Feb. 19, 2013
/PRNewswire/ -- Dominion (NYSE: D) announced today that the Midwest Independent System Operator (MISO) has concluded the shutdown and retirement of Kewaunee Power Station in northeastern
will not affect the reliability of the regional electric transmission system.
Dominion will proceed with its plans to close the 556-megawatt, single unit nuclear power station in Carlton, Wisc., in the second quarter of 2013, as the company announced last fall.
"After being reviewed for power system reliability impacts, the retirement of
would not result in violations of applicable reliability criteria. Therefore,
may retire immediately," MISO wrote in its letter to Dominion.
Dominion was unable to find a buyer for
after it put the station up for sale in
. The decision to sell
was part of a regular review of the company's portfolio of assets to determine which assets fit strategically and support its objectives to improve return on invested capital and shareholder value. The company also was unable to grow its nuclear fleet in the Midwest to take advantage of economies of scale. In addition,
's power purchase agreements are ending at a time of projected low wholesale electricity prices in the region.
Thomas F. Farrell II
, Dominion chairman, president and chief executive officer, said, "I want to reiterate that the employees of
have been doing an outstanding job, and the decision to close the station is in no way a reflection on them. They have my thanks and gratitude. The company is working to make the transition as smooth as possible for them and their communities."
Farrell also said the company's top priority will be a continued focus on safety during the station's last weeks of operations and during decommissioning.