Summary
Dominion Resources, Inc. (now Dominion Energy) reported on September 19, 2007, the sale of its Dresden Energy electric generation facility. The facility, located in Muskingum County, Ohio, is a partially completed 580-megawatt combined-cycle, gas-powered unit. The buyer is AEP Generating Company, a subsidiary of American Electric Power (AEP). This transaction, valued at approximately $85 million, represents a divestiture of a specific energy generation asset. Investors should note that this sale is part of Dominion's ongoing portfolio management strategy, potentially allowing the company to reallocate capital towards other strategic initiatives or to reduce its exposure to construction-related risks and costs associated with partially completed projects.
Key Highlights
- 1Dominion Resources, Inc. sold its Dresden Energy electric generation facility.
- 2The facility is a partially completed 580-megawatt combined-cycle, gas-powered unit.
- 3The sale was made to AEP Generating Company, a subsidiary of American Electric Power (AEP).
- 4The transaction value was approximately $85 million.
- 5The facility is located in Muskingum County, Ohio.
- 6The sale was announced on September 19, 2007.