Dominion Increases Annual Dividend by 7.7% to $1.97

The board of directors of Dominion D today set a new dividend policy to achieve a 60-65 percent payout ratio. The new policy replaces one established in October 2007 to achieve a 55 percent payout ratio by 2010. The board also set a 2011 dividend rate of $1.97 per share of common stock, up from $1.83 per share this year, or a 7.7 percent increase. Subject to board declaration in January, the first quarterly dividend of 49.25 cents per share will be payable in March 2011.