Dominion Resources Inc. said Tuesday that delays in the regulatory approval process enforced it to cancel its deal to sell 970 million dollars in natural gas properties to Equitable Resources Inc.
Previously, the company was to sell Pennsylvania and West Virginia gas subsidiaries to Equitable, as it was announced in March 2006.
Dominion said that it will contact other potential buyers.
Dominion is a power and energy company headquartered in Richmond, Virginia, that supplies electricity, natural gas, or other energy services to homes in Virginia, West Virginia, Ohio, Pennsylvania, and eastern North Carolina. Dominion also has generation facilities in Indiana, Illinois and Connecticut.
Before the main merger, the company was previously known as Virginia Power and North Carolina Power.
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