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:



	Facility Limit		Outstanding Commercial Paper			Outstanding Letters of Credit		Facility Capacity Available
(millions)
At December 31, 2013
Joint revolving credit facility⁽¹⁾	$	3,000	$	1,927		$	—	$	1,073
Joint revolving credit facility⁽²⁾	500		—			11		489
Total	$	3,500	$	1,927	⁽³⁾	$	11	$	1,562
At December 31, 2012
Joint revolving credit facility⁽¹⁾	$	3,000	$	2,412		$	—	$	588
Joint revolving credit facility⁽²⁾	500		—			26		474
Total	$	3,500	$	2,412	⁽³⁾	$	26	$	1,062


(1)	Effective September 2013, the maturity date was extended from September 2017 to September 2018. 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)	Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. 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 0.33% and 0.49% at December 31, 2013 and 2012, 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:



	Facility Sub-limit		Outstanding Commercial Paper			Outstanding Letters of Credit		Facility Sub-limit Capacity Available
(millions)
At December 31, 2013
Joint revolving credit facility⁽¹⁾	$	1,000	$	842		$	—	$	158
Joint revolving credit facility⁽²⁾	250		—			1		249
Total	$	1,250	$	842	⁽³⁾	$	1	$	407
At December 31, 2012
Joint revolving credit facility⁽¹⁾	$	1,000	$	992		$	—	$	8
Joint revolving credit facility⁽²⁾	250		—			2		248
Total	$	1,250	$	992	⁽³⁾	$	2	$	256

(1)

Effective September 2013, the maturity date was extended from September 2017 to September 2018. 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)

Effective September 2013, the maturity date for $400 million of the $500 million committed capacity was extended from September 2017 to September 2018. Also effective September 2013, the maturity date for the remaining $100 million was extended from September 2016 to September 2018. 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 0.33% and 0.47% at December 31, 2013 and 2012, respectively.

In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. Effective September 2013, the maturity date was extended from September 2017 to September 2018. As of December 31, 2013, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power.