dri_dresdenimpairment.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event
reported) July 2, 2007
DOMINION
RESOURCES, INC.
(Exact
Name of Registrant as Specified in Its Charter)
|
VIRGINIA
(State
or other jurisdiction
of
incorporation)
|
001-08489
(Commission
File
Number)
|
54-1229715
(IRS
Employer
Identification
No.)
|
|
120
TREDEGAR STREET
RICHMOND,
VIRGINIA
(Address
of Principal Executive Offices)
|
23219
(Zip
Code)
|
Registrant’s
Telephone Number,
Including Area Code (804) 819-2000
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of
the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
2.06 Material Impairments
As
part
of its ongoing strategic asset review to improve Dominion’s return on invested
capital and the evaluation of investments in new generating
capacity encouraged by the new electric re-regulation legislation in
Virginia, Dominion began the process of exploring the sale of Dresden in May
2007. Non-binding indicative bids were received in late-June 2007.
Based
on
its evaluation of these bids, Dominion believes that it is likely that Dresden
will be sold rather than completed and operated in its merchant fleet. This
change in intended use represented a triggering event for Dominion to evaluate
whether it could recover the carrying amount of its investment in Dresden.
This
analysis indicated that the carrying amount of Dresden will not be
recovered. On July 2, 2007, Dominion's senior management reached the
conclusion that an impairment was required as of June 30, 2007. As a
result, Dresden will be written-down to its estimated fair value, which will
be
based upon the final bids expected in late-July 2007. A final sale, if any,
is
expected to close in the third quarter of 2007.
SIGNATURE
Pursuant
to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
DOMINION
RESOURCES, INC.
Registrant
|
| |
|
/s/
Steven A. Rogers
|
|
Steven
A. Rogers
Senior
Vice President and
Chief
Accounting Officer
|
| |
Date: July
9, 2007