Allegheny sells West Virginia gas ops for $228m

Monongahela Power Company, a subsidiary of Pennsylvania-based Allegheny Energy, is to sell its natural gas operations in West Virginia for $141 million in cash and $87 million in assumed long-term debt to a private investment partnership.

The partnership is composed of West Virginia limited liability companies IGS Utilities and IGS Holdings, and affiliates of energy infrastructure investment firm ArcLight Capital Partners in Boston, Massachusetts. The consortium will also settle certain inter-company accounts over a three-year period, estimated at around $16 million.

Allegheny expects to record a loss on the sale of about $40 million ($25 million, net of income taxes) in the third quarter of 2004. The company said it will use

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