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Thursday, October 25, 2012

Dominion says high interest in sale of 3 power plants, (NYSE: D)

Potential buyers have shown high interest in the three merchant power plants Dominion Resources Inc is offering for sale in the U.S. Midwest and Northeast, the company said on Thursday.On the company's third-quarter earnings call, Dominion said the three plants are the 1,536-megawatt (MW) Brayton Point coal, natural gas and oil-fired facility in Massachusetts; the 1,158-MW Kincaid coal plant in Illinois; and the company's stake in the 1,424-MW Elwood gas plant in Illinois.Earlier in the week, Dominion said it would shut the 566-MW Kewaunee nuclear power plant in Wisconsin next year after it had failed to find a buyer.A glut of natural gas primarily from increases in shale production has depressed power prices to levels not seen in a decade, making it tough for generators to earn enough money to keep some power plants such as Kewaunee running.

Dominion Resources, Inc. (Dominion) is a producer and transporter of energy. Shares of D fell by 1.64% or $-0.86/share to $51.59. In the past year, the shares have traded as low as $48.87 and as high as $55.62. On average, 1815640 shares of D exchange hands on a given day and today's volume is recorded at 2411225.