Electric utility Dominion Resources (D) will raise its quarterly dividend by 6.7 percent to $0.60 per share in the first quarter of 2014. This marks the 11th consecutive year of annual dividend increases by Dominion.

The company also announced a change to its dividend policy, and will now pay out 60-70% of its operating earnings as dividends.

The next dividend is payable on March 20, 2014, to shareholders of record at the close of business February 28, 2014. The ex-date for this increased dividend payment of 60 cents per share is February 26, 2014.

Dominion Resources, Inc. is a diversified utility holding company. Dominion produces and sells electric energy in Virginia and northeastern North Carolina. The company operates one of the nation's largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers.