The 2-cent increase over Dominion’s previous quarterly dividend of 69 cents per share is in accordance with previous announcements and brings the company’s 2007 annual dividend rate to $2.84 per share. This represents an 8- cent increase in the 2007 annual dividend rate compared to 2006. Dividends are payable March 20, 2007, to shareholders of record Feb. 23, 2007.
Thomas F. Farrell II, president and chief executive officer, said: “Today’s increase in our quarterly dividend sustains and builds on a history of incremental dividend increases initiated by our board in 2004. The board recognizes the importance of our dividends as a component of total shareholder return.”
This is the 316th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company’s last quarterly dividend was declared Oct. 20, 2006.
The board of directors of Virginia Electric and Power Company, a subsidiary of Dominion, also declared regular quarterly dividends at the prescribed rates on each of its series of preferred stock. Preferred dividends on the company’s fixed-rate preferred stock are payable March 20, 2007 to holders of record at the close of business Feb. 23, 2007.
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