SteelRiver to create largest natural gas distribution company in Pennsylvania

Natural gas video

Peoples Natural Gas Company LLC, a subsidiary of SteelRiver Infrastructure Partners, has acquired Equitable Gas Company LLC from EQT Corporation (NYSE: EQT) for approximately $740 million.

Equitable will be merged with Peoples, creating the largest gas utility company in Pennsylvania by number of customers.

The transaction, signed in December 2012, received clearance by the Federal Trade Commission, and approvals by the Federal Energy Regulatory Commission, the Pennsylvania Public Utility Commission and the West Virginia Public Service Commission.

The transaction gives SteelRiver control over three natural gas regulated utilities operating in Pennsylvania, West Virginia and Kentucky, serving approximately 700,000 customers.

Morgan O'Brien, President and CEO of Peoples Natural Gas stated that the merger is estimated to save more than $160 million by avoiding capital spending that that consumers would otherwise have to pay for.

Subscribe to Power Engineering magazine

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...