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DOMINION RESOURCES FIRST QUARTER EARNINGS DOWN BECAUSE OF RESERVE ESTABLISHED FOR PENDING RATE CASE

 DOMINION RESOURCES FIRST QUARTER EARNINGS DOWN
 BECAUSE OF RESERVE ESTABLISHED FOR PENDING RATE CASE
 RICHMOND, Va., April 17 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) today announced earnings for the first quarter of 1992 of 59 cents per share, down from earnings of 67 cents for the first quarter of 1991.
 Consolidated earnings declined in the first quarter of 1992 primarily because Virginia Power established a reserve of $34 million (14 cents per share) against potential refunds pending resolution of its 1990 rate case.
 The Supreme Court of Virginia ruled on Feb. 28 that the State Corporation Commission erred in allowing Virginia Power to proceed with its 1990 application for expedited rate relief which included an adjustment that had not been approved in its last general rate case. Both the company and the commission have filed petitions for rehearing with the Supreme Court seeking clarification of the decision.
 Virginia Power is requesting $148 million in its 1991 case, the proceedings of which have been suspended pending resolution of the 1990 case. The higher rates have been in effect, subject to refund pending a final order, since Sept. 1, 1991.
 "If we had not established the reserve, first quarter earnings would have been up because of improved kilowatt-hour sales and Virginia Power's continuing cost controls," said Thos. E. Capps, president and chief executive officer of Dominion Resources.
 Virginia Power's total sales of electricity in the first quarter of 1992 were up 7.5 percent over the unusually mild first quarter of 1991. Over the three-year period from 1990 through 1992, the utility projects it will reduce operation and maintenance and capital expenditures by $834 million, relative to previously budgeted amounts.
 In the first quarter of 1992, Virginia Power earned 62 cents per share, down 3 cents from earnings for the same period in 1991. Dominion Resources' non-utility subsidiaries lost 3 cents in the first quarter of 1992 compared to earnings of 2 cents in the first quarter of 1991 primarily because of decreased revenues from the Vidalia hydroelectric project due to record low water flow and less favorable performance of the investment portfolio.
 For the 12 months ended March 31, 1992, Dominion Resources consolidated earnings were $2.86 per share, up 11 cents from earnings of $2.75 for the 12-month period ended March 31, 1991. Virginia Power earned $2.75 for the 12 months ended March 31, 1992, while Dominion Resources non-utility activities earned 11 cents in the same period.
 (Please refer to the following pages for additional financial and operating highlights.)
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report for 3 Months Ended March 31
 Millions Except EPS
 1992 1991
 Operating Revenues and Income $944.3 $904.2
 Net Income $ 94.4 $104.1
 Common Shares Outstanding (Avg.) 159.2 155.0
 Earned Per Share $ 0.59 $ 0.67
 Preliminary Earnings Report for 12 Months Ended March 31
 1992 1991
 Operating Revenues and Income $3,825.9 $3,573.8
 Net Income $ 450.2 $ 422.8
 Common Shares Outstanding (Avg.) 157.5 153.5
 Earned Per Share $ 2.86 $ 2.75
 EPS
 March 31
 1992 1991
 FIRST QUARTER
 Virginia Power operations $0.62 $0.65
 Non-utility subsidiaries and
 holding company operations (0.03) 0.02
 Total $0.59 $0.67
 12 MONTHS
 Virginia Power operations $2.75 $2.57
 Non-utility subsidiaries and
 holding company operations 0.11 0.13
 Total 2.86 2.70
 Securities reserve(A) -- (0.05)
 Vidalia sale & leaseback -- 0.10
 Total $2.86 $2.75
 (A) Reserve from non-operating transactions
 VIRGINIA POWER MEGAWATTHOUR SALES
 First Quarter (Three months: Jan. 1, 1992 - March 31, 1992)
 Percent
 This Last Increase Increase
 Year Year (Decrease) (Decrease)
 Residential 5,651,765 5,320,674 331,091 6.22 pct.
 Commercial 4,304,435 4,063,782 240,653 5.92 pct.
 Industrial 2,333,003 2,184,594 148,409 6.79 pct.
 Public Authorities 1,866,210 1,802,137 64,073 3.56 pct.
 Total Retail 14,155,413 13,371,187 784,226 5.87 pct.
 Sales for Resale 1,208,023 915,903 292,120 31.89 pct.
 Total Sales 15,363,436 14,287,090 1,076,346 7.53 pct.
 12 Months (April 1, 1991 - March 31, 1992)
 Residential 20,672,526 19,201,744 1,470,782 7.66 pct.
 Commercial 17,735,884 16,918,068 817,816 4.83 pct.
 Industrial 9,424,813 9,100,374 324,439 3.57 pct.
 Public Authorities 7,592,358 7,336,964 255,394 3.48 pct.
 Total Retail 55,425,581 52,557,150 2,868,431 5.46 pct.
 Sales for Resale 4,363,439 2,962,023 1,401,416 47.31 pct.
 Total Sales 59,789,020 55,519,173 4,269,847 7.69 pct.
 -0- 4/17/92
 /CONTACT: William C. Hall, Jr., Dominion Resources, Inc., 804-775-5813/
 (D) CO: Dominion Resources, Inc. ST: Virginia IN: UTI SU: ERN


JZ -- CH001 -- 9696 04/17/92 13:48 EDT
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Date:Apr 17, 1992
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