Enbridge Finishes Dominion Acquisitions with PSNC Transaction Shut

Enbridge Inc. has closed its acquisition of Public Service Firm of North Carolina, Integrated (PSNC) from Dominion Power, Inc.

The PSNC gasoline utility will probably be doing enterprise in North Carolina as Enbridge Gasoline North Carolina and can be a part of Enbridge’s Gasoline Distribution and Storage Enterprise Unit, the corporate stated in a information launch.

PSNC is a premier single-state regulated gasoline utility in North Carolina serving over 600,000 prospects in service territories supported by robust financial development in cities equivalent to Raleigh, Durham, Gastonia, and Asheville, based on the discharge.

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The utility’s asset portfolio consists of over 13,000 miles (over 20,500 kilometers) of pure gasoline distribution and transmission pipelines, a liquefied pure gasoline (LNG) storage facility beneath development that can improve system reliability, and non-operated minority pursuits in a pure gasoline transmission pipeline lateral and a liquefied pure gasoline storage facility.

“We’re happy to finalize the acquisition from Dominion Power of three rising gasoline utilities, by welcoming PSNC to Enbridge. The values and operations of our companies are strongly aligned, and we share a deep dedication to the continued secure supply of dependable, inexpensive pure gasoline to our prospects,” Michele Harradence, Enbridge Government Vice President and President for Gasoline Distribution and Storage, stated.

“PSNC is an ideal match inside our current low-risk, utility enterprise mannequin and the embedded development alternatives underscore the essential want for pure gasoline infrastructure over the long run. We’re excited to work with our new PSNC workers to combine the property and complement the expansion we’re already seeing in Ohio and Utah and sit up for constructing long-term productive relationships with all of PSNC’s stakeholders in North Carolina,” Harradence famous.

The PSNC transaction shut marks the profitable completion of Enbridge’s strategic acquisition introduced in September 2023, the place it entered into three separate definitive agreements with Dominion Power Inc. to amass pure gasoline distribution corporations The East Ohio Gasoline Firm, PSNC, and Questar Gasoline for an combination buy value of $14 billion (CAD 19 billion), composed of $9.4 billion of money consideration and $4.6 billion of assumed debt.

Enbridge closed the acquisition of (EOG) from Dominion Power, Inc. in March. The gasoline utility will probably be doing enterprise as Enbridge Gasoline Ohio and can be a part of Enbridge’s Gasoline Distribution and Storage Enterprise Unit.

In June, Enbridge accomplished the acquisition of Questar Gasoline Firm and its associated Wexpro corporations from Dominion Power. 

Questar joined Enbridge’s Gasoline Distribution and Storage Enterprise Unit. The Questar Gasoline utility is doing enterprise in Utah as Enbridge Gasoline Utah, in Wyoming as Enbridge Gasoline Wyoming, and in Idaho as Enbridge Gasoline Idaho, Enbridge stated in an earlier information launch.

With the completion of the Dominion transactions, Enbridge added gasoline utility operations in Ohio, North Carolina, Utah, Idaho and Wyoming, representing a major presence within the U.S. utility sector. In response to Dominion, the three utilities serve about three million houses and companies and collectively comprise roughly 78,000 miles of pure gasoline distribution, transmission, gathering, and storage pipelines, in addition to greater than 62 billion cubic toes (Bcf) of working underground and (LNG) storage capability, and roughly 400 billion cubic toes equal of cost-of-service regulated gasoline reserves as of year-end 2022.

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