By Emily Laitinen The Associated Press – JUNEAU, Alaska (AP) Dominion Energy said Wednesday it has purchased a minority stake in UGI natural gas company.
The acquisition by Dominion of UGI, a gas utility company with operations in Western Alaska and the Northwest Territories, means the energy giant has expanded its footprint in the oil and gas sector.
The company has about 200 employees and about 20,000 customers.
The deal gives Dominion the right to buy UGI’s common stock, which is traded on the New York Stock Exchange under the ticker symbol GIGA.
Dominion owns about 10 percent of the company.
Under the deal, Dominion also said it would create the first of its own natural gas transmission lines in the Northwest.
The company said it expects to complete construction by early 2021.
It said it will also expand its fleet of electric vehicles and natural gas storage facilities.
The transaction was expected to close by the end of 2019.