Pa. Public Utility Commission approves Dominion Peoples sale; deal linked to W.Va. sale
By APThursday, November 19, 2009
Pa. utility commission approves gas company sale
PITTSBURGH — The Pennsylvania Public Utility Commission has unanimously approved the sale of Dominion Peoples, Pittsburgh’s largest natural gas utility, to a San Francisco-based investors group subsidiary.
Richmond, Va.-based Dominion Resources Inc. agreed last year to sell Dominion Peoples and its sister utility, Dominion Hope in West Virginia, to Peoples Hope Gas Companies, a subsidiary of SteelRiver Infrastructure Partners, for $910 million.
The deal is contingent on West Virginia regulators approving the Dominion Hope sale. The PUC voted Thursday.
SteelRiver Infrastructure said it would bring Dominion Peoples’ senior management functions, customer relations and other services to Pennsylvania. Dominion Peoples has about Pennsylvania 359,000 customers.
