Dominion Energy to sell W.Va. utility for $690M
Ullico Inc. to integrate natural gas utility into infrastructure business
Dominion Energy Inc. announced Friday it had signed a definitive agreement to sell its West Virginia natural gas utility to Washington, D.C.-based financial services company Ullico Inc.’s infrastructure business for $690 million.
The sale of Hope Gas Inc., also known as Dominion Energy West Virginia (DEWV), is expected to close later this year.
“For nearly 125 years, Dominion Energy West Virginia has provided reliable and affordable natural gas safely to the people and businesses of the Mountain State,” Dominion Energy Chair, President and CEO Robert M. Blue said in a statement. “DEWV is a valuable business with tremendous employees. The business and its people will fit extremely well with Ullico’s commitment to safety and their mission to serve American workers and customers.”
Clarksburg, West Virginia-based DEWV has about 300 people and serves 111,000 West Virginia customers. The utility has 3,200 miles of gas distribution pipelines and more than 2,000 miles of gathering pipelines.
Ullico Inc.’s infrastructure business plans to integrate the utility with Hearthstone Utilities Inc., its portfolio company that owns and operates gas utilities in Indiana, Maine, Montana, North Carolina and Ohio. Hearthstone will move its headquarters to West Virginia.
“We are excited about the opportunity to continue to build on and invest in this important and valuable West Virginia company,” Hearthstone President and CEO Morgan O’Brien said in a statement. “Our vision is to grow the business and expand the footprint within the state, including to underserved communities.”
Dominion Energy will continue to own and operate Mount Storm Power Station in Mount Storm, West Virginia.