RICHMOND, Va., July 6, 2005 (PRNewswire-FirstCall) — Dominion, one of the nation’s largest energy producers, closed Tuesday on its purchase of the Kewaunee Nuclear Power Plant in northeastern Wisconsin.
Upon close, the 568-megawatt facility will be known as Kewaunee Power Station. The unit’s net summer capability was uprated from 545 megawatts between the November 2003 sale announcement and financial closing.
Dominion purchased the station from Wisconsin Public Service Corporation, a subsidiary of WPS Resources Corporation, and Wisconsin Power and Light Company, a subsidiary of Alliant Energy. Dominion has agreed to return to WPS and WPL customers any unused funds after decommissioning.
Dominion expects the acquisition to be immediately accretive.
“Our purchase of Kewaunee is a win-win for station employees, Wisconsin customers, the local community and shareholders,” said Thos. E. Capps, chairman and chief executive officer. “The regulatory approval process by the Public Service Commission of Wisconsin was diligent and thorough. By adding new nuclear capacity already under a power sales contract, we’re capitalizing on our strong, safe nuclear operating experience and broadening the fuel diversity of our power generation fleet.”
Dominion has signed a power purchase agreement for 100 percent of the facility’s output with the previous owners, 59 percent to WPS and 41 percent to WP&L. The acquisition was also approved by the U.S. Nuclear Regulatory Commission, the Federal Energy Regulatory Commission and four other state commissions.
“This addition expands our generation portfolio in a region that stretches from Lake Michigan to the Atlantic Ocean and represents the world’s third largest economy;” Capps said. “We welcome Kewaunee’s dedicated and professional workforce into the Dominion family and look forward to being an active corporate citizen in Wisconsin.”
About Dominion [ www.dom.com ]
Dominion is one of the nation’s largest producers of energy, with an energy portfolio of about 28,700 megawatts of generation, about 6 trillion cubic feet equivalent of proved natural gas reserves and 7,900 miles of natural gas transmission pipeline. Dominion also operates the nation’s largest underground natural gas storage system with more than 960 billion cubic feet of storage capacity and serves retail energy customers in nine states.