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Dominion wants to sell 3 power stations

Thursday - 9/6/2012, 3:37pm  ET

RICHMOND, Va. - Dominion Resources says it intends to pursue the sale of three fossil fuel-fired merchant power stations _ one in Massachusetts and two in Illinois.

The Richmond, Va.-based energy provider said Thursday it expects the sales to be completed in the first half of 2013. Dominion plans to use the proceeds to invest in its regulated businesses and to reduce debt.

Merchant power plants are funded by investors and sell electricity on the wholesale power market.

The company says it is looking to sell Brayton Point Power Station in Somerset, Mass.; Kincaid Power Station in Kincaid, Ill.; and Elwood Power Station outside Chicago.

Dominion is one of the nation's largest producers and transporters of energy and has the nation's largest natural gas storage system. It serves retail customers in 15 states.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)