Enbridge Completes Acquisition of PSNC From Dominion Energy

Group 1: Acquisition Overview - Enbridge Inc. has completed the acquisition of Public Service Company of North Carolina (PSNC) from Dominion Energy, integrating it into its Gas Distribution and Storage Business Unit [1] - This acquisition is part of a larger deal involving three U.S.-based gas utilities, initially announced in September 2023 [1] Group 2: Market Expansion - PSNC serves over 600,000 customers in North Carolina, including major cities such as Raleigh, Durham, Gastonia, and Asheville, presenting significant growth opportunities for Enbridge [2] - The utility has an extensive portfolio with over 13,000 miles of natural gas pipelines and a liquefied natural gas storage facility under construction, which will enhance system reliability [2] Group 3: Strategic Vision - Enbridge views the acquisition as a reinforcement of its low-risk utility business model, emphasizing the importance of reliable and affordable natural gas [3] - The acquisition is expected to provide embedded growth opportunities, particularly in the rapidly growing North Carolina market [3] Group 4: Integration and Future Outlook - Enbridge plans to leverage its existing success in states like Ohio and Utah while integrating PSNC, ensuring smooth operations and continued growth [4] - The company is well-positioned to capitalize on the increasing demand for natural gas, enhancing its overall utility business [4]