NEW YORK (Standard&Poor's) Nov. 7, 2003--Standard&Poor's Rating Services said today that Dominion Resources Inc.'s (BBB+/Stable/A-2) $220 million ($350 per kilowatt) proposed purchase of the 545 MW Kewaunee nuclear power plant, jointly owned by WPS Resources Corp. (A/Stable/A-1) and Wisconsin Power&Light Co. (WP&L; A-/Negative/A-2), does not currently affect the rating on Dominion. At closing, WPS Resources and WP&L will enter into a power purchase agreement with Dominion Energy Kewaunee Inc. The proposed purchase is consistent with Dominion's stated business strategy of acquiring contracted baseload generation in the U.S. Northeast and Midwest. At this point, it is uncertain how the purchase will affect Dominion's credit profile. Although the nuclear unit is small compared with Dominion's existing
