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 January 2016, Dominion expanded its short-term funding resources through a $1.0 billion increase to one of its joint revolving credit facility limits. 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, 2015
Joint revolving credit facility⁽¹⁾⁽²⁾	$	4,000	$	3,353		$	—	$	647
Joint revolving credit facility⁽¹⁾	500		156			59		285
Total	$	4,500	$	3,509	⁽³⁾	$	59	$	932
At December 31, 2014
Joint revolving credit facility⁽¹⁾	$	4,000	$	2,664		$	—	$	1,336
Joint revolving credit facility⁽¹⁾	500		111			48		341
Total	$	4,500	$	2,775	⁽³⁾	$	48	$	1,677


(1)	These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $2.0 billion of letters of credit.


(2)	In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion.


(3)	The weighted-average interest rates of the outstanding commercial paper supported by Dominion’s credit facilities were 0.62% and 0.38% at December 31, 2015 and 2014, respectively.

Virginia Power

Virginia Power’s short-term financing is supported through its access as co-borrower to the two joint revolving credit facilities. These credit facilities can be 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 under its joint credit facilities with Dominion and Dominion Gas were as follows:



	Facility Limit ⁽¹⁾		Outstanding Commercial Paper			Outstanding Letters of Credit
(millions)
At December 31, 2015
Joint revolving credit facility⁽¹⁾⁽²⁾	$	4,000	$	1,500		$	—
Joint revolving credit facility⁽¹⁾	500		156			—
Total	$	4,500	$	1,656	⁽³⁾	$	—
At December 31, 2014
Joint revolving credit facility⁽¹⁾	$	4,000	$	1,250		$	—
Joint revolving credit facility⁽¹⁾	500		111			—
Total	$	4,500	$	1,361	⁽³⁾	$	—

(1)

The full amount of the facilities is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion and Dominion Gas. Sub-limits for Virginia Power are set within the facility limit but can be changed at the option of the Companies multiple times per year. At December 31, 2015, the sub-limit for Virginia Power was an aggregate $1.75 billion. If Virginia Power has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $2.0 billion (or the sub-limit, whichever is less) of letters of credit.


(2)	In January 2016, this facility limit was increased from $4.0 billion to $5.0 billion.


(3)	The weighted-average interest rates of the outstanding commercial paper supported by these credit facilities were 0.60% and 0.36% at December 31, 2015 and 2014, respectively.

In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility with a maturity date of April 2019. As of December 31, 2015, this facility supports $119 million of certain variable rate tax-exempt financings of Virginia Power.

Dominion Gas

Dominion Gas’ short-term financing is supported by its access as co-borrower to the two joint revolving credit facilities. 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' share of commercial paper and letters of credit outstanding under its joint credit facilities with Dominion and Virginia Power were as follows:



	Facility Limit ⁽¹⁾		Outstanding Commercial Paper			Outstanding Letters of Credit
(millions)
At December 31, 2015
Joint revolving credit facility⁽¹⁾	$	1,000	$	391		$	—
Joint revolving credit facility⁽¹⁾	500		—			—
Total	$	1,500	$	391	⁽²⁾	$	—
At December 31, 2014
Joint revolving credit facility⁽¹⁾	$	1,000	$	—		$	—
Joint revolving credit facility⁽¹⁾	500		—			—
Total	$	1,500	$	—		$	—

(1)

A maximum of a combined $1.5 billion of the facilities is available to Dominion Gas, assuming adequate capacity is available after giving effect to uses by co-borrowers Dominion and Virginia Power. Sub-limits for Dominion Gas are set within the facility limit but can be changed at the option of the Companies multiple times per year. At December 31, 2015, the sub-limit for Dominion Gas was an aggregate $500 million. In January 2016, the aggregate sub-limit for Dominion Gas was increased to $1.0 billion. If Dominion Gas has liquidity needs in excess of its sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion. These credit facilities mature in April 2019, and 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.


(2)	The weighted-average interest rate of the outstanding commercial paper supported by these credit facilities was 0.63% at December 31, 2015.