Good morning and welcome to Dominion fourth quarter earnings conference call. On the call today, we have Tom Farrell, CEO and other members of the senior management. Please be aware that your lines are in a listen-only mode. At the conclusion of the presentation we will open the floor for questions. At that time instructions will be given as per the procedure to follow if you would like to ask a question. I would now like to turn the conference over to Greg Snyder, Director of Investor Relations for Safe Harbor statement.

Good morning. And welcome to Dominion’s Fourth Quarter Earnings Conference Call. During this call we will refer to certain schedules included in this morning’s earnings release and pages from our fourth quarter earnings release kit. Schedules in the earnings release are intended to answer the more detailed questions pertaining to operating statistics and accounting. Investor Relations will be available after the call for any clarification of these schedules. If you have not done so I encourage you to visit our Web site, register for e-mail alerts and view our fourth quarter 2009 earnings documents. Our Web site address is www.dom.com/investors. In addition to the earnings release kit we also have included a slide presentation that will guide this morning’s discussion that can be accessed through our Web site. And now for the usual cautionary language. The earnings release and other matters that will be discussed on the call today may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings including our most recent Annual Report on Form 10-K and our quarterly report on Form 10-Q for a discussion of factors that may cause results to differ from management’s projections, forecasts, estimates and expectations. Also on this call we will discuss some measures about our company’s performance that differ from those recognized by GAAP. Those measures include our first quarter and full year 2010 operating earnings guidance as well as operating earnings before interest and tax, commonly referred to as EBIT. Reconciliation of such measures to the most directly comparable GAAP financial measures we are able to calculate and report are contained in our earnings release kit. I will now turn our call over to our Chief Financial Officer, Mark McGettrick.

Thank you, Greg, and good morning, everyone. Joining me on the call this morning is our CEO, Tom Farrell and other members of our management team. Tom will update you on regulatory proceedings and other operational and strategic issues following my overview of 2009 financial results and 2010 operating earnings guidance. We will then take your questions. Tom Farrell will identify the key elements of a proposed settlement agreement which we and others submitted to the State Corporation Commission to resolve Virginia Power's base rate case which is now underway. So let me begin by pointing out that the 2009 operating and GAAP earnings reflect reserves associated with the impacts outlined in that agreement. With that back drop let me discuss consolidated 2009 results. 2009 was a good year for Dominion. Operating earnings were $3.27 per share falling in the upper half of our annual guidance range and a 3.5% increase over 2008. These results were driven by good performance from our business units as well as lower financing costs and income taxes. Our operating earnings include a fourth quarter reserve of $50 million after tax or $0.08 per share related to the proposed rate settlement. I will cover these results in more detail in a moment. Also, late last year we announced a 4.6% increase in our dividend, from annual rate of $1.75 per share to $1.83 per share. The new rate is consistent with our targeted payout ratio of 55%. We produced operating earnings in the fourth quarter of 2009 of $0.63 per share. These operating earnings reflect the $0.08 per share reserve to offset the higher rates implemented September 1st. We were able to offset the impact with a proposed rate settlement as well as a year-end unplanned outage at Millstone Unit 3 and still deliver operating…

Good morning, everyone, and thank you fore joining us. Our operational performance met or exceeded expectations at each business unit in 2009. Our nuclear fleet achieved a 93.1% capacity factor for the year, the highest combined level since 2005, the year that the last of our seven units was acquired. We also had several successful refueling outages in 2009. A station record of 27 days was set at Quani [ph] and a Dominion nuclear fleet record of just under 23 days was achieved at Surry Unit No. 1. Our fossil and hydro generation fleet operated well. With an overall equivalent forced outage rate of 3.52% and a record best ever of 3.31% for the Virginia Power fleet. The capacity factor at Fairless Power Station was 64.3% the highest in its six-year history. We continued to implement our company wide infrastructure growth program. Dominion Generation added 417 net megawatts of new capacity to its fleet last year. In our regulated operations the completion of Ladysmith 5 added 151 megawatts and numerous upgrades and other changes added another 116. In our merchant generation business the Fowler Ridge base one wind project added 150 megawatts of renewable capacity. At Dominion Virginia Power our efforts and investment to improve system reliability continued to produce positive results. Average minutes out excluding major storms for 2009 declined nearly 9% from the prior year. Dominion Virginia Power also added over 31,000 new connects. Although this was below the levels of the past few years, it was still a strong showing in a down economy. We exited 2009 with positive trends in both sales and customer growth. Operations at Dominion Energy’s pipeline and storage business were highlighted by the completion of the Cove Point Expansion Project and the USA Storage Project. We also began offering interim service at…

(Operator instructions). Our first question comes from Paul Fremont with Jefferies.

Good morning. One quick point of clarification on the guidance. Does the 2010 guidance also incorporate the staff recommendation in the rate proceeding or would that fall outside?

We’re not going to make any further comments about the rate case at this time, Paul. It will work its way through and we will evaluate it at the end.

My other question has to do with the improvement in tax rate for the quarter at the generation subsidiary. What drove the lower tax rate in the fourth quarter in generation?

Paul, in general, on taxes what we guided everybody to as we went into the fourth quarter is we thought we’d see a 36% tax rate and we also noted to everybody that on the manufacturing side, we also anticipate a $30 million incremental reduction in taxes in the quarter. In addition to that, our taxes did come in better. That would have given us about a 29% tax rate. We came in about 22%. It’s really driven by two main items. One is that the manufacturing deduction that we anticipate at $30 million came in at about $42 million and that there were some state allocation changes that benefited us to the tune of about $23 million. So it drove a lower fourth quarter number, but if you look at it year-over-year our tax rate consolidates about 35% this year and about 36% last year and we think 36% to 37% on a going forward basis is probably accurate.

Is there anything that sort of spills over that causes you to think the tax rate is lower than your original guidance for next year of 38%?

Again, I think what we said today is you should assume for 2010 a tax rate in the range of 36% to 37%.

Thanks.

Thank you, Paul.

Our next question comes from Hugh Wynne with Sanford Bernstein.

Good morning. What gives rise to the $0.09 negative variance associated with outages? Can you give us some color on that?

This is David Christian. We had a higher than scheduled outage season for the fourth quarter and we got it at early on. In addition to that we had the unplanned outage at Millstone that was referred to earlier, 17 days, 9 hours and 24 minutes carried on over a little bit into 2010.

That’s resolved?

That’s resolved. Yes.

One other item to add onto Dave’s comment is as we saw our way toward the end of 2009 we elected to move some outage work from the spring of 2010 into the fall of 2009 in generation. So that increased that O&M estimate by about $25 million than what we previously anticipated.

Okay. Second question, the reserve for the proposed settlement in Virginia in your slide is that 428 million on a pretax basis. In the cash flow statement I noticed a reserve for proposed rate settlement of 510 million. What’s the difference?

I'll let, Ashwini, our Chief Accounting Officer answer that question.

Hi, Hugh. The difference between the 428 and the 510 that’s reflected on the statement of cash flows is the reserve related to the interim rates that went into affect September 1st and that was about $82 million pretax.

Okay. And then last question, could you remind me, this is money you’re going to have to give back to rate payers in 2010. Why are we excluding this from operating earnings?

Hugh, the way we address is that any impact to 2009 calendar year we reflect it as an impact to operating earnings. The other potential reserves that were set up were outside of the calendar year for 2009. Earnings in 2008, some potential fuel or FTR expenses and we deem those consistent with past practices as non-operating.

All right. Thanks very much.

Thank you. Ladies and gentlemen we’ve reached the end of our allotted time. Mr. McGettrick, do you have any closing remarks.

Yes, thank you. We’d like to thank everybody for joining us this morning. Just a reminder, there are Forms 10-K are expected to be filed with the SEC at the end of February and our first quarter 2010 earnings release is scheduled tentatively for April 29. Thank you again.