Essential Utilities Selling West Virginia Gas Utility Assets to Hope Gas Pending Regulatory Approval
Agreement enables company to focus on growth of core businesses
Specifically, the transaction will allow the Essential team to:
- Prioritize the growth of Aqua, its water and wastewater business, and
Focus on the efficient, safe operation and emission reduction of
Peoples Natural Gas(‘Peoples’) through continued investment in pipe replacement and participation in the development of a regional energy hub
The remaining gas operations will continue to focus on capital improvements, operating excellence, and safety. The Peoples operation in
Totaling approximately 13,000, the customer base of Peoples West Virginia (‘Peoples WV’) is the smallest among all of the states where Essential operates. However, over the past two-and-a-half years, under the management of Essential and the dedicated WV employees, the company continued to make investments and operational improvements.
“The ability to apply economies of scale is crucial for the long-term stability of utilities. The sale of Peoples WV to
The sale is subject to customary closing conditions, including approval from the
It is expected to close by the middle of 2023.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The Company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to statements relating to the capital to be invested by the water, wastewater, and gas distribution divisions of the Company. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including the factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which is filed with the
Operating as the Aqua and Peoples brands, Essential serves approximately 5.5 million people across 10 states. Essential is one of the most significant publicly traded water, wastewater service and natural gas providers in the
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