Dominion Energy Announces Closing of Sale of West Virginia Natural Gas Distribution Company

Rhea-AI Summary

Dominion Energy (NYSE: D) announced the closure of its sale of Hope Gas, Inc., its West Virginia natural gas utility, to a subsidiary of Hearthstone Holdings, Inc. for $690 million. The sale, which has been adjusted for customary closing items, was initially announced on Feb. 11, 2022. Hope Gas serves 111,000 customers and operates over 5,200 miles of pipelines in West Virginia. The transaction received all necessary regulatory approvals and allows Dominion to focus on its remaining assets, including the Mt. Storm Power Station.

Positive

• Completed sale of Hope Gas, enhancing financial position with $690 million cash inflow.
• Transaction received all necessary regulatory approvals, indicating smooth operational transition.

Negative

• None.

RICHMOND, Va., Sept. 1, 2022 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced closure of the sale of its West Virginia natural gas utility – Hope Gas, Inc. (Dominion Energy West Virginia or DEWV) – to a subsidiary of Hearthstone Holdings, Inc., a portfolio company of Ullico Inc.'s infrastructure fund, for $690 million, adjusted for customary closing items. This transaction was previously announced on Feb. 11, 2022.

DEWV is a Clarksburg, W.Va.-based gas utility employing about 300 and serving 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, W.Va.

The transaction received all customary regulatory approvals.                                                                                                   

About Dominion Energy

About 7 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.

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SOURCE Dominion Energy

FAQ

What is the value of the Dominion Energy sale of Hope Gas?

The sale is valued at $690 million.

When was the Dominion Energy sale of Hope Gas announced?

The sale was announced on February 11, 2022.

What does the sale of Hope Gas mean for Dominion Energy's operations?

The sale allows Dominion Energy to focus on its remaining assets, including the Mt. Storm Power Station.

How many customers does Hope Gas serve?

Hope Gas serves 111,000 customers in West Virginia.

Did the sale of Hope Gas receive regulatory approvals?

Yes, the transaction received all customary regulatory approvals.