KEWAUNEE, Wis. (AP) — Energy provider Dominion Resources Inc. said Thursday it will sell the Kewaunee nuclear power plant.
In a conference call with investors on first-quarter earnings, Dominion CEO Thomas Farrell II said the company’s 2005 purchase of the Kewaunee plant was part of a strategic plan to acquire additional plants and “build a business around that portfolio.”
Farrell said Dominion was unsuccessful in winning purchase auctions for other plants, so it makes sense to sell Kewaunee. He said that in nearly six years of owning the Kewaunee plant, Dominion has turned the plant’s operations and safety performance to “among the best in the industry.”
Dominion purchased Kewaunee from Wisconsin Public Service Corp. and Wisconsin Power & Light Co. for $220 million. It received a 20-year renewal of its operating license in February, extending its license from 2013 to 2033. Its sale price was not disclosed.