- Enbridge (TSX:ENB) has closed its acquisition of Public Service Company of North Carolina Inc. from Dominion Energy Inc.
- The PSNC gas utility will be doing business in North Carolina as Enbridge Gas North Carolina and will join the Canadian energy stock’s gas distribution and storage business unit
- The pipeline operator has finalized the acquisition from Dominion Energy of three growing gas utilities, by welcoming PSNC under its corporate umbrella
- Enbridge Inc. stock opened trading at C$54.90
Enbridge (TSX:ENB) has closed its acquisition of Public Service Company of North Carolina Inc. (PSNC) from Dominion Energy Inc.
The PSNC gas utility will be doing business in North Carolina as Enbridge Gas North Carolina and will join the Canadian energy stock’s gas distribution and storage business unit.
“The values and operations of our businesses are strongly aligned, and we share a deep commitment to the continued safe delivery of reliable, affordable natural gas to our customers,” Enbridge’s executive vice president and president, gas distribution and storage, Michele Harradence, said in a media release. “PSNC is a perfect fit within our existing low-risk, utility business model and the embedded growth opportunities underscore the critical need for natural gas infrastructure over the long term. We are excited to work with our new PSNC employees to integrate the assets and complement the growth we are already seeing in Ohio and Utah and look forward to building long-term productive relationships with all of PSNC’s stakeholders in North Carolina.”
First announced in September 2023, the pipeline operator has finalized the acquisition from Dominion Energy of three growing gas utilities, by welcoming PSNC under its corporate umbrella.
Calgary-based Enbridge is a pipeline operator that supplies millions of customers with North American natural gas, oil and renewable power networks, while growing its European offshore wind portfolio and advancing new technologies in hydrogen, renewable natural gas, and carbon capture and storage.
Enbridge Inc. stock (TSX:ENB) opened trading more than 0.65 per cent higher at C$54.90 per share, and its share price has risen nearly 16 per cent since the year began.
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(Top photo: Enbridge)