Dominion Power Agrees to Promote West Virginia Pure Gasoline Distribution Firm to Ullico


– Ullico subsidiary Hearthstone Utilities agrees to maneuver headquarters to West Virginia

 

 

 

RICHMOND, Va., Feb. 11, 2022 /PRNewswire/ — Dominion Power (NYSE: D) as we speak introduced that it has executed a definitive settlement to promote its West Virginia pure fuel utility – Hope Gasoline, Inc. (Dominion Power West Virginia or DEWV) – to Ullico Inc.’s infrastructure fund for $690 million. The transaction is anticipated to shut late this 12 months.

Ullico Inc.’s infrastructure enterprise plans to combine DEWV with Hearthstone Utilities, Inc. (Hearthstone), a portfolio firm that owns and operates fuel utilities in Indiana, Maine, Montana, North Carolina, and Ohio, serving greater than 80,000 prospects. As a part of the definitive settlement, Hearthstone will transfer its headquarters to West Virginia.

Robert M. Blue, Dominion Power chair, president, and chief government officer, mentioned:

“For almost 125 years, Dominion Power West Virginia has offered dependable and reasonably priced pure fuel, safely, to the individuals and companies of the Mountain State. From its roots because the Flaggy Meadow Gasoline Co., DEWV has been a pioneer within the pure fuel sector, collaborating within the development of one in all America’s first interstate pipelines, which originated in Wetzel County, and constructing our nation’s first extraction plant at Hastings.”

“DEWV is a helpful enterprise with super staff. The enterprise and its individuals will match extraordinarily properly with Ullico and Hearthstone’s dedication to security and their mission to serve American employees and prospects.”

“We’re excited concerning the alternative to proceed to construct on and make investments on this necessary and helpful West Virginia firm,” mentioned Morgan O’Brien, Hearthstone’s president and chief government officer. “Our imaginative and prescient is to develop the enterprise and increase the footprint throughout the state, together with to underserved communities.  A key element is to ascertain West Virginia as our basis for development in creating new family-sustaining jobs, together with bringing new jobs into the state within the first 12 months.”

DEWV is a Clarksburg, W.Va.-based fuel utility using about 300 and serving 111,000 West Virginia prospects, with 3,200 miles of fuel distribution pipelines and greater than 2,000 miles of gathering pipelines. Dominion Power continues to personal and function Mt. Storm Energy Station in Mt. Storm, W.Va.

The sale is topic to customary closing situations, together with clearance beneath the Hart-Scott-Rodino Act and approval from the Public Service Fee of West Virginia.

McGuireWoods LLP served as authorized counsel to Dominion Power. J.P. Morgan Securities LLC acted as the corporate’s monetary advisor for the transaction.

Buyer, worker advantages

Ullico is an excellent employer that shares Dominion Power’s dedication to security and to offering dependable, reasonably priced service. Importantly, the transaction is structured to haven’t any influence on charges for purchasers.

Moreover, Hearthstone Utilities will assume the present collective bargaining settlement in place for UGWU Native 69 employees and honor these phrases.

About Dominion Power

About 7 million prospects in 13 states energize their houses and companies with electrical energy or pure fuel from Dominion Power (NYSE: D), headquartered in Richmond, Va. The corporate is dedicated to sustainable, dependable, reasonably priced, and secure power and to reaching internet zero carbon dioxide and methane emissions from its energy era and fuel infrastructure operations by 2050. Please go to DominionEnergy.com to study extra.

About Ullico

For greater than 90 years, Ullico has offered monetary and insurance coverage services and products to satisfy the wants of union employers and staff. In 2010, Ullico launched an funding fund to help within the development, upkeep, and refurbishment of America’s infrastructure. The fund at the moment has over $4 billion in investor commitments on behalf of over 200 traders, with 21 portfolio investments throughout water, wastewater, telecommunications, electrical energy transmission, energy era, transportation, and fuel transmission sub-sectors and is exploring alternatives in all infrastructure associated sub-sectors.

From insurance coverage merchandise that shield union members, leaders, and employers, to investments in constructing and infrastructure tasks which have created hundreds of union jobs, our prospects proceed to belief us with defending their households, staff and investments. The Ullico Inc. Household of Firms contains: The Union Labor Life Insurance coverage Firm; Ullico Casualty Group, LLC; Ullico Funding Firm, LLC (Member FINRA/SIPC); and Ullico Funding Advisors, Inc. For extra data, go to www.ullico.com.

This launch incorporates sure forward-looking statements with respect to the sale of Hope Gasoline, Inc., that are topic to numerous dangers and uncertainties. Components that might trigger precise outcomes to vary embrace however should not restricted to: the chance that Dominion Power and Ullico could also be unable to acquire any vital regulatory approvals for the transaction or that required regulatory approvals might delay the transaction and the chance that any situations to the closing of any of the transaction will not be glad.  Different threat elements are detailed on occasion in Dominion Power’s quarterly stories on Type 10-Q and most up-to-date annual report on Type 10-Okay filed with the Securities and Change Fee.  These forward-looking statements converse solely as of the date of this press launch. Dominion Power assumes no obligation to offer any revisions to, or replace, any projections and forward-looking statements contained on this press launch.

 

 

SOURCE Dominion Power

For additional data: Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com; Monetary Analysts: David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com



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