Dominion Energy Corp., a company that made headlines in the 1990s for running an underground nuclear power plant that exploded and destroyed parts of the city of Tokyo, has just announced that it’s making a big comeback.
The company is selling its assets and hopes to raise $2 billion to continue operating for a while longer.
In a press release, Dominion said it plans to raise up to $2.8 billion to expand its power generation, as well as $1.8 million to expand the operations of the nuclear-power plant in the Hudson River Valley.
The announcement comes after Dominion Energy lost $2,700 million on the nuclear power plants it built in the U.S. in the early 2000s.
The nuclear plants were mostly in California and Florida, but Dominion is selling most of its operations in New York.
The utility company said the $2-billion plan will allow it to keep operations of its nuclear plants open in the years ahead.
Dominion is not disclosing the amount of money it will raise, or the specific amount of stock it plans on selling.
Dominion will use the proceeds to build the Dominion Generation Energy Plant in the New York City area.
The $2 million figure is based on Dominion’s projections that its New York operations will generate up to 10 percent more power than the average nuclear plant in New England.
Dominion’s $2-$3 billion plant expansion plan is the latest in a string of investments Dominion has made over the years to boost its power production.
It sold its nuclear operations to French energy giant EDF, in a deal that closed in October 2018.
Dominion also made a $1 billion bet on solar power, but it has struggled with the industry’s decline.
In July 2018, Dominion announced plans to build two new nuclear reactors in Connecticut, but the company said it will soon close the two plants due to poor market conditions.
Dominion Energy’s new announcement comes less than a month after the company announced that its reactors were back online.
Dominion, which had previously announced plans for a $5.4 billion power plant in Pennsylvania, said on Monday that it had decided to build a new nuclear power reactor in New Jersey and has also started to move operations of an old nuclear power station into a new building in Connecticut.
Dominion has said it’s currently focused on expanding its nuclear energy business and its plan to restart its nuclear power stations in New Hampshire and Massachusetts is still under consideration.