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RICHMOND, Va., Aug. 8 /PRNewswire-FirstCall/ -- 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/.
SOURCE: Dominion
CONTACT: Media, Ryan Frazier, +1-804-819-2521, C.Ryan.Frazier@dom.com, or
Mark Lazenby, +1-804-819-2042, Mark.Lazenby@dom.com, or Analysts, Greg Snyder,
+1-804-819-2383, James.Gregory.Snyder@dom.com, all of Dominion
Web site: http://www.dom.com/
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