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Gas News Release
October 20, 1999
North Carolina Utilities Commission Approves Dominion Resources,
Consolidated Natural Gas Merger
RICHMOND, Va., and PITTSBURGH - The North Carolina Utilities
Commission has approved the merger of Dominion Resources Inc. (NYSE: D) and Consolidated
Natural Gas Company (NYSE: CNG), the companies announced today.
The action means that all state regulatory approvals required
for the merger have been received. The public utility commissions of Pennsylvania,
West Virginia, Ohio and Virginia previously approved the merger or filed a statement
supporting it.
Thos. E. Capps, chairman, president and chief executive officer
of Dominion Resources, and George A. Davidson Jr., chairman and chief executive
officer of CNG, said in a joint statement:
"We are extremely pleased that we have reached such
an important milestone in the merger process in a relatively short time. We
will continue to move ahead full bore to reach our goal of creating America's
premier electric and natural gas company - one that brings added benefits to
our customers, shareholders, employees and communities."
Still pending are approvals by several federal agencies.
The companies continue to expect that all regulatory approvals will be received
by year-end and the merger closing to follow in the first quarter of next year.
The Dominion Resources/CNG merger will create the nation's
largest fully integrated energy company. The merged company will serve about
4 million electric and natural gas customers in five states. It will have about
20,000 megawatts of electric generating capacity and will operate North America's
largest natural gas storage system. The merged company also will be one of the
largest independent oil and natural gas exploration and production companies
in North America, with more than 3 trillion cubic feet equivalent of reserves
in the United States and Canada.
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For further information contact:
Dan Donovan
412-690-1370
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