SHORT-TERM DEBT AND CREDIT AGREEMENTS

Dominion and Virginia Power use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing 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, Dominion utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by commodity prices, hedging levels, Dominion's credit ratings and the credit quality of its counterparties.

DOMINION

Commercial paper and letters of credit outstanding, as well as capacity available under credit facilities, were as follows:



At December 31,	Facility Limit		Out- standing Commercial Paper			Out- standing Letters of Credit		Facility Limit Capacity Available
(millions)
2011
Joint revolving credit facility⁽¹⁾	$	3,000	$	1,814		$	—	$	1,186
Joint revolving credit facility⁽²⁾	500		—			36		464
Total	$	3,500	$	1,814	⁽³⁾	$	36	$	1,650
2010
Joint revolving credit facility⁽¹⁾	$	3,000	$	1,386		$	101	$	1,513
Joint revolving credit facility⁽²⁾	500		—			35		465
Total	$	3,500	$	1,386	⁽³⁾	$	136	$	1,978


(1)	This credit facility was entered into in September 2010 with an original maturity date of September 2013. Effective October 1, 2011, pricing was amended and the maturity date was extended to September 2016. 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 September 2010 with an original maturity date of September 2013. Effective October 1, 2011, pricing was amended and the maturity date was extended to September 2016. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances.


(3)	The weighted-average interest rates of the outstanding commercial paper supported by Dominion's credit facilities were 0.47% and 0.41% at December 31, 2011 and 2010, respectively.

VIRGINIA POWER

Virginia Power's short-term financing is supported by two joint revolving credit facilities with Dominion. These credit facilities are being used for working capital, as support for the combined commercial paper programs of Dominion and Virginia Power and for other general corporate purposes.

Virginia Power's share of commercial paper and letters of credit outstanding, as well as its capacity available under its joint credit facilities with Dominion, were as follows:



At December 31,	Facility Sub-limit		Outstanding Commercial Paper			Outstanding Letters of Credit		Facility Capacity Available
(millions)
2011
Joint revolving credit facility⁽¹⁾	$	1,000	$	894		$	—	$	106
Joint revolving credit facility⁽²⁾	250		—			15		235
Total	$	1,250	$	894	⁽³⁾	$	15	$	341
2010
Joint revolving credit facility⁽¹⁾	$	1,000	$	600		$	91	$	309
Joint revolving credit facility⁽²⁾	250		—			—		250
Total	$	1,250	$	600	⁽³⁾	$	91	$	559

(1)

This credit facility was entered into in September 2010 with an original maturity date of September 2013. Effective October 1, 2011, pricing was amended and the maturity date was extended to September 2016. 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 (or the sub-limit, whichever is less) of letters of credit. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year.

(2)

This credit facility was entered into in September 2010 with an original maturity date of September 2013. Effective October 1, 2011, pricing was amended and the maturity date was extended to September 2016. This credit facility can be used to support bank borrowings, commercial paper and letter of credit issuances. Virginia Power's current sub-limit under this credit facility can be increased or decreased multiple times per year.


(3)	The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.46% and 0.41% at December 31, 2011 and 2010, respectively.

In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility that was entered into in September 2010 with an original maturity date of September 2013. Effective October 1, 2011, pricing was amended and the maturity date was extended to September 2016. This facility supports certain tax-exempt financings of Virginia Power.