Virginia Approves State’s Largest NatGas-Powered Electric Plant
Last July Dominion filed a request with the Virginia State Corporate Commission (SCC) to build a $1.3 billion state-of-the-art natural gas-fired electric generating station in Greensville County, VA (see Dominion to Build Electric Plant in S VA Powered by Marcellus Gas). The new power station will generate 1,600 megawatts–enough electricity to power 400,000 homes. It will be the biggest electric plant in Virginia. The plant would be powered by–you guessed it–Marcellus Shale gas (see Virginia’s Largest Electric Plant to be Powered by Marcellus Gas). We have some great news to report. The SCC has approved the project. Construction, according to Dominion, will begin “later this year”…
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Dominion Resources, a midstream (pipeline) company and energy producer with major operations in the Appalachian region is warning investors about a parasitic play for their stocks from a company called TRC Capital Corporation. TRC is floating what’s called a “mini-tender” in which they attempt to buy up to 5% of a company’s stock. Why only up to 5%? Because over 5% and certain Securities and Exchange Commission rules kick in to protect/alert investors. Under that limit and there’s far more wiggle room. What does TRC plan to do with the Dominion stock they buy? Their modus operandi is to purchase stock for a price below market value now, or what they think will be the market value in the near future. They lock it up, wait until the price rises, and then sell it at the higher price. They prey on people’s fears that stock prices will eminently crash, profiting from those fears, or they leverage investor ignorance. Sleazy? You bet. Illegal? Unfortunately, no. That’s why Dominion is warning shareholders to “just say no” to TRC’s below-market offer…