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FLASH: Retail Supplier With 700,000 Electric Customers to Sell Electric Book
Update: 11:15 am 1/31
During an earnings call, Dominion said that margins have been shrinking for its competitive retail electric business, while the business has also been subject to increased volatility.
Investment in solar generation projects are seen as providing more stable long-term returns
Earlier
Dominion announced this morning in reporting earnings that it will sell its unregulated retail electric marketing business.
"We ... have elected to exit the electric component of our unregulated retail energy marketing business. The sale process is underway and we expect to have the transaction complete in the next several months," Dominion said in a news release.
For the quarter ending December 31, 2013, Dominion Retail served an average of 683,000 retail electric customers during the quarter.
"We continue to refine our business model by focusing our capital on regulated or long-term contracted businesses and assets. To that end, we expect to grow our portfolio of contracted solar projects by nearly 250 megawatts and are in active discussions with multiple parties to achieve this," Dominion said.
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January 31, 2014
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Reporting by Paul Ring • ring@energychoicematters.com
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