RICHMOND, Va., Sept. 29, 2000Dominion has completed the sale of its interest in the Corby Power Station in the United Kingdom to PowerGen plc.
“Corby has been an efficient, profitable and well-run facility,” said Thos. E. Capps, chairman, president and chief executive officer. “We’re pleased to be handing the keys to one of Europe’s most experienced generators. We wish PowerGen and our former partner, Electricity Supply Board International, continued success.”
In June, Dominion announced that it would sell for about $80 million (US) its 80-percent interest in Corby Power Ltd., owner of the 350-megawatt natural gas-fired facility about 90 miles north of London, England. Under provisions of the sales agreement, Corby Power Ltd. retained project debt of about $220 million (US).
The sale advances Dominion’s strategy to divest its non-core assets and focus growth on energy markets in the Midwest, Northeast and Mid-Atlantic regions of the United States. Dominion expects to have raised a total of more than $1.5 billion in cash through the divestiture of Corby and other non-core assets.
Dominion, headquartered in Richmond, Va., is the nation’s largest fully integrated electric power and natural gas company. Dominion has a power generation portfolio of more than 19,000 megawatts, which is expected to grow to more than 28,000 megawatts by 2005. Dominion is also one of the largest independent oil and natural gas exploration and production companies in North America, with 2.8 trillion cubic feet of equivalent reserves. The company has 7,600 miles of inter-state natural gas pipeline with more than 650 billion cubic feet of annual natural gas throughput. Dominion also serves 3.8 million retail natural gas and electric customers.