Exhibit 99
VIRGINIA ELECTRIC AND POWER COMPANY
CONDENSED CONSOLIDATED EARNINGS STATEMENT
(Unaudited)
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Six Months | Six Months | |
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Operating Revenue | $2,726 | $2,599 |
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Operating Expenses | 1,920 | 1,792 |
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Income from operations | 806 | 807 |
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Other income | 39 | 14 |
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Interest and related charges | 146 | 146 |
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Income before income taxes | 699 | 675 |
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Income taxes | 259 | 231 |
Income before cumulative effect of changes in |
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Cumulative effect of changes in accounting principle |
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Net income | 524 | 444 |
Preferred dividends | 8 | 7 |
Balance available for common stock | $ 516 | $ 437 |
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The condensed consolidated earnings statement for the six months ended June 30, 2003 reflects the adoption of two new accounting standards, effective January 1, 2003. These standards are Statement of Financial Accounting Standards (SFAS) No. 143,Accounting for Asset Retirement Obligations, and Emerging Issues Task Force Issue No. 02-03,Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management Activities. The condensed consolidated earnings statement for the six months ended December 31, 2002, which was prepared under different accounting policies regarding the accounting matters covered by the aforementioned new standards, may not combined with the condensed consolidated earnings statement for the six months ended June 30, 2003, under generally accepted accounting principles.