UGI Corp., an energy products marketer and distributor, recently completed its purchase of Mountaintop Energy Holdings from Mountaineer Gas Co., the largest gas local distribution company in West Virginia, for $540 million.
“We are very pleased to complete this important acquisition and expand our core utility operations in the mid-Atlantic region,” Roger Perreault, UGI president and CEO, said. “This addition provides us with an opportunity to deliver safe, reliable, affordable, and environmentally responsible energy solutions to customers in West Virginia. We see significant opportunities to make regulated investments focused on long-term system enhancement and expand the reach of natural gas to both unserved and underserved areas. We are also pleased with this acquisition as it supports our strategy of delivering reliable earnings growth and rebalancing our portfolio.”
Mountaineer serves nearly 215,000 customers in West Virginia and has nearly 6,000 miles of distribution, transmission, and gathering pipelines. It becomes a wholly-owned UGI subsidiary.
C. David Lokant, Mountaineer senior vice president and COO, will be president of the subsidiary. He will be responsibility for all aspects of Mountaineer’s operations.
Lokant has more than 30 years of industry experience and joined Mountaineer in 2000 when West Virginia Power Gas assets were purchased from UtiliCorp.