News Summary: Dominion to close Wis. power plant
THE NEWS: Dominion Resources Inc. plans to close and decommission its 556-megawatt Kewaunee Power Station in Wisconsin in the second quarter of 2013 after it was unable to find a buyer for the nuclear power plant. Dominion plans to record an after-tax $281 million charge in the third quarter related to the closing and decommissioning of the station.
THE PLANT: The Carlton, Wis., facility began commercial operation in 1974. Dominion purchased the plant from Wisconsin Public Service Corp. and Wisconsin Power & Light Co. in 2005 for $220 million. The Richmond, Va.-based energy provider had announced plans in April 2011 to sell it.
NUCLEAR FUTURE: CEO Thomas F. Farrell II said Dominion still believes that nuclear energy must play an important part in the nation's energy future. The company operates three other nuclear power stations.