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DOMINION RESOURCES ANNOUNCES INCREASED EARNINGS

 RICHMOND, Va., April 16 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced earnings of 75 cents per share in the first quarter of 1993, an increase of 16 cents per share over earnings reported in the first quarter of 1992.
 Virginia Power's earnings were up 4 cents per share to 66 cents per share from the previous first quarter. The utility's earnings rose primarily because of an increase of more than 5 percent in retail kilowatt-hour sales, reflecting a return to normal winter weather and a stronger economy.
 Dominion Resources' non-utility businesses earned 9 cents per share -- up 12 cents a share from first-quarter 1992 earnings prior to adjustment. The non-utility earnings increased primarily because of higher electricity generation and income at Dominion Capital's Vidalia hydroelectric plant on the Mississippi River and increased income from Dominion Energy's natural gas sales.
 An accounting adjustment for deferred income taxes, adopted in late 1992 but effective from Jan. 1 of last year, increased originally reported first-quarter 1992 earnings by 10 cent per share -- 9 cents per share at Virginia Power and 1 cent per share for the non-utility subsidiaries. The adjustment reflected the adoption of Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," issued by the Financial Accounting Standards Board.
 Virginia Power's earnings gains were held down primarily by higher fuel and purchased capacity expenses, extraordinary costs resulting from the March blizzard and a reduced authorized return on shareholders' equity in Virginia Power's rates.
 More normal water flows in the Mississippi River changed Vidalia from a drag on earnings in the first quarter of 1992 to a positive contributor in 1993. The increase in gas sales results primarily from Dominion Energy's acquisition in 1992 of large gas reserves in the Black Warrior basin in Alabama.
 For the 12 months ended March 31, 1993, Dominion Resources' consolidated earnings were $2.81 per share, down 5 cents from earnings of $2.86 for the 12-month period ended March 31, 1992. Virginia Power earned $2.57 for the 12 months ended March 31, 1993, while Dominion Resources' non-utility activities contributed 24 cents per share in the same period.
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report for 3 Months Ended March 31
 (In millions, except EPS)
 1993 1992
 Operating Revenues and Income $1,105.8 $ 944.3
 Net Income $ 122.4 $ 110.0(A)
 Common Shares Outstanding(Avg.) 164.1 159.2
 Earned Per Share $ 0.75 $ 0.69(B)
 Preliminary Earnings Report for 12 Months Ended March 31
 1993 1992
 Operating Revenues and Income $3,952.6 $3,825.9
 Net Income $ 457.0 $ 465.8(A)
 Common Shares Outstanding (Avg.) 162.3 157.5
 Earned Per Share $ 2.81 $ 2.96(B)
 Earnings Per Share
 First Quarter 1993 1992
 Virginia Power $ 0.66 $ 0.62
 Non-utility 0.09 (0.03)
 Total $ 0.75 $ 0.59
 SFAS No. 109 Adjustment(B) 0.10
 Total $ 0.69
 12 Months Ended 1993 1992
 Virginia Power $ 2.57 $ 2.75
 Non-utility 0.24 0.11
 Total $ 2.81 $ 2.86
 SFAS No. 109 Adjustment(B) $ 2.96
 (A) Includes the cumulative effect on prior years of changing the method of accounting for income taxes, increasing net income by $15.6 million.
 (B) Includes the cumulative effect on prior years of changing the method of accounting for income taxes, increasing consolidated earnings per share by 10 cents, consisting of increases of 9 cents and 1 cent for Virginia Power and non-utility subsidiaries, respectively.
 VIRGINIA POWER MEGAWATTHOUR SALES
 First Quarter (Jan. 1, 1993 - March 31, 1993)
 Percent
 Increase Increase
 This Year Last Year (Decrease) (Decrease)
 Residential 6,286,878 5,651,765 635,113 11.24 pct.
 Commercial 4,380,555 4,304,435 76,120 1.77 pct.
 Industrial 2,306,527 2,333,003 (26,476) -1.13 pct.
 Public
 Authorities 1,938,444 1,866,210 72,234 3.87 pct.
 Total Retail 14,912,404 14,155,413 756,991 5.35 pct.
 Sales for
 Resale 1,845,214 1,208,023 637,191 52.75 pct.
 Total Sales 16,757,618 15,363,436 1,394,182 9.07 pct.
 12 Months Ended (April 1, 1992 - March 31, 1993)
 Residential 20,619,607 20,672,526 (52,919) -0.26 pct.
 Commercial 17,769,119 17,735,884 33,235 0.19 pct.
 Industrial 9,392,964 9,424,813 (31,849) -0.34 pct.
 Public
 Authorities 7,640,069 7,592,358 47,711 0.63 pct.
 Total Retail 55,421,759 55,425,581 (3,822) -0.01 pct.
 Sales for
 Resale 5,289,596 4,151,980 1,137,616 27.40 pct.
 Total Sales 60,711,355 59,577,561 1,133,794 1.90 pct.
 VIRGINIA POWER HEATING/COOLING DEGREE DAYS
 First Quarter (Jan. 1, 1993 - March 31, 1993)
 Average first-quarter heating degree days for the last 44 years: 2,075
 Heating degree days in the first quarter of 1993: 2,134
 Average first-quarter cooling degree days for the last 44 years: 5
 Cooling degree days in the first quarter of 1993: 0
 12 Months Ended (April 1, 1992 - March 31, 1993)
 Average heating degree days for the 12 months ended March 31 for the last 44 years: 3,741
 Heating degree days for the 12 months ended March 31, 1993: 3,969
 Average cooling degree days for the 12 months ended March 31 for the last 44 years: 1,430
 Cooling degree days for the 12 months ended March 31, 1993: 1,228
 -0- 4/16/93
 /CONTACT; William C. Hall, 804-775-3777, or Paige H. Wilson, 804-775-3813, both of Dominion Resources/
 (D)


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

DC-TW -- DC002 -- 6815 04/16/93 14:03 EDT
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