For Sale - Kewaunee Nuclear Power Plant

Kewaunee Nuclear Power Plant

“Without the other units, the strategic rationale for continuing to own Kewaunee is diminished and we believe it is time to pursue a sale of the plant,” said Thomas Farrell II, chairman, president and CEO of Dominion

Dominion Resources intends to sell the Kewaunee Power Station, its chairman said this morning during an earnings conference call.

Thomas Farrell II, chairman, president and CEO of Dominion, said the Kewaunee purchase was intended to be one of several in the Midwest, but the Richmond-based company was unsuccessful in acquiring other nuclear plants.

Farrell says Dominion was unsuccessful in winning purchase auctions for other plants, so it makes sense to sell Kewaunee. He says that in nearly six years of owning the Kewaunee plant, Dominion has turned the plant's operations and safety performance to "among the best in the industry."

Dominion also owns Millstone Power Station in Waterford, CT, North Anna Power Station in Louisa County, VA and Surry Power Station in Surry County, VA.

Dominion acquired Kewaunee in 2005 for $220 million from owners Wisconsin Public Service Corp. of Green Bay and Alliant Energy of Madison. They purchase electricity from the plant under a contract that expires in 2013, and have rights of first refusal on any sale of the plant.

Kewaunee recently received a 20-year renewal of its license from the Nuclear Regulatory Commission.

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