Visit us online at: Dominion’s common stock trades under ticker D:NYSE Morgan Stanley Global Electricity & Energy Conference New York, NY March 15, 2007 New Dominion

2 This presentation contains certain forward-looking statements that 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, such as fluctuations in energy-related commodity prices, including changes in the cost of fuel for our regulated electric business, the timing of the closing dates of acquisitions or divestitures (including any divestiture of our natural gas and oil assets), additional risk exposure associated with the termination of business interruption and offshore property damage insurance related to our exploration and production operations and our inability to replace such insurance on commercially reasonable terms, estimates of future market conditions, estimates of proved and unproved reserves, the company’s ability to meet its natural gas and oil production forecasts, the behavior of other market participants, and the effects of hurricanes on our operations, gas and oil production and realized prices. Other factors include, but are not limited to, weather conditions, governmental regulations, economic conditions in the company'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, risks associated with the realignment of our operating assets (including the potential dilutive effect on earnings in the near term and costs associated with any sale of our exploration and production business and the redeployment of proceeds from any sale), changes to rating agency requirements and ratings, changing financial accounting standards, trading counter-party credit risks, risks related to energy trading and marketing, 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 & Exchange Commission. Important Notes to Investors

3 New Dominion Asset Mix Focus Area = East of Mississippi RetailRetail Plus 1.5 million unregulated retail energy customer accounts in 11 states 4 million franchise gas and electric delivery customers in 5 states TransportationTransportation 7,800 miles of natural gas pipeline Nearly 1 trillion cubic feet of natural gas storage Cove Point LNG Facility 6,000 miles of electric transmission ManufacturingManufacturing ~1.0 trillion cubic feet equivalent of proved gas reserves* ~100 Mmcfe of daily production ~ 26,300 MW of electric generation *Appalachian proved reserves as of 12/31/06 ~1.0 Tcfe Includes 164 Bcfe of proved reserves owned by Dominion Transmission and reported in Dominion Energy. Map does not reflect pending sales of LDC’s or certain merchant gas-fired generation plants; does reflect potential divestiture of non-Appalachia E&P properties

4 Current Initiatives Become 2008 Drivers & Beyond E&P Divestiture VA Legislation ROIC Focus Operational Excellence Reduced commodity price sensitivity Greater earnings stability & predictability Core Growth Opportunities

5 E&P Divestiture on Track  Reserves as of 12/31/06: Audited Proved reserves: 6.53 Tcfe Unaudited 2P, 3P, 4P estimates: – Probable: 3.21 Tcfe – Possible: 3.86 Tcfe – Potential: 25 Tcfe  Data Room opened February 2007  Expected close of any sale by mid-2007  Use of proceeds to reduce debt, buyback stock

6 Legislative Initiatives Stabilize Earnings  VA Fuel Reset: Effective July 1, 2007 Traditional fuel pass through to consumer  Hybrid Regulatory Model: Recognizes retail choice did not develop in Virginia Identifies need for baseload generation to be built ROE based on peer group average of southeast utilities ROE adder for new build: nuclear, coal, combined cycle

7 ROIC Focus  Focuses on risk-adjusted returns for individual assets  Spans all operating units  Fundamental approach to improving our business  2006 Summary: Energy: Sale of Hackberry Storage – Completed in 2006 Generation: Sale of Peakers – Closed first quarter 2007 Delivery: Sale of LDC’s – Expected to close first half 2007

2006 Operational Excellence: A Strong Foundation for the Future

9 Delivery Improving Electric Service Reliability 8% Improvement Minutes out 6% improvement Bested goal of 125 minutes out Average Customer Minutes Out Excluding Major Storms

10 Generation’s Nuclear and Coal Ongoing Excellence 2006 Nuclear Accomplishments: Nuclear Fleet Capacity Factor of greater than 90% for third year running Millstone 3 achieved a capacity factor of 100% North Anna 2 achieved a capacity factor of 99.7% 2006 Coal Highlights: Utility Large Coal Equivalent Availability of 88.5%, the best in the last six years Utility Large Coal Capacity Factor of 83.9%, up from 78.6% in 2005

11 Generation’s Air Quality Improvements Ahead of the Curve  VA and WVA: pre-2000 controls ($400 million)  Scrubber at Mt. Storm  Monitors and NOx controls (system wide)  Clover scrubbers  U.S. EPA Agreement and Related Controls: since 2001 and in progress ($1.7 billion)  Scrubbers: Mt. Storm, Chesterfield (Unit 6 by 2008 & Unit 5 by 2010)  SCRs: Chesterfield, Mt. Storm, Chesapeake  SNCRs: Clover, Chesapeake, Yorktown  Converted Possum Point 3 & 4 from coal to gas  Built gas-fired Possum Point 6  CAIR, CAMR: ($1.3 billion)  VA and Merchant: CAIR, CAMR  Scrubbers  Additional SCRs  Mercury control equipment  New England: Related state specific regulations  Scrubbers  SCRs  Mercury control equipment

12 Dominion Energy Solid Improvement, Continued Success Improving the electric and the gas side of the business year over year through maintenance, efficiency. Electric Transmission Inspections Natural Gas Liquids Production at Hastings Extraction Plant Helicopter Miles Inspected Millions of Gallons ~ 300% Up 6% Result = less than 4 minutes out

New Dominion = Increased Shareholder Value

14 Lower Sensitivity, Reduced Risk As commodity prices rise and fall, New Dominion’s earnings have two- thirds less corresponding sensitivity. EPSEPS Commodities Current Dominion New Dominion EPSEPS Commodities Price Movement

15 Cornerstones of the New Dominion  Strong electric utility franchise area  Major gas LDC  Successful, growing retail program  Profitable merchant generation  Expanded LNG facility  Largest natural gas storage system  Strategic natural gas pipeline  Low-risk E&P operation

16 Growth Drivers and Opportunities In Place for 2008, Beyond  High growth electric service territory  Dominion East Ohio infrastructure opportunities  Dominion Retail 10-15% growth  High quality, low-cost generation fleet  Merchant generation assets located in NE market  Uprates, site expansions, and other organic growth potential  Well situated mid-stream assets  High value service offerings  Organic infrastructure growth  High drilling success rate  300 wells drilled annually  High potential drilling prospects  Very low decline rate ~5% Key Attributes Appalachia Energy Generation Delivery

17 Resulting Growth Rate: 4-6%* *Projected operating segment earnings growth rate off 2008 base year. Percent contribution of each Business Unit represents approximate percent of 2008 operating segment earnings. Energy ~20% 5-6% growth Delivery ~20% 2-3% growth Generation >55% 5-6% growth Appalachia <5% 2-3% growth Please refer to the “Important Note to Investors” on page 2 of this presentation for risks and uncertainties related to projections and forward looking statements.

Appendix

19 New Dominion Key Modeling Considerations  Proved E&P reserves estimate as of 12/31/06 (excluding Appalachia): 5.5 Tcfe  Book value of E&P (excluding Appalachia): $10.5 billion  Comparable transaction values  Suggested source: J. S. Herold financial database  Tax basis of E&P assets (excluding Appalachia): $3.8 billion  Tax rate: 37%  Average cost of debt: ~6.5% (Pre-tax)  Credit objective: maintain existing credit metric targets Adjusted FFO/Debt >=20% Adjusted FFO to Interest >= 4.2x Adjusted Debt to Capitalization <= 50%  Estimated E&P earnings mix in 2008 (as % of operating earnings)  Status Quo E&P: ~40% of total status quo earnings (excluding corp/other)  Appalachian Only: <5% of total New Dominion earnings  New ongoing Dominion operating earnings projected growth rate: 4-6% Please refer to the “Important Note to Investors” on page 2 of this presentation for risks and uncertainties related to projections and forward looking statements.

20 New Dominion 2008 Earnings Model (Post-Divestiture) Please refer to the “Important Note to Investors” on page 2 of this presentation for risks and uncertainties related to projections and forward looking statements.

21 E&P Reserve Locations Proved reserves (Bcfe) as of December 31, 2006:6,530 Daily Production (Mmcfe/day) YTD December 31, 2006:1,280 1 Canada Proved Reserves (Bcfe):267 Daily Production (Mmcfe/day):60 2 Gulf Coast Proved Reserves (Bcfe):428 Daily Production (Mmcfe/day):131 3 Gulf of Mexico Proved Reserves (Bcfe):967 Daily Production (Mmcfe/day):503 4 Appalachia* Proved Reserves (Bcfe):1,006 Daily Production (Mmcfe/day):107 5 Mid-Continent Proved Reserves (Bcfe):780 Daily Production (Mmcfe/day):126 6 Permian Proved Reserves (Bcfe):2,146 Daily Production (Mmcfe/day):219 7 Rocky Mountain/Other Proved Reserves (Bcfe):658 Daily Production (Mmcfe/day):113 = 100 BCFe Major Producing Areas Non- Appalachia Appalachia 8 Michigan Proved Reserves (Bcfe):278 Daily Production (Mmcfe/day):21 * Includes 164 Bcfe of proved reserves owned by Dominion Transmission and reported in Dominion Energy.

22 E&P 2006 Reserve Data

23 Natural Gas and Oil Hedge Position Hedge positions as of Jan. 31, 2007

24 Generation and Coal Hedge Position Hedge positions as of Jan. 31, 2007

Visit our website at: