Dominion Energy (D) 10-Q 2 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Millions, except Per Share data	3 Months Ended Sep. 30, 2009		3 Months Ended Sep. 30, 2008		9 Months Ended Sep. 30, 2009		9 Months Ended Sep. 30, 2008
Operating Revenue	$3,648		$4,365	[5]	$11,876		$12,117	[5]
Operating Expenses
Electric fuel and other energy-related purchases	1,072		1,383	[5]	3,211		2,950	[5]
Purchased electric capacity	96		102	[5]	309		306	[5]
Purchased gas	279		692	[5]	1,785		2,482	[5]
Other operations and maintenance	748		762	[5]	2,695		2,409	[5]
Depreciation, depletion and amortization	274		259	[5]	824		770	[5]
Other taxes	107		112	[5]	373		375	[5]
Total operating expenses	2,576		3,310	[5]	9,197		9,292	[5]
Income from operations	1,072		1,055	[5]	2,679		2,825	[5]
Other income	123		14	[5]	127		10	[5]
Interest and related charges	217	[2]	213	[2],[5]	658	[2]	634	[2],[5]
Income from continuing operations including noncontrolling interests before income tax expense	978		856	[5]	2,148		2,201	[5]
Income tax expense	380		344	[5]	840		701	[5]
Income from continuing operations including noncontrolling interests	598		512	[5]	1,308		1,500	[5]
Loss from discontinued operations	0	[3]	0	[3],[5]	0	[3]	(2)	[3],[5]
Net Income Including Noncontrolling Interests	598		512	[5]	1,308		1,498	[4],[5]
Noncontrolling Interests	4		4	[5]	12		12	[5]
Net Income Attributable to Dominion	594		508	[5]	1,296		1,486	[5]
Amounts Attributable to Dominion:
Income from continuing operations, net of tax	594		508	[5]	1,296		1,488	[5]
Loss from discontinued operations, net of tax	0		0	[5]	0		(2)	[5]
Net income attributable to Dominion	$594		$508	[5]	$1,296		$1,486	[5]
Earnings Per Common Share - Basic
Net income attributable to Dominion	$1	[1]	0.88	[1],[5]	2.19	[1]	2.58	[1],[5]
Earnings Per Common Share - Diluted
Net income attributable to Dominion	$1	[1]	0.87	[1],[5]	2.19	[1]	2.56	[1],[5]
Dividends paid per common share	0.4375		0.395	[5]	1.3125		1.185	[5]
[1]For the nine months ended September 30, 2008, loss from discontinued operations had no impact on basic or diluted earnings per share.
[2]Includes affiliated interest expense of $5 million for the three months ended September 30, 2009 and 2008 and $16 million and $28 million for the nine months ended September 30, 2009 and 2008, respectively.
[3]Net of income tax benefit of $3 million for the nine months ended September 30, 2008.
[4]Our Consolidated Statement of Cash Flow for the nine months ended September 30, 2008 has been recast due to the application of new accounting guidance for noncontrolling interests, as discussed in Note 3.
[5]Our Consolidated Statements of Income for the three and nine months ended September 30, 2008 have been recast due to the application of new accounting guidance for noncontrolling interests, as discussed in Note 3.

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Millions	9 Months Ended Sep. 30, 2009		9 Months Ended Dec. 31, 2008
Current Assets
Cash and cash equivalents	$50		$66	[2]
Customer receivables (less allowance for doubtful accounts of $30 and $32)	1,760		2,354	[2]
Other receivables (less allowance for doubtful accounts of $13 and $7)	105		205	[2]
Inventories	1,178		1,166	[2]
Derivative assets	1,498		1,497	[2]
Assets held for sale	1,360		1,416	[2]
Regulatory assets	475		340	[2]
Prepayments	115		163	[2]
Other	310		454	[2]
Total current assets	6,851		7,661	[2]
Investments
Nuclear decommissioning trust funds	2,554		2,246	[2]
Investment in equity method affiliates	600		726	[2]
Other	271		285	[2]
Total investments	3,425		3,257	[2]
Property, Plant and Equipment
Property, plant and equipment	37,913		35,448	[2]
Accumulated depreciation, depletion and amortization	(13,230)		(12,174)	[2]
Total property, plant and equipment, net	24,683		23,274	[2]
Deferred Charges and Other Assets
Goodwill	3,503		3,503	[2]
Regulatory assets	1,583		2,226	[2]
Other	2,042		2,132	[2]
Total deferred charges and other assets	7,128		7,861	[2]
Total assets	42,087		42,053	[2]
Current Liabilities
Securities due within one year	709		444	[2]
Short-term debt	649		2,030	[2]
Accounts payable	1,046		1,499	[2]
Accrued interest, payroll and taxes	742		754	[2]
Derivative liabilities	1,016		1,100	[2]
Liabilities held for sale	540		570	[2]
Accrued dividends	0		260	[2]
Other	746		1,137	[2]
Total current liabilities	5,448		7,794	[2]
Long-Term Debt
Long-term debt	14,472		13,890	[2]
Junior subordinated notes payable:
Affiliates	268		268	[2]
Other	1,483		798	[2]
Total long-term debt	16,223		14,956	[2]
Deferred Credits and Other Liabilities
Deferred income taxes and investment tax credits	4,088		4,137	[2]
Asset retirement obligations	1,563		1,802	[2]
Pension and other postretirement benefit liabilities	1,592		1,525	[2]
Regulatory liabilities	1,126		944	[2]
Other	463		561	[2]
Total deferred credits and other liabilities	8,832		8,969	[2]
Total liabilities	30,503		31,719	[2]
Commitments and Contingencies (see Note 18)	-		-	[2]
Subsidiary Preferred Stock Not Subject to Mandatory Redemption	257		257	[2]
Common Shareholders' Equity
Common stock - no par	6,443	[1]	5,994	[1],[2]
Other paid-in capital	182		182	[2]
Retained earnings	4,956		4,170	[2]
Accumulated other comprehensive loss	(254)		(269)	[2]
Total common shareholders' equity	11,327		10,077	[2]
Total liabilities and shareholders' equity	$42,087		$42,053	[2]
[1]1 billion shares authorized; 597 million shares outstanding at September 30, 2009 and 583 million shares outstanding at December 31, 2008.
[2]Our Consolidated Balance Sheet at December 31, 2008 has been derived from the audited Consolidated Financial Statements at that date.

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Millions	Sep. 30, 2009	Dec. 31, 2008
Customer receivables, allowance for doubtful accounts	$30	$32	[1]
Other receivables, allowance for doubtful accounts	$13	$7	[1]
[1]Our Consolidated Balance Sheet at December 31, 2008 has been derived from the audited Consolidated Financial Statements at that date.

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Millions	3 Months Ended Sep. 30, 2009		3 Months Ended Sep. 30, 2008		9 Months Ended Sep. 30, 2009		9 Months Ended Sep. 30, 2008
Operating Activities
Net income including noncontrolling interests	$598		$512	[4]	$1,308		$1,498	[3],[4]
Adjustments to reconcile net income including noncontrolling interests to net cash from operating activities:
Dominion Capital, Inc. impairment loss					0		62
Impairment of gas and oil properties					455		0
Net change in realized and unrealized derivative (gains) losses					(46)		177
Depreciation, depletion and amortization					960		888
Deferred income taxes and investment tax credits					(342)		351
Other adjustments					(49)		48
Changes in:
Accounts receivable					804		187
Inventories					(41)		(244)
Deferred fuel and purchased gas costs					678		(636)
Accounts payable					(475)		(289)
Accrued interest, payroll and taxes					(4)		(232)
Margin deposit assets and liabilities					(194)		(249)
Other operating assets and liabilities					(72)		(134)
Net cash provided by operating activities					2,982		1,427
Investing Activities
Plant construction and other property additions					(2,753)		(2,307)
Additions to gas and oil properties					(131)		(166)
Proceeds from assignment of natural gas drilling rights					0		343
Proceeds from sale of securities and loan receivable collections and payoffs					1,258		1,058
Purchases of securities and loan receivable originations					(1,294)		(1,035)
Investment in affiliates and partnerships					(40)		(337)
Distributions from affiliates and partnerships					174		41
Other					42		82
Net cash used in investing activities					(2,744)		(2,321)
Financing Activities
Issuance (repayment) of short-term debt, net					(1,381)		695
Issuance of long-term debt					1,695		1,830
Repayment of long-term debt					(134)		(889)
Repayment of affiliated notes payable					0		(412)
Issuance of common stock					381		178
Common dividend payments					(777)		(686)
Subsidiary preferred dividend payments					(12)		(12)	[3]
Other					(28)		(7)
Net cash provided by (used in) financing activities					(256)		697
Decrease in cash and cash equivalents					(18)		(197)
Cash and cash equivalents at beginning of period					71	[2]	287	[2]
Cash and cash equivalents at end of period	53	[1]	90	[1]	53	[1]	90	[1]
Significant Noncash Investing and Financing Activities
Accrued capital expenditures					184		60
Debt for equity exchange					$56		$0
[1]2009 and 2008 amounts include $3 million and $2 million, respectively, of cash classified as held for sale in our Consolidated Balance Sheets.
[2]2009 and 2008 amounts include $5 million and $4 million, respectively, of cash classified as held for sale in our Consolidated Balance Sheets.
[3]Our Consolidated Statement of Cash Flow for the nine months ended September 30, 2008 has been recast due to the application of new accounting guidance for noncontrolling interests, as discussed in Note 3.
[4]Our Consolidated Statements of Income for the three and nine months ended September 30, 2008 have been recast due to the application of new accounting guidance for noncontrolling interests, as discussed in Note 3.

Note 1. Nature of Operations

Note 1. Nature of Operations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 1. Nature of Operations	Note 1.Nature of Operations Dominion Resources, Inc., headquartered in Richmond, Virginia, is one of the nations largest producers and transporters of energy. Our operations are conducted through various subsidiaries, including Virginia Electric and Power Company (Virginia Power), our regulated public utility that generates, transmits and distributes electricity for sale in Virginia and northeastern North Carolina. In addition, our operations also include a regulated interstate natural gas transmission pipeline and underground storage system in the Northeast, mid-Atlantic and Midwest states, a liquefied natural gas (LNG) import and storage facility in Maryland and regulated gas transportation and distribution operations in Ohio, Pennsylvania and West Virginia. We have entered into an agreement to sell our Pennsylvania and West Virginia gas distribution operations as discussed in Note 4. Our nonregulated operations include merchant generation, energy marketing and price risk management activities, retail energy marketing operations and natural gas exploration and production in the Appalachian basin of the U.S. We manage our daily operations through three primary operating segments: Dominion Virginia Power (DVP), Dominion Energy and Dominion Generation. In addition, we also report a Corporate and Other segment that includes our corporate, service company and other functions and the net impact of certain operations disposed of or to be disposed of, which are discussed in Note 4. Corporate and Other also includes specific items attributable to Dominions operating segments that are not included in profit measures evaluated by executive management in assessing the segments performance or in allocating resources among the segments. See Note 21 for further discussion of our operating segments. The terms Dominion, Company, we, our and us are used throughout this report and, depending on the context of their use, may represent any of the following: the legal entity, Dominion Resources, Inc., one or more of Dominion Resources, Inc.s consolidated subsidiaries or operating segments, or the entirety of Dominion Resources, Inc. and its consolidated subsidiaries.

Note 2. Significant Accounting

Note 2. Significant Accounting Policies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 2. Significant Accounting Policies	Note 2.Significant Accounting Policies As permitted by the rules and regulations of the SEC, our accompanying unaudited Consolidated Financial Statements contain certain condensed financial information and exclude certain footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP. These unaudited Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes in our Annual Report on Form 10-K for the year ended December31, 2008 and our Quarterly Reports on Form 10-Q for the quarters ended March31, 2009 and June30, 2009. In our opinion, the accompanying unaudited Consolidated Financial Statements contain all adjustments necessary to present fairly our financial position as of September30, 2009, our results of operations for the three and nine months ended September30, 2009 and 2008 and our cash flows for the nine months ended September30, 2009 and 2008. Such adjustments are normal and recurring in nature unless otherwise noted. We make certain estimates and assumptions in preparing our Consolidated Financial Statements in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from those estimates. Our accompanying unaudited Consolidated Financial Statements include, after eliminating intercompany transactions and balances, our accounts and those of our majority-owned subsidiaries. In accordance with GAAP, we report certain contracts and instruments at fair value. See Note 9 for further information on fair value measurements. The results of operations for interim periods are not necessarily indicative of the results expected for the full year. Information for quarterly periods is affected by seasonal variations in sales, rate changes, electric fuel and other energy-related purchases, purchased gas expenses and other factors. Certain amounts in our 2008 Consolidated Financial Statements and Notes have been recast to conform to the 2009 presentation. We have evaluated subsequent events through November2, 2009, the date our Consolidated Financial Statements were issued.

Note 3. Newly Adopted Accountin

Note 3. Newly Adopted Accounting Standards
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 3. Newly Adopted Accounting Standards	Note 3.Newly Adopted Accounting Standards Noncontrolling Interests in Consolidated Financial Statements Effective January1, 2009, we adopted new accounting guidance for noncontrolling interests that requires retrospective application of presentation and disclosure changes including that noncontrolling interests be reported as a component of equity and that net income attributable to the parent and noncontrolling interests be separately identified in the income statement. Our subsidiary preferred dividends were previously included in interest and related charges in our Consolidated Statements of Income and in operating activities in our Consolidated Statements of Cash Flows. Due to the application of new accounting guidance for noncontrolling interests, we now reflect our subsidiary preferred dividends as an adjustment (noncontrolling interests) to arrive at net income attributable to Dominion in our Consolidated Statements of Income and in financing activities in our Consolidated Statements of Cash Flows. Since our subsidiary preferred stock does not qualify as permanent equity, we continue to report these amounts as mezzanine equity in our Consolidated Balance Sheets. Recognition and Presentation of Other-Than-Temporary Impairments The FASB amended its guidance for the recognition and presentation of other-than-temporary impairments, which we adopted effective April1, 2009. The recognition provisions of this guidance apply only to debt securities classified as available for sale or held to maturity, while the presentation and disclosure requirements apply to both debt and equity securities. Prior to the adoption of this guidance, as described in Note 2 in our Annual Report on Form 10-K for the year ended December31, 2008, we considered all debt securities held by our nuclear decommissioning trusts with market values below their cost bases to be other-than-temporarily impaired as we did not have the ability to ensure the investments were held through the anticipated recovery period. Effective with the adoption of this guidance, using information obtained from our nuclear decommissioning trust fixed-income investment managers, we record in earnings any unrealized loss for a debt security when the manager intends to sell the debt security or it is more likely than not that the manager will have to sell the debt security before recovery of its fair value up to its cost basis. For any debt security that is deemed to have experienced a credit loss, we record the credit loss in earnings and any remaining portion of the unrealized loss in other comprehensive income. We evaluate credit losses primarily by considering the credit ratings of the issuer, prior instances of non-performance by the issuer and other factors. For investments in our utility nuclear decommissioning trusts, all net realized and unrealized gains and losses on debt securities (including any other-than-temporary impairments) continue to be recorded to a regulatory liability for certain jurisdictions subject to cost-based regulation. Upon the adoption of this guidance for debt investments held at April1, 2009, we recorded a $20 million ($12 million after-tax) cumul

Note 4. Dispositions

Note 4. Dispositions
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 4. Dispositions	Note 4.Dispositions Sale of Certain DCI Operations Previously, Dominion Capital, Inc. (DCI) held an investment in the subordinated notes of a third-party collateralized debt obligation (CDO) entity determined to be a variable interest entity (VIE), which we consolidated. In March 2008, we reached an agreement to sell our remaining interest in the subordinated notes, effectively eliminating the variability of our interest, and therefore deconsolidated the CDO entity as of March31, 2008 and recognized impairment losses of $62 million ($38 million after-tax) in other operations and maintenance expense. In connection with the sale of the subordinated notes, in April 2008, we received proceeds of $54 million, including accrued interest. Planned Sale of Regulated Gas Distribution Subsidiaries In July 2008, we entered into an agreement with Peoples Hope Gas Companies LLC, a subsidiary of Babcock Brown Infrastructure Fund North America LP (the Fund), to sell Peoples and Hope for approximately $910 million, subject to adjustments to reflect levels of capital expenditures and changes in working capital. In May 2009, the Funds management team established a new entity, SteelRiver Infrastructure Partners LP (SteelRiver), to acquire the general partner of the Fund from Babcock Brown. John Hancock Life Insurance Company (John Hancock) acquired Babcock Browns limited partner interests in the Fund. Management rights over the Fund were acquired by an entity jointly owned by SteelRiver and John Hancock and will be managed under contract with SteelRiver. The transactions described in the three preceding sentences are referred to as the SteelRiver Transaction. Following the SteelRiver Transaction, the Fund was renamed SteelRiver Infrastructure Fund North America LP. The sale of Peoples and Hope is expected to close in 2009, subject to state regulatory approvals in Pennsylvania and West Virginia. The carrying amounts of the major classes of assets and liabilities associated with the planned sale of Peoples and Hope and classified as held for sale in our Consolidated Balance Sheets are as follows: September30, 2009 December31, 2008 (millions) ASSETS Current Assets Customer receivables $ 61 $ 172 Other 225 142 Total current assets 286 314 Property, Plant and Equipment Property, plant and equipment 1,234 1,204 Accumulated depreciation, depletion and amortization (352 ) (358 ) Total property, plant and equipment, net 882 846 Deferred Charges and Other Assets Regulatory assets 139 156 Other 53 100 Total deferred charges and other assets 192 256 Assets held for sale $ 1,360 $ 1,416 LIABILITIES Current Liabilities $ 167 $ 192 Deferred Credits and Other Liabilities Deferred income taxes and investment tax credits 284 289 Other 89 89

Note 5. Operating Revenue

Note 5. Operating Revenue
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 5. Operating Revenue	Note 5.Operating Revenue Our operating revenue consists of the following: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (millions) Operating Revenue Electric sales: Regulated $ 1,905 $ 2,143 $ 5,377 $ 5,153 Nonregulated 999 1,005 2,917 2,669 Gas sales: Regulated 50 107 658 898 Nonregulated 338 816 1,629 2,239 Gas transportation and storage 249 189 968 799 Other 107 105 327 359 Total operating revenue $ 3,648 $ 4,365 $ 11,876 $ 12,117

Note 6. Income Taxes

Note 6. Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 6. Income Taxes	Note 6.Income Taxes A reconciliation of income taxes at the U.S. statutory federal rate as compared to the income tax expense recorded in our Consolidated Statements of Income is presented below: NineMonthsEnded September30, 2009 2008 U.S. statutory rate 35.0 % 35.0 % Increases (reductions) resulting from: State taxes, net of federal benefit 4.4 3.9 Reversal of deferred taxes stock of subsidiaries held for sale (6.2 ) Other, net (0.3 ) (0.8 ) Effective tax rate 39.1 % 31.9 % In 2008, our effective tax rate reflected the reversal of $136 million of deferred tax liabilities, recognized in 2006, associated with the excess of our financial reporting basis over the tax basis in the stock of Peoples and Hope. In 2006, based on the intended form of the sale of Peoples and Hope to Equitable Resources, Inc. (Equitable), we recognized these deferred tax liabilities since the difference between the financial reporting basis and our tax basis in the stock of the subsidiaries was expected to reverse upon closing of the sale. In January 2008, Dominion and Equitable agreed to terminate the agreement for the sale of Peoples and Hope. At that time, based on our expectation that the form of any future disposal of these subsidiaries would be structured so that the taxable gain would instead be determined by reference to the basis in the subsidiaries underlying assets, we reversed the related deferred tax liabilities recognized in 2006. As discussed in Note 4, we have executed a new agreement to sell Peoples and Hope, whereby we will determine our taxable gain by reference to the basis in the subsidiaries underlying assets. In the second quarter of 2009, the U.S. Congressional Joint Committee on Taxation completed its review of our settlement with the Appellate Division of the Internal Revenue Service (IRS Appeals) for tax years 1999 through 2001. We were entitled to a $60 million refund, of which $20 million was applied as an estimated payment for 2009 taxes and $40 million was paid to us in October 2009. Settlement negotiations with IRS Appeals regarding our protest of adjustments proposed for tax years 2002 and 2003 are ongoing. In addition, the Internal Revenue Service (IRS) has completed its audit and has proposed adjustments for tax years 2004 and 2005. We filed protests for certain of those adjustments in July 2009. At September30, 2009, unrecognized tax benefits related to current year tax positions were $39 million. During the nine months ended September30, 2009, unrecognized tax benefits related to prior year uncertain tax positions increased on a gross basis by $44 million and decreased on a gross basis by $86 million. In addition, unrecognized tax benefits for prior years decreased by $11 million for settlements with tax authorities, $28 million for amounts that otherwise become deductible in 2009 and $5 million for expiration of statutes of limitations. See Note 7 to our Annual Report on Form 10-K for the year ended December31, 2008, for a discussion of reasonably possible changes that could occur in our unrecognize

Note 7. Earnings Per Share

Note 7. Earnings Per Share
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 7. Earnings Per Share	Note 7.Earnings Per Share The following table presents the calculation of our basic and diluted EPS: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (millions, except EPS) Net income attributable to Dominion $ 594 $ 508 $ 1,296 $ 1,486 Average shares of common stock outstanding Basic 595.9 578.6 591.7 577.0 Net effect of potentially dilutive securities(1) 0.4 3.4 0.3 3.3 Average shares of common stock outstanding Diluted 596.3 582.0 592.0 580.3 Earnings Per Common Share Basic $ 1.00 $ 0.88 $ 2.19 $ 2.58 Earnings Per Common Share Diluted $ 1.00 $ 0.87 $ 2.19 $ 2.56 (1) Potentially dilutive securities consist of options, goal-based stock and contingently convertible senior notes. Potentially dilutive securities with the right to acquire approximately 0.5million and 1.6million common shares for the three and nine months ended September30, 2009, respectively, were not included in the respective periods calculation of diluted EPS because the exercise or purchase prices of those instruments were greater than the average market price of our common shares. There were no potentially dilutive securities excluded from the calculation of diluted EPS during the three and nine months ended September30, 2008.

Note 8. Comprehensive Income

Note 8. Comprehensive Income
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 8. Comprehensive Income	Note 8.Comprehensive Income The following table presents total comprehensive income: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (millions) Net income including noncontrolling interests $ 598 $ 512 $ 1,308 $ 1,498 Other comprehensive income (loss): Net other comprehensive income (loss) associated with effective portion of changes in fair value of derivatives designated as cash flow hedges, net of taxes and amounts reclassified to earnings (156 ) 1,263 (1) (117 ) 140 (1) Other, net of tax(2) 67 (19 ) 144 (79 ) Other comprehensive income (loss) (89 ) 1,244 27 61 Comprehensive income including noncontrolling interests 509 1,756 1,335 1,559 Noncontrolling interests 4 4 12 12 Total comprehensive income attributable to Dominion $ 505 $ 1,752 $ 1,323 $ 1,547 (1) For the quarter, increase principally due to the impact of a decrease in commodity prices. For the year-to-date period, reflects a decrease in commodity prices in the third quarter, partially offset by an increase in commodity prices through the first six months of the year. (2) Principally represents a net increase in unrealized gains on investments held in merchant nuclear decommissioning trusts in 2009 as compared to a decrease in 2008. Other comprehensive income (loss) for the nine months ended September30, 2009 excludes a $20 million ($12 million after-tax) adjustment to AOCI representing the cumulative effect of the change in accounting principle related to the recognition and presentation of other-than-temporary impairments.

Note 9. Fair Value Measurements

Note 9. Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 9. Fair Value Measurements	Note 9.Fair Value Measurements Our fair value measurements are made in accordance with the policies discussed in Note 8 to our Annual Report on Form 10-K for the year ended December31, 2008. In addition, see Note 10 in this report for further information about our derivatives and hedge accounting activities. The following table presents our assets and liabilities that are measured at fair value on a recurring basis for each hierarchy level, including both current and noncurrent portions: Level1 Level2 Level3 Total (millions) As of September30, 2009 Assets Derivatives $ 94 $ 1,662 $ 132 $ 1,888 Investments: Marketable equity securities 1,507 1,507 Marketable debt securities: Corporate bonds 247 247 U.S. Treasury securities and agency debentures 219 95 314 State and municipal 433 433 Other 2 2 Cash equivalents and other 39 39 Total assets $ 1,820 $ 2,478 $ 132 $ 4,430 Liabilities Derivatives $ 30 $ 1,031 $ 143 $ 1,204 As of December31, 2008 Assets Derivatives $ 125 $ 1,672 $ 243 $ 2,040 Investments: Marketable equity securities 514 573 1,087 Marketable debt securities: Corporate bonds 249 249 U.S. Treasury securities and agency debentures 209 179 388 State and municipal 455 455 Other 6 6 Cash equivalents and other 2 39 41 Total assets $ 850 $ 3,173 $ 243 $ 4,266 Liabilities Derivatives $ 7 $ 1,146 $ 144 $ 1,297 The following table presents the net change in the assets and liabilities measured at fair value on a recurring basis and included in the Level 3 fair value category: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (millions) Beginning balance $ 31 $ (191 ) $ 99 $ (61 ) Total realized and unrealized gains or (losses): Included in earnings 3 (9 ) (128 ) 53 Included in other comprehensive income (loss) (7 ) 357 (95 ) (19 ) Included in regulatory assets/liabilities (45 ) (249 ) 10 (49 ) Purchases, issuances and settlements 5 (15 ) 118 (27 ) Transfers out of Level 3 2 5 (15 ) 1 Ending balance $ (11 ) $ (102 ) $ (11 ) $ (102 ) The amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains

Note 10. Derivatives and Hedge

Note 10. Derivatives and Hedge Accounting Activities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 10. Derivatives and Hedge Accounting Activities	Note 10.Derivatives and Hedge Accounting Activities Our accounting policies and objectives and strategies for using derivative instruments are discussed in Note 2 to our Annual Report on Form 10-K for the year ended December31, 2008. The following table presents the volume of our derivative activity as of September30, 2009. These volumes are based on open derivative positions and represent the combined absolute value of our long and short positions, except in the case of offsetting deals, for which we present the absolute value of the net volume of our long and short positions. Current Noncurrent Natural Gas (bcf): Fixed price(1) 751.5 235.0 Basis 1,165.3 514.5 Electricity (MWh): Fixed price 18,203,303 10,960,574 FTRs 71,487,157 Capacity (MW) 976,216 5,587,400 Liquids (gallons)(1) 164,124,327 173,040,000 Interest rate $ 1,450,000,000 $ 1,625,000,000 Foreign currency (euros) 13,847,638 (1) Includes natural gas liquids and oil. For the three and nine months ended September30, 2009 and 2008, gains or losses on hedging instruments determined to be ineffective were not material. Amounts excluded from the assessment of effectiveness include gains or losses attributable to changes in the time value of options and changes in the differences between spot prices and forward prices and were not material for the three and nine months ended September30, 2009 and 2008. The following table presents selected information related to gains (losses) on cash flow hedges included in AOCI in our Consolidated Balance Sheet at September30, 2009: AOCI After-Tax AmountsExpectedtobe ReclassifiedtoEarnings duringthenext12Months After-Tax MaximumTerm (millions) Commodities: Gas $ (27 ) $ (29 ) 45months Electricity 302 228 27 months Natural gas liquids 39 22 27 months Other 5 68 months Interest rate 71 (4 ) 375months Foreign currency 1 1 62 months Total $ 391 $ 218 The amounts that will be reclassified from AOCI to earnings will generally be offset by the recognition of the hedged transactions (e.g., anticipated sales) in earnings, thereby achieving the realization of prices contemplated by the underlying risk management strategies and will vary from the expected amounts presented above as a result of changes in market prices, interest rates and foreign exchange rates. Fair Value and Gains and Losses on Derivative Instruments The following table presents the fair values of our derivatives as of September30, 2009 and where they are presented on our Consolidated Balance Sheet: FairValue Derivativesunder HedgeAccounting FairValue Derivativesnotunder Hedge Accounting TotalFairValue (millions) ASSETS Current Assets Commodity $ 674 $ 720 $ 1,394 Interest rate 102 102 Foreign currency 2

Note 11. Investments

Note 11. Investments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 11. Investments	Note 11.Investments Rabbi Trust Securities Marketable equity and debt securities and cash equivalents held in our rabbi trusts and classified as trading totaled $93 million and $95 million at September30, 2009 and December31, 2008, respectively. Cost-method investments held in our rabbi trusts totaled $17 million and $21 million at September30, 2009 and December31, 2008, respectively. Decommissioning Trust Securities We hold marketable equity and debt securities and cash equivalents (classified as available-for-sale) and cost method investments in nuclear decommissioning trust funds to fund future decommissioning costs for our nuclear plants. Our decommissioning trust funds are summarized below. Amortized Cost Total Unrealized Gains(1) Total Unrealized Losses(1) Fair Value (millions) September30, 2009 Marketable equity securities $ 1,189 $ 273 $ $ 1,462 Marketable debt securities: Corporate bonds 234 14 (1 ) 247 U.S. Treasury securities and agency debentures 298 15 313 State and municipal 362 29 (1 ) 390 Other 2 2 Cost method investments 95 95 Cash equivalents and other(2) 45 45 Total $ 2,225 $ 331 $ (2 )(3) $ 2,554 December31, 2008 Marketable equity securities $ 1,022 $ 26 $ $ 1,048 Marketable debt securities: Corporate bonds 238 11 249 U.S. Treasury securities and agency debentures 371 16 387 State and municipal 386 14 400 Other 6 1 7 Cost method investments 108 108 Cash equivalents and other(2) 47 47 Total $ 2,178 $ 68 $ $ 2,246 (1) Included in AOCI and the decommissioning trust regulatory liability. (2) Includes net assets related to pending sales and purchases of securities of $7 million and $8 million at September30, 2009 and December31, 2008, respectively. (3) The fair value of securities in an unrealized loss position was $66 million at September30, 2009. The fair value of our marketable debt securities at September30, 2009, by contractual maturity is as follows: Amount (millions) Due in one year or less $ 85 Due after one year through five years 232 Due after five years through ten years 295 Due after ten years 340 Total $ 952 Presented below is selected information regarding our marketable equity and debt securities. ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (millions) Trading securities: Net unrealized gain (loss) $ 8 $ (6 ) $ 10 $ (17 ) Available-for-sale securities: Proceeds

Note 12. Regulatory Assets and

Note 12. Regulatory Assets and Liabilities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 12. Regulatory Assets and Liabilities	Note 12.Regulatory Assets and Liabilities Our regulatory assets and liabilities include the following: September30, 2009 December31, 2008 (millions) Regulatory assets Deferred cost of fuel used in electric generation(1) $ 295 $ 133 Unrecovered gas costs(2) 63 107 Other 117 100 Regulatory assets current 475 340 Unrecognized pension and other postretirement benefit costs(3) 1,072 1,090 PIPP(4) 156 131 RTO start-up costs and administration fees(5) 133 135 Deferred cost of fuel used in electric generation(1) 676 Other 222 194 Regulatory assets non-current 1,583 2,226 Total regulatory assets $ 2,058 $ 2,566 Regulatory liabilities Provision for future cost of removal and AROs(6) $ 737 $ 688 Decommissioning trust(7) 299 213 Other(8) 115 63 Total regulatory liabilities $ 1,151 $ 964 (1) Primarily reflects deferred fuel expenses for the Virginia jurisdiction of our utility generation operations. See Note 18 for more information. (2) Primarily reflects prior period unrecovered gas costs at Dominion East Ohio, which are recovered through quarterly filings with the Public Utilities Commission of Ohio. (3) Represents unrecognized pension and other postretirement benefit costs expected to be recovered through future rates by certain of our rate-regulated subsidiaries. (4) Under the Ohio Percentage of Income Payment Plan (PIPP), eligible customers can receive energy assistance based on their ability to pay. The difference between the customers total bill and the PIPP plan amount is deferred and collected under the PIPP rider according to Dominion East Ohio tariff provisions. Although the current rider rate was designed to recover deferred costs over a three year period, unrecovered costs have increased. Accordingly, Dominion East Ohio plans to file for approval to amend the recovery rate in the fourth quarter of 2009. (5) See Note 18 regarding FERC approval of our recovery of start-up costs incurred in connection with joining an RTO and ongoing administrative charges paid to PJM through a Deferral Recovery Charge (DRC). At September30, 2009, approximately $20 million of these costs were included in other current regulatory assets. (6) In some circumstances, rates charged to customers by our regulated businesses include a provision for the cost of future activities to remove assets that are expected to be incurred at the time of retirement. (7) Primarily reflects a regulatory liability representing amounts collected from Virginia jurisdictional customers and placed in external trusts (including income, losses and changes in fair value thereon) for the future decommissioning of our utility nuclear generation stations, in excess of the related ARO. (8) Includes $25 million and $20 million reported in other current liabilities at September30, 2009 and December31, 2008, respectiv

Note 13. Asset Retirement Oblig

Note 13. Asset Retirement Obligations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 13. Asset Retirement Obligations	Note 13.Asset Retirement Obligations The following table describes the changes in our AROs during 2009: Amount (millions) AROs at December31, 2008(1) $ 1,822 Obligations incurred during the period 3 Obligations settled during the period (7 ) Revisions in estimated cash flows(2) (304 ) Accretion 66 AROs at September30, 2009(1) $ 1,580 (1) Includes $20 million and $17 million reported in other current liabilities at December31, 2008 and September30, 2009, respectively. (2) Primarily reflects updated decommissioning cost studies and applicable escalation rates received for each of our nuclear facilities during the second quarter of 2009. In June 2009, we recorded a $103 million ($62 million after-tax) reduction in other operations and maintenance expense due to a downward revision in the nuclear decommissioning ARO for a power station unit that is no longer in service.

Note 14. Ceiling Test

Note 14. Ceiling Test
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 14. Ceiling Test	Note 14.Ceiling Test We follow the full cost method of accounting for gas and oil EP activities prescribed by the SEC. Under the full cost method, capitalized costs are subject to a quarterly ceiling test. Under the ceiling test, amounts capitalized are limited to the present value of estimated future net revenues to be derived from the anticipated production of proved gas and oil reserves, discounted at 10%, assuming period-end hedge-adjusted prices. If net capitalized costs exceed the ceiling at the end of any quarterly period, then a permanent write-down of the assets must be recognized in that period; however, subsequent commodity price increases may be utilized to reduce or eliminate any impairment in accordance with SEC guidelines. We used prices in effect subsequent to September30, 2009 to calculate the ceiling test limitation. Using hedge-adjusted prices subsequent to period-end there was no ceiling test impairment. Approximately 3% of our anticipated production is hedged by qualifying cash flow hedges, for which hedge-adjusted prices were used to calculate estimated future net revenue. Excluding the effects of hedge-adjusted prices in calculating the ceiling test limitation would have resulted in a $12 million ($7 million after-tax) ceiling test impairment. Using prices in effect on September30, 2009 would have resulted in a ceiling test impairment charge of $107 million ($66 million after-tax). Excluding the effects of period-end hedge-adjusted prices in calculating the ceiling test limitation, the impairment would have been $247 million ($148 million after-tax). At March31, 2009, we recorded a ceiling test impairment charge of $455 million ($281 million after-tax, including a subsequent $9 million increase for estimated state taxes recorded in the second quarter of 2009) in other operations and maintenance expense in our Consolidated Statement of Income. Excluding the effects of hedge-adjusted prices in calculating the ceiling limitation, the impairment would have been $631 million ($387 million after-tax, including a subsequent update for estimated state taxes recorded in the second quarter of 2009). Following adoption of the SECs Final Rule, Modernization of Oil and Gas Reporting effective December31, 2009, we will be required to use trailing twelve month average natural gas and oil prices when performing the full cost ceiling test calculation.

Note 15. Variable Interest Enti

Note 15. Variable Interest Entities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 15. Variable Interest Entities	Note 15.Variable Interest Entities As discussed in Note 16 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December31, 2008, certain variable pricing terms in some of our long-term power and capacity contracts cause them to be considered variable interests in the counterparties. We have long-term power and capacity contracts with four non-utility generators with an aggregate generation capacity of approximately 940 MW. These contracts contain certain variable pricing mechanisms in the form of partial fuel reimbursement that we consider to be variable interests. After an evaluation of the information provided to us by these entities, we were unable to determine whether they were VIEs. However, the information they provided, as well as our knowledge of generation facilities in Virginia, enabled us to conclude that, if they were VIEs, we would not be the primary beneficiary. This conclusion was based primarily on a qualitative assessment of our variable interests as compared to the operations, commodity price and other risks retained by the entities equity and debt holders during the remaining terms of our contracts and for the years the entities are expected to operate after our contractual relationships expire. The contracts expire at various dates ranging from 2015 to 2021. We are not subject to any risk of loss from these potential VIEs other than our remaining purchase commitments which totaled $1.8 billion as of September30, 2009. We paid $52 million and $50 million for electric capacity and $24 million and $60 million for electric energy to these entities for the three months ended September30, 2009 and 2008, respectively. We paid $156 million and $152 million for electric capacity and $90 million and $153 million for electric energy to these entities for the nine months ended September30, 2009 and 2008, respectively.

Note 16. Significant Financing

Note 16. Significant Financing Transactions
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 16. Significant Financing Transactions	Note 16.Significant Financing Transactions Credit Facilities and Short-Term Debt We use short-term debt, primarily commercial paper, to fund working capital requirements, as a bridge to long-term debt financing and as interim financing for acquisitions, if applicable. The levels of our borrowings may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, we utilize cash and letters of credit to fund collateral requirements under our commodities hedging program. Collateral requirements are impacted by commodity prices, hedging levels and our credit quality and the credit quality of our counterparties. At September30, 2009, we had the following amounts outstanding and capacity available under our credit facilities: Facility Limit Outstanding Commercial Paper Outstanding Bank Borrowings Outstanding Letters of Credit Facility Capacity Available (millions) Five-year joint revolving credit facility(1) $ 2,872 $ $ $ 252 $ 2,620 Five-year Dominion credit facility(2) 1,700 49 600 16 1,035 Five-year Dominion bilateral facility(3) 200 52 148 Totals $ 4,772 $ 49 $ 600 $ 320 $ 3,803 (1) This credit facility was entered into in February 2006 and terminates in February 2011. This credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $1.5 billion of letters of credit. (2) This credit facility was entered into in August 2005 and terminates in August 2010. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. (3) This facility was entered into in December 2005 and terminates in December 2010. This facility can be used to support bank borrowings, commercial paper and letter of credit issuances. In addition to the credit facility commitments disclosed above, we also have a five-year $120 million syndicated credit facility that can be used to support certain Virginia Power tax-exempt financings. Long-Term Debt In May 2009, Brayton Point power station (Brayton Point) borrowed $50 million in connection with the Massachusetts Development Finance Agency Solid Waste Disposal Revenue Refunding Bonds Series 2009, which mature in 2042 and bear a coupon rate of 5.75% for the first ten years, after which they will bear interest at a market rate to be determined at that time, using a remarketing process. The proceeds were used to finance certain improvements at Brayton Point. In May 2009, Virginia Power borrowed $40 million in connection with the Economic Development Authority of the County of Chesterfield Pollution Control Refunding Revenue Bonds, Series 2009 A, which mature in 2023 and bear a coupon rate of 5.0%. The proceeds were used to refund the principal amount of the Industrial Development Authority of the County of Chesterfield Money Market MunicipalsTM Pollution Control Revenue Bonds, Series 1985 tha

Note 17. Stock-Based Awards

Note 17. Stock-Based Awards
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 17. Stock-Based Awards	Note 17.Stock-Based Awards Our results for the three months ended September30, 2009 and 2008 include $9 million and $10 million, respectively, of compensation costs and $3 million and $4 million, respectively, of income tax benefits related to our stock-based compensation arrangements. Our results for the nine months ended September30, 2009 and 2008 include $32 million and $29 million, respectively, of compensation costs and $12 million and $11 million, respectively, of income tax benefits related to our stock-based compensation arrangements. Stock-based compensation cost is reported in other operations and maintenance expense in our Consolidated Statements of Income. Benefits from tax deductions in excess of the compensation cost recognized for stock-based compensation (excess tax benefits) are classified as a financing cash flow. Approximately $3 million and $9 million of excess tax benefits were realized for the nine months ended September30, 2009 and 2008, respectively. Stock Options The following table provides a summary of changes in amounts of stock options outstanding during 2009: Shares Weighted- Average ExercisePrice Weighted- Average Remaining Contractual Life Aggregated Intrinsic Value(1) (thousands) (years) (millions) Outstanding and exercisable at January1, 2009 5,558 $ 30.53 Exercised (863 ) 28.39 $ 4 Forfeited/expired (30 ) 28.89 Outstanding and exercisable at September30, 2009 4,665 $ 30.93 1.66 $ 17 (1) Intrinsic value represents the difference between the exercise price of the option and the market value of our stock. We issue new shares to satisfy stock option exercises. We received cash proceeds from the exercise of stock options of approximately $27 million and $30 million in the nine months ended September30, 2009 and 2008, respectively. Restricted Stock The fair value of our restricted stock awards is equal to the market price of our stock on the date of grant. New shares are issued for these awards. Restricted stock generally vests over a three year service period. The following table provides a summary of restricted stock activity during 2009: Shares Weighted-Average Grant Date Fair Value (thousands) Nonvested at January1, 2009 1,756 $ 38.55 Granted 530 33.84 Vested (887 ) 34.63 Cancelled and forfeited (70 ) 38.36 Converted from goal-based stock to restricted stock 185 44.18 Nonvested at September30, 2009 1,514 $ 39.90 As of September30, 2009, unrecognized compensation cost related to nonvested restricted stock awards totaled approximately $27 million and is expected to be recognized over a weighted-average period of 1.5 years. Goal-Based Stock Goal-based stock awards are generally granted to key non-officer employees on an annual basis. Goal-based stock awards are also granted in lieu of cash-based performance grants to certain officers who have not achieved a certain targeted level of share ownership. The

Note 18. Commitments and Contin

Note 18. Commitments and Contingencies
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 18. Commitments and Contingencies	Note 18.Commitments and Contingencies Other than the following matters, there have been no significant developments regarding the commitments and contingencies disclosed in Note 23 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December31, 2008, or Note 15 and Note 18 to the Consolidated Financial Statements in our Quarterly Reports on Form 10-Q for the quarters ended March31, 2009 and June30, 2009, respectively, nor have any significant new matters arisen during the three months ended September30, 2009. Electric Regulation in Virginia 2007 Virginia Regulation Act Pursuant to the Virginia Electric Utility Regulation Act (the Regulation Act), the Virginia Commission entered an order in January 2009 initiating reviews of the base rates and terms and conditions of all investor-owned electric utilities in Virginia. Possible outcomes of the 2009 rate review, according to the Regulation Act, include a rate increase, a rate decrease, or a partial refund of 2008 earnings more than 50 basis points above the authorized return on equity (ROE). During 2009, we submitted base rate filings and accompanying schedules to the Virginia Commission, which, as amended, propose to increase our Virginia jurisdictional base rates by approximately $250 million annually. Our initial March 2009 filing proposed a 12.5% ROE, plus an additional 100 basis point performance incentive pursuant to the Regulation Act based on our generating plant performance, customer service, and operating efficiency, resulting in a total ROE request of 13.5%. In July 2009, in response to rulings by the Virginia Commission relating to the appropriate rate year and capital structure to be used in the Companys base rate review, we submitted a revised filing reflecting a number of adjustments, including an upward adjustment of 50 basis points in the proposed ROE. The base rate increase became effective on an interim basis on September1, 2009, subject to refund and adjustment by the Virginia Commission and increases a typical 1,000 kWh Virginia jurisdictional residential customers bill by approximately $5.22 per month. An evidentiary hearing on our base rate filing is scheduled to be held in January 2010. In March 2009, we filed with the Virginia Commission, pursuant to the Regulation Act, a petition to recover from Virginia jurisdictional customers an annual net increase of approximately $78 million in costs related to FERC-approved transmission charges and PJM demand response programs. This amount also included a portion of costs discussed further in the RTO Start-up Costs and Administrative Fees section. In a final order in June 2009, the Virginia Commission approved a new rate adjustment clause (Rider T) to recover approximately $218 million over the 12-month period beginning September1, 2009, subject to an annual review and re-set in 2010, if necessary. The approved amount to be recovered through Rider T includes approximately $150 million of transmission-related costs that were traditionally incorporated in base rates, plus an incremental increase of approximately $68 million. The Virginia Commission also ruled that approximately

Note 19. Credit Risk

Note 19. Credit Risk
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 19. Credit Risk	Note 19.Credit Risk Credit risk is our risk of financial loss if counterparties fail to perform their contractual obligations. In order to minimize overall credit risk, we maintain credit policies, including the evaluation of counterparty financial condition, collateral requirements and the use of standardized agreements that facilitate the netting of cash flows associated with a single counterparty. We believe, based on our credit policies, that it is unlikely a material adverse effect on our financial position, results of operations or cash flows would occur as a result of counterparty nonperformance. As a diversified energy company, we transact primarily with major companies in the energy industry and with commercial and residential energy consumers. These transactions principally occur in the Northeast, mid-Atlantic and Midwest regions of the U.S. and in Texas. We do not believe that this geographic concentration contributes significantly to our overall exposure to credit risk. In addition, as a result of our large and diverse customer base, we are not exposed to a significant concentration of credit risk for receivables arising from electric and gas utility operations, including transmission services and retail energy sales. Our exposure to credit risk is concentrated primarily within our energy marketing and price risk management activities, as we transact with a smaller, less diverse group of counterparties and transactions may involve large notional volumes and potentially volatile commodity prices. Energy marketing and price risk management activities include trading of energy-related commodities, marketing of merchant generation output, structured transactions and the use of financial contracts for enterprise-wide hedging purposes. Gross credit exposure for each counterparty is calculated as outstanding receivables plus any unrealized on- or off-balance sheet exposure, taking into account contractual netting rights. Gross credit exposure is calculated prior to the application of collateral. At September30, 2009, our gross credit exposure totaled approximately $1 billion. After the application of collateral, our credit exposure was reduced to $710 million. Of this amount, investment grade counterparties, including those internally rated, represented 96%. Two counterparty exposures are greater than 10% of our total exposure, one representing 25% and the other 13%, both of which are large financial institutions rated investment grade. The majority of our derivative instruments contain credit-related contingent provisions. These provisions require us to provide collateral upon the occurrence of specific events, primarily a credit downgrade. If the credit-related contingent features underlying these instruments that are in a liability position and not fully collateralized with cash were fully triggered as of September30, 2009, we would be required to post an additional $13 million of collateral to our counterparties. The collateral that would be required to be posted includes the impacts of any offsetting asset positions and any amounts already posted for derivatives, non-derivative contracts and derivatives elected under the n

Note 20. Employee Benefit Plans

Note 20. Employee Benefit Plans
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 20. Employee Benefit Plans	Note 20.Employee Benefit Plans The components of the provision for net periodic benefit cost (credit) were as follows: PensionBenefits OtherPostretirement Benefits 2009 2008 2009 2008 (millions) Three Months Ended September30, Service cost $ 26 $ 25 $ 15 $ 13 Interest cost 63 57 24 19 Expected return on plan assets (101 ) (99 ) (14 ) (14 ) Amortization of prior service cost (credit) 1 1 (1 ) (1 ) Amortization of net loss 9 1 7 1 Net periodic benefit cost (credit) $ (2 ) $ (15 ) $ 31 $ 18 Nine Months Ended September30, Service cost $ 79 $ 77 $ 45 $ 43 Interest cost 188 178 74 66 Expected return on plan assets (304 ) (310 ) (42 ) (52 ) Amortization of prior service cost (credit) 3 3 (5 ) (4 ) Amortization of net loss 28 5 22 5 Benefit enhancement 2 Curtailments 2 Net periodic benefit cost (credit) $ (2 ) $ (47 ) $ 94 $ 58 Employer Contributions Under our funding policies, we evaluate pension and other postretirement benefit plan funding requirements annually, usually in the second half of the year after receiving updated plan information from our actuary. Based on the funded status of each plan and other factors, the amount of additional contributions to be made each year, if any, is determined at that time. We made no contributions to our defined benefit pension plans or other postretirement benefit plans during the nine months ended September30, 2009. No contributions to our pension plans are currently expected in 2009, but we do expect to contribute approximately $61 million to our other postretirement benefit plans through Voluntary Employees Beneficiary Associations during the remainder of 2009.

Note 21. Operating Segments

Note 21. Operating Segments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
Note 21. Operating Segments	Note 21.Operating Segments We are organized primarily on the basis of the products and services we sell. We manage our daily operations through the following segments. DVP includes our regulated electric transmission, distribution and customer service operations, as well as our nonregulated retail energy marketing operations. Dominion Energy includes our Ohio regulated natural gas distribution company, regulated gas transmission pipeline and storage operations, natural gas gathering and by-products extraction activities, regulated LNG operations and our Appalachian EP operations. Dominion Energy also includes producer services, which aggregates natural gas supply, engages in natural gas trading and marketing activities and natural gas supply management and provides price risk management services to Dominion affiliates. Dominion Generation includes the electric generation operations of our utility and merchant fleet, as well as energy marketing and price risk management activities associated with our generation assets. Corporate and Other includes our corporate, service company and other functions (including unallocated debt). This segment also includes our regulated gas distribution subsidiaries that are held for sale. In addition, the contribution to net income by our primary operating segments is determined based on a measure of profit that executive management believes represents the segments core earnings. As a result, certain specific items attributable to those segments are not included in profit measures evaluated by executive management in assessing the segments performance or allocating resources among the segments and are instead reported in the Corporate and Other segment. In the nine months ended September30, 2009 and 2008, our Corporate and Other segment included $242 million and $54 million, respectively, of after-tax expenses attributable to our operating segments. The expenses in 2009 primarily reflect: A $455 million ($281 million after-tax) ceiling test impairment charge related to the carrying value of our EP properties, attributable to Dominion Energy; partially offset by A $103 million ($62 million after-tax) reduction in other operations and maintenance expense due to a downward revision in the nuclear decommissioning ARO for a power station unit that is no longer in service, attributable to Dominion Generation. The expenses in 2008 primarily reflect $83 million ($50 million after-tax) of impairment charges resulting from other-than-temporary declines in the fair value of securities held in nuclear decommissioning trust funds, attributable to Dominion Generation. Intersegment sales and transfers are based on contractual arrangements and may result in intersegment profit or loss that is eliminated in consolidation. The following table presents segment information pertaining to our operations: DVP Dominion Energy Dominion Generation Corporate andOther Adjustments/ Eliminations Consolidated Total (millions) Three Months Ended September30, 2009

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009
Entity [Text Block]
Trading Symbol	D
Entity Registrant Name	DOMINION RESOURCES INC /VA/
Entity Central Index Key	0000715957
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	597,240,826