Huge Norwegian Fund to Dump Dominion

Pension plan reinvests firms that make money on coal

Virginia utilities including Dominion Resources that derive $30 percent of their revenue from coal are likely to be divested by one of the world’s largest pension fund – the Norwegian Government Pension Fund Global.

The Norwegian legislature made the move June 5 that would divest 122 companies that would involve assets of $8.7 billion. The fund has $898 billion in assets making it one of the world’s largest

According to the New York Times, the divestiture is the latest in a series of big-name institutions to dump coal stocks. They include the Church of England, French utility AZA and members of the Rockefeller, who, of course, got their billions in the oil business.

For that matter, Norway is a major oil producing company, but never mind.

The wave of anti-coal investment continues from the hallways of college campus offices to the rarefied air of fund board rooms.

Dominion and American Electric Power, which both serve Virginia customers, are on the divestiture list.

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