Dominion plans to sell three power plants in Massachusetts and Illinois
- September 6, 2012
Richmond-based Dominion Resources Inc. plans to sell three fossil fuel-fired merchant power stations.
One of the plants is in Massachusetts, and the other two are in Illinois.
The power stations are:
• Brayton Point Power Station, a 1,536-megawatt power station in Somerset, Mass., with three coal-fired units and one unit fired by oil or natural gas. Dominion has owned it since 2005.
• Kincaid Power Station, a 1,158-megawatt power station in Kincaid, Ill., with two 579-megawatt coal-fired units. Dominion has owned Kincaid since 1998.
• Elwood Power Station, a 1,424-megawatt power station outside Chicago, with nine 158-megawatt natural gas-fired combustion turbines. Dominion has owned a 50 percent interest in and operated the station since Elwood became operational in 1999.
A merchant power plant sells electricity in the wholesale power market. It is financed by investors rather through rates paid by retail customers.
The sales are expected to be completed in the first half of 2013. The company plans to invest the proceeds in the company’s regulated businesses and to reduce debt.
Dominion has about 28,000 megawatts of electric power generation; 11,000 miles of natural gas transmission, gathering and storage pipeline; and 6,300 miles of electric transmission lines.