Dominion to Shut Down Wisconsin Nuke Plant
The lack of interest in nuclear power generation in the United States continues to grow. Today, Dominion Resources Inc. (NYSE: D) announced that it will stop producing power at its 556-megawatt Kewaunee nuclear generating plant in Carlton, Wisc., in the…
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Dominion has sought a buyer for the plant for the past 18 months or so. The company will meet its contractual obligations to two customers of the plant by buying power on the open market until the contracts expire in December 2013.
The Kewaunee plant began operating in 1974 and Dominion acquired it in 2005. The U.S. Nuclear Regulatory Commission renewed the plant’s license in 2011 for an additional 20 years, out to 2033. That should have given the plant a new lease on life, but with few exceptions, there simply are no buyers for nuclear generation since last year’s disaster in Japan.
Dominion’s shares are down 0.9% at $53.01, in a 52-week range of $48.87 to $55.62.
Paul Ausick
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
