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DOMINION RESOURCES REPORTS INCREASED THIRD QUARTER EARNINGS

 RICHMOND, Va., Oct. 18 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D), today announced earnings of $1.20 per share for the third quarter of 1993, an increase of 28 cents per share over third quarter earnings in 1992.
 Virginia Power earned $1.11 cents per share -- up 22 cents per share from 89 cents per share for the same period last year. Dominion Resources' non-utility businesses earned 9 cents per share -- up 6 cents per share from 3 cents per share earned for the same period last year.
 Virginia Power's earnings rose primarily due to increased retail kilowatt-hour sales resulting from warmer-than-normal weather, which included the hottest July on record, when customers set four new records for power demand in Virginia. Retail kilowatt-hour sales for the period climbed nearly 14 percent over 1992 sales, which were depressed by unusually mild weather.
 Factors increasing earnings from Dominion Resources' non-utility businesses included Dominion Energy's natural gas investments and income from Dominion Capital's Vidalia hydroelectric plant on the Mississippi River, which has been experiencing near record water flows.
 Dominion Resources' consolidated earnings for the nine months ended Sept. 30, 1993, were $2.57 per share, up 67 cents per share from $1.90 per share for the same period in 1992 as originally reported. An accounting adjustment for deferred income taxes, reflecting adoption of Statement of Financial Accounting Standards (SFAS) No. 109, "Accounting for Income Taxes," subsequently increased 1992 earnings by 10 cents per share. Virginia Power earned $2.32 per share for the period, up 45 cents per share from $1.87 for the previous nine-month period. Dominion Resources' non-utility businesses earned 25 cents per share, up 22 cents per share from the 3 cents per share earned for the same period last year.
 Consolidated earnings for the 12 months ended Sept. 30, 1993, were $3.33 per share, up 89 cents per share from $2.44 as originally reported for the same period in 1992. Virginia Power earned $2.99 for the 12 months ended Sept. 30, 1993, up 65 cents per share from $2.34 earned for the previous 12-month period. Dominion Resources' non-utility operations earned 34 cents per share for the 12-month period, up 24 cents per share from 10 cents in the previous period.
 Earnings for the 12 months ended Sept. 30, 1993, were influenced by an exceptionally strong fourth quarter in 1992. That quarter's earnings were boosted by increased kilowatt-hour sales, savings from operation and maintenance cost reductions, a positive impact from the establishment of deferral accounting for the recovery of capacity expenses, and capital gains realized in Dominion Capital's Investment portfolio.
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report
 Millions Except EPS
 1993 1992
 THIRD QUARTER ENDED 9/30/93
 Operating Revenues and Income $1,287.1 $1,077.1
 Net Income $ 199.0 $ 149.5
 Common Shares Outstanding (Avg.) 166.2 161.8
 Earned Per Share $ 1.20 $ 0.92
 9 MONTHS ENDED 9/30/93
 Operating Revenues and Income $3,398.2 $2,896.1
 Net Income $ 424.6 $ 320.6(A)
 Common Shares Outstanding (Avg.) 165.1 160.4
 Earned Per Share $ 2.57 $ 2.00(B)
 12 MONTHS ENDED 9/30/93
 Operating Revenues and Income $4,293.3 $3,812.5
 Net Income $ 548.6 $ 405.5(A)
 Common Shares Outstanding (Avg.) 164.6 159.9
 Earned Per Share $ 3.33 $ 2.54(B)
 (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.
 DOMINION RESOURCES, INC.
 EPS
 1993 1992
 THIRD QUARTER ENDED 9/30/93
 Virginia Power $ 1.11 $ 0.89
 Non-utility 0.09 0.03
 Total $ 1.20 $ 0.92
 9 MONTHS ENDED 9/30/93
 Virginia Power $ 2.32 $ 1.87
 Non-utility 0.25 (0.3)
 Total $ 2.57 $ 1.90
 SFAS No. 109 Adjustment(A) -- 0.10
 Adjusted Total $ 2.57 $ 2.00
 12 MONTHS ENDED 9/30/93
 Virginia Power $ 2.99 $ 2.34
 Non-utility 0.34 0.10
 Total $ 3.33 $ 2.44
 SFAS No. 109 Adjustment(A) -- 0.10
 Adjusted Total -- $ 2.54
 (A) Includes the cumulative effect on prior years 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 MEGAWATT-HOUR SALES
 Percent
 This Last Increase Increase
 Year Year (Decrease) (Decrease)
 THIRD QUARTER
 ENDED 9/30/93
 Residential 6,234,414 5,306,314 928,100 17.49 percent
 Commercial 5,313,794 4,987,978 325,816 6.53 percent
 Industrial 2,562,168 2,530,026 32,142 1.27 percent
 Public
 Authorities 2,167,624 2,045,909 121,715 5.95 percent
 Total Retail 16,278,000 14,870,227 1,407,773 9.47 percent
 Sales for
 Resale 2,168,917 1,262,496 906,421 71.80 percent
 Total Sales 18,446,917 16,132,723 2,314,194 14.34 percent
 9 MONTHS
 ENDED 9/30/93
 Residential 16,861,756 15,091,042 1,770,714 11.73 percent
 Commercial 14,182,594 13,434,569 748,025 5.57 percent
 Industrial 7,347,479 7,038,930 308,549 4.38 percent
 Public
 Authorities 6,036,928 5,685,750 351,178 6.18 percent
 Total Retail 44,428,757 41,250,291 3,178,466 7.71 percent
 Sales for
 Resale 5,188,773 3,628,996 1,559,777 42.98 percent
 Total Sales 49,617,530 44,879,287 4,738,243 10.56 percent
 12 MONTHS
 ENDED 9/30/93
 Residential 21,755,208 19,926,196 1,829,012 9.18 percent
 Commercial 18,441,024 17,485,619 955,405 5.46 percent
 Industrial 9,727,989 9,281,659 446,330 4.81 percent
 Public
 Authorities 7,919,013 7,483,559 435,454 5.82 percent
 Total Retail 57,843,234 54,177,033 3,666,201 6.77 percent
 Sales for
 Resale 6,212,182 4,820,533 1,391,649 28.87 percent
 Total Sales 64,055,416 58,997,566 5,057,850 8.57 percent
 VIRGINIA POWER
 HEATING/COOLING DEGREE DAYS
 Heating Cooling
 Degree Days Degree Days
 THIRD QUARTER
 ENDED 9/30/93
 Total for period 21 1,213
 Average for the last 44 years 20 1,000
 9 MONTHS
 ENDED 9/30/93
 Total for period 2,468 1,635
 Average for the last 44 years 2,420 1,424
 12 MONTHS
 ENDED 9/30/93
 Total for period 3,852 1,650
 Average for the last 44 years 3,749 1,467
 -0- 10/18/93
 /CONTACT: Paige H. Wilson of Dominion Resources, 804-775-5813/
 (D)


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

DC-KD -- DC003 -- 3180 10/18/93 08:36 EDT
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Date:Oct 18, 1993
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