DOMINION RESOURCES SELLING PROPERTIES

(03/10/2007)

Dominion Resources has announced it has completed the sale of a natural gas-fired power plant in St. Marys to an entity jointly owned by Tenaska Power Fund and an affiliate of Warburg Pincus. The 313-megawatt Pleasants Energy plant cost about $125 million to built and it went into commercial operation in 2002. The Richmond, VA-based company announced in December it would sell the plant as well as a 600-megawatt plant in Luckey, Ohio, and a 625-megawatt plant in Shelocta, Pennsylvania. The terms were not disclosed, but the company said the sale was made to reduce debt. Dominion announced last year it would sell its local natural gas distribution systems in West Virginia and Pennsylvania to Equitable Resources of Pittsburgh, Pennsylvania for $969.6 million.

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