Dominion decides to keep W.Va. gas operation, proceed with sale of Pa. counterpart
By APMonday, January 4, 2010
Dominion decides to keep W.Va. gas operation
RICHMOND, Va. — Dominion Resources says it’s going to keep Dominion Hope, its West Virginia natural gas company, while going ahead with the sale of its Pennsylvania gas business.
The Richmond-based energy company announced the decision Monday, ending a four-year effort to sell both companies.
Dominion says San Francisco-based investment firm SteelRiver Infrastructure Partners has agreed to buy the Pennsylvania utility, Peoples Natural Gas, for $780 million. The deal is expected to close in the first quarter.
SteelRiver had agreed to buy Dominion Hope as well, but the West Virginia Public Service Commission rejected that part of the sale last month.
Dominion spokesman Dan Donovan says the company is keeping Dominion Hope for now.
