Dominion Expanding to Meet the Needs of the Marcellus and Utica Shales

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1 Dominion Expanding to Meet the Needs of the Marcellus and Utica Shales 2012 INGAA Foundation Spring Meeting April 11 13, 2012 Josh Eakle Gas Business Development Dominion Transmission, Inc.

2 Important Note to Investors This presentation contains certain forward-looking statements, including forecasted operating earnings, as well as, projected future dividend growth rates and operating earnings growth rates 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, fluctuations in energy-related commodity prices, the timing of the closing dates of acquisitions or divestitures, approval by the Board of Directors of any future proposed dividend increases, estimates of future market conditions, access to and costs of capital, fluctuations in the value of our pension assets and assets held in our decommissioning trusts, the timing and receipt of regulatory approvals necessary for planned projects, acquisitions and divestitures, and the ability to complete planned construction or expansion projects as scheduled. Other factors include, but are not limited to, weather conditions, including the effects of hurricanes and major storms on operations, the behavior of other market participants, 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, 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, changes to rating agency requirements and ratings, changing financial accounting standards, trading counter-party credit risks, risks related to energy trading and marketing, adverse outcomes in litigation matters, 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. Projections or forecasts shown in this document are based on the assumptions listed in this document and are subject to change at any time. Dominion undertakes no obligation to update any forward-looking information statement to reflect developments after the statement is made. This presentation has been prepared primarily for security analysts and investors in the hope that it will serve as a convenient and useful reference document. The format of this document may change in the future as we continue to try to meet the needs of security analysts and investors. This document is not intended for use in connection with any sale, offer to sell, or solicitation of any offer to buy securities. 2

3 Dominion Profile Headquarters Headquarters Richmond, VA Market Capitalization $28.6 billion (as of April 10, 2012) 2011 Operating Revenue $14.4 billion 2011 Assets $45.6 billion Full Time Employees 15,800 Fortune 500 Rank 162 Foundation Giving $20 million 3

4 Dominion Operating Segments Dominion Virginia Power 6,100 miles of electric transmission lines 56,800 miles of electric distribution lines 2.4 million franchise retail electric customer accounts in Virginia and North Carolina 2.1 million non-regulated customer accounts in 14 states (Dominion Retail) Dominion Energy Electric Distribution Electric Transmission Dominion Retail Dominion Generation Operates the largest natural gas storage system in the U.S. 11,000 miles of natural gas transmission, gathering and storage pipeline 1.3 million franchise retail natural gas customer accounts in Ohio and West Virginia Cove Point liquified natural gas import terminal on the Chesapeake Bay Gas Transmission Gas Distribution Producer Services ~27,600 megawatts of capacity, including nuclear, fossil and renewable power (~18,400 MW utility and ~9,200 MW merchant) Additional 4,500 MW of peak demand growth expected over the next decade Rider projects with enhanced ROE to support utility load growth underway Tied for 10th largest generating capacity in the U.S. Well-positioned in New England and PJM power markets More than 40% of total electric output from emissions-free nuclear and renewable power, primarily hydro, wind and biomass Utility Generation Merchant Generation 4

5 Dominion Transmission Inc. Well positioned in Utica and Marcellus regions Natural gas transmission, gathering and storage pipeline Natural gas storage Cove Point LNG Facility Natrium Hastings Utica Shale boundary Marcellus Shale boundary 5

6 Production Growth and Dominion s Response 6

7 Shale Growth Forecast Production Forecast for Key Shales (bcfd) bcfd Marcellus: 11.6 bcf/d by Barnett Fayetteville Woodford Haynesville Marcellus Eagle Ford Horn River Montney Duvernay Utica: 1.0 bcf/d by 2014 Source: Wood Mackenzie Source: Bentek Energy 7

8 DTI s Producer Related Projects - Executing the Plan Project MDQ (dt/d) Est. CapEx (millions) Targeted In-service Appalachian Gateway and Gathering Enhancement Project 484,260 $887.0 Sep 2012 Northeast Expansion Project 200,000 $98.0 Nov 2012 Natrium Phase I 200,000 $500.0 Dec 2012 Ellisburg to Craigs Project 150,000 $46.0 Nov 2012 Sabinsville to Morrisville Project 92,000 $17.0 Nov 2013 Tioga Expansion Project 270,000 $67.0 Nov 2013 Total 1,396,260 $1,

9 Appalachian Gateway Project Project Description Capacity: Facilities: Status: In-Service: 484,260 dt/d 110 miles of pipeline & ~18,000 hp compression Under Construction Sept 2012 (Projected) TE-Oakford Pipeline new & loop New Compression Appalachian Gateway Area of Interest 9

10 Northeast Expansion Project Project Description Capacity: Facilities: Status: In-Service: 200,000 dt/d ~32,000 hp compression Under Construction November 2012 (Projected) Leidy New Leidy New Compression Area of Production Receipts 10

11 Additional Marcellus Expansion Projects Focused in Northern Pennsylvania Ellisburg to Craigs - 150,000 dt/d Firm Transportation - ~11,000 hp w/regulation and measurement facilities - Status: Under Construction - In-service Nov (Expected) NY PA TGP-Ellisburg TGP - Craigs TGP- Sabinsville Leidy TGP-Morrisville Sabinsville to Morrisville 92,000 dt/d Firm Transport 3.5 miles of 24 pipe Filed with FERC Nov 21, 2011 In-service Nov (Expected) TETCO - Crayne Tioga Area Expansion 270,000 dt/d Firm Transportation 15 miles of 24 pipe Filed with FERC Nov 21, 2011 In-service Nov (Expected) 11

12 Future Pipeline Development Opportunities: Iroquois Access & Lebanon West Projects Iroquois Access Project Capacity: 275,000 dt/d Receipt Point: TGP Sabinsville Delivery Point: Iroquois - Canajoharie Project Facilities: Pipeline Looping and Compression In-Service: November 2014 Iroquois- Canajoharie TGP - Sabinsville Lebanon Hub Lebanon West Project Capacity: Pending Open Season Receipt Point: Utica and Marcellus Production Delivery Point: Lebanon Hub Project Facilities: TBD In-Service: As early as November 2012 Pipeline loop New/Modified Compression 12

13 Utica Development Ohio production Expected to grow significantly Utica-Drilling/Drilled Utica-Permitted Utica-Producing Marcellus Well Status Utica Marcellus Completed/Producing 14 3 Drilled/Drilling 39 4 Permitted 83 7 Total Dominion s wet gas gathering system Ohio All Utica wells on-line in Ohio currently tied to Dominion system DEO has conversion potential of ~400 miles of existing large diameter, high pressure pipe Connected to Hastings and Natrium Dominion Transmission Dominion East Ohio Natrium West Virginia 13

14 Natrium Processing & Fractionation Plant Phase I (Under Construction) 200 Mmcf/d processing 36,000 bbls/d fractionation ~$500 MM cost 100% contracted In-Service: Dec 2012 Located on the Ohio River in Marshall County, WV Accessible to both Utica & Marcellus high btu regions via DTI s TL-404 Able to ship products via barge, rail, truck, and pipeline Phase II (Under Development) 200 Mmcf/d processing 23,000 bbls/d frac ~$300 MM cost Planned In-Service: Sep

15 Cove Point Export Project Tolling Facility Long term capacity contracts with one to three customers One or two liquefaction trains Liquefaction capacity Up to 1 bcf inlet ~ 5 mtpa LNG output 15

16 Cove Point Export Project - Schedule DOE Export Application: FTA countries Approved October 7, 2011 Non-FTA countries Filed October 3, 2011 Milestones: Pre-FEED & FEED studies, Customer Contract Negotiations, Permitting, Receive FERC Order and DOE license, and construction In Service: 2016/2017 timeframe 16

17 Cove Point Export Project - Domestic Benefits Jobs 7,000 Short Term 14,600 Long Term U.S. Trade Imbalance Reduce $2.8 to $7.1 billion/year 0.6% to 1.4% improvement Taxes Almost $1.0 billion/year Up to $40 million in annual property taxes in Calvert County, MD Revenue $22 billion in government royalty revenue Source: ICF International 17

18 The Dominion Advantage Executing the plan for continued stable earnings growth

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