Dominion Agrees To Sell Dominion Cleveland Thermal
To Ancora
RICHMOND, Va.- Dominion (NYSE: D) announced today that it
has agreed to sell Dominion Cleveland Thermal to Ancora Management LLC of Greenwich,
Connecticut. Closing is expected in the fourth quarter of 2004. Terms of the
sale were not disclosed and the sale is subject to regulatory approval.
Dominion Cleveland Thermal operates a district heating and
cooling system in Cleveland, Ohio, that provides steam and chilled water to
more than 200 buildings. Dominion announced the planned sale of Dominion Cleveland
Thermal in February.
Ancora plans to retain current management and all current
employees. Ancora also plans to make significant additional capital available
over the next five years to upgrade and expand the operation.
"We're pleased to have selected a qualified buyer that
can continue to provide reliable heating and cooling for downtown Cleveland
buildings," said Mark F. McGettrick, president and chief executive officer
of Dominion Generation. "With the proven experience and dedication of the
existing management and workforce, Ancora has a solid base of skills for the
continued success and future expansion of the operation."
Concentric Energy Advisors, Inc. (CEA) served as Dominion's
adviser for the transaction.
Dominion is one of the nation's largest producers of energy,
with an energy portfolio of more than 24,000 megawatts of generation, 6.4 trillion
cubic feet equivalent of proved natural gas reserves and 7,900 miles of natural
gas transmission pipeline. Dominion also operates the nation's largest underground
natural gas storage system with more than 960 billion cubic feet of storage
capacity and serves 5.3 million retail energy customers in nine states. For
more information about Dominion, visit the company's Web site at www.dom.com.
