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Credit Risk
3 Months Ended
Mar. 31, 2013
Risks and Uncertainties [Abstract]  
Credit Risk
Credit Risk
Dominion’s and Virginia Power’s accounting policies for credit risk are discussed in Note 23 to the Consolidated Financial Statements in their Annual Report on Form 10-K for the year ended December 31, 2012.

At March 31, 2013, Dominion's gross credit exposure totaled $552 million. After the application of collateral, credit exposure was reduced to $551 million. Of this amount, investment grade counterparties, including those internally rated, represented 80%. One counterparty exposure represented 10% of Dominion's total exposure and is a utility holding company rated investment grade. At March 31, 2013, Virginia Power's exposure to potential concentrations of credit risk was not material.

Credit-Related Contingent Provisions
The majority of Dominion's derivative instruments contain credit-related contingent provisions. These provisions require Dominion to provide collateral upon the occurrence of specific events, primarily a credit rating 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 March 31, 2013 and December 31, 2012, Dominion would have been required to post an additional $58 million and $110 million, respectively, of collateral to its 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 normal purchases and normal sales exception, per contractual terms. Dominion had posted $9 million in collateral at March 31, 2013 and $4 million in collateral at December 31, 2012, related to derivatives with credit-related contingent provisions that are in a liability position and not fully collateralized with cash. The collateral posted includes any amounts paid related to non-derivative contracts and derivatives elected under the normal purchases and normal sales exception, per contractual terms. The aggregate fair value of all derivative instruments with credit-related contingent provisions that are in a liability position and not fully collateralized with cash as of March 31, 2013 and December 31, 2012 was $108 million and $163 million, respectively, which does not include the impact of any offsetting asset positions. Credit-related contingent provisions for Virginia Power were not material as of March 31, 2013 and December 31, 2012. See Note 9 for further information about derivative instruments.