Amid the uncertainty surrounding the future of the economy, the Utility Sector Index fell a fraction of a percent on the Philadelphia Stock Exchange. The index, which staged a great run late last year has fallen almost 9 percent since reaching its 52-week high in December 07.
Dominion Resoruces expects 2008 profits to decline from 2007 which was boosted by a gain on the sale of its Exploration and Production business.
Dominion Resources terminated a deal to sell $970 million in its natural gas properties due to delays in the regulatory approval process. However, Dominion states that a deal with another buyer could be on the horizon after being approached by a number of interested companies.
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