Dominion Resources Inc. (D) said its unit Dominion Virginia Power has installed a new pollution control equipment in its Chesterfield Power Station in Richmond with a view to reduce emission from this power generation plant.
The new pollution control equipment popularly called the 'scrubber' will absorb 95% of sulfur dioxide and also reduce 80% emission of hydrochloric and sulfuric acids from the 344 Megawatt (MW) Unit 5 of the station for which it has been commissioned.
The new scrubber will act jointly with another scrubber which was installed in 2008 for 693 MW Unit 6 of the station. Dominion keeping in mind the growing concerns of environmental pollution has decided to attach the new scrubber with two other coal-fired units at the station, 110 MW Unit 3 and 181MW Unit 4, by the end of this year.
Dominion is committed to the cause of generating greener power and has plans to invest $3.1 billion by 2015 in environment friendly missions, thereby substantially reducing the emissions from its different generation units. By 2015, the company aims to reduce emission of mercury by 86%, sulfur dioxide by 80% and nitrogen oxide by 74% from 1998 levels.
Besides investing in clean air equipments, Dominion is also trying to increase its generation capacity by utilizing environment friendly natural gas. In May, the company started operation of its 580 MW Bear Garden Power Station in central Virginia to meet the increasing demand for power. The station features two combustion turbine units fired by natural gas with oil as a backup fuel source.
Impressively, Dominion has since 2001 added over 2,600 MW of non−emitting nuclear generation and over 3,500 MW of new lower−emitting natural gas−fired generation including nearly 1,600 MW at Virginia Power to its generation mix.
Dominion's first quarter earnings per share of 93 cents exceeded the Zacks Consensus Estimate but was lower than the prior-year figure. The company expects second quarter earnings in the range of 50 cents – 60 cents. The Zacks Consensus Estimates for second-quarter 2011, fiscal year 2011 and fiscal year 2012 are, respectively, 59 cents per share, $3.14 per share and $3.25 per share.
Dominion Resources currently retains a Zacks #3 Rank (short-term Hold rating). We also maintain a Neutral rating on the stock. The company competes with American Electric Power Co. (AEP) and Nisource Inc. (NI).
Based in Richmond, Virginia, Dominion Resources, together with its subsidiaries, engages in producing and transporting energy in the United States.
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