You can now read 5 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

Dominion sells Brayton Point power station

Part of plan to divest wholesale coal-fired plants

Dominion, a Virginia-based energy company, said Monday it plans to sell three power stations, including Brayton Point Power Station in Somerset, as part of its strategy to divest coal-fired power plants.

Dominion said it will sell Brayton and two other power plants to Energy Capital Partners, a private equity firm with offices in New Jersey and California, to generate a combined $650 million in after-tax proceeds. Dominion would not disclose the sale price of Brayton alone.

Continue reading below

“Brayton Point has been a great asset for us, and we believe it will be a great asset for the new owners,” said Dominion spokesman Jim Norvelle. “But we’re selling it because it doesn’t fit in what we want to do going forward.”

Last year, Dominion said it was leaving the merchant coal-fired generation business. Last summer, Dominion sold another Massachusetts plant, the coal- and oil-fired Salem Harbor Power Station in Salem, to Footprint Power LLC of New Jersey.

In the last few years, Salem Harbor’s age, and tightening clean air regulations, made running the power station less and less economical, according to Dominion. It was scheduled to close in 2014. Footprint said it plans to convert the plant to cleaner burning natural gas.

Dominion has owned the 1,528-megawatt Brayton power station since 2005. Norvelle said Brayton Point meets state and federal clean air rules. “We invested more than a billion dollars in environmental controls at that station to make sure we could continue to operate,” said Norvelle.

Energy Capital Partners could not be reached for comment. The proposed transaction will require antitrust clearance and the approval of the Federal Energy Regulatory Commission.

Alyssa Edes can be reached at Follow her on Twitter @alyssaedes.
Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
Please enter a valid email will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of
Marketing image of