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		Outstanding Commercial Paper			Outstanding Letters of Credit		Facility Capacity Available
(millions)
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
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


(1)	Effective September 2012, the maturity date was extended from September 2016 to September 2017. 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 2012, the maturity date for $400 million of the $500 million in committed capacity of this credit facility was extended from September 2016 to September 2017. The remaining $100 million continues to have a maturity date of 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 0.49% and 0.47% at December 31, 2012 and 2011, 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 Sub-Limit Capacity Available
(millions)
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
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

(1)

Effective September 2012, the maturity date was extended from September 2016 to September 2017. 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 2012, the maturity date for $400 million of the $500 million in committed capacity of this credit facility was extended from September 2016 to September 2017. The remaining $100 million continues to have a maturity date of 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 0.47% and 0.46% at December 31, 2012 and 2011, respectively.

In addition to the credit facility commitments mentioned above, Virginia Power also has a $120 million credit facility. Effective September 2012, the maturity date was extended from September 2016 to September 2017. This facility supports certain tax-exempt financings of Virginia Power.