Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Dominion to Sell Three Plants to Energy Capital Partners

March 11 (Bloomberg) -- Dominion Resources Inc. agreed to sell three power plants to funds controlled by private-equity firm Energy Capital Partners. Terms of the deal weren’t disclosed.

Dominion will sell the 1,528-megawatt Brayton Point plant in Somerset, Massachusetts; the 1,158-megawatt Kincaid plant in Illinois; and its 50 percent stake in the 1,424-megawatt Elwood plant outside Chicago, the Richmond, Virginia-based company said in a statement today. The company expects to get proceeds of about $650 million from the sale, including cash tax benefits.

The plants burn coal, natural gas or oil, and the sale is expected to close in the second quarter, Dominion said. The sale is part of Dominion’s stated intention to exit the merchant coal-fired generation business. It will use the money to invest in regulated units and reduce debt.

To contact the reporter on this story: Tina Davis in New York at tinadavis@bloomberg.net

To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.