RICHMOND, Va., 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 Wisconsin 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 Kewaunee would not result in violations of applicable reliability criteria. Therefore, Kewaunee may retire immediately," MISO wrote in its letter to Dominion.
Dominion was unable to find a buyer for Kewaunee after it put the station up for sale in April 2011. The decision to sell Kewaunee 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, Kewaunee'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 Kewaunee 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV