DOMINION SHIFTING TO ELECTRIC PRODUCTION

(06/07/2007)

Dominion Resources is moving away from its natural gas business and focusing on electricity. It has announced a $6.5 billion dollar sale of natural gas assets. Dominion says its sale of most of its oil and gas operations will help management concentrate on building enough new generating capacity to light a million homes. The utility was planning to add four thousand megawatts of capacity over the next decade. Dominion says each megawatt can supply electricity to about 250 homes. About a third of the additional power could come from a proposed third reactor at the North Anna nuclear plant in Virginia. Also in the works are coal-fired and natural gas-fired plants in Virginia and a turbine wind farm in West Virginia. Dominion says its core mission is to supply adequate and reliable power electricity to its two-point-three million customers in Virginia and North Carolina.

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