Dominion Peoples sells gas operation
PITTSBURGH — Dominion People's Gas is selling its Pennsylvania utility to Peoples Hope Gas Companies, or PH Gas of San Francisco, a subsidiary of the SteelRiver Infrastructure Partners. Dominion People's has about 10,000 customers in Butler County with a total of 359,000 residences and businesses in Pennsylvania. It is headquartered in Pittsburgh.
The state Public Utility Commission approved the sale of the natural gas company on Nov. 19. The sale price is $780 million, and closing is expected in the first quarter of 2010.
Dominion People's also wanted to sell its gas utility in West Virginia, but the West Virginia Public Service Commission on Dec. 22 denied the application for sale.
"SteelRiver is excited to begin the work with employees and stakeholders of Pennsylvania to strengthen the company and enhance service to our customers," said Chris Kinney, chief executive officer of SteelRiver.
"We appreciate the support of the Pennsylvania (Public) Utility Commission in approving this transaction and we are committed to investing in the company and communities it serves. Peoples will continue to meet the energy needs of the region now and in the future."
