Aug 3 (Reuters) - Veresen Inc VSN.TO
* Will pursue sale of its power generation business and will suspend its premium dividend and dividend reinvestment plan
* Intends to initially apply proceeds of sale of power business to reduce its debt outstanding
* Has engaged TD Securities Inc. As company's sole financial advisor on divestiture of power business
* Increased 2016 distributable cash guidance to be in range of $1.03 per common share to $1.13 per common share Source text for Eikon: ID:nCCNb9C0PJ Further company coverage: VSN.TO