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Hope Gas announces agreement to purchase Peoples Gas WV

Written by Customer Service on . Posted in Mergers And Acquisitions.

The acquisition will expand the Mountain State territory served by Hope Gas and grow the company’s customer base by approximately 10%

CLARKSBURG, WV, Jan. 03, 2023 (GLOBE NEWSWIRE) — Hope Gas today announced that it has entered an agreement with Essential Utilities (NYSE: WTRG) to purchase Peoples Gas WV. This transaction is subject to review and approval by the Public Service Commission of West Virginia and is expected to close by the middle of 2023.

Founded in 1898, with its new corporate headquarters in Morgantown, Hope Gas is already one of the largest local natural gas companies in West Virginia and is building its business plan around growth and community partnerships throughout the state. Upon closing, the resulting company will serve approximately 125,000 natural gas customers and will provide hundreds of employees with family sustaining jobs. Hope Gas will also indirectly support thousands of more jobs in the state.

“We are excited to grow our business and continue to invest in building the future of West Virginia, its communities, and the people we serve,” said Morgan O’Brien, CEO of Hope Gas. “We are working toward our vision to expand our footprint, including to underserved communities and drive economic growth. We are working to provide and enhance West Virginia’s rich energy supply to help attract other businesses to the state. I look forward to welcoming the employees of Peoples Gas WV to our growing family at Hope Gas. They will be an integral part of continuing to provide the highest level of service to our customers.”

Hope Gas is a subsidiary of Hearthstone Holdings, a holding company that owns regulated natural gas and water distribution utilities in West Virginia, Arizona, Indiana, Maine, Michigan, Montana, North Carolina and Ohio. In September 2022, Hearthstone finalized the acquisition of Hope Gas from Dominion Energy. Hearthstone’s vision for Hope Gas is to be a leader in the energy industry in the Mountain State and to empower and improve communities through the safe delivery of local, abundant, and reliable energy. Hearthstone’s investment in West Virginia includes establishing its company headquarters in Morgantown, WV.

The sale is subject to customary closing conditions, including approval from the Public Service Commission of West Virginia.

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About Hope Gas

Hope Gas is a Local Distribution Company (LDC) that proudly provides gas service to approximately 112,000 residential, industrial, and commercial customers in thirty-five West Virginia counties. We monitor and maintain more than 3,200 miles of distribution pipeline and approximately 2,400 miles of gathering lines that safely deliver WV natural gas to many homes and commercial or industrial sites. We currently employ approximately 350 employees working right here in our beautiful Mountain State with the sole purpose of staying true to our company’s mission and vision in West Virginia.

 

About Hearthstone

Hearthstone is a holding company that owns natural gas and water distribution utilities across 8 states. The company provides service to more than 212,000 residential, commercial, and industrial customers in the communities it serves. Hearthstone currently operates natural gas utilities in Indiana, Maine, Montana, North Carolina, Ohio and West Virginia; and water and wastewater utilities in Arizona, and Michigan. The company also provides natural gas production and natural gas marketing through its subsidiary companies. Hearthstone’s growth strategy is built on being a trusted member of the communities it serves, providing its customers with safe, reliable and cost-effective utility service. Learn more at hearthstonecompany.com.

CONTACT: Erin O’Donnell
Director of Communications at Hearthstone Utilities
847.738.3118
eodonnell@hearthstonecompany.com

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