Dominion decides to keep W.Va. gas operation

AP News
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Posted: Jan 04, 2010 11:40 AM

Dominion Resources says it's going to keep Dominion Hope, its West Virginia natural gas company, while going ahead with the sale of its Pennsylvania gas business.

The Richmond-based energy company announced the decision Monday, ending a four-year effort to sell both companies.

Dominion says San Francisco-based investment firm SteelRiver Infrastructure Partners has agreed to buy the Pennsylvania utility, Peoples Natural Gas, for $780 million. The deal is expected to close in the first quarter.

SteelRiver had agreed to buy Dominion Hope as well, but the West Virginia Public Service Commission rejected that part of the sale last month.

Dominion spokesman Dan Donovan says the company is keeping Dominion Hope for now.