Document:

<PAGE>

Exhibit 4(vii)
Form of Supplemental Indenture to Senior Indenture

                      VIRGINIA ELECTRIC AND POWER COMPANY
                                    Issuer

                                      TO

                           THE CHASE MANHATTAN BANK
                                    Trustee

                               ----------------

                         Fifth Supplemental Indenture

                         Dated as of __________, 200_

     Supplementing the Senior Indenture dated as of June 1, 1998, as amended by
a First
Supplemental Indenture dated as of June 1, 1998, a Second Supplemental Indenture
dated as of
            June 1, 1999, Third Supplemental Indenture dated as of
  November 1, 1999 and a Fourth Supplemental Indenture dated as of ____, 200_

                                --------------

                                 $___,000,000

                _______Series ___ ____% Senior Debt Securities

                             due __________, 20__
<PAGE>

                             TABLE OF CONTENTS/1/

<TABLE>
<S>                                                                         <C>
                                   ARTICLE 1
                  ____ SERIES __  ___% SENIOR DEBT SECURITIES

     SECTION 101.  Establishment..........................................
     SECTION 102.  Definitions............................................
     SECTION 103.  Payment of Principal and Interest......................
     SECTION 104.  Denominations..........................................
     SECTION 105.  Global Securities......................................
     SECTION 106.  Additional Interest....................................
     SECTION 107.  Listing of Series __ Senior Debt Securities............
     SECTION 108.  Paying Agent...........................................

                                   ARTICLE 2
                           MISCELLANEOUS PROVISIONS

     SECTION 201.  Recitals by Corporation...............................
     SECTION 202.  Ratification and Incorporation of Original Indenture..
     SECTION 203.  Executed in Counterparts..............................
     SECTION 204.  Assignment............................................
</TABLE>

_________________________
     /1/This Table of Contents does not constitute part of the Indenture or have
any bearing upon the interpretation of any of its terms and provisions.
<PAGE>

     THIS FIFTH SUPPLEMENTAL INDENTURE is made as of the _______ day of
___________, 200_, by and between VIRGINIA ELECTRIC AND POWER COMPANY, a
Virginia corporation, having its principal office at One James River Plaza, 701
East Cary Street, Richmond, Virginia 23219 (the "Company"), and THE CHASE
MANHATTAN BANK, a New York banking corporation, as Trustee (herein called the
"Trustee").

                             W I T N E S S E T H:

     WHEREAS, the Company has heretofore entered into a Senior Indenture, dated
as of June 1, 1998, (the "Original Indenture") with The Chase Manhattan Bank;

     WHEREAS, the Original Indenture is incorporated herein by this reference
and the Original Indenture, as amended by a First Supplemental Indenture dated
as of June 1, 1998, a Second Supplemental Indenture dated as of June 1, 1999, a
Third Supplemental Indenture dated as of November 1, 1999, a Fourth Supplemental
Indenture dated as of _________, 200_ and by this Fifth Supplemental Indenture,
is herein called the "Indenture";

     WHEREAS, under the Original Indenture, a new series of Securities may at
any time be established in accordance with the provisions of the Original
Indenture and the terms of such series may be described by a supplemental
indenture executed by the Company and the Trustee;

     WHEREAS, the Company proposes to create under the Indenture a series of
Securities;

     WHEREAS, additional Securities of other series hereafter established,
except as may be limited in the Original Indenture as at the time supplemented
and modified, may be issued from time to time pursuant to the Indenture as at
the time supplemented and modified; and

     WHEREAS, all conditions necessary to authorize the execution and delivery
of this Fifth Supplemental Indenture and to make it a valid and binding
obligation of the Company have been done or performed.

     NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

                                   ARTICLE 1
                  ___ SERIES __ ____% SENIOR DEBT SECURITIES

     SECTION 101.  Establishment.  There is hereby established a new series of
                   -------------
Securities to be issued under the Indenture, to be designated as the Company's
___ Series __ ____% Senior Debt Securities, due ____________, 20___ (the "Series
___ Senior Debt Securities").

     There are to be authenticated and delivered $___,000,000 principal amount
of Series ___ Senior Debt Securities, and no further Series ___ Senior Debt
Securities shall be authenticated
<PAGE>

and delivered except as provided by Sections 304, 305, 306, 904 or 1106 of the
Original Indenture. The Series ___ Senior Debt Securities shall be issued in
definitive fully registered form without coupons.

     The Series ___ Senior Debt Securities shall be in substantially the form
set out in Exhibit A hereto. The entire principal amount of the Series ___
           ---------
Senior Debt Securities shall initially be evidenced by one or more certificates
issued to Cede & Co., as nominee for The Depository Trust Company.

     The form of the Trustee's Certificate of Authentication for the Series ___
Senior Debt Securities shall be in substantially the form set forth in Exhibit B
                                                                       ---------
hereto.

     Each Series __ Senior Debt Security shall be dated the date of
authentication thereof and shall bear interest from the date of original
issuance thereof or from the most recent Interest Payment Date to which interest
has been paid or duly provided for.

     SECTION 102.  Definitions.  The following defined terms used herein shall,
                   -----------
unless the context otherwise requires, have the meanings specified below.
Capitalized terms used herein for which no definition is provided herein shall
have the meanings set forth in the Original Indenture.

     "Business Day" means a day other than (i) a Saturday or a Sunday, (ii) a
day on which banks in New York, New York are authorized or obligated by law or
executive order to remain closed or (iii) a day on which the Corporate Trust
Office is closed for business.

     "Interest Payment Dates" means __________ and ________  of each year,
commencing on _________, 20__.

     "Original Issue Date" means __________, ____.

     "Outstanding", when used with respect to the Series ___ Senior Debt
Securities, means, as of the date of determination, all Series ___ Senior Debt
Securities, theretofore authenticated and delivered under the Indenture, except:

          (i)  Series ___ Senior Debt Securities theretofore canceled by the
Trustee or delivered to the Trustee for cancellation;

          (ii) Series ___ Senior Debt Securities for whose payment the necessary
amount of money or money's worth has been theretofore deposited with the Trustee
or any Paying Agent (other than the Company) in trust or set aside and
segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Series ___ Senior Debt Securities.

                                       2
<PAGE>

          (iii) Series ___ Senior Debt Securities as to which Defeasance has
been effected pursuant to Section 402 of the Original Indenture; and

          (iv)  Series ___ Senior Debt Securities that have been paid pursuant
to Section 306 or in exchange for or in lieu of which other Series ___ Senior
Debt Securities have been authenticated and delivered pursuant to the Indenture,
other than any such Series ___ Senior Debt Securities in respect of which there
shall have been presented to the Trustee proof satisfactory to it that such
Series ___ Senior Debt Securities are held by a bona fide purchaser in whose
hands such Series ___ Senior Debt Securities are valid obligations of the
Company; provided, however, that in determining, during any period in which any
Series ___ Senior Debt Securities are owned by any Person other than the Company
or any Affiliate thereof, whether the Holders of the requisite principal amount
of Outstanding Series ___ Senior Debt Securities have given, made or taken any
request, demand, authorization, direction, notice, consent, waiver or other
action hereunder as of any date, Series ___ Senior Debt Securities owned,
whether of record or beneficially, by the Company or any Affiliate thereof shall
be disregarded and deemed not to be Outstanding. In determining whether the
Trustee shall be protected in relying upon such request, demand, authorization,
direction, notice, consent, waiver or other action, only Series ___ Senior Debt
Securities that the Trustee knows to be so owned by the Company or an Affiliate
of the Company in the above circumstances shall be so disregarded. Series ___
Senior Debt Securities so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Series ___ Senior
Debt Securities and that the pledgee is not the Company or any Affiliate of the
Company.

     "Regular Record Date" means, with respect to each Interest Payment Date,
the close of business on the 15th calendar day preceding such Interest Payment
Date.

     "Stated Maturity" means ____________, 20___.

     SECTION 103.  Payment of Principal and Interest.  The principal of the
                   ---------------------------------
Series ___ Senior Debt Securities shall be due at the Stated Maturity.  The
unpaid principal amount of the Series ___ Senior Debt Securities shall bear
interest at the rate of ____% per annum until paid or duly provided for, such
interest to accrue from the Original Issue Date or from the most recent Interest
Payment Date to which interest has been paid or duly provided for. Interest
shall be paid [semi-annually] in arrears on each Interest Payment Date to the
Person in whose name the Series ___ Senior Debt Securities are registered on the
Regular Record Date for such Interest Payment Date; provided that interest
payable at the Stated Maturity of principal as provided herein will be paid to
the Person to whom principal is payable.  Any such interest that is not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holders on such Regular Record Date and may either be paid to the Person or
Persons in whose name the Series ___ Senior Debt Securities are registered at
the close of business on a Special Record Date for the payment of such defaulted
interest to be fixed by the Trustee (Special Record Date), notice whereof shall
be given to Holders of the Series ___ Senior Debt Securities not less than ten
(10) days prior to such

                                       3
<PAGE>

Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange, if any, on which
the Series ___ Senior Debt Securities may be listed, and upon such notice as may
be required by any such exchange, all as more fully provided in the Original
Indenture.

     Payments of interest on the Series ___ Senior Debt Securities will include
interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the Series ___ Senior Debt Securities shall be computed
and paid on the basis of a 360-day year of twelve 30-day months. In the event
that any date on which interest is payable on the Series ___ Senior Debt
Securities is not a Business Day, then payment of the interest payable on such
date will be made on the next succeeding day that is a Business Day (and without
any interest or payment in respect of any such delay), in each case with the
same force and effect as if made on the date the payment was originally payable.

     Payment of the principal and interest on the Series ___ Senior Debt
Securities shall be made at the office of the Paying Agent in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, with any such payment that is
due at the Stated Maturity of any Series ___ Senior Debt Securities being made
upon surrender of such Series ___ Senior Debt Securities to the Paying Agent.
Payments of interest (including interest on any Interest Payment Date) will be
made, subject to such surrender where applicable, at the option of the Company,
(i) by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register or (ii) by wire transfer at such
place and to such account at a banking institution in the United States as may
be designated in writing to the Trustee at least sixteen (16) days prior to the
date for payment by the Person entitled thereto.  In the event that any date on
which principal and interest is payable on the Series ___ Senior Debt Securities
is not a Business Day, then payment of the principal and interest payable on
such date will be made on the next succeeding day that is a Business Day (and
without any interest or payment in respect of any such delay), in each case with
the same force and effect as if made on the date the payment was originally
payable.

     SECTION 104.  Denominations.  The Series ___ Senior Debt Securities may be
                   -------------
issued in denominations of $1000 or any integral multiple thereof.

     SECTION 105.  Global Securities.  The Series ___ Senior Debt Securities
                   -----------------
will be issued initially in the form of one Global Security registered in the
name of the Depositary (which shall be The Depository Trust Company) or its
nominee. Except under the limited circumstances described below, Series ___
Senior Debt Securities represented by such Global Security will not be
exchangeable for, and will not otherwise be issuable as, Series ___ Senior Debt
Securities in definitive form. The Global Security described above may not be
transferred except by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of the Depositary
or to a successor Depositary or its nominee.

                                       4
<PAGE>

     Owners of beneficial interests in such a Global Security will not be
considered the Holders thereof for any purpose under the Indenture, and no
Global Security representing a Series __ Senior Note shall be exchangeable,
except for another Global Security of like denomination and tenor to be
registered in the name of the Depositary or its nominee or to a successor
Depositary or its nominee or except as described below. The rights of Holders of
such Global Security shall be exercised only through the Depositary.

     A Global Security shall be exchangeable for Series ___ Senior Debt
Securities registered in the names of persons other than the Depositary or its
nominee only if (i) the Depositary notifies the Company that it is unwilling or
unable to continue as a Depositary for such Global Security and no successor
Depositary shall have been appointed by the Company within 90 days of receipt by
the Company of such notification, or if at any time the Depositary ceases to be
a clearing agency registered under the Exchange Act at a time when the
Depositary is required to be so registered to act as such Depositary and no
successor Depositary shall have been appointed by the Company within 90 days
after it becomes aware of such cessation, or (ii) the Company in its sole
discretion determines that such Global Security shall be so exchangeable.  Any
Global Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Series ___ Senior Debt Securities registered in such names as
the Depositary shall direct.

     SECTION 106.  Redemption.  The Series ___ Senior Debt Securities that are
                   ----------
redeemable before their Stated Maturity shall be redeemable in accordance with
their terms and in accordance with Article XI of the Original Indenture.  The
Series ___ Senior Debt Securities shall not have a sinking fund.

     SECTION 107.  Additional Interest.  Any principal of and installment of
                   -------------------
interest on the Series ___ Senior Debt Securities that is overdue shall bear
interest at the rate of  ____% (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment, and such interest shall be payable on
demand.

     SECTION 108.  Paying Agent.  The Trustee shall initially serve as Paying
                   ------------
Agent with respect to the Series ___ Senior Debt Securities, with the Place of
Payment initially being the Corporate Trust Office of the Trustee.

                                   ARTICLE 2
                            MISCELLANEOUS PROVISIONS

     SECTION 201.  Recitals by Company.  The recitals in this Fifth
                   -------------------
Supplemental Indenture are made by the Company only and not by the Trustee, and
all of the provisions contained in the Original Indenture in respect of the
rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect of the Series ___ Senior Debt Securities and of this Fifth
Supplemental Indenture as fully and with like effect as if set forth herein in
full.

                                       5
<PAGE>

     SECTION 202.  Ratification and Incorporation of Original Indenture.  As
                   ----------------------------------------------------
supplemented hereby, the Original Indenture is in all respects ratified and
confirmed, and the Original Indenture and this Fifth Supplemental Indenture
shall be read, taken and construed as one and the same instrument.

     SECTION 203.  Executed in Counterparts.  This Supplemental Indenture may be
                   ------------------------
executed in several counterparts, each of which shall be deemed to be an
original, and such counterparts shall together constitute but one and the same
instrument.

     SECTION 204.  Assignment.  The Company shall have the right at all times to
                   ----------
assign any of its rights or obligations under the Indenture with respect to the
Series ___ Senior Debt Securities to a direct or indirect wholly-owned
subsidiary of the Company; provided that, in the event of any such assignment,
the Company shall remain primarily liable for the performance of all such
obligations.  The Indenture may also be assigned by the Company in connection
with a transaction described in Article Eight of the Original Indenture.

                                       6
<PAGE>

          IN WITNESS WHEREOF, each party hereto has caused this instrument to be
signed in its name and behalf by its duly authorized officers, all as of the day
and year first above written.

                         VIRGINIA ELECTRIC AND POWER COMPANY

                         By:_______________________________________

                         Name:_____________________________________

                         Title:____________________________________

(SEAL)
Attest:

_______________________________

Name:__________________________
Vice President and Corporate Secretary

                         THE CHASE MANHATTAN BANK, as Trustee

                         By:_______________________________________

                         Name:_____________________________________

                         Title:____________________________________
(SEAL)
Attest:

_______________________________
Trust Officer

                                       7
<PAGE>

Commonwealth of Virginia
City of Richmond         ss.:

          On the ____ day of ________, ____, before me personally came
_______________ ______________________ to me known, who, being by me duly sworn,
did depose and say that (s)he is ________________________ of Virginia Electric
and Power Company, one of the corporations described in and which executed the
foregoing instrument; that (s)he knows the seal of said corporation; that the
seal affixed to said instrument is such corporate seal; that it was so affixed
by authority of the Board of Directors of said corporation, and that (s)he
signed his/her name thereto by like authority.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this
____day of ________, ____.

(Notarial Seal)                              ______________________________
                                             Notary Public

My commission expires:  _______________.

State of New York
City/County of New York  ss.:

          On the ____ day of ________, ____, before me personally came
_____________________________________ to me known, who, being by me duly sworn,
did depose and say that (s)he is _________________________ of The Chase
Manhattan Bank, one of the corporations described in and which executed the
foregoing instrument; that (s)he knows the seal of said corporation; that the
seal affixed to said instrument is such corporate seal; that it was so affixed
by authority of the Board of Directors of said corporation, and that (s)he
signed his/her name thereto by like authority.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal this ____
day of ________, ____.

(Notarial Seal)                              ______________________________
                                             Notary Public

     My commission expires:  _______________.

                                       8
<PAGE>

                                   EXHIBIT A

                                    FORM OF
                   ____ SERIES B ____% SENIOR DEBT SECURITY,
                            DUE ____________, 20___

     [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME
AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, [CEDE & CO.,] HAS AN INTEREST HEREIN.]**

     [THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A
SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]**

                             ____________________

                      VIRGINIA ELECTRIC AND POWER COMPANY

                             ____________________

                                 $_____________
                   ____ SERIES B ____% SENIOR DEBT SECURITY,
                            DUE ____________, 20___

No. ___                                                          CUSIP No.  ____

          Virginia Electric and Power Company, a corporation duly organized and
existing under the laws of Virginia (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to [Cede & Co.]**, or registered assigns
(the "Holder"), the principal sum of __________________ Dollars
($______________) on ____________, 20___, and to pay interest thereon from

_____________________

     **Insert in Global Securities.
<PAGE>

________ 1, ____ or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, [semi-annually] on ______________ and
__________ in each year, commencing ________, 200_, at the rate of ____% per
annum, until the principal hereof is paid or made available for payment,
provided that any principal, and any such installment of interest, that is
overdue shall bear interest at the rate of ____% per annum (to the extent that
the payment of such interest shall be legally enforceable), from the dates such
amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand.  The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the fifteenth calendar day
(whether or not a Business Day) next preceding such Interest Payment Date.  Any
such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid
to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture.

          Payment of the principal of and any such interest on this Security
will be made at the office of the Paying Agent or agency of the Company in the
Borough of Manhattan, City and State of New York, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of
the Company payment of interest may be made (i) by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security
Register or (ii) by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Trustee
at least sixteen (16) days prior to the date for payment by the Person entitled
thereto.

          Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                       2
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:
                                   Virginia Electric and Power Company

                                   By_______________________________________
Attest:

______________________________

                             [REVERSE OF SECURITY]

          This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under a Senior Indenture, dated as of June 1, 1998, as amended by a First
Supplemental Indenture dated as of June 30, 1998, a Second Supplemental
Indenture dated as of June 1, 1999, a Third Supplemental Indenture dated as of
November 1, 1999, a Fourth Supplemental Indenture dated as of ______ __, 200_
and and by a Fifth Supplemental Indenture dated as of ___________,200_  (as
amended or supplemented from time to time, herein called the "Indenture", which
term shall have the meaning assigned to it in such instrument), between the
Company and The Chase Manhattan Bank, as Trustee (herein called the "Trustee",
which term includes any successor trustee under the Indenture), and reference is
hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  This Security is
one of the series designated on the face hereof limited in aggregate principal
amount to $___,000,000.

          [The Securities of this series are not subject to redemption prior to
Stated Maturity.]

          If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at
the time Outstanding of each series to be affected.  The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the

                                       3
<PAGE>

Securities of each series at the time Outstanding, on behalf of the Holders of
all Securities of such series, to waive certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange therefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

          As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than a majority in principal
amount of the Securities of this series at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity, and the
Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction
inconsistent with such request, and shall have failed to institute any such
proceeding for 60 days after receipt of such notice, request and offer of
indemnity.  The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or
interest hereon on or after the respective due dates expressed or provided for
herein.

          No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and interest
on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount,
will be issued to the designated transferee or transferees.

          The Securities of this series are issuable only in registered form
without coupons in denominations of $________ and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series having the same Stated Maturity and of like
tenor of any authorized denominations as requested by the Holder upon surrender
of the Security or Securities to be exchanged at the office or agency of the
Company.

                                       4
<PAGE>

          No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

          Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

          All terms used in this Security that are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

                                       5
<PAGE>

                                 ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM --                    as tenants in common

TEN ENT --                              as tenants by the entireties

JT TEN --                               as joint tenants with rights of
                              survivorship and not as tenants in common

UNIF GIFT MIN ACT --                __________________________ Custodian
                              for
                              (Cust)

                              ________________________________
                              (Minor)

                              Under Uniform Gifts to Minors Act of

                              ________________________________
                              (State)

Additional abbreviations may also be used though not on the above list.
______________________________________________________________

     FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
____________________ (please insert Social Security or other identifying number
of assignee).

_______________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

the within Security and all rights thereunder, hereby irrevocably constituting
and appointing
<PAGE>

________________________________________________________________
________________________________________________________________
________________________________________________________________

agent to transfer said Security on the books of the Company, with full power of
substitution in the premises.

Dated: __________________ __, ____

                -----------------------------------

NOTICE:  The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular without
alteration or enlargement, or any change whatever.

                                       7
<PAGE>

                                   EXHIBIT B
                         CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

                                    THE CHASE MANHATTAN BANK,
                                    as Trustee

                                    By: ________________________________
                                        Authorized Officer<PAGE>

Exhibit 4(viii)
Form of Second Supplemental Indenture

                         SECOND SUPPLEMENTAL INDENTURE

                                    BETWEEN

                      VIRGINIA ELECTRIC AND POWER COMPANY

                                      AND

                           THE CHASE MANHATTAN BANK

                        DATED AS OF ____________, 200_

                       ____% JUNIOR SUBORDINATED NOTES,
                             DUE __________, 20__
<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>                                                                          <C>
ARTICLE I DEFINITIONS........................................................  2
 1.1  Definition of Terms....................................................  2

ARTICLE II GENERAL TERMS AND CONDITIONS OF THE JUNIOR SUBORDINATED NOTES.....  5
 2.1  Designation and Principal Amount.......................................  5
 2.2  Stated Maturity........................................................  5
 2.3  Form and Payment; Minimum Transfer Restriction.........................  5
 2.4  Exchange and Registration of Transfer of Junior Subordinated Notes;
      Restrictions on Transfers; Depositary..................................  6
 2.5  Interest...............................................................  7

ARTICLE III PREPAYMENT OF THE JUNIOR SUBORDINATED NOTES................... ..  8
 3.1  Tax Event or Investment Company Event Prepayment.......................  8
 3.2  Optional Prepayment by Company.........................................  8
 3.3  Notice of Prepayment...................................................  9

ARTICLE IV EXTENSION OF INTEREST PAYMENT PERIOD..............................  9
 4.1  Extension of Interest Payment Period...................................  9
 4.2  Notice of Extension.................................................... 10
 4.3  Direct Action.......................................................... 11

ARTICLE V EXPENSES........................................................... 11
 5.1  Payment of Expenses.................................................... 11
 5.2  Payment Upon Resignation or Removal.................................... 12

ARTICLE VI FORM OF JUNIOR SUBORDINATED JUNIOR SUBORDINATED NOTE.............. 12
 6.1  Form of Junior Subordinated Junior Subordinated Note................... 12

ARTICLE VII ORIGINAL ISSUE OF JUNIOR SUBORDINATED NOTES...................... 12
 7.1  Original issue of Junior Subordinated Notes............................ 12

ARTICLE VIII MISCELLANEOUS................................................... 12
 8.1  Ratification of Indenture; Second Supplemental Indenture Controls...... 12
 8.2  Trustee Not Responsible for Recitals................................... 13
 8.3  Governing Law.......................................................... 13
 8.4  Separability........................................................... 13
 8.5  Counterparts........................................................... 13
</TABLE>

Exhibit A -   Form of Junior Subordinated Junior Subordinated Note
<PAGE>

                         SECOND SUPPLEMENTAL INDENTURE

     SECOND SUPPLEMENTAL INDENTURE, dated as of ____________, 200_ (the "Second
Supplemental Indenture"), between VIRGINIA ELECTRIC AND POWER COMPANY, a
Virginia corporation (the "Company"), and THE CHASE MANHATTAN BANK, as trustee
(the "Trustee") under the Indenture dated as of August, 1, 1995 between the
Company and the Trustee (the "Base Indenture" and, together with the First
Supplemental Indenture dated as of August 1, 1995 and this Second Supplemental
Indenture, the "Indenture").

     WHEREAS, the Company executed and delivered the Base Indenture to the
Trustee to provide for the future issuance of the Company's unsecured junior
subordinated notes (the "Junior Notes") to be issued from time to time in one or
more series as might be determined by the Company under the Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered as
provided in the Base Indenture;

     WHEREAS, pursuant to the terms of the Base Indenture, the Company desires
to provide for the establishment of a series of its Junior Subordinated Notes,
to be known as its ____% Junior Subordinated Notes due __________, 20__ (the
"Junior Subordinated Notes"), the form and substance of such Junior Subordinated
Notes and the terms, provisions and conditions thereof to be set forth as
provided in the Base Indenture and this Second Supplemental Indenture;

     WHEREAS, the Company desires that this series of Junior Subordinated Notes
be originally issued on __________, ____ pursuant to the Indenture [and the
Trust Agreement (as defined in Section 1.1)];

     [WHEREAS, Virginia Power Capital Trust II, a Delaware statutory business
trust (the "Trust"), has offered to the purchasers (the "Underwriters") named in
Schedule I to the Underwriting Agreement (the "Underwriting Agreement") dated
__________, 200_ among the Underwriters, the Trust and the Company $___________
aggregate liquidation amount of its ____% Trust Preferred Securities (the "Trust
Preferred Securities"), representing undivided beneficial interests in the
assets of the Trust and proposes to invest the proceeds from the sale of the
Trust Preferred Securities, together with the proceeds of the sale by the Trust
to the Company of $_________ aggregate liquidation amount of its Common
Securities, in $___________ aggregate principal amount of the Junior
Subordinated Notes;] and

     WHEREAS, the Company has requested that the Trustee execute and deliver
this Second Supplemental Indenture and all requirements necessary to make this
Second Supplemental Indenture a valid instrument in accordance with its terms,
and to make the Junior Subordinated Notes, when executed by the Company and
authenticated and delivered by the Trustee, the valid obligations of the
Company, have been performed, and the execution and delivery of this Second
Supplemental Indenture has been duly authorized in all respects;

     NOW, THEREFORE, in consideration of the purchase and acceptance of the
Junior Subordinated Notes by the Underwriters, and for the purpose of setting
forth, as provided in the Base Indenture, the form and substance of the Junior
Subordinated Notes and the terms,
<PAGE>

provisions and conditions thereof, the Company covenants and agrees with the
Trustee as follows:

                                   ARTICLE I
                                  DEFINITIONS

     1.1  Definition of Terms. For all purposes of this Second Supplemental
Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

          (a) the terms which are defined in the Base Indenture have the same
meanings when used in this Second Supplemental Indenture unless otherwise
defined herein;

          (b) the terms defined in this Article have the meanings assigned to
them in this Article and include the plural as well as the singular;

          (c) all other terms used herein which are defined in the Trust
Indenture Act of 1939, whether directly or by reference therein, have the
meanings assigned to them therein;

          (d) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles in the United States of America, and, except as otherwise herein
expressly provided, the term "generally accepted accounting principles" with
respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted in the United States of America
at the date of such computation; provided, that when two or more principles are
so generally accepted, it shall mean that set of principles consistent with
those in use by the Company;

          (e) a reference to a Section or Article is to a Section or Article of
this Second Supplemental Indenture unless otherwise stated;

          (f) the words "herein," "hereof" and "hereunder" and other words of
similar import refer to this Second Supplemental Indenture as a whole and not to
any particular Article, Section or other subdivision;

          (g)  headings are for convenience of reference only and do not affect
interpretation;

          (h) the term "prepayment" as used herein means "redemption" as such
term is used in the Base Indenture; and

          (i) [the following terms have the meanings given to them in the Trust
Agreement: (i) Administrative Trustee, (ii) Delaware Trustee, (iii)
Distributions, (iv) Property Trustee, (v) Trust Preferred Securities, (vi) Tax
Event and (vii) Investment Company Event.]

          "Additional Interest" has the meaning specified in Section 2.5.

                                      -2-
<PAGE>

          ["Adjusted Treasury Rate" means, with respect to any prepayment date,
the Treasury Rate plus (i) [1.00]% if such prepayment date occurs on or before
__________, 20__ or (ii) [0.50]% if such prepayment date occurs after
__________, 20__.]

          ["Comparable Treasury Issue" means with respect to any prepayment date
the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the Term To Initial Optional Prepayment Date that would
be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the Term To Initial Optional Prepayment Date.  If no United States
Treasury security has a maturity which is within a period from three months
before to three months after __________, 20__, the two most closely
corresponding United States Treasury securities shall be used as the Comparable
Treasury Issue, and the Treasury Rate shall be interpolated or extrapolated on a
straight-line basis, rounding to the nearest month using such securities.]

          ["Comparable Treasury Price" means, with respect to any prepayment
date, (A) the average of five Reference Treasury Dealer Quotations for such
prepayment date, after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (B) if the Trustee obtains fewer than three such Reference
Treasury Dealer Quotations, the average of all such Quotations.]

          "Coupon Rate" has the meaning specified in Section 2.5(a).

          "Definitive Junior Subordinated Note Certificates" means Junior
Subordinated Notes issued in definitive, fully registered form.

          ["Event Prepayment Price" has the meaning specified in Section 3.1.]

          "Extension Period" has the meaning specified in Section 4.1.

          "Global Security" has the meaning specified in Section 2.4(a).

          ["Initial Optional Prepayment Date" has the meaning specified in
Section 3.2(a).]

          "Interest Payment Date" has the meaning specified in Section 2.5.

          "Junior Notes" has the meaning specified in the first recital to this
Second Supplemental Indenture.

          "Junior Subordinated Notes" has the meaning specified in the second
recital to this Second Supplemental Indenture.

          ["Liquidation Amount" means the stated amount of $_____ per Capital
Security.]

          ["Optional Prepayment Price" has the meaning specified in Section
3.2.]

          "Quotation Agent" means _____________________ and its successors.

                                      -3-
<PAGE>

          "Record Date" has the meaning specified in Section 2.5(a).

          ["Reference Treasury Dealer" means (i) ___________________ , and their
respective successors; provided, however, that if any of the foregoing shall
cease to be a primary U.S. Government securities dealer in New York City (a
"Primary Treasury Dealer"), the Company shall substitute therefor another
Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by
the Trustee after consultation with the Company.]

          ["Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any prepayment date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
third Business Day preceding such prepayment date.]

          ["Term To Initial Optional Prepayment Date" has the meaning specified
in Section 3.1.]

          "Treasury Rate" means (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated "H.15 (519)" or any successor
publication which is published weekly by the Federal Reserve and which
establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption "Treasury Constant Maturities," for the
maturity corresponding to the Term To Initial Optional Prepayment Date (if no
maturity is within three months before or after the Term To Initial Optional
Prepayment Date, yields for the two published maturities most closely
corresponding to the Term To Initial Optional Prepayment Date shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such
yields on a straight-line basis, rounding to the nearest month) or (ii) if such
release (or any successor release) is not published during the week preceding
the calculation date or does not contain such yields, the rate per annum equal
to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
such prepayment date.  The Treasury Rate shall be calculated on the third
Business Day preceding the prepayment date.

          "Trust Preferred Securities" has the meaning specified in the fourth
recital to this Second Supplemental Indenture.

          ["Trust" has the meaning specified in the fourth recital to this
Second Supplemental Indenture.]

          ["Trust Agreement" means the Amended and Restated Trust Agreement
dated as of __________, 200_ among the Company, as Depositor, The Chase
Manhattan Bank, as Property Trustee, Chase Manhattan Bank Delaware, as Delaware
Trustee, the Administrative Trustees named therein and the holders, from time to
time, of undivided beneficial interests in the assets of the Trust.]

                                      -4-
<PAGE>

          ["Underwriters" has the meaning specified in the fourth recital to
this Second Supplemental Indenture.]

          ["Underwriting Agreement" has the meaning specified in the fourth
recital to this Second Supplemental Indenture.]

                                  ARTICLE II
                      GENERAL TERMS AND CONDITIONS OF THE
                           JUNIOR SUBORDINATED NOTES

     2.1 Designation and Principal Amount. There is hereby authorized one series
of Junior Subordinated Notes, to be designated the "____% Junior Subordinated
Notes due __________, 20__," and limited in aggregate principal amount to
$___________, which amount shall be as set forth in any written orders of the
Company for the authentication and delivery of Junior Subordinated Notes
pursuant to Section 302 of the Base Indenture and Section 7.1(a) hereof.

     2.2 Stated Maturity. The Stated Maturity of the Junior Subordinated Notes
is __________, 20__, which may not be shortened or extended.

     2.3  Form and Payment; Minimum Transfer Restriction.

          (a) The Junior Subordinated Notes shall be issued to the [holders]
[Property Trustee] in fully registered definitive form without coupons in
minimum denominations of $1,000 and integral multiples of $1,000 in excess
thereof. Principal and interest on the Junior Subordinated Notes issued in
definitive form will be payable, the transfer of such Junior Subordinated Notes
will be registerable and such Junior Subordinated Notes will be exchangeable for
Junior Subordinated Notes bearing identical terms and provisions at the
Corporate Trust Office of the Trustee; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the
registered holder at such address as shall appear in the Security Register.
[Notwithstanding the foregoing, so long as the registered holder of any
Junior Subordinated Notes is the Property Trustee, the payment of the principal
of and interest (including Additional interest if any, and additional amounts
referred to in clause (i) of the definition of "Additional Interest" contained
in Section 101 of the Bank Indenture, if any, on such Junior Subordinated Notes
held by the Property Trustee will be made at such place, or by wire transfer of
immediately available funds to such account, as may be designated by the
Property Trustee.] The Security Register for the Junior Subordinated Notes shall
be kept at the Corporate Trust Office of the Trustee and the Trustee is hereby
appointed registrar for the Junior Subordinated Notes.

          (b) The Junior Subordinated Notes may be transferred or exchanged only
in minimum denominations of $[1,000] and integral multiples of $[1,000] in
excess thereof, and any attempted transfer, sale or other disposition of Junior
Subordinated Notes in a denomination of less than $[1,000] shall be deemed to be
void and of no legal effect whatsoever. Any such transferee shall be deemed not
to be the holder of such Junior Subordinated Notes for any purpose, including
but not limited to the receipt of payments in respect of such Junior

                                      -5-
<PAGE>

Subordinated Notes and such transferee shall be deemed to have no interest
whatsoever in such Junior Subordinated Notes.

     2.4  Exchange and Registration of Transfer of Junior Subordinated Notes;
Restrictions on Transfers; Depositary. [If distributed to holders of Trust
Preferred Securities pursuant to Section 8.2 of the Trust Agreement, the Junior
Subordinated Notes will be issued to such holders in the same form as the Trust
Preferred Securities that such Junior Subordinated Notes replace in accordance
with the following procedures:]

          (a) So long as Junior Subordinated Notes are eligible for book-entry
settlement with the Depositary, or unless required by law, all Junior
Subordinated Notes that are so eligible will be represented by one or more
Junior Subordinated Notes in global form (a "Global Security") registered in the
name of the Depositary or the nominee of the Depositary. Except as provided in
Section 2.4(c) below, beneficial owners of a Global Security shall not be
entitled to have Definitive Certificates registered in their names, will not
receive or be entitled to receive physical delivery of Definitive [Junior
Subordinated Note] Certificates and will not be registered holders of such
Global Security.

          (b) The transfer and exchange of beneficial interests in Global
Security shall be effected through the Depositary in accordance with the
Indenture and the procedures and standing instructions of the Depositary and the
Trustee shall make appropriate endorsements to reflect increases or decreases in
principal amounts of such Global Security.

          (c) Notwithstanding any other provisions of the Indenture (other than
the provisions set forth in this Section 2.4(c)), a Global Security may not be
exchanged in whole or in part for Junior Subordinated Notes registered, and no
transfer of a Global Security may be registered, in the name of any person other
than the Depositary or a nominee thereof unless (i) such Depositary (A) has
notified the Company that it is unwilling or unable to continue as Depositary
for such Global Security or (B) has ceased to be a clearing agency registered as
such under the Exchange Act and no successor Depositary has been appointed by
the Company within 90 days after its receipt of such notice or its becoming
aware of such ineligibility, (ii) there shall have occurred and be continuing an
Event of Default, or any event which after notice or lapse of time or both would
be an Event of Default under the Indenture, with respect to such [Junior
Subordinated Note], or (iii) the Company, in its sole discretion, instructs the
Trustee to exchange such Global Security for a Junior Subordinated Note that is
not a Global Security (in which case such exchange shall be effected by the
Trustee).

     The Depositary shall be a clearing agency registered under the Exchange
Act. The Company initially appoints The Depository Trust Company to act as
Depositary with respect to the Global Securities. Initially, any Global
Securities shall be registered in the name of Cede & Co., as the nominee of the
Depositary, and deposited with the Trustee as custodian for Cede & Co.

     Definitive Junior Subordinated Notes issued in exchange for all or a part
of a Global Security pursuant to this Section 2.4(c) shall be registered in such
names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. Upon execution and authentication, the

                                      -6-
<PAGE>

Trustee shall deliver such definitive Junior Subordinated Notes to the Person in
whose names such definitive Junior Subordinated Notes are so registered.

     So long as Junior Subordinated Notes are represented by one or more Global
Securities, (i) the registrar for the Junior Subordinated Notes and the Trustee
shall be entitled to deal with the clearing agency for all purposes of the
Indenture relating to such Global Securities as the sole holder of the Junior
Subordinated Notes evidenced by such Global Securities and shall have no
obligations to the holders of beneficial interests in such Global Securities;
and (ii) the rights of the holders of beneficial interests in such Global
Securities shall be exercised only through the clearing agency and shall be
limited to those established by law and agreements between such holders and the
clearing agency and/or the participants in the clearing agency.

     At such time as all interests in a Global Security have been redeemed,
exchanged, repurchased or canceled, such Global Security shall be, upon receipt
thereof, canceled by the Trustee in accordance with standing procedures and
instructions of the Depositary. At any time prior to such cancellation, if any
interest in a Global Security is exchanged for definitive Junior Subordinated
Notes, prepaid by the Company pursuant to Article 3 or canceled, or transferred
for part of a Global Security, the principal amount of such Global Security
shall, in accordance with the standing procedures and instructions of the
Depositary be reduced or increased, as the case may be, and an endorsement shall
be made on such Global Security by, or at the direction of, the Trustee to
reflect such reduction or increase.

     2.5  Interest.

          (a) Each Junior Subordinated Note will bear interest at the rate of
____% per annum (the "Coupon Rate") from __________, ____ until the principal
thereof becomes due and payable, and will bear interest on any overdue principal
at the Coupon Rate and (to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
Coupon Rate ("Additional Interest"), compounded semiannually, payable (subject
to the provisions of Article 4) semiannually in arrears on the 1st day of
[December] and [June] of each year (each, an "Interest Payment Date"),
commencing on _________, ____ to the Person in whose name such Junior
Subordinated Note is registered, subject to certain exceptions, at the
close of business on the Record Date next preceding such Interest Payment Date.
The "Record Date" for payment of interest will be the Business Day next
preceding the Interest Payment Date, unless such Junior Subordinated Note is
registered to a holder other than the Property Trustee or a nominee of
the Depositary, in which case the Record Date for payment of interest will be
the fifteenth day of the calendar month next preceding the applicable Interest
Payment Date or, if such fifteenth day of the month is not a Business Day, then
the Business Day next preceding such day. [Until liquidation, if any, of the
Trust, each Junior Subordinated Note will be held in the name of the Property
Trustee in trust for the benefit of the holders of the Trust Preferred
Securities.]

          (b) The amount of interest payable for any period will be computed on
the basis of a 360-day year of twelve 30-day months. In the event that any date
on which interest is payable on the Junior Subordinated Notes is not a Business
Day, then payment of the interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay), except that, if such Business

                                      -7-
<PAGE>

Day is in the next succeeding calendar year, such payment shall be made on the
next preceding day which is a Business Day, with the same force and effect as if
made on such payment date.

          (c) [The Company will also pay Additional Interest as additional
distributions on the Junior Subordinated Notes in the following circumstances.
So long as no Event of Default has occurred and is continuing, in the event that
(i) a Tax Event in respect of the Trust shall have occurred and be continuing
and (ii) the Company shall not have (a) redeemed or prepaid the Junior
Subordinated Notes or (b) terminated the Trust pursuant to the termination
provisions of the Trust Agreement, the Company shall pay to the Trust (and any
permitted successor or assign under the Trust Agreement) for so long as the
Trust (or its permitted successor or assignee) is the registered holder of any
Junior Subordinated Notes. The deferral of the payment of interest pursuant to
Article IV shall not defer the payment of any Additional Interest that may be
then due and payable.]

                                  ARTICLE III
                  PREPAYMENT OF THE JUNIOR SUBORDINATED NOTES

     3.1 Tax Event or Investment Company Event Prepayment. If a Tax Event or
Investment Company Event shall occur and be continuing, the Company may, at its
option, prior to the Initial Optional Prepayment Date (as defined herein)
notwithstanding Section 3.2(a) but subject to Section 3.2(b), prepay the Junior
Subordinated Notes in whole (but not in part) within 90 days of the occurrence
of such Tax Event or Investment Company Event at a prepayment price (the "Event
Prepayment Price") equal to the greater of (i) 100% of the principal amount of
such Junior Subordinated Notes or (ii) as determined by the Quotation Agent, an
amount equal to the sum of the present values of the Optional Prepayment Price
(as defined below) that would be payable on the Initial Optional Prepayment Date
together with the present values of scheduled payments of interest from the
prepayment date to the Initial Optional Prepayment Date (such period, the "Term
To Initial Optional Prepayment Date"), in each case, discounted to the
prepayment date on a semi-annual basis (consisting of a 360-day year of twelve
30-day months) at the Adjusted Treasury Rate, plus, in each case, accrued
interest thereon to but excluding the prepayment date. The Company shall give
the Trustee notice of the amount of the Event Prepayment Price promptly after
the calculation thereof.

     3.2  Optional Prepayment by Company.

          (a) Subject to the provisions of this Article Three, the Company shall
have the right to prepay the Junior Subordinated Notes, in whole or in part, at
any time on or after ________, 20__ (the "Initial Optional Prepayment Date"), at
the optional prepayment prices set forth below (expressed as percentages of
outstanding principal amount of the Junior Subordinated Notes to be prepaid),
plus, in each case, accrued and unpaid interest thereon to the applicable date
of prepayment (the "Optional Prepayment Price") if prepaid during the 12-month
period beginning on __________ of the years indicated below.

          Year                    Percentage
          ----                    ----------

          20__................... 10_.___%
          20__................... 10_.___%
          20__................... 10_.___%
          20__................... 10_.___%
          20__................... 10_.___%
          20__................... 10_.___%
          20__................... 10_.___%
          20__................... 10_.___%

                                      -8-
<PAGE>

          20__................... 10_.___%
          20__................... 10_.___%
          20__ and thereafter.... 100.000%

     If the Junior Subordinated Notes are only partially prepaid pursuant to
this Section 3.2, the Junior Subordinated Notes will be prepaid pro rata or by
                                                                --- ----
lot or by any other method utilized by the Trustee.  The Optional Prepayment
Price shall be paid prior to 2:00 p.m., New York City time, on the date of such
prepayment, provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Prepayment Price by 11:00 a.m., New York City
time, on the date such Optional Prepayment Price is to be paid.

          (b) Notwithstanding the first sentence of Section 3.2, in the event
that a Tax Event or an Investment Company Event shall have occurred and be
continuing, the Junior Subordinated Notes thereafter will be subject to optional
prepayment, in whole only, but not in part, on or after the Initial Optional
Prepayment Date, at the optional prepayment prices set forth in this Section 3.2
and otherwise in accordance with this Article III.

     3.3 Notice of Prepayment. Subject to Article Eleven of the Base Indenture,
notice of any prepayment pursuant to this Article Three will be mailed at least
30 days but not more than 60 days before the prepayment date to each holder of
Junior Subordinated Notes to be prepaid at such holder's registered address.
Unless the Company defaults in payment of the Event Prepayment Price, on and
after the prepayment date interest shall cease to accrue on such Junior
Subordinated Notes called for prepayment. Notwithstanding Section 1104 of the
Base Indenture, any notice of a prepayment pursuant to Section 3.1 need not set
forth the Redemption Price but only the manner of calculation thereof. Any
prepayment under this Article III shall be treated as a redemption for all
purposes of the Base Indenture.]

                                  ARTICLE IV
                     EXTENSION OF INTEREST PAYMENT PERIOD

     4.1 Extension of Interest Payment Period. So long as no Event of Default
under Section 501 of the Base Indenture has occurred and is continuing, the
Company shall have the right, at any time during the term of the Junior
Subordinated Notes, from time to time to defer the payment of interest by
extending the interest payment period of such Junior Subordinated Notes for a
period up to 20 consecutive quarters (an "Extension Period"), during which
Extension Period the Company shall have the right to make partial payments of
interest on any Interest Payment Date. No Extension Period shall end on a date
other than an Interest Payment Date or extend beyond the Stated Maturity of the
Junior Subordinated Notes. To the extent permitted by applicable law, interest,
the payment of which has been deferred because of an Extension Period imposed
pursuant to this Section 4.1, will bear Additional Interest compounded
[quarterly]. At the end of the Extension Period, the Company shall pay all
interest then accrued and unpaid on the Junior Subordinated Notes, including any
Additional Interest and Additional Tax Sums, if applicable, to the holders of
the Junior Subordinated Notes in whose names the Junior Subordinated Notes are
registered in the Security Register on the first Regular Record Date preceding
the end of the Extension Period. Before the termination of any Extension Period,
the Company may further extend such Extension Period, provided that such period
                                      -9-
<PAGE>

together with all such further extensions thereof shall not exceed 20
consecutive quarters, or extend beyond the Stated Maturity. At any time
following the termination of any Extension Period and upon the payment of any
accrued and unpaid Additional Interest and Additional Tax Sums, if applicable,
then due, the Company may elect to begin a new Extension Period, subject to the
foregoing requirements. No interest shall be due and payable during an Extension
Period, except at the end thereof.

     During any such Extension Period, the Company shall not (i) declare or pay
any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company's [Capital Stock] or
(ii) make any payment of principal of or interest on or repay, repurchase or
redeem any debt securities of the Company that rank on a parity with or junior
to this Junior Subordinated Note or make any guarantee payments with respect to
any guarantee by the Company of the debt securities of any subsidiary of the
Company that by its terms ranks on a parity with or junior to this Junior
Subordinated Note (other than (a) dividends or distributions in common capital
stock, (b) any declaration of a dividend in connection with the implementation
of a Rights Plan, the issuance of any [Capital Stock] or any class or series of
preferred stock of the Company under any shareholder's rights plan or the
redemption or repurchase of any rights distributed pursuant to a shareholder's
rights plan and (c) purchases of Common Stock related to the issuance of Common
Stock or rights under any of the Company's benefit plans for its directors,
officers, employees, consultants or advisors).

     4.2  Notice of Extension.

          (a) [If the Property Trustee is the only registered holder of the
Junior Subordinated Notes at the time the Company elects to begin or extend an
Extension Period, the Company shall give written notice to the Property Trustee,
the Administrative Trustees and the Trustee of its election to begin or extend
any Extension Period at least five Business Days prior to the earlier of (i) the
next succeeding date on which Distributions on the Trust Preferred Securities
issued by the Trust would have been payable but for the election to begin or
extend such Extension Period or (ii) subject to applicable principles of federal
securities law, the date the Administrative Trustees are required to give notice
to any securities exchange or other applicable self-regulatory organization or
to holders of such Trust Preferred Securities of the record date or the date
such Distributions are payable, but in any event not less than five Business
Days prior to such record date. An Administrative Trustee shall give notice of
the Company's election to begin or extend an Extension Period to the holders of
such Trust Preferred Securities.]

          (b) [If the Property Trustee is not the only holder of the Junior
Subordinated Notes at the time the Company elects to begin or extend an
Extension Period,] the Company shall give the holders of the Junior Subordinated
Notes, the Administrative Trustees and the Trustee written notice of its
election to begin or extend such Extension Period at least 10 Business Days
prior to the earlier of (i) the next succeeding Interest Payment Date or (ii)
subject to applicable principles of federal securities law, the date the Company
is required to give notice of the record or payment date of such interest
payment to any applicable self-regulatory organization or to holders of the
Junior Subordinated Notes.

                                     -10-
<PAGE>

          (c)  The quarter in which any notice is given pursuant to paragraphs
(a) or (b) of this Section 4.2 shall be counted as one of the 20 consecutive
quarters permitted in the maximum Extension Period permitted under Section 4.1.

     4.3  Direct Action.

Article Five of the Base Indenture is amended and supplemented, with respect to
Junior Notes issued under the Indenture on or after the date hereof, to add a
new section 516, which reads in its entirety as follows: In the case of Junior
Subordinated Notes of a series issued to a Securities Trust, any holder of the
corresponding series of Trust Preferred Securities issued by such Trust shall
have the right, upon the occurrence of an Event of Default described in Section
501(1), 501(2) or 501(3) hereof, to institute a suit directly against the
Company (a "Direct Action") for enforcement of payment to such holder of
principal of (including premium, if any) and interest (including any Additional
Interest) on the Junior Subordinated Notes having a principal amount equal to
the aggregate liquidation amount of such Trust Securities of the corresponding
series held by such holder. Notwithstanding any payments made to a holder of
such Trust Securities by the Company pursuant to a Direct Action initiated by
such holder, the Company shall remain obligated to pay the principal of or
interest due on the Junior Subordinated Notes, and the Company shall be
subrogated to the rights of the holder of such Trust Securities with respect to
payments on the Trust Securities to the extent of any payments made by the
Company to such holder in any Direct Action.

     [4.4 Set-Off.

     Section 1402 of the Base Indenture is amended and supplemented with respect
to Junior Notes issued under the Indenture on or after the date hereof to add
the following language at the end of the first sentence thereof: or under
Section 516.]

                                   ARTICLE V
                                   EXPENSES

     5.1  Payment of Expenses.  In connection with the offering, sale and
issuance of the Junior Subordinated Notes [to the Property Trustee and in
connection with the offering, sale and issuance of the Trust Preferred
Securities by the Trust], the Company, in its capacity as borrower with respect
to the Junior Subordinated Notes, shall:

          (a)  pay all costs and expenses relating to the offering, sale and
issuance of the Junior Subordinated Notes, including [commissions to the
Underwriters payable pursuant to the Underwriting Agreement and] compensation of
the Trustee under the Indenture in accordance with the provisions of Section 607
of the Base Indenture;

          (b)  [pay all costs and expenses of the Trust (including, but not
limited to, costs and expenses relating to the organization of the Trust, the
fees and expenses of the Property Trustee and the Delaware Trustee, the costs
and expenses relating to the operation of the Trust, including without
limitation, costs and expenses of accountants, attorneys, statistical or
bookkeeping services, expenses for printing and engraving and computing or
accounting equipment, paying agent(s), registrar(s), transfer agent(s),
duplicating, travel and telephone and other telecommunications expenses and
costs and expenses incurred in connection with the acquisition, financing, and
disposition of Trust assets);]

          (c)  [pay all costs and expenses related to the enforcement by the
Property Trustee of the rights of the registered holders of the Trust Preferred
Securities;

                                     -11-
<PAGE>

          (d)  be primarily liable for any indemnification obligations arising
with respect to the Trust Agreement and the Underwriting Agreement; and

          (e)  pay any and all taxes and all liabilities, costs and expenses
with respect to such taxes of the Trust (but not including withholding taxes
imposed on holders of Trust Preferred Securities or Common Securities of the
Trust).]

     5.2  Payment Upon Resignation or Removal.  Upon termination of this Second
Supplemental Indenture or the Base Indenture or the removal or resignation of
the Trustee pursuant to Section 610 of the Base Indenture, the Company shall pay
to the Trustee all amounts owed to it under Section 607 of the Base Indenture
accrued to the date of such termination, removal or resignation. Upon
termination of the Trust Agreement or the removal or resignation of the Delaware
Trustee or the Property Trustee, as the case may be, pursuant to Section 6.6 of
the Trust Agreement, the Company shall pay to the Delaware Trustee or the
Property Trustee, and their respective counsel, as the case may be, all amounts
owed to them under Section 4.2 of the Trust Agreement accrued to the date of
such termination, removal or resignation.

                                  ARTICLE VI
             FORM OF JUNIOR SUBORDINATED JUNIOR SUBORDINATED NOTE

     6.1  Form of Junior Subordinated Junior Subordinated Note.  The Junior
Subordinated Notes and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the form attached hereto as Exhibit
A.

                                  ARTICLE VII
                  ORIGINAL ISSUE OF JUNIOR SUBORDINATED NOTES

     7.1  Original issue of Junior Subordinated Notes.  Junior Subordinated
Notes in the aggregate principal amount of up to $___________ may be executed by
the Company and delivered to the Trustee for authentication by it, and the
Trustee shall thereupon authenticate and deliver said Junior Subordinated Notes
in accordance with a Company order without any further corporate action by the
Company as follows: $___________ aggregate principal amount of Junior
Subordinated Notes to be originally issued on the Closing Date [(as defined in
the Underwriting Agreement)].

                                 ARTICLE VIII
                                 MISCELLANEOUS

     8.1  Ratification of Indenture; Second Supplemental Indenture Controls.
The Indenture, as supplemented by this Second Supplemental Indenture, is in all
respects ratified and confirmed, and this Second Supplemental Indenture shall be
deemed part of the Indenture in the manner and to the extent herein and therein
provided. The provisions of this Second Supplemental Indenture shall supersede
the provisions of the Indenture to the extent the Indenture is inconsistent
herewith.

                                     -12-
<PAGE>

     8.2  Trustee Not Responsible for Recitals.  The recitals herein contained
are made by the Company and not by the Trustee, and the Trustee assumes no
responsibility for the correctness thereof. The Trustee makes no representation
as to the validity or sufficiency of this Second Supplemental Indenture.

     8.3  Governing Law.  This Second Supplemental Indenture and each Junior
Subordinated Note shall be deemed to be a contract made under the internal laws
of the State of New York, and for all purposes shall be governed by and
construed in accordance with the laws of said State, without regard to the
conflicts of law principles thereof.

     8.4  Separability.  In case any one or more of the provisions contained in
this Second Supplemental Indenture or in the Junior Subordinated Notes shall for
any reason be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions
of this Second Supplemental Indenture or of the Junior Subordinated Notes, but
this Second Supplemental Indenture and the Junior Subordinated Notes shall be
construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

     8.5  Counterparts.  This Second Supplemental Indenture may be executed in
any number of counterparts each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental
Indenture to be duly executed as of the date first above written.

                              VIRGINIA ELECTRIC AND POWER COMPANY

                              By:  ___________________________________
                                   Name:
                                   Title:

                              THE CHASE MANHATTAN BANK, as Trustee

                              By:  ___________________________________
                                   Name:
                                   Title:

                                     -13-
<PAGE>

                                                                       EXHIBIT A

                  (FORM OF FACE OF JUNIOR SUBORDINATED NOTE)

     [If the Junior Subordinated Note is to be a Global Security, insert the
following--THIS JUNIOR SUBORDINATED NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS JUNIOR SUBORDINATED NOTE IS
EXCHANGEABLE FOR JUNIOR SUBORDINATED NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS JUNIOR SUBORDINATED NOTE
(OTHER THAN A TRANSFER OF THIS JUNIOR SUBORDINATED NOTE AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN
SUCH LIMITED CIRCUMSTANCES.

     UNLESS THIS JUNIOR SUBORDINATED NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY JUNIOR SUBORDINATED NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS
WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

     THE JUNIOR SUBORDINATED NOTES EVIDENCED HEREBY WILL BE ISSUED, AND MAY BE
TRANSFERRED, ONLY IN BLOCKS HAVING A PRINCIPAL AMOUNT OF NOT LESS THAN $_______.
ANY TRANSFER, SALE OR OTHER DISPOSITION OF SUCH JUNIOR SUBORDINATED NOTES IN A
BLOCK HAVING A PRINCIPAL AMOUNT OF LESS THAN $_______ SHALL BE DEEMED TO BE VOID
AND OF NO LEGAL EFFECT WHATSOEVER. ANY SUCH TRANSFEREE SHALL BE DEEMED NOT TO BE
THE HOLDER OF SUCH JUNIOR SUBORDINATED NOTES FOR ANY PURPOSE, INCLUDING BUT NOT
LIMITED TO THE RECEIPT OF PAYMENTS IN RESPECT OF SUCH JUNIOR SUBORDINATED NOTES,
AND SUCH TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN SUCH
JUNIOR SUBORDINATED NOTES.

                                     -14-
<PAGE>

NUMBER ____                                              [up to]/1/ $___________

VIRGINIA ELECTRIC AND POWER COMPANY                     ___% JUNIOR SUBORDINATED
                                   JUNIOR SUBORDINATED NOTE DUE __________, 20__

Dated:__________________                          CUSIP NO: ___________________]

Security Registered Holder:

     VIRGINIA ELECTRIC AND POWER COMPANY, a corporation duly organized and
existing under the laws of the Commonwealth of Virginia (herein referred to as
the "Company," which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to the
Security Registered Holder named above, the principal sum [of
___________________________ Dollars($__________))]/2/ [specified in the Schedule
annexed hereto]/3/ on __________, 20__, in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of
public and private debt. The Company further promises to pay to the registered
Holder hereof as hereinafter provided (a) interest on said principal sum
(subject to deferral as set forth herein) at the rate per annum specified in the
title of this junior subordinated note (the "Junior Subordinated Note"), in like
coin or currency, semiannually in arrears on the 1st day of June and December
(each an "Interest Payment Date") commencing ______, 20__, from the Interest
Payment Date next preceding the date hereof to which interest has been paid or
duly provided for (unless (i) no interest has yet been paid or duly provided for
on this Junior Subordinated Note, in which case from __________, ____, or (ii)
the date hereof is before an Interest Payment Date but after the related Record
Date (as defined below), in which case from such following Interest Payment
Date; provided, however, that if the Company shall default in payment of the
interest due on such following Interest Payment Date, then from the next
preceding Interest Payment Date to which interest has been paid or duly provided
for), until the principal hereof is paid or duly provided for, plus (b)
Additional Interest, as defined in the Indenture, to the extent permitted by
applicable law, on any interest payment that is not made on the applicable
Interest Payment Date, which shall accrue at the rate per annum specified in the
title of this Junior Subordinated Note, compounded semiannually.

     The interest so payable will, subject to certain exceptions provided in the
Indenture hereinafter referred to, be paid to the person in whose name this
Junior Subordinated Note is registered at the close of business on the Record
Date next preceding such Interest Payment Date. The Record Date shall be the
Business Day next preceding the Interest Payment Date, unless this Junior
Subordinated Note is registered to a holder other than [the

________________
/1/  Insert in Global Junior Notes.
/2/  Insert in all Junior Subordinated Notes other than Global Junior Notes.
/3/  Insert in Global Junior Notes.

                                     -15-
<PAGE>

Property Trustee] or a nominee of The Depository Trust Company, in which case
the Record Date will be the fifteenth day of the calendar month next preceding
such Interest Payment Date or, if such fifteenth day is not a Business Day, then
the Business Day next preceding such day. This Junior Subordinated Note may be
presented for payment of principal and interest at the principal corporate trust
office of The Chase Manhattan Bank, as paying agent for the Company, maintained
for that purpose in the Borough of Manhattan, The City of New York; provided,
however, that payment of interest may be made at the option of the Company (i)
by check mailed to such address of the person entitled thereto as the address
shall appear on the Security Register of the Junior Subordinated Notes or (ii)
by transfer to an account maintained by the Person entitled thereto as specified
in the Security Register, provided that proper transfer instructions have been
received by the Record Date. Interest on the Junior Subordinated Note will be
computed on the basis of a 360-day year of twelve 30-day months.

     [So long as no Event of Default has occurred and is continuing, the Company
shall have the right at any time during the term of this Junior Subordinated
Note from time to time to defer payment of interest on this Junior Subordinated
Note, for up to 10 consecutive semiannual interest payment periods with respect
to each deferral period (each an "Extension Period"), during which Extension
Periods the Company shall have the right to make partial payments of interest on
any Interest Payment Date; provided, however, that no Extension Period shall end
on a date other than an Interest Payment Date or extend beyond __________, 20__.
At the end of each Extension Period, the Company shall pay all interest then
accrued and unpaid (together with any Additional Interest thereon to the extent
permitted by applicable law.) (During any such Extension Period, the Company
shall not, and shall cause any Subsidiary of the Company not to, (i) declare or
pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company's Capital Stock (which
includes common capital stock and preferred stock) or (ii) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company that rank on a parity with or junior to this
Junior Subordinated Note or make any guarantee payments with respect to any
guarantee by the Company of the debt securities of any Subsidiary of the Company
that by its terms ranks on a parity with or junior to this Junior Subordinated
Note (other than (a) dividends or distributions in common capital stock, (b) any
declaration of a dividend in connection with the implementation of a Rights
Plan, the issuance of any Capital Stock or any class or series of preferred
stock of the Company under any shareholder's rights plan or the redemption or
repurchase of any rights distributed pursuant to a Rights Plan and (c) purchases
of common capital stock related to the issuance of common capital stock or
rights under any of the Company's benefit plans for its directors, officers,
employees, consultants or advisors). Prior to the termination of any such
Extension Period, the Company may further extend such Extension Period;
provided, however, that no Extension Period shall exceed 10 consecutive
semiannual periods or extend beyond __________, 20__. At any time following the
termination of any Extension Period and the payment of all accrued and unpaid
interest (together with any Additional Interest and if applicable) then due, the
Company may elect to begin a new Extension Period, subject to the above
requirements. No interest shall be due and payable during an Extension Period
except at the end thereof. [If the Property Trustee is the only Security
Registered holder of the Junior Subordinated Notes of this series, the Company
shall

                                     -16-
<PAGE>

give written notice to the Property Trustee and the Trustee of its election to
begin or extend any Extension Period at least five Business Days prior to the
earlier of (i) the next succeeding date on which Distributions on the Trust
Preferred Securities issued by the relevant Securities Trust would have been
payable but for the election to begin or extend such Extension Period or (ii)
the date the Administrative Trustees are required to give notice to any
securities exchange or other applicable self-regulatory organization or to
holders of such Trust Preferred Securities of the record date or the date such
Distributions are payable, but in any event not less than five Business Days
prior to such record date.] [An Administrative Trustee shall give notice of the
Company's election to begin or extend an Extension Period to the holders of such
Trust Preferred Securities.] [If the Property Trustee is not the only holder of
the Junior Subordinated Notes of this series at the time the Company elects to
begin or extend an Extension Period,] the Company shall give the holders of the
Junior Subordinated Notes of this series and the Trustee written notice of its
election to begin or extend such Extension Period at least 10 Business Days
prior to the earlier of (i) the next succeeding Interest Payment Date or (ii)
the date the Company is required to give notice of the record or payment date of
such interest payment to any applicable self-regulatory organization or to
holders of the Junior Subordinated Notes of this series.]

     This Junior Subordinated Note is issued pursuant to an Indenture, dated as
of August 1, 1995 between the Company, as issuer, and The Chase Manhattan Bank,
a New York banking corporation, as trustee, as supplemented by a First
Supplemental Indenture dated as of August 1, 1995 and a Second Supplemental
Indenture dated as of ________, 200_ (as further supplemented or amended from
time to time, the "Indenture"). Reference is made to the Indenture for a
description of the respective rights, limitations of rights, obligations, duties
and immunities thereunder of the Trustee, the Company and the Holders (the word
"Holder" or "Holders" meaning the registered holder or registered holders) of
the Junior Subordinated Note. Capitalized terms used herein but not defined
herein shall have the respective meanings assigned thereto in the Indenture. By
acceptance of this Junior Subordinated Note, the Holder hereof agrees to be
bound by the provisions of the Indenture.

     The Junior Subordinated Notes of this series are limited to the aggregate
principal amount of ___________ ______________________________ Dollars
($___________).

     The Junior Subordinated Notes evidenced by this Certificate may be
transferred or exchanged only in minimum denominations of $_______ and integral
multiples of $_____ in excess thereof, and any attempted transfer, sale or other
disposition of Junior Subordinated Notes in a denomination of less than $_______
shall be deemed to be void and of no legal effect whatsoever.

     The indebtedness of the Company evidenced by this Junior Subordinated Note,
including the principal hereof and interest hereon, is, to the extent and in the
manner set forth in the Indenture, subordinate and junior in right of payment to
the Company's obligations to Holders of Senior Indebtedness of the Company and
each Holder of this Junior Subordinated Note, by

                                     -17-
<PAGE>

acceptance hereof, agrees to and shall be bound by such provisions of the
Indenture and all other provisions of the Indenture.

     This Junior Subordinated Note shall not be valid or become obligatory for
any purpose until the certificate of authentication hereon shall have been
signed by or on behalf of the Trustee under the Indenture.

     IN WITNESS WHEREOF, VIRGINIA ELECTRIC AND POWER COMPANY has caused this
instrument to be signed, manually or in facsimile, by its Chairman of the Board,
or its Chief Executive Officer, or its President, or any Vice President under
the corporate seal of Virginia Electric and Power Company attested by its
Corporate Secretary or an Assistant Corporate Secretary

                              VIRGINIA ELECTRIC AND POWER COMPANY

                              By:  _________________________________
                                   Name:
                                   Title:

[SEAL]

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities, of the series designated herein, referred to
in the within-mentioned Indenture.

                                   THE CHASE MANHATTAN BANK, as Trustee

                                   By:  ____________________________
                                          Authorized Officer

                                     -18-
<PAGE>

                      REVERSE OF JUNIOR SUBORDINATED NOTE

     [As provided in and subject to the provisions in the Indenture, the Company
shall have the right redeem this Junior Subordinated Note, in whole or in part,
at any time on or after __________, 20__, at the Optional Prepayment Prices set
forth below (expressed as percentages of the principal amount to be prepaid)
plus accrued and unpaid interest thereon to the applicable date of prepayment if
prepaid during the 12-month period beginning on __________, of the years
indicated below:

          Year                             Percentage
          ----                             ----------

          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__............................. 10_.___%
          20__ and thereafter.............. 100.000%

     In addition, upon the occurrence and during the continuation of a Tax Event
or Investment Company Event, the Company may, at its option, at any time, prior
to the Initial Optional Prepayment Date, within 90 days of the occurrence of
such Tax Event or Investment Company Event, redeem this Junior Subordinated Note
in whole (but not in part) at a prepayment price (the "Event Prepayment Price")
equal to the greater of (i) 100% of the principal amount hereof or (ii) as
determined by a Quotation Agent, the sum of the present values of the Optional
Prepayment Price that would be payable on the Initial Optional Prepayment Date,
together with the present values of scheduled payments of interest from the
prepayment date to the Initial Optional Prepayment Date, in each case discounted
to the prepayment date on a semi-annual basis at the Adjusted Treasury Rate,
plus, in each case, accrued interest thereon to but excluding the date of
prepayment.]

     In the case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Junior Subordinated
Notes may be declared, and upon such declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions provided in the
Indenture.

     Any consent or waiver by the Holder of this Junior Subordinated Note given
as provided in the Indenture shall be conclusive and binding upon such Holder
and upon all future Holders of this Junior Subordinated Note and of any Junior
Subordinated Note issued in exchange, registration of transfer, or otherwise in
lieu hereof irrespective of whether any notation of such

                                     -19-
<PAGE>

consent or waiver is made upon this Junior Subordinated Note or such other
Junior Notes. No reference herein to the Indenture and no provision of this
Junior Subordinated Note or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and interest on this Junior Subordinated Note, at the places, at
the respective times, at the rate and in the coin or currency herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Junior Subordinated Note may be registered on the
Security Register of the Junior Subordinated Notes of this series upon surrender
of this Junior Subordinated Note for registration of transfer at the offices
maintained by the Company or its agent for such purpose, duly endorsed by the
Holder hereof or his attorney duly authorized in writing, or accompanied by a
written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by the Holder hereof or his attorney duly
authorized in writing, but without payment of any charge other than a sum
sufficient to reimburse the Company for any tax or other governmental charge
incident thereto. Upon any such registration of transfer, a new Junior
Subordinated Note or Junior Subordinated Notes of authorized denomination or
denominations for the same aggregate principal amount will be issued to the
transferee in exchange herefor.

     Prior to due presentment for registration of transfer of this Junior
Subordinated Note, the Company, the Trustee, and any agent of the Company or the
Trustee may deem and treat the person in whose name this Junior Subordinated
Note shall be registered upon the Security Register of the Junior Subordinated
Notes of this series as the absolute owner of this Junior Subordinated Note
(whether or not this Junior Subordinated Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon) for the
purpose of receiving payment of or on account of the principal hereof and,
subject to the provisions on the face hereof, interest due hereon and for all
other purposes; and neither the Company nor the Trustee nor any such agent shall
be affected by any notice to the contrary.

     No recourse shall be had for the payment of the principal of or interest on
this Junior Subordinated Note, or for any claim based hereon or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture
supplemental thereto, against any stockholder, officer, director or employee, as
such, past, present or future, of the Company or of any successor corporation,
either directly or through the Company, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as a part of
the consideration for the issue hereof, expressly waived and released.

     The Company and, by acceptance of this Junior Subordinated Note or a
beneficial interest in this Junior Subordinated Note, each holder hereof and any
person acquiring a beneficial interest herein, agree that for United States
federal, state and local tax purposes it is intended that this Junior
Subordinated Note constitute indebtedness.

                                     -20-
<PAGE>

     This Junior Subordinated Note shall be deemed to be a contract made under
the laws of the State of New York (without regard to conflicts of laws
principles thereof) and for all purposes shall be governed by, and construed in
accordance with, the laws of said State.

                                     -21-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]