The company said that the sale of the western Pennsylvania natural gas utility to PH Gas, a subsidiary of SteelRiver Infrastructure Fund North America, was approved by the Pennsylvania Public Utility Commission on November 19.
The sales price is $780m, adjusted for changes in working capital and levels of capital expenditures, and the closing is expected in the first quarter of 2010.
Dominion Hope will rejoin Dominion East Ohio to make up Dominion’s natural gas distribution business within Dominion Energy, a natural gas segment which also includes natural gas production, transmission and storage.
Dominion Peoples serves about 359,000 residences and businesses in Pennsylvania from its headquarters in Pittsburgh. Dominion Hope serves about 114,000 residences and businesses in West Virginia from its headquarters in Clarksburg, West Virginia.
