- Dominion Energy Inc (NYSE:D) has agreed to sell its West Virginia natural gas utility, Hope Gas, Inc. (Dominion Energy West Virginia or DEWV), to Ullico Inc.'s infrastructure fund, for $690 million.
- Ullico's infrastructure business plans to integrate DEWV with its portfolio company, Hearthstone Utilities Inc. As part of the agreement, Hearthstone agreed to move its headquarters to West Virginia.
- DEWV employs about 300 and serves 111,000 West Virginia customers, with 3,200 miles of gas distribution pipelines and more than 2,000 miles of gathering pipelines.
- Dominion Energy continues to own and operate Mt. Storm Power Station in Mt. Storm, West Virginia.
- Dominion Energy noted the transaction is structured to have no impact on rates for customers. It expects the transaction to close late this year.
- Additionally, Hearthstone Utilities will assume the current collective bargaining agreement in place for UGWU Local 69 workers and honor those terms.
- Price Action: D shares are trading higher by 0.79% at $78.87 on the last check Friday.
