The Securities and Exchange Commission (SEC) on Monday gave the green light for Minneapolis, MN-based Xcel Energy Inc., a registered energy holding company, to sell Arizona subsidiary Black Mountain Gas Co. to Southwest Gas Corp. of Las Vegas, NV.

Black Mountain Gas is a small natural gas and propane distribution company, serving about 7,300 gas customers in Cave Creek, Carefree, North Phoenix and North Scottsdale, AZ, and approximately 2,400 propane customers in Page, AZ, and Cave Creek.

The sale is expected to close soon, given that both the SEC and Arizona regulators have approved the deal, said an Xcel spokesman. Xcel Energy reached an agreement in June to sell Black Mountain to Southwest Gas. Terms of the sale were not disclosed.

Xcel’s decision to put the gas utility subsidiary on the auction block was part of its strategy to return to “core operations” amid the upheaval and changes in the energy industry.

©Copyright 2003 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.