Dominion News Releases

Connecticut, Federal Regulators Approve Sale of Millstone Power Station to Dominion

RICHMOND, Va. – The Connecticut Department of Public Utility Control and the Federal Energy Regulatory Commission approved Wednesday the sale of Northeast Utilities Co.’s Millstone Power Station to Dominion (NYSE: D) for $1.28 billion.

"We are pleased with today's decision and look forward to becoming an active corporate citizen in Connecticut and a dependable provider of safe, efficient and environmentally friendly energy," said Thos. E. Capps, chairman, president and chief executive officer. "Our acquisition represents a critical step in our corporate growth plan to become a major northeast region provider of energy and energy services. This is good news for all stakeholders – consumers, employees, and our shareholders."

Millstone, located in Waterford, Conn., includes two operating nuclear reactors – Unit 2, an 870-megawatt pressurized water reactor, and Unit 3, a 1,150-megawatt pressurized water reactor. Millstone Unit 1 is no longer in service and is being placed in a safe storage condition for eventual decommissioning.

Dominion, headquartered in Richmond, Va., is one of the nation’s largest producers of energy, with a production capability of 2.7 trillion Btu of energy per day. Dominion has the largest Btu production capability among integrated utilities in the northeast quadrant of the United States. The company has a power generation portfolio of more than 19,000 megawatts, which is expected to grow to more than 28,000 megawatts by 2005. Dominion is also one of the largest independent oil and natural gas exploration and production companies in North America, with 2.8 trillion cubic feet of equivalent reserves. The company has 7,600 miles of interstate natural gas pipeline and a delivery capability of 6.3 billion cubic feet per day.

In addition, the company operates the nation’s largest underground natural gas storage system, with more than 950 billion cubic feet of storage capacity. Dominion also serves 3.8 million retail natural gas and electric customers, and owns a telecommunications business that is expanding its fiber-optic network from its current 35,000 fiber miles (3,600 route miles) to more than 800,000 fiber miles (9,000 route miles). For more information about Dominion, visit the company's website at www.dom.com.

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