Dominion plans $1bn gas powered plant

US power company Dominion Resources Inc. (D) is proposing to spend $1bn to build a natural-gas powered power plant in South-Central Virginia.

The Virginia based power company said it plans to seek State Corporation Commission approval for the plant, planned for Brunswick County, later this year.

The proposed plant--with estimated capacity of more than 1.3GW--is targeted for completion in summer 2016 and is expected to produce enough electricity to power more than 325,000 homes.

The output would replace electricity from two coal-fired units that are likely to be retired by 2016.

A number of power companies have been announcing planned closures of coal-powered facilities amid stricter environmental regulations and low natural gas prices.

Dominion Chairman and Chief Executive Thomas F. Farrell II said the proposed power plant would reduce the amount of power the company needs to bring in from outside the state.

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