SHORT-TERM DEBT AND CREDIT AGREEMENTS

The Companies 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, 2014
Joint revolving credit facility⁽¹⁾	$	4,000	$	2,664		$	—	$	1,336
Joint revolving credit facility⁽²⁾	500		111			48		341
Total	$	4,500	$	2,775	⁽³⁾	$	48	$	1,677
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


(1)	In May 2014, this credit facility was amended and restated. The facility limit was increased from $3 billion to $4 billion and the maturity date was extended from September 2018 to April 2019. 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)	In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. 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 0.38% and 0.33% at December 31, 2014 and 2013, respectively.

Virginia Power

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



	Facility Sub-limit		Outstanding Commercial Paper			Outstanding Letters of Credit		Facility Sub-limit Capacity Available
(millions)
At December 31, 2014
Joint revolving credit facility⁽¹⁾	$	1,250	$	1,250		$	—	$	—
Joint revolving credit facility⁽²⁾	250		111			—		139
Total	$	1,500	$	1,361	⁽³⁾	$	—	$	139
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

(1)

In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. 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. In July 2014, Virginia Power increased its sub-limit from $1.0 billion to $1.25 billion. In January 2015, Virginia Power increased its sub-limit on this facility from $1.25 billion to $1.5 billion.


(2)	In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. 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 0.36% and 0.33% at December 31, 2014 and 2013, respectively.

In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. In May 2014, this credit facility was amended and restated and the maturity date was extended from September 2018 to April 2019. As of December 31, 2014, this facility supports approximately $119 million of certain variable rate tax-exempt financings of Virginia Power.

Dominion Gas

Dominion Gas's short-term financing is supported by the two joint revolving credit facilities discussed above with Dominion and Virginia Power, to which Dominion Gas was added as a borrower in May 2014. Dominion Gas’ current sub-limit under the $4 billion credit facility is $500 million, all of which was available at December 31, 2014, and can be increased or decreased multiple times per year, up to a maximum of $1 billion. Dominion Gas’ current sub-limit under the $500 million credit facility is $0 and can also be increased or decreased multiple times per year. The maturity date for both facilities is April 2019. In December 2014, Dominion Gas entered into a commercial paper program pursuant to which it began accessing the commercial paper markets in January 2015. Dominion Gas' current sub-limit under the $4 billion credit facility of $500 million is being used to support these commercial paper issuances.