Dominion Announces Sale Of Partially Completed Ohio Generating Unit
RICHMOND, Va. – Dominion (NYSE: D) announced
today that it will sell its Dresden Energy electric generation facility to
AEP Generating Company, a subsidiary of American Electric Power (NYSE: AEP),
for $85 million. The sale is expected to close in the third quarter of 2007.
Dresden is a partially completed
580-megawatt combined-cycle gas-powered generating unit in Muskingum County,
Ohio. The divestiture comes as part of the company’s
ongoing asset review, which is being conducted to determine how specific assets
are contributing to the company's objective to improve its return on invested
capital and shareholder value.
Dominion is one of the nation's largest producers
of energy, with a portfolio of more than 26,500 megawatts of generation and
7,800 miles of natural gas transmission pipeline. Dominion also owns and operates
the nation's largest underground natural gas storage system with about 960
billion cubic feet of storage capacity and serves retail energy customers in
11 states. For more information about Dominion, visit the company's Web site
at http://www.dom.com.
