Dominion Completes Sale of Latin American Generation Businesses
Richmond,Va.; April 25, 2000 -- Dominion Resources Inc. (NYSE:
D) announced today that it has completed the sale of its Latin American generation
portfolio to Duke Energy International.
Thos. E. Capps, Dominion president and chief executive officer,
said:
"We're pleased that we've been able to transfer ownership
of five top-flight generation businesses to an international operator of Duke
Energy's experience and stature. I can think of no better home for our businesses
than Duke Energy. We wish our former employees and Duke Energy continued success."
Capps said: "We have exited Latin America with a broader
worldview, a better understanding of the true nature of competitive energy markets,
and an eagerness to put these lessons to use at home."
Last August, Duke Energy and Dominion announced that Dominion
would sell generation businesses in Argentina, Belize, Bolivia and Peru – its
entire Latin American portfolio – to Duke Energy. The businesses totaled about
1,200 megawatts of gross generation capacity. Duke Energy and Dominion have
transferred ownership of the individual businesses on varying schedules since
the announcement to meet different regulatory requirements in each country.
Dominion, the nation's largest fully integrated natural gas
and electric power company, has exited its international businesses to focus
its growth in the Midwest, Northeast and Mid-Atlantic regions of the U.S., home
to 40 percent of the nation's demand for energy.
