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VIRGINIA POWER PLANS OPEN-MARKET REDEMPTION

 VIRGINIA POWER PLANS OPEN-MARKET REDEMPTION
 RICHMOND, Va., Feb. 19 /PRNewswire/ -- Virginia Electric and Power


Company is planning the redemption or possible acquisition through purchases in the open market of a portion of its outstanding high-cost First and Refunding Mortgage Bonds.
 The company plans to fund any redemption or repurchase of outstanding Mortgage Bonds through the issuance and sale of additional series of bonds, with various maturities, at lower interest rates or by the use of on-going working capital.
 On Feb. 12, 1992, Virginia Power registered with the Securities and Exchange Commission $1.3 billion aggregate principal amount of its First and Refunding Mortgage Bonds primarily for this purpose. The aggregate amount and the specific series of mortgage bonds that may by redeemed or repurchased will be determined from time-to-time, based on then-current market conditions.
 -0- 2/19/92
 /CONTACT: James W. Norvelle of Virginia Power, 804-771-6115/ CO: Virginia Electric and Power Company ST: Virginia IN: UTI SU: SH-SM -- NY063 -- 0540 02/19/92 14:36 EST
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Publication:PR Newswire
Date:Feb 19, 1992
Words:166
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