RICHMOND, Va., Feb. 28, 2011 /PRNewswire/ -- Dominion Virginia Power, a subsidiary of Dominion (NYSE: D), said today that it is not changing its position on a potential new nuclear unit at North Anna Power Station despite a decision by the Old Dominion Electric Cooperative to withdraw from the project.
Thomas F. Farrell II, Dominion chairman, president and chief executive officer, said:
"Virginia faces a substantial shortfall in electric power generation in the next 10 years, especially baseload capacity that is available 24 hours, seven days a week. North Anna Unit 3, if built, can provide this electricity safely and reliably while producing virtually no greenhouse gases. A diverse supply of electrical generation capacity in Virginia is important to the Commonwealth and our customers.
"While Dominion has not decided on the schedule to build the unit, the company will continue to move forward with the federal Combined Operating License process and preliminary site development work."
"The Old Dominion Electric Cooperative (ODEC) is a great partner in the safe and efficient operation of Units 1 and 2 at North Anna. We respect its decision not to pursue an ownership stake in Unit 3."
ODEC owns 11.6 percent undivided interest in and share of the power generated by North Anna Units 1 and 2. Today's announcement does not affect the agreement between Dominion and ODEC on the operating units.
The U.S. Nuclear Regulatory Commission (NRC) currently is reviewing the company's application to build and operate North Anna Unit 3. The company will reassess the North Anna project schedule as the NRC approaches making a decision on the station's combined operating license application, currently anticipated in 2013.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,600 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,100 miles of electric transmission lines. Dominion operates the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 14 states. For more information about Dominion, visit the company's website at www.dom.com