As confirmed by Dominion Resources Inc, the power company, it will definitely be going ahead and continuing with the sale of its natural gas unit in Pennsylvania. The buyer is a subsidiary of private equity firm SteelRiver Infrastructure Fund North America. The natural gas unit has been valued at $780 Million.

As confirmed by the company, the sale had gained approval of the Pennsylvania Public Utility Commission on November 19, and the deal is expected to reach a closure in the year's first quarter.

The sale will be neutral to Dominion's 2010 operating profits per share prediction, as has been confirmed by the firm in an official statement.

A proposed sale of another unit, Dominion Hope, to SteelRiver has, however, been stalled by the West Virginia Public Service Commission. The transaction application was rejected on December 22.

On Thursday, at the New York Stock Exchange, shares of Dominion closed at $38.92.