Hearthstone purchases Dominion LDC in West Virginia
Thursday, September 15, 2022
Hearthstone Holdings Inc. purchased Hope Gas Inc., which does business as Dominion Energy West Virginia, for $690 million, according to Natural Gas Intelligence.
Hope Gas is one of West Virginia’s largest local natural gas distribution companies. It supplies gas for around 111,000 West Virginian utility customers through 3,200 miles of distribution pipelines and more than 2,000 miles of gathering lines.
Hearthstone will move its headquarters to Morgantown, West Virginia as part of the deal.
Hearthstone is a portfolio company of Ullico Inc.’s Infrastructure fund. It owns and operates natural gas LDCs in Indiana, Ohio, North Carolina, Maine and Montana and water and wastewater utilities in Arizona and Michigan.
Learn more: Natural Gas Intelligence > Dominion Closes Sale of West Virginia LDC, Landing State a New Resident Firm
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.