,173 58,501,164 816,009 1.39 percent
 Virginia Power Heating/Cooling Degree Days
 Fourth Quarter (Three months: Oct. 1, 1992 - Dec. 31, 1992)
 Average fourth-quarter heating degree days for the last 43 years:
 1,360
 Heating degree days in the fourth quarter of 1992: 1,384
 Average fourth-quarter cooling degree days for the last 43 years:
 42
 Cooling degree days in the fourth quarter of 1992: 14
 12 Months (Jan. 1, 1992 - Dec. 31, 1992)
 Average heating degree days for the 12 months ended Dec. 31 for
 the last 43 years: 3,779
 Heating degree days for the 12 months ended Dec. 31, 1992:
 3,792
 Average cooling degree days for the 12 months ended Dec. 31 for
 the last 43 years: 1,463
 Cooling degree days for the 12 months ended Dec. 31, 1992:
 1,228
 -0- 1/22/93
 /CONTACT: William C. Hall Jr. of Dominion Resources, 804-775-5813/
 (D)


CO: Dominion Resources, Inc. ST: Virginia IN: UTI SU: ERN

MH -- DC003 -- 7762 01/22/93 09:00 EST
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