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PageARTICLE I. DEFINITIONSSection 1.01
    
    Defined Terms
    
    
    2Section 1.02
    
    Rules of Interpretation
    
    
    6ARTICLE II. OBLIGATIONS OF SPONSORSection 2.01
    
    Equity Contributions
    
    
    6Section 2.02
    
    Late Payments
    
    
    9Section 2.03
    
    Waiver of Defenses; Obligations Unconditional
    
    
    10Section 2.04
    
    Incremental Facility
    
    
    12Section 2.05
    
    Subrogation
    
    
    12ARTICLE III. SPECIFIC PROVISIONSSection 3.01
    
    Reinstatement
    
    
    12Section 3.02
    
    Specific Performance
    
    
    13Section 3.03
    
    Commencement of Bankruptcy Proceedings
    
    
    13Section 3.04
    
    Set-Off
    
    
    13ARTICLE IV. PURCHASE OF PARTICIPATING INTERESTSection 4.01
    
    Required Purchase of Participating Interest
    
    
    13Section 4.02
    
    Effect of Purchase of Participating Interest
    
    
    14Section 4.03
    
    Subordinate Nature of Participating Interest
    
    
    14Section 4.04
    
    Rights of Agents and the Secured Parties
    
    
    14Section 4.05
    
    No Voting Rights
    
    
    15Section 4.06
    
    Outright Purchase; Obligations Unconditional
    
    
    15ARTICLE V. REPRESENTATIONS AND WARRANTIESSection 5.01
    
    Corporate Existence and Business
    
    
    15Section 5.02
    
    Organization; Power and Authority
    
    
    15Section 5.03
    
    Disclosures
    
    
    15Section 5.04
    
    Financial Statements
    
    
    16Section 5.05
    
    No Conflict
    
    
    16Section 5.06
    
    Authorization; Enforceable Obligations
    
    
    16Section 5.07
    
    Execution and Delivery
    
    
    16Section 5.08
    
    Ownership Interests
    
    
    16Section 5.09
    
    No Litigation or Proceeding
    
    
    16Section 5.10
    
    Investment Company Act
    
    
    17Section 5.11
    
    Use of Proceeds
    
    
    17Section 5.12
    
    ERISA
    
    
    17Section 5.13
    
    Environmental Laws; Hazardous Materials
    
    
    17Section 5.14
    
    Taxes
    
    
    18Section 5.15
    
    Existing Liens
    
    
    18Section 5.16
    
    Adequate Information
    
    
    19
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PageARTICLE VI. COVENANTSSection 6.01
    
    Affirmative Covenants
    
    
    19Section 6.02
    
    Negative Covenants
    
    
    21Section 6.03
    
    Reporting Covenants
    
    
    22Section 6.04
    
    Revisions to Sponsor Financing Documents
    
    
    24ARTICLE VII. EVENTS OF DEFAULTSection 7.01
    
    Events of Default
    
    
    25Section 7.02
    
    Revisions to Sponsor Financing Documents
    
    
    27ARTICLE VIII. MISCELLANEOUSSection 8.01
    
    Successions or Assignments
    
    
    28Section 8.02
    
    Collateral Agent Indemnification
    
    
    28Section 8.03
    
    Waivers
    
    
    28Section 8.04
    
    Interpretation
    
    
    29Section 8.05
    
    Remedies Cumulative
    
    
    29Section 8.06
    
    Severability
    
    
    29Section 8.07
    
    Amendments
    
    
    29Section 8.08
    
    Jurisdiction
    
    
    29Section 8.09
    
    Governing Law
    
    
    30Section 8.10
    
    Integration of Terms
    
    
    30Section 8.11
    
    Notices
    
    
    30Section 8.12
    
    Counterparts
    
    
    30Section 8.13
    
    Further Assurances
    
    
    31Section 8.14
    
    Termination of Agreement
    
    
    31Section 8.15
    
    No Third Party Beneficiaries
    
    
    31Section 8.16
    
    Consequential Damages
    
    
    31
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PageExhibits and SchedulesExhibit A
    
    Form of Commitment Increase AmendmentExhibit B
    
    Form of Commitment Decrease AmendmentSchedule 5.09
    
    Disclosed LitigationSchedule 5.13
    
    Environmental MattersSchedule 5.15
    
    Liens
 iii




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EQUITY COMMITMENT AGREEMENT
 Agreement Sponsor Collateral Agent
 RECITALS
 Borrower Dominion TrAIL Transmission Line Project
 TrAILCo
Credit Agreement Administrative Agent Lenders
 AET
 SFF Costs




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AGREEMENT
  ARTICLE I.
DEFINITIONS
 Defined Terms
 Administrative Agent
 AET
 Agreement
 Borrower
 Collateral Agent
 Commitment Decrease Amendment Exhibit B
 Commitment Increase Amendment Exhibit A
 2




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##### 



Completion Date
 Completion Date Funding Contribution
 Default Funding Contribution
 Defaulted Payment
 Discharge Date
 Disclosed Litigation
 Disclosed Matters
 Equity Commitment plus
 Equity Contribution
 Event of Default
 Funding Contribution
 Governmental Approvals
 Interim Equity Contribution
 3




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##### 



Lenders
 Material Adverse Effect
 MPC
 PEC
 Project
 Project Cost Funding Contribution
 Project Equity Commitment provided less provided further provided further provided
 4




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##### 



Receipt Payment Refund
 Remaining Equity Commitment minus provided less
 Reserve Equity Amount plus
 Retained Interest
 SEC
 SFF Costs
 SFF Equity Commitment
 SFF Funding Contribution
 Sponsor
 Sponsor Credit Agreement
 Sponsor Financing Document
 5




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##### 



provided
 Subsidiary
 SupplyCo
 TrAIL Transmission Line
 TrAILCo Credit Agreement
 WPPC
 Rules of Interpretation mutatis mutandis
 ARTICLE II.
OBLIGATIONS OF SPONSOR
 Equity Contributions
 Contributions by Sponsor
 Project Cost Funding Contribution less
 6




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##### 



SFF Funding Contribution
 lesser of Completion Date Funding
Contribution
 Default Funding Contribution provided however
 Treatment of Proceeds
  provided
  7




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##### 



Maximum Contribution Amount; Increases and Decreases in Equity Commitment
   Receipt Payment Refund
 minus provided provided less
 8




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##### 



plus plus
  Interim Equity Contributions Interim Equity
Contributions provided however less
 Late Payments plus
 9




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##### 



Waiver of Defenses; Obligations Unconditional
 Waiver of Defenses
 10




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##### 



Obligations Unconditional
      11




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##### 



Incremental Facility
 Subrogation
 ARTICLE III.
SPECIFIC PROVISIONS
 Reinstatement
 12




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##### 



Specific Performance
 Commencement of Bankruptcy Proceedings
 Set-Off
 ARTICLE IV.
PURCHASE OF PARTICIPATING INTEREST
 Required Purchase of Participating Interest
 13




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##### 



Defaulted Payment pro rata
 Effect of Purchase of Participating Interest
 Subordinate Nature of Participating Interest Retained Interest
 Rights of Agents and the Secured Parties
 14




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##### 



No Voting Rights
 Outright Purchase; Obligations Unconditional
 ARTICLE V.
REPRESENTATIONS AND WARRANTIES
  Corporate Existence and Business
 Organization; Power and Authority
 Disclosures
  15




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##### 



Financial Statements
 No Conflict
 Authorization; Enforceable Obligations
 Execution and Delivery
 Ownership Interests
 No Litigation or Proceeding
  16




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##### 



Investment Company Act investment company
 Use of Proceeds
 ERISA
 Environmental Laws; Hazardous Materials
 17




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##### 



Taxes
   Existing Liens
 18




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##### 



Adequate Information
 ARTICLE VI.
COVENANTS
  Affirmative Covenants
 Compliance with Laws
 Compliance with Environmental Laws
 Governmental Approvals
 Payment of Taxes, Etc provided
 19




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##### 



Insurance
 Preservation of Corporate Existence, Etc provided however
 Keeping of Books
 Maintenance of Properties, Etc
 Transactions with Affiliates provided
 Maintenance of Ownership of Subsidiaries
  20




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##### 



Negative Covenants
 Debt
 Change in Nature of Business
 Mergers, Etc
 Sales, Etc., of Assets
 Investments in Other Persons
 Restricted Payments
 Payment Restrictions Affecting the Sponsor and its Subsidiaries
 Prepayments, Etc., of Debt
 Speculative Transactions
 21




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##### 



Compliance with ERISA
 Financial Covenants
  Default Notices
 Annual Financials provided
 Quarterly Financials
 22




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##### 



provided
 Litigation
 Environmental Conditions
 Sponsor Financing Documents
 Other Information
 23




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##### 



Revisions to Sponsor Financing Documents
 Existing Covenants provided however provided further
  New Covenants
 24




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##### 



ARTICLE VII.
EVENTS OF DEFAULT
 Events of Default Event of Default
    Preservation of Corporate Existence, Etc. Negative Covenants Speculative Transactions Default Notices
 Transactions with Affiliates Speculative Transactions Reporting Covenants Default Notices Litigation
   25




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##### 



provided however
    26




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##### 



per annum
    Revisions to Sponsor Financing Documents
 27




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##### 



ARTICLE VIII.
MISCELLANEOUS
 Successions or Assignments
   Collateral Agent Indemnification
 Collateral Agent Indemnitees provided
 Section 8.02
 Waivers
  28




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##### 



Interpretation
 Remedies Cumulative
 Severability
 Amendments
 Jurisdiction forum non-conveniens
 29




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##### 



Governing Law
 Integration of Terms
 Notices
 
  
  
 Counterparts
 30




---



##### 



Further Assurances
 Termination of Agreement
 No Third Party Beneficiaries
 Consequential Damages
 Signature pages follow
 31




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##### 



ALLEGHENY ENERGY, INC.,
as SponsorBy:

/s/
Barry E. PakenhamName:
    Barry E. PakenhamTitle:
    TreasurerUNION BANK OF CALIFORNIA, N.A.,
as Collateral AgentBy:

/s/
Luis PerezName:
    Luis PerezTitle:
    Vice President