| 01/25/08 - Dominion announced that it has acquired a 50 percent interest in the Fowler Ridge Wind Farm from BP Alternative Energy Inc. The facility is in Benton County, Indiana, about 90 miles northwest of Indianapolis. "This project is a perfect fit for Dominion's plans to increase our renewable energy portfolio substantially in light of the nation's growing demand for clean energy," said Thomas F. Farrell II, Dominion chairman, president and chief executive officer. "The site is located in an area with an excellent wind resource in PJM, and we are pleased to be partnering with BP, a company that is well known as a premier renewable energy developer." The Fowler Ridge facility is expected to be built in two phases and generate a total of 750 megawatts. Dominion and BP are partners for 650 megawatts, with BP retaining sole ownership of 100 megawatts. The first phase of approximately 222 turbines producing up to 400 megawatts is expected to be operating by the end of this year. Dominion has entered into a long-term power purchase agreement for 200 megawatts. Construction of the second phase of 350 megawatts could begin as early as 2009. Terms were not disclosed. The entire facility will be in PJM Interconnection, the independent operator of the electric transmission system and the wholesale energy market in 13 states and the District of Columbia. PJM's regional grid stretches from Chicago to the Mid-Atlantic. The Fowler Ridge Wind Farm is Dominion's second wind-to-electricity project. The company is a 50-percent partner in a 264-megawatt facility in Grant County, W.Va. Dominion has another 413 megawatts of renewable generation already in place, providing enough electricity to power more than 100,000 homes during times of peak demand. |