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UNUSUALLY MILD WEATHER CAUSES DECLINE IN DOMINION RESOURCES' SECOND-QUARTER EARNINGS

 UNUSUALLY MILD WEATHER CAUSES DECLINE
 IN DOMINION RESOURCES' SECOND-QUARTER EARNINGS
 RICHMOND, Va., July 17 /PRNewswire/ -- Dominion Resources, Inc. (NYSE: D) today announced earnings for the second quarter of 1992 of 38 cents per share, down from 57 cents per share for the second quarter of 1991.
 Second-quarter earnings by Virginia Power amounted to 35 cents per share, down from 53 cents for the same period last year. Dominion Resources' non-utility operations earned 3 cents per share in second quarter of 1992, down from 4 cents for the same period in 1991.
 Retail electricity sales by Virginia Power dropped 6.3 percent for the period due primarily to the unusually mild weather in the second quarter of 1992, especially when compared with the hotter-than-normal weather in the second quarter of 1991. There were 15 days in the second quarter of 1991 during which the temperature exceeded 90 degrees Fahrnheit but only one such day during the second quarter of 1992. Last month was the third mildest June in the Virginia Power service area since 1950, when the company began compiling extensive weather data.
 Viginia Power's earnings declined also 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. In Virginia Power's 1990 rate case, which was overturned by the Supreme Court of Virginia, the State Corporation Commission had authorized an adjustment that would have helped alleviate the problem.
 "The absence of an attrition adjustment in Virginia Power's rates continues to erode our earnings strength," said Thos. E. Capps, president and chief executive officer of Dominion Resources.
 Attrition for the first six months of 1992 reduced earnings by 8 cents per share.
 Non-utility earnings were down for the second quarter primarily because of decreased revenues from the Vidalia hydroelectric project, which is experiencing record low water flow. Over the last 50 years water flow in the Mississippi River has been as low as it currently is only 9 percent of the time.
 Dominion Resources earnings for the six months ended June 30, 1992 were 97 cents per share, down from $1.25 per share for the same period in 1991. Total retail sales of electricity for the first six months of 1992 were down slightly from the same period in 1991.
 Earnings for the 12 months ended June 30, 1992 were $2.66 per share, down from $2.76 for the same period in 1991. Virginia Power earned $2.58 for the 12 months ended June 30, 1992, down one cent from $2.59 earned for the previous 12-month period. Dominion Resources' non-utility operations earned 8 cents for the 12-month period, down from 17 cents for the previous period. Non-utility subsidiary earnings for the previous 12-month period included a non-recurring 10-cent gain from the sale and leaseback of the Vidalia hydroelectric facility.
 Earnings for the six- and 12-month periods ended June 30, 1992 were adversely affected by a refund to Virginia Power customers equal to 11 cents per share. The refund was ordered June 3 by the State Corporation Commission after the Supreme Court ruling against the accounting adjustment for attrition that had been allowed in the utility's 1990 rate case.
 DOMINION RESOURCES, INC.
 Preliminary Earnings Report for 3 Months Ended June 30
 Millions Except EPS
 1992 1991
 Operating Revenues and Income $874.6 $901.2
 Net Income $ 61.2 $ 89.4
 Common Shares Outstanding (Avg.) 160.3 155.8
 Earned Per Share $ 0.38 $ 0.57
 Preliminary Earnings Report for 6 Months Ended June 30
 1992 1991
 Operating Revenues and Income $1,818.9 $1,805.4
 Net Income $ 155.5 $ 193.5
 Common Shares Outstanding (Avg.) 159.7 155.4
 Earned Per Share $ 0.97 $ 1.25
 Preliminary Earnings Report for 12 Months Ended June 30
 1992 1991
 Operating Revenues and Income $3,799.3 $3,639.9
 Net Income $ 422.0 $ 426.5
 Common Shares Outstanding (Avg.) 158.6 154.5
 Earned Per Share $ 2.66 $ 2.76
 DOMINION RESOURCES, INC.
 EPS
 1992 1991
 SECOND QUARTER
 Virginia Power $.35 $.53
 Non-utility .03 .04
 Total $.38 $.57
 6 MONTHS
 Virginia Power $.98(A) $1.18
 Non-utility (.01)(B) .07
 Total $.97 $1.25
 12 MONTHS
 Virginia Power $2.58(A) $2.59
 Non-utility .08 .17(C)
 Total $2.66 $2.76
 (A) Includes 11-cent refund for Supreme Court of Virginia ruling
 against accounting adjustment allowed in 1990 rate case
 (B) 1-cent loss per share at the holding company level
 (C) Includes a 5-cent reserve from non-operating transactions and
 a 10-cent gain related to the Vidalia hydroelectric project
 sale & leaseback
 VIRGINIA POWER MEGAWATTHOUR SALES
 Second Quarter (Three months: April 1, 1992 - June 30, 1992)
 Percent
 This Last Increase Increase
 Year Year (Decrease)(Decrease)
 Residential 4,132,963 4,521,183 (388,220) (8.59)
 Commercial 4,142,156 4,338,525 (196,369) (4.53)
 Industrial 2,175,901 2,338,664 (162,763) (6.96)
 Public Authorities 1,773,631 1,847,605 (73,974) (4.00)
 Total Retail 12,224,651 13,045,977 (821,326) (6.30)
 Sales for Resale 1,158,477 804,247 354,230 44.04
 Total Sales 13,383,128 13,850,224 (467,096) (3.37)
 Year-To-Date (Six months: January 1, 1992 - June 30, 1992)
 Residential 9,784,728 9,841,857 (57,129) (0.58)
 Commercial 8,446,591 8,402,307 44,284 0.53
 Industrial 4,508,904 4,523,258 (14,354) (0.32)
 Public Authorities 3,639,841 3,649,742 (9,901) (0.27)
 Total Retail 26,380,064 26,417,164 (37,100) (0.14)
 Sales for Resale 2,365,500 1,720,150 646,350 37.58
 Total Sales 28,746,564 28,137,314 609,250 2.17
 12 Months (July 1, 1991 - June 30, 1992)
 Residential 20,284,306 19,631,024 653,282 3.33
 Commercial 17,539,515 17,169,974 369,541 2.15
 Industrial 9,262,050 9,172,143 89,907 0.98
 Public Authorities 7,518,384 7,390,471 127,913 1.73
 Total Retail 54,604,255 53,363,612 1,240,643 2.32
 Sales for Resale 4,506,210 3,205,317 1,300,893 40.59
 Total Sales 59,110,465 56,568,929 2,541,536 4.49
 VIRGINIA POWER HEATING/COOLING DEGREE DAYS
 SECOND QUARTER
 -- Average second-quarter heating degree days
 for the last 43 years: 325
 -- Heating degree days in the second quarter of 1992: 423
 -- Average second-quarter cooling degree days
 for the last 43 years: 422
 -- Cooling degree days in the second quarter of 1992: 268
 YEAR-TO-DATE
 -- Average heating degree days for the 6 months ended June 30
 for the last 43 years: 2,399
 -- Heating degree days for the 6 months ended June 30, 1992: 2,383
 -- Average cooling degree days for the 6 months ended June 30 for
 the last 43 years: 427
 -- Cooling degree days for the 6 months ended June 30, 1992: 268
 12 MONTHS
 -- Average heating degree days for the 12 months ended June 30
 for the last 43 years: 3,746
 -- Heating degree days for the 12 months ended June 30, 1992: 3,653
 -- Average cooling degree days for the 12 months ended June 30
 for the last 43 years: 1,441
 -- Cooling degree days for the 12 months ended June 30, 1992: 1,457
 -0- 7/17/92
 /CONTACT: William C. Hall, Jr., Dominion Resources, Inc., 804-775-5813/
 (D) CO: Dominion Resources, Inc. ST: Virginia IN: UTI SU: ERN


JZ-DF -- CH004 -- 0307 07/17/92 14:17 EDT
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