Dominion names Duke Energy executive president of trading division

RICHMOND, Va., Oct. 1, 2001 — Kevin T. Howell has been named president-Dominion Energy Clearinghouse, the energy marketing and trading division of Dominion Energy, effective today.

Dominion Energy is the power generation, energy marketing and gas transportation unit of Dominion, one of the nation’s electric power and natural gas companies.

At present, Howell is executive vice president-Global Trading, Marketing & Risk Management, Duke Energy Corp., Houston. Howell has more than 20 years of energy-related experience. His commodities experience includes power, natural gas, petroleum products and financial derivatives in U.S., European, Latin American and Asian markets.

Thomas F. Farrell, chief executive officer of Dominion Energy, said:

“We are pleased to bring into our company a skilled energy executive of Kevin’s breadth and scope. Under his stewardship, we’re confident he will direct the continued strong growth of our energy marketing and trading operations. Kevin’s mission is to build on our earlier successes and to make the clearinghouse the energy marketing and energy services company in the Midwest, Northeast and Mid-Atlantic regions of the U.S.”

Dominion is on target to achieve expected annual increases in gas trading volumes from 1.2 trillion cubic feet at the end of 2000 to 2.4 trillion cubic feet at the end of 2003. Annual electricity trading volumes are on target to increase from 136 million megawatt-hours in 2000 to 265 million megawatt-hours by the end of 2003.

Howell will be based in Richmond and will report to Paul D. Koonce, senior vice president-portfolio management.

Richard T. “Rick” Thatcher, vice president-Market Services, now oversees the Dominion Energy Clearinghouse. Effective Oct. 1, Thatcher will become vice president-Dominion Energy and senior business consultant.

In his new position, Thatcher will be involved with numerous strategic business issues, including the company’s deregulation plan; new business initiatives; non-utility generation restructuring; and corporate outreach. He will continue to be based in Richmond and will also report to Koonce.

“In many respects, we can consider Rick Thatcher the father of Dominion’s successful trading operation,” Farrell said. “He founded it seven years ago and built it into an integral part of Dominion’s growth plan. With this remarkable success in hand, and a nationally prominent successor now appointed, we’re delighted that Rick is now ready to focus his considerable energy in other critical areas.”

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