Dominion Announces 2012 Earnings

Thu Jan 31, 2013 7:30am EST

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-- Full-year 2012 operating earnings of $3.05 per share
RICHMOND, Va.,  Jan. 31, 2013  /PRNewswire/ -- Dominion (NYSE: D) today
announced unaudited reported earnings determined in accordance with Generally
Accepted Accounting Principles (GAAP) for the 12 months ended  Dec. 31, 2012, of
 $581 million  ($1.01  per share), compared with reported earnings of  $1.41
billion  ($2.45  per share) for the same period in 2011.  

Operating earnings for the 12 months ended  Dec. 31, 2012, amounted to  $1.75
billion  ($3.05  per share), compared to originally reported operating earnings
of  $1.75 billion  ($3.05  per share) for the same period in 2011.  Operating
earnings are defined as reported (GAAP) earnings adjusted for certain items.   

Dominion uses operating earnings as the primary performance measurement of its
earnings guidance and results for public communications with analysts and
investors.  Dominion also uses operating earnings internally for budgeting, for
reporting to the Board of Directors, for the company's incentive compensation
plans and for its targeted dividend payouts and other purposes. Dominion
management believes operating earnings provide a more meaningful representation
of the company's fundamental earnings power.    

The principal difference between GAAP earnings and operating earnings for
fourth-quarter 2012 was an impairment charge of  $731 million  related to the
Brayton Point merchant generating station, which is in the process of being
sold.   

Business segment results and detailed descriptions of items included in 2012 and
2011 reported earnings but excluded from operating earnings can be found on
Schedules 1, 2 and 3 of this release.

Thomas F. Farrell II, chairman, president and chief executive officer, said:

"2012 was a year of significant accomplishments for Dominion.  Several major
capital projects were completed, significant progress was made on others and we
worked to advance the next round of infrastructure growth.

"In our Generation segment last year, the 585-megawatt Virginia City Hybrid
Energy Center was placed into commercial operation on schedule and on budget
after four years of construction. Construction continues on schedule for the
1,329-megawatt, gas-fired power station in  Warren County, Va.  The
approximately  $1.1 billion  project is scheduled for completion in late 2014. 
Progress continues on the development of a similar-sized combined-cycle
facility, the Brunswick County Power Station.  We recently filed for regulatory
approval with the Virginia State Corporation Commission and, pending approval,
expect commercial operation in 2016.  The coal-to-biomass conversions of 
Altavista,  Southampton, and  Hopewell  are proceeding on schedule and are
projected to come online by the end of this year. Also, we recently filed an
application for a coal-to-natural gas conversion of our 227-megawatt Bremo Power
Station.  Commercial operation is expected in 2014, pending regulatory approval.

"At our Energy segment, the Appalachian Gateway Project, which transports
natural gas produced in  West Virginia  and  Pennsylvania  was placed into
service on time and within budget.  Also entering service last year were two
major projects providing transportation services of  Marcellus Shale  volumes,
the Ellisburg to Craigs and the Northeast Expansion. Construction on Phase 1 of
the Natrium natural gas processing and fractionation plant is nearing completion
and scheduled for operation this quarter.  And, we entered into a joint venture,
Blue Racer Midstream, LLC, to provide gathering and processing to producers in
the  Utica  shale region.  

"Dominion Virginia Power placed into service approximately  $400 million  of new
electric transmission assets and completed phase 2 of the  Mount Storm-to-Doubs
modernization project.  Also, new customer connects increased 28% versus prior
year and weather-normalized kilowatt-hour sales growth was 1.5% over 2011.   

"We expect 2013 operating earnings in the range of  $3.20 to $3.50  per share. 
Incorporated in this guidance, compared to 2012, are a return to normal weather
in our regulated service territory, anticipated benefits of higher revenues from
our rider and energy growth projects, and sales growth in our electric service
area, primarily offset by higher depreciation and operations and maintenance
expenses, financing costs and a higher effective income tax rate.  

"In December, our Board of Directors set a new goal to achieve a 65 percent to
70 percent dividend payout ratio.  The new policy recognizes the company's
continued shift toward regulated earnings.  The board also set a 2013 dividend
rate of  $2.25  per share of common stock, up from  $2.11  per share in 2012, or
a 6.6 percent increase.  The board recently declared a first-quarter dividend of
 56.25 cents  per share of common stock.  All dividend declarations are subject
to Board of Directors' approval."

Full-year 2012 operating earnings compared to 2011

Full-year 2012 operating earnings per share were the same as compared to
originally reported full-year 2011 operating earnings per share.  Positive
factors for the year were higher contributions from unregulated retail energy
marketing operations, lower operations and maintenance expenses, benefit from
our contribution of assets to the Blue Racer Midstream joint venture, lower
interest expenses and a lower effective tax rate.  Negative factors for the year
were milder-than-normal weather in our regulated electric service territory,
lower merchant generation margins and lower contributions from producer
services.

Fourth-quarter 2012 operating earnings compared to 2011

The increase in fourth-quarter 2012 operating earnings per share as compared to
originally reported fourth-quarter 2011 operating earnings per share is
primarily attributable to lower operations and maintenance expenses and benefit
from our contribution of assets to the Blue Racer Midstream joint venture. 
Negative factors for the quarter were lower contributions from unregulated
retail energy marketing operations and an extended outage at Millstone Unit 2.  


Details of fourth-quarter 2012 operating earnings as compared to 2011 can be
found on Schedule 4 of this release.

First-quarter 2013 and full-year 2013 operating earnings guidance

Dominion expects first-quarter 2013 operating earnings in the range of  80 cents
 per share to  95 cents  per share as compared to first-quarter 2012 operating
earnings of  85 cents  per share.  Positive factors for the first-quarter of
2013 compared to the same period of the prior year include an expected return to
normal weather in our electric service territory, higher rate adjustment clause
revenues and anticipated growth in our electric service territory as well as
higher revenues related to our gas transmission growth projects. Negative
factors for the quarter include higher operations and maintenance expenses and a
higher effective tax rate.  GAAP earnings for the first quarter of 2012 were  86
cents  per share.  A reconciliation between operating and GAAP earnings for the
first quarter of 2012 can be found on Schedule 3 of this release.

Amounts for 2011 have been recast to reflect results for  State Line  and Salem
Harbor generating stations as discontinued operations.  However, Dominion uses
originally reported 2011 amounts prior to recast to calculate operating earnings
growth targets as well as for comparison to 2012 and 2013 operating earnings and
statistics.

In providing its first-quarter and full-year 2013 operating earnings guidance,
the company notes that there could be differences between expected reported
earnings and estimated operating earnings for matters such as, but not limited
to, divestitures or changes in accounting principles. At this time, Dominion
management is not able to estimate the aggregate impact, if any, of these items
on reported earnings, other than those as set forth on Schedule 2 -
Reconciliation of 2012 Operating Earnings to Reported Earnings on page 8 of the
4Q12 Earnings Release Kit. Accordingly, the company is not able to provide a
corresponding GAAP equivalent for its operating earnings guidance.

Conference call today

Dominion will host its fourth-quarter earnings conference call at  10 a.m. ET on
Thursday, Jan. 31.  Dominion management will discuss its fourth-quarter
financial results and other matters of interest to the financial community.  

Domestic callers should dial  (866) 710-0179. The passcode for the conference
call is "Dominion."  International callers should dial  (334)  323-9872. 
Participants should dial in 10 to 15 minutes prior to the scheduled start time. 
Members of the media also are invited to listen.

A live webcast of the earnings conference call, including accompanying slides,
and the Earnings Release Kit will be available on the company's investor
information page at  www.dom.com/investors.

A replay of the earnings conference call will be available beginning about  1
p.m. ETJan. 31  and lasting until  11 p.m. ET  Feb. 7.  Domestic callers may
access the recording by dialing  (877) 919-4059.  International callers should
dial  (334) 323-7226.  The  PIN  for the replay is  90509353.  Additionally, a
replay of the webcast will be available on the company's investor information
page by the end of the day  January 31.

Analyst Day Scheduled

Dominion will also host an analyst meeting at The JW Marriott Essex House in 
New York  on  Monday, March 4  from  10:00 a.m. to 12:00 p.m. ET.

Dominion management will discuss its business strategy and provide details about
its 2013 operating earnings and long-term growth drivers, as well as other
matters of interest to the financial community.  Following the formal
presentation, corporate and operating segment management will be available to
those in attendance for questions.

Dominion is one of the nation's largest producers and transporters of energy,
with a portfolio of approximately 27,400 megawatts of generation, 11,000 miles
of natural gas transmission, gathering and storage pipeline and 6,300 miles of
electric transmission lines.  Dominion operates the nation's largest natural gas
storage system with 947 billion cubic feet of storage capacity and serves retail
energy customers in 15 states. For more information about Dominion, visit the
company's website at  www.dom.com.

This release contains certain forward-looking statements, including forecasted
operating earnings for first-quarter and full-year 2013 which are subject to
various risks and uncertainties.  Factors that could cause actual results to
differ materially from management's projections, forecasts, estimates and
expectations may include factors that are beyond the company's ability to
control or estimate precisely, including fluctuations in energy-related
commodity prices, estimates of future market conditions, additional competition
in the electric industry, changes in the demand for Dominion's services, access
to and costs of capital, fluctuations in the value of our pension assets and
assets held in our decommissioning trusts, asset portfolio reviews and resulting
decisions to acquire, divest or retire assets, the receipt of regulatory
approvals for, and timing of, planned projects, acquisitions and divestitures,
and the ability to complete planned construction or expansion projects within
the terms and timeframes initially anticipated.  Other factors include, but are
not limited to, weather conditions and other events, including the effects of
hurricanes, earthquakes, high winds, major storms and changes in water
temperatures on operations, the risk associated with the operation of nuclear
facilities, unplanned outages of Dominion's generation facilities, state and
federal legislative and regulatory developments and changes to environmental and
other laws and regulations, including those related to climate change,
greenhouse gases and other emissions to which we are subject, political and
economic conditions, industrial, commercial and residential growth or decline in
Dominion's service area, risks of operating businesses in regulated industries
that are subject to changing regulatory structures, changes to regulated gas and
electric rates collected by Dominion, changes to rating agency requirements and
ratings, changing financial accounting standards, fluctuations in interest
rates, changes in federal and state tax laws, employee workforce factors,
including collective bargaining, counter-party credit and performance risks,
adverse outcomes in litigation matters or regulatory proceedings, the risk of
hostile cyber intrusions and other uncertainties.  Other risk factors are
detailed from time to time in Dominion's most recent quarterly report on Form
10-Q or annual report on Form 10-K filed with the Securities and Exchange
Commission.

 Schedule 1 - Segment Operating Earnings                                                                                                                                                        
                                                                                                                                                                                            
 Preliminary, Unaudited                                                                                                                                                                        
 (millions, except earnings per share)                               Three months ended December 31,                                                                                               
                                                                  2012                                    2011*                                   Change                                    
 Earnings:                                                                                                                                                                                    
               Dominion Virginia Power                              $                        131            $                         112           $                                 19      
               Dominion Energy                                      189                                     153                                     36                                        
               Dominion Generation                                  137                                     117                                     20                                        
               Corporate and Other                                  (57)                                    (48)                                    (9)                                       
               OPERATING EARNINGS                                   $                        400            $                         334           $                                 66      
               Items excluded from operating earnings2, 3           (780)                                   (133)                                   (647)                                     
               REPORTED EARNINGS  1                                 $                       (380)           $                         201           $                             (581)       
                                                                                                                                                                                            
 Common Shares Outstanding (average, diluted)                        575.0                                   571.2                                                                             
                                                                                                                                                                                            
 Earnings Per Share (EPS):                                                                                                                                                                     
               Dominion Virginia Power                              $                       0.23            $                        0.20           $                              0.03       
               Dominion Energy                                      0.33                                    0.27                                    0.06                                      
               Dominion Generation                                  0.23                                    0.20                                    0.03                                      
               Corporate and Other                                  (0.10)                                  (0.09)                                  (0.01)                                    
               OPERATING EARNINGS                                   $                       0.69            $                        0.58           $                              0.11       
               Items excluded from operating earnings2              (1.35)                                  (0.23)                                  (1.12)                                    
               REPORTED EARNINGS  1                                 $                      (0.66)           $                        0.35           $                            (1.01)       
                                                                                                                                                                                            
 (millions, except earnings per share)                               Twelve months ended December 31,                                                                                              
                                                                  2012                                    2011*                                   Change                                    
 Earnings:                                                                                                                                                                                    
               Dominion Virginia Power                              $                        559            $                         501           $                                 58      
               Dominion Energy                                      551                                     521                                     30                                        
               Dominion Generation                                  874                                     1,003                                   (129)                                     
               Corporate and Other                                  (235)                                   (271)                                   36                                        
               OPERATING EARNINGS                                   $                     1,749             $                     1,754             $                                  (5)    
               Items excluded from operating earnings2, 4           (1,168)                                 (346)                                   (822)                                     
               REPORTED EARNINGS  1                                 $                        581            $                     1,408             $                             (827)       
                                                                                                                                                                                            
 Common Shares Outstanding (average, diluted)                        573.9                                   574.6                                                                             
                                                                                                                                                                                            
 Earnings Per Share (EPS):                                                                                                                                                                     
               Dominion Virginia Power                              $                       0.98            $                        0.87           $                              0.11       
               Dominion Energy                                      0.96                                    0.91                                    0.05                                      
               Dominion Generation                                  1.52                                    1.74                                    (0.22)                                    
               Corporate and Other                                  (0.41)                                  (0.47)                                  0.06                                      
               OPERATING EARNINGS                                   $                       3.05            $                        3.05           $                            (0.00)       
               Items excluded from operating earnings2              (2.04)                                  (0.60)                                  (1.44)                                    
               REPORTED EARNINGS  1                                 $                       1.01            $                        2.45           $                            (1.44)       
                                                                                                                                                                                            


   1)  Determined in accordance with Generally Accepted Accounting Principles (GAAP).                                                                                                                                                          
   2)  Items excluded from operating earnings are reported in Corporate and Other segment.  Refer to Schedules  2 and 3 for details, or find "GAAP Reconciliation" on Dominion's website at  www.dom.com/investors.                            
   3)  Pre-tax amounts for the current period and the prior period are ($1.235) billion and ($255) million, respectively.                                                                                                                      
   4)  Pre-tax amounts for the current period and the prior period are ($1.831) billion and ($605) million, respectively.                                                                                                                      
                                                                                                                                                                                                                                         
   *   Reflects amounts as originally reported prior to recast of results for State Line and Salem Harbor generating  stations as discontinued operations.                                                                                     
                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                         


Schedule 2 - Reconciliation of 2012 Operating Earnings to Reported Earnings

2012 Earnings (twelve months ended  December 31, 2012)   

The net effects of the following items, all shown on an after-tax basis, are
included in 2012 reported earnings, but are excluded from operating earnings:

* $795 million  net loss, including an impairment charge, associated with
certain fossil fuel-fired merchant power stations which Dominion decided to
market for sale in the third quarter of 2012.  
* $303 million  net loss, including impairment charges, primarily resulting from
the planned shutdown of our Kewaunee nuclear merchant power station.  
* $53 million  of restoration costs associated with severe storms affecting our
Dominion Virginia Power and Dominion North Carolina Power service territories.  
*  $22 million net loss from discontinued operations of two merchant power
stations (State Line  and Salem Harbor) which were sold in 2012.  
* $5 million  net benefit related to other items.

     (millions, except per share amounts)                                                      1Q12               2Q12               3Q12               4Q12               YTD 2012           2  
     Operating earnings                                                                        $486               $337               $526               $400               $1,749                
     Items excluded from operating earnings (after-tax):                                                                                                                                         
                                 Fossil fuel-fired merchant power stations                                                          (45)               (750)              (795)                 
                                 Kewaunee power station                                       2                  (18)               (281)              (6)                (303)                 
                                 Severe storms                                                                   (45)               3                  (11)               (53)                  
                                 Discontinued operations - State Line & Salem Harbor          1                  (18)               (5)                                   (22)                  
                                 Other items                                                  5                  2                  11                 (13)               5                     
                                 Total items excluded from operating earnings (after-tax)  1  8                  (79)               (317)              (780)              (1,168)               
     Reported net income                                                                       $494               $258               $209               ($380)             $581                  
     Common shares outstanding (average, diluted)                                              571.9              573.1              574.7              575.0              573.9                 
     Operating earnings per share                                                              $0.85              $0.59              $0.92              $0.69              $3.05                 
     Items excluded from operating earnings (after-tax)                                        0.01               (0.14)             (0.56)             (1.35)             (2.04)                
     Reported earnings per share                                                               $0.86              $0.45              $0.36              ($0.66)            $1.01                 
                                                                                                                                                                                                
     1)                          Pre-tax amounts for items excluded from operating earnings are reflected in the following table:                                                                    
                                 Items excluded from operating earnings:                      1Q12               2Q12               3Q12               4Q12               YTD 2012              
                                                                                                                                                                                                
                                 Fossil fuel-fired merchant power stations                                                          (34)               (1,218)            (1,252)               
                                 Kewaunee power station                                       3                  (26)               (435)              (9)                (467)                 
                                 Severe storms                                                                   (74)               5                  (18)               (87)                  
                                 Discontinued operations - State Line & Salem Harbor          2                  (32)               (19)                                  (49)                  
                                 Other items                                                  8                  3                  3                  10                 24                    
                                 Total items excluded from operating earnings                 $13                ($129)             ($480)             ($1,235)           ($1,831)              
                                                                                                                                                                                                
     2)                          YTD 2012 EPS may not equal sum of quarters due to share count differences.                                                                                          
                                                                                                                                                                                                


Schedule 3 - Reconciliation of 2011 Original Operating Earnings to Reported
Earnings

2011 Earnings (Twelve months ended  December 31, 2011)  3

The net effects of the following items, all shown on an after-tax basis, are
included in 2011 reported earnings, but are excluded from operating earnings:

* $178 million  of impairment charges related to certain utility ($139 million)
and merchant ($39 million) coal-fired power stations.  
* $59 million  of restoration costs associated with Hurricane Irene.  
* $39 million  net loss from operations at our Kewaunee nuclear merchant power
station.  
* $34 million  impairment of excess emission allowances resulting from a new EPA
air pollution rule.  
* $21 million  of severance costs and other charges related to our  State Line 
and Salem Harbor merchant power stations.  
* $19 million  net charge in connection with the Virginia Commission's final
ruling associated with its biennial review of  Virginia Power's base rates for
2009-2010 test years.  
* $13 million  of earthquake related costs, largely related to inspections
following the safe shutdown of reactors at our North Anna nuclear power station.
 
* $14 million  benefit related to litigation with the Department of Energy for
spent nuclear fuel-related costs at Millstone nuclear power station.  
* $3 million  net benefit related to other items.

     (millions, except per share amounts)                                                      1Q11                    2Q11                    3Q11                    4Q11                    YTD 2011                2                       
     Operating earnings                                                                        $541                    $338                    $541                    $334                    $1,754                                          
     Items excluded from operating earnings (after-tax):                                                                                                                                                                                       
                                 Impairment of generation assets                              (39)                                                                    (139)                   (178)                                           
                                 Hurricane Irene costs                                                                                        (74)                    15                      (59)                                            
                                 Kewaunee operations                                          (19)                    (1)                     (12)                    (7)                     (39)                                            
                                 Emission allowances impairments                                                                              (34)                                            (34)                                            
                                 Charges related to State Line & Salem Harbor operations                              (11)                    (10)                                            (21)                                            
                                 Impact of Virginia Power biennial review order                                                                                       (19)                    (19)                                            
                                 Earthquake costs                                                                                             (13)                                            (13)                                            
                                 Recoverable spent nuclear fuel-related costs                                         14                                                                      14                                              
                                 Other items                                                  (4)                     (4)                     (6)                     17                      3                                               
                                 Total items excluded from operating earnings (after-tax)  1  (62)                    (2)                     (149)                   (133)                   (346)                                           
     Reported net income                                                                       $479                    $336                    $392                    $201                    $1,408                                          
     Common shares outstanding (average, diluted)                                              580.5                   575.2                   571.2                   571.2                   574.6                                           
     Operating earnings per share                                                              $0.93                   $0.59                   $0.95                   $0.58                   $3.05                                           
     Items excluded from operating earnings (after-tax)                                        (0.11)                  (0.01)                  (0.26)                  (0.23)                  (0.60)                                          
     Reported earnings per share                                                               $0.82                   $0.58                   $0.69                   $0.35                   $2.45                                           
                                                                                                                                                                                                                                              
     1)                          Pre-tax amounts for items excluded from operating earnings are reflected in the following table:                                                                                                                  
                                 Items excluded from operating earnings:                      1Q11                    2Q11                    3Q11                    4Q11                    YTD 2011                                        
                                 Impairment of generation assets                              (55)                                                                    (228)                   (283)                                           
                                 Hurricane Irene costs                                                                                        (121)                   25                      (96)                                            
                                 Kewaunee operations                                          (32)                    (5)                     (19)                    (10)                    (66)                                            
                                 Emission allowances impairments                                                                              (57)                                            (57)                                            
                                 Charges related to State Line & Salem Harbor operations                              (17)                    (16)                                            (33)                                            
                                 Impact of Virginia Power biennial review order                                                                                       (31)                    (31)                                            
                                 Earthquake costs                                                                                             (21)                                            (21)                                            
                                 Recoverable spent nuclear fuel-related costs                                         24                                                                      24                                              
                                 Other items                                                  6                       (8)                     (29)                    (11)                    (42)                                            
                                 Total items excluded from operating earnings                 ($81)                   ($6)                    ($263)                  ($255)                  ($605)                                          
                                                                                                                                                                                                                                              
     2)                          YTD 2011 EPS may not equal sum of quarters due to share count differences.                                                                                                                                        
     3)                          Reflects amounts as originally reported prior to recast of results for State Line and Salem Harbor generating stations  as discontinued operations.                                                                
                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                              


 Schedule 4 - Reconciliation of 2012 Earnings to 2011                                                                                                                                                                             
                                                                                                                                                                                                                                
 Preliminary, unaudited                                                       Three Months Ended                                                                      Twelve Months Ended                                          
 (millions, except EPS)                                                       December 31,                                                                            December 31,                                                 
                                                                             2012 vs. 20111                                                                          2012 vs. 20111                                               
                                                                             Increase / (Decrease)                                                                   Increase / (Decrease)                                        
 Reconciling Items                                                            Amount                       EPS                                                       Amount                       EPS                            
                                                                                                                                                                                                                                
 Dominion Virginia Power                                                                                                                                                                                                         
                            Regulated electric sales:                                                                                                                                                                           
                            Weather                                          $5                           $0.01                                                     ($34)                        ($0.06)                        
                            Other                                            9                            0.01                                                      28                           0.05                           
                            FERC Transmission equity return                  4                            0.01                                                      19                           0.04                           
                            Retail energy marketing operations               (10)                         (0.02)                                                    35                           0.06                           
                            Storm damage and service restoration             1                            0.00                                                      14                           0.03                           
                            Other                                            10                           0.02                                                      (4)                          (0.01)                         
                            Change in contribution to operating earnings     $19                          $0.03                                                     $58                          $0.11                          
                                                                                                                                                                                                                                
 Dominion Energy                                                                                                                                                                                                                 
                            Gas Distribution weather                         $1                           $0.00                                                     ($5)                         ($0.01)                        
                            Gas Transmission margin                          14                           0.02                                                      8                            0.01                           
                            Producer Services margin                         (5)                          (0.01)                                                    (13)                         (0.02)                         
                            Blue Racer Midstream JV                          43                           0.08                                                      43                           0.08                           
                            Other                                            (17)                         (0.03)                                                    (3)                          (0.01)                         
                            Change in contribution to operating earnings     $36                          $0.06                                                     $30                          $0.05                          
                                                                                                                                                                                                                                
 Dominion Generation                                                                                                                                                                                                             
                            Regulated electric sales:                                                                                                                                                                           
                            Weather                                          $10                          $0.02                                                     ($78)                        ($0.14)                        
                            Other                                            11                           0.02                                                      46                           0.08                           
                            Merchant generation margin                       (13)                         (0.02)                                                    (109)                        (0.19)                         
                            Brayton Point, Kincaid and Elwood 2011 earnings  16                           0.02                                                      7                            0.01                           
                            State Line and Salem Harbor 2011 earnings        (2)                          0.00                                                      (35)                         (0.06)                         
                            Rate adjustment clause equity return             10                           0.02                                                      17                           0.03                           
                            PJM ancillary services                           1                            0.00                                                      (27)                         (0.05)                         
                            Net capacity expenses                            2                            0.00                                                      19                           0.04                           
                            Outage costs                                     (13)                         (0.02)                                                    8                            0.01                           
                            Other                                            (2)                          (0.01)                                                    23                           0.05                           
                            Change in contribution to operating earnings     $20                          $0.03                                                     ($129)                       ($0.22)                        
                                                                                                                                                                                                                                
 Corporate and Other                                                                                                                                                                                                             
                            Change in contribution to operating earnings     ($9)                         ($0.01)                                                   $36                          $0.06                          
                                                                                                                                                                                                                                
 Change in consolidated operating earnings                                    $66                          $0.11                                                     ($5)                         $0.00                          
                                                                                                                                                                                                                                
 Change in items excluded from operating earnings2                            ($647)                       ($1.12)                                                   ($822)                       ($1.44)                        
                                                                                                                                                                                                                                
 Change in reported earnings (GAAP)                                           ($581)                       ($1.01)                                                   ($827)                       ($1.44)                        
                                                                                                                                                                                                                                
                                                                                                                                                                                                                                
 1)                         Reflects 2011 amounts prior to recast of operating results of State Line and Salem Harbor generating  stations as discontinued operations.                                                               
 2)                         Refer to Schedules 2 and 3 for details of items excluded from operating earnings, or find "GAAP Reconciliation"  on Dominion's website at www.dom.com/investors.                                         
                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                


SOURCE  Dominion


Media: Ryan Frazier, +1-804-819-2521, C.Ryan.Frazier@dom.com; Analysts: Nathan
Frost, +1-804-819-2187, Nathan.J.Frost@dom.com

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